| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 300.0 | 20.0% | 11.75% | 0.34 | — | — | — | NR | — |
| Class A-2A | 160.0 | 10.7% | 11.75% | 1.11 | 3.86% | +37 I-curve | 2028-03-28 | AAA | AAA |
| Class A-2B | 315.0 | 21.0% | 11.75% | 1.11 | floating | +37 SOFR | 2028-03-28 | AAA | AAA |
| Class A-3 | 475.0 | 31.7% | 11.75% | 2.06 | 3.88% | +50 I-curve | 2029-04-29 | AAA | AAA |
| Class A-4 | 77.5 | 5.2% | 11.75% | 2.69 | 3.93% | +55 I-curve | 2031-07-31 | 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 | Credit Agricole Securities, TD Securities, Citigroup Global Markets, SMBC Nikko Securities |
| MBALT 2025-B | MBALT 2025-A | MBALT 2024-B | MBALT 2024-A | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-10-22 | 2025-05-21 | 2024-09-25 | 2024-05-23 | 424B5 |
| Pool balance | $1,500.0MM | $1,460.0MM | $1,450.0MM | $1,450.0MM | 424B5 |
| WA Lessee Credit Score | 784−2 | 786 | 786 | 787 | 424B5 |
| WA original term mo | 40.7−0.9 | 40.4 mo | 42.2 mo | 41.6 mo | 424B5 |
| WA Residual % MSRP | 43.5% | 44.3% | 44.3% | 45.0% | calc |
| ALG-marked residuals | 96.1% | 94.0% | 94.0% | 89.4% | calc |
| WA Securitization Value | $50,688 | $53,940 | $49,171 | $55,129 | calc |
| Top-3 model concentration | 18.3% | 21.5% | 22.0% | 21.3% | calc |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 11.75%0.00pp | 11.75% | 11.75% | 12.50% | calc |
| Enhancement, target | 13.25% | 13.25% | 13.25% | 12.50% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | calc |
| Initial OC | 11.50% | 11.50% | 11.50% | 12.25% | 424B5 |
| Target OC | 13.00% | 13.00% | 13.00% | 12.25% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||
| AAA spread | +50 bps−13bps A-3 · 2.1y | +62 bps A-3 · 2.4y | +66 bps A-3 · 1.9y | +63 bps A-3 · 2.3y | FWP |
| Terms | |||||
| Discount rate | 10.80% | 10.80% | 10.95% | 11.35% | 424B5 |
| Tranches | 5 | 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-B | BMWLT 2025-2 | VWALT 2025-B | GMALT 2025-3 | FCALT 2025-B | NALT 2025-B | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,500.0MM | $1,439.3MM | $1,749.3MM | $1,105.5MM | $1,560.5MM | $1,125.5MM | 424B5 |
| WA Lessee Credit Score | 784+3 | 798 | 789 | 781 | 764 | 771 | 424B5 |
| WA original term mo | 40.7+4.8 | 36.0 mo | — | 35.0 mo | 35.8 mo | 36.0 mo | 424B5 |
| WA Residual % MSRP | 43.5% | 48.3% | 48.5% | 52.2% | 49.8% | 49.5% | calc |
| ALG-marked residuals | 96.1% | 100.0% | 97.4% | 95.6% | 85.2% | 100.0% | calc |
| WA Securitization Value | $50,688 | $56,210 | $32,179 | $33,724 | $35,218 | $28,070 | calc |
| Top-3 model concentration | 18.3% | 14.5% | 49.6% | 34.7% | 53.8% | 50.3% | calc |
| 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% | MI 33.4% NY 10.5% CA 8.4% | NY 16.7% NJ 15.5% FL 11.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 11.75%−6.15pp | 13.40% | 14.50% | 18.80% | 20.15% | 17.90% | calc |
| Enhancement, target | 13.25% | 15.90% | 18.00% | 19.80% | 22.15% | — | calc |
| Subordinate notes | 0.0%−6.4pp | 0.0% | 0.0% | 8.5% | 12.9% | 6.4% | calc |
| Initial OC | 11.50% | 13.15% | 14.25% | 10.00% | 7.00% | 11.15% | 424B5 |
| Target OC | 13.00% | 15.65% | 17.75% | 11.00% | 9.00% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.40% | 424B5 |
| Pricing | |||||||
| AAA spread | +50 bps+3bps A-3 · 2.1y | +41 bps A-3 · 1.8y | +51 bps A-3 · 2.0y | +47 bps A-3 · 1.9y | +45 bps A-3 · 2.0y | +52 bps A-3 · 2.2y | FWP |
| Terms | |||||||
| Discount rate | 10.80% | 10.15% | 10.00% | 9.00% | 9.30% | 10.00% | 424B5 |
| Tranches | 5 | 5 | 5 | 7 | 8 | 7 | 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.