| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 509.4 | 23.6% | 2.75% | 0.28 | 3.96% | +14 I-curve | 2027-08-18 | A-1 | F1+ |
| Class A-2a | 536.6 | 24.9% | 2.75% | 1.08 | 4.30% | +32 I-curve | 2029-04-18 | AAA | AAA |
| Class A-2b | 200.0 | 9.3% | 2.75% | 1.08 | floating | +32 SOFR | 2029-04-18 | AAA | AAA |
| Class A-3 | 736.4 | 34.1% | 2.75% | 2.39 | 4.52% | +36 I-curve | 2031-02-18 | AAA | AAA |
| Class A-4 | 122.9 | 5.7% | 2.75% | 3.27 | 4.62% | +41 I-curve | 2032-11-18 | 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 | Delaware trustee |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, BNP Paribas Securities, Academy Securities, J.P. Morgan Securities, Loop Capital Markets, Citigroup Global Markets |
| HAROT 2026-3 | HAROT 2026-2 | HAROT 2026-1 | HAROT 2025-4 | HAROT 2025-3 | HAROT 2025-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-08-12 | 2026-05-13 | 2026-02-18 | 2025-11-12 | 2025-08-12 | 2025-05-08 | 424B5 |
| Pool balance | $2,159.3MM | $2,159.3MM | $2,483.1MM | $2,483.2MM | $2,483.1MM | $2,483.1MM | 424B5 |
| WA Credit Score | 770+1 | 768 | 770 | 769 | 769 | 769 | 424B5 |
| WA APR | 4.94%−0.03pp | 4.99% | 5.00% | 4.93% | 4.97% | 4.89% | 424B5 |
| WA original term mo | 62.7+0.8 | 61.9 mo | 61.6 mo | 61.9 mo | 61.9 mo | 62.1 mo | 424B5 |
| % new vehicles | 86.1% | 86.1% | 86.5% | 86.0% | 86.0% | 86.1% | 424B5 |
| Geo top-3 | CA 16.1% TX 10.0% NY 5.8% | CA 15.3% TX 9.9% NY 6.2% | 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% | 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 | +36 bps−3bps A-3 · 2.4y | +39 bps A-3 · 2.4y | +34 bps A-3 · 2.4y | +39 bps A-3 · 2.3y | +37 bps A-3 · 2.4y | +54 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 5 | 5 | 5 | 5 | 5 | 5 | 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 2026-3 | TAOT 2026-C | GMCAR 2026-3 | FCAOT 2026-B | HART 2026-B | NAROT 2026-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-08-12 | 2026-07-21 | 2026-07-15 | 2026-06-23 | 2026-06-17 | 2026-05-27 | 424B5 |
| Pool balance | $2,159.3MM | $2,023.1MM | $1,078.8MM | $1,655.3MM | $2,408.5MM | $1,394.8MM | 424B5 |
| WA Credit Score | 770−4 | 771 | 781 | 752 | 774 | 787 | 424B5 |
| WA APR | 4.94%−0.23pp | 5.36% | 6.63% | 5.07% | 5.17% | 4.44% | 424B5 |
| WA original term mo | 62.7−3.5 | 66.0 mo | 70.0 mo | 66.4 mo | 65.8 mo | — | 424B5 |
| % new vehicles | 86.1% | 87.5% | 80.8% | 92.6% | 99.8% | 10.9% | 424B5 |
| Geo top-3 | CA 16.1% TX 10.0% NY 5.8% | CA 24.2% TX 16.3% IL 3.9% | TX 14.4% FL 6.8% CA 6.7% | TX 17.3% CA 8.7% FL 8.5% | TX 13.0% FL 9.9% CA 8.5% | FL 6.8% CA 6.3% GA 3.7% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.50pp | 2.75% | 6.10% | 5.25% | 7.55% | 4.25% | calc |
| Enhancement, target | — | 3.60% | 6.10% | 7.25% | 8.05% | 4.25% | calc |
| Subordinate notes | 0.0%−3.1pp | 2.5% | 3.1% | 5.0% | 4.8% | 3.0% | calc |
| OC (initial) | 2.50% | 0.00% | 2.75% | 0.00% | 2.50% | 1.00% | 424B5 |
| OC target | — | 0.85% | 2.75% | 2.00% | 3.00% | 1.00% | 424B5 |
| OC floor | — | 0.85% | 2.75% | 2.00% | 3.00% | 1.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | 6.08% | 3.18% | 4.61% | 6.86% | 8.14% | 424B5 |
| Pricing | |||||||
| AAA spread | +36 bps0bps A-3 · 2.4y | +35 bps A-3 · 2.5y | +31 bps A-3 · 2.4y | +36 bps A-3 · 2.4y | +41 bps A-3 · 2.4y | +44 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 5 | 6 | 7 | 7 | 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 (202 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.