Core Viewpoint - KBRA has assigned preliminary ratings to four classes of notes issued by OneMain Direct Auto Receivables Trust 2026-1, totaling $500 million, marking the first auto loan ABS securitization by OneMain Finance Corporation in 2026 [1] Group 1: Transaction Details - The transaction will issue four classes of notes with credit enhancement levels ranging from 32.05% for Class A notes to 2.71% for Class D notes [1] - OneMain Finance Corporation has issued a total of 39 auto loan and 31 consumer loan securitizations since 2013 [1] - ODART 2026-1 includes a three-year revolving period for collections to purchase new collateral that meets eligibility criteria [1] Group 2: Company Background - OneMain Holdings, Inc. is a consumer finance company offering loan products through a nationwide network and online platform [1] - The company completed its acquisition of OneMain Financial Holdings, LLC for $4.49 billion in cash on November 15, 2015 [1] - OneMain Holdings, Inc. is listed on the NYSE under the ticker symbol "OMF" [1] Group 3: Rating Methodology - KBRA applied its Auto Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology, and ESG Global Rating Methodology in analyzing the transaction [1] - The analysis included a review of the underlying collateral pool and capital structure using stressed cash flow assumptions [1] - KBRA's operational review of OneMain and periodic update calls were considered in the rating process [1]