First Mobility S.à r.l Swiss Lease 2025-1: 17 August 2025

The seventh transaction in the series which once again is a securitisation of auto lease instalments and auto dealer receivables relating to residual values, which Multilease AG has granted to its Swiss clients.

The originator, Multi Lease AG, is part of the Emil Frey Group and they are the official leasing partner in Switzerland for the brands Jaguar, Kawasaki, Kia, Land Rover, Lexus, Mitsubishi, Subaru, Suzuki, Toyota, DFSK and Piaggio.

The portfolio (as at 31 July 2025) will consist of 22,426 contracts, where the average current outstanding balance is Chf22,847. Customer Type: private – 68.23%, commercial – 31.77%. Vehicle Type: new – 53.16%, used – 46.84%. There is a weighted average seasoning of 15.56 months. The portfolio consists of both auto lease instalment receivables and RV, and there is a 36-month revolving period. The underlying lease contracts have been distributed through both captive and non-captive dealerships in Switzerland. Of note is that all lease contracts with residual value risk have a dealer buyback guarantee.

EU & UK Risk Retention: The Seller, as originator for the purposes of EU & UK regulations, will agree, amongst other things, to retain on an ongoing basis a material net economic interest of not less than 5% in the Securitisation, which will take the form of a first loss tranche.

US Risk Retention: The Seller, as the sponsor under the US Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

Compare/contrast: First Swiss Mobility 2023-1 AG, Bavarian Sky French Auto Leases 5