| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 187.0 | 12.8% | 18.80% | 0.26 | 4.48% | +15 I-curve | 2026-05-20 | A-1+ | F1+ |
| Class A-2-A | 250.0 | 17.2% | 18.80% | 1.06 | 4.55% | +50 I-curve | 2027-07-20 | AAA | AAA |
| Class A-2-B | 217.0 | 14.9% | 18.80% | 1.06 | floating | +50 SOFR | 2027-07-20 | AAA | AAA |
| Class A-3 | 466.7 | 32.1% | 18.80% | 1.80 | 4.58% | +64 I-curve | 2028-05-22 | AAA | AAA |
| Class A-4 | 64.8 | 4.5% | 18.80% | 2.21 | 4.64% | +73 I-curve | 2029-04-20 | AAA | AAA |
| Class B | 64.8 | 4.4% | 14.35% | 2.34 | 4.80% | +90 I-curve | 2029-04-20 | AA | AA |
| Class C | 59.7 | 4.1% | 10.25% | 2.45 | 5.04% | +115 I-curve | 2029-10-22 | A | A |
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 | Wilmington Trust Company |
| Owner Trustee | Wilmington Trust Company |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Barclays Capital, Deutsche Bank Securities, Goldman Sachs, BMO Capital Markets, BofA Securities, Mizuho Securities |
| GMALT 2025-2 | GMALT 2025-1 | GMALT 2024-3 | GMALT 2024-2 | GMALT 2024-1 | GMALT 2023-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-05-29 | 2025-02-12 | 2024-10-02 | 2024-05-16 | 2024-02-15 | 2023-08-16 | 424B5 |
| Pool balance | $1,455.6MM | $1,964.9MM | $1,463.4MM | $1,521.8MM | $1,755.9MM | $1,169.3MM | 424B5 |
| WA Lessee Credit Score | 780−1 | 781 | 781 | 781 | 781 | 780 | 424B5 |
| WA original term mo | 35.0−1.0 | 35.0 mo | 36.0 mo | 35.0 mo | 36.0 mo | 36.0 mo | 424B5 |
| WA Residual % MSRP | 51.8% | 52.5% | 52.5% | 53.1% | 53.0% | 52.4% | calc |
| ALG-marked residuals | 96.0% | 95.9% | 96.9% | 96.0% | 95.6% | 97.1% | calc |
| WA Securitization Value | $32,776 | $32,926 | $31,703 | $32,378 | $31,900 | $30,631 | calc |
| Top-3 model concentration | 35.0% | 37.9% | 37.4% | 37.9% | 35.1% | 36.4% | calc |
| Geo top-3 | MI 29.3% NY 14.1% FL 7.6% | MI 27.5% NY 15.0% FL 9.1% | MI 29.0% NY 16.1% FL 8.5% | MI 29.3% NY 16.1% FL 8.5% | MI 31.2% NY 15.1% FL 7.2% | MI 29.2% NY 16.4% FL 8.5% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 18.80%−0.35pp | 18.80% | 18.80% | 19.15% | 19.15% | 19.15% | calc |
| Enhancement, target | 19.80% | 19.80% | 19.80% | 21.65% | 21.65% | 21.65% | calc |
| Subordinate notes | 8.5%−2.4pp | 8.6% | 8.5% | 10.9% | 10.9% | 10.9% | calc |
| Initial OC | 10.00% | 10.00% | 10.00% | 8.00% | 8.00% | 8.00% | 424B5 |
| Target OC | 11.00% | 11.00% | 11.00% | 10.50% | 10.50% | 10.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +64 bps−2bps A-3 · 1.8y | +52 bps A-3 · 1.9y | +66 bps A-3 · 1.8y | +62 bps A-3 · 2.0y | +70 bps A-3 · 2.0y | +70 bps A-3 · 2.0y | FWP |
| Terms | |||||||
| Discount rate | 9.25% | 9.50% | 9.50% | 9.50% | 9.75% | 10.00% | 424B5 |
| Tranches | 7 | 7 | 7 | 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.
| GMALT 2025-2 | MBALT 2025-A | WOALT 2025-A | FCALT 2025-A | NALT 2025-A | BMWLT 2024-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-05-29 | 2025-05-21 | 2025-03-12 | 2025-01-27 | 2025-01-22 | 2024-10-07 | 424B5 |
| Pool balance | $1,455.6MM | $1,460.0MM | $1,038.4MM | $1,560.5MM | $1,685.5MM | $1,468.9MM | 424B5 |
| WA Lessee Credit Score | 780+14 | 786 | 742 | 764 | 766 | 799 | 424B5 |
| WA original term mo | 35.0−2.0 | 40.4 mo | 37.4 mo | 35.1 mo | 37.0 mo | 36.0 mo | 424B5 |
| WA Residual % MSRP | 51.8% | 44.3% | 57.0% | 50.2% | 50.1% | 48.4% | calc |
| ALG-marked residuals | 96.0% | 94.0% | 100.0% | 80.1% | 100.0% | 100.0% | calc |
| WA Securitization Value | $32,776 | $53,940 | $33,344 | $34,773 | $28,000 | $62,107 | calc |
| Top-3 model concentration | 35.0% | 21.5% | 36.7% | 53.6% | 50.5% | 20.7% | calc |
| Geo top-3 | MI 29.3% NY 14.1% FL 7.6% | CA 22.9% FL 16.3% NY 12.6% | FL 63.0% NC 14.6% GA 7.9% | MI 38.9% NY 10.8% CA 7.0% | FL 11.6% CA 11.6% TX 7.3% | CA 19.2% FL 13.6% NJ 9.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 18.80%+0.95pp | 11.75% | 19.65% | 20.15% | 17.85% | 15.15% | calc |
| Enhancement, target | 19.80% | 13.25% | 21.40% | 22.95% | — | 17.65% | calc |
| Subordinate notes | 8.5%+3.0pp | 0.0% | 5.5% | 12.9% | 5.9% | 0.0% | calc |
| Initial OC | 10.00% | 11.50% | 13.65% | 7.00% | 11.60% | 14.90% | 424B5 |
| Target OC | 11.00% | 13.00% | 15.40% | 9.80% | — | 17.40% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.50% | 0.25% | 0.40% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +64 bps+6bps A-3 · 1.8y | +62 bps A-3 · 2.4y | +53 bps A-3 · 2.2y | +48 bps A-3 · 2.0y | — | +62 bps A-3 · 2.1y | FWP |
| Terms | |||||||
| Discount rate | 9.25% | 10.80% | 10.00% | 9.40% | 10.00% | 11.20% | 424B5 |
| Tranches | 7 | 5 | 6 | 8 | 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 | 87.87% |
|---|---|
| Realized G/L (% of scheduled) | -12.13% |
| Returned vehicles to date | 6,123 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.