| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 228.3 | 16.3% | 2.75% | 0.19 | — | — | 2026-01-15 | — | — |
| Class A-2A | 155.7 | 11.1% | 2.75% | 1.02 | 4.54% | +32 I-curve | 2028-02-15 | Aaa | AAA |
| Class A-2B | 355.0 | 25.4% | 2.75% | 1.02 | floating | +32 SOFR | 2028-02-15 | Aaa | AAA |
| Class A-3 | 480.7 | 34.3% | 2.75% | 2.55 | 4.84% | +41 I-curve | 2029-12-15 | Aaa | AAA |
| Class A-4 | 90.4 | 6.5% | 2.75% | 3.98 | 4.98% | +44 I-curve | 2031-04-15 | 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 | Wells Fargo Securities, BNP Paribas Securities, RBC Capital Markets, SMBC Nikko Securities |
| MBART 2025-1 | MBART 2024-1 | MBART 2023-2 | MBART 2023-1 | MBART 2022-1 | MBART 2021-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-01-23 | 2024-01-24 | 2023-10-25 | 2023-01-25 | 2022-11-22 | 2021-09-22 | 424B5 |
| Pool balance | $1,400.0MM | $1,459.5MM | $1,420.0MM | $2,117.7MM | $2,136.1MM | $1,657.8MM | 424B5 |
| WA Credit Score | 761+3 | 754 | 752 | 759 | 761 | 770 | 424B5 |
| WA APR | 7.95%+3.10pp | 7.74% | 7.07% | 4.85% | 4.40% | 3.59% | 424B5 |
| WA original term mo | 67.50.0 | 69.6 mo | 68.2 mo | 67.5 mo | 67.0 mo | 65.3 mo | 424B5 |
| % new vehicles | 40.2% | 40.3% | 48.0% | 48.0% | 48.0% | — | 424B5 |
| Geo top-3 | CA 21.6% TX 16.5% NY 8.8% | 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% | 2.75% | calc |
| Enhancement, target | 2.75% | 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% | 0.0% | calc |
| OC (initial) | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| OC target | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| OC floor | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.02% | 4.47% | 5.35% | 9.48% | 10.35% | 2.10% | 424B5 |
| Pricing | |||||||
| AAA spread | +41 bps−25bps A-3 · 2.5y | +66 bps 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 | 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 2025-1 | GMCAR 2025-1 | VALET 2024-1 | FCAOT 2024-D | HAROT 2024-4 | NAROT 2024-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-01-23 | 2025-01-15 | 2024-11-26 | 2024-11-22 | 2024-10-24 | 2024-10-23 | 424B5 |
| Pool balance | $1,400.0MM | $1,644.9MM | $1,749.4MM | $1,683.4MM | $2,159.2MM | $1,397.8MM | 424B5 |
| WA Credit Score | 761−13 | 781 | 774 | 754 | 768 | 783 | 424B5 |
| WA APR | 7.95%+3.16pp | 7.03% | 4.67% | 4.79% | 4.88% | 4.63% | 424B5 |
| WA original term mo | 67.5+6.3 | 13.0 mo | — | 64.9 mo | 61.2 mo | — | 424B5 |
| % new vehicles | 40.2% | 87.9% | 80.0% | 94.2% | 86.2% | 10.0% | 424B5 |
| Geo top-3 | CA 21.6% TX 16.5% NY 8.8% | TX 13.9% FL 7.0% MI 5.6% | TX 13.9% CA 10.6% FL 8.3% | TX 16.1% CA 8.6% FL 8.5% | CA 17.5% TX 9.9% FL 6.9% | TX 17.1% FL 8.8% CA 6.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−1.50pp | 6.10% | 4.25% | 5.25% | 2.75% | 4.25% | calc |
| Enhancement, target | 2.75% | 6.10% | — | 7.25% | — | 4.25% | calc |
| Subordinate notes | 0.0%0.0pp | 3.1% | 0.0% | 5.0% | 0.0% | 0.0% | calc |
| OC (initial) | 2.50% | 2.75% | 4.00% | 0.00% | 2.50% | 4.00% | 424B5 |
| OC target | 2.50% | 2.75% | — | 2.00% | — | 4.00% | 424B5 |
| OC floor | 2.50% | 2.75% | — | 2.00% | — | 4.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.02% | 3.13% | 10.68% | 6.20% | n.a. | 6.85% | 424B5 |
| Pricing | |||||||
| AAA spread | +41 bps−3bps A-3 · 2.5y | +38 bps A-3 · 2.4y | — | +41 bps A-3 · 2.4y | +48 bps A-3 · 2.3y | +47 bps A-3 · 2.2y | FWP |
| Terms | |||||||
| Tranches | 5 | 7 | 5 | 7 | 4 | 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.
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 (189 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.