# EDGAR Filing Document

**Accession Number:** 0001541507
**File Stem:** 0001104659-26-071254
**Filing Date:** 2026-6
**Character Count:** 32869
**Document Hash:** 69f7dfdd54ccf55174d9a3371b54e8f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-071254.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001104659-26-071254

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20260604

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**ABS ASSET CLASS**: Auto leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Porsche Auto Funding LLC
- **CENTRAL INDEX KEY:** 0001541507
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 451846995
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-290988
- **FILM NUMBER:** 261071648

**BUSINESS ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
- **BUSINESS PHONE:** (770) 290-2004

**MAIL ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Porsche Innovative Lease Owner Trust 2026-1
- **CENTRAL INDEX KEY:** 0002126256
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-290988-02
- **FILM NUMBER:** 261071649

**BUSINESS ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
- **BUSINESS PHONE:** (770) 290-2004

**MAIL ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PORSCHE INNOVATIVE LEASE OWNER TRUST 2026-1
- **DATE OF NAME CHANGE:** 20260331

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**Current Report**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

---

| | |
|:---|:---|
| **Date of Report (Date of Earliest Event Reported)** | **June 4, 2026** |

---

**PORSCHE INNOVATIVE LEASE OWNER TRUST 2026-** **1**

**(Exact name of Issuing Entity with respect to the Notes as specified in its charter)**

***Central Index Key Number: 0002126256***

***Commission File Number: 333-290988-02***

**PORSCHE LEASING LTD.**

**(Exact name of Issuing Entity with respect to Transaction SUBI Certificate as specified in its charter)**

***Central Index Key Number: 0002083410***

***Commission File Number: 333-290988-01***

**PORSCHE AUTO FUNDING LLC**

**(Exact name of Registrant/Depositor as specified in its charter)**

***Central Index Key Number: 0001541507***

***Commission File Number: 333-290988***

**PORSCHE FINANCIAL SERVICES, INC.**

**(Exact name of Sponsor as specified in its charter)**

***Central Index Key Number: 0002003320***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware | 41-6611725 |
| *(State or other jurisdiction of incorporation)* | *(Issuing Entity's I.R.S. Employer Identification Nos.)* |
| One Porsche Drive Atlanta, Georgia | 30354 |
| *(Address of Principal Executive Offices)* | *(Zip Code)* |

---

(770) 290-2004

*(Co-Registrants' Telephone Number, Including Area Code)*

Not Applicable

*(Former Name or Former Address, if Changed Since Last Report)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications
 pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12
 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications
 pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications
 pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on <br> which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.** |

---

The registrant has filed a prospectus, dated June 4, 2026, setting forth a description of the pool of leases and related leased vehicles and the structure of $144,000,000 aggregate principal amount of the Class A-1 Asset Backed Notes (the "Class A-1 Notes"), $278,500,000 aggregate principal amount of the Class A-2a Asset Backed Notes (the "Class A-2a Notes"), $75,000,000 aggregate principal amount of the Class A-2b Asset Backed Notes (the "Class A-2b Notes"), $353,500,000 aggregate principal amount of the Class A-3 Asset Backed Notes (the "Class A-3 Notes"), and $60,000,000 aggregate principal amount of the Class A-4 Asset Backed Notes (the "Class A-4 Notes" and collectively with the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the Class A-3 Notes, the "Notes") issued by Porsche Innovative Lease Owner Trust 2026-1.

