| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 180.0 | 12.5% | 13.40% | 0.23 | 4.08% | +12 I-curve | 2026-10-26 | A-1+ | F1+ |
| Class A-2a | 335.0 | 23.3% | 13.40% | 0.94 | 3.94% | +31 I-curve | 2027-11-26 | AAA | AAA |
| Class A-2b | 143.5 | 10.0% | 13.40% | 0.94 | floating | +31 SOFR | 2027-11-26 | AAA | AAA |
| Class A-3 | 478.5 | 33.2% | 13.40% | 1.81 | 3.97% | +41 I-curve | 2028-09-25 | AAA | AAA |
| Class A-4 | 113.0 | 7.9% | 13.40% | 2.33 | 4.03% | +48 I-curve | 2029-05-25 | 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 | BNP Paribas Securities, Barclays Capital, TD Securities, Lloyds Securities, U.S. Bancorp Investments |
| BMWLT 2025-2 | BMWLT 2025-1 | BMWLT 2024-2 | Source | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-10-15 | 2025-06-10 | 2024-10-07 | 424B5 |
| Pool balance | $1,439.3MM | $1,554.4MM | $1,468.9MM | 424B5 |
| WA Lessee Credit Score | 798−2 | 800 | 799 | 424B5 |
| WA original term mo | 36.00.0 | 36.0 mo | 36.0 mo | 424B5 |
| WA Residual % MSRP | 48.3% | 48.0% | 48.4% | calc |
| ALG-marked residuals | 100.0% | 100.0% | 100.0% | calc |
| WA Securitization Value | $56,210 | $56,797 | $62,107 | calc |
| Top-3 model concentration | 14.5% | 17.3% | 20.7% | calc |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | ||||
| Enhancement, initial | 13.40%−0.87pp | 13.40% | 15.15% | calc |
| Enhancement, target | 15.90% | 15.90% | 17.65% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | calc |
| Initial OC | 13.15% | 13.15% | 14.90% | 424B5 |
| Target OC | 15.65% | 15.65% | 17.40% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | ||||
| AAA spread | +41 bps−15bps A-3 · 1.8y | +51 bps A-3 · 2.0y | +62 bps A-3 · 2.1y | FWP |
| Terms | ||||
| Discount rate | 10.15% | 10.85% | 11.20% | 424B5 |
| Tranches | 5 | 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 2025-2 | VWALT 2025-B | GMALT 2025-3 | FCALT 2025-B | NALT 2025-B | MBALT 2025-A | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,439.3MM | $1,749.3MM | $1,105.5MM | $1,560.5MM | $1,125.5MM | $1,460.0MM | 424B5 |
| WA Lessee Credit Score | 798+17 | 789 | 781 | 764 | 771 | 786 | 424B5 |
| WA original term mo | 36.0+0.1 | — | 35.0 mo | 35.8 mo | 36.0 mo | 40.4 mo | 424B5 |
| WA Residual % MSRP | 48.3% | 48.5% | 52.2% | 49.8% | 49.5% | 44.3% | calc |
| ALG-marked residuals | 100.0% | 97.4% | 95.6% | 85.2% | 100.0% | 94.0% | calc |
| WA Securitization Value | $56,210 | $32,179 | $33,724 | $35,218 | $28,070 | $53,940 | calc |
| Top-3 model concentration | 14.5% | 49.6% | 34.7% | 53.8% | 50.3% | 21.5% | calc |
| 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% | MI 33.4% NY 10.5% CA 8.4% | NY 16.7% NJ 15.5% FL 11.2% | CA 22.9% FL 16.3% NY 12.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 13.40%−4.50pp | 14.50% | 18.80% | 20.15% | 17.90% | 11.75% | calc |
| Enhancement, target | 15.90% | 18.00% | 19.80% | 22.15% | — | 13.25% | calc |
| Subordinate notes | 0.0%−6.4pp | 0.0% | 8.5% | 12.9% | 6.4% | 0.0% | calc |
| Initial OC | 13.15% | 14.25% | 10.00% | 7.00% | 11.15% | 11.50% | 424B5 |
| Target OC | 15.65% | 17.75% | 11.00% | 9.00% | — | 13.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.40% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +41 bps−10bps A-3 · 1.8y | +51 bps A-3 · 2.0y | +47 bps A-3 · 1.9y | +45 bps A-3 · 2.0y | +52 bps A-3 · 2.2y | +62 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Discount rate | 10.15% | 10.00% | 9.00% | 9.30% | 10.00% | 10.80% | 424B5 |
| Tranches | 5 | 5 | 7 | 8 | 7 | 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.
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 | 2,644 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.