06/28/2024 | Press release | Distributed by Public on 06/28/2024 06:22
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: | 05/01/24 |
End of Period: | 05/31/24 |
Number of days in Interest Period (Actual/360): | 31 |
Number of days in Collection Period: | 31 |
Report Due Date: | 06/17/24 |
Distribution Date: | 06/20/24 |
Transaction Month: | 25 |
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} | $ | 510,247,761 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 6,292,737 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 859,294 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 60,652,698 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 67,804,729 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 442,443,032 | ||||||||
{8} | Pool Factor | {8} | 27.643867 | % |
RECONCILIATION OF 2022-2 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,502,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 411,737,111 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 67,804,729 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 343,932,382 | ||||
{13} | Note Pool Factor | {13} | 22.898294 | % |
1
RECONCILIATION OF THE ASSET BACKED NOTES
Class A-1 | Class A-2 | Class A-3 | Class A-4 | |||||||||||||||||
{14} | Original Note Balance | {14} | $ | 216,290,000 | $ | 535,980,000 | $ | 424,320,000 | $ | 121,420,000 | ||||||||||
{15} | Beginning of period Note Balance | {15} | $ | 0 | $ | 0 | $ | 62,329,249 | $ | 121,420,000 | ||||||||||
{16} | Noteholders' Principal Distributable Amount | {16} | 0 | 0 | 62,329,249 | 5,475,480 | ||||||||||||||
{17} | Noteholders' Accelerated Principal Amount | {17} | 0 | 0 | 0 | 0 | ||||||||||||||
{18} | Aggregate Principal Parity Amount | {18} | 0 | 0 | 0 | 0 | ||||||||||||||
{19} | Matured Principal Shortfall | {19} | 0 | 0 | 0 | 0 | ||||||||||||||
{20} | End of period Note Balance | {20} | $ | 0 | $ | 0 | $ | 0 | $ | 115,944,520 | ||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 0.000000 | % | 0.000000 | % | 95.490463 | % | ||||||||||
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{22} | Original Note Balance | {22} | $ | 69,620,000 | $ | 64,820,000 | $ | 40,010,000 | $ | 1,472,460,000 | ||||||||||
{23} | Beginning of period Note Balance | {23} | $ | 69,620,000 | $ | 64,820,000 | $ | 40,010,000 | $ | 358,199,249 | ||||||||||
{24} | Noteholders' Principal Distributable Amount | {24} | 0 | 0 | 0 | 67,804,729 | ||||||||||||||
{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} | $ | 69,620,000 | $ | 64,820,000 | $ | 40,010,000 | $ | 290,394,520 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 19.721726 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 510,247,761 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 442,443,032 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 442,443,032 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 67,804,729 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 411,737,111 | $ | 0 | 4.34 | % | 30 | 30/360 | $ | 1,489,116 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2022-2 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 9,100,052 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 65,431,230 | |||||||||
{38} | Investment Earnings | {38} | 329,885 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (329,885 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 74,531,282 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 425,206 | |||||||||
{43} | To the 2022-2 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 1,489,116 | |||||||||
{44} | To the 2022-2 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 67,804,729 | |||||||||
{45} | To the 2022-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {45} | 0 | |||||||||
{46} | To the 2022-2 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {46} | 4,812,231 | |||||||||
{47} | Total Distributions: | {47} | $ | 74,531,282 |
NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders' Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 510,247,761 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 442,443,032 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 67,804,729 | |||||||||||||||||
{51} | Noteholders' Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders' Principal Carryover Amount | {52} | 67,804,729 | |||||||||||||||||
{53} | 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 | {53} | 67,804,729 | |||||||||||||||||
{54} | Noteholders' Principal Distributable Amount Lessor of {52} and {53} | {54} | $ | 67,804,729 |
Noteholders' Interest Distributable calculation: | ||||||||||||||||||||||
Class |
