Nissan Auto Lease Trust 2023-A
09/20/2024 | Press release | Distributed by Public on 09/20/2024 05:12
Asset Backed Issuer Distribution Report Form 10 D
NISSAN AUTO LEASE TRUST 2023-A
Servicer's Report
| Collection Period Start | 1-Aug-24 | Distribution Date |
16-Sep-24 |
|||
| Collection Period End | 31-Aug-24 | 30/360 Days |
30 |
|||
| Beg. of Interest Period | 15-Aug-24 | Actual/360 Days |
32 |
|||
| End of Interest Period | 16-Sep-24 |
| SUMMARY | ||||||||||||||||||||
| Coupon Rate | Initial Balance | Beginning Balance | Ending Balance | Pool Factor | ||||||||||||||||
|
Total Portfolio |
1,383,647,800.02 | 649,143,772.51 | 591,765,732.68 | 0.4276852 | ||||||||||||||||
|
Total Securities |
1,383,647,800.02 | 649,143,772.51 | 591,765,732.68 | 0.4276852 | ||||||||||||||||
|
Class A-1 Notes |
4.968000 | % | 187,000,000.00 | 0.00 | 0.00 | 0.0000000 | ||||||||||||||
|
Class A-2a Notes |
5.100000 | % | 305,000,000.00 | 0.00 | 0.00 | 0.0000000 | ||||||||||||||
|
Class A-2b Notes |
5.983530 | % | 100,000,000.00 | 0.00 | 0.00 | 0.0000000 | ||||||||||||||
|
Class A-3 Notes |
4.910000 | % | 405,000,000.00 | 262,495,972.49 | 205,117,932.66 | 0.5064640 | ||||||||||||||
|
Class A-4 Notes |
4.800000 | % | 103,000,000.00 | 103,000,000.00 | 103,000,000.00 | 1.0000000 | ||||||||||||||
|
Certificates |
0.000000 | % | 283,647,800.02 | 283,647,800.02 | 283,647,800.02 | 1.0000000 | ||||||||||||||
| Principal Payment Due | Interest Payment | Principal per $1000 Face Amount |
Interest per $1000 Face Amount |
|||||||||||||||||
|
Class A-1 Notes |
0.00 | 0.00 | 0.0000000 | 0.0000000 | ||||||||||||||||
|
Class A-2a Notes |
0.00 | 0.00 | 0.0000000 | 0.0000000 | ||||||||||||||||
|
Class A-2b Notes |
0.00 | 0.00 | 0.0000000 | 0.0000000 | ||||||||||||||||
|
Class A-3 Notes |
57,378,039.83 | 1,074,046.02 | 141.6741724 | 2.6519655 | ||||||||||||||||
|
Class A-4 Notes |
0.00 | 412,000.00 | 0.0000000 | 4.0000000 | ||||||||||||||||
|
Certificates |
0.00 | 0.00 | 0.0000000 | 0.0000000 | ||||||||||||||||
|
Total Securities |
57,378,039.83 | 1,486,046.02 |
|
I. COLLECTIONS |
|||||||||||||||||
|
Lease Payments: ( Lease Series Assets) |
|||||||||||||||||
|
Monthly Principal |
9,093,639.31 | ||||||||||||||||
|
Monthly Interest |
3,919,560.92 | ||||||||||||||||
|
Total Monthly Payments |
13,013,200.23 | ||||||||||||||||
|
Interest Rate Cap Payments |
0.00 | ||||||||||||||||
|
Advances: |
|||||||||||||||||
|
Aggregate Monthly Payment Advances |
574,228.06 | ||||||||||||||||
|
Aggregate Sales Proceeds Advance |
15,519,790.17 | ||||||||||||||||
|
Total Advances |
16,094,018.23 | ||||||||||||||||
|
Vehicle Disposition Proceeds: |
|||||||||||||||||
|
Repurchase Payments |
0.00 | ||||||||||||||||
|
Recoveries |
0.00 | ||||||||||||||||
|
Net Liquidation Proceeds (includes Reallocation Payments and Net Auction Proceeds) |
48,083,360.56 | ||||||||||||||||
|
Excess Wear and Tear and Excess Mileage |
242,786.73 | ||||||||||||||||
|
Remaining Payoffs |
0.00 | ||||||||||||||||
|
Net Insurance Proceeds |
1,059,994.38 | ||||||||||||||||
|
Residual Value Surplus |
1,083,419.79 | ||||||||||||||||
|
Total Collections |
79,576,779.92 | ||||||||||||||||
|
