EX-99.1 5 d720995dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

The following tables set forth the composition of receivables in the trust portfolio by various criteria as of February 28, 2019.

Certain of the tables below set forth the age distribution regarding the Trust Portfolio. Age distribution may be influenced by a variety of economic, social and geographic conditions and other factors beyond the control of NMAC. Due to those and similar factors, as well as potential additions and removals of Accounts in the future, the actual age distribution for the Trust Portfolio may differ from that shown below. Accordingly, there can be no assurance that age distribution for the Trust Portfolio in the future will be similar to the experience set forth below. References to the outstanding principal balances of Receivables herein are gross of any related Cash Management Account Balance unless otherwise stated.

Key Statistics as of February 28, 2019

As of February 28, 2019, the Trust Portfolio and the related Accounts designated to the issuing entity had the following characteristics:

 

  •  

There were 2,302 designated Accounts and the total outstanding principal balance of Receivables arising in connection with these Accounts was approximately $6,114,282,514.

 

  •  

The average credit line per designated Account was approximately $2,660,093 (with the average New Vehicle credit line of approximately $4,195,852, the average Pre-Owned Vehicle credit line of approximately $982,336 and the average Used Vehicle credit line of approximately $897,861).

 

  •  

The average outstanding principal balance of Receivables per designated Account was approximately $2,656,074.

 

  •  

The total outstanding principal balance of Receivables arising in connection with the designated Accounts, expressed as a percentage of the total credit line amount of these Accounts, was approximately 99.85%.

 

  •  

The total outstanding principal balance of Receivables (net of the Cash Management Account Balance) arising in connection with the designated Accounts, expressed as a percentage of the total credit line amount of these Accounts, was approximately 87.92%.

 

  •  

The total outstanding principal balance of Receivables relating to New Vehicles was approximately $5,393,278,314 or 88.21% of the total outstanding principal balance of all Receivables, the total outstanding principal balance of Receivables relating to Pre-Owned Vehicles was approximately $331,133,449 or 5.42% of the total outstanding principal balance of all Receivables and the total outstanding principal balance of Receivables relating to Used Vehicles was approximately $389,870,751 or 6.38% of the total outstanding principal balance of all Receivables.

 

  •  

The weighted average trust portfolio yield was the prime rate (as of February 28, 2019) less approximately 0.52%. The Receivables for 73 Dealers accrue interest based on LIBOR and not the prime rate. The weighted average trust portfolio yield is calculated based on the respective rates for LIBOR and the prime rate as of February 28, 2019.

With respect to the fourth and fifth bullet points in the preceding paragraph, the total outstanding principal balance of Receivables (whether gross or net of the Cash Management Account Balance) arising in connection with the designated Accounts may exceed the total credit line amount of these Accounts. From time to time, NMAC may approve loans to Dealers that exceed the limit on such Dealer’s credit line. NMAC’s underwriting decision is based upon, among other things, the creditworthiness of the related Dealer and the types of collateral securing that Dealer’s obligations.

The tables set forth below in this section provide additional information relating to the Trust Portfolio and the related Accounts designated for the issuing entity as of February 28, 2019. Because the composition of the Receivables in the Trust Portfolio and the related designated Accounts will change over time, the information in these tables is not necessarily indicative of the composition of the Trust Portfolio as of any subsequent date. The percentages in any table may not add to 100% because of rounding.

The following table describes the Receivables in the Trust Portfolio and the related Accounts designated for the issuing entity as of February 28, 2019. Each of the percentages and averages in the table is computed on the basis of the outstanding principal balance of the Receivables as of February 28, 2019. The “Weighted Average Spread Charged (Under)/Over Prime Rate” in the following table is based on weighting by outstanding principal balance of the Receivables as of February 28, 2019. The “Weighted Average Spread Charged (Under)/Over the Prime Rate” does not include rebates earned by Dealers under NMAC incentive programs that entitle them to a credit based on interest charges. These credits are solely the obligation of NMAC and do not affect the rate earned by the issuing entity.

Receivables Composition as of February 28, 2019

 

Composition of the Trust Portfolio;

As of February 28, 2019

    February 28, 2019  

Number of Accounts

      2,302  

Total Outstanding Principal Balance of Receivables

    $ 6,114,282,514  

Total Outstanding Principal Balance of Receivables as a % of Credit Line

      99.85 % 

Percent of Receivables Representing New Vehicles

      88.21 % 

Percent of Receivables Representing Pre-Owned Vehicles

      5.42 % 

Percent of Receivables Representing Used Vehicles

      6.38 % 

Average Outstanding Principal Balance of Receivables in Each Account

    $ 2,656,074  

Range of Outstanding Principal Balances of Receivables in Accounts

    $ 0 to $79,894,633  

Average Available Credit Line by Value

    $ 2,660,093  

Largest Available Credit Line by Value

    $ 65,177,000  

Weighted Average Spread Charged (Under)/Over Prime Rate

      (0.52 )% 

Number of Dealers Indexed to LIBOR

      73  

Composition of the Trust Portfolio;

New Receivables As of February 28, 2019

   

Total Outstanding Principal Balance of Receivables

    $ 5,393,278,314  

Average Outstanding Principal Balance of Receivables in Each Account

    $ 4,424,346  

Average Credit Line

    $ 4,195,852  

Composition of the Trust Portfolio;

Pre-Owned Receivables As of February 28, 2019

   

Total Outstanding Principal Balance of Receivables

    $ 331,133,449  

Average Outstanding Principal Balance of Receivables in Each Account

    $ 768,291  

Average Credit Line

    $ 982,336  

Composition of the Trust Portfolio;

Used Receivables As of February 28, 2019

   

Total Outstanding Principal Balance of Receivables

    $ 389,870,751  

Average Outstanding Principal Balance of Receivables in Each Account

    $ 597,961  

Average Credit Line

    $ 897,861  

Age Distribution

The following table provides the age distribution of the Accounts designated for the issuing entity for the period shown, expressed as a percentage of total Principal Receivables outstanding as of February 28, 2019.

