Porsche Auto Funding LLC Announces $911M Auto-Loan Securitization Deal

What Happened

• Porsche Auto Funding LLC (PAF) filed an 8-K reporting that on September 23, 2026 it entered into an Underwriting Agreement with Porsche Financial Services, Inc. (PFS) and Wells Fargo Securities, LLC (as lead underwriter) to sell five classes of notes (Class A-1, A-2a, A-2b, A-3 and A-4) issued by Porsche Financial Auto Securitization Trust 2026-1. The notes have an aggregate principal amount of $911,000,000 and are registered on Form SF-3. The offering is anticipated to close on September 30, 2026.
• Related transaction documents to be executed at closing include an Indenture (U.S. Bank Trust Company, N.A. as Indenture Trustee), a Purchase Agreement under which Porsche Funding Limited Partnership will sell retail auto installment receivables to PAF, a Sale and Servicing Agreement, and other customary trust, administration and account-control agreements. The registrant’s CEO provided the required depositor certification (Exhibit 36.1).

Key Details

• Aggregate principal amount of notes: $911,000,000.
• Issuing entity: Porsche Financial Auto Securitization Trust 2026-1; anticipated Closing Date: September 30, 2026.
• Lead underwriter/representative: Wells Fargo Securities, LLC; Indenture Trustee: U.S. Bank Trust Company, N.A.; Owner Trustee: Wilmington Trust, N.A.
• Receivables backing the notes: retail motor vehicle installment contracts (new, certified pre-owned and used vehicles).

Why It Matters

• This filing documents a securitization that converts auto-loan receivables into tradable asset-backed notes, providing Porsche’s finance affiliates liquidity and funding capacity without issuing equity.
• For investors and credit-market participants, the $911M issuance is material because it enlarges the pool of Porsche-backed asset-backed securities in the market; terms and credit structure (senior/subordinate classes) will determine risk/return for buyers.
• The 8-K does not report earnings or executive changes; it primarily notifies investors of the financing transaction, the parties involved, and the expected closing timeline.