Presale Report  ·  Latest filing 2026-09-09
Pricing pending. Final tranche sizing (e.g. A-2a / A-2b split), coupons, spreads, and WALs populate after the pricing FWP and final 424B5 are filed — typically 2–5 business days before close. This report auto-refreshes on the next daily pipeline run after each new filing lands.

Hyundai Auto Receivables Trust 2026-C Auto Loan prime FINAL · PRE-PRICING

Notes
$1,500.0MM
Pool
$1,674.8MM
Reserve
0.25%
AAA Sub
4.9%
Sponsor: nan  ·  Servicer: HCA Responsibilities  ·  Trustee: Citibank, N.A

Capital Structure

ClassSize ($MM)% of PoolSub %CPN / SpreadWALLegal FinalS&PFitch
Class A-1340.020.3%69.3%2027-10-15A-1+F1+
Class A-2-A261.515.6%53.6%2029-08-15AAAAAA
Class A-2-B261.515.6%38.0%2029-08-15AAAAAA
Class A-3473.028.2%9.8%2031-06-16AAAAAA
Class A-490.25.4%4.4%2033-03-15AAAAAA
Class B27.71.7%2.8%2033-04-15AA+AA+
Class C46.12.8%0.0%2034-07-17AAA+

Transaction Parties

Sponsor
ServicerHCA Responsibilities
Depositor / TransferorHyundai ABS Funding, LLC
Indenture TrusteeCitibank, N.A
Owner TrusteeU.S. Bank Trust National Association
Asset Rep. ReviewerClayton Fixed Income Services LLC
UnderwritersJ.P. Morgan Securities, Barclays Capital, TD Securities, Wells Fargo Securities, Mizuho Securities

Issuer Track Record

HART 2026-CHART 2026-BHART 2026-AHART 2025-DHART 2025-CHART 2025-B
Collateral (pool at cut-off)
Closing date2026-06-172026-02-182025-11-122025-09-172025-06-11
Pool balance$1,674.8MM$2,408.5MM$2,392.4MM$2,171.9MM$2,148.3MM$2,188.2MM
WA Credit Score774+1774775773772770
WA APR4.48%−0.90pp5.17%5.38%5.37%5.61%5.95%
WA original term mo65.9−1.665.8 mo67.2 mo67.9 mo67.9 mo67.5 mo
% new vehicles99.9%99.8%97.5%99.9%99.5%97.5%
Reserve %0.25%0.25%0.25%0.25%0.25%0.25%
Geo top-3TX 12.9%
FL 9.6%
CA 8.6%
TX 13.0%
FL 9.9%
CA 8.5%
TX 13.2%
FL 10.1%
CA 9.1%
TX 13.1%
FL 10.2%
CA 8.0%
TX 13.0%
FL 9.8%
CA 8.2%
CA 14.3%
TX 11.9%
FL 9.3%
Structure (at issuance)
AAA spread+36 bps+34 bps+38 bps+35 bps
AAA % of pool64.9%−3.5pp67.0%69.0%68.3%68.9%56.0%
Subordination below AAA4.4%−0.1pp4.5%4.5%4.5%4.6%4.6%
OC (initial)3.00%3.00%3.00%3.00%3.00%3.00%
OC target3.00%3.00%3.00%3.00%3.00%3.00%
OC floor3.00%3.00%3.00%3.00%3.00%3.00%
YSOC8.14%6.86%5.70%5.68%5.09%5.22%
Tranches777777

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.

Peer Set

HART 2026-CWOART 2026-CBMWOT 2026-AHAROT 2026-3TAOT 2026-CGMCAR 2026-3
Collateral (pool at cut-off)
Closing date2026-08-262026-08-192026-08-122026-07-212026-07-15
Pool balance$1,674.8MM$1,084.4MM$1,895.5MM$2,159.3MM$2,023.1MM$1,078.8MM
WA Credit Score774+3758784770771781
WA APR4.48%−0.88pp5.74%3.35%4.94%5.36%5.93%
WA original term mo65.9−0.169.0 mo65.1 mo62.7 mo66.0 mo70.0 mo
% new vehicles99.9%98.5%70.5%86.1%87.5%80.8%
Reserve %0.25%0.23%0.25%0.25%0.25%0.25%
Geo top-3TX 12.9%
FL 9.6%
CA 8.6%
FL 46.2%
GA 18.6%
NC 15.4%
CA 15.9%
TX 13.2%
FL 10.9%
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%
Structure (at issuance)
AAA spread+31 bps+30 bps+32 bps+31 bps+30 bps
AAA % of pool64.9%−8.7pp70.0%72.0%73.9%91.6%73.5%
Subordination below AAA4.4%+2.1pp4.2%0.0%0.0%2.3%3.0%
OC (initial)3.00%2.50%0.85%2.75%
OC target3.00%0.90%2.50%0.85%2.75%
OC floor3.00%0.50%2.50%0.85%2.75%
YSOC8.14%6.76%5.31%5.84%6.08%3.18%
Tranches775567

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.

Historical Performance Context

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 (209 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.

CNL by seasoning — HART vs. prime peers0.2%0.5%0.7%1.0%M0M12M24M36M48Seasoning (months from cut-off)CNLHART 2026-AHART 2025-DHART 2025-CHART 2025-Bprime peers medianPeer IQR (fixed cohort, n=146)
Portfolio 60+ DQ — HART vs. peers (calendar time)0.12%0.24%0.37%0.49%2023-092024-052025-022025-112026-08Calendar date60+ DQ rateHARTBMWOTFCAOTGMCARHAROT

nan — ticker HART. Peer tier: prime.
Open in Explorer ↗ for FICO sub-band and new/used stratification.