EX-99.1 2 d925856dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

NISSAN AUTO LEASE TRUST 2023-A

Servicer Report

 

Collection Period Start    1-Mar-25    Distribution Date   

15-Apr-25

Collection Period End    31-Mar-25    30/360 Days   

30

Beg. of Interest Period    17-Mar-25    Actual/360 Days   

29

End of Interest Period    15-Apr-25      

 

SUMMARY              
     Coupon Rate     Initial Balance      Beginning Balance      Ending Balance      Pool Factor  

Total Portfolio

       1,383,647,800.02        325,657,161.83        272,315,534.41        0.1968099  

Total Securities

       1,383,647,800.02        325,657,161.83        272,315,534.41        0.1968099  

Class A-1 Notes

     4.968000     187,000,000.00        0.00        0.00        0.0000000  

Class A-2a Notes

     5.100000     305,000,000.00        0.00        0.00        0.0000000  

Class A-2b Notes

     4.978670     100,000,000.00        0.00        0.00        0.0000000  

Class A-3 Notes

     4.910000     405,000,000.00        0.00        0.00        0.0000000  

Class A-4 Notes

     4.800000     103,000,000.00        42,009,361.81        0.00        0.0000000  

Certificates

     0.000000     283,647,800.02        283,647,800.02        272,315,534.41        0.9600481  
     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

     42,009,361.81       168,037.45        407.8578817        1.6314316     

Certificates

     11,332,265.61       0.00        39.9518897        0.0000000     

Total Securities

     53,341,627.42       168,037.45           

 

I. COLLECTIONS

          

Lease Payments: ( Lease Series Assets)

          

Monthly Principal

             4,762,914.75  

Monthly Interest

             2,198,818.81  
          

 

 

 

Total Monthly Payments

             6,961,733.56  

Interest Rate Cap Payments

             0.00  

Advances:

          

Aggregate Monthly Payment Advances

 

        295,395.97  

Aggregate Sales Proceeds Advance

 

        12,660,769.26  
          

 

 

 

Total Advances

             12,956,165.23  

Vehicle Disposition Proceeds:

          

Repurchase Payments

             0.00  

Recoveries

             0.00  

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

 

          51,940,656.52  

Excess Wear and Tear and Excess Mileage

 

        209,903.88  

Remaining Payoffs

             0.00  

Net Insurance Proceeds

             541,217.27  

Residual Value Surplus

             2,005,417.74  
          

 

 

 

Total Collections

             74,615,094.20  
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

       16,377,455.00           711  

Involuntary Repossession

       194,097.00           9  

Voluntary Repossession

       113,413.00           6  

Full Termination

       6,991,414.00           305  

Bankruptcty

       22,057.00           1  

Insurance Payoff

         534,674.48         23  

Customer Payoff

           1,728,563.75       83  

Grounding Dealer Payoff

           27,223,713.64       1,263  

Dealer Purchase

           —        —   
    

 

 

   

 

 

   

 

 

   

 

 

 

Total

       23,698,436.00       534,674.48       28,952,277.39       2,401  

II. COLLATERAL POOL BALANCE DATA

 

       
     Number     Book Amount     Discount Rate     Securitization Value        

Pool Balance - Beginning of Period

     15,740       377,350,490.25       7.00000     325,657,161.83    

Total Depreciation Received

       (4,456,902.89       (4,911,389.39  

Principal Amount of Gross Losses

     (42     (992,261.57       (876,131.35  

Repurchase / Reallocation

     0       0.00         0.00    

Early Terminations

     (664     (16,803,333.71       (14,406,657.62  

Scheduled Terminations

     (1,716     (37,239,464.91       (33,147,449.06  
  

 

 

   

 

 

     

 

 

   

Pool Balance - End of Period

     13,318       317,858,527.17         272,315,534.41    

Remaining Pool Balance

          

Lease Payment

           26,911,721.21    

Residual Value

           245,403,813.20    
        

 

 

   

Total

           272,315,534.41    

 

III. DISTRIBUTIONS

 

Total Collections

     74,615,094.20  

Reserve Amounts Available for Distribution

     0.00  
  

 

 

 

Total Available for Distribution

     74,615,094.20  

1. Amounts due Indenture Trustee as Compensation or Indemnity

     0.00  

2. Reimbursement of Payment Advance

     514,462.37  

3. Reimbursement of Sales Proceeds Advance

     12,323,573.80  

4. Servicing Fee:

  

Servicing Fee Due

     271,380.97  

Servicing Fee Paid

     271,380.97  

Servicing Fee Shortfall

     0.00  
  

 

 

 

Total Trustee, Advances and Servicing Fee Paid

     13,109,417.14  


NISSAN AUTO LEASE TRUST 2023-A

Servicer Report

 

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

     168,037.45  

Class A-4 Notes Monthly Interest Paid

     168,037.45  

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

     168,037.45  

Total Note and Certificate Monthly Interest Paid

     168,037.45  

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

     61,337,639.61  

6. Total Monthly Principal Paid on the Notes

  

Total Monthly Principal Paid on the Class A Notes

     42,009,361.81  

Total Class A Noteholders’ Principal Carryover Shortfall

     0.00  

Total Class A Noteholders’ Principal Distributable Amount

     42,009,361.81  

Chg in Total Class A Noteholders’ Principal Carryover Shortfall

     0.00  

7. Total Monthly Principal Paid on the Certificates

     11,332,265.61  

Total Certificateholders’ Principal Carryover Shortfall

     0.00  

Total Certificateholders’ Principal Distributable Amount

     11,332,265.61  

Chg in Total Certificateholders’ Principal Carryover Shortfall

     0.00  

Remaining Available Collections

     7,996,012.19  

 

IV. RESERVE ACCOUNT

  

Initial Reserve Account Amount

     5,534,591.20  

Required Reserve Account Amount

     31,918,239.00  

Beginning Reserve Account Balance

     31,918,239.00  

Additional Cash Infusion

     0.00  

Reinvestment Income for the Period

     0.00  

Reserve Fund Available for Distribution

     31,918,239.00  

Reserve Fund Draw Amount

     0.00  

Deposit of Remaining Available Collections

     7,996,012.19  

Gross Reserve Account Balance

     39,914,251.19  

Remaining Available Collections Released to Seller

     7,996,012.19  

Total Ending Reserve Account Balance

     31,918,239.00  


NISSAN AUTO LEASE TRUST 2023-A

Servicer Report

 

V. POOL STATISTICS       

Weighted Average Remaining Maturity

         4.12  

Monthly Prepayment Speed

         133

Lifetime Prepayment Speed

         71
           $     units  

Recoveries of Defaulted and Casualty Receivables

       1,222,417.08    

Securitization Value of Defaulted Receivables and Casualty Receivables

       876,131.35       42  

Aggregate Defaulted and Casualty Gain (Loss)

       346,285.73    

Pool Balance at Beginning of Collection Period

       325,657,161.83    

Net Loss Ratio

      

Current Collection Period

       0.1063  

Preceding Collection Period

       -0.0121  

Second Preceding Collection Period

       0.0910  

Third Preceding Collection Period

       -0.1275  

Cumulative Net Losses for all Periods

       -0.0502     (694,543.59
     % of BOP Pool Balance     Amount     Number  

Delinquent Receivables:

      

31-60 Days Delinquent

     1.18     3,834,222.37       193  

61-90 Days Delinquent

     0.31     1,012,014.09       48  

91-120 Days Delinquent

     0.10     323,182.58       14  

More than 120 Days

     0.03     91,382.45       4  
    

 

 

   

 

 

 

Total Delinquent Receivables:

     1.62     5,260,801.49       259  
           Amount     Number  

61+ Days Delinquencies as Percentage of Receivables

      

Current Collection Period

       0.44     0.42

Preceding Collection Period

       0.47     0.47

Second Preceding Collection Period

       0.45     0.48

Third Preceding Collection Period

       0.49     0.49

60 Day Delinquent Receivables

       1,426,579.12    

Delinquency Percentage

       0.44  

Delinquency Trigger

       4.40  

Does the Delinquency Percentage exceed the Delinquency Trigger?

       No    
           $     units  

Aggregate Sales Performance of Auctioned Vehicles

      

Sales Proceeds

       23,368,869.00       1,016  

Securitization Value

       21,718,661.28       1,016  
    

 

 

   

Aggregate Residual Value Surplus (Loss)

       1,650,207.72    
           $     units  

Cumulative Sales Performance of Auctioned Vehicles

      

Cumulative Sales Proceeds

       250,225,496.35       10,640  

Cumulative Securitization Value

       250,296,295.03       10,640  
    

 

 

   

Cumulative Residual Value Surplus (Loss)

       (70,798.68  
    

 

 

   
VI. RECONCILIATION OF ADVANCES       

Beginning Balance of Residual Advance

         14,647,839.38  

Reimbursement of Outstanding Advance

         12,323,573.80  

Additional Advances for current period

         12,660,769.26  
      

 

 

 

Ending Balance of Residual Advance

         14,985,034.84  
      

 

 

 

Beginning Balance of Payment Advance

         1,085,280.54  

Reimbursement of Outstanding Payment Advance

         514,462.37  

Additional Payment Advances for current period

         295,395.97  
      

 

 

 

Ending Balance of Payment Advance

         866,214.14  
      

 

 

 

 

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 January 10, 2023 (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.