GM Financial Automobile Leasing Trust 2023-3

10/31/2024 | Press release | Distributed by Public on 10/31/2024 06:43

Asset Backed Issuer Distribution Report Form 10 D

GM Financial Automobile Leasing Trust 2023-3

5.95% Exchange Note

Class A-1 5.63400% Asset Backed Notes

Class A-2A 5.58% Asset Backed Notes

Class A-2B Floating Asset Backed Notes

Class A-3 5.38% Asset Backed Notes

Class A-4 5.44% Asset Backed Notes

Class B 5.88% Asset Backed Notes

Class C 5.94% Asset Backed Notes

Class D 0.00% Asset Backed Notes

Servicer's Certificate

Beginning of Period: 09/01/24
End of Period: 09/30/24
Number of days in Interest Period (Actual/360): 31
Number of days in Collection Period: 30
Report Due Date: 10/17/24
Distribution Date: 10/21/24
Transaction Month: 14
Original Agg.
2023-3
Designated Pool
Units Start Date Closing Date Securitization
Value
38,542 07/05/2023 08/16/2023 $ 1,169,298,569
Total 38,542 $ 1,169,298,569

RECONCILIATION OF 2023-3 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE

{1} Beginning of period Aggregate Securitization Value {1} $ 830,631,401
{2} Reduction in Agg. Securitization Value due to payments {2} 8,223,819
{3} Reduction in Agg. Securitization Value due to Defaulted Leases {3} 978,119
{4} Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases {4} 18,224,787
{5} Other adjustments {5} 0
{6} Total change in Agg. Securitization Value {6} 27,426,725
{7} End of period Aggregate Securitization Value {7} $ 803,204,676
{8} Pool Factor {8} 68.691154 %

RECONCILIATION OF 2023-3 EXCHANGE NOTE

{9} Original Exchange Note Balance {9} $ 1,120,000,000
{10} Beginning of period Exchange Note Balance {10} $ 781,332,832
{11} Exchange Note Principal Payment Amount {11} 27,426,725
{12} End of period Exchange Note Balance {12} $ 753,906,107
{13} Note Pool Factor {13} 67.313045 %

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} $ 154,360,000 $ 289,000,000 $ 100,000,000 $ 339,000,000 $ 65,900,000
{15} Beginning of period Note Balance {15} $ 0 $ 130,350,925 $ 45,104,126 $ 339,000,000 $ 65,900,000
{16} Noteholders' Principal Distributable Amount {16} 0 20,376,153 7,050,572 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 $ 109,974,772 $ 38,053,554 $ 339,000,000 $ 65,900,000
{21} Note Pool Factor {21} 0.000000 % 38.053554 % 38.053554 % 100.0000000 % 100.000000 %
Class B Class C Class D TOTAL
{22} Original Note Balance {22} $ 50,900,000 $ 47,400,000 $ 29,200,000 $ 1,075,760,000
{23} Beginning of period Note Balance {23} $ 50,900,000 $ 47,400,000 $ 29,200,000 $ 707,855,051
{24} Noteholders' Principal Distributable Amount {24} 0 0 0 27,426,725
{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} $ 50,900,000 $ 47,400,000 $ 29,200,000 $ 680,428,326
{29} Note Pool Factor {29} 100.000000 % 100.000000 % 100.000000 % 63.250941 %

EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

Principal payment calculation:
{30} Beginning of period Designated Pool Balance {30} $ 830,631,401
{31} Ending Designated Pool Balance {31} 803,204,676
{32} Unpaid prior Exchange Note Principal Payment Amount {32} 0
{33} Sum of {31} + {32} {33} 803,204,676
{34} Exchange Note Principal Payment Amount {30} - {33} {34} $ 27,426,725
Interest calculation:
Beg Note
Balance
Interest
Carryover
Interest
Rate
Days Days Basis Interest
{35} $ 781,332,832 $ 0 5.95 % 30 30/360 $ 3,874,109

