06/28/2024 | Press release | Distributed by Public on 06/28/2024 06:27
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: | 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: | 10 |
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} | $ | 939,100,379 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 8,990,199 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 1,397,192 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 17,299,025 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 27,686,416 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 911,413,963 | ||||||||
{8} | Pool Factor | {8} | 77.945359 | % |
RECONCILIATION OF 2023-3 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,120,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 889,801,810 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 27,686,416 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 862,115,394 | ||||
{13} | Note Pool Factor | {13} | 76.974589 | % |
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 | $ | 210,935,847 | $ | 72,988,182 | $ | 339,000,000 | $ | 65,900,000 | ||||||||||||
{16} | Noteholders' Principal Distributable Amount | {16} | 0 | 20,569,085 | 7,117,331 | 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 | $ | 190,366,762 | $ | 65,870,851 | $ | 339,000,000 | $ | 65,900,000 | ||||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 65.870852 | % | 65.870851 | % | 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 | $ | 816,324,029 | ||||||||||
{24} | Noteholders' Principal Distributable Amount | {24} | 0 | 0 | 0 | 27,686,416 | ||||||||||||||
{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 | $ | 788,637,613 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 73.309810 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 939,100,379 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 911,413,963 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 911,413,963 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 27,686,416 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 889,801,810 | $ | 0 | 5.95 | % | 30 | 30/360 | $ | 4,411,934 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2023-3 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 16,778,678 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 20,213,889 | |||||||||
{38} | Investment Earnings | {38} | 160,495 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (160,495 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 36,992,567 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 782,584 | |||||||||
{43} | To the 2023-3 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 4,411,934 | |||||||||
{44} | To the 2023-3 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 27,686,416 | |||||||||
{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} | 4,111,633 | |||||||||
{47} | Total Distributions: | {47} | $ | 36,992,567 |
NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders' Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 939,100,379 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 911,413,963 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 27,686,416 | |||||||||||||||||
{51} | Noteholders' Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders' Principal Carryover Amount | {52} | 27,686,416 | |||||||||||||||||
{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} | 27,686,416 | |||||||||||||||||
{54} | Noteholders' Principal Distributable Amount Lessor of {52} and {53} | {54} | $ | 27,686,416 |
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 | $ | 210,935,847 | 0 | 5.58 | % | 30 | 30/360 | 980,852 | |||||||||||||
{57} | Class A-2B | $ | 72,988,182 | 0 | 5.77340 | % | 31 | Actual/360 | 362,864 | |||||||||||||
{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} | $ | 36,209,983 | ||||||||
{64} | Investment Earnings | {64} | 0 | |||||||||
{65} | Investment Earnings - transferred from Exchange Note Collection Account | {65} | 160,495 | |||||||||
{66} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {66} | 12,890 | |||||||||
{67} | Optional Purchase Price | {67} | 0 | |||||||||
{68} | Indenture Section 5.4 disposition of Collateral | {68} | 0 | |||||||||
{69} | Available Funds: | {69} | 36,383,368 | |||||||||
{70} | Reserve Account Withdrawal Amount | {70} | 0 | |||||||||
{71} | Total Distributable Funds: | {71} | 36,383,368 |
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} | 980,852 | |||||||||
{78} | Class A-2B Noteholders' Interest Distributable Amount pari passu | {78} | 362,864 | |||||||||
{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} | 27,686,416 | |||||||||
{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} | 5,049,932 | |||||||||
{96} | Total Distributions: | {96} | $ | 36,383,368 |
