31/07/2024 | Press release | Distributed by Public on 31/07/2024 12:27
GM Financial Automobile Leasing Trust 2022-3
5.23% Exchange Note
Class A-1 3.07200% Asset Backed Notes
Class A-2A 4.01% Asset Backed Notes
Class A-2B Floating Asset Backed Notes
Class A-3 4.01% Asset Backed Notes
Class A-4 4.11% Asset Backed Notes
Class B 4.90% Asset Backed Notes
Class C 5.13% Asset Backed Notes
Class D 5.22% 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: | 23 |
Original Agg. | ||||||||||||
2022-3 Designated Pool |
Units | Start Date | Closing Date |
Securitization Value |
||||||||
53,379 | 07/06/2022 | 08/17/2022 | $ | 1,508,759,094 | ||||||||
Total | 53,379 | $ | 1,508,759,094 |
RECONCILIATION OF 2022-3 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 536,563,440 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 5,570,850 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 520,463 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 45,295,657 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 51,386,970 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 485,176,470 | ||||||||
{8} | Pool Factor | {8} | 32.157319 | % |
RECONCILIATION OF 2022-3 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,470,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 497,804,346 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 51,386,970 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 446,417,376 | ||||
{13} | Note Pool Factor | {13} | 30.368529 | % |
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} | $ | 203,830,000 | $ | 366,940,000 | $ | 100,000,000 | $ | 466,940,000 | $ | 85,900,000 | ||||||||||||
{15} | Beginning of period Note Balance | {15} | $ | 0 | $ | 0 | $ | 0 | $ | 142,881,326 | $ | 85,900,000 | ||||||||||||
{16} | Noteholders' Principal Distributable Amount | {16} | 0 | 0 | 0 | 51,386,970 | 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 | $ | 0 | $ | 0 | $ | 91,494,356 | $ | 85,900,000 | ||||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 0.000000 | % | 0.000000 | % | 19.5944567 | % | 100.000000 | % |
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{22} | Original Note Balance | {22} | $ | 65,630,000 | $ | 61,100,000 | $ | 37,720,000 | $ | 1,388,060,000 | ||||||||||
{23} | Beginning of period Note Balance | {23} | $ | 65,630,000 | $ | 61,100,000 | $ | 37,720,000 | $ | 393,231,326 | ||||||||||
{24} | Noteholders' Principal Distributable Amount | {24} | 0 | 0 | 0 | 51,386,970 | ||||||||||||||
{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} | $ | 65,630,000 | $ | 61,100,000 | $ | 37,720,000 | $ | 341,844,356 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 24.627491 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 536,563,440 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 485,176,470 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 485,176,470 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 51,386,970 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 497,804,346 | $ | 0 | 5.23 | % | 30 | 30/360 | $ | 2,169,598 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2022-3 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 9,470,553 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 51,841,720 | |||||||||
{38} | Investment Earnings | {38} | 283,129 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (283,129 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 61,312,273 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 447,136 | |||||||||
{43} | To the 2022-3 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 2,169,598 | |||||||||
{44} | To the 2022-3 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 51,386,970 | |||||||||
{45} | To the 2022-3 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {45} | 0 | |||||||||
{46} | To the 2022-3 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {46} | 7,308,569 | |||||||||
{47} | Total Distributions: | {47} | $ | 61,312,273 |
NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders' Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 536,563,440 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 485,176,470 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 51,386,970 | |||||||||||||||||
