| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 604.8 | 24.4% | 2.75% | 0.28 | 3.82% | +14 I-curve | — | P-1 | F1+ |
| Class A-2A | 505.0 | 20.3% | 2.75% | 1.07 | 3.71% | +34 I-curve | 2028-09-28 | Aaa | AAA |
| Class A-2B | 333.5 | 13.4% | 2.75% | 1.07 | floating | +34 SOFR | 2028-09-28 | Aaa | AAA |
| Class A-3 | 838.5 | 33.8% | 2.75% | 2.38 | 3.78% | +34 I-curve | 2030-09-30 | Aaa | AAA |
| Class A-4 | 139.3 | 5.6% | 2.75% | 3.26 | 3.86% | +36 I-curve | 2032-05-31 | 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 | J.P. Morgan Securities, TD Securities, Wells Fargo Securities, Barclays Capital, MUFG Securities Americas, BNY Mellon Capital Markets |
| HAROT 2026-1 | HAROT 2025-4 | HAROT 2025-3 | HAROT 2025-2 | HAROT 2025-1 | HAROT 2024-4 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-02-18 | 2025-11-12 | 2025-08-12 | 2025-05-08 | 2025-02-11 | 2024-10-24 | 424B5 |
| Pool balance | $2,483.1MM | $2,483.2MM | $2,483.1MM | $2,483.1MM | $2,429.2MM | $2,159.2MM | 424B5 |
| WA Credit Score | 770+1 | 769 | 769 | 769 | 768 | 768 | 424B5 |
| WA APR | 5.00%+0.07pp | 4.93% | 4.97% | 4.89% | 4.96% | 4.88% | 424B5 |
| WA original term mo | 61.6−0.3 | 61.9 mo | 61.9 mo | 62.1 mo | 61.7 mo | 61.2 mo | 424B5 |
| % new vehicles | 86.5% | 86.0% | 86.0% | 86.1% | 86.2% | 86.2% | 424B5 |
| Geo top-3 | CA 16.0% TX 9.5% NY 6.7% | 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% | 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 | +34 bps−5bps A-3 · 2.4y | +39 bps A-3 · 2.3y | +37 bps A-3 · 2.4y | +54 bps A-3 · 2.4y | +39 bps A-3 · 2.4y | +48 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 5 | 5 | 5 | 5 | 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 2026-1 | HART 2026-A | WOART 2026-A | TAOT 2026-A | GMCAR 2026-1 | FCAOT 2025-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-02-18 | 2026-02-18 | 2026-02-18 | 2026-01-21 | 2026-01-14 | 2025-11-25 | 424B5 |
| Pool balance | $2,483.1MM | $2,392.4MM | $1,308.7MM | $1,995.4MM | $1,317.6MM | $1,096.6MM | 424B5 |
| WA Credit Score | 770−1 | 775 | 758 | 771 | 779 | 752 | 424B5 |
| WA APR | 5.00%−0.68pp | 5.39% | 5.87% | 5.68% | 6.71% | 5.15% | 424B5 |
| WA original term mo | 61.6−5.5 | 67.2 mo | 68.4 mo | 65.9 mo | 70.0 mo | 65.9 mo | 424B5 |
| % new vehicles | 86.5% | 97.5% | 98.0% | 88.0% | 80.8% | 93.7% | 424B5 |
| Geo top-3 | CA 16.0% TX 9.5% NY 6.7% | TX 13.2% FL 10.1% CA 9.1% | FL 44.5% GA 18.6% NC 16.2% | CA 23.8% TX 16.7% IL 3.8% | TX 14.6% FL 7.1% CA 6.3% | TX 16.6% CA 8.8% FL 8.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.50pp | 7.55% | 4.75% | 2.75% | 6.10% | 5.25% | calc |
| Enhancement, target | — | 8.05% | 5.65% | 3.60% | 6.10% | 7.25% | calc |
| Subordinate notes | 0.0%−4.5pp | 4.8% | 4.5% | 2.5% | 3.1% | 5.0% | calc |
| OC (initial) | 2.50% | 2.50% | 0.00% | 0.00% | 2.75% | 0.00% | 424B5 |
| OC target | — | 3.00% | 0.90% | 0.85% | 2.75% | 2.00% | 424B5 |
| OC floor | — | 3.00% | 0.50% | 0.85% | 2.75% | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | 5.70% | 5.49% | 4.78% | 2.44% | 4.01% | 424B5 |
| Pricing | |||||||
| AAA spread | +34 bps−1bps A-3 · 2.4y | +34 bps A-3 · 2.5y | +36 bps A-3 · 2.6y | +34 bps A-3 · 2.4y | +35 bps A-3 · 2.6y | +35 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 5 | 7 | 7 | 6 | 7 | 7 | 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 (194 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.