| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| ASSET-BACKED ISSUER |
| DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
| THE SECURITIES EXCHANGE ACT OF 1934
|
| For the monthly distribution period from |
| April 1, 2022 to April 30, 2022 |
| Commission File Number of issuing entity: | 333-229783-06 |
| Central Index Key Number of issuing entity: | 0001864833 |
| Mercedes-Benz Auto Lease Trust 2021-B |
| (Exact name of issuing entity as specified in its charter) |
| Commission File Number of depositor: | 333-229783 |
| Central Index Key Number of depositor: | 0001537805 |
| Mercedes-Benz Trust Leasing LLC |
| (Exact name of depositor as specified in its charter) |
| Central Index Key Number of sponsor: | 0001540252 |
| Mercedes-Benz Financial Services USA LLC |
| (Exact name of sponsor as specified in its charter) |
| State of Delaware |
| (State or other jurisdiction of incorporation or organization of the issuing entity) |
| 86-6311410 |
| (IRS Employer Identification No.) |
| 35555 W. Twelve Mile Rd. |
| Suite 100 |
| Farmington Hills, Michigan |
| (Address of principal executive offices of issuing entity) |
| (248) 9916700 |
| (Telephone number, including area code) |
| N.A. |
| (Former name, former address, if changed since last report) |
| Registered/reporting pursuant to (check one) |
| | Name of exchange |
| Title of Class | | Section 12(b) | | Section 12(g) | | Section 15(d) | | (If Section 12(b)) |
| Class A-2 Asset Backed Notes | | ☐ | | ☐ | | ☒ | | |
| Class A-3 Asset Backed Notes | | ☐ | | ☐ | | ☒ | | |
| Class A-4 Asset Backed Notes | | ☐ | | ☐ | | ☒ | | |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days? Yes ☒ No ☐ |
| PART I - DISTRIBUTION INFORMATION |
| Item 1. Distribution and Pool Performance Information. |
| On May 16, 2022 a distribution was made to holders of notes of the issuing entity. The distribution report for this distribution is attached to this Form 10-D as Exhibit 99.1. |
|
| No assets held by the issuing entity were the subject of a demand to repurchase or replace for breach of the representations and warranties during the period from April 01, 2022 to April 30, 2022. |
| Reference is made to the Form ABS – 15G filed by Mercedes-Benz Financial Services USA LLC with the Securities and Exchange Commission on February 02, 2022, and to the information reported for the period indicated in the report regarding any repurchase requests across all trusts for which Mercedes-Benz Financial Services USA LLC is a securitizer (as that term is defined in Section 15G(a) of the Securities Exchange Act of 1934). The CIK number of Mercedes-Benz Financial Services USA LLC is 0001540252. |
| Item 1A. Asset-Level Information. |
| Asset-level data for the reporting period covered by this Form 10-D is included in Exhibit 102 to the Form ABS-EE filed by the issuing entity with the Securities and Exchange Commission on May 20, 2022 (the “Form ABS-EE”) and is incorporated by reference into this Form 10-D. Additional asset-level information or explanatory language is included in Exhibit 103 to the Form ABS-EE and is also incorporated by reference into this Form 10-D. |
| PART II - OTHER INFORMATION |
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. |
| Mercedes-Benz Auto Lease Trust 2021-B |
| (Issuing Entity) |
| By: Mercedes-Benz Financial Services USA LLC |
| (Servicer) |
| Date: May 23, 2022 | | | By: /s/ Christopher Trainor |
| Christopher Trainor |
| Vice President |
Investor Report
Mercedes-Benz Auto Lease Trust 2021-B
Collection Period Ended
Page 1 of 6
Amounts in USD
30-Apr-2022
Dates
Interest Period of the Class A-1 Notes (from... to)
Collection Period (from... to)
11
16-May-2022
Payment Date
30-Apr-2022
1-Apr-2022
Actual/360 Days
Collection Period No.