This Current Report on Form 8-K is being filed in connection with the issuance of the Notes to satisfy an undertaking to file unqualified legality and tax opinions at the time of each takedown from the Registration Statement. Copies of the legality and tax opinions delivered by Mayer Brown LLP, counsel to Porsche Auto Funding LLC, in connection with the issuance of the Notes are attached hereto as Exhibits 5.1 and 8.1, respectively and a copy of the legality opinion delivered by Richards, Layton and Finger, P.A., counsel to Porsche Leasing Ltd., in connection with the issuance of the Notes is attached hereto as Exhibit 5.2.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | <br>**Document Description** |
| [5.1](tm2615407d10_ex5-1.htm) | [Opinion of Mayer Brown LLP, dated as of June 8, 2026, as to legality matters](tm2615407d10_ex5-1.htm) |
| [5.2](tm2615407d10_ex5-2.htm) | [Opinion of Richards, Layton & Finger, P.A., dated as of June 8, 2026, as to legality matters](tm2615407d10_ex5-2.htm) |
| [8.1](tm2615407d10_ex8-1.htm) | [Opinion of Mayer Brown LLP, dated as of June 8, 2026, as to certain tax matters](tm2615407d10_ex8-1.htm) |

---

**SIGNATURES**

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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: June 8, 2026 | **Porsche Auto Funding LLC** | **Porsche Auto Funding LLC** |
|  | By: | /s/ Tobias Hausladen |
|  | Name: | Tobias Hausladen |
|  | Title: | Treasurer<br> (senior officer in charge of securitization) |
|  | By: | /s/ Eli Yaremenko |
|  | Name: | Eli Yaremenko |
|  | Title: | Assistant Treasurer |

---

## Exhibit 5.1

**Exhibit 5.1**

![](tm2615407d10_ex5-1img01.jpg)

Mayer Brown LLP 71 South Wacker Drive<br> Chicago, IL 60606<br> United States of America T: +1 312 782 0600 F: +1 312 701 7711 <br> June 8, 2026 <br> mayerbrown.com

Porsche Auto Funding LLC

Porsche Leasing Ltd.

One Porsche Drive<br> Atlanta, Georgia 30354

Re: Porsche Auto Funding LLC and Porsche Leasing Ltd. Registration Statement on Form SF-3 Registration Nos. 333-290988 and 333-290988-01

Ladies and Gentlemen:

We have acted as special counsel to Porsche Auto Funding LLC, a Delaware limited liability company (the "<u>Company</u>"), in connection with the above-captioned registration statement (such registration statement, together with the exhibits and any amendments thereto, the "<u>Registration Statement</u>") filed by the Company with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>") and the offering of the Class A-1 Asset Backed Notes, the Class A-2a Asset Backed Notes, the Class A-2b Asset Backed Notes, the Class A-3 Asset Backed Notes and the Class A-4 Asset Backed Notes (collectively, the "<u>Notes</u>") described in the final prospectus dated June 4, 2026 (the "<u>Prospectus</u>"), which has been filed with the Commission pursuant to Rule 424(b)(5) under the Act. As described in the Prospectus, the Notes will be issued by Porsche Innovative Lease Owner Trust 2026-1 (the "<u>Issuer</u>"), a trust formed by the Company pursuant to a trust agreement between the Company, as depositor, and Wilmington Trust, National Association, as owner trustee. The Notes will be issued pursuant to an indenture (the "<u>Indenture</u>") between the Issuer and U.S. Bank Trust Company, National Association, as indenture trustee (the "<u>Indenture Trustee</u>"). Capitalized terms used herein without definition have the respective meanings assigned to such terms in the Prospectus.

In that regard, we generally are familiar with the proceedings taken or required to be taken in connection with the proposed authorization, issuance and sale of the Notes, and have examined and relied upon copies of such statutes, documents, corporate records and other instruments as we have deemed necessary or appropriate for the purposes of this opinion, including the Prospectus and current drafts of the Indenture (including the form of Notes included as an exhibit thereto), the Transaction SUBI Supplement 2026-1 to Amended and Restated Trust Agreement, the SUBI Sale Agreement, the Amended and Restated Trust Agreement (including the form of Certificate included as an exhibit thereto), the SUBI Transfer Agreement, the Transaction SUBI Supplement 2026-1 to Amended and Restated Servicing Agreement, the Administration Agreement, the Securities Account Control Agreement and the Asset Representations Review Agreement (collectively, the "<u>Transaction Documents</u>").

