| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 144.0 | 13.8% | 13.25% | 0.22 | 3.84% | +14 I-curve | 2027-06-21 | A-1+ | F1+ |
| Class A-2a | 278.5 | 26.6% | 13.25% | 0.91 | 4.10% | +35 I-curve | 2028-10-20 | AAA | AAA |
| Class A-2b | 75.0 | 7.2% | 13.25% | 0.91 | floating | +35 SOFR | 2028-10-20 | AAA | AAA |
| Class A-3 | 353.5 | 33.8% | 13.25% | 1.90 | 4.41% | +43 I-curve | 2029-08-20 | AAA | AAA |
| Class A-4 | 60.0 | 5.7% | 13.25% | 2.45 | 4.46% | +44 I-curve | 2031-10-20 | 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 | Porsche Financial Services, Inc. |
|---|---|
| Servicer | Porsche Financial Services, Inc. |
| Depositor / Transferor | Porsche Auto Funding LLC |
| Indenture Trustee | Wilmington Trust Company |
| Owner Trustee | U.S. Bank Trust Company, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, BNP Paribas Securities, Barclays Capital, Mizuho Securities, U.S. Bancorp Investments |
First transaction on the Porsche Innovative Lease Owner Trust shelf — no prior issuance to compare.
| PILOT 2026-1 | GMALT 2026-2 | BMWLT 2026-1 | WOALT 2026-A | VWALT 2026-A | NALT 2026-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-06-12 | 2026-05-14 | 2026-04-22 | 2026-03-25 | 2026-03-24 | 2026-02-26 | 424B5 |
| Pool balance | $1,047.1MM | $1,389.4MM | $1,727.1MM | $1,263.3MM | $1,994.2MM | $1,422.1MM | 424B5 |
| WA Lessee Credit Score | 804+30 | 780 | 799 | 741 | 774 | 773 | 424B5 |
| WA original term mo | 35.0−1.0 | 35.0 mo | 36.0 mo | 37.7 mo | — | 36.0 mo | 424B5 |
| WA Residual % MSRP | 42.1% | 53.1% | 48.3% | 60.2% | 47.3% | 52.9% | calc |
| ALG-marked residuals | 20.9% | 92.9% | 100.0% | 100.0% | 97.4% | 99.8% | calc |
| WA Securitization Value | $84,001 | $35,221 | $56,395 | $29,985 | $33,479 | $30,043 | calc |
| Top-3 model concentration | 38.4% | 37.4% | 20.7% | 44.5% | 48.3% | 42.2% | calc |
| Geo top-3 | CA 37.1% FL 13.1% NY 7.6% | MI 27.6% NY 13.2% FL 9.2% | CA 20.8% FL 13.9% NY 10.1% | FL 64.9% NC 12.7% GA 8.7% | CA 19.6% FL 14.3% NY 11.8% | NY 16.7% NJ 15.5% FL 11.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 13.25%−5.00pp | 18.80% | 13.40% | 18.25% | 14.50% | 19.55% | calc |
| Enhancement, target | 14.25% | 19.80% | 15.90% | 21.00% | 18.00% | — | calc |
| Subordinate notes | 0.0%−7.1pp | 8.6% | 0.0% | 8.5% | 0.0% | 7.1% | calc |
| Initial OC | 13.00% | 10.00% | 13.15% | 9.50% | 14.25% | 12.10% | 424B5 |
| Target OC | 14.00% | 11.00% | 15.65% | 12.25% | 17.75% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.40% | 424B5 |
| Pricing | |||||||
| AAA spread | +43 bps−1bps A-3 · 1.9y | +44 bps A-3 · 1.8y | +43 bps A-3 · 2.0y | +51 bps A-3 · 2.2y | +54 bps A-3 · 2.0y | +44 bps A-3 · 2.0y | FWP |
| Terms | |||||||
| Discount rate | 10.50% | 10.00% | 10.75% | 10.00% | 9.95% | 10.00% | 424B5 |
| Tranches | 5 | 7 | 5 | 7 | 5 | 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.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 92.42% |
|---|---|
| Realized G/L (% of scheduled) | -7.58% |
| Returned vehicles to date | 65 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.
Reserve fund replenishment trigger: 0.25% of pool balance.
Source: 424B5 §Credit Enhancement / §Performance Triggers, extracted by LLM. Empty when triggers are not disclosed in the prospectus sections we parse.