# HART-2025-A
Hyundai Capital America · prime · 19 monthly tapes, 2025-01-31 to 2026-07-31

**Score 3** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 48.9% |
| Cumulative net loss (of original pool) | 0.76% |
| 60+ reported (balance-weighted) | 0.43% |
| 60+ extension-adjusted (6-month lookback) | 3.94% |
| Masking gap | 351 bps |
| Extension stock (touched in trailing 6 months) | 3.57% |
| New extensions this month | 0.78% |
| Repossessed, not yet liquidated | 0.10% |
| Recoveries / charge-offs, cumulative | 42.2% |
| Loans remaining | 62,632 · balance $1.09B |
| At issuance | 85,093 loans, $2.23B, WA score 769, WA term 69.3, used 3% |

## Flags

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

## Reads on the desk

- DANGER: Extension masking: 60+ day delinquency reads 0.43% as reported, but 3.94% once loans returned to current by a payment extension in the trailing six months are added back. That is a 351bps gap, on 3.6% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- WATCH: Cumulative net loss is 0.76% at month 18, against a median of 0.76% across the 39 deals on tape at the same seasoning. Above the band by 0.00 points.
- WATCH: Cumulative recoveries stand at 42.2% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 19 monthly tapes.

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

Pool $1.03B · notes $884.9M in 4 classes · overcollateralization $62.2M · reserve $0 · reported cumulative net loss 0.78% · delinquency – vs trigger 9.60%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-3 | $687.6M | $259.5M | 25.1% | +$235.9M | +$212.4M |
| A-4 | $98.5M | $161.0M | 15.6% | +$137.4M | +$113.9M |
| B | $37.0M | $123.9M | 12.0% | +$100.4M | +$76.9M |
| C | $61.7M | $62.2M | 6.0% | +$38.7M | +$15.2M |

Stress 1 = the tape's extension-adjusted 60+ balance (3.94% of pool) charged off at this deal's own severity (58%): $23.5M. 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/2056104/000110465926099533/tm2623394d21_ex99-1.htm

## How to verify

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