ABS

The vehicles comprise the overcollateralization (OC), because of a highly liquid secondary market for them. That OC rate will shift according to the fleet mix.

All the notes have credit enhancement totaling 28.3% of the pool balance, rating agencies said.

The deal has a prefunding period through July, when more non-prime collateral can be purchased and added to the pool.

BAAT Auto Trust series 2025-1, has a super-prime underlying borrower base, as FICO scores exceeding 800 made up 55.2% of the pool.

The WA original term is about 68 months for all three pools. That is shorter than the term on the previous series, but within the range of terms on recent deals.

The deal can be upsized to $2 billion, and the transaction will repay principal sequentially, growing non-declining enhancement as the notes amortize.

Agora started out by providing independent and franchise dealerships with an online platform to manage their retail installment sale contracts (RISCs).

While other European-based banks have retreated from the United States, Santander is doubling down by building out its nationwide digital-banking platform. "Unequivocally," said U.S. CEO Christiana Riley, "the opportunity … is so clear."

The transaction's senior, interest-only tranches, which are also initially exchangeable, pay a coupon of 0.50%.

Indexed to the one-month, I-Curve, yields are expected to range from 4.60% on the A1+ rated, A1 notes to 6.22% on the BBB-rated, class D notes.

Southern Auto Finance uses a heavily automated origination process that puts applicants through several rounds of vetting, including income and employment verification.

The collateral's annual percentage rate, loan-to-value and debt-to-income rates all decreased compared to the PART 2024-2 transaction.

Yields, are expected to come in ranging from 4.4% on the class A notes, to 4.5% on the class A4 notes.

A vast majority of borrowers have either graduated from one of MPOWER's eligible graduate degree programs in science, technology, engineering and math (STEM) or business.

EFF 2025-2 will allocate revenue collections to the notes on a pro rata basis between the class A notes and the seller's interest after overcollateralization reaches its target.