Presale Report — Ford Credit Auto Lease Trust 2026-B

Capital Structure

Class	Size ($MM)	% of Pool	Sub %	CPN / Spread	WAL	Legal Final	S&P	Moody's
Class A-1	146.0	10.1%	89.9%	3.93% fxd	0.23	2027-07-15	AAA	P-1
Class A-2a	411.7	28.4%	61.6%	4.39% fxd	1.02	2029-03-15	AAA	Aaa
Class A-2b	100.0	6.9%	54.7%	+36 bps SOFR	1.02	2029-03-15	AAA	Aaa
Class A-3	511.7	35.3%	19.4%	4.68% fxd	2.03	2029-12-15	AAA	Aaa
Class A-4	80.6	5.6%	13.9%	4.73% fxd	2.45	2030-07-15	AAA	Aaa
Class B	91.3	6.3%	7.6%	4.83% fxd	2.58	2030-09-15	AA	Aa2
Class C	35.1	2.4%	5.2%	—	—	—	—	—
Class D	74.9	5.2%	0.0%	—	—	—	—	—

Sponsor	Ford Credit
Servicer	Portfolio Residual Performance
Depositor / Transferor	Ford Credit and
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

Sponsor

Ford Credit

Servicer

Portfolio Residual Performance

Depositor / Transferor

Ford Credit and

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
Collateral (pool at cut-off)
Closing date	2026-07-27	2026-01-26	2025-07-29	2025-01-27	2024-07-23
Pool balance	—	$2,068.3MM	$1,560.5MM	$1,560.5MM	$1,560.5MM
WA Lessee Credit Score	763−1	763	764	764	764
WA original term mo	37.2+1.4	36.8 mo	35.8 mo	35.1 mo	35.8 mo
WA Residual % MSRP	63.6%	63.7%	49.8%	50.2%	49.2%
ALG-marked residuals	90.1%	86.8%	85.2%	80.1%	81.3%
WA Securitization Value	$49,309	$993,604,775	$33,269	$34,499	$32,312
Top-3 model concentration	—	55.8%	54.5%	53.6%	52.8%
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%
Structure (at issuance)
AAA spread	+36 bps−3bps	+34 bps	+39 bps	+41 bps	+40 bps
AAA % of pool	86.1%+16.8pp	52.7%	70.2%	68.5%	72.2%
Initial OC	—	7.00%	7.00%	7.00%	7.00%
Target OC	—	9.00%	9.00%	9.80%	9.80%
Subordination below AAA	13.9%+1.0pp	9.7%	12.9%	12.9%	12.9%
Total Hard CE (Initial)	—	22.67%	20.85%	22.67%	22.65%
Total Hard CE (Target)	—	24.67%	22.85%	25.47%	25.45%
Discount rate	—	8.90%	9.30%	9.40%	10.25%
Tranches	8	8	8	8	8

	FCALT 2026-B	PILOT 2026-1	GMALT 2026-2	BMWLT 2026-1	WOALT 2026-A	VWALT 2026-A
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
Pool balance	—	—	$1,543.7MM	$1,727.1MM	—	$1,994.2MM
WA Lessee Credit Score	763−17	796	780	792	741	774
WA original term mo	37.2+1.7	35.0 mo	35.0 mo	36.0 mo	37.7 mo	—
WA Residual % MSRP	63.6%	—	53.1%	48.3%	58.4%	47.3%
ALG-marked residuals	90.1%	—	92.9%	100.0%	—	97.4%
WA Securitization Value	$49,309	—	$35,221	$56,395	—	$33,479
Top-3 model concentration	—	—	37.4%	20.7%	—	48.3%
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%
Structure (at issuance)
AAA spread	+36 bps−3bps	+35 bps	+39 bps	+37 bps	+43 bps	+47 bps
AAA % of pool	86.1%+13.7pp	84.2%	62.5%	72.4%	78.1%	72.4%
Initial OC	—	—	10.00%	13.15%	—	14.25%
Target OC	—	—	11.00%	15.65%	—	17.75%
Subordination below AAA	13.9%+13.9pp	0.0%	7.7%	0.0%	9.4%	0.0%
Total Hard CE (Initial)	—	—	18.94%	13.40%	—	14.50%
Total Hard CE (Target)	—	—	19.94%	15.90%	—	18.00%
Discount rate	—	—	10.00%	10.75%	—	9.95%
Tranches	8	5	7	5	7	5

Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.

CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.