| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 117.0 | 7.5% | 17.50% | — | — | — | 2027-11-15 | AAA | Aaa | AAA |
| Class A-2a | 409.0 | 26.1% | 17.50% | — | — | — | 2029-07-15 | AAA | Aaa | AAA |
| Class A-2b | 409.0 | 26.1% | 17.50% | — | floating | — | 2029-07-15 | AAA | Aaa | AAA |
| Class A-3 | 409.0 | 26.1% | 17.50% | — | — | — | 2030-04-15 | AAA | Aaa | AAA |
| Class A-4 | 65.0 | 4.1% | 17.50% | — | — | — | 2030-12-15 | AAA | Aaa | AAA |
| Class B | 73.0 | 4.7% | 12.85% | — | — | — | 2030-12-15 | AA- | Aa1 | AA- |
| Class C | 28.1 | 1.8% | 11.06% | — | — | — | 2030-12-15 | — | Aa2 | — |
| Class D | 59.9 | 3.8% | 7.25% | — | — | — | 2031-07-15 | — | A2 | — |
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 | Ford Motor Credit Company LLC |
|---|---|
| Servicer | Ford Motor Credit Company LLC |
| Depositor / Transferor | Ford Credit Auto Lease Two LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | The Bank of New York Mellon |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Citigroup Global Markets, Credit Agricole Securities, SMBC Nikko Securities, Scotia Capital, TD Securities |
| FCALT 2026-C | FCALT 2026-B | FCALT 2026-A | FCALT 2025-B | FCALT 2025-A | FCALT 2024-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-11-24 | 2026-07-27 | 2026-01-26 | 2025-07-29 | 2025-01-27 | 2024-07-23 | 424B5 |
| Pool balance | $1,161.0MM | $1,560.5MM | $1,560.5MM | $1,560.5MM | $1,560.5MM | $1,560.5MM | 424B5 |
| WA Lessee Credit Score | 763−1 | 763 | 763 | 764 | 764 | 764 | 424B5 |
| WA original term mo | 37.2+1.4 | 37.2 mo | 36.8 mo | 35.8 mo | 35.1 mo | 35.8 mo | 424B5 |
| WA Residual % MSRP | 50.8% | 50.4% | 49.9% | 49.8% | 50.2% | 49.2% | calc |
| ALG-marked residuals | 92.1% | 90.1% | 86.8% | 85.2% | 80.1% | 81.3% | calc |
| WA Securitization Value | $36,104 | $35,768 | $35,735 | $35,218 | $34,773 | $34,117 | calc |
| Top-3 model concentration | 59.5% | 56.4% | 55.8% | 53.8% | 53.6% | 52.2% | calc |
| Geo top-3 | MI 29.9% NY 10.3% CA 8.7% | FL 100.0% MI 29.2% NY 10.6% | MI 30.9% NY 10.2% CA 8.9% | MI 33.4% NY 10.5% CA 8.4% | MI 38.9% NY 10.8% CA 7.0% | MI 38.7% NY 11.6% CA 6.7% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 17.50%−2.64pp | 20.15% | 20.15% | 20.15% | 20.15% | 20.15% | calc |
| Enhancement, target | 19.50% | 22.15% | 22.15% | 22.15% | 22.95% | 22.95% | calc |
| Subordinate notes | 10.3%−2.6pp | 12.9% | 12.9% | 12.9% | 12.9% | 12.9% | calc |
| Initial OC | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 424B5 |
| Target OC | 9.00% | 9.00% | 9.00% | 9.00% | 9.80% | 9.80% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | — | +46 bps A-3 · 2.0y | +44 bps A-3 · 2.0y | +45 bps A-3 · 2.0y | +48 bps A-3 · 2.0y | +60 bps A-3 · 2.0y | FWP |
| Terms | |||||||
| Discount rate | 9.55% | 9.05% | 8.90% | 9.30% | 9.40% | 10.25% | 424B5 |
| Tranches | 8 | 8 | 8 | 8 | 8 | 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.
| FCALT 2026-C | NALT 2026-C | VWALT 2026-C | MBALT 2026-B | BMWLT 2026-2 | GMALT 2026-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-11-24 | 2026-11-24 | 2026-11-18 | 2026-10-22 | 2026-10-14 | 2026-08-13 | 424B5 |
| Pool balance | $1,161.0MM | $1,107.0MM | $881.8MM | $1,520.0MM | $1,439.3MM | $1,111.7MM | 424B5 |
| WA Lessee Credit Score | 763−17 | 760 | 779 | 788 | 796 | 780 | 424B5 |
| WA original term mo | 37.2+0.7 | 37.0 mo | — | 38.6 mo | 36.0 mo | 35.0 mo | 424B5 |
| WA Residual % MSRP | 50.8% | 53.9% | — | 44.4% | 47.6% | 53.2% | calc |
| ALG-marked residuals | 92.1% | 99.7% | — | 94.8% | 100.0% | 93.5% | calc |
| WA Securitization Value | $36,104 | $30,977 | — | $56,153 | $55,578 | $35,155 | calc |
| Top-3 model concentration | 59.5% | 51.1% | — | 31.8% | 24.7% | 38.6% | calc |
| Geo top-3 | MI 29.9% NY 10.3% CA 8.7% | NY 14.8% NJ 14.4% FL 10.9% | CA 20.3% FL 14.6% NY 11.1% | CA 29.4% FL 14.2% NY 11.6% | CA 17.2% FL 14.7% NY 11.1% | MI 24.9% NY 14.1% FL 10.5% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 17.50%+2.93pp | — | 15.75% | 13.25% | 13.40% | 18.80% | calc |
| Enhancement, target | 19.50% | — | 19.05% | 14.75% | 15.90% | 19.80% | calc |
| Subordinate notes | 10.3%+10.3pp | — | 0.0% | 0.0% | 0.0% | 8.5% | calc |
| Initial OC | 7.00% | 11.25% | 15.50% | 13.00% | 13.15% | 10.00% | 424B5 |
| Target OC | 9.00% | — | 18.80% | 14.50% | 15.65% | 11.00% | 424B5 |
| Reserve account | 0.25% | 0.40% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | — | — | +52 bps A-3 · 2.0y | +51 bps A-3 · 1.8y | +50 bps A-3 · 2.1y | +42 bps A-3 · 1.8y | FWP |
| Terms | |||||||
| Discount rate | 9.55% | 10.00% | 11.15% | 10.60% | 11.25% | 10.00% | 424B5 |
| Tranches | 8 | 7 | 5 | 5 | 5 | 7 | 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.