| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 212.6 | 12.2% | 73.6% | 4.16% fxd | 0.24 | 2026-09-21 | A-1+ | P-1 |
| Class A-2-A | 305.0 | 17.4% | 56.2% | 3.97% fxd | 1.18 | 2028-04-20 | AAA | Aaa |
| Class A-2-B | 292.0 | 16.7% | 39.5% | +37 bps SOFR | 1.18 | 2028-04-20 | AAA | Aaa |
| Class A-3 | 597.0 | 34.1% | 5.3% | 4.01% fxd | 1.99 | 2029-01-22 | AAA | Aaa |
| Class A-4 | 93.4 | 5.3% | 0.0% | 4.00% fxd | 2.35 | 2030-05-20 | AAA | Aaa |
| Sponsor | VW Credit, Inc |
|---|---|
| Servicer | VW Credit, Inc. |
| Depositor / Transferor | The depositor |
| 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 | TD Securities, Wells Fargo Securities, Barclays Capital, BofA Securities, Citigroup Global Markets, Scotia Capital |
| VWALT 2025-B | VWALT 2025-A | |
|---|---|---|
| Collateral (pool at cut-off) | ||
| Closing date | 2025-09-16 | 2025-06-17 |
| Pool balance | $1,749.3MM | $1,457.7MM |
| WA Lessee Credit Score | 789 | 776 |
| WA original term mo | — | — |
| WA Residual % MSRP | 48.5% | 48.5% |
| ALG-marked residuals | 97.4% | 99.3% |
| WA Securitization Value | $29,605 | $27,803 |
| Top-3 model concentration | 49.6% | 51.6% |
| Geo top-3 | CA 16.2% FL 15.5% NY 14.4% | CA 16.1% FL 15.9% NY 13.9% |
| Structure (at issuance) | ||
| AAA spread | +37 bps | +40 bps |
| AAA % of pool | 73.6% | 72.2% |
| Initial OC | 14.25% | 14.25% |
| Target OC | 17.75% | 17.25% |
| Subordination below AAA | 0.0% | 0.0% |
| Total Hard CE (Initial) | 14.50% | 14.50% |
| Total Hard CE (Target) | 18.00% | 17.50% |
| Discount rate | 10.00% | 10.00% |
| Tranches | 5 | 5 |
| VWALT 2025-B | GMALT 2024-3 | NALT 2025-B | FCALT 2025-B | BMWLT 2025-1 | MBALT 2025-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-09-16 | 2025-08-13 | 2025-07-29 | 2025-07-29 | 2025-06-10 | 2025-05-21 |
| Pool balance | $1,749.3MM | $1,228.4MM | $1,271.8MM | $1,560.5MM | $1,554.4MM | $1,197.1MM |
| WA Lessee Credit Score | 789+8 | 781 | 759 | 764 | 792 | 786 |
| WA original term mo | — | 35.0 mo | 36.0 mo | 35.8 mo | 36.0 mo | 40.4 mo |
| WA Residual % MSRP | 48.5% | 52.5% | 49.5% | 49.8% | 48.0% | 44.3% |
| ALG-marked residuals | 97.4% | 96.9% | 100.0% | 85.2% | 100.0% | 94.0% |
| WA Securitization Value | $29,605 | $30,172 | $26,224 | $33,269 | $42,435 | $45,969 |
| Top-3 model concentration | 49.6% | 37.7% | 50.3% | 54.5% | 17.6% | 21.9% |
| Geo top-3 | CA 16.2% FL 15.5% NY 14.4% | MI 27.3% NY 14.8% FL 9.7% | NY 16.7% NJ 15.5% FL 11.2% | MI 33.4% NY 10.5% CA 8.4% | CA 18.0% FL 15.0% NY 9.3% | CA 22.9% FL 16.3% NY 12.6% |
| Structure (at issuance) | ||||||
| AAA spread | +37 bps−2bps | +35 bps | +47 bps | +39 bps | +39 bps | +52 bps |
| AAA % of pool | 73.6%+3.4pp | 62.4% | 65.8% | 70.2% | 73.7% | 88.5% |
| Initial OC | 14.25% | 10.00% | 11.15% | 7.00% | 13.15% | 11.50% |
| Target OC | 17.75% | 11.00% | — | 9.00% | 15.65% | 13.00% |
| Subordination below AAA | 0.0%−5.6pp | 7.7% | 5.6% | 12.9% | 0.0% | 0.0% |
| Total Hard CE (Initial) | 14.50% | 19.75% | 18.70% | 20.85% | 13.40% | 11.75% |
| Total Hard CE (Target) | 18.00% | 20.75% | — | 22.85% | 15.90% | 13.25% |
| Discount rate | 10.00% | 9.00% | 10.00% | 9.30% | 10.85% | 10.80% |
| Tranches | 5 | 7 | 7 | 8 | 5 | 5 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 150.51% |
|---|---|
| Realized G/L (% of scheduled) | 50.51% |
| Returned vehicles to date | 3,050 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.