# EDGAR Filing Document

**Accession Number:** 0002092085
**File Stem:** 0001104659-25-100386
**Filing Date:** 2025-10
**Character Count:** 17075
**Document Hash:** 730f6b1aa39052682cb228fa444552ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-100386.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0001104659-25-100386

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

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251017

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

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Floorplan financings

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hyundai Cha Funding, LLC
- **CENTRAL INDEX KEY:** 0002092085

**ORGANIZATION NAME:**
- **EIN:** 330923915
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-08027
- **FILM NUMBER:** 251400683

**BUSINESS ADDRESS:**
- **STREET 1:** 3161 MICHELSON DRIVE, SUITE 1900
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
- **BUSINESS PHONE:** 714-468-4000

**MAIL ADDRESS:**
- **STREET 1:** 3161 MICHELSON DRIVE, SUITE 1900
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hyundai Cha Funding, LLC
- **CENTRAL INDEX KEY:** 0002092085

**ORGANIZATION NAME:**
- **EIN:** 330923915
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 3161 MICHELSON DRIVE, SUITE 1900
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
- **BUSINESS PHONE:** 714-468-4000

**MAIL ADDRESS:**
- **STREET 1:** 3161 MICHELSON DRIVE, SUITE 1900
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hyundai Cha Funding, LLC
- **CENTRAL INDEX KEY:** 0002092085

**ORGANIZATION NAME:**
- **EIN:** 330923915
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 3161 MICHELSON DRIVE, SUITE 1900
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
- **BUSINESS PHONE:** 714-468-4000

**MAIL ADDRESS:**
- **STREET 1:** 3161 MICHELSON DRIVE, SUITE 1900
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612

**UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM ABS-15G<br> ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G OF<br> 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 <br>   to  

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

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| |
|:---|
| Date of Report (Date of earliest event reported) |
| Commission File Number of securitizer: |
| Central Index Key Number of securitizer: |

---

  <br> Name and telephone number, including area code, of the person to <br> 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)

**<u>Hyundai Floorplan Master Owner Trust</u>** **<br> (Exact name of issuing entity as specified in its charter)**

Central Index Key Number of transferor: <u>0002092085</u> <br> Central Index Key Number of issuing entity (if applicable): <u>Not applicable</u> <br> Central Index Key Number of underwriter (if applicable): <u>Not applicable</u>

<u>Alisa Jardine, (949) 732-2975</u> <br> Name and telephone number, including area code, of the person to <br> 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.

**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 17, 2025

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| | |
|:---|:---|
| **Hyundai Cha Funding, LlC<br> (Transferor)** | **Hyundai Cha Funding, LlC<br> (Transferor)** |
| By: | /s/ Charley Yoon |
| Name: | Charley Yoon |
| Title: | President and Secretary and senior officer in charge of securitization |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| [**Exhibit 99.1**](tm2528844d1_ex99-1.htm) | [Independent Accountants' Agreed-Upon Procedures Report, dated October 17, 2025.](tm2528844d1_ex99-1.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2528844d1_ex99-1img001.jpg)

**Independent Accountants' Agreed-Upon Procedures Report**

Hyundai Capital America (the "Company")

Re: Hyundai Floorplan Master Owner Trust 2025-1 – Data Files Procedures

We have performed the procedures described below on:

(i) the specified attributes in an electronic data file entitled "HFMOT Data Tape 346 08.31.2025 (Add Interest) (To Send).xlsx"
provided by the Company on October 8, 2025, containing information related to 346 dealer floorplan accounts (the "Accounts")
as of August 31, 2025 (the "Accounts Data File") *,* and,

(ii) the specified attributes in an electronic data file entitled "HFMOT 2025-1 Sample Selection (150 Sample Receivables) REVISED.xlsx"
provided by the Company on October 3, 2025, containing information related to the Sample Receivables (defined below) as of August 31,
2025 (the "Receivables Data File," and together with the Accounts Data File, constitute the "Data Files").

We were informed by the Company that the Accounts and related Receivables (defined below) are intended to be included as collateral in the offering by Hyundai Floorplan Master Owner Trust 2025-1. The Company is responsible for the specified attributes identified by the Company in the Data Files.

The Company, and other third parties who execute an agreement with KPMG LLP, together the "Specified Parties," have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data Files. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

· The term "compared" means compared to the information shown and
found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within
the reporting threshold.

· The term "recomputed" means recalculated and compared the result
to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement
if differences were within the reporting threshold.

