# EDGAR Filing Document

**Accession Number:** 0001964471
**File Stem:** 0000950142-25-003107
**Filing Date:** 2025-12
**Character Count:** 19506
**Document Hash:** ecca28d7b31aa806c91fc7ebc6a53e5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950142-25-003107.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0000950142-25-003107

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251203

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Auto leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Merchants Fleet Funding LLC
- **CENTRAL INDEX KEY:** 0001964471

**ORGANIZATION NAME:**
- **EIN:** 882352735
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-06399
- **FILM NUMBER:** 251546126

**BUSINESS ADDRESS:**
- **STREET 1:** 14 CENTRAL PARK DRIVE, FIRST FLOOR
- **CITY:** HOOKSETT
- **STATE:** NH
- **ZIP:** 03106
- **BUSINESS PHONE:** 603-606-4547

**MAIL ADDRESS:**
- **STREET 1:** 14 CENTRAL PARK DRIVE, FIRST FLOOR
- **CITY:** HOOKSETT
- **STATE:** NH
- **ZIP:** 03106
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Merchants Fleet Funding LLC
- **CENTRAL INDEX KEY:** 0001964471

**ORGANIZATION NAME:**
- **EIN:** 882352735
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 14 CENTRAL PARK DRIVE, FIRST FLOOR
- **CITY:** HOOKSETT
- **STATE:** NH
- **ZIP:** 03106
- **BUSINESS PHONE:** 603-606-4547

**MAIL ADDRESS:**
- **STREET 1:** 14 CENTRAL PARK DRIVE, FIRST FLOOR
- **CITY:** HOOKSETT
- **STATE:** NH
- **ZIP:** 03106
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Merchants Fleet Funding LLC
- **CENTRAL INDEX KEY:** 0001964471

**ORGANIZATION NAME:**
- **EIN:** 882352735
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-06399

**BUSINESS ADDRESS:**
- **STREET 1:** 14 CENTRAL PARK DRIVE, FIRST FLOOR
- **CITY:** HOOKSETT
- **STATE:** NH
- **ZIP:** 03106
- **BUSINESS PHONE:** 603-606-4547

**MAIL ADDRESS:**
- **STREET 1:** 14 CENTRAL PARK DRIVE, FIRST FLOOR
- **CITY:** HOOKSETT
- **STATE:** NH
- **ZIP:** 03106

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER**

**REPORT PURSUANT TO SECTION 15G OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Check the appropriate box to indicate the filing obligation which this form is intended to satisfy:

☐ **Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period:**

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| |
|:---|
| Date of Report (Date of earliest event reported): |
| Commission File Number of securitizer: |
| Central Index Key Number of securitizer: |

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(Exact name of issuing entity as specified in its charter)

Name and telephone number, including area code, of the person to contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): ☐

☒ **Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)** 

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| | |
|:---|:---|
| Central Index Key Number of depositor: | **0001964471** |

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| |
|:---|
| **Merchants Fleet Funding LLC** |
| (Exact name of issuing entity as specified in its charter) |

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| | |
|:---|:---|
| Central Index Key Number of issuing entity (if applicable): | **Not Applicable** |
| Central Index Key Number of underwriter (if applicable): | **Not Applicable** |

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| |
|:---|
| **Kirk Hoffman**<br>**603-669-4100** |
| (Name and telephone number, including area code, of the person to contact in connection with this filing) |

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**INFORMATION TO BE INCLUDED IN THE REPORT**

**Item 2.01. Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer.**

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibit 99.1 to this Form ABS-15G. Please see the Exhibit Index for the related information.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  | **Merchants Fleet Funding LLC** | **Merchants Fleet Funding LLC** | **Merchants Fleet Funding LLC** |
| Date: December 3, 2025 | By: | /s/ Kirk Hoffman | /s/ Kirk Hoffman |
|  |  | Name: | Kirk Hoffman |
|  |  | Title: | Chief Financial Officer |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | [Report of Independent Accountants on Applying Agreed-Upon Procedures, dated November 18, 2025.](eh250707655_ex9901.htm) |

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## Exhibit 99.1

**EXHIBIT 99.1**

![](logo.jpg)

KPMG LLP

Suite 700

20 Pacifica

Irvine, CA 92618-3391

**Independent Accountants' Agreed-Upon Procedures Report**

Merchants Automotive Group, LLC (the "Company")<br> BNP Paribas Securities Corp.<br> (together, the "Specified Parties)

Re: Merchants Fleet Funding LLC, Series 2025-1 – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled "2025-10-09 Servicer Data Tape - Enhanced for KPMG - FINAL(Data).xlsx" provided by the Company on October 9, 2025, containing information on 42,998 leases ("Leases") as of August 31, 2025 (the "Data File"), which we were informed are intended to be included as collateral in the offering of Merchants Fleet Funding LLC, Series 2025-1. The Company is responsible for the specified attributes identified by the Company in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

· The term "compared" means compared to the information shown and found it to be in agreement, unless otherwise stated.
Such compared information was deemed to be in agreement if differences were within the reporting threshold.