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including<br> Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown Hong Kong LLP (a Hong Kong limited liability<br> partnership) and Tauil & Chequer Advogados (a Brazilian law partnership).

Porsche Auto Funding LLC

Porsche Leasing Ltd.

Based on and subject to the foregoing, we are of the opinion that, with respect to the Notes, when (a) the Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended, (b) the Notes have been duly executed and issued by the Issuer, authenticated by the Indenture Trustee, and sold by the Company, and (c) payment of the agreed consideration for the Notes has been received by the Issuer, all in accordance with the terms and conditions of the related Transaction Documents and a definitive purchase, underwriting or similar agreement with respect to the Notes and in the manner described in the Prospectus, the Notes will have been duly authorized by all necessary action of the Issuer and will be legally issued and binding obligations of the Issuer and entitled to the benefits afforded by the Indenture, except as may be limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws relating to or affecting creditors' rights generally (including, without limitation, fraudulent conveyance laws), and by general principles of equity, including without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief, regardless of whether such matters are considered in a proceeding in equity or at law.

Our opinions expressed herein are limited to the federal laws of the United States, the laws of the State of New York, the Delaware Statutory Trust Act and the Delaware Limited Liability Company Act. We express no opinion herein as to the laws of any other jurisdiction and no opinion regarding the statutes, administrative decisions, rules, regulations or requirements of any county, municipality, subdivision or local authority of any jurisdiction.

We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to a Form 8-K filed in connection with the Prospectus and to the use of our name therein without admitting that we are "experts" within the meaning of the Act or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement or the Prospectus.

---

| |
|:---|
| Very truly yours, |
| /s/ Mayer Brown LLP |
| Mayer Brown LLP |

---

## Exhibit 5.2

**Exhibit 5.2**

![](tm2615407d10_ex5-2img01.jpg)

June 8, 2026

Porsche Leasing Ltd.<br> 1100 N. Market Street

Wilmington, DE 19890

Re: <u>Porsche Leasing Ltd.</u>

Ladies and Gentlemen:

We have acted as special Delaware counsel to Porsche Leasing Ltd., a Delaware statutory trust (the "Trust"), in connection with (i) the transactions contemplated by the Trust Agreement, dated as of December 20, 1996, by and among Porsche Funding Limited Partnership ("PFLP"), as settlor and initial beneficiary, and Wilmington Trust Company, a Delaware corporation with trust powers ("Wilmington Trust"), as trustee, as amended by the Amended and Restated Trust Agreement, dated as of November 14, 1997 (as amended and restated, the "Origination Trust Agreement"), by and among PFLP, as Settlor and as UTI Holder, as assignee of Porsche Financial Services, Inc. (formerly known as Porsche Credit Corporation), and Wilmington Trust, as Trustee (the "Origination Trustee"), (ii) the filing of the Registration Statement on Form SF-3 (together with the exhibits and any amendments thereto and the prospectus described therein, the "Registration Statement"), filed by Porsche Auto Funding LLC on October 10, 2025 (as amended by the pre-effective amendment no. 1 on December 17, 2025 and declared effective on January 9, 2026), with the Securities and Exchange Commission, and (iii) the transaction described in the Preliminary Prospectus, dated as of June 1, 2026, and the expected offering of notes by Porsche Innovative Lease Owner Trust 2026-1 (the "Transaction"). This opinion is being delivered pursuant to your request. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Origination Trust Agreement.

