| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 124.0 | 7.9% | 85.1% | 5.46% fxd | 0.22 | 2025-08-15 | — | P-1 | F1+ |
| Class A-2A | 183.0 | 11.7% | 73.3% | 5.18% fxd | — | 2027-02-15 | AAA | — | — |
| Class A-2B | 340.6 | 21.8% | 51.5% | +40 bps SOFR | — | 2027-02-15 | AAA | — | — |
| Class A-3 | 523.5 | 33.5% | 18.0% | 4.99% fxd | 1.96 | 2027-12-15 | AAA | Aaa | AAA |
| Class A-4 | 78.9 | 5.1% | 12.9% | 4.99% fxd | 2.44 | 2028-01-15 | AAA | Aaa | AAA |
| Class B | 56.2 | 3.6% | 9.3% | 5.18% fxd | 2.54 | 2028-02-15 | AA | Aa1 | AA |
| Class C | 70.2 | 4.5% | 4.8% | — | 2.67 | 2028-03-15 | — | Aa2 | — |
| Class D | 74.9 | 4.8% | 0.0% | — | 2.78 | 2029-05-15 | — | A1 | — |
| Sponsor | Ford Motor Credit Company LLC |
|---|---|
| Servicer | Ford Motor Credit Company LLC |
| Depositor / Transferor | Ford Motor Credit Company 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 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-07-23 | 2024-05-23 | 2024-05-16 | 2024-04-17 |
| Pool balance | $1,560.5MM | $1,161.6MM | $1,654.1MM | — |
| WA Lessee Credit Score | 764−17 | 787 | 781 | 747 |
| WA original term mo | 35.8−2.5 | 41.6 mo | 35.0 mo | 38.3 mo |
| WA Residual % MSRP | 49.2% | 45.0% | 53.1% | 54.5% |
| ALG-marked residuals | 81.3% | 89.4% | 96.0% | — |
| WA Securitization Value | $32,312 | $44,141 | $29,527 | $991,177,615 |
| Top-3 model concentration | 52.8% | 21.7% | 38.5% | — |
| 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% |
| Structure (at issuance) | ||||
| AAA spread | +40 bps−3bps | +44 bps | +42 bps | +43 bps |
| AAA % of pool | 72.2%−9.7pp | 87.8% | 63.2% | 81.8% |
| Initial OC | 7.00% | 12.25% | 8.00% | — |
| Target OC | 9.80% | 12.25% | 10.50% | — |
| Subordination below AAA | 12.9%+7.5pp | 0.0% | 10.0% | 5.4% |
| Total Hard CE (Initial) | 22.65% | 12.50% | 19.37% | — |
| Total Hard CE (Target) | 25.45% | 12.50% | 21.87% | — |
| Discount rate | 10.25% | 11.35% | 9.50% | — |
| Tranches | 8 | 5 | 8 | 6 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 104.31% |
|---|---|
| Realized G/L (% of scheduled) | 4.31% |
| Returned vehicles to date | 10,950 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.