| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 600.0 | 24.7% | 72.8% | +9 bps | 0.30 | 2026-02-23 | A-1+ | F1+ |
| Class A-2 | 745.5 | 30.7% | 42.1% | +40 bps | 1.05 | 2027-08-23 | AAA | AAA |
| Class A-3 | 891.5 | 36.7% | 5.4% | +39 bps | 2.35 | 2029-09-21 | AAA | AAA |
| Class A-4 | 131.4 | 5.4% | 0.0% | +43 bps | 3.28 | 2031-05-21 | 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 | 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $2,429.2MM | $2,159.2MM | $2,159.2MM | $2,159.3MM | $2,159.2MM | $1,889.3MM |
| WA Credit Score | 7680 | 768 | 768 | 769 | 768 | 768 |
| WA APR | 4.96%+0.24pp | 4.88% | 4.72% | 4.73% | 4.59% | 4.36% |
| WA original term mo | 61.7−0.4 | 61.2 mo | 61.3 mo | 63.2 mo | 62.2 mo | 62.3 mo |
| % new vehicles | 86.2% | 86.2% | 85.3% | 86.0% | 86.1% | 86.1% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.18% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +40 bps−6bps | +45 bps | +48 bps | +40 bps | — | +59 bps |
| AAA % of pool | 72.8%−0.6pp | 73.4% | 72.4% | 73.5% | 73.6% | 72.9% |
| 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% |
| OC target | — | — | — | — | — | — |
| OC floor | — | — | — | — | — | — |
| YSOC | 5.71% | 5.38% | — | — | — | — |
| 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 2025-1 | TAOT 2025-A | WOART 2025-A | MBART 2025-1 | GMCAR 2025-1 | VALET 2024-1 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $2,429.2MM | $1,977.2MM | $1,305.7MM | — | $1,644.9MM | $1,749.4MM |
| WA Credit Score | 768−1 | 769 | 756 | 761 | 781 | 774 |
| WA APR | 4.96%−1.12pp | 6.01% | 6.61% | 7.96% | 6.08% | 4.68% |
| WA original term mo | 61.7−4.9 | 65.7 mo | 68.2 mo | 67.5 mo | 13.0 mo | — |
| % new vehicles | 86.2% | 91.0% | 95.6% | 40.2% | 87.9% | 80.0% |
| Reserve % | 0.25% | 0.25% | 0.23% | — | 0.24% | 0.22% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +40 bps+7bps | +33 bps | +33 bps | +32 bps | +33 bps | +36 bps |
| AAA % of pool | 72.8%+1.7pp | — | 71.1% | — | 73.4% | 68.9% |
| Subordination below AAA | 0.0%−3.0pp | — | 4.2% | — | 3.0% | 0.0% |
| OC (initial) | — | 0.85% | — | 2.50% | 2.75% | 4.00% |
| OC target | — | 0.85% | 0.90% | 2.50% | 2.75% | — |
| OC floor | — | 0.85% | 0.50% | 2.50% | 2.75% | — |
| YSOC | 5.71% | 3.90% | 4.86% | — | 3.13% | 10.68% |
| Tranches | 4 | 6 | 7 | 5 | 7 | 5 |
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.
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FICO sub-band and new/used stratification.