| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 223.0 | 15.5% | 13.40% | 0.31 | 4.32% | +14 I-curve | 2027-10-25 | P-1 | F1+ |
| Class A-2a | 305.6 | 21.2% | 13.40% | 1.14 | 4.79% | +37 I-curve | 2029-01-25 | Aaa | AAA |
| Class A-2b | 175.0 | 12.2% | 13.40% | 1.14 | floating | +37 SOFR | 2029-01-25 | Aaa | AAA |
| Class A-3 | 480.6 | 33.4% | 13.40% | 2.07 | 5.22% | +50 I-curve | 2029-12-26 | Aaa | AAA |
| Class A-4 | 65.8 | 4.6% | 13.40% | 2.61 | 5.30% | +51 I-curve | 2030-05-28 | Aaa | AAA |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | BMW Financial Services NA, LLC |
|---|---|
| Servicer | BMW Financial Services NA, LLC |
| Depositor / Transferor | BMW Auto Leasing LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, BNP Paribas Securities, Lloyds Securities, U.S. Bancorp Investments |
| BMWLT 2026-2 | BMWLT 2026-1 | BMWLT 2025-2 | BMWLT 2025-1 | BMWLT 2024-2 | Source | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-10-14 | 2026-04-22 | 2025-10-15 | 2025-06-10 | 2024-10-07 | 424B5 |
| Pool balance | $1,439.3MM | $1,727.1MM | $1,439.3MM | $1,554.4MM | $1,468.9MM | 424B5 |
| WA Lessee Credit Score | 796−3 | 799 | 798 | 800 | 799 | 424B5 |
| WA original term mo | 36.00.0 | 36.0 mo | 36.0 mo | 36.0 mo | 36.0 mo | 424B5 |
| WA Residual % MSRP | 47.6% | 48.3% | 48.3% | 48.0% | 48.4% | calc |
| ALG-marked residuals | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | calc |
| WA Securitization Value | $55,578 | $56,395 | $56,210 | $56,797 | $62,107 | calc |
| Top-3 model concentration | 24.7% | 20.7% | 14.5% | 17.3% | 20.7% | calc |
| Geo top-3 | CA 17.2% FL 14.7% NY 11.1% | CA 20.8% FL 13.9% NY 10.1% | CA 20.4% FL 16.7% TX 8.7% | CA 18.0% FL 15.0% NY 9.3% | CA 19.2% FL 13.6% NJ 9.2% | 424B5 |
| Enhancement beneath the AAA term notes | ||||||
| Enhancement, initial | 13.40%0.00pp | 13.40% | 13.40% | 13.40% | 15.15% | calc |
| Enhancement, target | 15.90% | 15.90% | 15.90% | 15.90% | 17.65% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | calc |
| Initial OC | 13.15% | 13.15% | 13.15% | 13.15% | 14.90% | 424B5 |
| Target OC | 15.65% | 15.65% | 15.65% | 15.65% | 17.40% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | ||||||
| AAA spread | +50 bps+3bps A-3 · 2.1y | +43 bps A-3 · 2.0y | +41 bps A-3 · 1.8y | +51 bps A-3 · 2.0y | +62 bps A-3 · 2.1y | FWP |
| Terms | ||||||
| Discount rate | 11.25% | 10.75% | 10.15% | 10.85% | 11.20% | 424B5 |
| Tranches | 5 | 5 | 5 | 5 | 5 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
| BMWLT 2026-2 | VWALT 2026-B | GMALT 2026-3 | NALT 2026-B | FCALT 2026-B | PILOT 2026-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-10-14 | 2026-09-22 | 2026-08-13 | 2026-07-29 | 2026-07-27 | 2026-06-12 | 424B5 |
| Pool balance | $1,439.3MM | $1,166.2MM | $1,111.7MM | $1,447.5MM | $1,560.5MM | $1,047.1MM | 424B5 |
| WA Lessee Credit Score | 796+21 | 775 | 780 | 769 | 763 | 804 | 424B5 |
| WA original term mo | 36.00.0 | — | 35.0 mo | 37.0 mo | 37.2 mo | 35.0 mo | 424B5 |
| WA Residual % MSRP | 47.6% | 45.9% | 53.2% | 52.2% | 50.4% | 42.1% | calc |
| ALG-marked residuals | 100.0% | 99.3% | 93.5% | 99.9% | 90.1% | 20.9% | calc |
| WA Securitization Value | $55,578 | $33,466 | $35,155 | $30,965 | $35,768 | $84,001 | calc |
| Top-3 model concentration | 24.7% | 48.1% | 38.6% | 49.8% | 56.4% | 38.4% | calc |
| Geo top-3 | CA 17.2% FL 14.7% NY 11.1% | CA 22.5% FL 13.9% NY 10.2% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 13.40%−4.10pp | 15.20% | 18.80% | 17.50% | 20.15% | 13.25% | calc |
| Enhancement, target | 15.90% | 18.70% | 19.80% | — | 22.15% | 14.25% | calc |
| Subordinate notes | 0.0%−6.2pp | 0.0% | 8.5% | 6.2% | 12.9% | 0.0% | calc |
| Initial OC | 13.15% | 14.95% | 10.00% | 10.90% | 7.00% | 13.00% | 424B5 |
| Target OC | 15.65% | 18.45% | 11.00% | — | 9.00% | 14.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.40% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +50 bps+5bps A-3 · 2.1y | +45 bps A-3 · 2.0y | +42 bps A-3 · 1.8y | +47 bps A-3 · 2.2y | +46 bps A-3 · 2.0y | +43 bps A-3 · 1.9y | FWP |
| Terms | |||||||
| Discount rate | 11.25% | 10.45% | 10.00% | 10.00% | 9.05% | 10.50% | 424B5 |
| Tranches | 5 | 5 | 7 | 7 | 8 | 5 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.