| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 295.7 | 21.8% | 78.2% | — | 0.25 | 2025-02-18 | NR | NR |
| Class A-2A | 244.5 | 18.0% | 60.3% | +40 bps | 1.15 | 2027-05-17 | — | — |
| Class A-2B | 244.5 | 18.0% | 42.3% | +37 bps SOFR | 1.15 | 2027-05-17 | — | — |
| Class A-3 | 476.6 | 35.1% | 7.2% | +66 bps | 2.71 | 2029-04-16 | AAA | Aaa |
| Class A-4 | 98.0 | 7.2% | 0.0% | +78 bps | 4.17 | 2031-07-15 | 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, Citigroup Global Markets, MUFG Securities Americas, SMBC Nikko Securities |
| MBART 2024-1 | MBART 2023-2 | MBART 2023-1 | MBART 2022-1 | MBART 2021-1 | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-01-24 | 2023-10-25 | 2023-01-25 | 2022-11-22 | 2021-09-22 |
| Pool balance | — | — | — | — | — |
| WA Credit Score | 754−6 | 752 | 759 | 761 | 770 |
| WA APR | 7.74%+3.12pp | 7.06% | 4.84% | 4.39% | 3.59% |
| WA original term mo | 69.6+2.4 | 68.2 mo | 67.5 mo | 67.0 mo | 65.3 mo |
| % new vehicles | 40.3% | 48.0% | 48.0% | 48.0% | — |
| Reserve % | — | — | — | — | — |
| Geo top-3 | CA 21.6% FL 15.3% TX 14.3% | CA 21.5% FL 15.2% TX 13.6% | CA 21.7% FL 15.3% TX 14.8% | CA 22.4% FL 13.4% TX 12.6% | CA 19.3% TX 11.8% FL 10.8% |
| Structure (at issuance) | |||||
| AAA spread | +66 bps+10bps | +57 bps | +54 bps | +74 bps | +6 bps |
| AAA % of pool | 42.3%−36.1pp | 77.7% | 76.7% | 78.9% | 79.0% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
| OC target | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
| OC floor | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
| YSOC | — | — | — | — | — |
| Tranches | 5 | 4 | 4 | 4 | 4 |
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| MBART 2024-1 | VALET 2023-2 | FCAOT 2023-C | TAOT 2023-D | HART 2023-C | HAROT 2023-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-01-24 | 2023-11-21 | 2023-11-21 | 2023-11-14 | 2023-11-13 | 2023-11-08 |
| Pool balance | — | $1,418.8MM | $1,443.4MM | $1,774.2MM | $1,822.5MM | $1,889.3MM |
| WA Credit Score | 754−14 | 774 | 753 | 767 | 768 | 768 |
| WA APR | 7.74%+2.64pp | 5.69% | 4.92% | 5.10% | 5.62% | 4.36% |
| WA original term mo | 69.6+5.3 | — | 63.6 mo | 65.0 mo | 65.6 mo | 62.3 mo |
| % new vehicles | 40.3% | 73.4% | 91.2% | 82.6% | 94.3% | 86.1% |
| Reserve % | — | 0.23% | 0.23% | 0.25% | 0.25% | 0.18% |
| Geo top-3 | CA 21.6% FL 15.3% TX 14.3% | TX 14.8% CA 13.6% FL 9.6% | TX 16.0% CA 9.6% FL 8.4% | CA 21.3% TX 15.3% PA 4.1% | TX 12.0% FL 11.7% CA 10.9% | CA 19.1% TX 9.7% OH 5.4% |
| Structure (at issuance) | ||||||
| AAA spread | +66 bps+7bps | +64 bps | +55 bps | +55 bps | +63 bps | +59 bps |
| AAA % of pool | 42.3%−28.2pp | 70.8% | 68.2% | 70.5% | 68.9% | 72.9% |
| Subordination below AAA | 0.0%−2.3pp | 0.0% | 4.6% | 2.3% | 4.4% | 0.0% |
| OC (initial) | 2.50% | 3.00% | 2.00% | 0.85% | 3.00% | 2.50% |
| OC target | 2.50% | — | 2.00% | 0.85% | 3.00% | — |
| OC floor | 2.50% | — | 2.00% | 0.85% | 3.00% | — |
| YSOC | — | 9.17% | 7.07% | 9.82% | 6.84% | — |
| Tranches | 5 | 5 | 7 | 6 | 7 | 4 |
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (159 series across 9 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
Mercedes-Benz Financial Services USA LLC — ticker MBART.
Peer tier: prime.
Open in Explorer ↗ for
FICO sub-band and new/used stratification.