| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 181.8 | 11.6% | 20.15% | 0.30 | 4.42% | +10 I-curve | 2026-02-15 | — | P-1 | F1+ |
| Class A-2-A | 245.0 | 15.7% | 20.15% | 1.10 | 4.57% | — | 2027-08-15 | AAA | Aaa | AAA |
| Class A-2-B | 249.6 | 16.0% | 20.15% | 1.10 | floating | +41 SOFR | 2027-08-15 | AAA | Aaa | AAA |
| Class A-3 | 494.6 | 31.7% | 20.15% | 1.96 | 4.72% | +48 I-curve | 2028-06-15 | AAA | Aaa | AAA |
| Class A-4 | 79.0 | 5.1% | 20.15% | 2.44 | 4.78% | +52 I-curve | 2029-02-15 | AAA | Aaa | AAA |
| Class B | 56.2 | 3.6% | 16.55% | 2.53 | 4.96% | +70 I-curve | 2029-02-15 | AA | Aa1 | AA |
| Class Cretained | 70.2 | 4.5% | 12.05% | 2.60 | — | — | 2029-02-15 | — | Aa2 | — |
| Class D | 74.9 | 4.8% | 7.25% | 2.69 | — | — | 2029-10-15 | — | A2 | — |
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 | BMO Capital Markets, BNP Paribas Securities, Wells Fargo Securities, J.P. Morgan Securities, BNY Mellon Capital Markets, Citigroup Global Markets |
| FCALT 2025-A | FCALT 2024-B | Source | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-01-27 | 2024-07-23 | 424B5 |
| Pool balance | $1,560.5MM | $1,560.5MM | 424B5 |
| WA Lessee Credit Score | 764 | 764 | 424B5 |
| WA original term mo | 35.1 | 35.8 mo | 424B5 |
| WA Residual % MSRP | 50.2% | 49.2% | calc |
| ALG-marked residuals | 80.1% | 81.3% | calc |
| WA Securitization Value | $34,773 | $34,117 | calc |
| Top-3 model concentration | 53.6% | 52.2% | calc |
| Geo top-3 | MI 38.9% NY 10.8% CA 7.0% | MI 38.7% NY 11.6% CA 6.7% | 424B5 |
| Enhancement beneath the AAA term notes | |||
| Enhancement, initial | 20.15% | 20.15% | calc |
| Enhancement, target | 22.95% | 22.95% | calc |
| Subordinate notes | 12.9% | 12.9% | calc |
| Initial OC | 7.00% | 7.00% | 424B5 |
| Target OC | 9.80% | 9.80% | 424B5 |
| Reserve account | 0.25% | 0.25% | 424B5 |
| Pricing | |||
| AAA spread | +48 bps A-3 · 2.0y | +60 bps A-3 · 2.0y | FWP |
| Terms | |||
| Discount rate | 9.40% | 10.25% | 424B5 |
| Tranches | 8 | 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.
| FCALT 2025-A | NALT 2025-A | BMWLT 2024-2 | GMALT 2024-3 | MBALT 2024-B | WOALT 2024-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-01-27 | 2025-01-22 | 2024-10-07 | 2024-10-02 | 2024-09-25 | 2024-04-17 | 424B5 |
| Pool balance | $1,560.5MM | $1,685.5MM | $1,468.9MM | $1,463.4MM | $1,450.0MM | $991.2MM | 424B5 |
| WA Lessee Credit Score | 764−17 | 766 | 799 | 781 | 786 | 747 | 424B5 |
| WA original term mo | 35.1−1.9 | 37.0 mo | 36.0 mo | 36.0 mo | 42.2 mo | 38.3 mo | 424B5 |
| WA Residual % MSRP | 50.2% | 50.1% | 48.4% | 52.5% | 44.3% | 57.4% | calc |
| ALG-marked residuals | 80.1% | 100.0% | 100.0% | 96.9% | 94.0% | 100.0% | calc |
| WA Securitization Value | $34,773 | $28,000 | $62,107 | $31,703 | $49,171 | $29,019 | calc |
| Top-3 model concentration | 53.6% | 50.5% | 20.7% | 37.4% | 22.0% | 34.1% | calc |
| Geo top-3 | MI 38.9% NY 10.8% CA 7.0% | FL 11.6% CA 11.6% TX 7.3% | CA 19.2% FL 13.6% NJ 9.2% | MI 29.0% NY 16.1% FL 8.5% | CA 29.3% NY 13.8% FL 13.5% | FL 62.5% NC 15.7% GA 7.7% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 20.15%+3.15pp | 17.85% | 15.15% | 18.80% | 11.75% | 17.00% | calc |
| Enhancement, target | 22.95% | — | 17.65% | 19.80% | 13.25% | 18.75% | calc |
| Subordinate notes | 12.9%+8.2pp | 5.9% | 0.0% | 8.5% | 0.0% | 4.7% | calc |
| Initial OC | 7.00% | 11.60% | 14.90% | 10.00% | 11.50% | 11.75% | 424B5 |
| Target OC | 9.80% | — | 17.40% | 11.00% | 13.00% | 13.50% | 424B5 |
| Reserve account | 0.25% | 0.40% | 0.25% | 0.25% | 0.25% | 0.50% | 424B5 |
| Pricing | |||||||
| AAA spread | +48 bps−17bps A-3 · 2.0y | — | +62 bps A-3 · 2.1y | +66 bps A-3 · 1.8y | +66 bps A-3 · 1.9y | +64 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Discount rate | 9.40% | 10.00% | 11.20% | 9.50% | 10.95% | 10.80% | 424B5 |
| Tranches | 8 | 7 | 5 | 7 | 5 | 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 | 96.05% |
|---|---|
| Realized G/L (% of scheduled) | -3.95% |
| Returned vehicles to date | 9,150 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.