| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 223.0 | 15.5% | 71.4% | — | — | 2027-10-25 | P-1 | F1+ |
| Class A-2a | 480.6 | 33.4% | 38.0% | — | — | 2029-01-25 | Aaa | AAA |
| Class A-2b | — | — | — | — | — | 2029-01-25 | Aaa | AAA |
| Class A-3 | 480.6 | 33.4% | 4.6% | — | — | 2029-12-26 | Aaa | AAA |
| Class A-4 | 65.8 | 4.6% | 0.0% | — | — | 2030-05-28 | 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 | BofA Securities, BNP Paribas Securities, Lloyds Securities, U.S. Bancorp Investments |
| BMWLT 2026-2 | BMWLT 2026-1 | BMWLT 2025-2 | BMWLT 2025-1 | BMWLT 2024-2 | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-10-14 | 2026-04-22 | 2025-10-15 | 2025-06-10 | 2024-10-07 |
| Pool balance | $1,439.3MM | $1,727.1MM | $1,439.3MM | $1,554.4MM | $1,468.9MM |
| WA Lessee Credit Score | 7920 | 792 | 792 | 792 | 789 |
| WA original term mo | 36.00.0 | 36.0 mo | 36.0 mo | 36.0 mo | 36.0 mo |
| WA Residual % MSRP | 56.6% | 48.3% | 48.3% | 48.0% | 48.4% |
| ALG-marked residuals | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| WA Securitization Value | $48,091 | $56,395 | $46,784 | $42,435 | $51,501 |
| Top-3 model concentration | 24.7% | 20.7% | 14.7% | 17.6% | 20.7% |
| Geo top-3 | CA 17.2% FL 14.7% NY 11.1% | 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% |
| Structure (at issuance) | |||||
| AAA spread | — | +37 bps | +31 bps | +39 bps | +42 bps |
| AAA % of pool | — | 72.4% | 74.3% | 73.7% | 71.8% |
| Initial OC | 13.15% | 13.15% | 13.15% | 13.15% | 14.90% |
| Target OC | 15.65% | 15.65% | 15.65% | 15.65% | 17.40% |
| Subordination below AAA | — | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Hard CE (Initial) | — | 13.40% | 13.40% | 13.40% | 15.15% |
| Total Hard CE (Target) | — | 15.90% | 15.90% | 15.90% | 17.65% |
| Discount rate | 11.25% | 10.75% | 10.15% | 10.85% | 11.20% |
| Tranches | 5 | 5 | 5 | 5 | 5 |
| BMWLT 2026-2 | VWALT 2026-B | GMALT 2026-3 | NALT 2026-B | FCALT 2026-B | PILOT 2026-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-10-14 | 2026-09-22 | 2026-08-13 | 2026-07-29 | 2026-07-27 | 2026-06-12 |
| Pool balance | $1,439.3MM | $1,166.2MM | $1,111.7MM | $1,447.5MM | $1,560.5MM | $1,047.1MM |
| WA Lessee Credit Score | 792+17 | 775 | 780 | 760 | 763 | 796 |
| WA original term mo | 36.00.0 | — | 35.0 mo | 37.0 mo | 37.2 mo | 35.0 mo |
| WA Residual % MSRP | 56.6% | 45.9% | 65.0% | 43.8% | 63.6% | 42.1% |
| ALG-marked residuals | 100.0% | 99.3% | 93.5% | 99.9% | 90.1% | 20.9% |
| WA Securitization Value | $48,091 | $33,466 | $35,155 | $20,554 | $49,309 | $84,001 |
| Top-3 model concentration | 24.7% | 48.1% | 38.6% | 70.4% | 56.4% | 38.4% |
| Geo top-3 | CA 17.2% FL 14.7% NY 11.1% | CA 22.5% FL 13.9% NY 10.2% | MI 24.9% NY 14.1% FL 10.5% | NY 14.8% NJ 14.4% FL 10.9% | FL 100.0% MI 29.2% NY 10.6% | CA 37.1% FL 13.1% NY 7.6% |
| Structure (at issuance) | ||||||
| AAA spread | — | +35 bps | +35 bps | +36 bps | +36 bps | +35 bps |
| AAA % of pool | — | 72.4% | 69.1% | 74.1% | 80.1% | 73.2% |
| Initial OC | 13.15% | 14.95% | 10.00% | 10.90% | 7.00% | 13.00% |
| Target OC | 15.65% | 18.45% | 11.00% | — | 9.00% | 14.00% |
| Subordination below AAA | — | 0.0% | 8.5% | 6.2% | 12.9% | 0.0% |
| Total Hard CE (Initial) | — | 15.20% | 18.80% | 17.50% | 20.15% | 13.25% |
| Total Hard CE (Target) | — | 18.70% | 19.80% | — | 22.15% | 14.25% |
| Discount rate | 11.25% | 10.45% | 10.00% | 10.00% | 9.05% | 10.50% |
| Tranches | 5 | 5 | 7 | 7 | 8 | 5 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.