| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 517.0 | 23.9% | 2.75% | 0.25 | 5.52% | +13 I-curve | 2025-02-18 | A-1+ | P-1 |
| Class A-2 | 688.8 | 31.9% | 2.75% | 1.01 | 5.36% | +44 I-curve | 2026-09-15 | AAA | Aaa |
| Class A-3 | 767.8 | 35.6% | 2.75% | 2.31 | 5.21% | +66 I-curve | 2028-08-15 | AAA | Aaa |
| Class A-4 | 131.7 | 6.1% | 2.75% | 3.23 | 5.17% | +77 I-curve | 2030-05-15 | AAA | Aaa |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | American Honda Finance Corporation |
|---|---|
| Servicer | American Honda Finance Corporation |
| Depositor / Transferor | American Honda Receivables LLC |
| Indenture Trustee | Citibank, N.A |
| Owner Trustee | The Bank of New York Mellon Trust Company, N.A |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Barclays Capital, BofA Securities, Deutsche Bank Securities, TD Securities, MUFG Securities Americas, Citigroup Global Markets |
| HAROT 2024-1 | HAROT 2023-4 | HAROT 2023-3 | HAROT 2023-2 | HAROT 2023-1 | HAROT 2022-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-02-21 | 2023-11-08 | 2023-08-22 | 2023-05-30 | 2023-02-24 | 2022-08-18 | 424B5 |
| Pool balance | $2,159.2MM | $1,889.3MM | $1,889.4MM | $1,619.5MM | $1,619.4MM | $1,079.6MM | 424B5 |
| WA Credit Score | 7680 | 768 | 769 | 766 | 766 | 769 | 424B5 |
| WA APR | 4.59%+0.81pp | 4.36% | 4.00% | 3.78% | 3.06% | 2.55% | 424B5 |
| WA original term mo | 62.2−0.2 | 62.3 mo | 61.6 mo | 63.2 mo | 62.6 mo | 62.1 mo | 424B5 |
| % new vehicles | 86.1% | 86.1% | 85.7% | 88.9% | 91.6% | 90.4% | 424B5 |
| Geo top-3 | NJ 4.9% MA 4.9% CA 4.8% | CA 19.1% TX 9.7% OH 5.4% | CA 17.3% TX 9.9% PA 7.4% | CA 18.0% TX 9.9% OH 6.3% | CA 17.6% IL 6.5% TX 6.2% | CA 17.4% TX 8.6% PA 6.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%0.00pp | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | calc |
| Enhancement, target | — | — | — | — | — | — | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | calc |
| OC (initial) | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| OC target | — | — | — | — | — | — | 424B5 |
| OC floor | — | — | — | — | — | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +66 bps−8bps A-3 · 2.3y | +83 bps A-3 · 2.5y | +65 bps A-3 · 2.4y | +85 bps A-3 · 2.5y | — | +59 bps A-3 Notes · 2.2y | FWP |
| Terms | |||||||
| Tranches | 4 | 4 | 4 | 4 | 4 | 4 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| HAROT 2024-1 | WOART 2024-A | TAOT 2024-A | MBART 2024-1 | GMCAR 2024-1 | FCAOT 2023-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-02-21 | 2024-02-14 | 2024-01-30 | 2024-01-24 | 2024-01-17 | 2023-11-21 | 424B5 |
| Pool balance | $2,159.2MM | $1,343.7MM | $1,908.5MM | $1,459.5MM | $1,657.3MM | $1,443.4MM | 424B5 |
| WA Credit Score | 768+11 | 757 | 767 | 754 | 783 | 753 | 424B5 |
| WA APR | 4.59%−1.37pp | 6.54% | 5.37% | 7.74% | 5.96% | 4.92% | 424B5 |
| WA original term mo | 62.2−5.4 | 67.6 mo | 66.0 mo | 69.6 mo | 69.0 mo | 63.6 mo | 424B5 |
| % new vehicles | 86.1% | 95.6% | 84.2% | 40.3% | — | 91.2% | 424B5 |
| Geo top-3 | NJ 4.9% MA 4.9% CA 4.8% | FL 47.9% GA 18.3% NC 15.8% | CA 23.9% TX 15.3% IL 4.6% | CA 21.6% FL 15.3% TX 14.3% | TX 14.0% FL 7.3% CA 5.4% | TX 16.0% CA 9.6% FL 8.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.25pp | 5.00% | 2.75% | 2.75% | 6.10% | 5.25% | calc |
| Enhancement, target | — | 5.90% | 3.60% | 2.75% | 6.60% | 7.25% | calc |
| Subordinate notes | 0.0%−4.4pp | 4.5% | 2.5% | 0.0% | 4.4% | 5.0% | calc |
| OC (initial) | 2.50% | 0.25% | 0.00% | 2.50% | 1.50% | 0.00% | 424B5 |
| OC target | — | 1.15% | 0.85% | 2.50% | 2.00% | 2.00% | 424B5 |
| OC floor | — | 0.50% | 0.85% | 2.50% | 2.00% | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | 8.53% | 8.30% | 4.47% | 5.45% | 8.84% | 424B5 |
| Pricing | |||||||
| AAA spread | +66 bps0bps A-3 · 2.3y | +65 bps A-3 · 2.6y | +60 bps A-3 · 2.4y | +66 bps A-3 · 2.7y | — | +86 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 4 | 7 | 6 | 5 | 8 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (146 series across 9 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
American Honda Finance Corporation — ticker HAROT.
Peer tier: prime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.