AmeriCredit's $725 million deal eligible for cheap funding under a Federal Reserve program has sold, according to a person familiar with the deal.

The deal, dubbed AMCAR 2009-1, has five tranches and is led by Deutsche Bank and Credit Suisse.

Its largest triple-A rated tranche worth $166 billion sold at 155 basis points over a futures benchmark.

Tuesday is the deadline for investors to get cheap funding under the Fed's Term Asset-Backed Securities Loan Facility, or TALF program. More than $12 billion in new issues has emerged ahead of this round of financing.

The TALF program was set up to revitalize the securitization market, which had gone into hibernation at the height of the credit crunch.

There has been about $43 billion in asset-backed securities' issuance in the second quarter, according to data provider Dealogic. The bulk of the issues have been financed using the Fed's loans.

Earlier Tuesday, Honda Motor Co.'s (HMC) $1.827 billion deal sold, according to a person familiar with the matter.

The four-part deal, dubbed, HAROT 2009-3, is led by Banc of America Securities and Credit Suisse.

The largest triple-A rated portion of $725 million with a duration of 1.98 years sold at 100 basis points over a short term futures benchmark.

Other recent issuers include Harley-Davidson Inc. (HOG), Discover Financial Services (DFS), Ford Motor Co. (F), Chrysler Auto and SLM Corp. (SLM), better known as Sallie Mae.

Sallie Mae's $1.1 billion 3.92 year student-loan-backed deal sold at 125 basis points over a benchmark.

On Monday, Bank of America Auto Trust's deal, BAAT 2009-1, was increased to $3.939 billion from an original $2.523 billion. The four-tranche deal was led by Banc of America Securities and is to be sold Tuesday.

Honda's deal was also increased in size from an original $1.5 billion.

Chrysler's $1.26 billion deal has launched and price guidance is available on Ford Motor Co.'s $1.02 billion deal and Harley Davidson's $700 million deal.

Last week, Discover's $1.5 billion credit card loan-backed deal sold at 130 basis points over the one-month London interbank offered rate, or Libor, according to a person familiar with the deal.

In June, 13 TALF-eligible deals totaling $16.4 billion and three non-TALF deals for about $3 billion were sold.

When the program launched in March, it received a lukewarm reception and only four deals for $8.3 billion were sold.

Later Tuesday, the Fed will say how much investors applied for in loans.

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com