Ally Auto Trust 2023-1 Reports Clean Servicing Compliance

TL;DR

**Ally Auto Receivables Trust 2023-1 is a safe bet, with clean servicing reports and no direct legal headaches, despite its trustee's unrelated RMBS woes.**

AI Summary

The Ally Auto Receivables Trust 2023-1 10-K filing for the fiscal year ended December 31, 2025, indicates no significant changes in its core operations as a securitization entity. The trust, which holds pool assets consisting of auto receivables, reported no significant obligors or external credit enhancements. Ally Bank, as the servicer, and U.S. Bank Trust Company, National Association, as a servicing participant, both submitted reports on assessment of compliance with SEC Regulation AB servicing criteria for the year ended December 31, 2025. These reports, along with independent public accounting firm attestations dated March 6, 2026, and February 26, 2026, respectively, identified no material instances of noncompliance. The filing also noted no current legal proceedings against the Issuing Entity, sponsor, servicer, or depositor that would materially adversely affect the notes' performance. However, U.S. Bank National Association, as indenture trustee, disclosed ongoing litigation related to residential mortgage-backed securities (RMBS) and student loan trusts, specifically the NCMSLT Action, which remains stayed as of November 7, 2018, and consolidated for pretrial purposes on January 21, 2020.

Why It Matters

This filing provides critical transparency for investors holding notes issued by Ally Auto Receivables Trust 2023-1, confirming that servicing operations by Ally Bank and U.S. Bank Trust Company, National Association, met regulatory standards for the fiscal year 2025. The absence of material noncompliance in servicing criteria offers reassurance regarding the stability and management of the underlying auto loan assets, which is vital for maintaining investor confidence in asset-backed securities. While U.S. Bank National Association's broader legal challenges in RMBS and student loan trusts are noted, they are not directly tied to the performance of this specific auto receivables trust, providing a competitive edge in perceived operational stability compared to other trusts facing direct legal scrutiny.

Risk Assessment

Risk Level: low — The risk level is low because the filing explicitly states there are no significant obligors, no external credit enhancement providers, and no derivative instruments altering cashflows for Ally Auto Receivables Trust 2023-1. Furthermore, both Ally Bank and U.S. Bank Trust Company, National Association, reported no material instances of noncompliance with SEC Regulation AB servicing criteria for the year ended December 31, 2025, as confirmed by independent public accounting firm attestations.

Analyst Insight

Investors should maintain their positions in Ally Auto Receivables Trust 2023-1 notes, as the filing indicates robust compliance and no direct operational or legal risks to the trust's performance. Monitor U.S. Bank National Association's broader litigation, but recognize its limited direct impact on this specific auto receivables trust's cash flows.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 2025 — Fiscal Year End (The period covered by the 10-K filing, showing compliance for this year.)
• 2023-1 — Trust Series (Identifies the specific securitization trust being reported on.)
• 333-262894-04 — Issuing Entity Commission File Number (Unique identifier for the Ally Auto Receivables Trust 2023-1 with the SEC.)
• 0001980826 — Issuing Entity CIK Number (Central Index Key for Ally Auto Receivables Trust 2023-1.)
• 2026-03-27 — Filing Date (Date the 10-K report was officially filed with the SEC.)
• 2018-0167-JRS — NCMSLT Action Case Number (Specific identifier for the student loan litigation involving U.S. Bank National Association.)
• 2018-11-07 — NCMSLT Action Stay Date (Date the NCMSLT Action was stayed pending resolution of other cases.)
• 2020-01-21 — NCMSLT Action Consolidation Date (Date the NCMSLT Action was consolidated for pretrial purposes.)

