On January 9, 2025, KBRA assigned preliminary ratings to four classes of notes issued by OneMain Direct Auto Receivables Trust 2025-1 (ODART 2025-1). This transaction represents OneMain Finance Corporation's first auto loan ABS securitization of 2025, totaling $500.0 million.
The notes feature initial credit enhancement levels ranging from 30.25% for the Class A notes to 3.26% for the Class D notes. This structure provides a layer of protection for investors, reflecting the underlying collateral pool and capital structure.
ODART 2025-1 includes a five-year revolving period, allowing for the purchase of new collateral that meets specific eligibility and reinvestment criteria. This securitization highlights OneMain's ongoing strategy to leverage its auto finance portfolio for funding and growth, building on its history of 38 auto loan and 30 consumer loan securitizations since 2013.
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