Determination Date
Interest Period of the Class A-2, A-3 and A-4 Notes (from... 5/15/2022
12-May-2022
Record Date
13-May-2022
31
16-May-2022
15-Apr-2022
30/360 Days
30
15-Apr-2022
15-May-2022
Summary
Balance
Beginning
Ending
Principal
Payment
Principal per $1000
Face Amount
Initial
Note
Factor
Balance
Balance
0.00
Class A-1 Notes
0.000000
264,600,000.00
0.000000
0.00
0.00
310,157,809.02
Class A-2 Notes
74.914337
452,600,000.00
0.610366
33,906,228.93
276,251,580.09
452,600,000.00
Class A-3 Notes
0.000000
452,600,000.00
1.000000
0.00
452,600,000.00
120,120,000.00
Class A-4 Notes
0.000000
120,120,000.00
1.000000
0.00
120,120,000.00
882,877,809.02
Total Note Balance
1,289,920,000.00
33,906,228.93
848,971,580.09
Overcollateralization
180,074,942.44
180,074,942.44
Total Securitization Value
1,469,999,530.12
180,079,530.12
present value of lease payments
present value of Base Residual Value
1,062,952,751.46
1,029,046,522.53
648,902,345.74
786,078,495.56
683,921,034.56
402,232,960.72
380,144,176.79
660,719,790.74
Initial Overcollateralization Amount
Current Overcollateralization Amount
Amount
Percentage
180,079,530.12
12.25%
180,074,942.44
12.25%
Target Overcollateralization Amount
180,074,942.44
12.25%
Interest Payment
Interest per
Interest & Principal
Payment
Interest & Principal Payment
per $1000 Face Amount
Interest Rate
$1000 Face Amount
Class A-1 Notes
0.000000%
0.000000
0.00
0.000000
0.00
Class A-2 Notes
0.220000%
0.125635
33,963,091.19
75.039972
56,862.26
Class A-3 Notes
0.400000%
0.333333
150,866.67
0.333333
150,866.67
Class A-4 Notes
0.510000%
0.425000
51,051.00
0.425000
51,051.00
$34,165,008.86
Total
258,779.93
Investor Report
Mercedes-Benz Auto Lease Trust 2021-B
Collection Period Ended
Page 2 of 6
Amounts in USD
30-Apr-2022
Lease Payments Received
Net Sales Proceeds-early terminations (incl Defaulted Leases)
Net Sales Proceeds-scheduled terminations
Excess wear and tear included in Net Sales Proceeds
Excess mileage included in Net Sales Proceeds
Repurchase Payments
Advances made by the Servicer
Investment Earnings
Total Available Collections
Reserve Account Draw Amount
Total Available Funds
19,866,909.94
4,510.95
0.00
0.00
2,475.14
0.00
402.90
15,440,047.51
7,228,398.82
Total Exchange Note Payments
Available Funds ABS Notes
Available 2021-B Collections
42,535,759.17
Exchange Note Balance
Initial
Balance
Beginning
Balance
Ending
Balance
1,396,499,553.61
989,452,774.95
955,546,546.02
34,334,991.80
34,334,991.80
Subtotal
42,535,356.27
(2) Interest Distributable Amount Class A Notes
(3) Priority Principal Distribution Amount
258,779.93
0.00
(4) To Reserve Fund to reach the Reserve Fund Required Amount
(5) Regular Principal Distribution Amount
(6) Additional Servicing Fee and Transition Costs
0.00
33,906,228.93
0.00
(7) Total Trustee Fees and any Asset Representations Reviewer fees
[not previously paid under (1)]
0.00
(8) Excess Collections to Certificateholders
Total Distribution
(1) Total Trustee Fees and any Asset Representations Reviewer fees
(max. $250,000 p.a.)
0.00
34,334,991.80
Nonrecoverable Advances to the Servicer
(1) Total Servicing Fee
(2) Exchange Note Interest Distributable Amount
(0.52%)
885,793.96
0.00
428,762.87
(3) Exchange Note Principal Distributable Amount
(4) Any amounts by which the sum payable pursuant to Section 8.03(a)(i)
through (vii) of the Indenture (or, if applicable, pursuant to Section
5.04(b)(i)through (vii) of the Indenture) exceed the sum of the Exchange
Note Interest Distributable Amount and the Exchange Note Principal
Distributable Amount
(5) Remaining Funds Payable
33,906,228.93
Total Distribution
42,535,759.17
Distributions ABS Notes
Distribution on the Exchange Note
0.00
169,982.94
7,314,973.41
Investor Report
Mercedes-Benz Auto Lease Trust 2021-B
Collection Period Ended
Page 3 of 6
Amounts in USD
30-Apr-2022
Distribution Detail
Amount Paid
Shortfall
Amount Due
0.00
885,793.96
885,793.96
Total Servicing Fee
Total Trustee Fee
0.00
0.00
0.00
258,779.93
258,779.93
0.00
Monthly Interest Distributable Amount
thereof on Class A-1 Notes
0.00
0.00
0.00
thereof on Class A-2 Notes
56,862.26
0.00
56,862.26
thereof on Class A-3 Notes
150,866.67
0.00
150,866.67
thereof on Class A-4 Notes
51,051.00
0.00
51,051.00
Interest Carryover Shortfall Amount
0.00
0.00
0.00
