| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 340.2 | 18.3% | 7.55% | 0.24 | 4.75% | +10 I-curve | 2025-10-15 | A-1+ | F1+ |
| Class A-2-A | 318.8 | 17.1% | 7.55% | 1.06 | 4.53% | +40 I-curve | 2027-09-15 | AAA | AAA |
| Class A-2-B | 318.8 | 17.1% | 7.55% | 1.06 | floating | +40 SOFR | 2027-09-15 | AAA | AAA |
| Class A-3 | 571.4 | 30.7% | 7.55% | 2.41 | 4.41% | +53 I-curve | 2029-05-15 | AAA | AAA |
| Class A-4 | 88.6 | 4.8% | 7.55% | 3.49 | 4.44% | +62 I-curve | 2031-01-15 | AAA | AAA |
| Class B | 31.8 | 1.7% | 5.75% | 3.79 | 4.67% | +85 I-curve | 2031-01-15 | AA+ | AA+ |
| Class C | 53.0 | 2.9% | 2.75% | 3.98 | 4.86% | +105 I-curve | 2032-02-17 | 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 | Barclays Capital, Wells Fargo Securities, BofA Securities, MUFG Securities Americas, SMBC Nikko Securities, HSBC Securities |
| HART 2024-C | HART 2024-B | HART 2024-A | HART 2023-C | HART 2023-B | HART 2023-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-10-16 | 2024-07-24 | 2024-03-20 | 2023-11-13 | 2023-07-19 | 2023-04-12 | 424B5 |
| Pool balance | $1,859.5MM | $1,925.2MM | $1,812.8MM | $1,822.5MM | $1,865.3MM | $1,829.8MM | 424B5 |
| WA Credit Score | 769+2 | 768 | 766 | 768 | 767 | 767 | 424B5 |
| WA APR | 5.97%+0.34pp | 5.98% | 5.70% | 5.63% | 4.96% | 3.72% | 424B5 |
| WA original term mo | 68.0+1.4 | 67.3 mo | 66.6 mo | 65.6 mo | 66.2 mo | 66.6 mo | 424B5 |
| % new vehicles | 96.7% | 96.5% | 95.8% | 94.3% | 94.0% | 95.6% | 424B5 |
| Geo top-3 | TX 12.7% FL 10.6% CA 8.9% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 7.55%0.00pp | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% | 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% | 3.00% | 424B5 |
| OC floor | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.98% | 6.43% | 6.82% | 8.38% | 9.04% | 9.89% | 424B5 |
| Pricing | |||||||
| AAA spread | +53 bps−10bps A-3 · 2.4y | +55 bps A-3 · 2.4y | +63 bps A-3 · 2.5y | +90 bps A-3 · 2.5y | — | — | 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-C | GMCAR 2024-4 | FCAOT 2024-C | HAROT 2024-3 | WOART 2024-C | TAOT 2024-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-10-16 | 2024-10-16 | 2024-09-20 | 2024-08-21 | 2024-08-20 | 2024-07-30 | 424B5 |
| Pool balance | $1,859.5MM | $1,346.6MM | $1,688.8MM | $2,159.2MM | $1,312.6MM | $1,864.8MM | 424B5 |
| WA Credit Score | 769+1 | 782 | 756 | 768 | 756 | 769 | 424B5 |
| WA APR | 5.97%−0.07pp | 6.73% | 4.74% | 4.71% | 6.67% | 6.04% | 424B5 |
| WA original term mo | 68.0+2.6 | 69.0 mo | 64.8 mo | 61.3 mo | 68.1 mo | 65.4 mo | 424B5 |
| % new vehicles | 96.7% | 87.7% | 93.9% | 85.3% | 96.2% | 87.0% | 424B5 |
| Geo top-3 | TX 12.7% FL 10.6% CA 8.9% | TX 15.3% FL 7.2% MI 5.3% | TX 16.1% FL 8.6% CA 8.4% | CA 16.2% TX 9.7% NY 6.7% | — | CA 16.3% TX 16.2% PA 4.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 7.55%+2.80pp | 6.10% | 5.25% | 2.75% | 4.75% | 2.75% | calc |
| Enhancement, target | 8.05% | 6.60% | 7.25% | — | 5.65% | 3.60% | calc |
| Subordinate notes | 4.8%+0.4pp | 4.4% | 5.0% | 0.0% | 4.5% | 2.5% | calc |
| OC (initial) | 2.50% | 1.50% | 0.00% | 2.50% | 0.00% | 0.00% | 424B5 |
| OC target | 3.00% | 2.00% | 2.00% | — | 0.90% | 0.85% | 424B5 |
| OC floor | 3.00% | 2.00% | 2.00% | — | 0.50% | 0.85% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.98% | 3.04% | 6.50% | n.a. | 7.77% | 6.16% | 424B5 |
| Pricing | |||||||
| AAA spread | +53 bps−5bps A-3 · 2.4y | +53 bps A-3 · 2.5y | +58 bps A-3 · 2.5y | +63 bps A-3 · 2.3y | +67 bps A-3 · 2.8y | +55 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 7 | 8 | 7 | 4 | 7 | 6 | 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 (169 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.