| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 160.0 | 10.3% | 20.15% | 0.25 | 3.82% | +14 I-curve | 2027-01-15 | P-1 | F1+ |
| Class A-2a | 315.0 | 20.2% | 20.15% | 0.99 | 3.83% | +34 I-curve | 2028-08-15 | Aaa | AAA |
| Class A-2b | 192.5 | 12.3% | 20.15% | 0.99 | floating | +34 SOFR | 2028-08-15 | Aaa | AAA |
| Class A-3 | 507.5 | 32.5% | 20.15% | 2.00 | 4.00% | +44 I-curve | 2029-07-15 | Aaa | AAA |
| Class A-4 | 75.0 | 4.8% | 20.15% | 2.54 | 4.08% | +48 I-curve | 2030-02-15 | Aaa | AAA |
| Class B | 56.2 | 3.6% | 16.55% | 2.64 | 4.20% | +60 I-curve | 2030-02-15 | Aa1 | AA |
| Class Cretained | 70.2 | 4.5% | 12.05% | — | — | — | 2030-02-15 | — | — |
| Class D | 74.9 | 4.8% | 7.25% | — | — | — | 2030-10-15 | — | — |
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, RBC Capital Markets, TD Securities, Lloyds Securities, CastleOak Securities, Mischler Financial Group |
| FCALT 2026-A | FCALT 2025-B | FCALT 2025-A | FCALT 2024-B | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-01-26 | 2025-07-29 | 2025-01-27 | 2024-07-23 | 424B5 |
| Pool balance | $1,560.5MM | $1,560.5MM | $1,560.5MM | $1,560.5MM | 424B5 |
| WA Lessee Credit Score | 763−1 | 764 | 764 | 764 | 424B5 |
| WA original term mo | 36.8+1.0 | 35.8 mo | 35.1 mo | 35.8 mo | 424B5 |
| WA Residual % MSRP | 49.9% | 49.8% | 50.2% | 49.2% | calc |
| ALG-marked residuals | 86.8% | 85.2% | 80.1% | 81.3% | calc |
| WA Securitization Value | $35,735 | $35,218 | $34,773 | $34,117 | calc |
| Top-3 model concentration | 55.8% | 53.8% | 53.6% | 52.2% | calc |
| Geo top-3 | MI 30.9% NY 10.2% CA 8.9% | 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% | 20.15% | calc |
| Enhancement, target | 22.15% | 22.15% | 22.95% | 22.95% | calc |
| Subordinate notes | 12.9%0.0pp | 12.9% | 12.9% | 12.9% | calc |
| Initial OC | 7.00% | 7.00% | 7.00% | 7.00% | 424B5 |
| Target OC | 9.00% | 9.00% | 9.80% | 9.80% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||
| AAA spread | +44 bps−4bps A-3 · 2.0y | +45 bps A-3 · 2.0y | +48 bps A-3 · 2.0y | +60 bps A-3 · 2.0y | FWP |
| Terms | |||||
| Discount rate | 8.90% | 9.30% | 9.40% | 10.25% | 424B5 |
| Tranches | 8 | 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 2026-A | MBALT 2026-A | BMWLT 2025-2 | VWALT 2025-B | GMALT 2025-3 | NALT 2025-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-01-26 | 2026-01-21 | 2025-10-15 | 2025-09-16 | 2025-08-13 | 2025-07-29 | 424B5 |
| Pool balance | $1,560.5MM | $1,500.0MM | $1,439.3MM | $1,749.3MM | $1,105.5MM | $1,125.5MM | 424B5 |
| WA Lessee Credit Score | 763−22 | 786 | 798 | 789 | 781 | 771 | 424B5 |
| WA original term mo | 36.8+0.8 | 40.2 mo | 36.0 mo | — | 35.0 mo | 36.0 mo | 424B5 |
| WA Residual % MSRP | 49.9% | 43.9% | 48.3% | 48.5% | 52.2% | 49.5% | calc |
| ALG-marked residuals | 86.8% | 95.9% | 100.0% | 97.4% | 95.6% | 100.0% | calc |
| WA Securitization Value | $35,735 | $52,634 | $56,210 | $32,179 | $33,724 | $28,070 | calc |
| Top-3 model concentration | 55.8% | 20.1% | 14.5% | 49.6% | 34.7% | 50.3% | calc |
| Geo top-3 | MI 30.9% NY 10.2% CA 8.9% | CA 29.2% FL 14.0% NY 11.8% | CA 20.4% FL 16.7% TX 8.7% | CA 16.2% FL 15.5% NY 14.4% | MI 27.3% NY 14.8% FL 9.7% | NY 16.7% NJ 15.5% FL 11.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 20.15%+5.65pp | 13.25% | 13.40% | 14.50% | 18.80% | 17.90% | calc |
| Enhancement, target | 22.15% | 14.75% | 15.90% | 18.00% | 19.80% | — | calc |
| Subordinate notes | 12.9%+12.9pp | 0.0% | 0.0% | 0.0% | 8.5% | 6.4% | calc |
| Initial OC | 7.00% | 13.00% | 13.15% | 14.25% | 10.00% | 11.15% | 424B5 |
| Target OC | 9.00% | 14.50% | 15.65% | 17.75% | 11.00% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.40% | 424B5 |
| Pricing | |||||||
| AAA spread | +44 bps−3bps A-3 · 2.0y | +43 bps A-3 · 2.2y | +41 bps A-3 · 1.8y | +51 bps A-3 · 2.0y | +47 bps A-3 · 1.9y | +52 bps A-3 · 2.2y | FWP |
| Terms | |||||||
| Discount rate | 8.90% | 10.40% | 10.15% | 10.00% | 9.00% | 10.00% | 424B5 |
| Tranches | 8 | 5 | 5 | 5 | 7 | 7 | 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 | 90.18% |
|---|---|
| Realized G/L (% of scheduled) | -9.82% |
| Returned vehicles to date | 2,001 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.