Vehicle Disposition Activity for the current month - Terminated and Sold (included in Vehicle Disposition Proceeds) |
Reallocation Payments and Net Auction Proceeds |
Net Insurance Sales |
Lease Payoffs | Count | |||||||||||||
|
Early Termination |
9,096,307.00 | 390 | |||||||||||||||
|
Involuntary Repossession |
262,173.96 | 12 | |||||||||||||||
|
Voluntary Repossession |
246,450.00 | 11 | |||||||||||||||
|
Full Termination |
10,814,742.00 | 445 | |||||||||||||||
|
Bankruptcty |
- | - | |||||||||||||||
|
Insurance Payoff |
1,051,106.72 | 45 | |||||||||||||||
|
Customer Payoff |
2,396,460.50 | 124 | |||||||||||||||
|
Grounding Dealer Payoff |
25,779,718.41 | 1,260 | |||||||||||||||
|
Dealer Purchase |
- | - | |||||||||||||||
|
Total |
20,419,672.96 | 1,051,106.72 | 28,176,178.91 | 2,287 | |||||||||||||
|
II. COLLATERAL POOL BALANCE DATA |
|||||||||||||||||
| Number | Book Amount |
Discount Rate |
Securitization Value |
||||||||||||||
|
Pool Balance - Beginning of Period |
29,635 | 734,103,560.00 | 7.00000 | % | 649,143,772.51 | ||||||||||||
|
Total Depreciation Received |
(8,707,146.43 | ) | (9,198,416.46 | ) | |||||||||||||
|
Principal Amount of Gross Losses |
(78 | ) | (1,957,139.86 | ) | (1,756,466.13 | ) | |||||||||||
|
Repurchase / Reallocation |
0 | 0.00 | 0.00 | ||||||||||||||
|
Early Terminations |
(203 | ) | (5,490,876.60 | ) | (4,659,489.10 | ) | |||||||||||
|
Scheduled Terminations |
(2,085 | ) | (46,845,765.60 | ) | (41,763,668.14 | ) | |||||||||||
|
Pool Balance - End of Period |
27,269 | 671,102,631.51 | 591,765,732.68 | ||||||||||||||
|
Remaining Pool Balance |
|||||||||||||||||
|
Lease Payment |
105,860,242.99 | ||||||||||||||||
|
Residual Value |
485,905,489.69 | ||||||||||||||||
|
Total |
591,765,732.68 |
NISSAN AUTO LEASE TRUST 2023-A
Servicer's Report
|
III. DISTRIBUTIONS |
||||
|
Total Collections |
79,576,779.92 | |||
|
Reserve Amounts Available for Distribution |
0.00 | |||
|
Total Available for Distribution |
79,576,779.92 | |||
|
1. Amounts due Indenture Trustee as Compensation or Indemnity |
0.00 | |||
|
2. Reimbursement of Payment Advance |
624,405.70 | |||
|
3. Reimbursement of Sales Proceeds Advance |
14,285,799.73 | |||
|
4. Servicing Fee: |
||||
|
Servicing Fee Due |
540,953.14 | |||
|
Servicing Fee Paid |
540,953.14 | |||
|
Servicing Fee Shortfall |
0.00 | |||
|
Total Trustee, Advances and Servicing Fee Paid |
15,451,158.57 | |||
|
5. Interest: |
||||
|
Class A-1 Notes Monthly Interest |
||||
|
Class A-1 Notes Interest Carryover Shortfall |
0.00 | |||
|
Class A-1 Notes Interest on Interest Carryover Shortfall |
0.00 | |||
|
Class A-1 Notes Monthly Available Interest Distribution Amount |
0.00 | |||
|
Class A-1 Notes Monthly Interest Paid |
0.00 | |||
|
Chg in Class A-1 Notes Int. Carryover Shortfall |
0.00 | |||
|
Class A-2a Notes Monthly Interest |
||||
|
Class A-2a Notes Interest Carryover Shortfall |
0.00 | |||
|
Class A-2a Notes Interest on Interest Carryover Shortfall |
0.00 | |||
|
Class A-2a Notes Monthly Available Interest Distribution Amount |
0.00 | |||
|
Class A-2a Notes Monthly Interest Paid |
0.00 | |||
|
Chg in Class A-2a Notes Int. Carryover Shortfall |
0.00 | |||
|
Class A-2b Notes Monthly Interest |
||||
|
