| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 228.3 | 17.4% | 82.6% | — | 0.19 | 2026-01-15 | — | — |
| Class A-2A | 510.7 | 39.0% | 43.6% | +32 bps | 1.02 | 2028-02-15 | Aaa | AAA |
| Class A-2B | — | — | — | +32 bps SOFR | 1.02 | 2028-02-15 | Aaa | AAA |
| Class A-3 | 480.7 | 36.7% | 6.9% | +41 bps | 2.55 | 2029-12-15 | Aaa | AAA |
| Class A-4 | 90.4 | 6.9% | 0.0% | +44 bps | 3.98 | 2031-04-15 | 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 | 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | — | — | — | — | — | — |
| WA Credit Score | 761+3 | 754 | 752 | 759 | 761 | 770 |
| WA APR | 7.96%+3.12pp | 7.74% | 7.06% | 4.84% | 4.39% | 3.59% |
| WA original term mo | 67.5−0.0 | 69.6 mo | 68.2 mo | 67.5 mo | 67.0 mo | 65.3 mo |
| % new vehicles | 40.2% | 40.3% | 48.0% | 48.0% | 48.0% | — |
| Reserve % | — | — | — | — | — | — |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +32 bps−25bps | +66 bps | +57 bps | +54 bps | +74 bps | +6 bps |
| AAA % of pool | — | 42.3% | 77.7% | 76.7% | 78.9% | 79.0% |
| Subordination below AAA | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
| OC target | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
| OC floor | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
| YSOC | — | — | — | — | — | — |
| Tranches | 5 | 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 2025-1 | GMCAR 2025-1 | VALET 2024-1 | FCAOT 2024-D | HAROT 2024-4 | NAROT 2024-B | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | — | $1,644.9MM | $1,749.4MM | $1,683.4MM | $2,159.2MM | $1,397.8MM |
| WA Credit Score | 761−13 | 781 | 774 | 754 | 768 | 783 |
| WA APR | 7.96%+3.17pp | 6.08% | 4.68% | 4.79% | 4.88% | 4.62% |
| WA original term mo | 67.5+6.3 | 13.0 mo | — | 64.9 mo | 61.2 mo | — |
| % new vehicles | 40.2% | 87.9% | 80.0% | 94.2% | 86.2% | 10.0% |
| Reserve % | — | 0.24% | 0.22% | 0.23% | 0.25% | 0.25% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +32 bps−4bps | +33 bps | +36 bps | +32 bps | +45 bps | +38 bps |
| AAA % of pool | — | 73.4% | 68.9% | 69.5% | 73.4% | 67.6% |
| Subordination below AAA | — | 3.0% | 0.0% | 4.7% | 0.0% | 0.0% |
| OC (initial) | 2.50% | 2.75% | 4.00% | 2.00% | — | 4.00% |
| OC target | 2.50% | 2.75% | — | 2.00% | — | 4.00% |
| OC floor | 2.50% | 2.75% | — | 2.00% | — | 4.00% |
| YSOC | — | 3.13% | 10.68% | 6.20% | 5.38% | 6.85% |
| Tranches | 5 | 7 | 5 | 7 | 4 | 5 |
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 in Explorer ↗ for
FICO sub-band and new/used stratification.