| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 294.0 | 16.8% | 68.9% | 4.62% fxd | 0.21 | 2025-11-20 | A-1+ | P-1 |
| Class A-2-A | 443.0 | 25.3% | 43.6% | 4.65% fxd | 1.05 | 2027-11-22 | AAA | Aaa |
| Class A-2-B | 125.0 | 7.1% | 36.5% | +36 bps SOFR | 1.05 | 2027-11-22 | AAA | Aaa |
| Class A-3 | 548.0 | 31.3% | 5.1% | 4.63% fxd | 2.52 | 2029-07-20 | AAA | Aaa |
| Class A-4 | 90.0 | 5.1% | 0.0% | 4.67% fxd | 3.57 | 2031-06-20 | AAA | Aaa |
| Sponsor | Credit, Inc |
|---|---|
| Servicer | VW Credit, Inc. |
| Depositor / Transferor | Credit, Inc |
| Indenture Trustee | U.S. Bank Trust Company, National |
| Owner Trustee | Clayton Fixed Income Services LLC |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Wells Fargo Securities, J.P. Morgan Securities, Barclays Capital, U.S. Bancorp Investments, Citigroup Global Markets, Mizuho Securities |
| VALET 2024-1 | VALET 2023-2 | VALET 2023-1 | VALET 2021-1 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-11-26 | 2023-11-21 | 2023-06-13 | 2021-12-13 |
| Pool balance | $1,749.4MM | $1,418.8MM | $1,707.9MM | $1,882.3MM |
| WA Credit Score | 7740 | 774 | 763 | 777 |
| WA APR | 4.68%−0.14pp | 5.69% | 4.82% | 2.99% |
| WA original term mo | — | — | — | — |
| % new vehicles | 80.0% | 73.4% | 69.2% | 58.4% |
| Reserve % | 0.22% | 0.23% | 0.19% | 0.17% |
| Geo top-3 | TX 13.9% CA 10.6% FL 8.3% | TX 14.8% CA 13.6% FL 9.6% | CA 17.4% TX 13.4% FL 10.6% | CA 15.0% TX 11.3% FL 8.5% |
| Structure (at issuance) | ||||
| AAA spread | +36 bps−16bps | +64 bps | +52 bps | +8 bps |
| AAA % of pool | 68.9%−1.9pp | 70.8% | 70.6% | 75.7% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% | 0.0% |
| OC (initial) | 4.00% | 3.00% | 3.00% | 4.00% |
| OC target | — | — | — | 4.00% |
| OC floor | — | — | — | 4.00% |
| YSOC | 10.68% | 9.17% | 7.89% | 2.25% |
| Tranches | 5 | 5 | 5 | 4 |
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.
| VALET 2024-1 | FCAOT 2024-D | HAROT 2024-4 | NAROT 2024-B | TAOT 2024-D | HART 2024-C | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-11-26 | 2024-11-22 | 2024-10-24 | 2024-10-23 | 2024-10-17 | 2024-10-16 |
| Pool balance | $1,749.4MM | $1,683.4MM | $2,159.2MM | $1,397.8MM | $1,841.9MM | $1,859.5MM |
| WA Credit Score | 774+5 | 754 | 768 | 783 | 770 | 769 |
| WA APR | 4.68%−0.20pp | 4.79% | 4.88% | 4.62% | 5.96% | 5.97% |
| WA original term mo | — | 64.9 mo | 61.2 mo | — | 65.4 mo | 68.0 mo |
| % new vehicles | 80.0% | 94.2% | 86.2% | 10.0% | 90.0% | 96.7% |
| Reserve % | 0.22% | 0.23% | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | TX 13.9% CA 10.6% FL 8.3% | TX 16.1% CA 8.6% FL 8.5% | CA 17.5% TX 9.9% FL 6.9% | TX 17.1% FL 8.8% CA 6.2% | TX 17.3% CA 15.6% PA 4.5% | TX 12.7% FL 10.6% CA 8.9% |
| Structure (at issuance) | ||||||
| AAA spread | +36 bps−3bps | +32 bps | +45 bps | +38 bps | +39 bps | +40 bps |
| AAA % of pool | 68.9%−0.9pp | 69.5% | 73.4% | 67.6% | 73.7% | 69.8% |
| Subordination below AAA | 0.0%−2.4pp | 4.7% | 0.0% | 0.0% | 2.4% | 4.6% |
| OC (initial) | 4.00% | 2.00% | — | 4.00% | 0.85% | 3.00% |
| OC target | — | 2.00% | — | 4.00% | 0.85% | 3.00% |
| OC floor | — | 2.00% | — | 4.00% | 0.85% | 3.00% |
| YSOC | 10.68% | 6.20% | 5.38% | 6.85% | 4.99% | 4.98% |
| Tranches | 5 | 7 | 4 | 5 | 6 | 7 |
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 (185 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.
Credit, Inc — ticker VALET.
Peer tier: prime.
Open in Explorer ↗ for
FICO sub-band and new/used stratification.