CNH Equipment Trust 2021-C Annual Report - How They Did This Year

Hey there! Thinking about CNH Equipment Trust 2021-C? You've come to the right place. We'll break down their past year in plain English. This helps you understand what they do and how they're doing. It also shows what it might mean for your investment. Think of this as a chat with a friend. We'll help you understand the important stuff without confusing financial jargon.

1. What does this company do and how did they perform this year?

Alright, let's clarify what CNH Equipment Trust 2021-C is. It's different from a regular company. This trust doesn't make or sell products. It's an asset-backed trust. Think of it as a special vehicle. It holds many loans. These loans are for new and used equipment. Examples include tractors, combines, and excavators. The trust then sells "notes" (like bonds) to investors. Payments from these loans back the notes. This process is called securitization. It turns hard-to-sell loans into marketable securities.

Here's the breakdown:

• What they do: CNH Capital Receivables LLC (the "Seller") created this trust in 2021. It bought loans from CNH Industrial Capital America LLC (the "Originator" or "Sponsor"). New Holland Credit Company, LLC (the "Servicer") manages daily operations. This includes collecting payments and handling the loans. The trust's main job is to hold equipment loans. It uses loan payments to repay investors who bought its notes. Citibank, N.A., the Indenture Trustee, holds the collateral. It protects noteholders and ensures the Servicer follows securitization rules.
• What you're investing in: You're likely investing in "notes" (bonds) here. This is not traditional company stock. This trust has no common stock trading on an exchange. The notes give you a claim on cash from the equipment loans.
• How much they issued: In October 2021, the Trust issued $940,430,000 in asset-backed notes. They offered these notes to the public. The notes came in different groups (tranches). These groups had varying maturities and credit ratings. This appealed to different investors.
• Performance this year (fiscal year ended December 31, 2025): "Performance" here isn't about selling products. It's about how well they manage and collect the loans. It also means having enough cash to pay noteholders. Good news: the companies managing these loans confirmed compliance. New Holland Credit Company, LLC services the loans. Citibank, N.A. oversees the trust. They follow all rules for handling these assets. These rules are in the pooling and servicing agreement and the indenture. They reported no major issues or rule-breaking in their duties. This shows the loans are handled as expected. The trust's operations are sound. This summary focuses on compliance.

2. Major wins and challenges this year

For this trust, a "win" means smooth operations. It means consistent cash flow from the loans. It also means no problems with the loans or their management.

• Major Wins: The Servicer (New Holland Credit Company, LLC) and Indenture Trustee (Citibank, N.A.) certified compliance. This is a key positive from this report. They followed all servicing rules in the transaction documents. This means they collected payments correctly. They also handled accounts and defaults properly. They managed the equipment loans as agreed. Importantly, they found no major rule-breaking. This is excellent news for the trust's stability. This certification assures investors. It shows the trust's operations work as intended. This lowers risks related to servicing.
• Challenges: The report indicates a stable year for the trust with no specific challenges identified.

This report highlights the operational compliance and stability of CNH Equipment Trust 2021-C for the past year. For a full picture of your investment, it's always a good idea to review the original offering documents and any detailed loan performance data that may be available elsewhere.