# VALET-2025-1
VW Credit · prime · 18 monthly tapes, 2025-01-31 to 2026-07-31

**Score 2** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 48.6% |
| Cumulative net loss (of original pool) | 1.08% |
| 60+ reported (balance-weighted) | 0.32% |
| 60+ extension-adjusted (6-month lookback) | 0.33% |
| Masking gap | 1 bps |
| Extension stock (touched in trailing 6 months) | 0.01% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.00% |
| Recoveries / charge-offs, cumulative | 56.4% |
| Loans remaining | 34,085 · balance $706.3M |
| At issuance | 47,897 loans, $1.45B, WA score 773, WA term 66.6, used 21% |

Opening gap: 2025-01-31 -> 2025-03-31 (issuer filed the opening tapes under one report date).

## Flags

- **Cumulative net loss above the peer median at the same seasoning** (`cnl_above_band`)

## Reads on the desk

- HIGH: Cumulative net loss is 1.08% at month 17, against a median of 0.72% across the 42 deals on tape at the same seasoning. Above the band by 0.36 points.
- WATCH: Extension-adjusted 60+ delinquency (0.33%) sits 1bps above reported (0.32%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.
- WATCH: Cumulative recoveries stand at 56.4% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 18 monthly tapes.

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

Pool $32.9M · notes $0 in 0 classes · overcollateralization $58.6M · reserve $3.3M · reported cumulative net loss 1.25%

| 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 (0.33% of pool) charged off at this deal's own severity (44%): $46,676. 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: dq_trigger not parsed; classes not parsed. Source: https://www.sec.gov/Archives/edgar/data/2054483/000110465926099115/tm2623520d17_ex99-1.htm

## How to verify

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

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