| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 124.0 | 7.9% | 20.15% | 0.22 | 5.46% | +12 I-curve | 2025-08-15 | — | P-1 | F1+ |
| Class A-2A | 183.0 | 11.7% | 20.15% | — | 5.18% | — | 2027-02-15 | AAA | — | — |
| Class A-2B | 340.6 | 21.8% | 20.15% | — | floating | +40 SOFR | 2027-02-15 | AAA | — | — |
| Class A-3 | 523.5 | 33.5% | 20.15% | 1.96 | 4.99% | +60 I-curve | 2027-12-15 | AAA | Aaa | AAA |
| Class A-4 | 78.9 | 5.1% | 20.15% | 2.44 | 4.99% | +71 I-curve | 2028-01-15 | AAA | Aaa | AAA |
| Class B | 56.2 | 3.6% | 16.55% | 2.54 | 5.18% | +93 I-curve | 2028-02-15 | AA | Aa1 | AA |
| Class Cretained | 70.2 | 4.5% | 12.05% | 2.67 | — | — | 2028-03-15 | — | Aa2 | — |
| Class D | 74.9 | 4.8% | 7.25% | 2.78 | — | — | 2029-05-15 | — | A1 | — |
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 | Ford Motor Credit Company LLC |
|---|---|
| Servicer | Ford Motor Credit Company LLC |
| Depositor / Transferor | Ford Credit Auto Lease Two LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | The Bank of New York Mellon |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Deutsche Bank Securities, Wells Fargo Securities, BofA Securities, TD Securities, U.S. Bancorp Investments |
Earliest Ford Credit Auto Lease Trust transaction in our coverage — no prior issuance to compare.
| FCALT 2024-B | MBALT 2024-A | GMALT 2024-2 | WOALT 2024-A | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-07-23 | 2024-05-23 | 2024-05-16 | 2024-04-17 | 424B5 |
| Pool balance | $1,560.5MM | $1,450.0MM | $1,521.8MM | $991.2MM | 424B5 |
| WA Lessee Credit Score | 764−17 | 787 | 781 | 747 | 424B5 |
| WA original term mo | 35.8−2.5 | 41.6 mo | 35.0 mo | 38.3 mo | 424B5 |
| WA Residual % MSRP | 49.2% | 45.0% | 53.1% | 57.4% | calc |
| ALG-marked residuals | 81.3% | 89.4% | 96.0% | 100.0% | calc |
| WA Securitization Value | $34,117 | $55,129 | $32,378 | $29,019 | calc |
| Top-3 model concentration | 52.2% | 21.3% | 37.9% | 34.1% | calc |
| Geo top-3 | MI 38.7% NY 11.6% CA 6.7% | CA 29.3% FL 14.8% NY 13.1% | MI 29.3% NY 16.1% FL 8.5% | FL 62.5% NC 15.7% GA 7.7% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 20.15%+3.15pp | 12.50% | 19.15% | 17.00% | calc |
| Enhancement, target | 22.95% | 12.50% | 21.65% | 18.75% | calc |
| Subordinate notes | 12.9%+8.2pp | 0.0% | 10.9% | 4.7% | calc |
| Initial OC | 7.00% | 12.25% | 8.00% | 11.75% | 424B5 |
| Target OC | 9.80% | 12.25% | 10.50% | 13.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.50% | 424B5 |
| Pricing | |||||
| AAA spread | +60 bps−3bps A-3 · 2.0y | +63 bps A-3 · 2.3y | +62 bps A-3 · 2.0y | +64 bps A-3 · 2.3y | FWP |
| Terms | |||||
| Discount rate | 10.25% | 11.35% | 9.50% | 10.80% | 424B5 |
| Tranches | 8 | 5 | 8 | 6 | 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 | 103.32% |
|---|---|
| Realized G/L (% of scheduled) | 3.32% |
| Returned vehicles to date | 13,439 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.