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      "text": "Difference of $3,774\n$20,049\n$16,275\nLease Balance\nSecuritization Value",
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      "text": "Securitization value is calculated using the lower of the contract residual value and the residual value set by Automotive Lease Guide (ALG) at contract origination",
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      "text": "Securitization value cash flows are discounted using the higher of the contract lease factor and a minimum discount rate designed to create excess spread",
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      "text": "For securitization transactions, securitization value is calculated for the underlying lease assets",
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      "text": "Sample Calculation:\nLease Balance\nSecuritization Value\nPayments Remaining 24 24\nBase Monthly Payment $ 200 $ 200\nResidual Value $ 16,000 $ 13,000\nDiscount Rate 2% 5%\nPresent Value $ 20,049 $ 16,275",
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