| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 300.0 | 22.6% | 77.4% | — | 0.34 | — | NR | — |
| Class A-2A | 160.0 | 12.1% | 65.3% | +37 bps | 1.11 | 2028-03-28 | AAA | AAA |
| Class A-2B | 315.0 | 23.7% | 41.6% | +37 bps SOFR | 1.11 | 2028-03-28 | AAA | AAA |
| Class A-3 | 475.0 | 35.8% | 5.8% | +50 bps | 2.06 | 2029-04-29 | AAA | AAA |
| Class A-4 | 77.5 | 5.8% | 0.0% | +55 bps | 2.69 | 2031-07-31 | AAA | AAA |
| Sponsor | Mercedes-Benz Financial Services USA LLC |
|---|---|
| Servicer | Mercedes-Benz Financial Services USA LLC |
| Depositor / Transferor | Mercedes-Benz Financial Services USA 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 | Credit Agricole Securities, TD Securities, Citigroup Global Markets, SMBC Nikko Securities |
| MBALT 2025-B | MBALT 2025-A | MBALT 2024-B | MBALT 2024-A | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-10-22 | 2025-05-21 | 2024-09-25 | 2024-05-23 |
| Pool balance | $1,160.9MM | $1,197.1MM | $1,135.8MM | $1,161.6MM |
| WA Lessee Credit Score | 784−2 | 786 | 786 | 787 |
| WA original term mo | 40.7−0.9 | 40.4 mo | 42.2 mo | 41.6 mo |
| WA Residual % MSRP | 43.5% | 44.3% | 44.3% | 45.0% |
| ALG-marked residuals | 96.1% | 94.0% | 94.0% | 89.4% |
| WA Securitization Value | $46,462 | $45,969 | $41,735 | $44,141 |
| Top-3 model concentration | 18.3% | 21.9% | 21.6% | 21.7% |
| Geo top-3 | CA 28.7% FL 14.1% NY 12.6% | 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 | +37 bps−15bps | +52 bps | +66 bps | +44 bps |
| AAA % of pool | 77.4%−10.4pp | 88.5% | 42.1% | 87.8% |
| Initial OC | 11.50% | 11.50% | 11.50% | 12.25% |
| Target OC | 13.00% | 13.00% | 13.00% | 12.25% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% | 0.0% |
| Total Hard CE (Initial) | 11.75% | 11.75% | 11.75% | 12.50% |
| Total Hard CE (Target) | 13.25% | 13.25% | 13.25% | 12.50% |
| Discount rate | 10.80% | 10.80% | 10.95% | 11.35% |
| Tranches | 5 | 5 | 5 | 5 |
| MBALT 2025-B | BMWLT 2025-2 | VWALT 2025-B | GMALT 2024-3 | NALT 2025-B | FCALT 2025-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-10-22 | 2025-10-15 | 2025-09-16 | 2025-08-13 | 2025-07-29 | 2025-07-29 |
| Pool balance | $1,160.9MM | $1,439.3MM | $1,749.3MM | $1,228.4MM | $1,271.8MM | $1,560.5MM |
| WA Lessee Credit Score | 784+3 | 792 | 789 | 781 | 759 | 764 |
| WA original term mo | 40.7+4.8 | 36.0 mo | — | 35.0 mo | 36.0 mo | 35.8 mo |
| WA Residual % MSRP | 43.5% | 48.3% | 48.5% | 52.5% | 49.5% | 49.8% |
| ALG-marked residuals | 96.1% | 100.0% | 97.4% | 96.9% | 100.0% | 85.2% |
| WA Securitization Value | $46,462 | $46,784 | $29,605 | $30,172 | $26,224 | $33,269 |
| Top-3 model concentration | 18.3% | 14.7% | 49.6% | 37.7% | 50.3% | 54.5% |
| Geo top-3 | CA 28.7% FL 14.1% NY 12.6% | CA 20.4% FL 16.7% TX 8.7% | CA 16.2% FL 15.5% NY 14.4% | MI 27.3% NY 14.8% FL 9.7% | NY 16.7% NJ 15.5% FL 11.2% | MI 33.4% NY 10.5% CA 8.4% |
| Structure (at issuance) | ||||||
| AAA spread | +37 bps0bps | +31 bps | +37 bps | +35 bps | +47 bps | +39 bps |
| AAA % of pool | 77.4%+7.2pp | 74.3% | 73.6% | 62.4% | 65.8% | 70.2% |
| Initial OC | 11.50% | 13.15% | 14.25% | 10.00% | 11.15% | 7.00% |
| Target OC | 13.00% | 15.65% | 17.75% | 11.00% | — | 9.00% |
| Subordination below AAA | 0.0%−5.6pp | 0.0% | 0.0% | 7.7% | 5.6% | 12.9% |
| Total Hard CE (Initial) | 11.75% | 13.40% | 14.50% | 19.75% | 18.70% | 20.85% |
| Total Hard CE (Target) | 13.25% | 15.90% | 18.00% | 20.75% | — | 22.85% |
| Discount rate | 10.80% | 10.15% | 10.00% | 9.00% | 10.00% | 9.30% |
| Tranches | 5 | 5 | 5 | 7 | 7 | 8 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.