| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 195.2 | 13.3% | 15.15% | 0.30 | 4.68% | +11 I-curve | 2025-10-27 | P-1 | F1+ |
| Class A-2a | 231.2 | 15.7% | 15.15% | 1.13 | 4.29% | +43 I-curve | 2027-01-25 | Aaa | AAA |
| Class A-2b | 231.2 | 15.7% | 15.15% | 1.13 | floating | +42 SOFR | 2027-01-25 | Aaa | AAA |
| Class A-3 | 462.4 | 31.5% | 15.15% | 2.08 | 4.18% | +62 I-curve | 2027-10-25 | Aaa | AAA |
| Class A-4 | 130.0 | 8.9% | 15.15% | 2.49 | 4.21% | +69 I-curve | 2028-02-25 | Aaa | AAA |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | BMW Financial Services NA, LLC |
|---|---|
| Servicer | BMW Financial Services NA, LLC |
| Depositor / Transferor | BMW Auto Leasing LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | TD Securities, BofA Securities, Lloyds Securities, U.S. Bancorp Investments, Citigroup Global Markets |
Earliest BMW Vehicle Lease Trust transaction in our coverage — no prior issuance to compare.
| BMWLT 2024-2 | GMALT 2024-3 | MBALT 2024-B | NALT 2024-B | FCALT 2024-B | WOALT 2024-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-10-07 | 2024-10-02 | 2024-09-25 | 2024-07-24 | 2024-07-23 | 2024-04-17 | 424B5 |
| Pool balance | $1,468.9MM | $1,463.4MM | $1,450.0MM | $1,383.3MM | $1,560.5MM | $991.2MM | 424B5 |
| WA Lessee Credit Score | 799+35 | 781 | 786 | 758 | 764 | 747 | 424B5 |
| WA original term mo | 36.0−1.0 | 36.0 mo | 42.2 mo | 37.0 mo | 35.8 mo | 38.3 mo | 424B5 |
| WA Residual % MSRP | 48.4% | 52.5% | 44.3% | 52.5% | 49.2% | 57.4% | calc |
| ALG-marked residuals | 100.0% | 96.9% | 94.0% | 100.0% | 81.3% | 100.0% | calc |
| WA Securitization Value | $62,107 | $31,703 | $49,171 | $29,865 | $34,117 | $29,019 | calc |
| Top-3 model concentration | 20.7% | 37.4% | 22.0% | 51.8% | 52.2% | 34.1% | calc |
| Geo top-3 | CA 19.2% FL 13.6% NJ 9.2% | MI 29.0% NY 16.1% FL 8.5% | CA 29.3% NY 13.8% FL 13.5% | FL 11.6% CA 11.6% TX 7.3% | MI 38.7% NY 11.6% CA 6.7% | FL 62.5% NC 15.7% GA 7.7% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 15.15%−2.75pp | 18.80% | 11.75% | 17.90% | 20.15% | 17.00% | calc |
| Enhancement, target | 17.65% | 19.80% | 13.25% | — | 22.95% | 18.75% | calc |
| Subordinate notes | 0.0%−4.7pp | 8.5% | 0.0% | 4.3% | 12.9% | 4.7% | calc |
| Initial OC | 14.90% | 10.00% | 11.50% | 13.25% | 7.00% | 11.75% | 424B5 |
| Target OC | 17.40% | 11.00% | 13.00% | — | 9.80% | 13.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.40% | 0.25% | 0.50% | 424B5 |
| Pricing | |||||||
| AAA spread | +62 bps−2bps A-3 · 2.1y | +66 bps A-3 · 1.8y | +66 bps A-3 · 1.9y | +61 bps A-3 · 2.4y | +60 bps A-3 · 2.0y | +64 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Discount rate | 11.20% | 9.50% | 10.95% | 10.00% | 10.25% | 10.80% | 424B5 |
| Tranches | 5 | 7 | 5 | 6 | 8 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 0.00% |
|---|---|
| Realized G/L (% of scheduled) | -100.00% |
| Returned vehicles to date | 6,184 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.