Auto ABS Funding Costs
Cost of Funds
What lenders pay to fund auto loans in the securitization market — note coupons over Treasuries, by credit tier, from every SEC-registered auto ABS deal we track.
Prime senior spread
45 bp
Oct 2026 · 5 deals
Near-prime senior spread
54 bp
Sep 2026 · 2 deals
Subprime senior spread
30 bp
Oct 2026 · 1 deal
2-yr Treasury
4.77%
FRED · DGS2 · Oct 15
Senior spread by tier
Monthly median, A-3 coupon minus the 2-year Treasury on the pricing date.
PrimeNear-primeSubprime
| Month | Prime | Near-prime | Subprime |
|---|---|---|---|
| Oct 2026 | 45 bp(5) | — | 30 bp(1) |
| Sep 2026 | 35 bp(6) | 54 bp(2) | — |
| Aug 2026 | 37 bp(5) | — | 37 bp(1) |
| Jul 2026 | 42 bp(5) | 57 bp(1) | 38 bp(1) |
| Jun 2026 | 36 bp(3) | 45 bp(1) | 42 bp(1) |
| May 2026 | 40 bp(6) | 54 bp(1) | — |
| Apr 2026 | 38 bp(4) | — | 49 bp(1) |
| Mar 2026 | 46 bp(5) | — | 57 bp(1) |
| Feb 2026 | 34 bp(5) | 52 bp(1) | 46 bp(1) |
| Jan 2026 | 40 bp(5) | — | 44 bp(2) |
Latest deals
| Priced | Deal | Tier | Senior | Senior spread | Term cost | Junior spread |
|---|---|---|---|---|---|---|
| Oct 15 | Mercedes-Benz | Prime | A-3 5.21% | 44 bp | 5.01% | — |
| Oct 14 | CarMax | Prime | A-3 5.38% | 56 bp | 5.15% | 140 bp (D) |
| Oct 12 | Toyota | Prime | A-3 5.26% | 46 bp | 4.99% | — |
| Oct 9 | Bridgecrest | Subprime | A-3 5.10% | 30 bp | 5.46% | 157 bp (D) |
| Oct 7 | BMW | Prime | A-3 5.22% | 45 bp | 4.93% | — |
| Sep 29 | GM Financial | Prime | A-3 5.26% | 37 bp | 5.03% | 66 bp (C) |
| Sep 28 | Porsche Financial Services | Prime | A-3 5.19% | 27 bp | 4.93% | — |
| Sep 22 | Exeter | Near-prime | A-3 5.26% | 55 bp | 5.33% | 153 bp (D) |
| Sep 22 | Nissan | Prime | A-3 5.07% | 36 bp | 4.89% | 71 bp (C) |
| Sep 22 | Ford Credit | Prime | A-3 5.08% | 37 bp | 4.87% | 47 bp (B) |
| Sep 21 | Hyundai | Prime | A-3 5.03% | 27 bp | 4.87% | 64 bp (C) |
| Sep 15 | VW Credit | Prime | A-3 5.06% | 39 bp | 4.81% | — |
Full deal-level history: see the Securitizations Tracker, where every SEC deal lists its classes and coupons.
Method: 64 SEC-registered auto ABS deals with class detail; private 144A deals don't publish coupons and aren't included.
Senior spread = A-3 fixed coupon minus the 2-year Treasury (A-2 vs the 1-year when a deal has no A-3).
Term cost = amount-weighted coupon of the notes sold to investors, excluding the money-market A-1 and retained classes; floating classes at SOFR plus their margin.
Junior spread = coupon of the most junior offered fixed-rate class minus the 3-year Treasury.
Pricing date is the SEC filing date less two business days; coupons stand in for yields since auto ABS price near par. Monthly figures are medians by AutoFinance Pulse tier. Treasury and SOFR data: FRED. This is reference data, not investment research.