| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 614.0 | 24.7% | 72.8% | +15 bps | 0.29 | 2026-05-15 | — | F1+ |
| Class A-2A | 432.6 | 17.4% | 55.4% | +48 bps | 1.10 | 2028-01-18 | Aaa | AAA |
| Class A-2B | 432.6 | 17.4% | 37.9% | +48 bps SOFR | — | 2028-01-18 | Aaa | AAA |
| Class A-3 | 789.6 | 31.8% | 6.1% | +54 bps | 2.38 | 2029-10-15 | Aaa | AAA |
| Class A-4 | 152.3 | 6.1% | 0.0% | +66 bps | 3.27 | 2031-08-15 | Aaa | AAA |
| Sponsor | American Honda Finance Corporation |
|---|---|
| Servicer | American Honda Finance Corporation |
| Depositor / Transferor | Honda Finance Corporation |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| 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, BofA Securities, Wells Fargo Securities, Barclays Capital, SMBC Nikko Securities, BNY Mellon Capital Markets |
| HAROT 2025-2 | HAROT 2025-1 | HAROT 2024-4 | HAROT 2024-3 | HAROT 2024-2 | HAROT 2024-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-05-08 | 2025-02-11 | 2024-10-24 | 2024-08-21 | 2024-05-21 | 2024-02-21 |
| Pool balance | $2,483.1MM | $2,429.2MM | $2,159.2MM | $2,159.2MM | $2,159.3MM | $2,159.2MM |
| WA Credit Score | 769+1 | 768 | 768 | 768 | 769 | 768 |
| WA APR | 4.89%+0.16pp | 4.96% | 4.88% | 4.72% | 4.73% | 4.59% |
| WA original term mo | 62.1+0.3 | 61.7 mo | 61.2 mo | 61.3 mo | 63.2 mo | 62.2 mo |
| % new vehicles | 86.1% | 86.2% | 86.2% | 85.3% | 86.0% | 86.1% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | CA 16.9% TX 9.9% FL 6.2% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +48 bps+5bps | +40 bps | +45 bps | +48 bps | +40 bps | — |
| AAA % of pool | 72.8%−0.6pp | 72.8% | 73.4% | 72.4% | 73.5% | 73.6% |
| 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% |
| OC target | — | — | — | — | — | — |
| OC floor | — | — | — | — | — | — |
| YSOC | 5.43% | 5.71% | 5.38% | — | — | — |
| Tranches | 5 | 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 2025-2 | TAOT 2025-B | FCAOT 2025-A | VALET 2025-1 | HART 2025-A | BMWOT 2025-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-05-08 | 2025-04-30 | 2025-03-25 | 2025-03-25 | 2025-03-12 | 2025-02-12 |
| Pool balance | $2,483.1MM | $1,988.8MM | $1,668.4MM | $1,427.5MM | $2,188.3MM | $1,897.4MM |
| WA Credit Score | 7690 | 769 | 755 | 772 | 769 | 784 |
| WA APR | 4.89%−0.54pp | 6.05% | 4.81% | 5.43% | 5.57% | 3.35% |
| WA original term mo | 62.1−3.3 | 65.7 mo | 64.8 mo | — | 67.9 mo | 65.1 mo |
| % new vehicles | 86.1% | 88.0% | 94.3% | 79.0% | 96.6% | 70.5% |
| Reserve % | 0.25% | 0.25% | 0.24% | 0.23% | 0.25% | 0.25% |
| Geo top-3 | CA 16.9% TX 9.9% FL 6.2% | CA 20.9% TX 16.8% IL 4.0% | TX 15.6% CA 8.9% FL 8.8% | TX 16.3% FL 8.5% CA 7.8% | CA 12.9% TX 12.5% FL 9.5% | CA 14.6% TX 14.6% FL 11.6% |
| Structure (at issuance) | ||||||
| AAA spread | +48 bps+7bps | +54 bps | +41 bps | +44 bps | +34 bps | +30 bps |
| AAA % of pool | 72.8%+1.7pp | 71.7% | 71.0% | 69.6% | 67.4% | 73.8% |
| Subordination below AAA | 0.0%−2.4pp | 2.4% | 4.7% | 0.0% | 4.5% | 0.0% |
| OC (initial) | — | 0.85% | 2.00% | 4.00% | 3.00% | 2.50% |
| OC target | — | 0.85% | 2.00% | — | 3.00% | 2.50% |
| OC floor | — | 0.85% | 2.00% | — | 3.00% | 2.50% |
| YSOC | 5.43% | 4.46% | 5.36% | 8.78% | 6.01% | 5.40% |
| Tranches | 5 | 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 (174 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.