| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 144.0 | 15.8% | 84.2% | 3.84% fxd | 0.22 | 2027-06-21 | A-1+ | F1+ |
| Class A-2a | 278.5 | 30.6% | 53.6% | 4.10% fxd | 0.91 | 2028-10-20 | AAA | AAA |
| Class A-2b | 75.0 | 8.2% | 45.4% | +35 bps SOFR30 | 0.91 | 2028-10-20 | AAA | AAA |
| Class A-3 | 353.5 | 38.8% | 6.6% | 4.41% fxd | 1.90 | 2029-08-20 | AAA | AAA |
| Class A-4 | 60.0 | 6.6% | 0.0% | 4.46% fxd | 2.45 | 2031-10-20 | AAA | AAA |
| 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | — | $1,543.7MM | $1,727.1MM | — | $1,994.2MM | $1,299.5MM |
| WA Lessee Credit Score | 796+22 | 780 | 792 | 741 | 774 | 759 |
| WA original term mo | 35.0−1.0 | 35.0 mo | 36.0 mo | 37.7 mo | — | 36.0 mo |
| WA Residual % MSRP | — | 53.1% | 48.3% | 58.4% | 47.3% | 52.9% |
| ALG-marked residuals | — | 92.9% | 100.0% | — | 97.4% | 99.8% |
| WA Securitization Value | — | $35,221 | $56,395 | — | $33,479 | $30,043 |
| Top-3 model concentration | — | 37.4% | 20.7% | — | 48.3% | 42.2% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +35 bps−8bps | +39 bps | +37 bps | +43 bps | +47 bps | +45 bps |
| AAA % of pool | 84.2%+11.8pp | 62.5% | 72.4% | 78.1% | 72.4% | 79.9% |
| Initial OC | — | 10.00% | 13.15% | — | 14.25% | 12.10% |
| Target OC | — | 11.00% | 15.65% | — | 17.75% | — |
| Subordination below AAA | 0.0%−7.7pp | 7.7% | 0.0% | 9.4% | 0.0% | 7.7% |
| Total Hard CE (Initial) | — | 18.94% | 13.40% | — | 14.50% | 20.52% |
| Total Hard CE (Target) | — | 19.94% | 15.90% | — | 18.00% | — |
| Discount rate | — | 10.00% | 10.75% | — | 9.95% | 10.00% |
| Tranches | 5 | 7 | 5 | 7 | 5 | 7 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
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.