09/30/2024 | Press release | Distributed by Public on 09/30/2024 04:12
GM Financial Automobile Leasing Trust 2022-2
4.34% Exchange Note
Class A-1 1.52700% Asset Backed Notes
Class A-2 2.93% Asset Backed Notes
Class A-3 3.42% Asset Backed Notes
Class A-4 3.54% Asset Backed Notes
Class B 4.02% Asset Backed Notes
Class C 4.33% Asset Backed Notes
Class D 0.00% Asset Backed Notes
Servicer's Certificate
Beginning of Period: | 08/01/24 |
End of Period: | 08/31/24 |
Number of days in Interest Period (Actual/360): | 31 |
Number of days in Collection Period: | 31 |
Report Due Date: | 09/18/24 |
Distribution Date: | 09/20/24 |
Transaction Month: | 28 |
Original Agg. | ||||||||||||
2022-2 Designated Pool |
Units | Start Date | Closing Date |
Securitization Value |
||||||||
53,272 | 03/30/2022 | 05/11/2022 | $ | 1,600,510,650 | ||||||||
Total | 53,272 | $ | 1,600,510,650 |
RECONCILIATION OF 2022-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 328,467,734 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 3,895,017 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 549,093 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 46,962,457 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 51,406,567 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 277,061,167 | ||||||||
{8} | Seller's Exercise of 10% Option | {8} | $ | 277,061,167 | ||||||||
{9} | Pool Factor | {9} | 17.310798 | % |
RECONCILIATION OF 2022-2 EXCHANGE NOTE
{10} | Original Exchange Note Balance | {10} | $ | 1,502,000,000 | ||||
{11} | Beginning of period Exchange Note Balance | {11} | $ | 229,957,084 | ||||
{12} | Exchange Note Principal Payment Amount | {12} | 57,719,422 | |||||
{13} | With Optional Purchase, the Exchange Note shall be discharged and released | {13} | 172,237,662 | |||||
{14} | End of period Exchange Note Balance | {14} | $ | 0 | ||||
{15} | Note Pool Factor | {15} | 0.000000 | % |
1
RECONCILIATION OF THE ASSET BACKED NOTES
Class A-1 | Class A-2 | Class A-3 | Class A-4 | |||||||||||||||||
{16} | Original Note Balance | {16} | $ | 216,290,000 | $ | 535,980,000 | $ | 424,320,000 | $ | 121,420,000 | ||||||||||
{17} | Beginning of period Note Balance | {17} | $ | 0 | $ | 0 | $ | 0 | $ | 1,969,222 | ||||||||||
{18} | Noteholders' Principal Distributable Amount | {18} | 0 | 0 | 0 | 1,969,222 | ||||||||||||||
{19} | Noteholders' Accelerated Principal Amount | {19} | 0 | 0 | 0 | 0 | ||||||||||||||
{20} | Aggregate Principal Parity Amount | {20} | 0 | 0 | 0 | 0 | ||||||||||||||
{21} | Matured Principal Shortfall | {21} | 0 | 0 | 0 | 0 | ||||||||||||||
{22} | End of period Note Balance | {22} | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
{23} | Note Pool Factor | {23} | 0.000000 | % | 0.000000 | % | 0.000000 | % | 0.000000 | % | ||||||||||
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{24} | Original Note Balance | {24} | $ | 69,620,000 | $ | 64,820,000 | $ | 40,010,000 | $ | 1,472,460,000 | ||||||||||
{25} | Beginning of period Note Balance | {25} | $ | 69,620,000 | $ | 64,820,000 | $ | 40,010,000 | $ | 176,419,222 | ||||||||||
{26} | Noteholders' Principal Distributable Amount | {26} | 69,620,000 | 64,820,000 | 40,010,000 | 176,419,222 | ||||||||||||||
{27} | Noteholders' Accelerated Principal Amount | {27} | 0 | 0 | 0 | 0 | ||||||||||||||
{28} | Aggregate Principal Parity Amount | {28} | 0 | 0 | 0 | 0 | ||||||||||||||
{29} | Matured Principal Shortfall | {29} | 0 | 0 | 0 | 0 | ||||||||||||||
{30} | End of period Note Balance | {30} | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
{31} | Note Pool Factor | {31} | 0.000000 | % | 0.000000 | % | 0.000000 | % | 0.000000 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{32} | Beginning of period Designated Pool Balance | {32} | N/A | |||||||||
