| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 313.0 | 16.3% | 7.55% | 0.20 | 5.47% | +12 I-curve | 2025-08-15 | A-1+ | F1+ |
| Class A-2-A | 500.0 | 26.0% | 7.55% | — | 5.15% | — | 2027-06-15 | AAA | AAA |
| Class A-2-B | 160.0 | 8.3% | 7.55% | — | floating | +37 SOFR | 2027-06-15 | AAA | AAA |
| Class A-3 | 615.0 | 31.9% | 7.55% | 2.39 | 4.84% | +55 I-curve | 2029-03-15 | AAA | AAA |
| Class A-4 | 81.9 | 4.3% | 7.55% | 3.51 | 4.74% | +61 I-curve | 2030-09-16 | AAA | AAA |
| Class B | 32.4 | 1.7% | 5.75% | 3.81 | 5.04% | +94 I-curve | 2030-09-16 | AA+ | AA+ |
| Class C | 54.0 | 2.8% | 2.75% | 3.97 | 5.29% | +120 I-curve | 2031-10-15 | AA | A+ |
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 | Hyundai Capital America |
|---|---|
| Servicer | Hyundai Capital America |
| Depositor / Transferor | Hyundai ABS Funding, LLC |
| Indenture Trustee | Citibank, N.A |
| Owner Trustee | U.S. Bank Trust National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | RBC Capital Markets, TD Securities, U.S. Bancorp Investments, Citigroup Global Markets, SMBC Nikko Securities, HSBC Securities |
| HART 2024-B | HART 2024-A | HART 2023-C | HART 2023-B | HART 2023-A | HART 2022-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-07-24 | 2024-03-20 | 2023-11-13 | 2023-07-19 | 2023-04-12 | 2022-11-09 | 424B5 |
| Pool balance | $1,925.2MM | $1,812.8MM | $1,822.5MM | $1,865.3MM | $1,829.8MM | $1,706.7MM | 424B5 |
| WA Credit Score | 768+1 | 766 | 768 | 767 | 767 | 764 | 424B5 |
| WA APR | 5.98%+1.02pp | 5.70% | 5.63% | 4.96% | 3.72% | 3.85% | 424B5 |
| WA original term mo | 67.3+1.1 | 66.6 mo | 65.6 mo | 66.2 mo | 66.6 mo | 66.2 mo | 424B5 |
| % new vehicles | 96.5% | 95.8% | 94.3% | 94.0% | 95.6% | 94.9% | 424B5 |
| Geo top-3 | TX 12.4% CA 12.2% FL 10.4% | TX 12.9% FL 11.5% CA 6.4% | TX 12.0% FL 11.7% CA 10.9% | CA 12.5% TX 12.4% FL 11.3% | FL 12.0% CA 11.9% TX 11.4% | CA 14.2% TX 12.2% FL 6.0% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 7.55%0.00pp | 7.55% | 7.55% | 7.55% | 7.55% | 7.80% | calc |
| Enhancement, target | 8.05% | 8.05% | 8.05% | 8.05% | 8.05% | 8.05% | calc |
| Subordinate notes | 4.8%0.0pp | 4.8% | 4.8% | 4.8% | 4.8% | 4.8% | calc |
| OC (initial) | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| OC target | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 2.75% | 424B5 |
| OC floor | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 2.75% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.50% | 424B5 |
| YSOC | 6.43% | 6.82% | 8.38% | 9.04% | 9.89% | 10.76% | 424B5 |
| Pricing | |||||||
| AAA spread | +55 bps−35bps A-3 · 2.4y | +63 bps A-3 · 2.5y | +90 bps A-3 · 2.5y | — | — | +92 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 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.
| HART 2024-B | GMCAR 2024-3 | FCAOT 2024-B | BMWOT 2024-A | NAROT 2024-A | WOART 2024-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-07-24 | 2024-07-10 | 2024-06-24 | 2024-06-11 | 2024-05-22 | 2024-05-22 | 424B5 |
| Pool balance | $1,925.2MM | $1,420.3MM | $1,999.5MM | $1,910.0MM | $1,424.1MM | $1,335.1MM | 424B5 |
| WA Credit Score | 768−12 | 783 | 755 | 789 | 780 | 757 | 424B5 |
| WA APR | 5.98%+0.63pp | 6.52% | 4.65% | 5.35% | 4.81% | 7.32% | 424B5 |
| WA original term mo | 67.3+0.7 | 69.0 mo | 64.8 mo | 63.6 mo | — | 68.3 mo | 424B5 |
| % new vehicles | 96.5% | 87.7% | 93.6% | 68.2% | 10.5% | 95.3% | 424B5 |
| Geo top-3 | TX 12.4% CA 12.2% FL 10.4% | TX 14.5% FL 7.5% MI 5.2% | TX 16.0% CA 8.5% FL 8.4% | CA 16.7% TX 13.2% FL 11.0% | TX 17.8% FL 9.5% CA 6.6% | FL 43.8% GA 19.9% NC 16.8% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 7.55%+2.80pp | 6.10% | 5.25% | 2.75% | 4.25% | 4.75% | calc |
| Enhancement, target | 8.05% | 6.60% | 7.25% | 2.75% | 4.25% | 5.65% | calc |
| Subordinate notes | 4.8%+0.5pp | 4.3% | 5.0% | 0.0% | 0.0% | 4.5% | calc |
| OC (initial) | 2.50% | 1.50% | 0.00% | 2.50% | 4.00% | 0.00% | 424B5 |
| OC target | 3.00% | 2.00% | 2.00% | 2.50% | 4.00% | 0.90% | 424B5 |
| OC floor | 3.00% | 2.00% | 2.00% | 2.50% | 4.00% | 0.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 6.43% | 4.40% | 7.87% | 6.03% | 8.57% | 7.70% | 424B5 |
| Pricing | |||||||
| AAA spread | +55 bps−1bps A-3 · 2.4y | +54 bps A-3 · 2.4y | +56 bps A-3 · 2.4y | +54 bps A-3 · 2.3y | +58 bps A-3 · 2.3y | +65 bps A-3 · 2.7y | FWP |
| Terms | |||||||
| Tranches | 7 | 8 | 7 | 5 | 5 | 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 (162 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.
Hyundai Capital America — ticker HART.
Peer tier: prime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.