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 | Fitcha |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 232.6 | 21.9% | 100.0% | — | 0.36 | — | — | — |
| Class A-2a | 315.3 | 29.8% | 70.2% | 4.57% fxd | 1.39 | — | AAA | AAA |
| Class A-2b | 175.0 | 16.5% | 53.7% | +52 bps SOFR | 1.39 | — | AAA | AAA |
| Class A-3 | 490.3 | 46.2% | 7.4% | 4.61% fxd | 2.42 | — | AAA | AAA |
| Class A-4 | 78.9 | 7.4% | 0.0% | 4.69% fxd | 2.92 | — | AAA | AAA |
Subject deal alongside the sponsor's 2 most-recent prior deals — collateral and structural attributes side by side.
Issuer history: Mercedes-Benz Financial Services USA LLC (normalized). Up to 5 most-recent prior deals.
| MBALT 2025-A | MBALT 2024-B | MBALT 2024-A | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-05-21 | 2024-09-25 | 2024-05-23 |
| Pool balance | — | — | — |
| WA Credit Score | 786−0 | 786 | 787 |
| WA APR | 4.61%−0.16pp | 4.23% | 5.32% |
| WA original term mo | 40.4−1.5 | 42.2 mo | 41.6 mo |
| % new vehicles | — | — | — |
| Reserve % | — | — | — |
| Geo top-3 | CA 22.9% FL 16.3% NY 12.6% | CA 29.3% NY 13.8% FL 13.5% | CA 29.3% FL 14.8% NY 13.1% |
| Structure (at issuance) | |||
| AAA spread | +52 bps−3bps | +66 bps | +44 bps |
| AAA % of pool | 100.0%+23.1pp | 53.8% | 100.0% |
| Subordination below AAA | 0.0%0.0pp | 0.0% | 0.0% |
| Overcollateralization | — | — | — |
| Yield Supplement OC | — | — | — |
| Tranches | 5 | 5 | 5 |
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).
| MBALT 2025-A | GMALT 2025-1 | FCALT 2025-A | NALT 2025-A | BMWLT 2024-2 | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-05-21 | 2025-02-12 | 2025-01-27 | 2025-01-22 | 2024-10-07 |
| Pool balance | — | — | — | — | — |
| WA Credit Score | 786+14 | 781 | 764 | 758 | 789 |
| WA APR | 4.61%+0.16pp | 4.55% | — | — | 4.35% |
| WA original term mo | 40.4+4.8 | 35.0 mo | 35.1 mo | 37.0 mo | 36.0 mo |
| % new vehicles | — | — | — | — | 100.0% |
| Reserve % | — | — | — | — | — |
| Geo top-3 | CA 22.9% FL 16.3% NY 12.6% | MI 27.5% NY 15.0% FL 9.1% | 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% |
| Structure (at issuance) | |||||
| AAA spread | +52 bps+11bps | +41 bps | +41 bps | — | +42 bps |
| AAA % of pool | 100.0%+16.9pp | 81.4% | 81.8% | 84.2% | 84.4% |
| Subordination below AAA | 0.0%−5.9pp | 5.2% | 15.4% | 6.6% | 0.0% |
| Overcollateralization | — | — | — | — | — |
| Yield Supplement OC | — | — | — | — | — |
| Tranches | 5 | 6 | 8 | 7 | 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.