| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 542.0 | 25.1% | 72.4% | +12 bps | 0.27 | 2025-08-21 | P-1 | — |
| Class A-2 | 697.8 | 32.3% | 40.1% | +48 bps | 1.04 | 2027-02-22 | Aaa | AAA |
| Class A-3 | 768.0 | 35.6% | 4.5% | +63 bps | 2.33 | 2029-03-21 | Aaa | AAA |
| Class A-4 | 97.5 | 4.5% | 0.0% | +69 bps | 3.17 | 2030-11-21 | Aaa | AAA |
| Sponsor | American Honda Finance Corporation |
|---|---|
| Servicer | American Honda Finance Corporation |
| Depositor / Transferor | Honda Finance Corporation |
| 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 | J.P. Morgan Securities, Barclays Capital, BofA Securities, SMBC Nikko Securities, BNY Mellon Capital Markets |
| HAROT 2024-3 | HAROT 2024-2 | HAROT 2024-1 | HAROT 2023-4 | HAROT 2023-3 | HAROT 2023-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-08-21 | 2024-05-21 | 2024-02-21 | 2023-11-08 | 2023-08-22 | 2023-05-30 |
| Pool balance | $2,159.2MM | $2,159.3MM | $2,159.2MM | $1,889.3MM | $1,889.4MM | $1,619.5MM |
| WA Credit Score | 7680 | 769 | 768 | 768 | 769 | 766 |
| WA APR | 4.72%+0.36pp | 4.73% | 4.59% | 4.36% | 4.00% | 3.77% |
| WA original term mo | 61.3−1.0 | 63.2 mo | 62.2 mo | 62.3 mo | 61.6 mo | 63.2 mo |
| % new vehicles | 85.3% | 86.0% | 86.1% | 86.1% | 85.7% | 88.9% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.18% | 0.19% | 0.21% |
| Geo top-3 | CA 16.2% TX 9.7% NY 6.7% | CA 16.6% TX 9.9% MD 6.1% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +48 bps−2bps | +40 bps | — | +59 bps | +46 bps | +55 bps |
| AAA % of pool | 72.4%−1.2pp | 73.5% | 73.6% | 72.9% | 75.8% | 74.6% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
| OC target | — | — | — | — | — | — |
| OC floor | — | — | — | — | — | — |
| YSOC | — | — | — | — | — | — |
| Tranches | 4 | 4 | 4 | 4 | 4 | 4 |
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 2024-3 | WOART 2024-C | TAOT 2024-C | HART 2024-B | GMCAR 2024-3 | FCAOT 2024-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-08-21 | 2024-08-20 | 2024-07-30 | 2024-07-24 | 2024-07-10 | 2024-06-24 |
| Pool balance | $2,159.2MM | $1,312.6MM | $1,864.8MM | $1,925.2MM | $1,420.3MM | $1,999.5MM |
| WA Credit Score | 7680 | 756 | 769 | 768 | 783 | 755 |
| WA APR | 4.72%−1.26pp | 6.67% | 6.04% | 5.98% | 5.69% | 4.65% |
| WA original term mo | 61.3−6.0 | 68.1 mo | 65.4 mo | 67.3 mo | 69.0 mo | 64.8 mo |
| % new vehicles | 85.3% | 96.2% | 87.0% | 96.5% | 87.7% | 93.6% |
| Reserve % | 0.25% | 0.23% | 0.25% | 0.25% | 0.24% | 0.23% |
| Geo top-3 | CA 16.2% TX 9.7% NY 6.7% | — | CA 16.3% TX 16.2% PA 4.6% | TX 12.4% CA 12.2% FL 10.4% | TX 14.5% FL 7.5% MI 5.2% | TX 16.0% CA 8.5% FL 8.4% |
| Structure (at issuance) | ||||||
| AAA spread | +48 bps+11bps | — | +37 bps | +37 bps | +36 bps | +40 bps |
| AAA % of pool | 72.4%+1.9pp | 35.4% | 71.0% | 70.5% | 71.4% | 70.0% |
| Subordination below AAA | 0.0%−4.2pp | 4.2% | 2.3% | 4.5% | 3.0% | 4.3% |
| OC (initial) | 2.50% | — | 0.85% | 3.00% | 1.50% | 2.00% |
| OC target | — | 0.90% | 0.85% | 3.00% | 2.00% | 2.00% |
| OC floor | — | 0.50% | 0.85% | 3.00% | 2.00% | 2.00% |
| YSOC | — | 7.77% | 6.16% | 6.43% | 4.40% | 7.87% |
| Tranches | 4 | 7 | 6 | 7 | 7 | 7 |
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 (157 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.
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FICO sub-band and new/used stratification.