# GMCAR-2025-1
GM Financial prime · prime · 21 monthly tapes, 2024-11-30 to 2026-07-31

**Score 3** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 42.1% |
| Cumulative net loss (of original pool) | 0.43% |
| 60+ reported (balance-weighted) | 0.40% |
| 60+ extension-adjusted (6-month lookback) | 3.72% |
| Masking gap | 332 bps |
| Extension stock (touched in trailing 6 months) | 3.50% |
| New extensions this month | 0.62% |
| Repossessed, not yet liquidated | 0.21% |
| Recoveries / charge-offs, cumulative | 58.5% |
| Loans remaining | 32,658 · balance $707.2M |
| At issuance | 50,723 loans, $1.68B, WA score 772, WA term 70.4, used 20% |

## Flags

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

## Reads on the desk

- DANGER: Extension masking: 60+ day delinquency reads 0.40% as reported, but 3.72% once loans returned to current by a payment extension in the trailing six months are added back. That is a 332bps gap, on 3.5% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- WATCH: Cumulative net loss is 0.43% at month 20, against a median of 0.88% across the 31 deals on tape at the same seasoning. Below the band by 0.44 points.
- WATCH: Cumulative recoveries stand at 58.5% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 21 monthly tapes.

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

Pool $707.2M · notes $605.0M in 2 classes · overcollateralization $14.8M (7.46%) · reserve $4.0M · delinquency 0.38% vs trigger 1.80%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-3 | $505.1M | $118.7M | 16.8% | +$107.8M | +$96.9M |
| A-4 | $99.9M | $18.8M | 2.7% | +$7.9M | −$3.0M |

Stress 1 = the tape's extension-adjusted 60+ balance (3.72% of pool) charged off at this deal's own severity (42%): $10.9M. 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/2047316/000121390026094160/ea0302911-10_ex991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=GMCAR-2025-1
- 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