| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's | KBRA |
|---|---|---|---|---|---|---|---|---|---|
| A-1 | 148.0 | 14.9% | 85.1% | +14 bps | 0.24 | 2027-09-27 | A-1+ | P-1 | — |
| A-2A | 291.6 | 29.4% | 55.7% | +35 bps | 1.04 | 2029-02-28 | AAA | Aaa | AAA |
| A-2B | 97.0 | 9.8% | 45.9% | +35 bps SOFR | 1.04 | 2029-02-28 | AAA | Aaa | AAA |
| A-3 | 388.6 | 39.2% | 6.7% | +45 bps | 2.00 | 2029-09-30 | AAA | Aaa | AAA |
| A-4 | 66.6 | 6.7% | 0.0% | +49 bps | 2.41 | 2031-05-31 | AAA | Aaa | AAA |
| Sponsor | VW Credit, Inc |
|---|---|
| Servicer | Extensions |
| 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, Wells Fargo Securities, U.S. Bancorp Investments, Mizuho Securities |
| VWALT 2026-B | VWALT 2026-A | VWALT 2025-B | VWALT 2025-A | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-09-22 | 2026-03-24 | 2025-09-16 | 2025-06-17 |
| Pool balance | — | $1,994.2MM | $1,749.3MM | $1,457.7MM |
| WA Lessee Credit Score | 775−1 | 774 | 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 22.6% FL 13.9% NY 10.1% | 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 | +35 bps−5bps | +47 bps | +37 bps | +40 bps |
| AAA % of pool | 85.1%+12.7pp | 72.4% | 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% | 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 | 5 |
| VWALT 2026-B | GMALT 2026-3 | NALT 2026-B | FCALT 2026-B | PILOT 2026-1 | BMWLT 2026-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-09-22 | 2026-08-13 | 2026-07-29 | 2026-07-27 | 2026-06-12 | 2026-04-22 |
| Pool balance | — | — | — | — | — | $1,727.1MM |
| WA Lessee Credit Score | 775−5 | 780 | 760 | 763 | 796 | 792 |
| WA original term mo | — | 35.0 mo | 37.0 mo | 37.2 mo | 35.0 mo | 36.0 mo |
| WA Residual % MSRP | — | 65.0% | 43.8% | 63.6% | — | 48.3% |
| ALG-marked residuals | — | — | — | 90.1% | — | 100.0% |
| WA Securitization Value | — | — | $20,554 | $49,309 | — | $56,395 |
| Top-3 model concentration | — | — | 70.4% | — | — | 20.7% |
| Geo top-3 | CA 22.6% FL 13.9% NY 10.1% | MI 24.9% NY 14.1% FL 10.5% | NY 14.8% NJ 14.4% FL 10.9% | FL 100.0% MI 29.2% NY 10.6% | CA 37.1% FL 13.1% NY 7.6% | CA 20.8% FL 13.9% NY 10.1% |
| Structure (at issuance) | ||||||
| AAA spread | +35 bps−1bps | +35 bps | +36 bps | +36 bps | +35 bps | +37 bps |
| AAA % of pool | 85.1%+1.9pp | 76.8% | 83.2% | 86.1% | 84.2% | 72.4% |
| Initial OC | — | — | — | — | — | 13.15% |
| Target OC | — | — | — | — | — | 15.65% |
| Subordination below AAA | 0.0%−7.0pp | 9.5% | 7.0% | 13.9% | 0.0% | 0.0% |
| Total Hard CE (Initial) | — | — | — | — | — | 13.40% |
| Total Hard CE (Target) | — | — | — | — | — | 15.90% |
| Discount rate | — | — | — | — | — | 10.75% |
| Tranches | 5 | 7 | 7 | 8 | 5 | 5 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.