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | ||||||||||||||||
{55} | Class A-1 | $ | 0 | $ | 0 | 1.52700 | % | 31 | Actual/360 | $ | 0 | |||||||||||
{56} | Class A-2 | $ | 0 | 0 | 2.93 | % | 30 | 30/360 | 0 | |||||||||||||
{57} | Class A-3 | $ | 62,329,249 | 0 | 3.42 | % | 30 | 30/360 | 177,639 | |||||||||||||
{58} | Class A-4 | $ | 121,420,000 | 0 | 3.54 | % | 30 | 30/360 | 358,189 | |||||||||||||
{59} | Class B | $ | 69,620,000 | 0 | 4.02 | % | 30 | 30/360 | 233,227 | |||||||||||||
{60} | Class C | $ | 64,820,000 | 0 | 4.33 | % | 30 | 30/360 | 233,893 | |||||||||||||
{61} | Class D | $ | 40,010,000 | 0 | 0.00 | % | 30 | 30/360 | 0 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{62} | 2022-2 Exchange Note Collections | {62} | $ | 74,106,076 | ||||||||
{63} | Investment Earnings | {63} | 0 | |||||||||
{64} | Investment Earnings - transferred from Exchange Note Collection Account | {64} | 329,885 | |||||||||
{65} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {65} | 17,625 | |||||||||
{66} | Optional Purchase Price | {66} | 0 | |||||||||
{67} | Indenture Section 5.4 disposition of Collateral | {67} | 0 | |||||||||
{68} | Available Funds: | {68} | 74,453,586 | |||||||||
{69} | Reserve Account Withdrawal Amount | {69} | 0 | |||||||||
{70} | Total Distributable Funds: | {70} | 74,453,586 |
Distributions: | ||||||||||||
{71} | To the Successor Servicer, unpaid transition expenses, pro rata | {71} | 0 | |||||||||
{72} | To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata | {72} | 417 | |||||||||
{73} | To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata | {73} | 208 | |||||||||
{74} | To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata | {74} | 0 | |||||||||
{75} | Class A-1 Noteholders' Interest Distributable Amount pari passu | {75} | 0 | |||||||||
{76} | Class A-2 Noteholders' Interest Distributable Amount pari passu | {76} | 0 | |||||||||
{77} | Class A-3 Noteholders' Interest Distributable Amount pari passu | {77} | 177,639 | |||||||||
{78} | Class A-4 Noteholders' Interest Distributable Amount pari passu | {78} | 358,189 | |||||||||
{79} | Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall | {79} | 0 | |||||||||
{80} | Class B Noteholders' Interest Distributable Amount | {80} | 233,227 | |||||||||
{81} | Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class C Noteholders' Interest Distributable Amount | {82} | 233,893 | |||||||||
{83} | Class C Noteholders' Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class D Noteholders' Interest Distributable Amount | {84} | 0 | |||||||||
{85} | Class D Noteholders' Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Noteholders' Principal Distributable Amount | {86} | 67,804,729 | |||||||||
{87} | To the Reserve Account, the Reserve Amount Required Amount | {87} | 0 | |||||||||
{88} | To the Noteholders, the Accelerated Principal Amount (as calculated below) | {88} | 0 | |||||||||
{89} | To the Successor Servicer, any amounts in excess of the caps set forth, pro rata | {89} | 0 | |||||||||
{90} | To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata | {90} | 0 | |||||||||
{91} | To the Asset Representations Reviewer, any amounts in excess of the caps set forth, pro rata | {91} | 0 | |||||||||
{92} | To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata | {92} | 0 | |||||||||
{93} | To the Issuer Trust Certificateholders, the aggregate amount remaining | {93} | 5,645,284 | |||||||||
{94} | Total Distributions: | {94} | $ | 74,453,586 |
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) |
|||||||||||||||||
{95} | Class A | $ | 183,749,249 | $ | 442,443,032 | $ | 0 | $ | 73,917,133 | $ | 0 | |||||||||||
{96} | Class B | 253,369,249 | 442,443,032 | 0 | 73,683,906 | 0 | ||||||||||||||||
{97} | Class C | 318,189,249 | 442,443,032 | 0 | 73,450,013 | 0 | ||||||||||||||||
{98} | Class D | 358,199,249 | 442,443,032 | 0 | 73,450,013 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{99} | Excess Total Available Funds | {99} | $ | 5,645,284 | ||||||||||||||||
{100} | Beginning Note Balance | {100} | 358,199,249 | |||||||||||||||||
{101} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {101} | 67,804,729 | |||||||||||||||||
{102} | Pro-Forma Note Balance | {102} | 290,394,520 | |||||||||||||||||
{103} | Ending Aggregate Securitization Value | {103} | 442,443,032 | |||||||||||||||||
{104} | 9.5% of Aggregate Securitization Value as of Cutoff ($152,048,512) | {104} | 152,048,512 | |||||||||||||||||
{105} | Required Pro Forma Note Balance {103} - {104} | {105} | 290,394,520 | |||||||||||||||||
