| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 604.8 | 24.4% | 73.1% | +14 bps | 0.28 | — | P-1 | F1+ |
| Class A-2A | 505.0 | 20.3% | 52.8% | +34 bps | 1.07 | 2028-09-28 | Aaa | AAA |
| Class A-2B | 333.5 | 13.4% | 39.4% | +34 bps SOFR | 1.07 | 2028-09-28 | Aaa | AAA |
| Class A-3 | 838.5 | 33.8% | 5.6% | +34 bps | 2.38 | 2030-09-30 | Aaa | AAA |
| Class A-4 | 139.3 | 5.6% | 0.0% | +36 bps | 3.26 | 2032-05-31 | Aaa | AAA |
| Sponsor | American Honda Finance Corporation |
|---|---|
| Servicer | American Honda Finance Corporation |
| Depositor / Transferor | American 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 | 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $2,483.1MM | $2,483.2MM | $2,483.1MM | $2,483.1MM | $2,429.2MM | $2,159.2MM |
| WA Credit Score | 770+1 | 769 | 769 | 769 | 768 | 768 |
| WA APR | 5.00%+0.07pp | 4.93% | 4.97% | 4.89% | 4.96% | 4.88% |
| WA original term mo | 61.6−0.3 | 61.9 mo | 61.9 mo | 62.1 mo | 61.7 mo | 61.2 mo |
| % new vehicles | 86.5% | 86.0% | 86.0% | 86.1% | 86.2% | 86.2% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +34 bps−6bps | +38 bps | +35 bps | +48 bps | +40 bps | +45 bps |
| AAA % of pool | 73.1%+0.3pp | 74.5% | 72.5% | 72.8% | 72.8% | 73.4% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | — | — | — | — | — | — |
| OC target | — | — | — | — | — | — |
| OC floor | — | — | — | — | — | — |
| YSOC | 4.09% | 4.76% | 4.77% | 5.43% | 5.71% | 5.38% |
| Tranches | 5 | 5 | 5 | 5 | 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 2026-1 | WOART 2026-A | HART 2026-A | TAOT 2026-A | GMCAR 2026-1 | NAROT 2025-B | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $2,483.1MM | $1,312.6MM | $2,392.4MM | $1,995.4MM | $1,317.6MM | $1,381.3MM |
| WA Credit Score | 770−5 | 758 | 775 | 771 | 779 | 795 |
| WA APR | 5.00%−0.68pp | 5.87% | 5.38% | 5.68% | 5.97% | 4.61% |
| WA original term mo | 61.6−6.2 | 68.4 mo | 67.2 mo | 65.9 mo | 70.0 mo | — |
| % new vehicles | 86.5% | 98.0% | 97.5% | 88.0% | 80.8% | 10.0% |
| Reserve % | 0.25% | 0.24% | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | CA 16.0% TX 9.5% NY 6.7% | FL 44.5% GA 18.6% NC 16.2% | TX 13.2% FL 10.1% CA 9.1% | CA 23.8% TX 16.7% IL 3.8% | TX 14.6% FL 7.1% CA 6.3% | TX 17.5% FL 7.4% CA 6.5% |
| Structure (at issuance) | ||||||
| AAA spread | +34 bps+1bps | +31 bps | +34 bps | +33 bps | +32 bps | +38 bps |
| AAA % of pool | 73.1%+3.5pp | 69.7% | 69.0% | 73.6% | 75.6% | 68.8% |
| Subordination below AAA | 0.0%−3.0pp | 4.2% | 4.5% | 2.4% | 3.0% | 1.5% |
| OC (initial) | — | — | 3.00% | 0.85% | 2.75% | 2.35% |
| OC target | — | 0.90% | 3.00% | 0.85% | 2.75% | 2.35% |
| OC floor | — | 0.50% | 3.00% | 0.85% | 2.75% | 2.35% |
| YSOC | 4.09% | 5.47% | 5.70% | 4.78% | 2.44% | 7.33% |
| Tranches | 5 | 7 | 7 | 6 | 7 | 6 |
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.