KBRA Affirms and Upgrades Ratings for First Investors Auto Owner Trusts

KBRA affirms ratings on six classes of notes and upgrades its ratings on nine classes of notes issued from four First Investors Auto Owner Trust (“FIAOT”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. All of the securities with upgraded ratings experienced increased credit enhancement. The data used for this review is as of the July 2025 distribution date (June 2025 collection period). To date, the securities have received timely interest payments.

In performing its rating review, KBRA utilized its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In determining these rating actions, KBRA reviewed the collateral performance to date and projected the remaining loss for the transactions based on current assumptions. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying First Investor Auto Owner Trust Comprehensive Surveillance Dashboard.

The loans supporting the FIAOT transactions were originated by Stellantis Financial Services, Inc. d/b/a First Investors Financial Services (“SFS” or the “Company”). The Company was founded in 1988 and was acquired in November 2021 by Stellantis N.V. (“Stellantis”), a publicly traded company listed on the New York Stock Exchange, the Italian Stock Exchange, and Euronext Paris. Stellantis is one of the largest automakers in the world, with a retail presence in more than 130 countries, manufacturing facilities in 30 countries, and a net profit of more than €5.5 billion in 2024. For the six months ending June 30, 2025, Stellantis reported net revenue of over €74.2 billion with a net loss of approximately €2.23 billion. As of June 30, 2025, Stellantis had access to multiple undrawn committed credit facilities totaling approximately €16.9 billion.

The pools contain fixed rate retail automobile contracts, which were made to subprime obligors who generally had a credit bureau score ranging from 500 to 650 and were secured by new and used non-commercial automobiles. The loans were originated via the following three channels:(1) the Indirect Program, through franchise auto dealers, (2) the Direct Program, through direct marketing to consumers who wished to refinance existing auto loans obtained from another lender and (3) the Alliance Program, through alliance partnerships which also conducted refinance lending.

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For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies