EX-99.1 2 d693207dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

NISSAN AUTO LEASE TRUST 2021-A

Servicer’s Report

 

Collection Period Start    1-Dec-23    Distribution Date   

16-Jan-24

Collection Period End    31-Dec-23    30/360 Days   

30

Beg. of Interest Period    15-Dec-23    Actual/360 Days   

32

End of Interest Period    16-Jan-24      

 

SUMMARY              
     Coupon Rate     Initial Balance      Beginning Balance      Ending Balance      Pool Factor  

Total Portfolio

       1,197,605,445.04        202,984,682.22        168,610,269.19        0.1407895  

Total Securities

       1,197,605,445.04        202,984,682.22        168,610,269.19        0.1407895  

Class A-1 Notes

     0.150000     123,000,000.00        0.00        0.00        0.0000000  

Class A-2a Notes

     0.300000     396,000,000.00        0.00        0.00        0.0000000  

Class A-2b Notes

     0.000000     0.00        0.00        0.00        0.0000000  

Class A-3 Notes

     0.520000     396,000,000.00        0.00        0.00        0.0000000  

Class A-4 Notes

     0.650000     85,000,000.00        5,379,237.18        0.00        0.0000000  

Certificates

     0.000000     197,605,445.04        197,605,445.04        168,610,269.19        0.8532673  
     Principal Payment Due     Interest Payment      Principal per $1000 Face Amount      Interest per $1000
Face Amount
        

Class A-1 Notes

     0.00       0.00        0.0000000        0.0000000     

Class A-2a Notes

     0.00       0.00        0.0000000        0.0000000     

Class A-2b Notes

     0.00       0.00        0.0000000        0.0000000     

Class A-3 Notes

     0.00       0.00        0.0000000        0.0000000     

Class A-4 Notes

     5,379,237.18       2,913.75        63.2851433        0.0342794     

Certificates

     28,995,175.85       0.00        146.7326765        0.0000000     

Total Securities

     34,374,413.03       2,913.75           

 

I. COLLECTIONS

          

Lease Payments: ( Lease Series Assets)

          

Monthly Principal

             3,004,934.92  

Monthly Interest

             1,072,318.89  
          

 

 

 

Total Monthly Payments

             4,077,253.81  

Interest Rate Cap Payments

             0.00  

Advances:

          

Aggregate Monthly Payment Advances

 

        350,798.55  

Aggregate Sales Proceeds Advance

 

        3,435,812.49  
          

 

 

 

Total Advances

             3,786,611.04  

Vehicle Disposition Proceeds:

          

Repurchase Payments

             0.00  

Recoveries

             0.00  

Net Liquidation Proceeds (includes Reallocation Payments and Net Auction Proceeds)

 

          34,738,539.36  

Excess Wear and Tear and Excess Mileage

 

        58,093.30  

Remaining Payoffs

             0.00  

Net Insurance Proceeds

             486,633.40  

Residual Value Surplus

             641,841.11  
          

 

 

 

Total Collections

             43,788,972.02  
Vehicle Disposition Activity for the current month - Terminated and Sold
(included in Vehicle Disposition Proceeds)
    Reallocation
Payments
and Net Auction
Proceeds
    Net Insurance
Sales
    Lease Payoffs     Count  

Early Termination

       1,515,473.00           74  

Involuntary Repossession

       149,443.00           9  

Voluntary Repossession

       74,207.50           4  

Full Termination

       2,678,438.00           121  

Bankruptcty

       19,878.00           1  

Insurance Payoff

         486,282.00         24  

Customer Payoff

           4,277,641.68       274  

Grounding Dealer Payoff

           26,478,391.85       1,603  

Dealer Purchase

           —        —   
    

 

 

   

 

 

   

 

 

   

 

 

 

Total

       4,437,439.50       486,282.00       30,756,033.53       2,110  

II. COLLATERAL POOL BALANCE DATA

 

       
     Number     Book Amount     Discount
Rate
    Securitization
Value
       

Pool Balance - Beginning of Period

     12,457       232,544,507.49       7.00000     202,984,682.22    

Total Depreciation Received

       (3,550,302.51       (2,777,573.69  

Principal Amount of Gross Losses

     (37     (646,352.49       (589,897.56  

Repurchase / Reallocation

     0       0.00         0.00    

Early Terminations

     (14     (410,652.10       (332,551.57  

Scheduled Terminations

     (2,126     (35,570,675.54       (30,674,390.21  
  

 

 

   

 

 

     

 

 

   

Pool Balance - End of Period

     10,280       192,366,524.85         168,610,269.19    

Remaining Pool Balance

          

Lease Payment

           16,422,620.03    

Residual Value

           152,187,649.16    
        

 

 

   

Total

           168,610,269.19    


NISSAN AUTO LEASE TRUST 2021-A

Servicer’s Report

 

III. DISTRIBUTIONS

  

Total Collections

     43,788,972.02  

Reserve Amounts Available for Distribution

     5,988,027.23  
  

 

 

 