Key Players & Entities

• Ally Auto Receivables Trust 2023-1 (company) — Issuing Entity
• Ally Bank (company) — Sponsor, Seller, Servicer, Administrator, Custodian
• U.S. Bank Trust Company, National Association (company) — Indenture Trustee, Servicing Participant
• Ally Auto Assets LLC (company) — Depositor
• BNY Mellon Trust of Delaware (company) — Owner Trustee and Paying Agent
• Clayton Fixed Income Services LLC (company) — Asset Representations Reviewer
• U.S. Bank National Association (company) — Securities Intermediary, Indenture Trustee in unrelated RMBS/student loan litigation
• Elliot Kahan (person) — President of Ally Auto Assets LLC, Senior Officer in charge of securitization
• SEC (regulator) — Regulatory body for compliance criteria

FAQ

Risk Factors

• Ongoing U.S. Bank Litigation [medium — legal]: U.S. Bank National Association, as indenture trustee, is involved in ongoing litigation related to residential mortgage-backed securities and student loan trusts. The NCMSLT Action, a significant student loan trust case, has been stayed since November 7, 2018, and consolidated for pretrial purposes on January 21, 2020. While this litigation does not directly involve the Issuing Entity, any adverse outcome for the trustee could potentially impact its operational capacity or fiduciary duties.

Industry Context

The auto finance industry is characterized by securitization as a primary funding mechanism. Trusts like Ally Auto Receivables Trust 2023-1 play a crucial role in transforming auto loan receivables into tradable securities. The competitive landscape involves numerous banks, credit unions, and captive finance companies originating auto loans and participating in the securitization markets. Key industry trends include evolving consumer credit preferences, technological advancements in vehicle financing, and ongoing regulatory scrutiny of securitization practices.

Regulatory Implications

The filing underscores the importance of compliance with SEC Regulation AB servicing criteria. The positive attestations from Ally Bank and U.S. Bank Trust Company, along with independent auditor reports, indicate adherence to these standards for the fiscal year 2025. However, the ongoing litigation involving the indenture trustee, U.S. Bank National Association, presents a potential indirect regulatory or operational risk that investors should monitor.

What Investors Should Do

1. Review Servicing Compliance Reports
2. Monitor U.S. Bank Litigation Status
3. Confirm Absence of Significant Obligors and External Credit Enhancement

Key Dates

• 2023-07-19: Establishment of Trust Agreements and Agreements — Marks the formation of the Ally Auto Receivables Trust 2023-1 and the key agreements governing its operation, including the Indenture, Trust Agreement, Pooling Agreement, and Servicing Agreement.
• 2025-12-31: Fiscal Year End — The period for which the compliance reports regarding SEC Regulation AB servicing criteria were assessed.
• 2026-02-26: U.S. Bank Trust Company Attestation Report — Independent auditor's attestation on the compliance of U.S. Bank Trust Company, National Association with SEC Regulation AB servicing criteria for the year ended December 31, 2025.
• 2026-03-06: Ally Bank Attestation Report — Independent auditor's attestation on the compliance of Ally Bank with SEC Regulation AB servicing criteria for the year ended December 31, 2025.
• 2026-03-27: 10-K Filing Date — The official date the Ally Auto Receivables Trust 2023-1 filed its annual report (10-K) with the SEC.

Glossary

Issuing Entity

The special purpose entity created to issue securities backed by a pool of assets, in this case, Ally Auto Receivables Trust 2023-1. (Refers to the trust itself, which is the subject of the 10-K filing and issues the notes.)

Servicer

The entity responsible for managing and collecting payments on the pool assets (auto receivables) and remitting them to the issuing entity. (Ally Bank acts as the servicer, and its compliance with servicing criteria is a key focus of the report.)

Regulation AB

SEC rules governing the registration, reporting, and disclosure requirements for asset-backed securities. (The filing includes assessments of compliance with specific servicing criteria outlined in Regulation AB.)

Indenture Trustee

A financial institution appointed to act on behalf of the bondholders, ensuring the issuer complies with the terms of the indenture agreement. (U.S. Bank National Association serves as the indenture trustee and is mentioned in relation to ongoing litigation.)

Pool Assets

The underlying assets that are securitized and back the securities issued by the trust. In this case, auto receivables. (These are the core assets of the trust, and their performance is critical to the notes' payments.)

Significant Obligors

The largest obligors (borrowers) whose accounts represent a significant portion of the total pool assets. (The filing explicitly states there are no significant obligors for this trust.)

External Credit Enhancement

Third-party guarantees or support mechanisms designed to reduce the credit risk of the securitized assets or the issued securities. (The filing notes the absence of any external credit enhancement for this trust.)

