| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 205.0 | 13.2% | 13.40% | 0.29 | 4.46% | +13 I-curve | 2026-06-25 | A-1+ | F1+ |
| Class A-2a | 350.0 | 22.5% | 13.40% | — | 4.43% | — | 2027-09-27 | AAA | AAA |
| Class A-2b | 161.0 | 10.4% | 13.40% | — | floating | +39 SOFR | 2027-09-27 | AAA | AAA |
| Class A-3 | 511.0 | 32.9% | 13.40% | 1.98 | 4.43% | +51 I-curve | 2028-06-26 | AAA | AAA |
| Class A-4 | 123.0 | 7.9% | 13.40% | 2.44 | 4.49% | +59 I-curve | 2028-10-25 | 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 | Credit Agricole Securities, MUFG Securities Americas, BofA Securities |
| BMWLT 2025-1 | BMWLT 2024-2 | Source | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-06-10 | 2024-10-07 | 424B5 |
| Pool balance | $1,554.4MM | $1,468.9MM | 424B5 |
| WA Lessee Credit Score | 800 | 799 | 424B5 |
| WA original term mo | 36.0 | 36.0 mo | 424B5 |
| WA Residual % MSRP | 48.0% | 48.4% | calc |
| ALG-marked residuals | 100.0% | 100.0% | calc |
| WA Securitization Value | $56,797 | $62,107 | calc |
| Top-3 model concentration | 17.3% | 20.7% | calc |
| Geo top-3 | CA 18.0% FL 15.0% NY 9.3% | CA 19.2% FL 13.6% NJ 9.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||
| Enhancement, initial | 13.40% | 15.15% | calc |
| Enhancement, target | 15.90% | 17.65% | calc |
| Subordinate notes | 0.0% | 0.0% | calc |
| Initial OC | 13.15% | 14.90% | 424B5 |
| Target OC | 15.65% | 17.40% | 424B5 |
| Reserve account | 0.25% | 0.25% | 424B5 |
| Pricing | |||
| AAA spread | +51 bps A-3 · 2.0y | +62 bps A-3 · 2.1y | FWP |
| Terms | |||
| Discount rate | 10.85% | 11.20% | 424B5 |
| Tranches | 5 | 5 | 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.
| BMWLT 2025-1 | GMALT 2025-2 | MBALT 2025-A | WOALT 2025-A | FCALT 2025-A | NALT 2025-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-06-10 | 2025-05-29 | 2025-05-21 | 2025-03-12 | 2025-01-27 | 2025-01-22 | 424B5 |
| Pool balance | $1,554.4MM | $1,455.6MM | $1,460.0MM | $1,038.4MM | $1,560.5MM | $1,685.5MM | 424B5 |
| WA Lessee Credit Score | 800+34 | 780 | 786 | 742 | 764 | 766 | 424B5 |
| WA original term mo | 36.0−1.0 | 35.0 mo | 40.4 mo | 37.4 mo | 35.1 mo | 37.0 mo | 424B5 |
| WA Residual % MSRP | 48.0% | 51.8% | 44.3% | 57.0% | 50.2% | 50.1% | calc |
| ALG-marked residuals | 100.0% | 96.0% | 94.0% | 100.0% | 80.1% | 100.0% | calc |
| WA Securitization Value | $56,797 | $32,776 | $53,940 | $33,344 | $34,773 | $28,000 | calc |
| Top-3 model concentration | 17.3% | 35.0% | 21.5% | 36.7% | 53.6% | 50.5% | calc |
| Geo top-3 | CA 18.0% FL 15.0% NY 9.3% | MI 29.3% NY 14.1% FL 7.6% | CA 22.9% FL 16.3% NY 12.6% | FL 63.0% NC 14.6% GA 7.9% | MI 38.9% NY 10.8% CA 7.0% | FL 11.6% CA 11.6% TX 7.3% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 13.40%−5.40pp | 18.80% | 11.75% | 19.65% | 20.15% | 17.85% | calc |
| Enhancement, target | 15.90% | 19.80% | 13.25% | 21.40% | 22.95% | — | calc |
| Subordinate notes | 0.0%−5.9pp | 8.5% | 0.0% | 5.5% | 12.9% | 5.9% | calc |
| Initial OC | 13.15% | 10.00% | 11.50% | 13.65% | 7.00% | 11.60% | 424B5 |
| Target OC | 15.65% | 11.00% | 13.00% | 15.40% | 9.80% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.50% | 0.25% | 0.40% | 424B5 |
| Pricing | |||||||
| AAA spread | +51 bps−6bps A-3 · 2.0y | +64 bps A-3 · 1.8y | +62 bps A-3 · 2.4y | +53 bps A-3 · 2.2y | +48 bps A-3 · 2.0y | — | FWP |
| Terms | |||||||
| Discount rate | 10.85% | 9.25% | 10.80% | 10.00% | 9.40% | 10.00% | 424B5 |
| Tranches | 5 | 7 | 5 | 6 | 8 | 7 | 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 | 2,501 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.