GMF Leasing LLC Issues ~$1.001B in Asset‑Backed Notes

What Happened

• GMF Leasing LLC (the Depositor), with AmeriCredit Financial Services, Inc. d/b/a GM Financial as sponsor, caused a new issuing entity, GM Financial Automobile Leasing Trust 2026-3, to issue seven classes of asset‑backed notes on August 13, 2026. The Publicly Offered Notes include Class A-1, A-2-A, A-2-B (floating), A-3, A-4, Class B and Class C, and an Asset Backed Certificate.
• The aggregate principal amounts issued total about $1,000.53 million (approximately $1.001 billion). Coupons include: Class A-1 $137.22M at 4.002%; Class A-2-A $295.00M at 4.33%; Class A-2-B $90.22M floating; Class A-3 $315.18M at 4.53%; Class A-4 $67.86M at 4.62%; Class B $49.45M at 4.71%; Class C $45.60M at 4.82%. The Publicly Offered Notes were sold to underwriters led by BMO Capital Markets, Credit Agricole, Goldman Sachs and RBC Capital Markets (with additional underwriters).
• The transaction involved the issuance of an Exchange Note from ACAR Leasing Ltd. (the Titling Trust) to GM Financial, the sale of that Exchange Note to the Depositor, and the Depositor’s transfer of the Exchange Note to the Issuing Entity. Computershare is the Indenture Trustee and Wilmington Trust Company is the Owner Trustee. GM Financial will act as servicer and custodian under the servicing agreement.

Key Details

• Total issuance: ~ $1,000.53 million across seven note classes (closing date: August 13, 2026).
• Notable coupon rates: fixed tranches range ~4.00%–4.82%; one $90.22M tranche is floating rate.
• Trust & trustee: GM Financial Automobile Leasing Trust 2026-3; Indenture with Computershare Trust Company, N.A.; Owner Trustee Wilmington Trust Company.
• Structure: Notes are secured by an Exchange Note backed by a designated pool of car, light duty truck and utility vehicle leases and the leased vehicles; Publicly Offered Notes were registered under Registration Statement No. 333-285619.

Why It Matters

• This is a financing/securitization transaction that converts a pool of auto lease receivables into marketable debt, providing funding and liquidity to GM Financial’s leasing business. Investors should note the size (~$1B), fixed and floating rate mix, and that repayment depends on cash flows from the underlying lease pool.
• Key risks and drivers for these notes will be the performance of the designated lease assets (lease payments, vehicle residual values and repossession recoveries) and interest‑rate exposure for the floating tranche. The filing documents (trust agreement, indenture, servicing and sale agreements) formalize the transaction and servicing arrangements and are filed as exhibits to the 8-K.