"A lot of people are suspecting that it won't cover the total cost. They're saying it's going to be about $5 billion in cost to get all these airbags replaced. There's only $2 billion worth of assets," Brauer said. This would leave affected automakers to cover the rest of the recall and replacement costs.

Earlier this year, Takata agreed to pay $1 billion in criminal penalties stemming from its allegedly fraudulent conduct over the sales of defective airbag inflators.

At the time, it announced it would establish two restitution funds: A $125 million fund for individuals physically injured by the faulty airbags who have yet to reach a settlement with Takata, as well as a $850 million fund to shoulder the airbag recall and replacement costs incurred by affected auto manufacturers.

Janet Lewis, head of industrials research in Asia at Macquarie Capital Securities, said that for automakers, it wasn't just about paying for the recall.

They also need to ensure Takata keeps producing the replacement airbags, she told CNBC's "Squawk Box" on Monday.

"The fact that they appear to have reached an agreement to sell the assets to KSS should enable this to continue," she said. "The (automakers) have been expecting that ... Takata was not going to recover sufficiently to pay them back."

"They have provisioned already for the losses related to the recalls," Lewis added.

Honda said in a statement on Monday that it has not reached any agreements with Takata about how much of the recall cost it would bear, but it would continue to seek to recover the costs from the troubled parts-maker.

But it added that it expected it will become difficult to recover the majority of the claims.

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Takata's woes expected to continue beyond bankruptcy filing amid mounting recall costs - CNBC