{33} | Ending Designated Pool Balance | {33} | 277,061,167 | |||||||||
{34} | Unpaid prior Exchange Note Principal Payment Amount | {34} | 0 | |||||||||
{35} | Sum of {33} + {34} | {35} | 277,061,167 | |||||||||
{36} | Exchange Note Principal Payment Amount {32} - {35} | {36} | N/A |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | |||||||||||||||||
{37} | $ | 229,957,084 | $ | 0 | 4.34 | % | 30 | 30/360 | $ | 831,679 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{38} | 2022-2 Designated Pool Collections (net of Liquidation Proceeds and fees) | {38} | $ | 5,756,826 | ||||||||
{39} | Net Liquidation Proceeds collected during period | {39} | 53,067,998 | |||||||||
{40} | Investment Earnings | {40} | 275,725 | |||||||||
{41} | Investment Earnings - transferred to Indenture Note Collection Account | {41} | (275,725 | ) | ||||||||
{42} | Deposit from Servicer | {42} | 0 | |||||||||
{43} | Total Additions: | {43} | 58,824,824 |
Distributions: | ||||||||||||
{44} | To the Servicer, Designated Pool Servicing Fee | {44} | 273,723 | |||||||||
{45} | To the 2022-2 Exchange Noteholder, the Exchange Note Interest Payment Amount | {45} | 831,679 | |||||||||
{46} | To the 2022-2 Exchange Noteholder, the Exchange Note Principal Payment Amount | {46} | 57,719,422 | |||||||||
{47} | To the 2022-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {47} | 0 | |||||||||
{48} | To the 2022-2 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {48} | 0 | |||||||||
{49} | Total Distributions: | {49} | $ | 58,824,824 |
NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders' Principal Distributable calculation: | ||||||||||||||||||||
{50} | Beginning Agg. Securitization Value | {50} | N/A | |||||||||||||||||
{51} | Ending Agg. Securitization Value | {51} | 277,061,167 | |||||||||||||||||
{52} | Principal Distributable Amount {50} - {51} | {52} | N/A | |||||||||||||||||
{53} | Noteholders' Principal Carryover Amount | {53} | 0 | |||||||||||||||||
{54} | Principal Distributable Amount + Noteholders' Principal Carryover Amount | {54} | N/A | |||||||||||||||||
{55} | Amount required to reduce Outstanding Amount after giving effect to distributions made pursuant to Indenture Section 8.3 (i) through (xiii) to the Required Pro Forma Note Balance | {55} | 0 | |||||||||||||||||
{56} | Noteholders' Principal Distributable Amount Lesser of {54} and {55} | {56} | N/A |
Noteholders' Interest Distributable calculation: | ||||||||||||||||||||||
Class |
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | ||||||||||||||||
{57} | Class A-1 | $ | 0 | $ | 0 | 1.52700 | % | 31 | Actual/360 | $ | 0 | |||||||||||
{58} | Class A-2 | $ | 0 | 0 | 2.93 | % | 30 | 30/360 | 0 | |||||||||||||
{59} | Class A-3 | $ | 0 | 0 | 3.42 | % | 30 | 30/360 | 0 | |||||||||||||
{60} | Class A-4 | $ | 1,969,222 | 0 | 3.54 | % | 30 | 30/360 | 5,810 | |||||||||||||
{61} | Class B | $ | 69,620,000 | 0 | 4.02 | % | 30 | 30/360 | 233,227 | |||||||||||||
{62} | Class C | $ | 64,820,000 | 0 | 4.33 | % | 30 | 30/360 | 233,893 | |||||||||||||
{63} | Class D | $ | 40,010,000 | 0 | 0.00 | % | 30 | 30/360 | 0 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{64} | 2022-2 Exchange Note Collections | {64} | $ | 58,551,101 | ||||||||
{65} | Investment Earnings | {65} | 0 | |||||||||
{66} | Investment Earnings - transferred from Exchange Note Collection Account | {66} | 275,725 | |||||||||
{67} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {67} | 17,588 | |||||||||
{68} | Optional Purchase Price | {68} | 176,892,152 | |||||||||