Total Available for Distribution

     49,776,999.25  

1. Amounts due Indenture Trustee as Compensation or Indemnity

     0.00  

2. Reimbursement of Payment Advance

     1,210,127.49  

3. Reimbursement of Sales Proceeds Advance

     6,467,105.51  

4. Servicing Fee:

  

Servicing Fee Due

     169,153.90  

Servicing Fee Paid

     169,153.90  

Servicing Fee Shortfall

     0.00  
  

 

 

 

Total Trustee, Advances and Servicing Fee Paid

     7,846,386.90  

5. Interest:

  

Class A-1 Notes Monthly Interest

  

Class A-1 Notes Interest Carryover Shortfall

     0.00  

Class A-1 Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-1 Notes Monthly Available Interest Distribution Amount

     0.00  

Class A-1 Notes Monthly Interest Paid

     0.00  

Chg in Class A-1 Notes Int. Carryover Shortfall

     0.00  

Class A-2a Notes Monthly Interest

  

Class A-2a Notes Interest Carryover Shortfall

     0.00  

Class A-2a Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-2a Notes Monthly Available Interest Distribution Amount

     0.00  

Class A-2a Notes Monthly Interest Paid

     0.00  

Chg in Class A-2a Notes Int. Carryover Shortfall

     0.00  

Class A-2b Notes Monthly Interest

  

Class A-2b Notes Interest Carryover Shortfall

     0.00  

Class A-2b Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-2b Notes Monthly Available Interest Distribution Amount

     0.00  

Class A-2b Notes Monthly Interest Paid

     0.00  

Chg in Class A-2b Notes Int. Carryover Shortfall

     0.00  

Class A-3 Notes Monthly Interest

  

Class A-3 Notes Interest Carryover Shortfall

     0.00  

Class A-3 Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-3 Notes Monthly Available Interest Distribution Amount

     0.00  

Class A-3 Notes Monthly Interest Paid

     0.00  

Chg in Class A-3 Notes Int. Carryover Shortfall

     0.00  

Class A-4 Monthly Interest

  

Class A-4 Notes Interest Carryover Shortfall

     0.00  

Class A-4 Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-4 Notes Monthly Available Interest Distribution Amount

     2,913.75  

Class A-4 Notes Monthly Interest Paid

     2,913.75  

Chg in Class A-4 Notes Int. Carryover Shortfall

     0.00  

Certificate Monthly Interest

  

Certificate Interest Carryover Shortfall

     0.00  

Certificate Interest on Interest Carryover Shortfall

     0.00  

Certificate Monthly Available Interest Distribution Amount

     0.00  

Certificate Monthly Interest Paid

     0.00  

Chg in Certificate Int. Carryover Shortfall

     0.00  

Total Note and Certificate Monthly Interest

  

Total Note and Certificate Monthly Interest Due

     2,913.75  

Total Note and Certificate Monthly Interest Paid

     2,913.75  

Total Note and Certificate Interest Carryover Shortfall

     0.00  

Chg in Total Note and Certificate Int. Carryover Shortfall

     0.00  

Total Available for Principal Distribution

     41,927,698.60  

6. Total Monthly Principal Paid on the Notes

  

Total Monthly Principal Paid on the Class A Notes

     5,379,237.18  

Total Class A Noteholders’ Principal Carryover Shortfall

     0.00  

Total Class A Noteholders’ Principal Distributable Amount

     5,379,237.18  

Chg in Total Class A Noteholders’ Principal Carryover Shortfall

     0.00  

7. Total Monthly Principal Paid on the Certificates

     28,995,175.85  

Total Certificateholders’ Principal Carryover Shortfall

     0.00  

Total Certificateholders’ Principal Distributable Amount

     28,995,175.85  

Chg in Total Certificateholders’ Principal Carryover Shortfall

     0.00  

Remaining Available Collections

     7,553,285.57  


NISSAN AUTO LEASE TRUST 2021-A

Servicer’s Report

 

IV. RESERVE ACCOUNT

      

Initial Reserve Account Amount

         2,994,013.61  

Required Reserve Account Amount

         5,988,027.23  

Beginning Reserve Account Balance

         5,988,027.23  

Additional Cash Infusion

         0.00  

Reinvestment Income for the Period

         0.00  

Reserve Fund Available for Distribution

         5,988,027.23  

Reserve Fund Draw Amount

         5,988,027.23  

Deposit of Remaining Available Collections

         1,565,258.34  

Gross Reserve Account Balance

         1,565,258.34  

Remaining Available Collections Released to Seller

         1,565,258.34  

Total Ending Reserve Account Balance

         0.00  
V. POOL STATISTICS       

Weighted Average Remaining Maturity

         4.18  

Monthly Prepayment Speed

         32

Lifetime Prepayment Speed

         85
           $     units  

Recoveries of Defaulted and Casualty Receivables

       856,063.01    

Securitization Value of Defaulted Receivables and Casualty Receivables

       589,897.56       37  

Aggregate Defaulted and Casualty Gain (Loss)

       266,165.45    

Pool Balance at Beginning of Collection Period

       202,984,682.22    

Net Loss Ratio

      

