| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 197.5 | 13.5% | 72.2% | 4.47% fxd | 0.27 | 2026-06-22 | A-1+ | F1+ |
| Class A-2-A | 272.5 | 18.7% | 53.5% | 4.43% fxd | 1.27 | 2027-12-20 | AAA | AAA |
| Class A-2-B | 241.2 | 16.5% | 37.0% | +40 bps SOFR | 1.27 | 2027-12-20 | AAA | AAA |
| Class A-3 | 451.2 | 31.0% | 6.0% | 4.50% fxd | 2.06 | 2028-06-20 | AAA | AAA |
| Class A-4 | 87.5 | 6.0% | 0.0% | 4.56% fxd | 2.46 | 2030-03-20 | AAA | AAA |
| Sponsor | Credit, Inc |
|---|---|
| Servicer | VW Credit, Inc. |
| Depositor / Transferor | Credit, Inc |
| Indenture Trustee | Deutsche Bank Trust Company Delaware |
| Owner Trustee | U.S. Bank Trust Company, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | RBC Capital Markets, Wells Fargo Securities, U.S. Bancorp Investments, Scotia Capital, Citigroup Global Markets, Mizuho Securities |
Earliest Volkswagen Auto Lease Trust transaction in our coverage — no prior issuance to compare.
| VWALT 2025-A | BMWLT 2025-1 | GMALT 2025-2 | MBALT 2025-A | WOALT 2025-A | FCALT 2025-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-06-17 | 2025-06-10 | 2025-05-29 | 2025-05-21 | 2025-03-12 | 2025-01-27 |
| Pool balance | $1,457.7MM | $1,554.4MM | $1,617.3MM | $1,197.1MM | — | $1,560.5MM |
| WA Lessee Credit Score | 776−4 | 792 | 780 | 786 | 742 | 764 |
| WA original term mo | — | 36.0 mo | 35.0 mo | 40.4 mo | 37.4 mo | 35.1 mo |
| WA Residual % MSRP | 48.5% | 48.0% | 51.8% | 44.3% | 56.6% | 50.2% |
| ALG-marked residuals | 99.3% | 100.0% | 96.0% | 94.0% | — | 80.1% |
| WA Securitization Value | $27,803 | $42,435 | $30,103 | $45,969 | — | $34,499 |
| Top-3 model concentration | 51.6% | 17.6% | 35.4% | 21.9% | — | 53.6% |
| Geo top-3 | CA 16.1% FL 15.9% NY 13.9% | CA 18.0% FL 15.0% NY 9.3% | MI 29.3% NY 14.1% FL 7.6% | CA 22.9% FL 16.3% NY 12.6% | FL 63.0% NC 14.6% GA 7.9% | MI 38.9% NY 10.8% CA 7.0% |
| Structure (at issuance) | ||||||
| AAA spread | +40 bps−1bps | +39 bps | +50 bps | +52 bps | +39 bps | +41 bps |
| AAA % of pool | 72.2%−1.5pp | 73.7% | 61.7% | 88.5% | 79.1% | 68.5% |
| Initial OC | 14.25% | 13.15% | 10.00% | 11.50% | — | 7.00% |
| Target OC | 17.25% | 15.65% | 11.00% | 13.00% | — | 9.80% |
| Subordination below AAA | 0.0%−6.4pp | 0.0% | 7.7% | 0.0% | 6.4% | 12.9% |
| Total Hard CE (Initial) | 14.50% | 13.40% | 19.76% | 11.75% | — | 22.67% |
| Total Hard CE (Target) | 17.50% | 15.90% | 20.76% | 13.25% | — | 25.47% |
| Discount rate | 10.00% | 10.85% | 9.25% | 10.80% | — | 9.40% |
| Tranches | 5 | 5 | 7 | 5 | 6 | 8 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 146.17% |
|---|---|
| Realized G/L (% of scheduled) | 46.17% |
| Returned vehicles to date | 4,011 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.