07/31/2024 | Press release | Distributed by Public on 07/31/2024 06:30
GM Financial Automobile Leasing Trust 2023-2
5.78% Exchange Note
Class A-1 5.45200% Asset Backed Notes
Class A-2A 5.44% Asset Backed Notes
Class A-2B Floating Asset Backed Notes
Class A-3 5.05% Asset Backed Notes
Class A-4 5.09% Asset Backed Notes
Class B 5.54% Asset Backed Notes
Class C 5.70% Asset Backed Notes
Class D 5.77% Asset Backed Notes
Servicer's Certificate
Beginning of Period: | 06/01/24 |
End of Period: | 06/30/24 |
Number of days in Interest Period (Actual/360): | 32 |
Number of days in Collection Period: | 30 |
Report Due Date: | 07/18/24 |
Distribution Date: | 07/22/24 |
Transaction Month: | 14 |
Original Agg. | ||||||||||||
2023-2 Designated Pool |
Units | Start Date | Closing Date |
Securitization Value |
||||||||
46,625 | 04/03/2023 | 05/17/2023 | $ | 1,397,166,098 | ||||||||
Total | 46,625 | $ | 1,397,166,098 |
RECONCILIATION OF 2023-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 960,351,863 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 9,329,722 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 1,276,079 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 26,076,542 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 36,682,343 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 923,669,520 | ||||||||
{8} | Pool Factor | {8} | 66.110216 | % |
RECONCILIATION OF 2023-2 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,340,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 903,185,765 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 36,682,343 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 866,503,422 | ||||
{13} | Note Pool Factor | {13} | 64.664434 | % |
1
RECONCILIATION OF THE ASSET BACKED NOTES
Class A-1 | Class A-2A | Class A-2B | Class A-3 | Class A-4 | ||||||||||||||||||||
{14} | Original Note Balance | {14} | $ | 190,570,000 | $ | 353,100,000 | $ | 115,000,000 | $ | 408,150,000 | $ | 66,300,000 | ||||||||||||
{15} | Beginning of period Note Balance | {15} | $ | 0 | $ | 141,005,724 | $ | 45,923,699 | $ | 408,150,000 | $ | 66,300,000 | ||||||||||||
{16} | Noteholders' Principal Distributable Amount | {16} | 0 | 27,670,445 | 9,011,898 | 0 | 0 | |||||||||||||||||
{17} | Noteholders' Accelerated Principal Amount | {17} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{18} | Aggregate Principal Parity Amount | {18} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{19} | Matured Principal Shortfall | {19} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{20} | End of period Note Balance | {20} | $ | 0 | $ | 113,335,279 | $ | 36,911,801 | $ | 408,150,000 | $ | 66,300,000 | ||||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 32.097219 | % | 32.097218 | % | 100.0000000 | % | 100.000000 | % |
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{22} | Original Note Balance | {22} | $ | 60,770,000 | $ | 56,580,000 | $ | 34,920,000 | $ | 1,285,390,000 | ||||||||||
{23} | Beginning of period Note Balance | {23} | $ | 60,770,000 | $ | 56,580,000 | $ | 34,920,000 | $ | 813,649,423 | ||||||||||
{24} | Noteholders' Principal Distributable Amount | {24} | 0 | 0 | 0 | 36,682,343 | ||||||||||||||
{25} | Noteholders' Accelerated Principal Amount | {25} | 0 | 0 | 0 | 0 | ||||||||||||||
{26} | Aggregate Principal Parity Amount | {26} | 0 | 0 | 0 | 0 | ||||||||||||||
{27} | Matured Principal Shortfall | {27} | 0 | 0 | 0 | 0 | ||||||||||||||
{28} | End of period Note Balance | {28} | $ | 60,770,000 | $ | 56,580,000 | $ | 34,920,000 | $ | 776,967,080 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 60.446019 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 960,351,863 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 923,669,520 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 923,669,520 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 36,682,343 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 903,185,765 | $ | 0 | 5.78 | % | 30 | 30/360 | $ | 4,350,345 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2023-2 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 16,739,828 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 30,162,940 | |||||||||