2

RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT

Additions:
{36} 2023-3 Designated Pool Collections (net of Liquidation Proceeds and fees) {36} $ 15,036,272
{37} Net Liquidation Proceeds collected during period {37} 21,301,825
{38} Investment Earnings {38} 154,481
{39} Investment Earnings - transferred to Indenture Note Collection Account {39} (154,481 )
{40} Deposit from Servicer {40} 0
{41} Total Additions: {41} 36,338,097
Distributions:
{42} To the Servicer, Designated Pool Servicing Fee {42} 692,193
{43} To the 2023-3 Exchange Noteholder, the Exchange Note Interest Payment Amount {43} 3,874,109
{44} To the 2023-3 Exchange Noteholder, the Exchange Note Principal Payment Amount {44} 27,426,725
{45} To the 2023-3 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) {45} 0
{46} To the 2023-3 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments {46} 4,345,070
{47} Total Distributions: {47} $ 36,338,097

NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

Noteholders' Principal Distributable calculation:
{48} Beginning Agg. Securitization Value {48} $ 830,631,401
{49} Ending Agg. Securitization Value {49} 803,204,676
{50} Principal Distributable Amount {48} - {49} {50} 27,426,725
{51} Noteholders' Principal Carryover Amount {51} 0
{52} Principal Distributable Amount + Noteholders' Principal Carryover Amount {52} 27,426,725
{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} 27,426,725
{54} Noteholders' Principal Distributable Amount Lessor of {52} and {53} {54} $ 27,426,725
Noteholders' Interest Distributable calculation:
Class Beg Note
Balance
Interest
Carryover
Interest
Rate
Days Days Basis Interest
{55} Class A-1 $ 0 $ 0 5.63400 % 31 Actual/360 $ 0
{56} Class A-2A $ 130,350,925 0 5.58 % 30 30/360 606,132
{57} Class A-2B $ 45,104,126 0 5.79541 % 31 Actual/360 225,092
{58} Class A-3 $ 339,000,000 0 5.38 % 30 30/360 1,519,850
{59} Class A-4 $ 65,900,000 0 5.44 % 30 30/360 298,747
{60} Class B $ 50,900,000 0 5.88 % 30 30/360 249,410
{61} Class C $ 47,400,000 0 5.94 % 30 30/360 234,630
{62} Class D $ 29,200,000 0 0.00 % 30 30/360 0

3

RECONCILIATION OF INDENTURE COLLECTION ACCOUNT

Available Funds:
{63} 2023-3 Exchange Note Collections {63} $ 35,645,904
{64} Investment Earnings {64} 0
{65} Investment Earnings - transferred from Exchange Note Collection Account {65} 154,481
{66} Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement {66} 12,093
{67} Optional Purchase Price {67} 0
{68} Indenture Section 5.4 disposition of Collateral {68} 0
{69} Available Funds: {69} 35,812,478
{70} Reserve Account Withdrawal Amount {70} 0
{71} Total Distributable Funds: {71} 35,812,478
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} 606,132
{78} Class A-2B Noteholders' Interest Distributable Amount pari passu {78} 225,092
{79} Class A-3 Noteholders' Interest Distributable Amount pari passu {79} 1,519,850
{80} Class A-4 Noteholders' Interest Distributable Amount pari passu {80} 298,747
{81} Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall {81} 0
{82} Class B Noteholders' Interest Distributable Amount {82} 249,410
{83} Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall {83} 0
{84} Class C Noteholders' Interest Distributable Amount {84} 234,630
{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} 27,426,725
{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} 5,251,225
{96} Total Distributions: {96} $ 35,812,478

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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 $ 580,355,051 $ 803,204,676 $ 0 $ 33,161,990 $ 0
{98} Class B 631,255,051 803,204,676 0 32,912,580 0
{99} Class C 678,655,051 803,204,676 0 32,677,950 0
{100} Class D 707,855,051 803,204,676 0 32,677,950 0