We have examined originals or copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Origination Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A certified copy of the Certificate of Trust
 of the Trust (the "Certificate of Trust"), as filed in the office of the Secretary
 of State of the State of Delaware (the "Secretary of State") on December 20,
 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A form of Transaction SUBI Supplement 20[_]-[_]
 to Origination Trust Agreement (the "SUBI Supplement", and together with the
 Origination Trust Agreement, the "Trust Agreement"), attached as Exhibit 10.11
 to the Registration Statement;

![](tm2615407d10_ex5-2img02.jpg)

Porsche Leasing Ltd.<br> June 8, 2026<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A form of Transaction SUBI Certificate (the
 "SUBI Certificate") attached to the SUBI Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Certificate of Good Standing for the Trust,
 dated June 5, 2026, obtained from the Secretary of State.

We have not reviewed any documents other than the foregoing documents for purposes of rendering our opinions as expressed herein. In particular, we have not reviewed any document (other than the foregoing documents) that is referred to in or incorporated by reference into any document reviewed by us. We have assumed that there exists no provision of any such other document that bears upon or is inconsistent with our opinions as expressed herein. For purposes of this opinion, we have conducted no independent factual investigation of our own but rather have relied solely upon the foregoing documents, the statements and information expressly set forth therein and the additional matters recited or assumed herein, all of which we have assumed to be true, complete and accurate in all material respects.

Based upon the foregoing and upon an examination of such questions of law and the statutes of the State of Delaware as we have deemed necessary or appropriate, and subject to the assumptions, exceptions, limitations, and qualifications set forth herein, we advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is duly formed and is validly existing in good standing as a Delaware statutory trust under the Delaware Statutory Trust Act, 12 <u>Del. C.</u> § 3801, <u>et seq</u>. (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon execution and delivery of a SUBI Supplement by the parties thereto pursuant to the terms of the Origination Trust Agreement, the Trust will have the power and authority under the Origination Trust Agreement, the SUBI Supplement and the Act to execute and deliver the SUBI Certificate, and the SUBI Certificate will be duly authorized by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When the SUBI Certificate to be issued pursuant to a SUBI Supplement has been duly authorized by all necessary trust action and has been duly executed, authenticated and delivered against payment therefor as described in the Origination Trust Agreement and the related SUBI Supplement and as contemplated by the Transaction, the SUBI Certificate will represent a valid and, subject to the qualifications set forth in paragraph 4 below, fully paid, non-assessable and validly issued beneficial interest in the assets of the Trust and the holder thereof shall be entitled to the benefits of the Origination Trust Agreement and the SUBI Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Holder of the SUBI Certificate, as a beneficial owner of the Trust, will be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. We note that the Holder of the SUBI Certificate may be obligated to make payments as set forth in the Origination Trust Agreement or the related SUBI Supplement.

