# EDGAR Filing Document

**Accession Number:** 0001541507
**File Stem:** 0001193125-25-226734
**Filing Date:** 2025-10
**Character Count:** 19777
**Document Hash:** 820549a3762645744083b29bc537f429
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-226734.hdr.sgml**: 20251001

**ACCESSION NUMBER**: 0001193125-25-226734

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251001

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20251001

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Auto loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Porsche Auto Funding LLC
- **CENTRAL INDEX KEY:** 0001541507
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 451846995
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00177
- **FILM NUMBER:** 251364610

**BUSINESS ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
- **BUSINESS PHONE:** (770) 290-2004

**MAIL ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Porsche Auto Funding LLC
- **CENTRAL INDEX KEY:** 0001541507
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 451846995
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
- **BUSINESS PHONE:** (770) 290-2004

**MAIL ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Porsche Auto Funding LLC
- **CENTRAL INDEX KEY:** 0001541507
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 451846995
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00177

**BUSINESS ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
- **BUSINESS PHONE:** (770) 290-2004

**MAIL ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER** 

**REPORT PURSUANT TO SECTION 15G OF** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

**Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:** 

☐ **Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to _________** 

**(Exact name of securitizer as specified in its charter)** 

**Date of Report (Date of earliest event reported)** 

**Commission File Number of securitizer:** 

**Central Index Key Number of securitizer:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Name and telephone number, including area code, of the person to** 

**contact in connection with this filing.** 

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ☐

☒ **Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)** 

## Porsche Financial Auto Securitization Trust 2025-1
**(Exact name of issuing entity as specified in its charter)** 

**Central Index Key Number of depositor: 0001541507** 

**Central Index Key Number of issuing entity (if applicable): Not applicable** 

**Central Index Key Number of underwriter (if applicable): Not applicable** 

**Tobias Hausladen, (770) 290-2004** 

**Name and telephone number, including area code, of the person to** 

**contact in connection with this filing.** 

------

**PART II - FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS** 

**Item 2.01 Findings and Conclusions of a Third-Party Due Diligence Report Obtained by the Issuer** 

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibit 99.1 to this Form ABS-15G.

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit 99.1** | [Report of Independent Accountants on Applying Agreed-Upon Procedures, dated September 29, 2025.](d58728dex991.htm) |

---

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 1, 2025

---

| | |
|:---|:---|
| **Porsche Auto Funding LLC<br>(Depositor)** | **Porsche Auto Funding LLC<br>(Depositor)** |
| By: | /s/ Tobias Hausladen |
| Name: | Tobias Hausladen |
| Title: | Treasurer |
|  | (senior officer in charge of securitization) |
| By: | /s/ Eli Yaremenko |
| Name: | Eli Yaremenko |
| Title: | Assistant Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1** 

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| | |
|:---|:---|
| ![LOGO](g58728g0502011116982.jpg) | **Deloitte & Touche LLP** <br> 3 Second Street<br> Suite 301<br> Harborside Plaza 10<br> Jersey City, NJ 07302<br> USA<br>Tel: +1 212 937 8202<br> www.deloitte.com |

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Porsche Financial Services, Inc. One Porsche Drive Atlanta, Georgia 30354

**Independent Accountants' Report** 

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below, related to certain information with respect to a portfolio of automobile receivable contracts in connection with the proposed offering of Porsche Financial Auto Securitization Trust 2025-1. Porsche Financial Services, Inc. (the "Company") is responsible for the information provided to us, including the information set forth in the Statistical Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Statistical Data File. Additionally, RBC Capital Markets, LLC, BofA Securities, Inc., Scotia Capital (USA) Inc., SG Americas Securities, LLC and Truist Securities, Inc. (collectively with the Company, the "Specified Parties") have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

**Agreed-Upon Procedures** 

On September 8, 2025, representatives of the Company provided us with a computer-generated automobile receivable contract data file and related record layout containing data, as represented to us by the Company, as of the close of business August 31, 2025, with respect to 8,557 automobile receivable contracts (the "Statistical Data File").

At the Company's instruction, we randomly selected 100 automobile receivable contracts (the "Sample Receivables") from the Statistical Data File and performed certain comparisons and recomputations for each of the Sample Receivables relating to the automobile receivable characteristics (the "Characteristics") set forth on the Statistical Data File and indicated below.