{69} | Indenture Section 5.4 disposition of Collateral | {69} | 0 | |||||||||
{70} | Available Funds: | {70} | 235,736,566 | |||||||||
{71} | Reserve Account Withdrawal Amount | {71} | 4,001,277 | |||||||||
{72} | Total Distributable Funds: | {72} | 239,737,843 |
Distributions: | ||||||||||||
{73} | To the Successor Servicer, unpaid transition expenses, pro rata | {73} | 0 | |||||||||
{74} | To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata | {74} | 417 | |||||||||
{75} | To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata | {75} | 208 | |||||||||
{76} | To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata | {76} | 0 | |||||||||
{77} | Class A-1 Noteholders' Interest Distributable Amount pari passu | {77} | 0 | |||||||||
{78} | Class A-2 Noteholders' Interest Distributable Amount pari passu | {78} | 0 | |||||||||
{79} | Class A-3 Noteholders' Interest Distributable Amount pari passu | {79} | 0 | |||||||||
{80} | Class A-4 Noteholders' Interest Distributable Amount pari passu | {80} | 5,810 | |||||||||
{81} | Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class B Noteholders' Interest Distributable Amount | {82} | 233,227 | |||||||||
{83} | Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class C Noteholders' Interest Distributable Amount | {84} | 233,893 | |||||||||
{85} | Class C Noteholders' Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Class D Noteholders' Interest Distributable Amount | {86} | 0 | |||||||||
{87} | Class D Noteholders' Principal Parity Amount or Matured Principal Shortfall | {87} | 0 | |||||||||
{88} | Noteholders' Principal Distributable Amount | {88} | 176,419,222 | |||||||||
{89} | To the Reserve Account, the Reserve Amount 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} | 62,845,066 | |||||||||
{96} | Total Distributions: | {96} | $ | 239,737,843 |
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 | $ | 1,969,222 | $ | 277,061,167 | $ | 0 | $ | 239,731,408 | $ | 0 | |||||||||||
{98} | Class B | 71,589,222 | 277,061,167 | 0 | 239,498,181 | 0 | ||||||||||||||||
{99} | Class C | 136,409,222 | 277,061,167 | 0 | 239,264,288 | 0 | ||||||||||||||||
{100} | Class D | 176,419,222 | 277,061,167 | 0 | 239,264,288 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{101} | Excess Total Available Funds | {101} | $ | 62,845,066 | ||||||||||||||||
{102} | Beginning Note Balance | {102} | 176,419,222 | |||||||||||||||||
{103} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {103} | 176,419,222 | |||||||||||||||||
{104} | Pro-Forma Note Balance | {104} | 0 | |||||||||||||||||
{105} | Ending Aggregate Securitization Value | {105} | 277,061,167 | |||||||||||||||||
{106} | 9.5% of Aggregate Securitization Value as of Cutoff ($152,048,512) | {106} | N/A | |||||||||||||||||
{107} | Required Pro Forma Note Balance {105} - {106} | {107} | N/A | |||||||||||||||||
{108} | Excess of Pro Forma Balance minus Required Pro Forma Balance {104} - {107} | {108} | N/A | |||||||||||||||||
{109} | Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance | {109} | N/A |
OVERCOLLATERALIZATION CALCULATIONS
Exchange Note: | ||||||||||||
{110} | Ending Aggregate Securitization Value | {110} | $ | 277,061,167 | ||||||||
{111} | End of Period Note Balance | {111} | 0 | |||||||||
{112} | Overcollateralization | {112} | 0 | |||||||||
{113} | Overcollateralization % | {113} | 0.00 | % |
Asset Backed Notes: | ||||||||||||
{114} | Ending Aggregate Securitization Value | {114} | 277,061,167 | |||||||||
{115} | End of Period Note Balance | {115} | 0 | |||||||||
{116} | Overcollateralization | {116} | 277,061,167 | |||||||||
{117} | Overcollateralization % | {117} | 0.00 | % |