{38} | Investment Earnings | {38} | 201,402 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (201,402 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 46,902,768 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 800,293 | |||||||||
{43} | To the 2023-2 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 4,350,345 | |||||||||
{44} | To the 2023-2 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 36,682,343 | |||||||||
{45} | To the 2023-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {45} | 0 | |||||||||
{46} | To the 2023-2 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {46} | 5,069,787 | |||||||||
{47} | Total Distributions: | {47} | $ | 46,902,768 |
NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders' Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 960,351,863 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 923,669,520 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 36,682,343 | |||||||||||||||||
{51} | Noteholders' Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders' Principal Carryover Amount | {52} | 36,682,343 | |||||||||||||||||
{53} | Amount required to reduce Outstanding Amount after giving effect to distributions made pursuant to Indenture Section 8.3 (a) (i) through (xiii) to the Required Pro Forma Note Balance | {53} | 36,682,343 | |||||||||||||||||
{54} | Noteholders' Principal Distributable Amount Lesser of {52} and {53} | {54} | $ | 36,682,343 |
Noteholders' Interest Distributable calculation: | ||||||||||||||||||||||
Class |
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | ||||||||||||||||
{55} | Class A-1 | $ | 0 | $ | 0 | 5.45200 | % | 32 | Actual/360 | $ | 0 | |||||||||||
{56} | Class A-2A | $ | 141,005,724 | 0 | 5.44 | % | 30 | 30/360 | 639,226 | |||||||||||||
{57} | Class A-2B | $ | 45,923,699 | 0 | 6.15300 | % | 32 | Actual/360 | 251,173 | |||||||||||||
{58} | Class A-3 | $ | 408,150,000 | 0 | 5.05 | % | 30 | 30/360 | 1,717,632 | |||||||||||||
{59} | Class A-4 | $ | 66,300,000 | 0 | 5.09 | % | 30 | 30/360 | 281,223 | |||||||||||||
{60} | Class B | $ | 60,770,000 | 0 | 5.54 | % | 30 | 30/360 | 280,555 | |||||||||||||
{61} | Class C | $ | 56,580,000 | 0 | 5.70 | % | 30 | 30/360 | 268,755 | |||||||||||||
{62} | Class D | $ | 34,920,000 | 0 | 5.77 | % | 30 | 30/360 | 167,907 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{63} | 2023-2 Exchange Note Collections | {63} | $ | 46,102,475 | ||||||||
{64} | Investment Earnings | {64} | 0 | |||||||||
{65} | Investment Earnings - transferred from Exchange Note Collection Account | {65} | 201,402 | |||||||||
{66} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {66} | 14,888 | |||||||||
{67} | Optional Purchase Price | {67} | 0 | |||||||||
{68} | Indenture Section 5.4 disposition of Collateral | {68} | 0 | |||||||||
{69} | Available Funds: | {69} | 46,318,765 | |||||||||
{70} | Reserve Account Withdrawal Amount | {70} | 0 | |||||||||
{71} | Total Distributable Funds: | {71} | 46,318,765 |
Distributions: | ||||||||||||
{72} | To the Successor Servicer, unpaid transition expenses, pro rata | {72} | 0 | |||||||||
{73} | To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata | {73} | 417 | |||||||||
{74} | To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata | {74} | 250 | |||||||||
{75} | To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata | {75} | 0 | |||||||||
{76} | Class A-1 Noteholders' Interest Distributable Amount pari passu | {76} | 0 | |||||||||
{77} | Class A-2A Noteholders' Interest Distributable Amount pari passu | {77} | 639,226 | |||||||||
{78} | Class A-2B Noteholders' Interest Distributable Amount pari passu | {78} | 251,173 | |||||||||
