07/31/2024 | Press release | Distributed by Public on 07/31/2024 06:24
GM Financial Automobile Leasing Trust 2022-1
2.65% Exchange Note
Class A-1 0.57055% Asset Backed Notes
Class A-2 1.50% Asset Backed Notes
Class A-3 1.90% Asset Backed Notes
Class A-4 1.96% Asset Backed Notes
Class B 2.23% Asset Backed Notes
Class C 2.64% Asset Backed Notes
Class D 0.00% 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: | 29 |
Original Agg. | ||||||||||||
2022-1 Designated Pool |
Units | Start Date | Closing Date |
Securitization Value |
||||||||
56,096 | 01/04/2022 | 02/23/2022 | $ | 1,646,121,605 | ||||||||
Total | 56,096 | $ | 1,646,121,605 |
RECONCILIATION OF 2022-1 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 312,445,594 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 3,785,771 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 634,863 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 46,768,316 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 51,188,950 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 261,256,644 | ||||||||
{8} | Seller's Exercise of 10% Option | {8} | $ | 261,256,644 | ||||||||
{9} | Pool Factor | {9} | 15.871042 | % |
RECONCILIATION OF 2022-1 EXCHANGE NOTE
{10} | Original Exchange Note Balance | {10} | $ | 1,599,000,000 | ||||
{11} | Beginning of period Exchange Note Balance | {11} | $ | 265,323,989 | ||||
{12} | Exchange Note Principal Payment Amount | {12} | 57,249,633 | |||||
{13} | With Optional Purchase, the Exchange Note shall be discharged and released | {13} | 208,074,356 | |||||
{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} | $ | 240,000,000 | $ | 496,000,000 | $ | 496,000,000 | $ | 103,000,000 | ||||||||||
{17} | Beginning of period Note Balance | {17} | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
{18} | Noteholders' Principal Distributable Amount | {18} | 0 | 0 | 0 | 0 | ||||||||||||||
{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} | $ | 71,610,000 | $ | 66,660,000 | $ | 41,160,000 | $ | 1,514,430,000 | ||||||||||
{25} | Beginning of period Note Balance | {25} | $ | 48,244,041 | $ | 66,660,000 | $ | 41,160,000 | $ | 156,064,041 | ||||||||||
{26} | Noteholders' Principal Distributable Amount | {26} | 48,244,041 | 66,660,000 | 41,160,000 | 156,064,041 | ||||||||||||||
{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} | 261,256,644 | |||||||||
{34} | Unpaid prior Exchange Note Principal Payment Amount | {34} | 0 | |||||||||
{35} | Sum of {33} + {34} | {35} | 261,256,644 | |||||||||
{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} | $ | 265,323,989 | $ | 0 | 2.65 | % | 30 | 30/360 | $ | 585,924 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{38} | 2022-1 Designated Pool Collections (net of Liquidation Proceeds and fees) | {38} | $ | 5,255,221 | ||||||||
{39} | Net Liquidation Proceeds collected during period | {39} | 52,840,707 | |||||||||
{40} | Investment Earnings | {40} | 265,962 | |||||||||
{41} | Investment Earnings - transferred to Indenture Note Collection Account | {41} | (265,962 | ) | ||||||||
{42} | Deposit from Servicer | {42} | 0 | |||||||||
{43} | Total Additions: | {43} | 58,095,928 |
Distributions: | ||||||||||||
{44} | To the Servicer, Designated Pool Servicing Fee | {44} | 260,371 | |||||||||
{45} | To the 2022-1 Exchange Noteholder, the Exchange Note Interest Payment Amount | {45} | 585,924 | |||||||||
{46} | To the 2022-1 Exchange Noteholder, the Exchange Note Principal Payment Amount | {46} | 57,249,633 | |||||||||
{47} | To the 2022-1 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {47} | 0 | |||||||||
{48} | To the 2022-1 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {48} | 0 | |||||||||
{49} | Total Distributions: | {49} | $ | 58,095,928 |
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} | 261,256,644 | |||||||||||||||||
{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 | 0.57055 | % | 32 | Actual/360 | $ | 0 | |||||||||||
{58} | Class A-2 | $ | 0 | 0 | 1.50 | % | 30 | 30/360 | 0 | |||||||||||||
{59} | Class A-3 | $ | 0 | 0 | 1.90 | % | 30 | 30/360 | 0 | |||||||||||||
{60} | Class A-4 | $ | 0 | 0 | 1.96 | % | 30 | 30/360 | 0 | |||||||||||||
{61} | Class B | $ | 48,244,041 | 0 | 2.23 | % | 30 | 30/360 | 89,654 | |||||||||||||
{62} | Class C | $ | 66,660,000 | 0 | 2.64 | % | 30 | 30/360 | 146,652 | |||||||||||||
{63} | Class D | $ | 41,160,000 | 0 | 0.00 | % | 30 | 30/360 | 0 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{64} | 2022-1 Exchange Note Collections | {64} | $ | 57,835,557 | ||||||||
{65} | Investment Earnings | {65} | 0 | |||||||||
{66} | Investment Earnings - transferred from Exchange Note Collection Account | {66} | 265,962 | |||||||||
{67} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {67} | 17,574 | |||||||||
{68} | Optional Purchase Price | {68} | 156,300,347 | |||||||||
{69} | Indenture Section 5.4 disposition of Collateral | {69} | 0 | |||||||||
{70} | Available Funds: | {70} | 214,419,440 | |||||||||
{71} | Reserve Account Withdrawal Amount | {71} | 4,115,304 | |||||||||
{72} | Total Distributable Funds: | {72} | 218,534,744 |