· The term "recomputed" means recalculated and compared the result to the information shown and found it to be in agreement,
unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.

· The term "reporting threshold" means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.

· The term "Company System Screenshots" means screenshots from the Company's lease accounting system "OC5"
provided by the Company containing information related to the net book value, lease net book value at expected term, last invoiced term,
past expected term monthly depreciation, government indicator, disposition fee, make, model, and principal amount for each Selected Lease
(defined below).

· The term "Vehicle Mapping Model" means an electronic data file entitled "Vehicle Mapping Document.xlsx" provided
by the Company on October 7, 2025, containing mapping information related to the vehicle segments for each Selected Lease.

![](logo.jpg)

· The term "Rate Sheet" means electronic data files
provided by the Company containing information related to unit number, obligor, interest rates, capitalized cost, admin fee, residual
values, amortization type, billing type, disposition fee, and expected term extracted from OC5 for each Selected Lease.

· The term "Invoice Receivables" means electronic records provided by the Company containing information related to paid
and unpaid receivables for each Selected Lease.

· The term "Supporting Information Files" means the following electronic data files provided by the Company, containing
instructions and information related to the specified attributes for each Selected Lease:

– "KPMG Source Data Request 9.22.25 FINAL (1).xlsx" provided on October 9, 2025;

– "_EXTERNAL_ Re_ KPMG Preliminary Findings.msg" provided on October 20, 2025; and

– Two electronic data files entitled "Merchants Response - SENT - MFF 2025-1 Exceptions 10.22.25.xls" provided on October 22, 2025.

· The term "Source Documents" means the Company System Screenshots, Vehicle Mapping Model, Rate Sheet, Invoice Receivables,
and Supporting Information Files. We make no representation regarding the validity or accuracy of these documents.

· The term "Instructions" means the instructions provided by the Company pertaining to a procedure, attribute, or methodology,
as described in the "Instructions" column of Exhibit A.

· The term "Provided Information" means the Source Documents and Instructions.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

A. We randomly selected a sample of 250 Leases from the Data File (the "Selected Leases"). For purposes of this procedure,
the Company did not inform us of the basis they used to determine the number of Leases we were instructed to randomly select from the
Data File. Prior to randomly selecting the Leases, the Company instructed us to exclude the following Leases from the Data File:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Leases labeled as "in-process,"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Leases with securitization values less than or equal to zero, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Leases with net book values less than or equal to zero.

B. For each Selected Lease, we compared or recomputed the specified attributes in the Data File listed in Exhibit A using the corresponding
information included in the Source Documents, listed in the "Source Document(s)" column of Exhibit A, utilizing the Instructions
listed in the "Instructions" column of Exhibit A, as applicable. The Specified Parties indicated that the absence of any of
the information in the Source Documents or the inability to agree the indicated information from the Data File to the Source Documents
for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The Source Documents are listed
in the order of priority.

We found such information to be in agreement.

![](logo.jpg)

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Leases, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Leases to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Leases being securitized, (iii) the compliance of the originator of the Leases with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Leases that would be material to the likelihood that the issuer of the asset-backed securities will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations ("NRSROs").

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

/s/ KPMG LLP

Irvine, California<br> November 18, 2025

**Exhibit A**

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| | | |
|:---|:---|:---|
| **#** | **Attribute Name (Name in Data File)** | **Source Documents/Instructions**<br>|
| 1 | Unit Number<br> (UNIT_ID) | Rate Sheet |
| 2 | Obligor<br> (OBLIGOR_NAME) | Company System Screenshot |
| 3 | Original Term<br> (CURRENT_TERM) | If Lease Type is 'OPEN END,' recompute as:<br> • Original Term equals Expected Term plus the rounded-up quotient of Lease NBV at Expected Term divided by Past Expected Term Monthly Depreciation, otherwise <br> • Original Term equals Expected Term. |
| 4 | Contractual Term | Recompute as: Current Term less Last Invoiced Term. |
| 5 | Net Book Value<br> (LL_NBV) | Company System Screenshots, Invoice Receivables<br> If Last Invoiced Term is less than or equal to Expected Term, then utilize the Company System Screenshots.<br> Otherwise, recompute as Lease NBV At Expected Term minus the product of (Last Invoiced Term minus Expected Term) and Past Expected Term Monthly Depreciation. |
| 6 | Capitalized Cost<br> (LL_CAP_COST_AMT) | Rate Sheet |
| 7 | Customer Interest Rate<br> (LEASE_RATE) | Rate Sheet |
| 8 | Float Rate Index<br> (BASE_RATE_NAME) | Rate Sheet |
| 9 | Spread Rate<br> (SPREAD_RATE) | If the Float Rate Index equals "Fixed," then do not perform procedure on Spread Rate. If the Float Rate Index equals "Float," compare to the Rate Sheet. |
| 10 | Admin Fee Amount<br> (ADMIN_AMT) | Rate Sheet |
| 11 | Lease Type<br> (LL_TYPE) | Rate Sheet |
| 12 | Residual Value<br> (SV_RESIDUAL_VALUE) | If Lease Type equals 'OPEN END,' then deem the Residual Value to equal 0.<br> If Lease Type equals 'CLOSED END,' and Last Invoiced Term is greater than Expected Term, then deem the Residual Value to equal Net Book Value otherwise utilize the Rate Sheet. |