{79} | Class A-3 Noteholders' Interest Distributable Amount pari passu | {79} | 1,717,632 | |||||||||
{80} | Class A-4 Noteholders' Interest Distributable Amount pari passu | {80} | 281,223 | |||||||||
{81} | Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class B Noteholders' Interest Distributable Amount | {82} | 280,555 | |||||||||
{83} | Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class C Noteholders' Interest Distributable Amount | {84} | 268,755 | |||||||||
{85} | Class C Noteholders' Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Class D Noteholders' Interest Distributable Amount | {86} | 167,907 | |||||||||
{87} | Class D Noteholders' Principal Parity Amount or Matured Principal Shortfall | {87} | 0 | |||||||||
{88} | Noteholders' Principal Distributable Amount | {88} | 36,682,343 | |||||||||
{89} | To the Reserve Account, the Reserve Account Required Amount | {89} | 0 | |||||||||
{90} | To the Noteholders, the Accelerated Principal Amount (as calculated below) | {90} | 0 | |||||||||
{91} | To the Successor Servicer, any amounts in excess of the caps set forth, pro rata | {91} | 0 | |||||||||
{92} | To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata | {92} | 0 | |||||||||
{93} | To the Asset Representations Reviewer, any amounts in excess of the caps set forth, pro rata | {93} | 0 | |||||||||
{94} | To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata | {94} | 0 | |||||||||
{95} | To the Issuer Trust Certificateholders, the aggregate amount remaining | {95} | 6,029,284 | |||||||||
{96} | Total Distributions: | {96} | $ | 46,318,765 |
4
PRINCIPAL PARITY AMOUNT CALCULATION
Class |
(X) Cumulative Note Balance |
(Y) Aggregate Securitization Value |
(I) Excess of (X) - (Y) |
(II) Total Available Funds in Indenture Collection Account |
Lesser of (I) or (II) |
|||||||||||||||||
{97} | Class A | $ | 661,379,423 | $ | 923,669,520 | $ | 0 | $ | 43,428,844 | $ | 0 | |||||||||||
{98} | Class B | 722,149,423 | 923,669,520 | 0 | 43,148,289 | 0 | ||||||||||||||||
{99} | Class C | 778,729,423 | 923,669,520 | 0 | 42,879,534 | 0 | ||||||||||||||||
{100} | Class D | 813,649,423 | 923,669,520 | 0 | 42,711,627 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{101} | Excess Total Available Funds | {101} | $ | 6,029,284 | ||||||||||||||||
{102} | Beginning Note Balance | {102} | 813,649,423 | |||||||||||||||||
{103} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {103} | 36,682,343 | |||||||||||||||||
{104} | Pro-Forma Note Balance | {104} | 776,967,080 | |||||||||||||||||
{105} | Ending Aggregate Securitization Value | {105} | 923,669,520 | |||||||||||||||||
{106} | 10.5% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full, 9.5% Thereafter ($146,702,440) | {106} | 146,702,440 | |||||||||||||||||
{107} | Required Pro Forma Note Balance {105} - {106} | {107} | 776,967,080 | |||||||||||||||||
{108} | Excess of Pro Forma Balance minus Required Pro Forma Balance {104} - {107} | {108} | 0 | |||||||||||||||||
{109} | Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance | {109} | $ | 0 |
OVERCOLLATERALIZATION CALCULATIONS
Exchange Note: | ||||||||||||
{110} | Ending Aggregate Securitization Value | {110} | $ | 923,669,520 | ||||||||
{111} | End of Period Note Balance | {111} | 866,503,422 | |||||||||
{112} | Overcollateralization | {112} | 57,166,098 | |||||||||
{113} | Overcollateralization % | {113} | 6.19 | % |
Asset Backed Notes: | ||||||||||||
{114} | Ending Aggregate Securitization Value | {114} | 923,669,520 | |||||||||
{115} | End of Period Note Balance | {115} | 776,967,080 | |||||||||
{116} | Overcollateralization | {116} | 146,702,440 | |||||||||
{117} | Overcollateralization % | {117} | 15.88 | % |
5
RECONCILIATION OF 2023-2 CASH RESERVE ACCOUNT
{118} | Specified Reserve Balance | {118} | $ | 3,492,915 | ||||||||
{119} | Beginning of Period Reserve Account balance | {119} | $ | 3,492,915 | ||||||||
{120} | Investment Earnings | {120} | 14,888 | |||||||||