Class A-2b Notes Interest Carryover Shortfall |
0.00 | |||
|
Class A-2b Notes Interest on Interest Carryover Shortfall |
0.00 | |||
|
Class A-2b Notes Monthly Available Interest Distribution Amount |
0.00 | |||
|
Class A-2b Notes Monthly Interest Paid |
0.00 | |||
|
Chg in Class A-2b Notes Int. Carryover Shortfall |
0.00 | |||
|
Class A-3 Notes Monthly Interest |
||||
|
Class A-3 Notes Interest Carryover Shortfall |
0.00 | |||
|
Class A-3 Notes Interest on Interest Carryover Shortfall |
0.00 | |||
|
Class A-3 Notes Monthly Available Interest Distribution Amount |
1,074,046.02 | |||
|
Class A-3 Notes Monthly Interest Paid |
1,074,046.02 | |||
|
Chg in Class A-3 Notes Int. Carryover Shortfall |
0.00 | |||
|
Class A-4 Monthly Interest |
||||
|
Class A-4 Notes Interest Carryover Shortfall |
0.00 | |||
|
Class A-4 Notes Interest on Interest Carryover Shortfall |
0.00 | |||
|
Class A-4 Notes Monthly Available Interest Distribution Amount |
412,000.00 | |||
|
Class A-4 Notes Monthly Interest Paid |
412,000.00 | |||
|
Chg in Class A-4 Notes Int. Carryover Shortfall |
0.00 | |||
|
Certificate Monthly Interest |
||||
|
Certificate Interest Carryover Shortfall |
0.00 | |||
|
Certificate Interest on Interest Carryover Shortfall |
0.00 | |||
|
Certificate Monthly Available Interest Distribution Amount |
0.00 | |||
|
Certificate Monthly Interest Paid |
0.00 | |||
|
Chg in Certificate Int. Carryover Shortfall |
0.00 | |||
|
Total Note and Certificate Monthly Interest |
||||
|
Total Note and Certificate Monthly Interest Due |
1,486,046.02 | |||
|
Total Note and Certificate Monthly Interest Paid |
1,486,046.02 | |||
|
Total Note and Certificate Interest Carryover Shortfall |
0.00 | |||
|
Chg in Total Note and Certificate Int. Carryover Shortfall |
0.00 | |||
|
Total Available for Principal Distribution |
62,639,575.33 | |||
|
6. Total Monthly Principal Paid on the Notes |
||||
|
Total Monthly Principal Paid on the Class A Notes |
57,378,039.83 | |||
|
Total Class A Noteholders' Principal Carryover Shortfall |
0.00 | |||
|
Total Class A Noteholders' Principal Distributable Amount |
57,378,039.83 | |||
|
Chg in Total Class A Noteholders' Principal Carryover Shortfall |
0.00 | |||
|
7. Total Monthly Principal Paid on the Certificates |
0.00 | |||
|
Total Certificateholders' Principal Carryover Shortfall |
0.00 | |||
|
Total Certificateholders' Principal Distributable Amount |
0.00 | |||
|
Chg in Total Certificateholders' Principal Carryover Shortfall |
0.00 | |||
|
Remaining Available Collections |
5,261,535.50 |
NISSAN AUTO LEASE TRUST 2023-A
Servicer's Report
|
IV. RESERVE ACCOUNT |
||||||||||||
|
Initial Reserve Account Amount |
5,534,591.20 | |||||||||||
|
Required Reserve Account Amount |
31,918,239.00 | |||||||||||
|
Beginning Reserve Account Balance |
31,918,239.00 | |||||||||||
|
Additional Cash Infusion |
0.00 | |||||||||||
|
Reinvestment Income for the Period |
0.00 | |||||||||||
|
Reserve Fund Available for Distribution |
31,918,239.00 | |||||||||||
|
Reserve Fund Draw Amount |
0.00 | |||||||||||
|
Deposit of Remaining Available Collections |
5,261,535.50 | |||||||||||
|
Gross Reserve Account Balance |
37,179,774.50 | |||||||||||
|