Year-Over-Year Comparison

This filing pertains to the Ally Auto Receivables Trust 2023-1, established in July 2023. As such, a direct year-over-year comparison of financial metrics like revenue, net income, or margins is not applicable, as this is the first full reporting period for this specific trust. The focus remains on the operational compliance and structural integrity as detailed in the current 10-K, particularly the servicing criteria assessments for the year ended December 31, 2025.

Filing Documents

• aart2023-112_31x2510xk.htm (10-K) — 102KB
• aart2023-1exhibit3112025.htm (EX-31.1) — 9KB
• aart2023-1exhibit3312025.htm (EX-33.1) — 70KB
• aart2023-1exhibit3322025.htm (EX-33.2) — 53KB
• aart2023-1exhibit3412025.htm (EX-34.1) — 9KB
• aart2023-1exhibit3422025.htm (EX-34.2) — 7KB
• aart2023-1exhibit3512025.htm (EX-35.1) — 13KB
• 0001980826-26-000018.txt ( ) — 264KB

Management's Discussion and Analysis of Financial Condition and Results of Operations*

Management's Discussion and Analysis of Financial Condition and Results of Operations* Item 7A.

Quantitative and Qualitative Disclosures About Market Risk*

Quantitative and Qualitative Disclosures About Market Risk* Item 8.

Financial Statements and Supplementary Data*

Financial Statements and Supplementary Data* Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure* Item 9A.

Controls and Procedures*

Controls and Procedures* Item 9B. Other Information Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Part III Item 10. Directors, Executive Officers and Corporate Governance* Item 11.

Executive Compensation*

Executive Compensation* Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters* Item 13. Certain Relationships and Related Transactions and Director Independence* Item 14. Principal Accounting Fees and Services* Part IV Item 15. Exhibit and Financial Statement Schedules Item 16. Form 10-K Summary * Item is omitted in accordance with General Instruction J to Form 10-K. 3 Part I

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable. Substitute information provided in accordance with General Instruction J to Form 10-K

(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information)

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information). There are no significant obligors with respect to the pool assets held by Ally Auto Receivables Trust 2023-1 (the "Issuing Entity"). Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Financial Information). No entity or group of affiliated entities provides any external credit enhancement or other support with respect to either payment of the pool assets held by the Issuing Entity or payments on the notes (the "Notes") or certificates (the "Certificates") issued by the Issuing Entity.

(b) of Regulation AB. Certain Derivatives Instruments (Financial Information)

Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information). No entity or group of affiliated entities provides any derivative instruments that are used to alter the payment characteristics of the cashflows from the Issuing Entity.

of Regulation AB. Legal Proceedings

Item 1117 of Regulation AB. Legal Proceedings. There are no current legal proceedings pending, or to the best knowledge of management of such entity, threatened, against the Issuing Entity, the sponsor, the servicer or the depositor that, if determined adversely to such party, would be expected to have a material adverse effect on the performance of the notes. The owner trustee has represented to the Issuing Entity that it is not a party to any current legal proceedings, nor is its management aware of any legal proceedings threatened against it that, if determined adversely to such party, would be expected to have a material adverse effect on the performance of the notes. The indenture trustee has provided the following information for inclusion in this report on Form 10-K U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities (RMBS) trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default. U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the pl

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. Part III Substitute information provided in accordance with General Instruction J to Form 10-K

of Regulation AB. Affiliations and Certain Relationships and Related Transactions

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions. Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119. The information has been provided previously in a Prospectus, dated July 11, 2023, filed by the Issuing Entity, pursuant to Rule 424(b)(5) of the Securities Act of 1933 on July 13, 2023.

of Regulation AB. Compliance with Applicable Servicing Criteria

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria. Each of Ally Bank and U.S. Bank Trust Company, National Association (each, a "Servicing Participant") has been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by the Issuing Entity during the reporting period. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") during the Issuing Entity's year ended December 31, 2025, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an "Attestation Report") by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K. None of the Reports on Assessment or the related Attestation Reports has identified any material instances of noncompliance with the servicing criteria described in the related Report on Assessment as being applicable to each such Servicing Participant.

