| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 232.6 | 15.9% | 11.75% | 0.36 | — | — | — | — | — |
| Class A-2a | 315.3 | 21.6% | 11.75% | 1.39 | 4.57% | +52 I-curve | — | AAA | AAA |
| Class A-2b | 175.0 | 12.0% | 11.75% | 1.39 | floating | +52 SOFR | — | AAA | AAA |
| Class A-3 | 490.3 | 33.6% | 11.75% | 2.42 | 4.61% | +62 I-curve | — | AAA | AAA |
| Class A-4 | 78.9 | 5.4% | 11.75% | 2.92 | 4.69% | +70 I-curve | — | AAA | AAA |
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 | Mercedes-Benz Financial Services USA LLC |
|---|---|
| Servicer | Mercedes-Benz Financial Services USA LLC |
| Depositor / Transferor | Mercedes-Benz Trust Leasing LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, RBC Capital Markets, MUFG Securities Americas, SMBC Nikko Securities |
| MBALT 2025-A | MBALT 2024-B | MBALT 2024-A | Source | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-05-21 | 2024-09-25 | 2024-05-23 | 424B5 |
| Pool balance | $1,460.0MM | $1,450.0MM | $1,450.0MM | 424B5 |
| WA Lessee Credit Score | 7860 | 786 | 787 | 424B5 |
| WA original term mo | 40.4−1.5 | 42.2 mo | 41.6 mo | 424B5 |
| WA Residual % MSRP | 44.3% | 44.3% | 45.0% | calc |
| ALG-marked residuals | 94.0% | 94.0% | 89.4% | calc |
| WA Securitization Value | $53,940 | $49,171 | $55,129 | calc |
| Top-3 model concentration | 21.5% | 22.0% | 21.3% | calc |
| Geo top-3 | CA 22.9% FL 16.3% NY 12.6% | CA 29.3% NY 13.8% FL 13.5% | CA 29.3% FL 14.8% NY 13.1% | 424B5 |
| Enhancement beneath the AAA term notes | ||||
| Enhancement, initial | 11.75%−0.37pp | 11.75% | 12.50% | calc |
| Enhancement, target | 13.25% | 13.25% | 12.50% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | calc |
| Initial OC | 11.50% | 11.50% | 12.25% | 424B5 |
| Target OC | 13.00% | 13.00% | 12.25% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | ||||
| AAA spread | +62 bps−2bps A-3 · 2.4y | +66 bps A-3 · 1.9y | +63 bps A-3 · 2.3y | FWP |
| Terms | ||||
| Discount rate | 10.80% | 10.95% | 11.35% | 424B5 |
| Tranches | 5 | 5 | 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.
| MBALT 2025-A | WOALT 2025-A | GMALT 2025-1 | FCALT 2025-A | NALT 2025-A | BMWLT 2024-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-05-21 | 2025-03-12 | 2025-02-12 | 2025-01-27 | 2025-01-22 | 2024-10-07 | 424B5 |
| Pool balance | $1,460.0MM | $1,038.4MM | $1,964.9MM | $1,560.5MM | $1,685.5MM | $1,468.9MM | 424B5 |
| WA Lessee Credit Score | 786+20 | 742 | 781 | 764 | 766 | 799 | 424B5 |
| WA original term mo | 40.4+4.4 | 37.4 mo | 35.0 mo | 35.1 mo | 37.0 mo | 36.0 mo | 424B5 |
| WA Residual % MSRP | 44.3% | 57.0% | 52.5% | 50.2% | 50.1% | 48.4% | calc |
| ALG-marked residuals | 94.0% | 100.0% | 95.9% | 80.1% | 100.0% | 100.0% | calc |
| WA Securitization Value | $53,940 | $33,344 | $32,926 | $34,773 | $28,000 | $62,107 | calc |
| Top-3 model concentration | 21.5% | 36.7% | 37.9% | 53.6% | 50.5% | 20.7% | calc |
| Geo top-3 | CA 22.9% FL 16.3% NY 12.6% | FL 63.0% NC 14.6% GA 7.9% | MI 27.5% NY 15.0% FL 9.1% | 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 | 11.75%−7.05pp | 19.65% | 18.80% | 20.15% | 17.85% | 15.15% | calc |
| Enhancement, target | 13.25% | 21.40% | 19.80% | 22.95% | — | 17.65% | calc |
| Subordinate notes | 0.0%−5.9pp | 5.5% | 8.6% | 12.9% | 5.9% | 0.0% | calc |
| Initial OC | 11.50% | 13.65% | 10.00% | 7.00% | 11.60% | 14.90% | 424B5 |
| Target OC | 13.00% | 15.40% | 11.00% | 9.80% | — | 17.40% | 424B5 |
| Reserve account | 0.25% | 0.50% | 0.25% | 0.25% | 0.40% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +62 bps+9bps A-3 · 2.4y | +53 bps A-3 · 2.2y | +52 bps A-3 · 1.9y | +48 bps A-3 · 2.0y | — | +62 bps A-3 · 2.1y | FWP |
| Terms | |||||||
| Discount rate | 10.80% | 10.00% | 9.50% | 9.40% | 10.00% | 11.20% | 424B5 |
| Tranches | 5 | 6 | 7 | 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.