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| | | |
|:---|:---|:---|
| **#** | **Attribute Name (Name in Data File)** | **Source Documents/Instructions**<br>|
| 13 | Depreciation Rate<br> (LL_DEPRECIATION_RATE) | Recompute as: Principal Amount divided by Capitalized Cost. |
| 14 | Initial Residual Value<br> (STATED_RESIDUAL_VALUE) | If Lease Type equals 'OPEN END,' then 0, otherwise utilize the Rate Sheet. |
| 15 | Vehicle Segment<br> (IND_VEHICLE_TYPE) | Vehicle Mapping Models |
| 16 | Principal Amount<br> (PRINCIPAL_AMT) | If Last Invoiced Term is less than Expected Term, then utilize Company System Screenshot.<br> Otherwise, deem the Principal Amount to equal Past Expected Term Monthly Depreciation. |
| 17 | Customer Amortization Type<br> (CUSTOMER_AMORT_TYPE) | Rate Sheet |
| 18 | Customer Billing Type<br> (BILLING_SCHEDULE) | Rate Sheet |
| 19 | Commencement Date<br> (INCEPTION_DT) | Rate Sheet |
| 20 | Disposition Fee<br> (SELLING_FEE) | Rate Sheet |
| 21 | Lease NBV at Expected Term<br> (NBV_AT_EXPECTED_TERM) | Company System Screenshots |
| 22 | Sequence Number<br> (LM_SEQUENCE_NUMBER) | Not Applicable. Unique Identifier for information purposes only. |
| 23 | Obligor ID<br> (OBLIGOR_ID) | Rate Sheet |
| 24 | Rate Type<br> (RATE_TYPE) | Rate Sheet |
| 25 | Base Rate<br> (BASE_RATE) | If the Float Rate Index equals "Fixed," then do not perform procedure on Base Rate. If the Float Rate Index equals "Float," compare to the Rate Sheet. |
| 26 | Last Invoiced Term<br> (LAST_INVOICED_TERM) | Company System Screenshots |
| 27 | Expected Term<br> (EXPECTED_TERM) | Rate Sheet |

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| | | |
|:---|:---|:---|
| # | **Attribute Name (Name in Data File)** | **Source Documents/Instructions**<br>|
| 28 | Past Expected Term Monthly Depreciation<br> (PAST_EXPECTED_TERM_MONTHLY_<br> DEP) | Company System Screenshots |
| 29 | Accumulated Depreciation<br> (LL_AD) | Recompute as: Capitalized Cost minus Net Book Value. |
| 30 | Unpaid Open End Receivables<br> (UNPAID_OPEN_END_LEASE_<br> RECEIVABLES) | If Lease Type equals 'OPEN END,' then search Invoice Receivables using Unit ID and Under 'Lease Rental' line item and sum the monthly depreciation amount and other charges, otherwise 0.<br> If 'Lease Rental' line item was not listed in the Invoice Receivables, then deem the Unpaid Open End Receivables to equal Principal Amount, utilizing Last Invoiced Term and Company System Screenshots. |
| 31 | Unpaid Closed End Receivables<br> (UNPAID_CLOSED_END_PRINCIPAL_<br> RENT_RECEIVABLES) | If Lease Type equals 'CLOSED END,' then search Invoice Receivables using Unit ID and Under 'Lease Rental' line item, and sum monthly depreciation amount and other charges, otherwise 0.<br> If 'Lease Rental' line item was not listed in the Invoice Receivables, then deem Unpaid Closed End Receivables to equal Principal Amount utilizing Last Invoiced Term and Company System Screenshots. |
| 32 | Unpaid Receivable Count<br> (UNPAID_RECEIVABLE_COUNT) | Invoice Receivables |
| 33 | Securitization Value<br> (SV_SECURITIZATION_VALUE) | Recompute as the sum of Net Book Value, Unpaid Open End Receivables, Unpaid Closed End Receivables, and Disposition Fee |
| 34 | Government Indicator<br> (IND_GOVERNMENT_INDICATOR) | If the SIC code provided in the Company System Screenshot begins with "91," then "1," else "0." |
| 35 | Make<br> (MAKE) | Company System Screenshots |
| 36 | Model<br> (MODEL_DESC) | Company System Screenshots |

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