| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 180.0 | 12.5% | 74.3% | 4.08% fxd | 0.23 | 2026-10-26 | A-1+ | F1+ |
| Class A-2a | 335.0 | 23.3% | 51.1% | 3.94% fxd | 0.94 | 2027-11-26 | AAA | AAA |
| Class A-2b | 143.5 | 10.0% | 41.1% | +31 bps SOFR | 0.94 | 2027-11-26 | AAA | AAA |
| Class A-3 | 478.5 | 33.2% | 7.9% | 3.97% fxd | 1.81 | 2028-09-25 | AAA | AAA |
| Class A-4 | 113.0 | 7.9% | 0.0% | 4.03% fxd | 2.33 | 2029-05-25 | 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 | BNP Paribas Securities, Barclays Capital, TD Securities, Lloyds Securities, U.S. Bancorp Investments |
| BMWLT 2025-2 | BMWLT 2025-1 | BMWLT 2024-2 | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-10-15 | 2025-06-10 | 2024-10-07 |
| Pool balance | $1,439.3MM | $1,554.4MM | $1,468.9MM |
| WA Lessee Credit Score | 792+2 | 792 | 789 |
| WA original term mo | 36.00.0 | 36.0 mo | 36.0 mo |
| WA Residual % MSRP | 48.3% | 48.0% | 48.4% |
| ALG-marked residuals | 100.0% | 100.0% | 100.0% |
| WA Securitization Value | $46,784 | $42,435 | $51,501 |
| Top-3 model concentration | 14.7% | 17.6% | 20.7% |
| Geo top-3 | CA 20.4% FL 16.7% TX 8.7% | CA 18.0% FL 15.0% NY 9.3% | CA 19.2% FL 13.6% NJ 9.2% |
| Structure (at issuance) | |||
| AAA spread | +31 bps−9bps | +39 bps | +42 bps |
| AAA % of pool | 74.3%+1.6pp | 73.7% | 71.8% |
| Initial OC | 13.15% | 13.15% | 14.90% |
| Target OC | 15.65% | 15.65% | 17.40% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% |
| Total Hard CE (Initial) | 13.40% | 13.40% | 15.15% |
| Total Hard CE (Target) | 15.90% | 15.90% | 17.65% |
| Discount rate | 10.15% | 10.85% | 11.20% |
| Tranches | 5 | 5 | 5 |
| BMWLT 2025-2 | VWALT 2025-B | GMALT 2024-3 | NALT 2025-B | FCALT 2025-B | MBALT 2025-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-10-15 | 2025-09-16 | 2025-08-13 | 2025-07-29 | 2025-07-29 | 2025-05-21 |
| Pool balance | $1,439.3MM | $1,749.3MM | $1,228.4MM | $1,271.8MM | $1,560.5MM | $1,197.1MM |
| WA Lessee Credit Score | 792+11 | 789 | 781 | 759 | 764 | 786 |
| WA original term mo | 36.0+0.1 | — | 35.0 mo | 36.0 mo | 35.8 mo | 40.4 mo |
| WA Residual % MSRP | 48.3% | 48.5% | 52.5% | 49.5% | 49.8% | 44.3% |
| ALG-marked residuals | 100.0% | 97.4% | 96.9% | 100.0% | 85.2% | 94.0% |
| WA Securitization Value | $46,784 | $29,605 | $30,172 | $26,224 | $33,269 | $45,969 |
| Top-3 model concentration | 14.7% | 49.6% | 37.7% | 50.3% | 54.5% | 21.9% |
| Geo top-3 | CA 20.4% FL 16.7% TX 8.7% | CA 16.2% FL 15.5% NY 14.4% | MI 27.3% NY 14.8% FL 9.7% | NY 16.7% NJ 15.5% FL 11.2% | MI 33.4% NY 10.5% CA 8.4% | CA 22.9% FL 16.3% NY 12.6% |
| Structure (at issuance) | ||||||
| AAA spread | +31 bps−8bps | +37 bps | +35 bps | +47 bps | +39 bps | +52 bps |
| AAA % of pool | 74.3%+4.2pp | 73.6% | 62.4% | 65.8% | 70.2% | 88.5% |
| Initial OC | 13.15% | 14.25% | 10.00% | 11.15% | 7.00% | 11.50% |
| Target OC | 15.65% | 17.75% | 11.00% | — | 9.00% | 13.00% |
| Subordination below AAA | 0.0%−5.6pp | 0.0% | 7.7% | 5.6% | 12.9% | 0.0% |
| Total Hard CE (Initial) | 13.40% | 14.50% | 19.75% | 18.70% | 20.85% | 11.75% |
| Total Hard CE (Target) | 15.90% | 18.00% | 20.75% | — | 22.85% | 13.25% |
| Discount rate | 10.15% | 10.00% | 9.00% | 10.00% | 9.30% | 10.80% |
| Tranches | 5 | 5 | 7 | 7 | 8 | 5 |
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 | 1,475 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.