| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 621.0 | 25.0% | 72.5% | +12 bps | 0.30 | 2026-08-21 | A-1+ | P-1 |
| Class A-2a | 419.8 | 16.9% | 55.6% | +35 bps | 1.08 | 2028-03-21 | AAA | Aaa |
| Class A-2b | 419.8 | 16.9% | 38.7% | +35 bps SOFR | 1.08 | 2028-03-21 | AAA | Aaa |
| Class A-3 | 839.5 | 33.8% | 4.9% | +37 bps | 2.37 | 2030-02-21 | AAA | Aaa |
| Class A-4 | 121.0 | 4.9% | 0.0% | +45 bps | 3.19 | 2031-11-21 | AAA | Aaa |
| Sponsor | American Honda Finance Corporation |
|---|---|
| Servicer | American Honda Finance Corporation |
| Depositor / Transferor | Honda Finance Corporation |
| Indenture Trustee | Citibank, N.A. (“ |
| Owner Trustee | Delaware trustee |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Barclays Capital, BofA Securities, CastleOak Securities, Penserra Securities, Citigroup Global Markets, MUFG Securities Americas |
| HAROT 2025-3 | HAROT 2025-2 | HAROT 2025-1 | HAROT 2024-4 | HAROT 2024-3 | HAROT 2024-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-08-12 | 2025-05-08 | 2025-02-11 | 2024-10-24 | 2024-08-21 | 2024-05-21 |
| Pool balance | $2,483.1MM | $2,483.1MM | $2,429.2MM | $2,159.2MM | $2,159.2MM | $2,159.3MM |
| WA Credit Score | 769+1 | 769 | 768 | 768 | 768 | 769 |
| WA APR | 4.97%+0.09pp | 4.89% | 4.96% | 4.88% | 4.72% | 4.73% |
| WA original term mo | 61.9+0.2 | 62.1 mo | 61.7 mo | 61.2 mo | 61.3 mo | 63.2 mo |
| % new vehicles | 86.0% | 86.1% | 86.2% | 86.2% | 85.3% | 86.0% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | CA 16.3% TX 9.8% PA 7.6% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +35 bps−10bps | +48 bps | +40 bps | +45 bps | +48 bps | +40 bps |
| AAA % of pool | 72.5%−0.3pp | 72.8% | 72.8% | 73.4% | 72.4% | 73.5% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | — | — | — | — | 2.50% | 2.50% |
| OC target | — | — | — | — | — | — |
| OC floor | — | — | — | — | — | — |
| YSOC | 4.77% | 5.43% | 5.71% | 5.38% | — | — |
| Tranches | 5 | 5 | 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 2025-3 | TAOT 2025-C | GMCAR 2025-3 | HART 2025-B | NAROT 2025-A | WOART 2025-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-08-12 | 2025-07-30 | 2025-07-16 | 2025-06-11 | 2025-05-27 | 2025-05-14 |
| Pool balance | $2,483.1MM | $2,001.9MM | $974.1MM | $2,188.2MM | $1,668.5MM | $1,281.8MM |
| WA Credit Score | 769−1 | 770 | 783 | 770 | 789 | 756 |
| WA APR | 4.97%−0.88pp | 5.85% | 5.70% | 5.95% | 4.46% | 6.49% |
| WA original term mo | 61.9−5.8 | 65.7 mo | 69.0 mo | 67.5 mo | — | 67.9 mo |
| % new vehicles | 86.0% | 88.0% | 87.9% | 97.5% | 6.9% | 96.4% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.24% |
| Geo top-3 | CA 16.3% TX 9.8% PA 7.6% | CA 21.9% TX 15.8% IL 3.9% | TX 13.7% FL 7.4% CA 6.4% | CA 14.3% TX 11.9% FL 9.3% | TX 14.8% FL 7.3% CA 6.7% | FL 47.7% GA 18.7% NC 15.4% |
| Structure (at issuance) | ||||||
| AAA spread | +35 bps−2bps | +30 bps | +30 bps | — | +45 bps | +47 bps |
| AAA % of pool | 72.5%+2.4pp | 71.0% | 72.9% | 56.0% | 68.0% | 70.1% |
| Subordination below AAA | 0.0%−3.0pp | 2.4% | 3.0% | 4.6% | 1.4% | 4.3% |
| OC (initial) | — | 0.85% | 2.75% | 3.00% | 2.50% | — |
| OC target | — | 0.85% | 2.75% | 3.00% | 2.50% | 0.90% |
| OC floor | — | 0.85% | 2.75% | 3.00% | 2.50% | 0.50% |
| YSOC | 4.77% | 5.09% | 3.50% | 5.22% | 7.79% | 5.38% |
| Tranches | 5 | 6 | 7 | 7 | 6 | 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 (179 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.