| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 600.0 | 24.7% | 2.75% | 0.30 | 4.41% | +9 I-curve | 2026-02-23 | A-1+ | F1+ |
| Class A-2 | 745.5 | 30.7% | 2.75% | 1.05 | 4.53% | +40 I-curve | 2027-08-23 | AAA | AAA |
| Class A-3 | 891.5 | 36.7% | 2.75% | 2.35 | 4.57% | +39 I-curve | 2029-09-21 | AAA | AAA |
| Class A-4 | 131.4 | 5.4% | 2.75% | 3.28 | 4.64% | +43 I-curve | 2031-05-21 | 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, J.P. Morgan Securities, MUFG Securities Americas, Citigroup Global Markets, Mizuho Securities, BNY Mellon Capital Markets |
| HAROT 2025-1 | HAROT 2024-4 | HAROT 2024-3 | HAROT 2024-2 | HAROT 2024-1 | HAROT 2023-4 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-02-11 | 2024-10-24 | 2024-08-21 | 2024-05-21 | 2024-02-21 | 2023-11-08 | 424B5 |
| Pool balance | $2,429.2MM | $2,159.2MM | $2,159.2MM | $2,159.3MM | $2,159.2MM | $1,889.3MM | 424B5 |
| WA Credit Score | 7680 | 768 | 768 | 769 | 768 | 768 | 424B5 |
| WA APR | 4.96%+0.25pp | 4.88% | 4.71% | 4.74% | 4.59% | 4.36% | 424B5 |
| WA original term mo | 61.7−0.4 | 61.2 mo | 61.3 mo | 63.2 mo | 62.2 mo | 62.3 mo | 424B5 |
| % new vehicles | 86.2% | 86.2% | 85.3% | 86.0% | 86.1% | 86.1% | 424B5 |
| Geo top-3 | CA 16.5% NY 7.3% TX 7.3% | CA 17.5% TX 9.9% FL 6.9% | 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% | 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 | +39 bps−24bps A-3 · 2.4y | +48 bps A-3 · 2.3y | +63 bps A-3 · 2.3y | +58 bps A-3 · 2.3y | +66 bps A-3 · 2.3y | +83 bps A-3 · 2.5y | 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 2025-1 | TAOT 2025-A | WOART 2025-A | MBART 2025-1 | GMCAR 2025-1 | VALET 2024-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-02-11 | 2025-01-29 | 2025-01-29 | 2025-01-23 | 2025-01-15 | 2024-11-26 | 424B5 |
| Pool balance | $2,429.2MM | $1,977.2MM | $1,305.7MM | $1,400.0MM | $1,644.9MM | $1,749.4MM | 424B5 |
| WA Credit Score | 768−1 | 769 | 756 | 761 | 781 | 774 | 424B5 |
| WA APR | 4.96%−1.64pp | 6.00% | 6.60% | 7.95% | 7.03% | 4.67% | 424B5 |
| WA original term mo | 61.7−4.9 | 65.7 mo | 68.2 mo | 67.5 mo | 13.0 mo | — | 424B5 |
| % new vehicles | 86.2% | 91.0% | 95.6% | 40.2% | 87.9% | 80.0% | 424B5 |
| Geo top-3 | CA 16.5% NY 7.3% TX 7.3% | CA 19.7% TX 16.6% PA 4.2% | FL 49.1% GA 18.2% NC 17.8% | CA 21.6% TX 16.5% NY 8.8% | TX 13.9% FL 7.0% MI 5.6% | TX 13.9% CA 10.6% FL 8.3% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−1.50pp | 2.75% | 4.75% | 2.75% | 6.10% | 4.25% | calc |
| Enhancement, target | — | 3.60% | 5.65% | 2.75% | 6.10% | — | calc |
| Subordinate notes | 0.0%−2.5pp | 2.5% | 4.5% | 0.0% | 3.1% | 0.0% | calc |
| OC (initial) | 2.50% | 0.00% | 0.00% | 2.50% | 2.75% | 4.00% | 424B5 |
| OC target | — | 0.85% | 0.90% | 2.50% | 2.75% | — | 424B5 |
| OC floor | — | 0.85% | 0.50% | 2.50% | 2.75% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | 3.90% | 6.15% | 4.02% | 3.13% | 10.68% | 424B5 |
| Pricing | |||||||
| AAA spread | +39 bps0bps A-3 · 2.4y | +37 bps A-3 · 2.4y | +45 bps A-3 · 2.6y | +41 bps A-3 · 2.5y | +38 bps A-3 · 2.4y | — | FWP |
| Terms | |||||||
| Tranches | 4 | 6 | 7 | 5 | 7 | 5 | 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 (168 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.