| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 266.8 | 13.4% | 72.4% | 3.83% fxd | 0.24 | 2027-03-22 | A-1+ | F1+ |
| Class A-2-A | 347.9 | 17.4% | 54.9% | 4.06% fxd | 1.10 | 2028-08-21 | AAA | AAA |
| Class A-2-B | 336.6 | 16.9% | 38.0% | +47 bps SOFR | 1.10 | 2028-08-21 | AAA | AAA |
| Class A-3 | 684.5 | 34.3% | 3.7% | 4.17% fxd | 2.01 | 2029-03-20 | AAA | AAA |
| Class A-4 | 74.2 | 3.7% | 0.0% | 4.21% fxd | 2.41 | 2030-11-20 | 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 | RBC Capital Markets, TD Securities, Wells Fargo Securities, Barclays Capital, U.S. Bancorp Investments, Scotia Capital |
| VWALT 2026-A | VWALT 2025-B | VWALT 2025-A | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2026-03-24 | 2025-09-16 | 2025-06-17 |
| Pool balance | $1,994.2MM | $1,749.3MM | $1,457.7MM |
| WA Lessee Credit Score | 774−8 | 789 | 776 |
| WA original term mo | — | — | — |
| WA Residual % MSRP | 47.3% | 48.5% | 48.5% |
| ALG-marked residuals | 97.4% | 97.4% | 99.3% |
| WA Securitization Value | $33,479 | $29,605 | $27,803 |
| Top-3 model concentration | 48.3% | 49.6% | 51.6% |
| Geo top-3 | CA 19.6% FL 14.3% NY 11.8% | CA 16.2% FL 15.5% NY 14.4% | CA 16.1% FL 15.9% NY 13.9% |
| Structure (at issuance) | |||
| AAA spread | +47 bps+8bps | +37 bps | +40 bps |
| AAA % of pool | 72.4%−0.5pp | 73.6% | 72.2% |
| Initial OC | 14.25% | 14.25% | 14.25% |
| Target OC | 17.75% | 17.75% | 17.25% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% |
| Total Hard CE (Initial) | 14.50% | 14.50% | 14.50% |
| Total Hard CE (Target) | 18.00% | 18.00% | 17.50% |
| Discount rate | 9.95% | 10.00% | 10.00% |
| Tranches | 5 | 5 | 5 |
| VWALT 2026-A | NALT 2026-A | GMALT 2026-1 | FCALT 2026-A | MBALT 2026-A | BMWLT 2025-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-03-24 | 2026-02-26 | 2026-02-12 | 2026-01-26 | 2026-01-21 | 2025-10-15 |
| Pool balance | $1,994.2MM | $1,299.5MM | $1,235.3MM | $2,068.3MM | $1,379.3MM | $1,439.3MM |
| WA Lessee Credit Score | 774−7 | 759 | 781 | 763 | 786 | 792 |
| WA original term mo | — | 36.0 mo | 35.0 mo | 36.8 mo | 40.2 mo | 36.0 mo |
| WA Residual % MSRP | 47.3% | 52.9% | 64.7% | 63.7% | 43.9% | 48.3% |
| ALG-marked residuals | 97.4% | 99.8% | 92.7% | 86.8% | 95.9% | 100.0% |
| WA Securitization Value | $33,479 | $30,043 | $37,340 | $993,604,775 | $52,634 | $46,784 |
| Top-3 model concentration | 48.3% | 42.2% | 36.2% | 55.8% | 20.1% | 14.7% |
| Geo top-3 | CA 19.6% FL 14.3% NY 11.8% | NY 16.7% NJ 15.5% FL 11.2% | MI 27.5% NY 13.2% FL 9.1% | MI 30.9% NY 10.2% CA 8.9% | CA 29.2% FL 14.0% NY 11.8% | CA 20.4% FL 16.7% TX 8.7% |
| Structure (at issuance) | ||||||
| AAA spread | +47 bps+12bps | +45 bps | — | +34 bps | +35 bps | +31 bps |
| AAA % of pool | 72.4%+0.2pp | 79.9% | 62.0% | 52.7% | 72.2% | 74.3% |
| Initial OC | 14.25% | 12.10% | 10.00% | 7.00% | 13.00% | 13.15% |
| Target OC | 17.75% | — | 10.50% | 9.00% | 14.50% | 15.65% |
| Subordination below AAA | 0.0%−7.7pp | 7.7% | 7.7% | 9.7% | 0.0% | 0.0% |
| Total Hard CE (Initial) | 14.50% | 20.52% | 19.12% | 22.67% | 13.25% | 13.40% |
| Total Hard CE (Target) | 18.00% | — | 19.62% | 24.67% | 14.75% | 15.90% |
| Discount rate | 9.95% | 10.00% | 8.75% | 8.90% | 10.40% | 10.15% |
| Tranches | 5 | 7 | 6 | 8 | 5 | 5 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 158.06% |
|---|---|
| Realized G/L (% of scheduled) | 58.06% |
| Returned vehicles to date | 1,353 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.