The GM Financial Consumer Automobile Receivables (GMCAR) platform is set to raise $1.27 billion from a pool of prime quality auto loans, its second asset-backed securities (ABS) deal of 2026.
Sponsor AmeriCredit Financial Services (AFS), which originated the loans, is fully owned by General Motors Financial, according to Moody's Ratings.
AFS will also act as the servicer and administrator for the deal, which consists of seven tranches with legal final maturities ranging from April 16, 2027, to November 16, 2033.
JPMorgan is the lead underwriter.
Fitch Ratings reported a weighted-average FICO score of 777 for the transaction, the lowest since GMCAR 2022-2 and slightly below recent deals under the same shelf.
The pool comprises 83.7% new vehicles and offers diversity across geography, segment, and models. Loans with original terms longer than 60 months now represent 71.7% of the pool, up from 70.4% in the 2026-1 deal. The proportion of loans with terms of 76 to 84 months also increased, reaching 39.3% in 2026-2, up from 34.7% in 2026-1.
Battery electric and hybrid vehicles account for 5.85% of the pool, the second-highest concentration to date.
Moody's noted it could downgrade the notes if credit enhancement is insufficient to cover portfolio losses, which may rise due to increased defaults or falling vehicle values. Portfolio losses are closely tied to the U.S. job market and used-vehicle prices.
Fitch's 2026 outlook for prime auto ABS is weaker than in 2025, due to macroeconomic challenges, tariff uncertainty, and borrower stress. These pressures on consumers could impact long-term affordability, and Fitch expects mixed performance.
Yet the picture is dynamic, Fitch notes, as some platforms may see more delinquencies and losses in recent vintages, while others improve with stronger underwriting.
If the recent oil price increase is brief, Fitch expects global growth to slow slightly to 2.6% in 2026, down from 2.7% in 2025.
Delinquencies and defaults might rise as economic conditions weaken borrowers' ability to repay, Fitch said. The agency expects low off-lease supply to sustain used vehicle values, offset weaker demand, and reduce losses. Fitch also expects higher new-vehicle prices from tariffs and production cuts to drive up used-vehicle demand and support recovery rates.
