ABS-15G

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 ________________

Date of Report (Date of earliest event reported)           

Commission File Number of securitizer:         

Central Index Key Number of securitizer:         

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)

Central Index Key Number of depositor: 0001944183

SAFCO Auto Depositor, LLC¹

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): N/A

Central Index Key Number of underwriter (if applicable): N/A

Jason Person, (800) 836-0226

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

to contact in connection with this filing

¹  SAFCO Auto Depositor, LLC is filing this Form ABS 15G on its own behalf and on behalf of its affiliate SAFCO Auto Receivables Trust 2025-1, as issuer.

INFORMATION TO BE INCLUDED IN THE REPORT

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

Attached as Exhibit 99.1 hereto is an independent accountants’ report on applying agreed-upon procedures, dated April 14, 2025, of KPMG US LLP, obtained by the issuer, which report sets forth the procedures and findings with respect to certain agreed-upon procedures performed by KPMG US LLP pertaining to the issuer’s Series 2025-1 Automobile Receivables-Backed Notes.

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.

SAFCO Auto Depositor, LLC
(Depositor)
By:	/s/ Jason Person
	Name: Jason Person
	Title: Secretary and Treasurer

Date: April 15, 2025

EXHIBIT INDEX

Exhibit 99.1 Independent Accountants’ Agreed-Upon Procedures Report, dated April 14, 2025 of KPMG US LLP.

EX-99.1

Exhibit 99.1

Independent Accountants’ Agreed-Upon Procedures Report

Southern Auto Finance Company, LLC (the “Company”)

Capital One Securities, Inc.

Deutsche Bank Securities Inc.

(together, the “Specified Parties”)

Re: SAFCO Auto Receivables Trust 2025-1 – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled “Term Deal Eligible 02.28 Data Tape First Payment Date.xlsx” provided by the Company on March 21, 2025, containing information on 9,000 underlying automotive loan agreements (the “Loans”) as of February 28, 2025 (the “Data File”), which we were informed are intended to be included as collateral in the offering by SAFCO Auto Receivables Trust 2025-1. The Company is responsible for the specified attributes identified by the Company in the Data File.

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 File. 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, percentages, and number of days were within $1.00, 0.1%, and 30 days, respectively.

• The term “Cutoff Date” means February 28, 2025.

• The term “Source Documents” means the following information provided by the Company for each of the Selected Loans (defined below): (i) sales contract, (ii) credit report, and (iii) Company’s servicing system screenshots listed in an electronic data file entitled “2025-1 Upsize Tape.xlsx” received on March 14, 2025 (the “Servicing System Screenshots”). The Source Documents were represented by the Company to be copies of the original documents or electronic records contained within the Company’s servicing system.

• The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, or methodology, as described in the “Source Documents/Instructions” column of Exhibit B.

• The term “Provided Information” means the Cutoff Date, Source Documents, and Instructions.

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

A. We randomly selected a sample of 125 Loans from the Data File (the “Selected Loans”). A listing of the Selected Loans is attached hereto as Exhibit A. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Loans we were instructed to randomly select from the Data File.

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

We found such information to be in agreement.

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 File. 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 File 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 Loans, (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 Loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Loan being securitized, (iii) the compliance of the originator of the Loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Loans 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.

2

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

April 14, 2025

3

Exhibit A – The Selected Loans

Selected Loan #	Contract Id		Selected Loan #		Contract Id		Selected Loan #		Contract Id
1		20251179		31		20251239		61		20251649
2		20251664		32		20251341		62		20251932
3		20251173		33		20251310		63		20251800
4		20251557		34		20251260		64		20251722
5		20251443		35		20251519		65		20251930
6		20251546		36		20251807		66		20251595
7		20251953		37		20251347		67		20251550
8		20251522		38		20251276		68		20251149
9		20251955		39		20251521		69		20251946
10		20251655		40		20251508		70		20251302
11		20251736		41		20251750		71		20251853
12		20251177		42		20251360		72		20251896
13		20251355		43		20251140		73		20251469
14		20251837		44		20251937		74		20251509
15		20251329		45		20251619		75		20251456
16		20251946		46		20251507		76		20251147
17		20251816		47		20251733		77		20251180
18		20251218		48		20251010		78		20251523
19		20251909		49		20251047		79		20251642
20		20251007		50		20251268		80		20251264
21		20251976		51		20251972		81		20251483
22		20251810		52		20251992		82		20251544
23		20251248		53		20251169		83		20251204
24		20251240		54		20251771		84		20251193
25		20251231		55		20251926		85		20251900
26		20251052		56		20251920		86		20251757
27		20251067		57		20251382		87		20251137
28		20251348		58		20251971		88		20251921
29		20251328		59		20251439		89		20251016
30		20251256		60		20251520		90		20251317

A-1

Selected Loan #	Contract Id		Selected Loan #		Contract Id
91		20251159		121		20251869
92		20251334		122		20251243
93		20251338		123		20251201
94		20251058		124		20251621
95		20251548		125		20251732
96		20251338
97		20251651
98		20251637
99		20251962
100		20251183
101		20251154
102		20251162
103		20251521
104		20251334
105		20251995
106		20251610
107		20251829
108		20251276
109		20251394
110		20251047
111		20251911
112		20251726
113		20251685
114		20251966
115		20251217
116		20251791
117		20251508
118		20251455
119		20251877
120		20251952

A-2

Exhibit B

#	Attribute (Name in Data File)	Source Documents / Instructions
1	Contract ID	Unique identifier for information purposes only.
2	VIN	Sales contract
3	Amount Financed	Sales contract
4	Current Scheduled Payment	Sales contract, Servicing System Screenshot
5	Original Term	Sales contract, Servicing System Screenshot
6	Original Interest Rate	Sales contract
7	Origination Date	Sales contract
8	First Payment Date	Sales contract, Servicing System Screenshot
9	Original Maturity Date	Recompute as the sum of (A) the First Payment Date and (B) Original Term
10	FICO	Credit report, Servicing System Screenshot
11	Borrower Mailing State	Sales contract, Servicing System Screenshot
12	Vehicle Make	Sales contract, Servicing System Screenshot
13	Vehicle Model	Sales contract, Servicing System Screenshot
14	Vehicle Year	Sales contract
15	Remaining Term	Recompute as the sum of (A) the number of months between the Original Maturity Date and the Cutoff Date and (B) Deferments (in months) from the Data File

B-1