Porsche Leasing Ltd.<br> June 8, 2026<br> Page 3

The foregoing opinions are subject to the following exceptions, qualifications and assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The foregoing opinions are limited to the laws of the State of Delaware currently in effect. We express no opinion with respect to (i) federal laws, including without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Trust Indenture Act of 1939, as amended, and the Investment Company Act of 1940, as amended, or the United States Corporate Transparency Act or any similar statute of any other jurisdiction, (ii) state tax, insurance, pension or employee benefit plan, securities or blue sky laws, or (iii) the laws, rules and regulations relating to the particular nature of the Trust's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. We have assumed (i) that the Origination Trust Agreement and the Certificate of Trust will be in full force and effect and will not be amended, (ii) the due organization, formation or creation, as the case may be, and valid existence in good standing of each party (other than the Trust) to the documents examined by us under the laws of the jurisdiction governing its organization, (iii) except to the extent provided in paragraph 2 above, that each party had or will have the power and authority to execute and deliver, and to perform its obligations under, the documents examined by us, (iv) the legal capacity of natural persons who are signatories to the documents examined by us, (v) except to the extent provided in paragraph 3 above, that each party had or will have duly authorized, executed and delivered the documents examined by us, (vi) that any amendment or restatement of any document reviewed by us has been accomplished in accordance with, and was permitted by, the relevant provisions of said document prior to its amendment or restatement from time to time (vii) that when issued, the SUBI Certificate will contain a certificate of authentication executed by the Origination Trustee, or an agent thereof, by manual signature, (viii) that the Origination Trust Agreement constitutes and will constitute the entire agreement among the parties thereto with respect to the subject matter thereof, including, without limitation, the creation, operation and termination of the Trust, and that the Origination Trust Agreement and the Certificate of Trust will be in full force and effect, (ix) that the execution, delivery and performance of the documents examined by us by each of the parties thereto does not require the consent or approval of, the withholding of objection on the part of, the giving of notice to, the filing, registration or qualification with, or the taking of any other action in respect of, any governmental authority or agency applicable to it or any of its property or violate any agreement, indenture or instrument to which it is a party or by which it is bound or any provision of any law, rule, regulation, judgment, order, writ, injunction or decree of any court or governmental authority applicable to it or any of its property, (x) each Person to whom a SUBI Certificate is to be issued by the Trust shall receive such SUBI Certificate for such SUBI in accordance with the Origination Trust Agreement and the related SUBI Supplement, and (xi) that the Trust derives no income from or connected with sources within the State of Delaware and has no assets, activities (other than having a Delaware trustee as required by the Act and the filing of documents with the Secretary of State) or employees in the State of Delaware. We note that we have been retained to act as special Delaware counsel in connection with the transactions contemplated by the Origination Trust Agreement and the Registration Statement. We are not regular counsel to the Trust and are not generally informed as to its business affairs.

Porsche Leasing Ltd.<br> June 8, 2026<br> Page 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The opinion in paragraph 3 above is subject to (i) applicable bankruptcy, insolvency, liquidation, moratorium, receivership, reorganization, fraudulent transfer and similar laws or proceedings relating to and affecting the rights and remedies of creditors generally, (ii) principles of equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), (iii) applicable public policy with respect to the enforceability of provisions relating to exculpation, indemnification or contribution, and (iv) judicial imposition of an implied covenant of good faith and fair dealing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Notwithstanding any provision in the Origination Trust Agreement or any SUBI Supplement to the contrary, we note that upon the occurrence of an event of dissolution of the Trust or a series thereof, the Trust cannot make any payments or distributions to the beneficial owners of the Trust or applicable series thereof until creditors' claims are either paid in full or reasonable provision for payment thereof has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. We express no opinion with respect to (i) provisions of a document reviewed by us to the extent that such provisions purport to bind a person or entity that is not a party to such document, (ii) transfer restrictions in a document reviewed by us to the extent that a transfer occurs by operation of law, (iii) any provisions in the Origination Trust Agreement or a SUBI Supplement that purport to restrict any right that a party may have to apply for a judicial dissolution of the Trust or (iv) the limitation on liabilities of separate series of the Trust as provided in Section 3804(a) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. With respect to all documents examined by us, we have assumed that (i) all signatures on documents examined by us are genuine, (ii) all documents submitted to us as originals are authentic, (iii) all documents submitted to us as copies conform with the original copies of those documents, (iv) the documents, in the forms submitted to us for our review, have not been and will not be altered or amended in any respect material to our opinions expressed herein, and (v) in connection with the documents of which we have received a form, that all blanks contained in such documents have been properly and appropriately completed, and optional provisions included in such documents have been properly and appropriately selected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. We have not participated in the preparation of the Registration Statement, the Form 8-K (other than this opinion) or any other offering materials with respect to the Trust and assume no responsibility for their contents, except for this opinion.

We consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Form 8-K in connection with the sale of the Notes. We also consent to the use of our name in the Form 8-K. In giving the foregoing consents, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Richards, Layton & Finger, P.A. |
| Richards Layton & Finger, P.A. |

---

DKD/GAK/JKJ

## Exhibit 8.1

**Exhibit 8.1**

![](tm2615407d10_ex8-1img01.jpg)

June 8, 2026 Mayer Brown LLP 71 South Wacker Drive<br> Chicago, IL 60606<br> United States of America T: +1 312 782 0600 F: +1 312 701 7711 <br>mayerbrown.com

Porsche Auto Funding LLC

Porsche Leasing Ltd.

