| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 358.0 | 26.4% | 73.6% | — | 0.27 | 2029-01-15 | — | — |
| Class A-2A | 265.0 | 19.5% | 54.1% | +36 bps | 1.06 | 2029-01-15 | AAA | AAA |
| Class A-2B | 189.0 | 13.9% | 40.1% | +36 bps SOFR | 1.06 | 2029-01-15 | AAA | AAA |
| Class A-3 | 454.0 | 33.5% | 6.6% | +41 bps | 2.30 | 2030-10-15 | AAA | AAA |
| Class A-4 | 89.9 | 6.6% | 0.0% | +47 bps | 3.59 | 2032-10-15 | 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 | BNP Paribas Securities, MUFG Securities Americas, Mizuho Securities |
| MBART 2026-1 | MBART 2025-1 | MBART 2024-1 | MBART 2023-2 | MBART 2023-1 | MBART 2022-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-05-20 | 2025-01-23 | 2024-01-24 | 2023-10-25 | 2023-01-25 | 2022-11-22 |
| Pool balance | — | — | — | — | — | — |
| WA Credit Score | 780+21 | 761 | 754 | 752 | 759 | 761 |
| WA APR | 6.37%−0.69pp | 7.96% | 7.74% | 7.06% | 4.84% | 4.39% |
| WA original term mo | 62.4−5.1 | 67.5 mo | 69.6 mo | 68.2 mo | 67.5 mo | 67.0 mo |
| % new vehicles | 48.1% | 40.2% | 40.3% | 48.0% | 48.0% | 48.0% |
| Reserve % | — | — | — | — | — | — |
| Geo top-3 | CA 20.4% FL 14.8% TX 14.0% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +36 bps−21bps | +32 bps | +66 bps | +57 bps | +54 bps | +74 bps |
| AAA % of pool | 73.6%−3.6pp | — | 42.3% | 77.7% | 76.7% | 78.9% |
| 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% | 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 | 5 | 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 2026-1 | WOART 2026-B | HAROT 2026-2 | TAOT 2026-B | GMCAR 2026-2 | FCAOT 2026-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-05-20 | 2026-05-13 | 2026-05-13 | 2026-04-21 | 2026-04-15 | 2026-03-24 |
| Pool balance | — | $1,406.0MM | $2,159.3MM | $2,000.6MM | $1,335.0MM | $1,489.0MM |
| WA Credit Score | 780+12 | 759 | 768 | 770 | 777 | 754 |
| WA APR | 6.37%+0.80pp | 5.79% | 4.99% | 5.57% | 6.11% | 4.84% |
| WA original term mo | 62.4−3.7 | 68.6 mo | 61.9 mo | 66.0 mo | 70.0 mo | 65.8 mo |
| % new vehicles | 48.1% | 98.1% | 86.1% | 87.6% | 80.8% | 93.8% |
| Reserve % | — | 0.23% | 0.25% | 0.25% | 0.25% | 0.18% |
| Geo top-3 | CA 20.4% FL 14.8% TX 14.0% | FL 45.9% GA 18.6% NC 15.2% | CA 15.3% TX 9.9% NY 6.2% | CA 24.1% TX 16.1% AZ 3.6% | TX 14.2% FL 7.1% CA 6.7% | TX 16.5% FL 8.6% CA 8.5% |
| Structure (at issuance) | ||||||
| AAA spread | +36 bps−2bps | +38 bps | +38 bps | +38 bps | +40 bps | +43 bps |
| AAA % of pool | 73.6%+1.0pp | 70.3% | 72.8% | 72.6% | 75.7% | 70.7% |
| Subordination below AAA | 0.0%−3.0pp | 4.2% | 0.0% | 2.4% | 3.0% | 4.8% |
| OC (initial) | 2.50% | — | — | 0.85% | 2.75% | 2.00% |
| OC target | 2.50% | 0.90% | — | 0.85% | 2.75% | 2.00% |
| OC floor | 2.50% | 0.50% | — | 0.85% | 2.75% | 2.00% |
| YSOC | — | 6.38% | 5.10% | 5.03% | 2.19% | 4.56% |
| Tranches | 5 | 7 | 5 | 6 | 7 | 7 |
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 (223 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.