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Residual value risk is typically the largest component of risk in an auto lease deal. If a vehicle is not turned in (that is, purchased by the lessee), then the securitization is not exposed to the risk of loss as the lessee pays the contractual residual value to the lessor, which passes it on to the trust. Moody's lifetime cumulative net credit loss expectation is 0.85% for Santander Retail Auto Lease Trust 2020-B, 0.50% for Ford Credit Auto Lease Trust 2020-B and 2021-A, 0.25% for GM Financial Automobile Leasing Trust 2020-3.Īuto lease ABS are mainly exposed to residual value risk for vehicles that are turned in at lease maturity instead of being purchased by the lessee at the contractual residual price, since these vehicles then have to be remarketed and therefore are subject to risk of which the sales price is lower than the securitized residual value. The upgrades were prompted by an increase in credit enhancement due to the sequential pay structure in addition to a non-declining reserve account and overcollateralization and strong residual value performance of the underlying lease contracts. Issuer: Santander Retail Auto Lease Trust 2020-BĬlass B Notes, Upgraded to Aa1 (sf) previously on Definitive Rating Assigned Aa2 (sf)Ĭlass C Notes, Upgraded to A1 (sf) previously on Definitive Rating Assigned A2 (sf) Issuer: GM Financial Automobile Leasing Trust 2020-3Ĭlass D Notes, Upgraded to Aa3 (sf) previously on Definitive Rating Assigned A2 (sf) Issuer: GM Financial Automobile Leasing Trust 2020-2Ĭlass D Notes, Upgraded to Aa2 (sf) previously on Definitive Rating Assigned A2 (sf) Issuer: Ford Credit Auto Lease Trust 2021-AĬlass B Notes, Upgraded to Aaa (sf) previously on Definitive Rating Assigned Aa1 (sf)Ĭlass C Notes, Upgraded to Aa1 (sf) previously on Definitive Rating Assigned Aa2 (sf)
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Issuer: Ford Credit Auto Lease Trust 2020-BĬlass C Notes, Upgraded to Aaa (sf) previously on Definitive Rating Assigned Aa2 (sf) The complete rating actions are as follows: The notes are backed by pools of retail automobile lease contracts originated and serviced by multiple parties New York, Aug- Moody's Investors Service ("Moody's") has upgraded eleven classes of notes issued by five auto lease securitizations. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.Approximately $658.4 million of asset-backed securities affected
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