One Porsche Drive<br> Atlanta, Georgia 30354

Re: Porsche Auto Funding LLC and Porsche Leasing Ltd. Registration Statement on Form SF-3 Registration Nos. 333-290988 and 333-290988-01

Ladies and Gentlemen:

We have acted as special federal tax counsel to Porsche Auto Funding LLC, a Delaware limited liability company (the "<u>Company</u>"), in connection with the above-captioned registration statement (such registration statement, together with the exhibits and any amendments thereto, the "<u>Registration Statement</u>") filed by the Company with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>") and the offering of the Class A-1 Asset Backed Notes, the Class A-2a Asset Backed Notes, the Class A-2b Asset Backed Notes, the Class A-3 Asset Backed Notes and the Class A-4 Asset Backed Notes (collectively, the "<u>Notes</u>") described in the final prospectus dated June 4, 2026 (the "<u>Prospectus</u>"), which has been filed with the Commission pursuant to Rule 424(b)(5) under the Act. As described in the Prospectus, the Notes will be issued by Porsche Innovative Lease Owner Trust 2026-1 (the "<u>Issuer</u>"), a trust formed by the Company pursuant to a trust agreement (the "<u>Trust Agreement</u>") between the Company, as depositor, and Wilmington Trust, National Association, as owner trustee. The Notes will be issued pursuant to an Indenture (the "<u>Indenture</u>") between the Issuer and U.S. Bank Trust Company, National Association, as indenture trustee. Capitalized terms used herein without definition have the respective meanings assigned to such terms in the Prospectus.

In that regard, we generally are familiar with the proceedings taken or required to be taken in connection with the proposed authorization, issuance and sale of the Notes, and have examined and relied upon copies of such statutes, documents, corporate records and other instruments as we have deemed necessary or appropriate for the purpose of this opinion, including the Prospectus and current drafts of the Trust Agreement, the Indenture and other documents prepared in connection with the issuance of the Notes (collectively, the "<u>Transaction Documents</u>"). In addition, we have assumed that the Transaction Documents with respect to the Notes are executed and delivered in substantially the form we have examined and that the transactions contemplated to occur under the Transaction Documents in fact occur in accordance with the terms thereof.

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including<br> Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown Hong Kong LLP (a Hong Kong limited liability<br> partnership) and Tauil & Chequer Advogados (a Brazilian law partnership).

Porsche Auto Funding LLC

orsche Leasing Ltd.

We hereby confirm and adopt the Opinions set forth in the Prospectus (to the extent they relate to the U.S. federal income tax consequences) under the captions "*Summary of Terms—Tax Status*" and "*Material Federal Income Tax Consequences*".

The opinion set forth herein is based upon the applicable provisions of the Internal Revenue Code of 1986, as amended, Treasury regulations promulgated and proposed thereunder, current positions of the Internal Revenue Service ("<u>IRS</u>") contained in published Revenue Rulings and Revenue Procedures, current administrative positions of the IRS and existing judicial decisions. No tax rulings will be sought from the IRS with respect to any of the matters discussed herein. The statutory provisions, regulations and interpretations on which our opinions are based are subject to change, which changes could apply retroactively. In addition, there can be no assurance that positions contrary to those stated in our opinions may not be taken by the IRS.

We know that we are referred to under the captions referred to above included in the Prospectus, and we hereby consent to the use of our name therein and to the use of this opinion for filing of this opinion as Exhibit 8.1 to a Form 8-K filed in connection therewith, without admitting we are "experts" within the meaning of the Act, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement or the Prospectus, including this exhibit.

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| Very truly yours, |
| /s/ Mayer Brown LLP |
| Mayer Brown LLP |

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