Presale Reports are compiled by Black Analytics from SEC EDGAR filings (424B5, FWP) and ABS-EE loan-level data. Published the same day a deal’s first filing reaches EDGAR; pool, structural, and peer context reflects what was known at the subject’s issuance. For ongoing deal performance after closing, see the Auto ABS Explorer. Informational only — not a credit rating.
Bond-side risk distribution — how principal splits across tranches and how each is supported.
| Class | Size ($MM)a | % Poolb | Sub %b | Coupon / Spreada | WALa | Legal Finalc | S&Pa | Moody'sa | Fitcha |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 181.8 | 13.9% | 97.2% | 4.42% fxd | 0.30 | 2026-02-15 | — | P-1 | F1+ |
| Class A-2-A | 245.0 | 18.8% | 78.5% | 4.57% fxd | 1.10 | 2027-08-15 | AAA | Aaa | AAA |
| Class A-2-B | 249.6 | 19.1% | 59.3% | +41 bps SOFR | 1.10 | 2027-08-15 | AAA | Aaa | AAA |
| Class A-3 | 494.6 | 37.9% | 21.5% | 4.72% fxd | 1.96 | 2028-06-15 | AAA | Aaa | AAA |
| Class A-4 | 79.0 | 6.0% | 15.4% | 4.78% fxd | 2.44 | 2029-02-15 | AAA | Aaa | AAA |
| Class B | 56.2 | 4.3% | 11.1% | 4.96% fxd | 2.53 | 2029-02-15 | AA | Aa1 | AA |
| Class C | 70.2 | 5.4% | 5.7% | — | 2.60 | 2029-02-15 | — | Aa2 | — |
| Class D | 74.9 | 5.7% | 0.0% | — | 2.69 | 2029-10-15 | — | A2 | — |
Subject deal alongside the sponsor's 0 most-recent prior deals — collateral and structural attributes side by side.
Issuer history: Ford Credit (normalized). Up to 5 most-recent prior deals.: no peer deals found.
Subject deal alongside representative peer deals — one most-recent deal per peer issuer in the subject's cohort.
Peer cohort: same FICO tier. Most-recent deal per peer ticker (max 5).
| FCALT 2025-A | NALT 2025-A | BMWLT 2024-2 | GMALT 2024-3 | MBALT 2024-B | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-01-27 | 2025-01-22 | 2024-10-07 | 2024-10-02 | 2024-09-25 |
| Pool balance | — | — | — | — | — |
| WA Credit Score | 764−19 | 758 | 789 | 781 | 786 |
| WA APR | — | — | 4.35% | — | 4.23% |
| WA original term mo | 35.1−1.4 | 37.0 mo | 36.0 mo | 36.0 mo | 42.2 mo |
| % new vehicles | — | — | 100.0% | — | — |
| Reserve % | — | — | — | — | — |
| Geo top-3 | MI 38.9% NY 10.8% CA 7.0% | FL 11.6% CA 11.6% TX 7.3% | CA 19.2% FL 13.6% NJ 9.2% | MI 29.0% NY 16.1% FL 8.5% | CA 29.3% NY 13.8% FL 13.5% |
| Structure (at issuance) | |||||
| AAA spread | +41 bps−6bps | — | +42 bps | +47 bps | +66 bps |
| AAA % of pool | 81.8%−0.7pp | 84.2% | 84.4% | 80.8% | 53.8% |
| Subordination below AAA | 15.4%+12.8pp | 6.6% | 0.0% | 5.2% | 0.0% |
| Overcollateralization | — | — | — | — | — |
| Yield Supplement OC | — | — | — | — | — |
| Tranches | 8 | 7 | 5 | 6 | 5 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
No surveillance data published yet for this series in the SEC Auto Lease ABS Data Explorer (typical for deals less than ~6 months old, or for issuers that don't populate liquidationProceedsAmount in ABS-EE filings).
Open the SEC Auto Lease ABS Data Explorer ↗ for the full interactive surveillance dashboard.