Current Collection Period

       0.1311  

Preceding Collection Period

       -0.0148  

Second Preceding Collection Period

       0.0086  

Third Preceding Collection Period

       -0.0149  

Cumulative Net Losses for all Periods

       -0.6765     (8,101,558.31
     % of BOP Pool Balance     Amount     Number  

Delinquent Receivables:

      

31-60 Days Delinquent

     1.96     3,979,781.73       251  

61-90 Days Delinquent

     0.52     1,047,782.18       62  

91-120 Days Delinquent

     0.26     517,850.96       33  

More than 120 Days

     0.06     115,106.41       7  
    

 

 

   

 

 

 

Total Delinquent Receivables:

     2.73     5,660,521.28       353  
           Amount     Number  

61+ Days Delinquencies as Percentage of Receivables

      

Current Collection Period

       0.83     0.82

Preceding Collection Period

       0.66     0.63

Second Preceding Collection Period

       0.51     0.47

Third Preceding Collection Period

       0.47     0.44

60 Day Delinquent Receivables

       1,988,100.74    

Delinquency Percentage

       0.98  

Delinquency Trigger

       4.40  

Does the Delinquency Percentage exceed the Delinquency Trigger?

       No    
           $     units  

Aggregate Sales Performance of Auctioned Vehicles

      

Sales Proceeds

       4,193,911.00       195  

Securitization Value

       3,605,991.21       195  
    

 

 

   

Aggregate Residual Value Surplus (Loss)

       587,919.79    
           $     units  

Cumulative Sales Performance of Auctioned Vehicles

      

Cumulative Sales Proceeds

       57,450,773.62       2,310  

Cumulative Securitization Value

       49,717,791.51       2,310  
    

 

 

   

Cumulative Residual Value Surplus (Loss)

       7,732,982.11    
    

 

 

   
VI. RECONCILIATION OF ADVANCES       

Beginning Balance of Residual Advance

         3,031,293.02  

Reimbursement of Outstanding Advance

         6,467,105.51  

Additional Advances for current period

         3,435,812.49  
      

 

 

 

Ending Balance of Residual Advance

         0.00  
      

 

 

 

Beginning Balance of Payment Advance

         859,328.94  

Reimbursement of Outstanding Payment Advance

         1,210,127.49  

Additional Payment Advances for current period

         350,798.55  
      

 

 

 

Ending Balance of Payment Advance

         0.00  
      

 

 

 


NISSAN AUTO LEASE TRUST 2021-A

Servicer’s Report

 

VII. STATEMENTS TO NOTEHOLDERS         

1. Has there been any material change in practices with respect to charge-offs, collection and management of delinquent Leases, and the effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience?

           NO  

2. Have there been any material modifications, extensions or waivers to Lease terms, fees, penalties or payments during the Collection Period?

           NO  

3. Have there been any material breaches of representations, warranties or covenants contained in the Leases?

           NO  

4. Has there been any new issuance of notes or other securities backed by the Series Assets?

           NO  

5. Has there been any material additions, removals or substitutions of Series Assets, or repurchases of Series Assets?

           NO  

6. Has there been any material change in the underwriting, origination or acquisition of Leases?

           NO  
VIII. CREDIT RISK RETENTION         
On the Closing Date, Nissan Auto Leasing LLC II, the depositor, an affiliate of Nissan Motor Acceptance Company LLC (“NMAC”), the sponsor, retained a sufficient portion of the Certificates to satisfy the obligations of NMAC under the requirements of (a) the SEC’s credit risk retention rules codified at 17 C.F.R. Part 246 (“Regulation RR”) and (b) the EU Risk Retention Requirements and the UK Risk Retention Requirements (each as defined in the preliminary prospectus for the Notes dated October 20, 2021 (the “Preliminary Prospectus”). The portion of Certificates being retained to satisfy the EU Risk Retention Requirements and the UK Risk Retention Requirements is referred to herein as the “Retained Interest”.

 

NMAC, as “originator” for the purposes of the EU Risk Retention Requirements and the UK Risk Retention Requirements, currently retains a material net economic interest that is not less than 5% in the securitization transaction described in the Preliminary Prospectus, in the form of retention of the first loss tranche in accordance with paragraph (d) of Article 6(3) of the EU Securitization Regulation and paragraph (d) of Article 6(3) of the UK Securitization Regulation (each as defined in the Preliminary Prospectus), in each case as in effect on the Closing Date, by holding all the membership interest in the depositor, which in turn holds Certificates representing at least 5% of the aggregate nominal value of the leases and related leased vehicles.

 

NMAC has not sold, hedged or otherwise mitigated its credit risk under or associated with the Retained Interest (and has not permitted the depositor or any of its other affiliates to sell, hedge or otherwise mitigate its credit risk under or associated with the Retained Interest) except to the extent permitted in accordance with the EU Risk Retention Requirements and the UK Risk Retention Requirements or Regulation RR.

 

NMAC has not changed the manner in which it retains the Retained Interest, except in accordance with the EU Risk Retention Requirements and the UK Risk Retention Requirements or Regulation RR.