Hyundai ABS Funding LLC Issues $2.066B Asset-Backed Notes

What Happened

• Hyundai ABS Funding, LLC (HABS) filed an 8‑K reporting that, on September 15, 2026, it and Hyundai Capital America (HCA) entered an Underwriting Agreement with J.P. Morgan Securities LLC (as representative) to sell Asset‑Backed Notes in seven classes (Class A‑1, A‑2‑A, A‑2‑B, A‑3, A‑4, B and C) with an aggregate principal balance of $2,066,160,000. The notes are expected to be issued on or about September 23, 2026 (the Closing Date).
• The filing also states that, in connection with the offering, HABS will be filing the core transaction documents dated as of the Closing Date — including the Receivables Purchase Agreement (HCA transfers certain retail auto installment contracts to HABS), an Amended and Restated Trust Agreement creating Hyundai Auto Receivables Trust 2026‑C, a Sale and Servicing Agreement, an Indenture for the notes, an Owner Trust Administration Agreement, and an Asset Representations Review Agreement. The offering is registered under the Securities Act on Form SF‑3 (File No. 333‑284087). The depositor’s CEO certification required for the shelf offering was also filed (Exhibit 36.1, dated Sept 15, 2026).

Key Details

• Transaction size: $2,066,160,000 aggregate principal amount of Asset‑Backed Notes.
• Parties: HABS (depositor), Hyundai Capital America (seller/servicer/administrator), J.P. Morgan Securities LLC (underwriters’ representative), U.S. Bank Trust NA (Owner Trustee) and Citibank, N.A. (Indenture Trustee).
• Expected closing/issuance date: on or about September 23, 2026.
• Registration and filings: Notes registered on Form SF‑3 (Reg. S‑K Exhibits include the Indenture, Receivables Purchase Agreement, Sale & Servicing Agreement, Trust Agreement, Owner Trust Administration Agreement, Asset Representations Review Agreement, and CEO certification).

Why It Matters

• This filing documents a securitization of auto loan receivables by HCA through HABS and the creation of a $2.066B pool of tradable asset‑backed notes. For investors, it signals a large ABS issuance backed by retail auto installment contracts and provides the legal and offering documents needed to evaluate credit features and structures.
• For equity investors or the public markets, this 8‑K does not report earnings or executive changes; it reflects a financing/securitization transaction rather than a corporate operational update.