| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 232.6 | 19.4% | 88.5% | — | 0.36 | — | — | — |
| Class A-2a | 315.3 | 26.3% | 62.2% | 4.57% fxd | 1.39 | — | AAA | AAA |
| Class A-2b | 175.0 | 14.6% | 47.5% | +52 bps SOFR | 1.39 | — | AAA | AAA |
| Class A-3 | 490.3 | 41.0% | 6.6% | 4.61% fxd | 2.42 | — | AAA | AAA |
| Class A-4 | 78.9 | 6.6% | 0.0% | 4.69% fxd | 2.92 | — | AAA | AAA |
| 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 | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-05-21 | 2024-09-25 | 2024-05-23 |
| Pool balance | $1,197.1MM | $1,135.8MM | $1,161.6MM |
| WA Lessee Credit Score | 786−0 | 786 | 787 |
| WA original term mo | 40.4−1.5 | 42.2 mo | 41.6 mo |
| WA Residual % MSRP | 44.3% | 44.3% | 45.0% |
| ALG-marked residuals | 94.0% | 94.0% | 89.4% |
| WA Securitization Value | $45,969 | $41,735 | $44,141 |
| Top-3 model concentration | 21.9% | 21.6% | 21.7% |
| 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% |
| Structure (at issuance) | |||
| AAA spread | +52 bps−3bps | +66 bps | +44 bps |
| AAA % of pool | 88.5%+23.6pp | 42.1% | 87.8% |
| Initial OC | 11.50% | 11.50% | 12.25% |
| Target OC | 13.00% | 13.00% | 12.25% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% |
| Total Hard CE (Initial) | 11.75% | 11.75% | 12.50% |
| Total Hard CE (Target) | 13.25% | 13.25% | 12.50% |
| Discount rate | 10.80% | 10.95% | 11.35% |
| Tranches | 5 | 5 | 5 |
| MBALT 2025-A | WOALT 2025-A | GMALT 2025-1 | FCALT 2025-A | NALT 2025-A | BMWLT 2024-2 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,197.1MM | — | $2,183.2MM | $1,560.5MM | $1,914.3MM | $1,468.9MM |
| WA Lessee Credit Score | 786+22 | 742 | 781 | 764 | 758 | 789 |
| WA original term mo | 40.4+4.4 | 37.4 mo | 35.0 mo | 35.1 mo | 37.0 mo | 36.0 mo |
| WA Residual % MSRP | 44.3% | 56.6% | 52.5% | 50.2% | 50.1% | 48.4% |
| ALG-marked residuals | 94.0% | — | 95.9% | 80.1% | 100.0% | 100.0% |
| WA Securitization Value | $45,969 | — | $32,648 | $34,499 | $27,756 | $51,501 |
| Top-3 model concentration | 21.9% | — | 37.9% | 53.6% | 50.5% | 20.7% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +52 bps+11bps | +39 bps | +41 bps | +41 bps | — | +42 bps |
| AAA % of pool | 88.5%+20.1pp | 79.1% | 62.9% | 68.5% | 65.6% | 71.8% |
| Initial OC | 11.50% | — | 10.00% | 7.00% | 11.60% | 14.90% |
| Target OC | 13.00% | — | 11.00% | 9.80% | — | 17.40% |
| Subordination below AAA | 0.0%−6.4pp | 6.4% | 7.7% | 12.9% | 5.2% | 0.0% |
| Total Hard CE (Initial) | 11.75% | — | 19.12% | 22.67% | 18.62% | 15.15% |
| Total Hard CE (Target) | 13.25% | — | 20.12% | 25.47% | — | 17.65% |
| Discount rate | 10.80% | — | 9.50% | 9.40% | 10.00% | 11.20% |
| Tranches | 5 | 6 | 7 | 8 | 7 | 5 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.