Remaining Available Collections Released to Seller |
5,261,535.50 | |||||||||||
|
Total Ending Reserve Account Balance |
31,918,239.00 | |||||||||||
| V. POOL STATISTICS | ||||||||||||
|
Weighted Average Remaining Maturity |
8.50 | |||||||||||
|
Monthly Prepayment Speed |
-37 | % | ||||||||||
|
Lifetime Prepayment Speed |
76 | % | ||||||||||
| $ | units | |||||||||||
|
Recoveries of Defaulted and Casualty Receivables |
1,721,162.72 | |||||||||||
|
Securitization Value of Defaulted Receivables and Casualty Receivables |
1,756,466.13 | 78 | ||||||||||
|
Aggregate Defaulted and Casualty Gain (Loss) |
(35,303.41 | ) | ||||||||||
|
Pool Balance at Beginning of Collection Period |
649,143,772.51 | |||||||||||
|
Net Loss Ratio |
||||||||||||
|
Current Collection Period |
-0.0054 | % | ||||||||||
|
Preceding Collection Period |
-0.0338 | % | ||||||||||
|
Second Preceding Collection Period |
0.0208 | % | ||||||||||
|
Third Preceding Collection Period |
0.0762 | % | ||||||||||
|
Cumulative Net Losses for all Periods |
-0.0454 | % | (628,857.17 | ) | ||||||||
| % of BOP Pool Balance | Amount | Number | ||||||||||
|
Delinquent Receivables: |
||||||||||||
|
31-60 Days Delinquent |
1.14 | % | 7,393,259.51 | 328 | ||||||||
|
61-90 Days Delinquent |
0.33 | % | 2,161,196.75 | 95 | ||||||||
|
91-120 Days Delinquent |
0.08 | % | 517,901.34 | 23 | ||||||||
|
More than 120 Days |
0.03 | % | 225,425.55 | 10 | ||||||||
|
Total Delinquent Receivables: |
1.59 | % | 10,297,783.15 | 456 | ||||||||
| Amount | Number | |||||||||||
|
61+ Days Delinquencies as Percentage of Receivables |
||||||||||||
|
Current Collection Period |
0.45 | % | 0.43 | % | ||||||||
|
Preceding Collection Period |
0.36 | % | 0.37 | % | ||||||||
|
Second Preceding Collection Period |
0.34 | % | 0.33 | % | ||||||||
|
Third Preceding Collection Period |
0.27 | % | 0.26 | % | ||||||||
|
60 Day Delinquent Receivables |
3,009,046.29 | |||||||||||
|
Delinquency Percentage |
0.46 | % | ||||||||||
|
Delinquency Trigger |
4.40 | % | ||||||||||
|
Does the Delinquency Percentage exceed the Delinquency Trigger? |
No | |||||||||||
| $ | units | |||||||||||
|
Aggregate Sales Performance of Auctioned Vehicles |
||||||||||||
|
Sales Proceeds |
19,911,049.00 | 835 | ||||||||||
|
Securitization Value |
19,850,888.37 | 835 | ||||||||||
|
Aggregate Residual Value Surplus (Loss) |
60,160.63 | |||||||||||
| $ | units | |||||||||||
|
Cumulative Sales Performance of Auctioned Vehicles |
||||||||||||
|
Cumulative Sales Proceeds |
130,234,673.51 | 5,332 | ||||||||||
|
Cumulative Securitization Value |
133,908,882.34 | 5,332 | ||||||||||
|
Cumulative Residual Value Surplus (Loss) |
(3,674,208.83 | ) | ||||||||||
| VI. RECONCILIATION OF ADVANCES | ||||||||||||
|
Beginning Balance of Residual Advance |
21,964,314.32 | |||||||||||
|
Reimbursement of Outstanding Advance |
14,285,799.73 | |||||||||||
|
Additional Advances for current period |
15,519,790.17 | |||||||||||
|
Ending Balance of Residual Advance |
23,198,304.76 | |||||||||||
|
Beginning Balance of Payment Advance |
1,590,348.79 | |||||||||||
|
Reimbursement of Outstanding Payment Advance |
624,405.70 | |||||||||||
|
Additional Payment Advances for current period |
574,228.06 | |||||||||||
