Volkswagen Scandal Impacts $3 Billion of Securitized Car Loans

Volkswagen AG said 2.6 billion euros ($3 billion) of loans or leases for vehicles built with engines using emissions-cheating software were packaged into asset-backed securities.

The loans were found in 15 securitizations, according to documents on the carmaker’s website. More than 61 percent of collateral backing a deal sold two years ago, known as Driver France One, were affected, as were more than 20 percent of loans packaged into a deal currently being marketed, the documents show.