| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 146.0 | 9.4% | 20.15% | 0.23 | 3.93% | +14 I-curve | 2027-07-15 | AAA | P-1 |
| Class A-2a | 411.7 | 26.4% | 20.15% | 1.02 | 4.39% | +36 I-curve | 2029-03-15 | AAA | Aaa |
| Class A-2b | 100.0 | 6.4% | 20.15% | 1.02 | floating | +36 SOFR | 2029-03-15 | AAA | Aaa |
| Class A-3 | 511.7 | 32.8% | 20.15% | 2.03 | 4.68% | +46 I-curve | 2029-12-15 | AAA | Aaa |
| Class A-4 | 80.6 | 5.2% | 20.15% | 2.45 | 4.73% | +50 I-curve | 2030-07-15 | AAA | Aaa |
| Class B | 91.3 | 5.8% | 14.30% | 2.58 | 4.83% | +60 I-curve | 2030-09-15 | AA | Aa2 |
| Class Cretained | 35.1 | 2.2% | 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 Association |
| Owner Trustee | The Bank of New York Mellon |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BMO Capital Markets, BofA Securities, Wells Fargo Securities, Drexel Hamilton, Mischler Financial Group, BNY Mellon Capital Markets |
| FCALT 2026-B | FCALT 2026-A | FCALT 2025-B | FCALT 2025-A | FCALT 2024-B | Source | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-07-27 | 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 | $1,560.5MM | 424B5 |
| WA Lessee Credit Score | 763−1 | 763 | 764 | 764 | 764 | 424B5 |
| WA original term mo | 37.2+1.4 | 36.8 mo | 35.8 mo | 35.1 mo | 35.8 mo | 424B5 |
| WA Residual % MSRP | 50.4% | 49.9% | 49.8% | 50.2% | 49.2% | calc |
| ALG-marked residuals | 90.1% | 86.8% | 85.2% | 80.1% | 81.3% | calc |
| WA Securitization Value | $35,768 | $35,735 | $35,218 | $34,773 | $34,117 | calc |
| Top-3 model concentration | 56.4% | 55.8% | 53.8% | 53.6% | 52.2% | calc |
| Geo top-3 | FL 100.0% MI 29.2% NY 10.6% | 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% | 20.15% | calc |
| Enhancement, target | 22.15% | 22.15% | 22.15% | 22.95% | 22.95% | calc |
| Subordinate notes | 12.9%0.0pp | 12.9% | 12.9% | 12.9% | 12.9% | calc |
| Initial OC | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 424B5 |
| Target OC | 9.00% | 9.00% | 9.00% | 9.80% | 9.80% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | ||||||
| AAA spread | +46 bps0bps A-3 · 2.0y | +44 bps 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 | 9.05% | 8.90% | 9.30% | 9.40% | 10.25% | 424B5 |
| Tranches | 8 | 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-B | PILOT 2026-1 | GMALT 2026-2 | BMWLT 2026-1 | WOALT 2026-A | VWALT 2026-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-07-27 | 2026-06-12 | 2026-05-14 | 2026-04-22 | 2026-03-25 | 2026-03-24 | 424B5 |
| Pool balance | $1,560.5MM | $1,047.1MM | $1,389.4MM | $1,727.1MM | $1,263.3MM | $1,994.2MM | 424B5 |
| WA Lessee Credit Score | 763−17 | 804 | 780 | 799 | 741 | 774 | 424B5 |
| WA original term mo | 37.2+1.7 | 35.0 mo | 35.0 mo | 36.0 mo | 37.7 mo | — | 424B5 |
| WA Residual % MSRP | 50.4% | 42.1% | 53.1% | 48.3% | 60.2% | 47.3% | calc |
| ALG-marked residuals | 90.1% | 20.9% | 92.9% | 100.0% | 100.0% | 97.4% | calc |
| WA Securitization Value | $35,768 | $84,001 | $35,221 | $56,395 | $29,985 | $33,479 | calc |
| Top-3 model concentration | 56.4% | 38.4% | 37.4% | 20.7% | 44.5% | 48.3% | calc |
| Geo top-3 | FL 100.0% MI 29.2% NY 10.6% | CA 37.1% FL 13.1% NY 7.6% | MI 27.6% NY 13.2% FL 9.2% | CA 20.8% FL 13.9% NY 10.1% | FL 64.9% NC 12.7% GA 8.7% | CA 19.6% FL 14.3% NY 11.8% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 20.15%+5.65pp | 13.25% | 18.80% | 13.40% | 18.25% | 14.50% | calc |
| Enhancement, target | 22.15% | 14.25% | 19.80% | 15.90% | 21.00% | 18.00% | calc |
| Subordinate notes | 12.9%+12.9pp | 0.0% | 8.6% | 0.0% | 8.5% | 0.0% | calc |
| Initial OC | 7.00% | 13.00% | 10.00% | 13.15% | 9.50% | 14.25% | 424B5 |
| Target OC | 9.00% | 14.00% | 11.00% | 15.65% | 12.25% | 17.75% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +46 bps+2bps A-3 · 2.0y | +43 bps A-3 · 1.9y | +44 bps A-3 · 1.8y | +43 bps A-3 · 2.0y | +51 bps A-3 · 2.2y | +54 bps A-3 · 2.0y | FWP |
| Terms | |||||||
| Discount rate | 9.05% | 10.50% | 10.00% | 10.75% | 10.00% | 9.95% | 424B5 |
| Tranches | 8 | 5 | 7 | 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 | 63.62% |
|---|---|
| Realized G/L (% of scheduled) | -36.38% |
| Returned vehicles to date | 91 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.