| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 295.7 | 20.3% | 2.75% | 0.25 | 5.06% | +40 I-curve | 2025-02-18 | NR | NR |
| Class A-2A | 244.5 | 16.8% | 2.75% | 1.15 | 5.06% | +40 I-curve | 2027-05-17 | — | — |
| Class A-2B | 244.5 | 16.8% | 2.75% | 1.15 | floating | +37 SOFR | 2027-05-17 | — | — |
| Class A-3 | 476.6 | 32.7% | 2.75% | 2.71 | 4.80% | +66 I-curve | 2029-04-16 | AAA | Aaa |
| Class A-4 | 98.0 | 6.7% | 2.75% | 4.17 | 4.79% | +78 I-curve | 2031-07-15 | 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 Retail Receivables 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 | Source | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-01-24 | 2023-10-25 | 2023-01-25 | 2022-11-22 | 2021-09-22 | 424B5 |
| Pool balance | $1,459.5MM | $1,420.0MM | $2,117.7MM | $2,136.1MM | $1,657.8MM | 424B5 |
| WA Credit Score | 754−6 | 752 | 759 | 761 | 770 | 424B5 |
| WA APR | 7.74%+3.11pp | 7.07% | 4.85% | 4.40% | 3.59% | 424B5 |
| WA original term mo | 69.6+2.4 | 68.2 mo | 67.5 mo | 67.0 mo | 65.3 mo | 424B5 |
| % new vehicles | 40.3% | 48.0% | 48.0% | 48.0% | — | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | ||||||
| Enhancement, initial | 2.75%0.00pp | 2.75% | 2.75% | 2.75% | 2.75% | calc |
| Enhancement, target | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | calc |
| OC (initial) | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| OC target | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| OC floor | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.47% | 5.35% | 9.48% | 10.35% | 2.10% | 424B5 |
| Pricing | ||||||
| AAA spread | +66 bps−9bps A-3 · 2.7y | +90 bps A-3 · 2.6y | +61 bps A-3 · 2.4y | +100 bps A-3 · 2.4y | +6 bps A-3 · 2.4y | FWP |
| Terms | ||||||
| Tranches | 5 | 4 | 4 | 4 | 4 | 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.
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 | GMCAR 2024-1 | FCAOT 2023-C | VALET 2023-2 | TAOT 2023-D | HART 2023-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-01-24 | 2024-01-17 | 2023-11-21 | 2023-11-21 | 2023-11-14 | 2023-11-13 | 424B5 |
| Pool balance | $1,459.5MM | $1,657.3MM | $1,443.4MM | $1,418.8MM | $1,774.2MM | $1,822.5MM | 424B5 |
| WA Credit Score | 754−14 | 783 | 753 | 770 | 767 | 768 | 424B5 |
| WA APR | 7.74%+2.11pp | 5.96% | 4.92% | 5.69% | 5.10% | 5.63% | 424B5 |
| WA original term mo | 69.6+4.3 | 69.0 mo | 63.6 mo | — | 65.0 mo | 65.6 mo | 424B5 |
| % new vehicles | 40.3% | — | 91.2% | 73.4% | 82.6% | 94.3% | 424B5 |
| Geo top-3 | CA 21.6% FL 15.3% TX 14.3% | TX 14.0% FL 7.3% CA 5.4% | TX 16.0% CA 9.6% FL 8.4% | TX 14.8% CA 13.6% FL 9.6% | CA 21.3% TX 15.3% PA 4.1% | TX 12.0% FL 11.7% CA 10.9% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.50pp | 6.10% | 5.25% | 3.25% | 2.75% | 7.55% | calc |
| Enhancement, target | 2.75% | 6.60% | 7.25% | — | 3.60% | 8.05% | calc |
| Subordinate notes | 0.0%−4.4pp | 4.4% | 5.0% | 0.0% | 2.5% | 4.8% | calc |
| OC (initial) | 2.50% | 1.50% | 0.00% | 3.00% | 0.00% | 2.50% | 424B5 |
| OC target | 2.50% | 2.00% | 2.00% | — | 0.85% | 3.00% | 424B5 |
| OC floor | 2.50% | 2.00% | 2.00% | — | 0.85% | 3.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.47% | 5.45% | 8.84% | 9.17% | 9.82% | 8.38% | 424B5 |
| Pricing | |||||||
| AAA spread | +66 bps−22bps A-3 · 2.7y | — | +86 bps A-3 · 2.4y | +90 bps A-3 · 2.8y | +81 bps A-3 · 2.5y | +90 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 5 | 8 | 7 | 5 | 6 | 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.
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 the performance page ↗ for
FICO sub-band and new/used stratification.