| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 205.0 | 13.2% | 73.7% | 4.46% fxd | 0.29 | 2026-06-25 | A-1+ | F1+ |
| Class A-2a | 350.0 | 22.5% | 51.1% | 4.43% fxd | — | 2027-09-27 | AAA | AAA |
| Class A-2b | 161.0 | 10.4% | 40.8% | +39 bps SOFR | — | 2027-09-27 | AAA | AAA |
| Class A-3 | 511.0 | 32.9% | 7.9% | 4.43% fxd | 1.98 | 2028-06-26 | AAA | AAA |
| Class A-4 | 123.0 | 7.9% | 0.0% | 4.49% fxd | 2.44 | 2028-10-25 | 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 | Credit Agricole Securities, MUFG Securities Americas, BofA Securities |
| BMWLT 2025-1 | BMWLT 2024-2 | |
|---|---|---|
| Collateral (pool at cut-off) | ||
| Closing date | 2025-06-10 | 2024-10-07 |
| Pool balance | $1,554.4MM | $1,468.9MM |
| WA Lessee Credit Score | 792 | 789 |
| WA original term mo | 36.0 | 36.0 mo |
| WA Residual % MSRP | 48.0% | 48.4% |
| ALG-marked residuals | 100.0% | 100.0% |
| WA Securitization Value | $42,435 | $51,501 |
| Top-3 model concentration | 17.6% | 20.7% |
| Geo top-3 | CA 18.0% FL 15.0% NY 9.3% | CA 19.2% FL 13.6% NJ 9.2% |
| Structure (at issuance) | ||
| AAA spread | +39 bps | +42 bps |
| AAA % of pool | 73.7% | 71.8% |
| Initial OC | 13.15% | 14.90% |
| Target OC | 15.65% | 17.40% |
| Subordination below AAA | 0.0% | 0.0% |
| Total Hard CE (Initial) | 13.40% | 15.15% |
| Total Hard CE (Target) | 15.90% | 17.65% |
| Discount rate | 10.85% | 11.20% |
| Tranches | 5 | 5 |
| BMWLT 2025-1 | GMALT 2025-2 | MBALT 2025-A | WOALT 2025-A | FCALT 2025-A | NALT 2025-A | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,554.4MM | $1,617.3MM | $1,197.1MM | — | $1,560.5MM | $1,914.3MM |
| WA Lessee Credit Score | 792+28 | 780 | 786 | 742 | 764 | 758 |
| WA original term mo | 36.0−1.0 | 35.0 mo | 40.4 mo | 37.4 mo | 35.1 mo | 37.0 mo |
| WA Residual % MSRP | 48.0% | 51.8% | 44.3% | 56.6% | 50.2% | 50.1% |
| ALG-marked residuals | 100.0% | 96.0% | 94.0% | — | 80.1% | 100.0% |
| WA Securitization Value | $42,435 | $30,103 | $45,969 | — | $34,499 | $27,756 |
| Top-3 model concentration | 17.6% | 35.4% | 21.9% | — | 53.6% | 50.5% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +39 bps−6bps | +50 bps | +52 bps | +39 bps | +41 bps | — |
| AAA % of pool | 73.7%+5.2pp | 61.7% | 88.5% | 79.1% | 68.5% | 65.6% |
| Initial OC | 13.15% | 10.00% | 11.50% | — | 7.00% | 11.60% |
| Target OC | 15.65% | 11.00% | 13.00% | — | 9.80% | — |
| Subordination below AAA | 0.0%−6.4pp | 7.7% | 0.0% | 6.4% | 12.9% | 5.2% |
| Total Hard CE (Initial) | 13.40% | 19.76% | 11.75% | — | 22.67% | 18.62% |
| Total Hard CE (Target) | 15.90% | 20.76% | 13.25% | — | 25.47% | — |
| Discount rate | 10.85% | 9.25% | 10.80% | — | 9.40% | 10.00% |
| Tranches | 5 | 7 | 5 | 6 | 8 | 7 |
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 | 1,614 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.