5
RECONCILIATION OF 2022-2 CASH RESERVE ACCOUNT
{118} | Specified Reserve Balance | {118} | $ | 4,001,277 | ||||||||
{119} | Beginning of Period Reserve Account balance | {119} | $ | 4,001,277 | ||||||||
{120} | Investment Earnings | {120} | 17,588 | |||||||||
{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} | (4,018,865 | ) | ||||||||
{123} | Total Reserve balance available: | {123} | 0 | |||||||||
{124} | Specified Reserve Balance | {124} | 4,001,277 | |||||||||
{125} | Release Excess Cash to Indenture Collection Available Funds | {125} | 0 | |||||||||
{126} | End of period Reserve Account balance | {126} | $ | 0 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{127} | Receivables with Scheduled Payment delinquent 61 days or more | {127} | $ | 1,477,130 | 0.53 | % | ||||||
{128} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 2.90%) | {128} | Yes |
By: | /s/ Randal L. Willis | |
Name: | Randal L. Willis | |
Title: | Senior Vice President, Securitization & Conduit Reporting | |
Date: | September 17, 2024 |
6
GM Financial
GMALT 2022-2
Supplemental Monthly Data
August 31, 2024
Aggregate Securitization Value |
Residual Value |
|||||||
Beginning of Period | $ | 328,467,734 | $ | 305,239,156 | ||||
Change | (51,406,567 | ) | (305,239,156 | ) | ||||
End of Period | $ | 277,061,167 | $ | 0 | ||||
Residual Value as % of Agg. Securitization Value | 0.00 | % |
Delinquency
Leases with scheduled payment delinquent |
Number of Leases |
Agg. Securitization Value |
Percentage(1) | |||||||||
0 - 30 days | 11,460 | 272,726,103 | 98.44 | % | ||||||||
31 - 60 days | 105 | 2,857,934 | 1.03 | % | ||||||||
61 - 90 days | 41 | 1,073,207 | 0.39 | % | ||||||||
91 - 120 days | 15 | 403,923 | 0.15 | % | ||||||||
Total | 11,621 | 277,061,167 | 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 | 844 | 19,454,410 | 22,005 | 566,577,828 | ||||||||||||
Standard terminations | 852 | 18,097,737 | 13,429 | 293,778,555 | ||||||||||||
Total retained by lessee | 1,696 | 37,552,147 | 35,434 | 860,356,383 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 197 | 4,004,922 | 2,341 | 49,224,722 | ||||||||||||
Standard terminations | 255 | 5,405,387 | 2,807 | 60,493,239 | ||||||||||||
Total returned to dealer | 452 | 9,410,309 | 5,148 | 109,717,961 | ||||||||||||
Charged off leases / Repossessed vehicles | 25 | 549,093 | 1,067 | 27,199,004 | ||||||||||||
Repurchases | 0 | 0 | 2 | 45,204 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 2,173 | 47,511,549 | 41,651 | 997,318,552 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases |
Agg. Securitization Value |
Percentage | ||||||||||
Term Extensions | 265 | 5,225,962 | 1.59 | % | ||||||||
Deferments | 4 | 112,891 | 0.03 | % |
7
Net Credit (Gain) Loss
Current Period |
Cumulative | |||||||
Agg. Securitized Value of early term defaults | 549,093 | 27,199,004 | ||||||
less: Sales proceeds | 437,770 | 28,717,100 | ||||||
less: Excess wear and excess mileage received | 2,042 | 5,040 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | 109,281 | (1,523,136 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 9,202,584 | 108,083,071 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 11,080,484 | 129,142,039 | ||||||
less: Excess wear and excess mileage received | 95,293 | 749,291 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (1,973,193 | ) | (21,808,259 | ) |
Current Period |
Prev. Month | |||||||
Prepay Speed | 1.1816 | % | 1.2277 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 16.2766 | % | 19.7624 | % | ||||
Return Rate based on Terminated Leases(3) | 20.8007 | % | 23.4515 | % |
(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