| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 257.0 | 18.0% | 69.6% | 4.45% fxd | 0.22 | 2026-03-20 | P-1 | F1+ |
| Class A-2-A | 229.5 | 16.1% | 53.5% | 4.51% fxd | 1.00 | 2028-01-20 | Aaa | AAA |
| Class A-2-B | 229.5 | 16.1% | 37.4% | +44 bps SOFR | 1.00 | 2028-01-20 | Aaa | AAA |
| Class A-3 | 459.0 | 32.2% | 5.3% | 4.50% fxd | 2.35 | 2029-08-20 | Aaa | AAA |
| Class A-4 | 75.0 | 5.3% | 0.0% | 4.61% fxd | 3.32 | 2031-07-21 | Aaa | AAA |
| Sponsor | Credit, Inc |
|---|---|
| Servicer | VW Credit, Inc. |
| Depositor / Transferor | Credit, Inc |
| Indenture Trustee | U.S. Bank Trust National Association |
| Owner Trustee | Clayton Fixed Income Services LLC |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Barclays Capital, BofA Securities, TD Securities, RBC Capital Markets, U.S. Bancorp Investments, Scotia Capital |
| VALET 2025-1 | VALET 2024-1 | VALET 2023-2 | VALET 2023-1 | VALET 2021-1 | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-03-25 | 2024-11-26 | 2023-11-21 | 2023-06-13 | 2021-12-13 |
| Pool balance | $1,427.5MM | $1,749.4MM | $1,418.8MM | $1,707.9MM | $1,882.3MM |
| WA Credit Score | 772−2 | 774 | 774 | 763 | 777 |
| WA APR | 5.43%+0.68pp | 4.68% | 5.69% | 4.82% | 2.99% |
| WA original term mo | — | — | — | — | — |
| % new vehicles | 79.0% | 80.0% | 73.4% | 69.2% | 58.4% |
| Reserve % | 0.23% | 0.22% | 0.23% | 0.19% | 0.17% |
| Geo top-3 | TX 16.3% FL 8.5% CA 7.8% | 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 | +44 bps0bps | +36 bps | +64 bps | +52 bps | +8 bps |
| AAA % of pool | 69.6%−1.2pp | 68.9% | 70.8% | 70.6% | 75.7% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | 4.00% | 4.00% | 3.00% | 3.00% | 4.00% |
| OC target | — | — | — | — | 4.00% |
| OC floor | — | — | — | — | 4.00% |
| YSOC | 8.78% | 10.68% | 9.17% | 7.89% | 2.25% |
| Tranches | 5 | 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 2025-1 | FCAOT 2025-A | HART 2025-A | BMWOT 2025-A | HAROT 2025-1 | TAOT 2025-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-03-25 | 2025-03-25 | 2025-03-12 | 2025-02-12 | 2025-02-11 | 2025-01-29 |
| Pool balance | $1,427.5MM | $1,668.4MM | $2,188.3MM | $1,897.4MM | $2,429.2MM | $1,977.2MM |
| WA Credit Score | 772+3 | 755 | 769 | 784 | 768 | 769 |
| WA APR | 5.43%+0.47pp | 4.81% | 5.57% | 3.35% | 4.96% | 6.01% |
| WA original term mo | — | 64.8 mo | 67.9 mo | 65.1 mo | 61.7 mo | 65.7 mo |
| % new vehicles | 79.0% | 94.3% | 96.6% | 70.5% | 86.2% | 91.0% |
| Reserve % | 0.23% | 0.24% | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | TX 16.3% FL 8.5% CA 7.8% | TX 15.6% CA 8.9% FL 8.8% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +44 bps+10bps | +41 bps | +34 bps | +30 bps | +40 bps | +33 bps |
| AAA % of pool | 69.6%−2.4pp | 71.0% | 67.4% | 73.8% | 72.8% | — |
| Subordination below AAA | 0.0%−2.3pp | 4.7% | 4.5% | 0.0% | 0.0% | — |
| OC (initial) | 4.00% | 2.00% | 3.00% | 2.50% | — | 0.85% |
| OC target | — | 2.00% | 3.00% | 2.50% | — | 0.85% |
| OC floor | — | 2.00% | 3.00% | 2.50% | — | 0.85% |
| YSOC | 8.78% | 5.36% | 6.01% | 5.40% | 5.71% | 3.90% |
| Tranches | 5 | 7 | 7 | 5 | 4 | 6 |
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 (192 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.