|
Ending Balance of Payment Advance |
1,540,171.15 | |||||||||||
NISSAN AUTO LEASE TRUST 2023-A
Servicer's Report
| VII. STATEMENTS TO NOTEHOLDERS | ||||||
|
1. Has there been any material change in practices with respect to charge-offs, collection and management of delinquent Leases, and the effect of any grace period, re-aging,re-structuring, partial payments or other practices on delinquency and loss experience? |
NO | |||||
|
2. Have there been any material modifications, extensions or waivers to Lease terms, fees, penalties or payments during the Collection Period? |
NO | |||||
|
3. Have there been any material breaches of representations, warranties or covenants contained in the Leases? |
NO | |||||
|
4. Has there been any new issuance of notes or other securities backed by the Series Assets? |
NO | |||||
|
5. Has there been any material additions, removals or substitutions of Series Assets, or repurchases of Series Assets? |
NO | |||||
|
6. Has there been any material change in the underwriting, origination or acquisition of Leases? |
NO |
VIII. CREDIT RISK RETENTION
On the Closing Date, Nissan Auto Leasing LLC II, the depositor, an affiliate of Nissan Motor Acceptance Company LLC ("NMAC"), the sponsor, retained a sufficient portion of the Certificates to satisfy the obligations of NMAC under the requirements of (a) the SEC's credit risk retention rules codified at 17 C.F.R. Part 246 ("Regulation RR") and (b) the EU Risk Retention Requirements and the UK Risk Retention Requirements (each as defined in the preliminary prospectus for the Notes dated January 10, 2023 (the "Preliminary Prospectus"). The portion of Certificates being retained to satisfy the EU Risk Retention Requirements and the UK Risk Retention Requirements is referred to herein as the "Retained Interest".
NMAC, as "originator" for the purposes of the EU Risk Retention Requirements and the UK Risk Retention Requirements, currently retains a material net economic interest that is not less than 5% in the securitization transaction described in the Preliminary Prospectus, in the form of retention of the first loss tranche in accordance with paragraph (d) of Article 6(3) of the EU Securitization Regulation and paragraph (d) of Article 6(3) of the UK Securitization Regulation (each as defined in the Preliminary Prospectus), in each case as in effect on the Closing Date, by holding all the membership interest in the depositor, which in turn holds Certificates representing at least 5% of the aggregate nominal value of the leases and related leased vehicles.
NMAC has not sold, hedged or otherwise mitigated its credit risk under or associated with the Retained Interest (and has not permitted the depositor or any of its other affiliates to sell, hedge or otherwise mitigate its credit risk under or associated with the Retained Interest) except to the extent permitted in accordance with the EU Risk Retention Requirements and the UK Risk Retention Requirements or Regulation RR.
NMAC has not changed the manner in which it retains the Retained Interest, except in accordance with the EU Risk Retention Requirements and the UK Risk Retention Requirements or Regulation RR.