**Member of**<br> Deloitte Touche Tohmatsu Limited<br>

------

**Characteristics** 

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| | |
|:---|:---|
| 1. Loan number (for informational purposes only)<br> 2. Contract start date<br> 3. Original amount financed<br> 4. Origination (booking) date<br> 5. Contract state<br> 6. Vehicle classification (new/used)<br> 7. Vehicle model (excluding "trim level") | 8. Model year<br> 9. Maturity date<br> 10. Number of scheduled payments<br> 11. Original base monthly P&I payment<br> 12. FICO score<br> 13. Annual percentage rate (APR)<br> 14. Remaining term |

---

We compared Characteristics 2. and 3. to the corresponding information set forth on or derived from the "Agreement."

We compared Characteristics 4., 5., 12. and 13. to the corresponding information set forth on the Company's servicing system (the "Servicing System").

We compared Characteristics 6. through 11. to the corresponding information set forth on or derived from the Agreement and to the Servicing System.

With respect to our comparison of Characteristic 14., we recomputed the remaining term as the number of months between (i) August 31, 2025 and (ii) the maturity date (as set forth on or derived from the Servicing System).

For purposes of our procedures and at your instruction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to our comparison of Characteristic 6., for the Sample Receivables indicated in Appendix A, we
observed a difference in the vehicle classification set forth on the Agreement when compared to the vehicle classification set forth on the Statistical Data File. For these Sample Receivables, we were instructed to perform an additional procedure
and compare the vehicle classification set forth on the Statistical Data File to the vehicle classification set forth on the "Porsche Sales & Vehicle Management System" or the "Used Vehicle Disclosure." We were
further instructed that a vehicle classification of (i) "Service Loaner," as set forth on the Porsche Sales & Vehicle Management System or (ii) "Dealer Loaner Vehicle" or "Unregistered Demonstrator
Vehicle," as set forth on the Used Vehicle Disclosure, is deemed to be "in agreement" with a vehicle classification of "New," as set forth on the Statistical Data File.

In addition to the procedures described above, for each of the Sample Receivables, we observed the existence of or identified the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an Agreement, signed by the obligor and that such obligor has a billing address within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Title Certificate, Application for Title or Certificate of Origin (collectively, the "Title
Certificate");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a security interest of Porsche Financial Services was indicated on the Title Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Credit Application, Business Application or an Application for Financing (collectively, the
"Application");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Truth-in-Lending Disclosure
Statement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an Agreement to Provide Insurance, Binder of Insurance, Confirmation of Accidental Physical Damage Insurance,
Supplemental Provision, Agreement to Furnish Insurance, Property Insurance Disclosure, Notice of Requirement to Provide Insurance, Insurance Verification Form or Insurance Coverage Acknowledgement, or other related correspondence (collectively, the
"Physical Damage Insurance Documentation").

The automobile receivable documents described above, including any information obtained from the indicated systems, and any other related documents used in support of the Characteristics were provided to us by representatives of the Company and are collectively referred to hereinafter as the "Loan Documents." We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Loan Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were performed using data imaged facsimiles or photocopies of the Loan Documents. In addition, we make no representations as to whether the Loan Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Sample Receivables.

**Agreed-Upon Procedures' Findings** 

The results of the foregoing procedures indicated that the Characteristics set forth on the Statistical Data File were found to be in agreement with the above-mentioned Loan Documents, except as described in Appendix B. Supplemental information is contained on Appendix C.

\*\*\*\*\*\*

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the automobile receivable contracts or underlying documentation underlying the Statistical Data File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the automobile receivable contracts or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events or circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Statistical Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All

------

Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

September 29, 2025

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**Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated September 29, 2025.** 

In applying our agreed-upon procedures as outlined above, we performed an additional procedure with respect to Characteristic 6. for the following Sample Receivables:

---

| |
|:---|
| 5100160933 |
| 5100166241 |
| 5100169699 |
| 5100169814 |

---

The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

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**Appendix B to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated September 29, 2025.** 

In applying our agreed-upon procedures as outlined above, we observed the following:

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| | |
|:---|:---|
| **Exception<br>Description<br>Number** | **Exception Description** |
| 1 | Three differences in remaining term. |

---

The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

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**Appendix C to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated September 29, 2025.** 

<u>Supplemental Information Related to the Findings Set Forth on Appendix B</u> 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Exception**<br> **Description**<br> **Number** | **Sample**<br> **Receivable**<br> **number** | **Characteristic** | **Characteristic set**<br> **forth on the**<br> **Statistical Data File** | **Characteristic**<br> **Recalculated** |
| 1 | 5100165300 | Remaining term | 65 months | 64 months |
| 1 | 5100167803 | Remaining term | 67 months | 66 months |
| 1 | 5100171972 | Remaining term | 58 months | 57 months |

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The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.