{106} | Excess of Pro Forma Balance minus Required Pro Forma Balance {102} - {105} | {106} | 0 | |||||||||||||||||
{107} | Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance | {107} | $ | 0 |
OVERCOLLATERALIZATION CALCULATIONS
Exchange Note: | ||||||||||||
{108} | Ending Aggregate Securitization Value | {108} | $ | 442,443,032 | ||||||||
{109} | End of Period Note Balance | {109} | 343,932,382 | |||||||||
{110} | Overcollateralization | {110} | 98,510,650 | |||||||||
{111} | Overcollateralization % | {111} | 22.27 | % |
Asset Backed Notes: | ||||||||||||
{112} | Ending Aggregate Securitization Value | {112} | 442,443,032 | |||||||||
{113} | End of Period Note Balance | {113} | 290,394,520 | |||||||||
{114} | Overcollateralization | {114} | 152,048,512 | |||||||||
{115} | Overcollateralization % | {115} | 34.37 | % |
5
RECONCILIATION OF 2022-2 CASH RESERVE ACCOUNT
{116} | Specified Reserve Balance | {116} | $ | 4,001,277 | ||||||||
{117} | Beginning of Period Reserve Account balance | {117} | $ | 4,001,277 | ||||||||
{118} | Investment Earnings | {118} | 17,625 | |||||||||
{119} | From the Indenture Collection Account, the Reserve Account Required Amount | {119} | 0 | |||||||||
{120} | To the Indenture Collection Account, the Reserve Account Withdrawal Amount | {120} | 0 | |||||||||
{121} | Total Reserve balance available: | {121} | 4,018,902 | |||||||||
{122} | Specified Reserve Balance | {122} | 4,001,277 | |||||||||
{123} | Release Excess Cash to Indenture Collection Available Funds | {123} | 17,625 | |||||||||
{124} | End of period Reserve Account balance | {124} | $ | 4,001,277 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{125} | Receivables with Scheduled Payment delinquent 61 days or more | {125} | $ | 1,727,222 | 0.39 | % | ||||||
{126} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 2.90%) | {126} | Yes |
By: | /s/ Ellen Billings | |
Name: | Ellen Billings | |
Title: | Senior Vice President, Controller - North America | |
Date: | June 14, 2024 |
6
GM Financial
GMALT 2022-2
Supplemental Monthly Data
May 31, 2024
Aggregate Securitization Value |
Residual Value |
|||||||
Beginning of Period | $ | 510,247,761 | $ | 466,553,034 | ||||
Change | (67,804,729 | ) | (59,837,368 | ) | ||||
End of Period | $ | 442,443,032 | $ | 406,715,666 | ||||
Residual Value as % of Agg. Securitization Value | 91.92 | % |
Delinquency
Leases with scheduled payment delinquent |
Number of Leases |
Agg. Securitization Value |
Percentage(1) | |||||||||
0 - 30 days | 18,253 | 436,821,253 | 98.73 | % | ||||||||
31 - 60 days | 147 | 3,894,557 | 0.88 | % | ||||||||
61 - 90 days | 46 | 1,293,720 | 0.29 | % | ||||||||
91 - 120 days | 14 | 433,502 | 0.10 | % | ||||||||
Total | 18,460 | 442,443,032 | 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 | 1,128 | 26,023,953 | 19,463 | 508,120,455 | ||||||||||||
Standard terminations | 1,013 | 22,453,781 | 10,719 | 234,415,801 | ||||||||||||
Total retained by lessee | 2,141 | 48,477,734 | 30,182 | 742,536,256 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 284 | 5,874,215 | 1,680 | 35,576,358 | ||||||||||||
Standard terminations | 281 | 6,300,749 | 1,958 | 42,126,888 | ||||||||||||
Total returned to dealer | 565 | 12,174,964 | 3,638 | 77,703,246 | ||||||||||||
Charged off leases / Repossessed vehicles | 36 | 859,294 | 990 | 25,507,508 | ||||||||||||
Repurchases | 0 | 0 | 2 | 45,204 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 2,742 | 61,511,992 | 34,812 | 845,792,214 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases |
Agg. Securitization Value |
Percentage | ||||||||||
Term Extensions | 310 | 6,030,766 | 1.18 | % | ||||||||
Deferments | 4 | 120,261 | 0.02 | % |
7
Net Credit (Gain) Loss
Current Period |
Cumulative | |||||||
Agg. Securitized Value of early term defaults | 859,294 | 25,507,508 | ||||||
less: Sales proceeds | (2,485,795 | ) | 26,941,393 | |||||
less: Excess wear and excess mileage received | 0 | 2 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | 3,345,089 | (1,433,887 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 12,034,922 | 76,734,011 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 14,053,204 | 92,155,510 | ||||||
less: Excess wear and excess mileage received | 81,688 | 483,804 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (2,099,970 | ) | (15,905,303 | ) |
Current Period |
Prev. Month | |||||||
Prepay Speed | 1.3330 | % | 1.1921 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 19.6796 | % | 20.1662 | % | ||||
Return Rate based on Terminated Leases(3) | 20.6054 | % | 20.5828 | % |
(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