On September 23, 2026, Porsche Auto Funding LLC (PAF) entered into an underwriting agreement with Wells Fargo Securities, LLC to sell asset-backed notes. The notes are being issued by Porsche Financial Auto Securitization Trust 2026-1 (the Issuing Entity) and are registered under the Securities Act of 1933. The offering consists of Class A-1, Class A-2a, Class A-2b, Class A-3, and Class A-4 notes, with an aggregate principal balance of $911,000,000. It is anticipated that the notes will be issued on September 30, 2026, marking the closing date of the transaction.
The closing of the transaction will involve the execution of several definitive agreements. These include an Indenture between the Issuing Entity and U.S. Bank Trust Company, National Association, acting as Indenture Trustee. Additionally, a Purchase Agreement will be executed between Porsche Funding Limited Partnership (PFLP) and PAF, transferring retail motor vehicle installment sales contracts and related property. The Sale and Servicing Agreement will govern the transfer of these Receivables and related property to the Issuing Entity.
Porsche Financial Services, Inc. (PFS) is named as the servicer and administrator in the transaction documents. The Amended and Restated Trust Agreement, dated as of November 10, 2025, will be executed between PAF and Wilmington Trust, National Association, acting as Owner Trustee. The transaction also includes an Asset Representations Review Agreement with Clayton Fixed Income Services LLC to review representations regarding the Receivables. The filing confirms that the underwriting agreement was entered into on September 23, 2026.
