| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 320.0 | 21.1% | 13.25% | 0.32 | — | — | — | NR | — |
| Class A-2A | 409.0 | 26.9% | 13.25% | 0.98 | 4.84% | +39 I-curve | 2029-03-28 | AAA | AAA |
| Class A-2B | 57.4 | 3.8% | 13.25% | 0.98 | floating | +39 SOFR | 2029-03-28 | AAA | AAA |
| Class A-3 | 466.4 | 30.7% | 13.25% | 1.84 | 5.21% | +51 I-curve | 2029-03-29 | AAA | AAA |
| Class A-4 | 69.6 | 4.6% | 13.25% | 2.50 | 5.35% | +55 I-curve | 2032-05-29 | 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 | Mercedes-Benz Financial Services USA LLC |
|---|---|
| Servicer | Mercedes-Benz Financial Services USA LLC |
| Depositor / Transferor | Mercedes-Benz Trust 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 | Credit Agricole Securities, SMBC Nikko Securities, TD Securities, Mizuho Securities, Societe Generale |
| MBALT 2026-B | MBALT 2026-A | MBALT 2025-B | MBALT 2025-A | MBALT 2024-B | MBALT 2024-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-10-22 | 2026-01-21 | 2025-10-22 | 2025-05-21 | 2024-09-25 | 2024-05-23 | 424B5 |
| Pool balance | $1,520.0MM | $1,500.0MM | $1,500.0MM | $1,460.0MM | $1,450.0MM | $1,450.0MM | 424B5 |
| WA Lessee Credit Score | 788+3 | 786 | 784 | 786 | 786 | 787 | 424B5 |
| WA original term mo | 38.6−2.1 | 40.2 mo | 40.7 mo | 40.4 mo | 42.2 mo | 41.6 mo | 424B5 |
| WA Residual % MSRP | 44.4% | 43.9% | 43.5% | 44.3% | 44.3% | 45.0% | calc |
| ALG-marked residuals | 94.8% | 95.9% | 96.1% | 94.0% | 94.0% | 89.4% | calc |
| WA Securitization Value | $56,153 | $52,634 | $50,688 | $53,940 | $49,171 | $55,129 | calc |
| Top-3 model concentration | 31.8% | 20.1% | 18.3% | 21.5% | 22.0% | 21.3% | calc |
| Geo top-3 | CA 29.4% FL 14.2% NY 11.6% | CA 29.2% FL 14.0% NY 11.8% | CA 28.7% FL 14.1% NY 12.6% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 13.25%+1.50pp | 13.25% | 11.75% | 11.75% | 11.75% | 12.50% | calc |
| Enhancement, target | 14.75% | 14.75% | 13.25% | 13.25% | 13.25% | 12.50% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | calc |
| Initial OC | 13.00% | 13.00% | 11.50% | 11.50% | 11.50% | 12.25% | 424B5 |
| Target OC | 14.50% | 14.50% | 13.00% | 13.00% | 13.00% | 12.25% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +51 bps−11bps A-3 · 1.8y | +43 bps A-3 · 2.2y | +50 bps A-3 · 2.1y | +62 bps A-3 · 2.4y | +66 bps A-3 · 1.9y | +63 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Discount rate | 10.60% | 10.40% | 10.80% | 10.80% | 10.95% | 11.35% | 424B5 |
| Tranches | 5 | 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.
| MBALT 2026-B | BMWLT 2026-2 | VWALT 2026-B | GMALT 2026-3 | NALT 2026-B | FCALT 2026-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-10-22 | 2026-10-14 | 2026-09-22 | 2026-08-13 | 2026-07-29 | 2026-07-27 | 424B5 |
| Pool balance | $1,520.0MM | $1,439.3MM | $1,166.2MM | $1,111.7MM | $1,447.5MM | $1,560.5MM | 424B5 |
| WA Lessee Credit Score | 788+13 | 796 | 775 | 780 | 769 | 763 | 424B5 |
| WA original term mo | 38.6+2.1 | 36.0 mo | — | 35.0 mo | 37.0 mo | 37.2 mo | 424B5 |
| WA Residual % MSRP | 44.4% | 47.6% | 45.9% | 53.2% | 52.2% | 50.4% | calc |
| ALG-marked residuals | 94.8% | 100.0% | 99.3% | 93.5% | 99.9% | 90.1% | calc |
| WA Securitization Value | $56,153 | $55,578 | $33,466 | $35,155 | $30,965 | $35,768 | calc |
| Top-3 model concentration | 31.8% | 24.7% | 48.1% | 38.6% | 49.8% | 56.4% | calc |
| Geo top-3 | CA 29.4% FL 14.2% NY 11.6% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 13.25%−4.25pp | 13.40% | 15.20% | 18.80% | 17.50% | 20.15% | calc |
| Enhancement, target | 14.75% | 15.90% | 18.70% | 19.80% | — | 22.15% | calc |
| Subordinate notes | 0.0%−6.2pp | 0.0% | 0.0% | 8.5% | 6.2% | 12.9% | calc |
| Initial OC | 13.00% | 13.15% | 14.95% | 10.00% | 10.90% | 7.00% | 424B5 |
| Target OC | 14.50% | 15.65% | 18.45% | 11.00% | — | 9.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.40% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +51 bps+5bps A-3 · 1.8y | +50 bps 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 | FWP |
| Terms | |||||||
| Discount rate | 10.60% | 11.25% | 10.45% | 10.00% | 10.00% | 9.05% | 424B5 |
| Tranches | 5 | 5 | 5 | 7 | 7 | 8 | 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.