The interest rates on these lease financing transactions appear to be rising (possible faster than LIBOR).
The interest rate under the 2017 Warehouse Agreement is generally based on (i) LIBOR plus a fixed margin, currently resulting in an interest rate of approximately 2.7%, or (ii) the interest rate of short-term commercial paper notes used by certain lenders to maintain their loans. ...However, unlike the 2017 Warehouse Agreement, the A&R 2016 Warehouse Agreement provides that following the next drawdown of funds thereunder, additional drawdowns will require the consent of the lenders.
http://ir.teslamotors.com/index.php/static-files/57581c07-fc53-4d08-886a-27defba73b01
The 3Q18 10Q showed $566 drawn against (both?) Warehouse Agreements and an interest rate of
3.5%
For TALT 2018 A, Moody's showed on 2/16/18 $546 million for the initial ABS split as:
Tesla Auto Lease Trust 2018-A
$422,610,000, 2.32%, Class A Notes, Definitive Rating Assigned Aaa (sf)
$40,140,000, 2.75%, Class B Notes, Definitive Rating Assigned Aa2 (sf)
$27,970,000, 2.97%, Class C Notes, Definitive Rating Assigned A2 (sf)
$23,710,000, 3.30%, Class D Notes, Definitive Rating Assigned Baa2 (sf)
$31,620,000, 4.94%, Class E Notes, Definitive Rating Assigned Ba3 (sf)
For TALT 2018 B, Moody's showed on 12/16/18 $837.4 million for the second ABS split as:
Tesla Auto Lease Trust 2018-B
$673,680,000, 3.71%, Class A Notes, Definitive Rating Assigned Aaa (sf)
$57,480,000, 4.12%, Class B Notes, Definitive Rating Assigned Aa2 (sf)
$36,790,000, 4.36%, Class C Notes, Definitive Rating Assigned A2 (sf)
$30,350,000, 5.29%, Class D Notes, Definitive Rating Assigned Baa2 (sf)
$39,090,000, 7.87%, Class E Notes, Definitive Rating Assigned Ba3 (sf)
The loan interest rate {under the 2018 Warehouse Agreement} is generally based on (i) LIBOR plus a fixed margin (a sum currently equal to approximately
3.9%), or (ii) the interest rate of short-term commercial paper notes used by certain lenders to maintain their loans....
http://ir.teslamotors.com/static-files/7ac705ce-df45-4560-80a0-e9fe6c526a91