# HART-2022-A
Hyundai Capital America · prime · 51 monthly tapes, 2022-01-31 to 2026-03-31

**Score 3** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 6.4% |
| Cumulative net loss (of original pool) | 0.86% |
| 60+ reported (balance-weighted) | 0.95% |
| 60+ extension-adjusted (6-month lookback) | 5.58% |
| Masking gap | 463 bps |
| Extension stock (touched in trailing 6 months) | 4.75% |
| New extensions this month | 0.73% |
| Repossessed, not yet liquidated | 0.17% |
| Recoveries / charge-offs, cumulative | 54.9% |
| Loans remaining | 21,266 · balance $102.9M |
| At issuance | 64,842 loans, $1.61B, WA score 764, WA term 67.2, used 5% |

## Flags

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

## Reads on the desk

- DANGER: Extension masking: 60+ day delinquency reads 0.95% as reported, but 5.58% once loans returned to current by a payment extension in the trailing six months are added back. That is a 462bps gap, on 4.8% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- WATCH: Cumulative net loss is 0.86% at month 50, against a median of 2.02% across the 10 deals on tape at the same seasoning. Below the band by 1.15 points.
- WATCH: Cumulative recoveries stand at 54.9% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 51 monthly tapes.

## The bonds on top (servicer report, 2026-03-31)

Pool $101.0M · notes $68.7M in 2 classes · overcollateralization $2.3M · reserve $0 · reported cumulative net loss 0.88% · delinquency – vs trigger 9.60%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| B | $23.6M | $47.4M | 46.9% | +$44.9M | +$42.3M |
| C | $45.1M | $2.3M | 2.3% | −$238,972 | −$2.8M |

Stress 1 = the tape's extension-adjusted 60+ balance (5.58% of pool) charged off at this deal's own severity (45%): $2.5M. 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: reserve not parsed; dq_pct not parsed. Source: https://www.sec.gov/Archives/edgar/data/1913196/000110465926048354/tm2612135d15_ex99-1.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=HART-2022-A
- 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