Bank of Montreal

Although the collateral is described as non-prime, Moody's points to several strong credit characteristics, including an average non-zero FICO score of 697 and an eScore of 768.

Yields across maturities declined, with those on two-year notes falling five basis points and most reaching the lowest level in more than a month.

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

There is also a full-turbo feature that will kick in after a two-year revolving period.

The non-prime pool benefits from a non-declining reserve fund of 1.0% of the initial pool balance, and subordination of 32.9% for the pool.

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.

GFORT 2024-4 has an interest rate mismatch between the assets and the issued notes, which could reduce excess spread in the trust to the point where it is negative.

Used cars make up virtually American Credit Acceptance entire collateral pool, and while observers said recoveries in this asset group have been lower, the pool includes a higher percentage of better performing called collateral.

The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.

CCCRT 2024-1's pool is fragmented by obligor, with the top obligor, for instance, accounting for only 0.84% of the pool by balance.