{51} | Noteholders' Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders' Principal Carryover Amount | {52} | 51,386,970 | |||||||||||||||||
{53} | Amount required to reduce Outstanding Amount after giving effect to distributions made pursuant to Indenture Section 8.3 (i) through (xv) to the Required Pro Forma Note Balance | {53} | 51,386,970 | |||||||||||||||||
{54} | Noteholders' Principal Distributable Amount Lesser of {52} and {53} | {54} | $ | 51,386,970 |
Noteholders' Interest Distributable calculation: | ||||||||||||||||||||||
Class |
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | ||||||||||||||||
{55} | Class A-1 | $ | 0 | $ | 0 | 3.07200 | % | 32 | Actual/360 | $ | 0 | |||||||||||
{56} | Class A-2A | $ | 0 | 0 | 4.01 | % | 30 | 30/360 | 0 | |||||||||||||
{57} | Class A-2B | $ | 0 | 0 | 6.04300 | % | 32 | Actual/360 | 0 | |||||||||||||
{58} | Class A-3 | $ | 142,881,326 | 0 | 4.01 | % | 30 | 30/360 | 477,462 | |||||||||||||
{59} | Class A-4 | $ | 85,900,000 | 0 | 4.11 | % | 30 | 30/360 | 294,208 | |||||||||||||
{60} | Class B | $ | 65,630,000 | 0 | 4.90 | % | 30 | 30/360 | 267,990 | |||||||||||||
{61} | Class C | $ | 61,100,000 | 0 | 5.13 | % | 30 | 30/360 | 261,203 | |||||||||||||
{62} | Class D | $ | 37,720,000 | 0 | 5.22 | % | 30 | 30/360 | 164,082 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{63} | 2022-3 Exchange Note Collections | {63} | $ | 60,865,137 | ||||||||
{64} | Investment Earnings | {64} | 0 | |||||||||
{65} | Investment Earnings - transferred from Exchange Note Collection Account | {65} | 283,129 | |||||||||
{66} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {66} | 22,509 | |||||||||
{67} | Optional Purchase Price | {67} | 0 | |||||||||
{68} | Indenture Section 5.4 disposition of Collateral | {68} | 0 | |||||||||
{69} | Available Funds: | {69} | 61,170,775 | |||||||||
{70} | Reserve Account Withdrawal Amount | {70} | 0 | |||||||||
{71} | Total Distributable Funds: | {71} | 61,170,775 |
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} | 208 | |||||||||
{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} | 0 | |||||||||
{78} | Class A-2B Noteholders' Interest Distributable Amount pari passu | {78} | 0 | |||||||||
{79} | Class A-3 Noteholders' Interest Distributable Amount pari passu | {79} | 477,462 | |||||||||
{80} | Class A-4 Noteholders' Interest Distributable Amount pari passu | {80} | 294,208 | |||||||||
{81} | Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class B Noteholders' Interest Distributable Amount | {82} | 267,990 | |||||||||
{83} | Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class C Noteholders' Interest Distributable Amount | {84} | 261,203 | |||||||||
{85} | Class C Noteholders' Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Class D Noteholders' Interest Distributable Amount | {86} | 164,082 | |||||||||
{87} | Class D Noteholders' Principal Parity Amount or Matured Principal Shortfall | {87} | 0 | |||||||||
{88} | Noteholders' Principal Distributable Amount | {88} | 51,386,970 | |||||||||
{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} | 8,318,235 | |||||||||
{96} | Total Distributions: | {96} | $ | 61,170,775 |
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 | $ | 228,781,326 | $ | 485,176,470 | $ | 0 | $ | 60,398,480 | $ | 0 | |||||||||||
{98} | Class B | 294,411,326 | 485,176,470 | 0 | 60,130,490 | 0 | ||||||||||||||||
{99} | Class C | 355,511,326 | 485,176,470 | 0 | 59,869,287 | 0 | ||||||||||||||||
{100} | Class D | 393,231,326 | 485,176,470 | 0 | 59,705,205 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{101} | Excess Total Available Funds | {101} | $ | 8,318,235 | ||||||||||||||||
{102} | Beginning Note Balance | {102} | 393,231,326 | |||||||||||||||||
{103} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {103} | 51,386,970 | |||||||||||||||||
{104} | Pro-Forma Note Balance | {104} | 341,844,356 | |||||||||||||||||
{105} | Ending Aggregate Securitization Value | {105} | 485,176,470 | |||||||||||||||||