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} | 0 | |||||||||
{81} | Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class B Noteholders' Interest Distributable Amount | {82} | 89,654 | |||||||||
{83} | Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class C Noteholders' Interest Distributable Amount | {84} | 146,652 | |||||||||
{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} | 156,064,041 | |||||||||
{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} | 62,233,772 | |||||||||
{96} | Total Distributions: | {96} | $ | 218,534,744 |
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 | $ | 0 | $ | 261,256,644 | $ | 0 | $ | 218,534,119 | $ | 0 | |||||||||||
{98} | Class B | 48,244,041 | 261,256,644 | 0 | 218,444,465 | 0 | ||||||||||||||||
{99} | Class C | 114,904,041 | 261,256,644 | 0 | 218,297,813 | 0 | ||||||||||||||||
{100} | Class D | 156,064,041 | 261,256,644 | 0 | 218,297,813 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{101} | Excess Total Available Funds | {101} | $ | 62,233,772 | ||||||||||||||||
{102} | Beginning Note Balance | {102} | 156,064,041 | |||||||||||||||||
{103} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {103} | 156,064,041 | |||||||||||||||||
{104} | Pro-Forma Note Balance | {104} | 0 | |||||||||||||||||
{105} | Ending Aggregate Securitization Value | {105} | 261,256,644 | |||||||||||||||||
{106} | 9.5% of Aggregate Securitization Value as of Cutoff ($156,381,553) | {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} | $ | 261,256,644 | ||||||||
{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} | 261,256,644 | |||||||||
{115} | End of Period Note Balance | {115} | 0 | |||||||||
{116} | Overcollateralization | {116} | 261,256,644 | |||||||||
{117} | Overcollateralization % | {117} | 0.00 | % |
5
RECONCILIATION OF 2022-1 CASH RESERVE ACCOUNT
{118} | Specified Reserve Balance | {118} | $ | 4,115,304 | ||||||||
{119} | Beginning of Period Reserve Account balance | {119} | $ | 4,115,304 | ||||||||
{120} | Investment Earnings | {120} | 17,574 | |||||||||
{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} | (4,132,878 | ) | ||||||||
{123} | Total Reserve balance available: | {123} | 0 | |||||||||
{124} | Specified Reserve Balance | {124} | 4,115,304 | |||||||||
{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} | $ | 1,282,435 | 0.49 | % | ||||||
{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: | July 17, 2024 |
6
GM Financial
GMALT 2022-1
Supplemental Monthly Data
June 30, 2024
Aggregate Securitization Value |
Residual Value |
|||||||
Beginning of Period | $ | 312,445,594 | $ | 290,192,781 | ||||
Change | (51,188,950 | ) | (46,320,763 | ) | ||||
End of Period | $ | 261,256,644 | $ | 243,872,018 | ||||
Residual Value as % of Agg. Securitization Value | 93.35 | % |
Delinquency
Leases with scheduled payment delinquent |
Number of Leases |
Agg. Securitization Value |
Percentage(1) | |||||||||
0 - 30 days | 11,337 | 257,096,573 | 98.41 | % | ||||||||
31 - 60 days | 116 | 2,877,636 | 1.10 | % | ||||||||
61 - 90 days | 35 | 949,608 | 0.36 | % | ||||||||
91 - 120 days | 13 | 332,827 | 0.13 | % | ||||||||
Total | 11,501 | 261,256,644 | 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 | 761 | 16,969,642 | 22,963 | 575,748,473 | ||||||||||||
Standard terminations | 804 | 17,897,292 | 15,080 | 319,077,418 | ||||||||||||
Total retained by lessee | 1,565 | 34,866,934 | 38,043 | 894,825,891 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 217 | 4,344,191 | 2,146 | 43,241,837 | ||||||||||||
Standard terminations | 360 | 7,557,191 | 3,204 | 64,902,840 | ||||||||||||
Total returned to dealer | 577 | 11,901,382 | 5,350 | 108,144,677 | ||||||||||||
Charged off leases / Repossessed vehicles | 26 | 634,863 | 1,160 | 29,222,079 | ||||||||||||
Repurchases | 0 | 0 | 42 | 719,454 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 2,168 | 47,403,179 | 44,595 | 1,032,912,101 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases |
Agg. Securitization Value |
Percentage | ||||||||||
Term Extensions | 288 | 5,757,634 | 1.84 | % | ||||||||
Deferments | 2 | 79,541 | 0.03 | % |
7
Net Credit (Gain) Loss
Current Period |
Cumulative | |||||||
Agg. Securitized Value of early term defaults | 634,863 | 29,222,079 | ||||||
less: Sales proceeds | 737,829 | 31,402,779 | ||||||
less: Excess wear and excess mileage received | 101 | 3,198 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (103,067 | ) | (2,183,898 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 11,760,691 | 106,806,645 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 13,230,304 | 126,480,843 | ||||||
less: Excess wear and excess mileage received | 130,979 | 899,346 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (1,600,592 | ) | (20,573,544 | ) |
Current Period |
Prev. Month | |||||||
Prepay Speed | 1.2748 | % | 1.4607 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 20.5777 | % | 23.6732 | % | ||||
Return Rate based on Terminated Leases(3) | 26.6144 | % | 26.2485 | % |
(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