# GMCAR-2021-1
GM Financial prime · prime · 47 monthly tapes, 2021-01-31 to 2024-11-30

**Score 3** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 10.0% |
| Cumulative net loss (of original pool) | 0.22% |
| 60+ reported (balance-weighted) | 0.55% |
| 60+ extension-adjusted (6-month lookback) | 4.16% |
| Masking gap | 361 bps |
| Extension stock (touched in trailing 6 months) | 3.79% |
| New extensions this month | 0.57% |
| Repossessed, not yet liquidated | 0.08% |
| Recoveries / charge-offs, cumulative | 73.8% |
| Loans remaining | 19,353 · balance $160.4M |
| At issuance | 56,095 loans, $1.61B, WA score 765, WA term 71.8, used 19% |

## Flags

- **Extension-adjusted 60+ delinquency exceeds reported by more than 200bps** (`masking_severe`)

## Reads on the desk

- DANGER: Extension masking: 60+ day delinquency reads 0.55% as reported, but 4.16% once loans returned to current by a payment extension in the trailing six months are added back. That is a 361bps gap, on 3.8% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- WATCH: Cumulative net loss is 0.22% at month 46, against a median of 0.86% across the 15 deals on tape at the same seasoning. Below the band by 0.64 points.
- WATCH: Cumulative recoveries stand at 73.8% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 47 monthly tapes.

## The bonds on top (servicer report, 2024-11-30)

Pool $32.9M · notes $0 in 0 classes · overcollateralization $474,102 (0.00%) · reserve $4.1M · delinquency 0.00% vs trigger 4.90%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|

Stress 1 = the tape's extension-adjusted 60+ balance (4.16% of pool) charged off at this deal's own severity (30%): $410,362. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Not read from this issuer's layout: class balances read as all zero; layout not understood; cnl_pct not parsed; classes not parsed. Source: https://www.sec.gov/Archives/edgar/data/1834699/000121390024111445/ea0225373-01_ex991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=GMCAR-2021-1
- Data: https://getbookiq.com/intel/data/abs.json (deals[].months)
- Vintage and index curves for its lender: https://getbookiq.com/intel/#curves
- Definitions: https://getbookiq.com/dictionary/#auto-dq60a
- Source: Form ABS-EE loan tapes on SEC EDGAR. Extension-adjusted delinquency is a modeling choice: the same deal shows a gap of 562 / 1,156 / 2,191 bps at 3 / 6 / 12 month lookbacks. Never quote the gap without the window.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide