Porsche Auto Funding LLC Issues $911M Asset-Backed Notes

What Happened

• Porsche Auto Funding LLC filed an 8‑K on September 30, 2026 announcing the issuance of Class A-1, A-2a, A-2b, A-3 and A-4 asset‑backed notes issued by Porsche Financial Auto Securitization Trust 2026‑1. The notes have an aggregate initial principal amount of $911,000,000 and were issued pursuant to a Final Prospectus dated September 23, 2026. The securities were registered under the Securities Act on Form SF‑3 (File No. 333-275929).
• To effect the transaction, the registrant filed several material agreements dated as of the closing date, including an indenture with U.S. Bank Trust Company, N.A., a purchase agreement transferring retail auto installment receivables, a sale and servicing agreement, an administration agreement, an amended and restated trust agreement, an asset representations review agreement, and a securities account control agreement.

Key Details

• Aggregate initial principal of the Notes: $911,000,000.
• Closing and issuance date: September 30, 2026; Final Prospectus dated September 23, 2026.
• Collateral: retail motor vehicle installment sales contracts (new, certified pre‑owned and used automobiles and SUVs).
• Transaction parties: Porsche Auto Funding LLC (seller/purchaser roles), Porsche Funding Limited Partnership (seller of receivables), Porsche Financial Services, Inc. (servicer/administrator), U.S. Bank Trust Company, N.A. (Indenture Trustee), Wilmington Trust, N.A. (Owner Trustee), and Clayton Fixed Income Services LLC (asset representations reviewer).

Why It Matters

• This filing documents a securitization that raises $911 million of funding backed by Porsche retail auto loans, which supports the company’s consumer financing operations. The included agreements define how receivables are transferred, serviced, administered and reviewed—key protections and operational details for investors in the notes.
• For retail investors, the filing signals active financing and capital markets activity by Porsche’s finance affiliates; credit performance of the underlying auto loans will determine risk for noteholders. The 8‑K does not report earnings or executive changes.