{106} | 10.5% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full, 9.5% Thereafter ($143,332,114) | {106} | 143,332,114 | |||||||||||||||||
{107} | Required Pro Forma Note Balance {105} - {106} | {107} | 341,844,356 | |||||||||||||||||
{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} | $ | 485,176,470 | ||||||||
{111} | End of Period Note Balance | {111} | 446,417,376 | |||||||||
{112} | Overcollateralization | {112} | 38,759,094 | |||||||||
{113} | Overcollateralization % | {113} | 7.99 | % |
Asset Backed Notes: | ||||||||||||
{114} | Ending Aggregate Securitization Value | {114} | 485,176,470 | |||||||||
{115} | End of Period Note Balance | {115} | 341,844,356 | |||||||||
{116} | Overcollateralization | {116} | 143,332,114 | |||||||||
{117} | Overcollateralization % | {117} | 29.54 | % |
5
RECONCILIATION OF 2022-3 CASH RESERVE ACCOUNT
{118} | Specified Reserve Balance | {118} | $ | 5,280,657 | ||||||||
{119} | Beginning of Period Reserve Account balance | {119} | $ | 5,280,657 | ||||||||
{120} | Investment Earnings | {120} | 22,509 | |||||||||
{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} | 5,303,166 | |||||||||
{124} | Specified Reserve Balance | {124} | 5,280,657 | |||||||||
{125} | Release Excess Cash to Indenture Collection Available Funds | {125} | 22,509 | |||||||||
{126} | End of period Reserve Account balance | {126} | $ | 5,280,657 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{127} | Receivables with Scheduled Payment delinquent 61 days or more | {127} | $ | 1,048,895 | 0.22 | % | ||||||
{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 2022-3
Supplemental Monthly Data
June 30, 2024
Aggregate Securitization Value |
Residual Value |
|||||||
Beginning of Period | $ | 536,563,440 | $ | 489,606,569 | ||||
Change | (51,386,970 | ) | (44,433,092 | ) | ||||
End of Period | $ | 485,176,470 | $ | 445,173,477 | ||||
Residual Value as % of Agg. Securitization Value | 91.75 | % |
Delinquency
Leases with scheduled payment delinquent |
Number of Leases |
Agg. Securitization Value |
Percentage(1) | |||||||||
0 - 30 days | 20,209 | 479,717,510 | 98.87 | % | ||||||||
31 - 60 days | 171 | 4,410,065 | 0.91 | % | ||||||||
61 - 90 days | 33 | 960,618 | 0.20 | % | ||||||||
91 - 120 days | 3 | 88,277 | 0.02 | % | ||||||||
Total | 20,416 | 485,176,470 | 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 | 796 | 18,760,056 | 17,834 | 445,258,284 | ||||||||||||
Standard terminations | 759 | 16,796,610 | 10,340 | 219,449,165 | ||||||||||||
Total retained by lessee | 1,555 | 35,556,666 | 28,174 | 664,707,449 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 193 | 3,967,373 | 1,738 | 36,420,435 | ||||||||||||
Standard terminations | 270 | 5,771,618 | 2,045 | 43,947,410 | ||||||||||||
Total returned to dealer | 463 | 9,738,991 | 3,783 | 80,367,845 | ||||||||||||
Charged off leases / Repossessed vehicles | 23 | 520,463 | 1,004 | 25,225,100 | ||||||||||||
Repurchases | 0 | 0 | 2 | 79,894 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 2,041 | 45,816,120 | 32,963 | 770,380,288 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases |
Agg. Securitization Value |
Percentage | ||||||||||
Term Extensions | 217 | 4,180,679 | 0.78 | % | ||||||||
Deferments | 2 | 61,923 | 0.01 | % |
7
Net Credit (Gain) Loss
Current Period |
Cumulative | |||||||
Agg. Securitized Value of early term defaults | 520,463 | 25,225,100 | ||||||
less: Sales proceeds | 773,130 | 27,033,720 | ||||||
less: Excess wear and excess mileage received | 0 | 0 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (252,667 | ) | (1,808,620 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 9,601,574 | 79,499,868 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 11,325,990 | 94,638,344 | ||||||
less: Excess wear and excess mileage received | 77,603 | 528,044 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (1,802,019 | ) | (15,666,520 | ) |
Current Period |
Prev. Month | |||||||
Prepay Speed | 0.5497 | % | 1.0963 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 18.6995 | % | 20.0075 | % | ||||
Return Rate based on Terminated Leases(3) | 22.6850 | % | 21.1027 | % |
(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