· The term "reporting threshold" means that dollar amounts and
percentages were within $0.01 and 0.01%, respectively.

· The term "Cutoff Date" means August 31, 2025.

· The term "Initial Receivables Data File" means an electronic
data file entitled "HFMOT 2025-1 Vehicle Selection 08-31-2025 (To Send).xlsx" provided by the Company on September 30,
2025, containing information on 81,021 dealer floorplan receivables (the "Receivables") as of the Cutoff Date.

![](tm2528844d1_ex99-1img002.jpg)

![](tm2528844d1_ex99-1img003.jpg)

· The
term "Datascan Wi" means the Company's dealer accounts management system.

· The term "Dealer Profile" means the Company's dealer accounts
profile database.

· The term "Sources" means the following information provided as
electronic copies and/or images by the Company from October 2, 2025 to October 6, 2025:

– Screenshots from Datascan Wi related to each Sample Account (defined below) and/or Sample Receivable ("Datascan Wi Screenshots"),

– Screenshots from the Dealer Profile related to each Sample Account ("Dealer Profile Screenshots"),

– An electronic data file entitled "HMFOT 2025 RR and Watch 08-31-2025 (25 Dealers) (To Send).xlsx" which the Company informed us contained the Company's internal risk rating for each of the Sample Accounts ("Dealer Risk Report").

· The term "Instructions" means the instructions provided by the
Company pertaining to a procedure, attribute, or methodology, as described in the procedures sections below.

· The term "Provided Information" means the Cutoff Date, Initial
Receivables Data File, Sources, and Instructions.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

A. We selected 25 Accounts from the Accounts Data File (the "Sample Accounts") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) 5 Accounts with largest net outstanding balances in the Accounts Data File

&nbsp;&nbsp;&nbsp;&nbsp;(ii) 20 Accounts randomly selected from the remaining accounts in the Accounts Data File

For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Accounts we were instructed to randomly select from the Accounts Data File.

B. For each Sample Account, we compared or recomputed the specified attributes in the Accounts Data File listed below to or using the
corresponding information included in the Sources, utilizing the Instructions, as applicable. The Specified Parties indicated that the
absence of any of the information in the Sources or the inability to agree the indicated information from the Accounts Data File to the
Sources for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The Sources are listed
in the order of priority.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Attribute</u> | <u>Sources / Instructions</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Group | Dealer Profile Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"New" Floor Plan Principal Balance | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Used" Floorplan Principal Balance | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Balance | Recompute as the sum of (i) the "New" Floor Plan Principal Balance in the Datascan Wi Screenshot and (ii) the "Used" Floor Principal Balance in the Datascan Wi Screenshot, less (iii) the Total Cash Management Balance in the Datascan Wi Screenshot (if any). |

---

![](tm2528844d1_ex99-1img003.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Attribute</u> | <u>Sources / Instructions</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Rate | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Used Rate | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Limit | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Cash Management Balance | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer State | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Risk Tier | Dealer Risk Report |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Due | Datascan Wi Screenshots. |

---

We found such information to be in agreement.

C. We selected a random sample of 150 Receivables (the "Sample Receivables") from the Initial Receivables Data File as instructed
by the Company. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Receivables
we were instructed to randomly select from the Initial Receivables Data File.

D. For each Sample Receivable, we compared or recomputed the specified attributes in the Receivables Data File listed below to or using
the corresponding information included in the Sources, utilizing the Instructions, as applicable. The Specified Parties indicated that
the absence of any of the information in the Sources or the inability to agree the indicated information from the Receivables Data File
to the Sources for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The Sources
are listed in the order of priority.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Attribute</u> | <u>Sources / Instructions</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Number | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIN | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Funding Amount | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Model Type (new / used) | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehicle Model | Datascan Wi Screenshots<br> Consider variations due to spelling, abbreviation, spacing, or truncation to be acceptable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Principal Balance | Datascan Wi Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Days in Inventory | Datascan Wi Screenshots<br>Recompute as the difference between the Cutoff Date and the earliest effective date in the Datascan Wi Screenshots |

---

We found such information to be in agreement.

![](tm2528844d1_ex99-1img003.jpg)

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, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data Files. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data Files and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Accounts or Receivables, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Accounts or Receivables to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Accounts or Receivables being securitized, (iii) the compliance of the originator of the Accounts or Receivables with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Accounts or Receivables that would be material to the likelihood that the issuer of the asset-backed securities will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations ("NRSROs").

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

/s/ KPMG LLP

Irvine, California<br> October 17, 2025