ABS

The deal also offers a subordination piece that represents 14% of the pool balance, helping to boost the credit to the notes.

Uncertain economic impact from government actions could drive disruptions

Aside from the assets' credit quality, the bank's 60 years of experience originating and servicing auto loans is a boost to the notes' credit.

Borrowers in GCAR 2025-1's underlying collateral pool have a slightly lower FICO score than the GCAR 2024-4 deal, and they bought more new cars.

All the class A notes benefit from total initial hard credit enhancement totaling 21.0% of the pool balance. Classes B, C and D benefit from 17.0%, 11.5% and 6.5%, respectively.

The GMALT 2025-1 securitization has just 24.4% of contracts with original leases longer than 36 months. It's the lowest level for the platform, a credit positive.

Called collateral from various series increased to 6.0%, from 4.0%, while weighted average seasoning increased to 3.15 months from 2.82 months.

The A2B notes in TAOT 2025-A will make up 75% of total class A2 notes, a much higher percentage of floating-rate A2B notes than recent deals.

In a few notable changes from the 2024-1 deal, 0.73% of the current pool is composed of closed-end leases, an increase from 0.55%.

Outstanding loans eligible for repossession in December 2022 saw a 22.5% increase from December 2019, but redemptions were higher than pre-pandemic levels.

Despite Exeter's experience, it has low durability as a servicer. This puts its default probability in the unknown.

The agency wants the National Collegiate Student Loan Trusts, which sell student loan asset-backed securities (ABS) to investors, to pay $2.25 million in fines to borrowers.

ODART 2025-1 will be the first transaction from the program that will include loans originated through OneMain Foursight, the lending unit that was formed when OneMain bought Foursight Capital from Jefferies Financial Group.

Notes will be repaid through a sequential pay structure that will require principal to be repaid in full to the class A1 notes.

The prime pool can be upsized to $1.7 billion, and the base pool amount has a lower securitization discount rate of 9.60%, lower than the previous deal from this program.