Presale Report — Mercedes-Benz Auto Lease Trust 2026-B

Capital Structure

Class	Size ($MM)	% of Pool	Sub %	CPN / Spread	WAL	Legal Final	S&P	Fitch
Class A-1	320.0	21.1%	65.9%	—	—	—	AAA	AAA
Class A-2A	233.2	15.3%	50.6%	—	—	—	AAA	AAA
Class A-2B	233.2	15.3%	35.3%	—	—	—	AAA	AAA
Class A-3	466.4	30.7%	4.6%	—	—	—	AAA	AAA
Class A-4	69.6	4.6%	0.0%	—	—	—	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	Credit Agricole Securities, SMBC Nikko Securities, TD Securities, Mizuho Securities, Societe Generale

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, SMBC Nikko Securities, TD Securities, Mizuho Securities, Societe Generale

	MBALT 2026-B	MBALT 2026-A	MBALT 2025-B	MBALT 2025-A	MBALT 2024-B	MBALT 2024-A
Collateral (pool at cut-off)
Closing date	2026-10-15	2026-01-21	2025-10-22	2025-05-21	2024-09-25	2024-05-23
Pool balance	$1,520.0MM	$1,379.3MM	$1,160.9MM	$1,197.1MM	$1,135.8MM	$1,161.6MM
WA Lessee Credit Score	788+3	786	784	786	786	787
WA original term mo	38.6−2.1	40.2 mo	40.7 mo	40.4 mo	42.2 mo	41.6 mo
WA Residual % MSRP	69.3%	43.9%	43.5%	44.3%	44.3%	45.0%
ALG-marked residuals	94.8%	95.9%	96.1%	94.0%	94.0%	89.4%
WA Securitization Value	$56,153	$52,634	$46,462	$45,969	$41,735	$44,141
Top-3 model concentration	31.8%	20.1%	18.3%	21.9%	21.6%	21.7%
Geo top-3	CA 29.5% FL 14.3% NY 11.5%	CA 29.2% FL 14.0% NY 11.8%	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	—	+35 bps	+37 bps	+52 bps	+66 bps	+44 bps
AAA % of pool	87.0%+9.6pp	72.2%	77.4%	88.5%	42.1%	87.8%
Initial OC	13.00%	13.00%	11.50%	11.50%	11.50%	12.25%
Target OC	14.50%	14.50%	13.00%	13.00%	13.00%	12.25%
Subordination below AAA	0.0%0.0pp	0.0%	0.0%	0.0%	0.0%	0.0%
Total Hard CE (Initial)	13.25%	13.25%	11.75%	11.75%	11.75%	12.50%
Total Hard CE (Target)	14.75%	14.75%	13.25%	13.25%	13.25%	12.50%
Discount rate	10.60%	10.40%	10.80%	10.80%	10.95%	11.35%
Tranches	5	5	5	5	5	5

	MBALT 2026-B	BMWLT 2026-2	VWALT 2026-B	GMALT 2026-3	NALT 2026-B	FCALT 2026-B
Collateral (pool at cut-off)
Closing date	2026-10-15	2026-10-14	2026-09-22	2026-08-13	2026-07-29	2026-07-27
Pool balance	$1,520.0MM	$1,439.3MM	$1,166.2MM	$1,111.7MM	$1,447.5MM	$1,560.5MM
WA Lessee Credit Score	788+13	792	775	780	760	763
WA original term mo	38.6+2.1	36.0 mo	—	35.0 mo	37.0 mo	37.2 mo
WA Residual % MSRP	69.3%	56.6%	45.9%	65.0%	43.8%	63.6%
ALG-marked residuals	94.8%	100.0%	99.3%	93.5%	99.9%	90.1%
WA Securitization Value	$56,153	$48,091	$33,466	$35,155	$20,554	$49,309
Top-3 model concentration	31.8%	24.7%	48.1%	38.6%	70.4%	56.4%
Geo top-3	CA 29.5% FL 14.3% NY 11.5%	CA 17.2% FL 14.7% NY 11.1%	CA 22.5% FL 13.9% NY 10.2%	MI 24.9% NY 14.1% FL 10.5%	NY 14.8% NJ 14.4% FL 10.9%	FL 100.0% MI 29.2% NY 10.6%
Structure (at issuance)
AAA spread	—	—	+35 bps	+35 bps	+36 bps	+36 bps
AAA % of pool	87.0%+13.8pp	—	72.4%	69.1%	74.1%	80.1%
Initial OC	13.00%	13.15%	14.95%	10.00%	10.90%	7.00%
Target OC	14.50%	15.65%	18.45%	11.00%	—	9.00%
Subordination below AAA	0.0%−7.4pp	—	0.0%	8.5%	6.2%	12.9%
Total Hard CE (Initial)	13.25%	—	15.20%	18.80%	17.50%	20.15%
Total Hard CE (Target)	14.75%	—	18.70%	19.80%	—	22.15%
Discount rate	10.60%	11.25%	10.45%	10.00%	10.00%	9.05%
Tranches	5	5	5	7	7	8