of Regulation AB. Servicer Compliance Statement

Item 1123 of Regulation AB. Servicer Compliance Statement. Ally Bank has been identified as the servicer during the reporting period with respect to the pool assets held by the Issuing Entity. Ally Bank has provided a statement of compliance with the applicable servicing activities (the "Compliance Statement"), signed by an authorized officer, and such Compliance Statement is attached as an exhibit to this Form 10-K. 5 Part IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules. (a) List the following documents filed as a part of the report (1) Financial Statements — Not Applicable. (2) Financial Statement Schedules — Not Applicable. (3) Exhibits Second Amended and Restated Limited Liability Company Agreement of Ally Auto Assets LLC, dated as of November 7, 2018. Indenture between Ally Auto Receivables Trust 2023-1 and U.S. Bank Trust Company, National Association, as Indenture Trustee, dated as of July 19, 2023. Trust Agreement between Ally Auto Assets LLC, as Depositor and BNY Mellon Trust of Delaware, as Owner Trustee and Paying Agent, dated as of July 19, 2023. Pooling Agreement between Ally Bank, as Seller, and Ally Auto Assets LLC, dated as of July 19, 2023. Rule 13a-14(d)15d-14(d) Certification (Section 302 Certification). Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria concerning activities of Ally Bank for the year ended December 31, 202 5 . Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria concerning activities of U.S. Bank Trust Company, National Association for the year ended December 31, 202 5 . Registered Public Accounting Firm Attestation Report on Assessment of Compliance with applicable Servicing Criteria of Ally Bank dated March 6 , 202 6 for the year ended December 31, 202 5 . Registered Public Accounting Firm Attestation Report on Assessment of Compliance with applicable Servicing Criteria of U.S. Bank Trust Company, National Association dated February 2 6 , 202 6 for the year ended December 31, 202 5 . Servicer Compliance Statement of Ally Bank for the year ended December 31, 202 5 . Trust Sale Agreement between Ally Auto Assets LLC, as Depositor, and Ally Auto Receivables Trust 2023-1, as Issuing Entity, dated as of July 19, 2023. Custodian Agreement between Ally Bank, as Custodian, and Ally Auto Assets LLC, as Depositor, dated as of July 19, 2023. Administration Agreement among All

Form 10-K Summary

Item 16. Form 10-K Summary. None. 6 Signature Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Ally Auto Assets LLC, as Depositor s Elliot Kahan Elliot Kahan President (Senior Officer in charge of securitization of the depositor) Date March 27, 2026 7 Index of Exhibits Exhibit Description Method of Filing 3.1 Second Amended and Restated Limited Liability Company Agreement of Ally Auto Assets LLC, dated as of November 7, 2018. ** 4.1 Indenture between Ally Auto Receivables Trust 2023-1 and U.S. Bank Trust Company, National Association, as Indenture Trustee, dated as of July 19, 2023. * 4.2 Trust Agreement between Ally Auto Assets LLC, as Depositor and BNY Mellon Trust of Delaware, as Owner Trustee and Paying Agent, dated as of July 19, 2023. * 4.3 Pooling Agreement between Ally Bank, as Seller, and Ally Auto Assets LLC, dated as of July 19, 2023. * 31.1 Certification of Executive Officer Pursuant to Rule 13a-14(d)15d-14(d). Filed herewith. 33.1 Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria concerning activities of Ally Bank for the year ended December 31, 2025. Filed herewith. 33.2 Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria concerning activities of U.S. Bank Trust Company, National Association for the year ended December 31, 2025. Filed herewith. 34.1 Registered Public Accounting Firm Attestation Report on Assessment of Compliance with applicable Servicing Criteria of Ally Bank dated March 6, 2026 for the year ended December 31, 2025. Filed herewith. 34.2 Registered Public Accounting Firm Attestation Report on Assessment of Compliance with applicable Servicing Criteria of U.S. Bank Trust Company, National Association, dated February 26, 2026 for the year ended December 31, 2025. Filed herewith. 35.1 Servicer Complia

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