Despite a modest surge in the securitization of vehicle loans and credit card receivables at the end of the year, total issuance of non-mortgage ABS declined by 4.1 percent in 2004, according to a new Inside MBS & ABS analysis. In fact, 2004 marked the first time ever in the history of non-mortgage ABS that full-year securitization volume failed to set a new annual record. At $246.4 billion in production, 2004 was the third biggest…