Auto ABS

TALNT 2025-1's notes benefit from initial hard credit enhancement that totals 6.33% of the note balance.

All the senior notes—including A1, rated P1 and A2 through A4, rated Aaa—benefit from total initial hard credit enhancement equaling 4.80% of the pool balance.

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.

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.

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

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.