| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 195.2 | 13.3% | 71.8% | 4.68% fxd | 0.30 | 2025-10-27 | P-1 | F1+ |
| Class A-2a | 231.2 | 15.7% | 56.1% | 4.29% fxd | 1.13 | 2027-01-25 | Aaa | AAA |
| Class A-2b | 231.2 | 15.7% | 40.3% | +42 bps SOFR | 1.13 | 2027-01-25 | Aaa | AAA |
| Class A-3 | 462.4 | 31.5% | 8.9% | 4.18% fxd | 2.08 | 2027-10-25 | Aaa | AAA |
| Class A-4 | 130.0 | 8.9% | 0.0% | 4.21% fxd | 2.49 | 2028-02-25 | Aaa | AAA |
| 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,468.9MM | $1,626.0MM | $1,135.8MM | $1,601.0MM | $1,560.5MM | — |
| WA Lessee Credit Score | 789+25 | 781 | 786 | 758 | 764 | 747 |
| WA original term mo | 36.0−1.0 | 36.0 mo | 42.2 mo | 37.0 mo | 35.8 mo | 38.3 mo |
| WA Residual % MSRP | 48.4% | 52.5% | 44.3% | 52.5% | 49.2% | 54.5% |
| ALG-marked residuals | 100.0% | 96.9% | 94.0% | 100.0% | 81.3% | — |
| WA Securitization Value | $51,501 | $30,172 | $41,735 | $27,991 | $32,312 | $991,177,615 |
| Top-3 model concentration | 20.7% | 37.7% | 21.6% | 51.8% | 52.8% | — |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +42 bps−1bps | +47 bps | +66 bps | +41 bps | +40 bps | +43 bps |
| AAA % of pool | 71.8%+8.4pp | 62.5% | 42.1% | 63.4% | 72.2% | 81.8% |
| Initial OC | 14.90% | 10.00% | 11.50% | 13.25% | 7.00% | — |
| Target OC | 17.40% | 11.00% | 13.00% | — | 9.80% | — |
| Subordination below AAA | 0.0%−5.4pp | 7.7% | 0.0% | 3.7% | 12.9% | 5.4% |
| Total Hard CE (Initial) | 15.15% | 19.12% | 11.75% | 18.55% | 22.65% | — |
| Total Hard CE (Target) | 17.65% | 20.12% | 13.25% | — | 25.45% | — |
| Discount rate | 11.20% | 9.50% | 10.95% | 10.00% | 10.25% | — |
| Tranches | 5 | 7 | 5 | 6 | 8 | 6 |
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 | 4,474 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.