| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 139.9 | 11.3% | 69.7% | 3.82% fxd | 0.34 | 2027-02-22 | A-1+ | F1+ |
| Class A-2 | 352.1 | 28.5% | 41.2% | 3.77% fxd | 1.10 | 2028-04-20 | AAA | AAA |
| Class A-3 | 352.1 | 28.5% | 12.7% | 3.88% fxd | 1.82 | 2029-01-22 | AAA | AAA |
| Class A-4 | 61.5 | 5.0% | 7.7% | 3.98% fxd | 2.24 | 2030-01-22 | AAA | AAA |
| Class B | 49.5 | 4.0% | 3.7% | 4.12% fxd | 2.38 | 2030-01-22 | AA | AA |
| Class C | 45.6 | 3.7% | 0.0% | — | — | — | — | — |
| Sponsor | GM Financial |
|---|---|
| Servicer | GM Financial |
| Depositor / Transferor | GMF Leasing LLC |
| Indenture Trustee | Wilmington Trust Company |
| 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 | Barclays Capital, BNP Paribas Securities, Morgan Stanley, Wells Fargo Securities, Drexel Hamilton, TD Securities |
| GMALT 2026-1 | GMALT 2024-3 | GMALT 2025-2 | GMALT 2025-1 | GMALT 2024-3 | GMALT 2024-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-02-12 | 2025-08-13 | 2025-05-29 | 2025-02-12 | 2024-10-02 | 2024-05-16 |
| Pool balance | $1,235.3MM | $1,228.4MM | $1,617.3MM | $2,183.2MM | $1,626.0MM | $1,654.1MM |
| WA Lessee Credit Score | 7810 | 781 | 780 | 781 | 781 | 781 |
| WA original term mo | 35.00.0 | 35.0 mo | 35.0 mo | 35.0 mo | 36.0 mo | 35.0 mo |
| WA Residual % MSRP | 64.7% | 52.5% | 51.8% | 52.5% | 52.5% | 53.1% |
| ALG-marked residuals | 92.7% | 96.9% | 96.0% | 95.9% | 96.9% | 96.0% |
| WA Securitization Value | $37,340 | $30,172 | $30,103 | $32,648 | $30,172 | $29,527 |
| Top-3 model concentration | 36.2% | 37.7% | 35.4% | 37.9% | 37.7% | 38.5% |
| Geo top-3 | MI 27.5% NY 13.2% FL 9.1% | MI 27.3% NY 14.8% FL 9.7% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | — | +35 bps | +50 bps | +41 bps | +47 bps | +42 bps |
| AAA % of pool | 62.0%−0.5pp | 62.4% | 61.7% | 62.9% | 62.5% | 63.2% |
| Initial OC | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 8.00% |
| Target OC | 10.50% | 11.00% | 11.00% | 11.00% | 11.00% | 10.50% |
| Subordination below AAA | 7.7%−0.0pp | 7.7% | 7.7% | 7.7% | 7.7% | 10.0% |
| Total Hard CE (Initial) | 19.12% | 19.75% | 19.76% | 19.12% | 19.12% | 19.37% |
| Total Hard CE (Target) | 19.62% | 20.75% | 20.76% | 20.12% | 20.12% | 21.87% |
| Discount rate | 8.75% | 9.00% | 9.25% | 9.50% | 9.50% | 9.50% |
| Tranches | 6 | 7 | 7 | 7 | 7 | 8 |
| GMALT 2026-1 | FCALT 2026-A | MBALT 2026-A | BMWLT 2025-2 | VWALT 2025-B | NALT 2025-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-02-12 | 2026-01-26 | 2026-01-21 | 2025-10-15 | 2025-09-16 | 2025-07-29 |
| Pool balance | $1,235.3MM | $2,068.3MM | $1,379.3MM | $1,439.3MM | $1,749.3MM | $1,271.8MM |
| WA Lessee Credit Score | 781−4 | 763 | 786 | 792 | 789 | 759 |
| WA original term mo | 35.0−1.4 | 36.8 mo | 40.2 mo | 36.0 mo | — | 36.0 mo |
| WA Residual % MSRP | 64.7% | 63.7% | 43.9% | 48.3% | 48.5% | 49.5% |
| ALG-marked residuals | 92.7% | 86.8% | 95.9% | 100.0% | 97.4% | 100.0% |
| WA Securitization Value | $37,340 | $993,604,775 | $52,634 | $46,784 | $29,605 | $26,224 |
| Top-3 model concentration | 36.2% | 55.8% | 20.1% | 14.7% | 49.6% | 50.3% |
| Geo top-3 | MI 27.5% NY 13.2% FL 9.1% | 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% | NY 16.7% NJ 15.5% FL 11.2% |
| Structure (at issuance) | ||||||
| AAA spread | — | +34 bps | +35 bps | +31 bps | +37 bps | +47 bps |
| AAA % of pool | 62.0%−10.2pp | 52.7% | 72.2% | 74.3% | 73.6% | 65.8% |
| Initial OC | 10.00% | 7.00% | 13.00% | 13.15% | 14.25% | 11.15% |
| Target OC | 10.50% | 9.00% | 14.50% | 15.65% | 17.75% | — |
| Subordination below AAA | 7.7%+7.7pp | 9.7% | 0.0% | 0.0% | 0.0% | 5.6% |
| Total Hard CE (Initial) | 19.12% | 22.67% | 13.25% | 13.40% | 14.50% | 18.70% |
| Total Hard CE (Target) | 19.62% | 24.67% | 14.75% | 15.90% | 18.00% | — |
| Discount rate | 8.75% | 8.90% | 10.40% | 10.15% | 10.00% | 10.00% |
| Tranches | 6 | 8 | 5 | 5 | 5 | 7 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 66.18% |
|---|---|
| Realized G/L (% of scheduled) | -33.82% |
| Returned vehicles to date | 109 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.