# GMCAR-2024-1
GM Financial prime · prime · 33 monthly tapes, 2023-11-30 to 2026-07-31

**Score 3** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 23.9% |
| Cumulative net loss (of original pool) | 0.57% |
| 60+ reported (balance-weighted) | 0.55% |
| 60+ extension-adjusted (6-month lookback) | 4.64% |
| Masking gap | 409 bps |
| Extension stock (touched in trailing 6 months) | 4.29% |
| New extensions this month | 0.74% |
| Repossessed, not yet liquidated | 0.13% |
| Recoveries / charge-offs, cumulative | 56.0% |
| Loans remaining | 23,608 · balance $403.6M |
| At issuance | 48,285 loans, $1.69B, WA score 775, WA term 70.4, 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 4.64% once loans returned to current by a payment extension in the trailing six months are added back. That is a 409bps gap, on 4.3% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- WATCH: Cumulative net loss is 0.57% at month 32, against a median of 1.13% across the 23 deals on tape at the same seasoning. Below the band by 0.56 points.
- WATCH: Cumulative recoveries stand at 56.0% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 33 monthly tapes.

## The bonds on top (servicer report, 2026-07-31)

Pool $403.6M · notes $296.0M in 2 classes · overcollateralization $9.0M (9.77%) · reserve $3.9M · delinquency 0.51% vs trigger 2.80%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-3 | $208.4M | $100.4M | 24.9% | +$92.2M | +$83.9M |
| A-4 | $87.5M | $12.9M | 3.2% | +$4.6M | −$3.6M |

Stress 1 = the tape's extension-adjusted 60+ balance (4.64% of pool) charged off at this deal's own severity (44%): $8.2M. 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: cnl_pct not parsed. Source: https://www.sec.gov/Archives/edgar/data/2003007/000121390026094156/ea0302911-06_ex991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=GMCAR-2024-1
- 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