ACCELERATED PRINCIPAL AMOUNT CALCULATION

{101} Excess Total Available Funds {101} $ 5,251,225
{102} Beginning Note Balance {102} 707,855,051
{103} Principal payments through Indenture Section 8.3 (a) (i) through (xv) {103} 27,426,725
{104} Pro-Forma Note Balance {104} 680,428,326
{105} Ending Aggregate Securitization Value {105} 803,204,676
{106} 10.5% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full, 9.5% Thereafter ($122,776,350) {106} 122,776,350
{107} Required Pro Forma Note Balance {105} - {106} {107} 680,428,326
{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} $ 803,204,676
{111} End of Period Note Balance {111} 753,906,107
{112} Overcollateralization {112} 49,298,569
{113} Overcollateralization % {113} 6.14 %
Asset Backed Notes:
{114} Ending Aggregate Securitization Value {114} 803,204,676
{115} End of Period Note Balance {115} 680,428,326
{116} Overcollateralization {116} 122,776,350
{117} Overcollateralization % {117} 15.29 %

5

RECONCILIATION OF 2023-3 CASH RESERVE ACCOUNT

{118} Specified Reserve Balance {118} $ 2,923,246
{119} Beginning of Period Reserve Account balance {119} $ 2,923,246
{120} Investment Earnings {120} 12,093
{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} 2,935,339
{124} Specified Reserve Balance {124} 2,923,246
{125} Release Excess Cash to Indenture Collection Available Funds {125} 12,093
{126} End of period Reserve Account balance {126} $ 2,923,246

ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER

Dollars Percentage
{127} Receivables with Scheduled Payment delinquent 61 days or more {127} $ 1,314,820 0.16 %
{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: October 16, 2024

6

GM Financial

GMALT 2023-3

Supplemental Monthly Data

September 30, 2024

Aggregate
Securitization
Value
Residual
Value
Beginning of Period $ 830,631,401 $ 698,215,452
Change (27,426,725 ) (17,595,828 )
End of Period $ 803,204,676 $ 680,619,624
Residual Value as % of Agg. Securitization Value 84.74 %

Delinquency

Leases with scheduled payment delinquent Number of
Leases
Agg.
Securitization
Value
Percentage(1)
0 - 30 days 29,558 796,819,633 99.21 %
31 - 60 days 154 5,070,223 0.63 %
61 - 90 days 33 991,663 0.12 %
91 - 120 days 7 323,157 0.04 %
Total 29,752 803,204,676 100.00 %

Lease Terminations

Current Period Cumulative
Number of
Leases
Agg.
Securitization
Value
Number of
Leases
Agg.
Securitization
Value
Retained vehicles by lessee
Early terminations 371 9,953,720 4,775 137,992,354
Standard terminations 154 3,446,107 1,992 44,765,724
Total retained by lessee 525 13,399,827 6,767 182,758,078
Returned Vehicles
Early terminations 110 2,727,919 728 17,207,125
Standard terminations 91 2,097,041 661 14,827,539
Total returned to dealer 201 4,824,960 1,389 32,034,664
Charged off leases / Repossessed vehicles 34 978,119 633 17,959,184
Repurchases 0 0 1 27,138
Other 0 0 0 0
Total terminations 760 19,202,906 8,790 232,779,064

Lease Extensions/Deferments

Current Period
Number of
Leases
Agg.
Securitization
Value
Percentage
Term Extensions 55 989,235 0.12 %
Deferments 8 254,489 0.03 %

7

Net Credit (Gain) Loss

Current
Period
Cumulative
Agg. Securitized Value of early term defaults 978,119 17,959,184
less: Sales proceeds 1,167,416 18,095,539
less: Excess wear and excess mileage received 0 452
less: Other amounts received 0 0
Net Credit (Gain) Loss (189,297 ) (136,807 )

Residual (Gain) Loss on Returned Vehicles

Agg. Securitized Value of returned vehicles sold by Servicer 4,735,234 31,742,176
add: Reimbursement of outstanding residual advance N/A N/A
less: Sales proceeds 5,122,467 35,577,732
less: Excess wear and excess mileage received 28,478 148,742
less: Other recovery amounts 0 0
Residual (Gain) Loss (415,711 ) (3,984,298 )
Current
Period
Prev. Month
Prepay Speed 0.8705 % 0.7083 %
Return Rate based on Scheduled to Terminate(2) 44.9664 % 36.1423 %
Return Rate based on Terminated Leases(3) 26.4474 % 26.0108 %
(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