| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 570.0 | 23.0% | 74.5% | 4.00% fxd | 0.26 | 2026-10-15 | A-1+ | — |
| Class A-2a | 430.0 | 17.3% | 57.2% | 4.04% fxd | 1.02 | 2028-06-15 | AAA | AAA |
| Class A-2b | 430.0 | 17.3% | 39.9% | +38 bps SOFR | 1.02 | 2028-06-15 | AAA | AAA |
| Class A-3 | 864.0 | 34.8% | 5.1% | 3.98% fxd | 2.33 | 2030-06-17 | AAA | AAA |
| Class A-4 | 127.1 | 5.1% | 0.0% | 4.05% fxd | 3.18 | 2032-02-17 | 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 | Delaware trustee |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, BNP Paribas Securities, Deutsche Bank Securities, Mizuho Securities, BNY Mellon Capital Markets, MUFG Securities Americas |
| HAROT 2025-4 | HAROT 2025-3 | HAROT 2025-2 | HAROT 2025-1 | HAROT 2024-4 | HAROT 2024-3 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-11-12 | 2025-08-12 | 2025-05-08 | 2025-02-11 | 2024-10-24 | 2024-08-21 |
| Pool balance | $2,483.2MM | $2,483.1MM | $2,483.1MM | $2,429.2MM | $2,159.2MM | $2,159.2MM |
| WA Credit Score | 769+1 | 769 | 769 | 768 | 768 | 768 |
| WA APR | 4.93%+0.04pp | 4.97% | 4.89% | 4.96% | 4.88% | 4.72% |
| WA original term mo | 61.9+0.2 | 61.9 mo | 62.1 mo | 61.7 mo | 61.2 mo | 61.3 mo |
| % new vehicles | 86.0% | 86.0% | 86.1% | 86.2% | 86.2% | 85.3% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | CA 16.9% TX 9.9% FL 6.5% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +38 bps−7bps | +35 bps | +48 bps | +40 bps | +45 bps | +48 bps |
| AAA % of pool | 74.5%+1.8pp | 72.5% | 72.8% | 72.8% | 73.4% | 72.4% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | — | — | — | — | — | 2.50% |
| OC target | — | — | — | — | — | — |
| OC floor | — | — | — | — | — | — |
| YSOC | 4.76% | 4.77% | 5.43% | 5.71% | 5.38% | — |
| Tranches | 5 | 5 | 5 | 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 2025-4 | HART 2025-D | GMCAR 2025-4 | TAOT 2025-D | WOART 2025-D | FCAOT 2025-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-11-12 | 2025-11-12 | 2025-11-05 | 2025-10-23 | 2025-10-15 | 2025-09-26 |
| Pool balance | $2,483.2MM | $2,171.9MM | $951.1MM | $1,998.8MM | $982.7MM | $1,645.7MM |
| WA Credit Score | 769−2 | 773 | 781 | 771 | 757 | 752 |
| WA APR | 4.93%−0.78pp | 5.37% | 5.86% | 5.71% | 6.15% | 5.21% |
| WA original term mo | 61.9−4.1 | 67.9 mo | 13.0 mo | 65.8 mo | 68.6 mo | 66.0 mo |
| % new vehicles | 86.0% | 99.9% | 87.9% | 88.0% | 97.6% | 93.5% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.23% | 0.24% |
| Geo top-3 | CA 16.9% TX 9.9% FL 6.5% | TX 13.1% FL 10.2% CA 8.0% | TX 14.1% FL 7.1% CA 7.0% | CA 22.9% TX 15.8% IL 3.9% | FL 46.0% GA 18.7% NC 15.7% | TX 16.5% CA 8.7% FL 8.2% |
| Structure (at issuance) | ||||||
| AAA spread | +38 bps+6bps | +38 bps | +32 bps | +32 bps | +31 bps | +30 bps |
| AAA % of pool | 74.5%+2.9pp | 68.3% | 75.6% | 73.4% | 69.9% | 71.7% |
| Subordination below AAA | 0.0%−4.2pp | 4.5% | 3.0% | 2.4% | 4.2% | 4.8% |
| OC (initial) | — | 3.00% | 2.75% | 0.85% | — | 2.00% |
| OC target | — | 3.00% | 2.75% | 0.85% | 0.90% | 2.00% |
| OC floor | — | 3.00% | 2.75% | 0.85% | 0.50% | 2.00% |
| YSOC | 4.76% | 5.68% | 2.68% | 4.94% | 6.55% | 4.06% |
| Tranches | 5 | 7 | 7 | 6 | 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 (185 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.