| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 249.6 | 14.5% | 13.40% | 0.26 | 3.83% | +14 I-curve | 2027-04-26 | P-1 | F1+ |
| Class A-2a | 490.2 | 28.4% | 13.40% | 1.04 | 4.03% | — | 2028-07-25 | Aaa | AAA |
| Class A-2b | 90.0 | 5.2% | 13.40% | 1.04 | floating | +37 SOFR | 2028-07-25 | Aaa | AAA |
| Class A-3 | 580.2 | 33.6% | 13.40% | 1.96 | 4.15% | +43 I-curve | 2029-05-25 | Aaa | AAA |
| Class A-4 | 90.0 | 5.2% | 13.40% | 2.47 | 4.18% | +45 I-curve | 2029-11-26 | 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 | J.P. Morgan Securities, RBC Capital Markets, MUFG Securities Americas, Mizuho Securities |
| BMWLT 2026-1 | BMWLT 2025-2 | BMWLT 2025-1 | BMWLT 2024-2 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-04-22 | 2025-10-15 | 2025-06-10 | 2024-10-07 | 424B5 |
| Pool balance | $1,727.1MM | $1,439.3MM | $1,554.4MM | $1,468.9MM | 424B5 |
| WA Lessee Credit Score | 7990 | 798 | 800 | 799 | 424B5 |
| WA original term mo | 36.00.0 | 36.0 mo | 36.0 mo | 36.0 mo | 424B5 |
| WA Residual % MSRP | 48.3% | 48.3% | 48.0% | 48.4% | calc |
| ALG-marked residuals | 100.0% | 100.0% | 100.0% | 100.0% | calc |
| WA Securitization Value | $56,395 | $56,210 | $56,797 | $62,107 | calc |
| Top-3 model concentration | 20.7% | 14.5% | 17.3% | 20.7% | calc |
| Geo top-3 | CA 20.8% FL 13.9% NY 10.1% | 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%0.00pp | 13.40% | 13.40% | 15.15% | calc |
| Enhancement, target | 15.90% | 15.90% | 15.90% | 17.65% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | calc |
| Initial OC | 13.15% | 13.15% | 13.15% | 14.90% | 424B5 |
| Target OC | 15.65% | 15.65% | 15.65% | 17.40% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||
| AAA spread | +43 bps−8bps A-3 · 2.0y | +41 bps A-3 · 1.8y | +51 bps A-3 · 2.0y | +62 bps A-3 · 2.1y | FWP |
| Terms | |||||
| Discount rate | 10.75% | 10.15% | 10.85% | 11.20% | 424B5 |
| Tranches | 5 | 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 2026-1 | WOALT 2026-A | VWALT 2026-A | NALT 2026-A | GMALT 2026-1 | FCALT 2026-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-04-22 | 2026-03-25 | 2026-03-24 | 2026-02-26 | 2026-02-12 | 2026-01-26 | 424B5 |
| Pool balance | $1,727.1MM | $1,263.3MM | $1,994.2MM | $1,422.1MM | $1,111.8MM | $1,560.5MM | 424B5 |
| WA Lessee Credit Score | 799+26 | 741 | 774 | 773 | 781 | 763 | 424B5 |
| WA original term mo | 36.0−0.4 | 37.7 mo | — | 36.0 mo | 35.0 mo | 36.8 mo | 424B5 |
| WA Residual % MSRP | 48.3% | 60.2% | 47.3% | 52.9% | 53.1% | 49.9% | calc |
| ALG-marked residuals | 100.0% | 100.0% | 97.4% | 99.8% | 92.7% | 86.8% | calc |
| WA Securitization Value | $56,395 | $29,985 | $33,479 | $30,043 | $35,418 | $35,735 | calc |
| Top-3 model concentration | 20.7% | 44.5% | 48.3% | 42.2% | 36.2% | 55.8% | calc |
| Geo top-3 | CA 20.8% FL 13.9% NY 10.1% | FL 64.9% NC 12.7% GA 8.7% | CA 19.6% FL 14.3% NY 11.8% | NY 16.7% NJ 15.5% FL 11.2% | MI 27.5% NY 13.2% FL 9.1% | MI 30.9% NY 10.2% CA 8.9% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 13.40%−5.40pp | 18.25% | 14.50% | 19.55% | 18.80% | 20.15% | calc |
| Enhancement, target | 15.90% | 21.00% | 18.00% | — | 19.30% | 22.15% | calc |
| Subordinate notes | 0.0%−8.5pp | 8.5% | 0.0% | 7.1% | 8.5% | 12.9% | calc |
| Initial OC | 13.15% | 9.50% | 14.25% | 12.10% | 10.00% | 7.00% | 424B5 |
| Target OC | 15.65% | 12.25% | 17.75% | — | 10.50% | 9.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.40% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +43 bps−1bps A-3 · 2.0y | +51 bps A-3 · 2.2y | +54 bps A-3 · 2.0y | +44 bps A-3 · 2.0y | +35 bps A-3 · 1.8y | +44 bps A-3 · 2.0y | FWP |
| Terms | |||||||
| Discount rate | 10.75% | 10.00% | 9.95% | 10.00% | 8.75% | 8.90% | 424B5 |
| Tranches | 5 | 7 | 5 | 7 | 6 | 8 | 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 | 452 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.