| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 205.6 | 18.0% | 69.6% | 4.03% fxd | 0.20 | 2026-11-20 | P-1 | F1+ |
| Class A-2-A | 230.9 | 20.2% | 49.4% | 4.00% fxd | 0.98 | 2028-08-21 | Aaa | AAA |
| Class A-2-B | 129.7 | 11.4% | 38.0% | +37 bps SOFR | 0.98 | 2028-08-21 | Aaa | AAA |
| Class A-3 | 360.5 | 31.6% | 6.4% | 3.92% fxd | 2.29 | 2030-03-20 | Aaa | AAA |
| Class A-4 | 73.3 | 6.4% | 0.0% | 4.05% fxd | 3.31 | 2032-09-20 | Aaa | AAA |
| Sponsor | Credit, Inc |
|---|---|
| Servicer | VW Credit, Inc. |
| Depositor / Transferor | VW Credit, Inc |
| Indenture Trustee | Bank Trust Company, National Association |
| Owner Trustee | Fixed Income Services LLC |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, RBC Capital Markets, U.S. Bancorp Investments, Citigroup Global Markets, Mizuho Securities, Scotia Capital |
| VALET 2025-2 | VALET 2025-1 | VALET 2024-1 | VALET 2023-2 | VALET 2023-1 | VALET 2021-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-11-25 | 2025-03-25 | 2024-11-26 | 2023-11-21 | 2023-06-13 | 2021-12-13 |
| Pool balance | $1,141.3MM | $1,427.5MM | $1,749.4MM | $1,418.8MM | $1,707.9MM | $1,882.3MM |
| WA Credit Score | 777+3 | 772 | 774 | 774 | 763 | 777 |
| WA APR | 5.02%+0.20pp | 5.43% | 4.68% | 5.69% | 4.82% | 2.99% |
| WA original term mo | — | — | — | — | — | — |
| % new vehicles | 78.4% | 79.0% | 80.0% | 73.4% | 69.2% | 58.4% |
| Reserve % | 0.23% | 0.23% | 0.22% | 0.23% | 0.19% | 0.17% |
| Geo top-3 | TX 14.2% CA 11.5% FL 7.3% | 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 | +37 bps−7bps | +44 bps | +36 bps | +64 bps | +52 bps | +8 bps |
| AAA % of pool | 69.6%−1.0pp | 69.6% | 68.9% | 70.8% | 70.6% | 75.7% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | 4.00% | 4.00% | 4.00% | 3.00% | 3.00% | 4.00% |
| OC target | 4.75% | — | — | — | — | 4.00% |
| OC floor | 4.75% | — | — | — | — | 4.00% |
| YSOC | 8.73% | 8.78% | 10.68% | 9.17% | 7.89% | 2.25% |
| Tranches | 5 | 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 2025-2 | NAROT 2025-B | FCAOT 2025-C | HAROT 2025-4 | HART 2025-D | GMCAR 2025-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-11-25 | 2025-11-25 | 2025-11-25 | 2025-11-12 | 2025-11-12 | 2025-11-05 |
| Pool balance | $1,141.3MM | $1,381.3MM | $1,096.6MM | $2,483.2MM | $2,171.9MM | $951.1MM |
| WA Credit Score | 777+4 | 795 | 752 | 769 | 773 | 781 |
| WA APR | 5.02%−0.13pp | 4.61% | 5.15% | 4.93% | 5.37% | 5.86% |
| WA original term mo | — | — | 65.9 mo | 61.9 mo | 67.9 mo | 13.0 mo |
| % new vehicles | 78.4% | 10.0% | 93.7% | 86.0% | 99.9% | 87.9% |
| Reserve % | 0.23% | 0.25% | 0.24% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | TX 14.2% CA 11.5% FL 7.3% | TX 17.5% FL 7.4% CA 6.5% | TX 16.6% CA 8.8% FL 8.4% | CA 16.9% TX 9.9% FL 6.5% | TX 13.1% FL 10.2% CA 8.0% | TX 14.1% FL 7.1% CA 7.0% |
| Structure (at issuance) | ||||||
| AAA spread | +37 bps−1bps | +38 bps | +36 bps | +38 bps | +38 bps | +32 bps |
| AAA % of pool | 69.6%+0.3pp | 68.8% | 69.3% | 74.5% | 68.3% | 75.6% |
| Subordination below AAA | 0.0%−3.0pp | 1.5% | 4.8% | 0.0% | 4.5% | 3.0% |
| OC (initial) | 4.00% | 2.35% | 2.00% | — | 3.00% | 2.75% |
| OC target | 4.75% | 2.35% | 2.00% | — | 3.00% | 2.75% |
| OC floor | 4.75% | 2.35% | 2.00% | — | 3.00% | 2.75% |
| YSOC | 8.73% | 7.33% | 4.01% | 4.76% | 5.68% | 2.68% |
| Tranches | 5 | 6 | 7 | 5 | 7 | 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 (210 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.