{121} | From the Indenture Collection Account, the Reserve Account Required Amount | {121} | 0 | |||||||||
{122} | To the Indenture Collection Account, the Reserve Account Withdrawal Amount | {122} | 0 | |||||||||
{123} | Total Reserve balance available: | {123} | 3,507,803 | |||||||||
{124} | Specified Reserve Balance | {124} | 3,492,915 | |||||||||
{125} | Release Excess Cash to Indenture Collection Available Funds | {125} | 14,888 | |||||||||
{126} | End of period Reserve Account balance | {126} | $ | 3,492,915 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{127} | Receivables with Scheduled Payment delinquent 61 days or more | {127} | $ | 1,252,977 | 0.14 | % | ||||||
{128} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 2.10%) | {128} | Yes |
By: | /s/ Ellen Billings | |
Name: | Ellen Billings | |
Title: | Senior Vice President, Controller - North America | |
Date: | July 17, 2024 |
6
GM Financial
GMALT 2023-2
Supplemental Monthly Data
June 30, 2024
Aggregate Securitization Value |
Residual Value |
|||||||
Beginning of Period | $ | 960,351,863 | $ | 807,414,262 | ||||
Change | (36,682,343 | ) | (25,535,060 | ) | ||||
End of Period | $ | 923,669,520 | $ | 781,879,202 | ||||
Residual Value as % of Agg. Securitization Value | 84.65 | % |
Delinquency
Leases with scheduled payment delinquent |
Number of Leases |
Agg. Securitization Value |
Percentage(1) | |||||||||
0 - 30 days | 34,313 | 917,748,401 | 99.36 | % | ||||||||
31 - 60 days | 154 | 4,668,142 | 0.51 | % | ||||||||
61 - 90 days | 36 | 938,951 | 0.10 | % | ||||||||
91 - 120 days | 11 | 314,026 | 0.03 | % | ||||||||
Total | 34,514 | 923,669,520 | 100.00 | % |
Lease Terminations
Current Period | Cumulative | |||||||||||||||
Number of Leases |
Agg. Securitization Value |
Number of Leases |
Agg. Securitization Value |
|||||||||||||
Retained vehicles by lessee | ||||||||||||||||
Early terminations | 493 | 12,994,463 | 7,029 | 195,363,150 | ||||||||||||
Standard terminations | 308 | 6,996,724 | 2,985 | 65,951,557 | ||||||||||||
Total retained by lessee | 801 | 19,991,187 | 10,014 | 261,314,707 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 141 | 3,273,830 | 751 | 16,778,496 | ||||||||||||
Standard terminations | 128 | 2,811,525 | 650 | 13,833,491 | ||||||||||||
Total returned to dealer | 269 | 6,085,355 | 1,401 | 30,611,987 | ||||||||||||
Charged off leases / Repossessed vehicles | 43 | 1,276,079 | 695 | 19,787,151 | ||||||||||||
Repurchases | 0 | 0 | 1 | 39,823 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 1,113 | 27,352,621 | 12,111 | 311,753,668 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases |
Agg. Securitization Value |
Percentage | ||||||||||
Term Extensions | 100 | 1,782,352 | 0.19 | % | ||||||||
Deferments | 11 | 282,737 | 0.03 | % |
7
Net Credit (Gain) Loss
Current Period |
Cumulative | |||||||
Agg. Securitized Value of early term defaults | 1,276,079 | 19,787,151 | ||||||
less: Sales proceeds | 1,311,835 | 20,108,261 | ||||||
less: Excess wear and excess mileage received | 115 | 115 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (35,871 | ) | (321,225 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 5,975,204 | 30,271,176 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 6,588,054 | 35,023,842 | ||||||
less: Excess wear and excess mileage received | 24,750 | 156,194 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (637,600 | ) | (4,908,860 | ) |
Current Period |
Prev. Month | |||||||
Prepay Speed | 0.5356 | % | 0.6280 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 25.6925 | % | 21.7765 | % | ||||
Return Rate based on Terminated Leases(3) | 24.1689 | % | 19.7232 | % |
(1) | Percentages may not add to 100% due to rounding. |
(2) | Percentage of total number of vehicles returned to dealer over number of vehicles scheduled to terminate per month. |
(3) | Percentage of total number of vehicles returned to dealer over number of vehicles terminated per month. |
8