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 | $ | 688,824,029 | $ | 911,413,963 | $ | 0 | $ | 33,220,388 | $ | 0 | |||||||||||
{98} | Class B | 739,724,029 | 911,413,963 | 0 | 32,970,978 | 0 | ||||||||||||||||
{99} | Class C | 787,124,029 | 911,413,963 | 0 | 32,736,348 | 0 | ||||||||||||||||
{100} | Class D | 816,324,029 | 911,413,963 | 0 | 32,736,348 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{101} | Excess Total Available Funds | {101} | $ | 5,049,932 | ||||||||||||||||
{102} | Beginning Note Balance | {102} | 816,324,029 | |||||||||||||||||
{103} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {103} | 27,686,416 | |||||||||||||||||
{104} | Pro-Forma Note Balance | {104} | 788,637,613 | |||||||||||||||||
{105} | Ending Aggregate Securitization Value | {105} | 911,413,963 | |||||||||||||||||
{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} | 788,637,613 | |||||||||||||||||
{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} | $ | 911,413,963 | ||||||||
{111} | End of Period Note Balance | {111} | 862,115,394 | |||||||||
{112} | Overcollateralization | {112} | 49,298,569 | |||||||||
{113} | Overcollateralization % | {113} | 5.41 | % |
Asset Backed Notes: | ||||||||||||
{114} | Ending Aggregate Securitization Value | {114} | 911,413,963 | |||||||||
{115} | End of Period Note Balance | {115} | 788,637,613 | |||||||||
{116} | Overcollateralization | {116} | 122,776,350 | |||||||||
{117} | Overcollateralization % | {117} | 13.47 | % |
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} | 12,890 | |||||||||
{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} | 2,936,136 | |||||||||
{124} | Specified Reserve Balance | {124} | 2,923,246 | |||||||||
{125} | Release Excess Cash to Indenture Collection Available Funds | {125} | 12,890 | |||||||||
{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} | $ | 1,133,801 | 0.12 | % | ||||||
{128} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 1.40%) | {128} | Yes |
By: | /s/ Ellen Billings | |
Name: | Ellen Billings | |
Title: | Senior Vice President, Controller - North America | |
Date: | June 14, 2024 |
6
GM Financial
GMALT 2023-3
Supplemental Monthly Data
May 31, 2024
Aggregate Securitization Value |
Residual Value |
|||||||
Beginning of Period | $ | 939,100,379 | $ | 766,105,305 | ||||
Change | (27,686,416 | ) | (17,207,381 | ) | ||||
End of Period | $ | 911,413,963 | $ | 748,897,924 | ||||
Residual Value as % of Agg. Securitization Value | 82.17 | % |
Delinquency
Leases with scheduled payment delinquent |
Number of Leases |
Agg. Securitization Value |
Percentage(1) | |||||||||
0 - 30 days | 32,529 | 906,859,218 | 99.50 | % | ||||||||
31 - 60 days | 107 | 3,420,944 | 0.38 | % | ||||||||
61 - 90 days | 27 | 966,397 | 0.11 | % | ||||||||
91 - 120 days | 4 | 167,404 | 0.02 | % | ||||||||
Total | 32,667 | 911,413,963 | 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 | 345 | 9,473,220 | 3,414 | 100,241,560 | ||||||||||||
Standard terminations | 205 | 4,655,833 | 1,317 | 29,428,792 | ||||||||||||
Total retained by lessee | 550 | 14,129,053 | 4,731 | 129,670,352 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 70 | 1,696,578 | 343 | 7,769,310 | ||||||||||||
Standard terminations | 67 | 1,473,393 | 328 | 7,012,743 | ||||||||||||
Total returned to dealer | 137 | 3,169,971 | 671 | 14,782,053 | ||||||||||||
Charged off leases / Repossessed vehicles | 52 | 1,397,192 | 472 | 13,691,097 | ||||||||||||
Repurchases | 0 | 0 | 1 | 27,138 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 739 | 18,696,216 | 5,875 | 158,170,640 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases |
Agg. Securitization Value |
Percentage | ||||||||||
Term Extensions | 62 | 1,171,616 | 0.12 | % | ||||||||
Deferments | 7 | 267,691 | 0.03 | % |
7
Net Credit (Gain) Loss
Current Period |
Cumulative | |||||||
Agg. Securitized Value of early term defaults | 1,397,192 | 13,691,097 | ||||||
less: Sales proceeds | 810,955 | 13,736,890 | ||||||
less: Excess wear and excess mileage received | 115 | 452 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | 586,122 | (46,245 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 3,158,256 | 14,701,002 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 3,497,564 | 16,969,368 | ||||||
less: Excess wear and excess mileage received | 10,485 | 59,292 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (349,793 | ) | (2,327,658 | ) |
Current Period |
Prev. Month | |||||||
Prepay Speed | 0.6152 | % | 0.6792 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 23.2203 | % | 27.3109 | % | ||||
Return Rate based on Terminated Leases(3) | 18.5386 | % | 17.8571 | % |
(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