| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 358.0 | 24.4% | 2.75% | 0.27 | — | — | 2029-01-15 | — | — |
| Class A-2A | 265.0 | 18.0% | 2.75% | 1.06 | 4.13% | +36 I-curve | 2029-01-15 | AAA | AAA |
| Class A-2B | 189.0 | 12.9% | 2.75% | 1.06 | floating | +36 SOFR | 2029-01-15 | AAA | AAA |
| Class A-3 | 454.0 | 30.9% | 2.75% | 2.30 | 4.36% | +41 I-curve | 2030-10-15 | AAA | AAA |
| Class A-4 | 89.9 | 6.1% | 2.75% | 3.59 | 4.47% | +47 I-curve | 2032-10-15 | 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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,469.0MM | $1,400.0MM | $1,459.5MM | $1,420.0MM | $2,117.7MM | $2,136.1MM | 424B5 |
| WA Credit Score | 780+21 | 761 | 754 | 752 | 759 | 761 | 424B5 |
| WA APR | 6.37%−0.70pp | 7.95% | 7.74% | 7.07% | 4.85% | 4.40% | 424B5 |
| WA original term mo | 62.4−5.1 | 67.5 mo | 69.6 mo | 68.2 mo | 67.5 mo | 67.0 mo | 424B5 |
| % new vehicles | 48.1% | 40.2% | 40.3% | 48.0% | 48.0% | 48.0% | 424B5 |
| 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% | 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 | 5.33% | 4.02% | 4.47% | 5.35% | 9.48% | 10.35% | 424B5 |
| Pricing | |||||||
| AAA spread | +41 bps−25bps A-3 · 2.3y | +41 bps 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 | FWP |
| Terms | |||||||
| Tranches | 5 | 5 | 5 | 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 2026-1 | HAROT 2026-2 | WOART 2026-B | TAOT 2026-B | GMCAR 2026-2 | FCAOT 2026-A | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,469.0MM | $2,159.3MM | $1,406.0MM | $2,000.6MM | $1,335.0MM | $1,489.0MM | 424B5 |
| WA Credit Score | 780+12 | 768 | 759 | 770 | 777 | 754 | 424B5 |
| WA APR | 6.37%+0.80pp | 4.99% | 5.79% | 5.57% | 6.81% | 4.84% | 424B5 |
| WA original term mo | 62.4−3.7 | 61.9 mo | 68.6 mo | 66.0 mo | 70.0 mo | 65.8 mo | 424B5 |
| % new vehicles | 48.1% | 86.1% | 98.1% | 87.6% | 80.8% | 93.8% | 424B5 |
| Geo top-3 | CA 20.4% FL 14.8% TX 14.0% | CA 15.3% TX 9.9% NY 6.2% | FL 45.9% GA 18.6% NC 15.2% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.00pp | 2.75% | 4.75% | 2.75% | 6.10% | 5.25% | calc |
| Enhancement, target | 2.75% | — | 5.65% | 3.60% | 6.10% | 7.25% | calc |
| Subordinate notes | 0.0%−3.1pp | 0.0% | 4.5% | 2.5% | 3.1% | 5.0% | calc |
| OC (initial) | 2.50% | 2.50% | 0.00% | 0.00% | 2.75% | 0.00% | 424B5 |
| OC target | 2.50% | — | 0.90% | 0.85% | 2.75% | 2.00% | 424B5 |
| OC floor | 2.50% | — | 0.50% | 0.85% | 2.75% | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 5.33% | n.a. | 6.38% | 5.03% | 2.19% | 4.56% | 424B5 |
| Pricing | |||||||
| AAA spread | +41 bps+2bps A-3 · 2.3y | +39 bps A-3 · 2.4y | +46 bps A-3 · 2.6y | +39 bps A-3 · 2.5y | +39 bps A-3 · 2.7y | +42 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 5 | 5 | 7 | 6 | 7 | 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 (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 the performance page ↗ for
FICO sub-band and new/used stratification.