Prime auto ABS

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.

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

Loans on used cars, extended to borrowers with prime credit characteristics, make up the reference pool of assets.

GM Financial Revolving Receivables Trust, 2025-1 has a five-year-long revolving period, risking exposure to assets with longer terms.

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.

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.

Moody's says its cumulative net loss expectation for the PFAST 2024-1 pool is 0.70%, and puts its losses on the Aaa stress level at 4.75%.

Slated to close later this week, the transaction can be upsized to $1.6 billion.