| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 155.0 | 9.9% | 20.15% | 0.25 | 4.43% | +12 I-curve | 2026-08-15 | A-1+ | P-1 |
| Class A-2a | 282.5 | 18.1% | 20.15% | 1.07 | 4.37% | +39 I-curve | 2028-03-15 | AAA | Aaa |
| Class A-2b | 225.0 | 14.4% | 20.15% | 1.07 | floating | +39 SOFR | 2028-03-15 | AAA | Aaa |
| Class A-3 | 507.5 | 32.5% | 20.15% | 2.03 | 4.23% | +45 I-curve | 2028-12-15 | AAA | Aaa |
| Class A-4 | 80.0 | 5.1% | 20.15% | 2.44 | 4.30% | +54 I-curve | 2029-08-15 | AAA | Aaa |
| Class B | 56.2 | 3.6% | 16.55% | 2.53 | 4.52% | +77 I-curve | 2029-08-15 | AA | Aa1 |
| Class Cretained | 70.2 | 4.5% | 12.05% | — | — | — | — | — | — |
| Class D | 74.9 | 4.8% | 7.25% | — | — | — | — | — | — |
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 |
| Owner Trustee | The Bank of New York Mellon |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Deutsche Bank Securities, RBC Capital Markets, BofA Securities, Mischler Financial Group, U.S. Bancorp Investments, Mizuho Securities |
| FCALT 2025-B | FCALT 2025-A | FCALT 2024-B | Source | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-07-29 | 2025-01-27 | 2024-07-23 | 424B5 |
| Pool balance | $1,560.5MM | $1,560.5MM | $1,560.5MM | 424B5 |
| WA Lessee Credit Score | 7640 | 764 | 764 | 424B5 |
| WA original term mo | 35.8+0.3 | 35.1 mo | 35.8 mo | 424B5 |
| WA Residual % MSRP | 49.8% | 50.2% | 49.2% | calc |
| ALG-marked residuals | 85.2% | 80.1% | 81.3% | calc |
| WA Securitization Value | $35,218 | $34,773 | $34,117 | calc |
| Top-3 model concentration | 53.8% | 53.6% | 52.2% | calc |
| Geo top-3 | MI 33.4% NY 10.5% CA 8.4% | 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%0.00pp | 20.15% | 20.15% | calc |
| Enhancement, target | 22.15% | 22.95% | 22.95% | calc |
| Subordinate notes | 12.9%0.0pp | 12.9% | 12.9% | calc |
| Initial OC | 7.00% | 7.00% | 7.00% | 424B5 |
| Target OC | 9.00% | 9.80% | 9.80% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | ||||
| AAA spread | +45 bps−9bps A-3 · 2.0y | +48 bps A-3 · 2.0y | +60 bps A-3 · 2.0y | FWP |
| Terms | ||||
| Discount rate | 9.30% | 9.40% | 10.25% | 424B5 |
| Tranches | 8 | 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-B | NALT 2025-B | VWALT 2025-A | BMWLT 2025-1 | GMALT 2025-2 | MBALT 2025-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-07-29 | 2025-07-29 | 2025-06-17 | 2025-06-10 | 2025-05-29 | 2025-05-21 | 424B5 |
| Pool balance | $1,560.5MM | $1,125.5MM | $1,457.7MM | $1,554.4MM | $1,455.6MM | $1,460.0MM | 424B5 |
| WA Lessee Credit Score | 764−16 | 771 | 776 | 800 | 780 | 786 | 424B5 |
| WA original term mo | 35.8−0.2 | 36.0 mo | — | 36.0 mo | 35.0 mo | 40.4 mo | 424B5 |
| WA Residual % MSRP | 49.8% | 49.5% | 48.5% | 48.0% | 51.8% | 44.3% | calc |
| ALG-marked residuals | 85.2% | 100.0% | 99.3% | 100.0% | 96.0% | 94.0% | calc |
| WA Securitization Value | $35,218 | $28,070 | $31,797 | $56,797 | $32,776 | $53,940 | calc |
| Top-3 model concentration | 53.8% | 50.3% | 51.6% | 17.3% | 35.0% | 21.5% | calc |
| Geo top-3 | MI 33.4% NY 10.5% CA 8.4% | NY 16.7% NJ 15.5% FL 11.2% | CA 16.1% FL 15.9% NY 13.9% | CA 18.0% FL 15.0% NY 9.3% | MI 29.3% NY 14.1% FL 7.6% | CA 22.9% FL 16.3% NY 12.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 20.15%+5.65pp | 17.90% | 14.50% | 13.40% | 18.80% | 11.75% | calc |
| Enhancement, target | 22.15% | — | 17.50% | 15.90% | 19.80% | 13.25% | calc |
| Subordinate notes | 12.9%+12.9pp | 6.4% | 0.0% | 0.0% | 8.5% | 0.0% | calc |
| Initial OC | 7.00% | 11.15% | 14.25% | 13.15% | 10.00% | 11.50% | 424B5 |
| Target OC | 9.00% | — | 17.25% | 15.65% | 11.00% | 13.00% | 424B5 |
| Reserve account | 0.25% | 0.40% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +45 bps−10bps A-3 · 2.0y | +52 bps A-3 · 2.2y | +55 bps A-3 · 2.1y | +51 bps A-3 · 2.0y | +64 bps A-3 · 1.8y | +62 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Discount rate | 9.30% | 10.00% | 10.00% | 10.85% | 9.25% | 10.80% | 424B5 |
| Tranches | 8 | 7 | 5 | 5 | 7 | 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.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 94.03% |
|---|---|
| Realized G/L (% of scheduled) | -5.97% |
| Returned vehicles to date | 3,681 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.