| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 246.1 | 14.0% | 19.15% | 0.29 | 5.51% | +14 I-curve | 2025-02-20 | A-1+ | F1+ |
| Class A-2-A | 275.6 | 15.7% | 19.15% | 1.12 | 5.18% | — | 2026-06-22 | AAA | AAA |
| Class A-2-B | 275.6 | 15.7% | 19.15% | 1.12 | floating | +45 SOFR | 2026-06-22 | AAA | AAA |
| Class A-3 | 551.3 | 31.4% | 19.15% | 1.97 | 5.09% | +70 I-curve | 2027-03-22 | AAA | AAA |
| Class A-4 | 75.2 | 4.3% | 19.15% | 2.37 | 5.09% | +78 I-curve | 2028-02-22 | AAA | AAA |
| Class B | 76.4 | 4.4% | 14.80% | 2.47 | 5.33% | +105 I-curve | 2028-03-20 | AA | AA |
| Class Cretained | 71.2 | 4.1% | 10.75% | — | — | — | — | — | — |
| Class Dretained | 43.9 | 2.5% | 8.25% | — | — | — | — | — | — |
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 | AmeriCredit Financial Services, Inc. |
|---|---|
| Servicer | AmeriCredit Financial Services, Inc. |
| Depositor / Transferor | GMF Leasing LLC |
| Indenture Trustee | — |
| Owner Trustee | Wilmington Trust Company—also referred to herein as the “owner trustee”—is a Delaware |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BMO Capital Markets, J.P. Morgan Securities, Credit Agricole Securities, Drexel Hamilton, Goldman Sachs, Citigroup Global Markets |
| GMALT 2024-1 | GMALT 2023-3 | GMALT 2023-2 | GMALT 2023-1 | GMALT 2021-3 | GMALT 2021-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-02-15 | 2023-08-16 | 2023-05-17 | 2023-02-16 | 2021-08-18 | 2021-05-26 | 424B5 |
| Pool balance | $1,755.9MM | $1,169.3MM | $1,397.2MM | $1,676.1MM | $1,372.0MM | $1,366.5MM | 424B5 |
| WA Lessee Credit Score | 781+3 | 780 | 780 | 778 | 776 | 776 | 424B5 |
| WA original term mo | 36.0−1.0 | 36.0 mo | 37.0 mo | 37.0 mo | 37.0 mo | 38.0 mo | 424B5 |
| WA Residual % MSRP | 53.0% | 52.4% | 52.4% | 52.6% | 49.2% | 48.0% | calc |
| ALG-marked residuals | 95.6% | 97.1% | 95.8% | 92.0% | 95.0% | 95.5% | calc |
| WA Securitization Value | $31,900 | $30,631 | $30,255 | $29,478 | $28,316 | $27,249 | calc |
| Top-3 model concentration | 35.1% | 36.4% | 34.4% | 34.4% | 32.8% | 33.5% | calc |
| Geo top-3 | MI 31.2% NY 15.1% FL 7.2% | MI 29.2% NY 16.4% FL 8.5% | MI 29.5% NY 15.8% FL 9.2% | MI 29.2% NY 16.8% OH 8.7% | MI 28.1% NY 15.5% OH 8.0% | MI 26.6% NY 15.4% FL 8.0% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 19.15%0.00pp | 19.15% | 19.15% | 19.15% | 16.00% | 19.90% | calc |
| Enhancement, target | 21.65% | 21.65% | 21.65% | 21.65% | 17.50% | 21.40% | calc |
| Subordinate notes | 10.9%0.0pp | 10.9% | 10.9% | 10.9% | 10.2% | 10.9% | calc |
| Initial OC | 8.00% | 8.00% | 8.00% | 8.00% | 5.50% | 8.50% | 424B5 |
| Target OC | 10.50% | 10.50% | 10.50% | 10.50% | 7.00% | 10.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.50% | 424B5 |
| Pricing | |||||||
| AAA spread | +70 bps+29bps A-3 · 2.0y | +70 bps A-3 · 2.0y | +110 bps A-3 · 2.0y | — | +7 bps A-2 · 1.1y | +12 bps A-3 · 1.8y | FWP |
| Terms | |||||||
| Discount rate | 9.75% | 10.00% | 9.50% | 9.50% | 6.00% | 6.50% | 424B5 |
| Tranches | 8 | 8 | 8 | 8 | 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.
| GMALT 2024-1 | WOALT 2023-A | Source | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2024-02-15 | 2023-05-24 | 424B5 |
| Pool balance | $1,755.9MM | $935.4MM | 424B5 |
| WA Lessee Credit Score | 781 | 749 | 424B5 |
| WA original term mo | 36.0 | 38.8 mo | 424B5 |
| WA Residual % MSRP | 53.0% | 59.2% | calc |
| ALG-marked residuals | 95.6% | 100.0% | calc |
| WA Securitization Value | $31,900 | $27,329 | calc |
| Top-3 model concentration | 35.1% | 43.4% | calc |
| Geo top-3 | MI 31.2% NY 15.1% FL 7.2% | FL 63.3% NC 15.9% SC 8.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||
| Enhancement, initial | 19.15% | 18.25% | calc |
| Enhancement, target | 21.65% | 20.00% | calc |
| Subordinate notes | 10.9% | 3.8% | calc |
| Initial OC | 8.00% | 14.00% | 424B5 |
| Target OC | 10.50% | 15.75% | 424B5 |
| Reserve account | 0.25% | 0.50% | 424B5 |
| Pricing | |||
| AAA spread | +70 bps A-3 · 2.0y | +108 bps A-3 · 2.0y | FWP |
| Terms | |||
| Discount rate | 9.75% | 11.00% | 424B5 |
| Tranches | 8 | 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 | 103.76% |
|---|---|
| Realized G/L (% of scheduled) | 3.76% |
| Returned vehicles to date | 13,899 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.