| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 432.7 | 19.8% | 7.55% | 0.25 | 4.45% | +15 I-curve | — | A-1+ | F1+ |
| Class A-2-B | 343.8 | 15.7% | 7.55% | 1.00 | floating | +34 SOFR | — | AAA | AAA |
| Class A-2a | 343.8 | 15.7% | 7.55% | 1.00 | 4.33% | +34 I-curve | — | AAA | AAA |
| Class A-3 | 687.6 | 31.4% | 7.55% | 2.27 | 4.32% | +42 I-curve | — | AAA | AAA |
| Class A-4 | 98.5 | 4.5% | 7.55% | 3.39 | 4.40% | +50 I-curve | — | AAA | AAA |
| Class B | 37.0 | 1.7% | 5.75% | 3.70 | 4.61% | +70 I-curve | — | AA+ | AA+ |
| Class C | 61.7 | 2.8% | 2.75% | 3.91 | 4.76% | +85 I-curve | — | 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, TD Securities, Citigroup Global Markets, Mizuho Securities, SMBC Nikko Securities, HSBC Securities |
| HART 2025-A | HART 2024-C | HART 2024-B | HART 2024-A | HART 2023-C | HART 2023-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-03-12 | 2024-10-16 | 2024-07-24 | 2024-03-20 | 2023-11-13 | 2023-07-19 | 424B5 |
| Pool balance | $2,188.3MM | $1,859.5MM | $1,925.2MM | $1,812.8MM | $1,822.5MM | $1,865.3MM | 424B5 |
| WA Credit Score | 769+1 | 769 | 768 | 766 | 768 | 767 | 424B5 |
| WA APR | 5.56%−0.14pp | 5.97% | 5.98% | 5.70% | 5.63% | 4.96% | 424B5 |
| WA original term mo | 67.9+1.3 | 68.0 mo | 67.3 mo | 66.6 mo | 65.6 mo | 66.2 mo | 424B5 |
| % new vehicles | 96.6% | 96.7% | 96.5% | 95.8% | 94.3% | 94.0% | 424B5 |
| Geo top-3 | CA 12.9% TX 12.5% FL 9.5% | 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% | 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 | 6.01% | 4.98% | 6.43% | 6.82% | 8.38% | 9.04% | 424B5 |
| Pricing | |||||||
| AAA spread | +42 bps−17bps A-3 · 2.3y | +53 bps 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 2025-A | BMWOT 2025-A | HAROT 2025-1 | TAOT 2025-A | WOART 2025-A | MBART 2025-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-03-12 | 2025-02-12 | 2025-02-11 | 2025-01-29 | 2025-01-29 | 2025-01-23 | 424B5 |
| Pool balance | $2,188.3MM | $1,897.4MM | $2,429.2MM | $1,977.2MM | $1,305.7MM | $1,400.0MM | 424B5 |
| WA Credit Score | 769+1 | 790 | 768 | 769 | 756 | 761 | 424B5 |
| WA APR | 5.56%−0.44pp | 5.41% | 4.96% | 6.00% | 6.60% | 7.95% | 424B5 |
| WA original term mo | 67.9+2.2 | 65.1 mo | 61.7 mo | 65.7 mo | 68.2 mo | 67.5 mo | 424B5 |
| % new vehicles | 96.6% | 70.5% | 86.2% | 91.0% | 95.6% | 40.2% | 424B5 |
| Geo top-3 | CA 12.9% TX 12.5% FL 9.5% | CA 14.6% TX 14.6% FL 11.6% | CA 16.5% NY 7.3% TX 7.3% | CA 19.7% TX 16.6% PA 4.2% | FL 49.1% GA 18.2% NC 17.8% | CA 21.6% TX 16.5% NY 8.8% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 7.55%+4.80pp | 2.75% | 2.75% | 2.75% | 4.75% | 2.75% | calc |
| Enhancement, target | 8.05% | 2.75% | — | 3.60% | 5.65% | 2.75% | calc |
| Subordinate notes | 4.8%+4.8pp | 0.0% | 0.0% | 2.5% | 4.5% | 0.0% | calc |
| OC (initial) | 2.50% | 2.50% | 2.50% | 0.00% | 0.00% | 2.50% | 424B5 |
| OC target | 3.00% | 2.50% | — | 0.85% | 0.90% | 2.50% | 424B5 |
| OC floor | 3.00% | 2.50% | — | 0.85% | 0.50% | 2.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 6.01% | 5.40% | n.a. | 3.90% | 6.15% | 4.02% | 424B5 |
| Pricing | |||||||
| AAA spread | +42 bps+3bps A-3 · 2.3y | +38 bps A-3 · 2.3y | +39 bps A-3 · 2.4y | +37 bps A-3 · 2.4y | +45 bps A-3 · 2.6y | +41 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 7 | 5 | 4 | 6 | 7 | 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.
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 (178 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.