thereof on Class A-1 Notes
0.00
0.00
0.00
thereof on Class A-2 Notes
0.00
0.00
0.00
thereof on Class A-3 Notes
0.00
0.00
0.00
thereof on Class A-4 Notes
0.00
0.00
0.00
Interest Distributable Amount Class A Notes
258,779.93
258,779.93
0.00
Priority Principal Distribution Amount
0.00
0.00
0.00
Regular Principal Distribution Amount
33,906,228.93
0.00
33,906,228.93
Principal Distribution Amount
33,906,228.93
33,906,228.93
0.00
Investor Report
Mercedes-Benz Auto Lease Trust 2021-B
Collection Period Ended
Page 4 of 6
Amounts in USD
30-Apr-2022
Reserve Fund and Investment Earnings
Investment Earnings
Net Investment Earnings on the Reserve Fund
Reserve Fund
Reserve Fund Amount - Beginning Balance
Reserve Fund Deficiency
Reserve Fund Amount - Ending Balance
3,674,998.83
0.00
3,674,998.83
Reserve Fund Required Amount
plus top up Reserve Fund up to the Required Amount
plus Net Investment Earnings for the Collection Period
minus Net Investment Earnings
minus Reserve Fund Draw Amount
0.00
Investment Earnings for the Collection Period
Net Investment Earnings on the Exchange Note
Collection Account
372.69
30.21
30.21
30.21
402.90
3,674,998.83
0.00
Notice to Investors
Investor Report
Mercedes-Benz Auto Lease Trust 2021-B
Collection Period Ended
Page 5 of 6
Amounts in USD
30-Apr-2022
Pool Statistics
Securitization Value end of Collection Period
1,062,952,751.46
Securitization Value beginning of Collection Period
Number of Leases
Amount
Pool Data
70.00%
Pool Factor
Gross Losses
Terminations- Scheduled
Terminations- Early
Principal portion of lease payments
32,998
Cutoff Date Securitization Value
Repurchase Payment (excluding interest)
1,029,046,522.53
1,185,652.73
0.00
6,125,932.50
12,296,957.98
14,297,685.72
1,469,999,530.12
26,604
26,032
16.31%
917,070,196.49
722,222,926.73
6.58%
6.57%
21.06
19.91
Cumulative Turn-in Ratio
Aggregate Base Residual Value
11.34
29.51
Current
As of Cutoff Date
Weighted Average Seasoning (months)
Weighted Average Remaining Term (months)
Weighted Average Securitization Rate
Proportion of base prepayment assumption realized life to date
Actual lifetime prepayment speed
0.77%
118.04%
Delinquency Profile
Delinquency Profile *
0.03%
279,480.77
91-120 Days Delinquent
25,945
64
15
2,852,751.30
1,025,322,046.52
592,243.94
100.00%
26,032
1,029,046,522.53
*A lease is not considered delinquent if the amount past due is less than 10% of the payment due under such lease
**Based on the actual Securitization Value of the respective leases
Total
Percentage
Number of Leases
Amount **
99.64%
Current
0.06%
0.28%
31-60 Days Delinquent
61-90 Days Delinquent
8
Delinquency Trigger
5.147%
No
60+ Delinquency Leases to EOP Aggregate Securitization Value
Delinquency Trigger occurred
0.085%
Investor Report
Mercedes-Benz Auto Lease Trust 2021-B
Collection Period Ended
Page 6 of 6
Amounts in USD
30-Apr-2022
Loss Statistics
Current
Credit Loss
Amount
Number of Leases
Cumulative
Number of Leases
Amount
Recoveries
Liquidation Proceeds
Securitization Value of Defaulted Leases, Beg of Collection Period
1,098,385.77
30
473,599.15
789,138.93
Principal Net Credit Loss / (Gain)
(164,352.31)
15,448,166.69
54,552.82
373
14,078,404.65
1,315,209.22
Net Credit Loss / (Gain) as % of Average Securitization Value (annualized):
Second Prior Collection Period
Prior Collection Period
Current Collection Period
Third Prior Collection Period
Four Month Average
(0.189)%
(0.011)%
Cumulative Net Credit Loss / (Gain) as % of Cutoff Date Securitization Value
Average Net Credit Loss / (Gain)
146.25
0.004%
(0.110%)
0.033 %
0.224 %
Current
Residual Loss
Amount
Number of Leases
Cumulative
Number of Leases
Amount
Sales Proceeds and Other Payments Received
Securitization Value of Liquidated Leases, Beg of Collection Period
Residual Loss / (Gain)
18,510,157.44
542
227,798,778.62
6,592
21,431,238.82
264,455,379.27
(2,921,081.38)
(36,656,600.65)
Residual Loss / (Gain) as % of Average Securitization Value (annualized):
Second Prior Collection Period
Prior Collection Period
Current Collection Period
Third Prior Collection Period
Four Month Average
(3.351)%
(3.436)%
Average Residual Loss / (Gain)
Cumulative Residual Loss / (Gain) as % of Cutoff Date Securitization Value
(2.494)%
(5,560.77)
(4.080%)
(3.110%)
(3.202%)
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