The age distribution set forth below measures the age of all Receivables with respect to the Trust Portfolio from the date the vehicle is received by the Dealer.

Age Distribution of Trust Portfolio

 

     February 28,  

Days

    2019      %  

0-120 Days

    $ 4,652,060,834        76.09 % 

121-180 Days

      966,409,600        15.81  

181-270 Days

      327,469,638        5.36  

Over 270 Days

      168,342,442        2.75  
  

 

 

     

 

 

  

Total(1):

   $ 6,114,282,514        100.00 % 
  

 

 

     

 

 

  

 

(1)

Dollar amounts and percentages may not add to the total or 100%, respectively, due to rounding.

Dealer Credit Rating Distribution for the Accounts

The following table provides the Dealer credit rating distribution for the Accounts designated for the issuing entity as of February 28, 2019 on the basis of the amount of Principal Receivables balance outstanding for each credit rating.

Dealer Credit Rating Distribution for the Accounts

As of February 28, 2019

 

Dealer Credit Rating

    Outstanding Principal
Balance of Receivables		      Percentage of Total
Outstanding Principal
Balance of Receivables		  

A

    $ 3,825,948,083        62.57 % 

B

      833,633,007        13.63  

C

      642,580,791        10.51  

D

      812,120,634        13.28  
  

 

 

     

 

 

  

Total(1):

   $ 6,114,282,514        100.00 % 
  

 

 

     

 

 

  

 

(1)

Dollar amounts and percentages may not add to the total or 100%, respectively, due to rounding.

Geographic Distribution of Accounts

The following table provides the geographic distribution of the Accounts designated for the issuing entity as of February 28, 2019. The information is presented on the basis of the amount of Principal Receivables balance outstanding and the number of Accounts designated for the issuing entity.

Geographic Distribution of Accounts as of February 28, 2019

 

Geographic Distribution

    Outstanding Principal
Balance of Receivables		      Percentage of Total
Outstanding
Principal Balance
of Receivables		     Number of
Accounts		      Percentage of
Total Number
of Accounts		  

Texas

    $ 918,963,318        15.03 %      243        10.56 % 

California

      700,651,173        11.46       284        12.34  

Florida

      492,259,929        8.05       149        6.47  

New York

      450,760,741        7.37       124        5.39  

New Jersey

      440,818,685        7.21       137        5.95  

Tennessee

      239,463,236        3.92       73        3.17  

Georgia

      208,034,670        3.40       86        3.74  

Pennsylvania

      202,854,583        3.32       82        3.56  

Illinois

      165,212,156        2.70       78        3.39  

North Carolina

      162,233,527        2.65       78        3.39  

Washington

      135,353,980        2.21       51        2.22  

Louisiana

      133,081,852        2.18       60        2.61  

Connecticut

      130,873,064        2.14       61        2.65  

Arkansas

      114,674,738        1.88       54        2.35  

Mississippi

      111,744,349        1.83       59        2.56  

Massachusetts

      109,767,487        1.80       48        2.09  

Missouri

      107,548,716        1.76       34        1.48  

Maryland

      105,060,533        1.72       58        2.52  

Alabama

      97,252,021        1.59       45        1.95  

Minnesota

      95,720,737        1.57       35        1.52  

Virginia

      90,297,726        1.48       37        1.61  

Ohio

      90,168,378        1.47       34        1.48  

Arizona

      85,209,542        1.39       31        1.35  

Wisconsin

      83,934,749        1.37       28        1.22  

Oklahoma

      77,230,716        1.26       37        1.61  

Indiana

      68,417,164        1.12       32        1.39  

Colorado

      67,705,035        1.11       29        1.26  

Nevada

      64,004,528        1.05       24        1.04  

Iowa

      46,133,363        0.75       18        0.78  

Kentucky

      43,558,037        0.71       25        1.09  

Rhode Island

      32,774,728        0.54       12        0.52  

New Hampshire

      30,010,365        0.49       21        0.91  

West Virginia

      24,917,696        0.41       13        0.56  

South Carolina

      23,732,021        0.39       17        0.74  

Kansas

      21,671,203        0.35       15        0.65  

Maine

      20,758,947        0.34       6        0.26  

Vermont

      18,988,859        0.31       10        0.43  

Michigan

      18,936,922        0.31       10        0.43  

New Mexico

      17,281,300        0.28       10        0.43  

Hawaii

      15,901,059        0.26       7        0.30  

Nebraska

      15,326,997        0.25       4        0.17  

Wyoming

      12,963,869        0.21       8        0.35  

Idaho

      8,510,557        0.14       11        0.48  

Montana

      5,548,903        0.09       11        0.48  

South Dakota

      3,990,657        0.07       8        0.35  

Oregon

      3,979,699        0.07       2        0.09  

Utah

      0        0.00       3        0.13  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total(1):

    $ 6,114,282,514        100.00 %      2,302        100.00 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(1)

Dollar amounts and percentages may not add to the total or 100%, respectively, due to rounding.

Principal Balance Distribution of Accounts

The table below shows the distribution of the designated Accounts sorted according to the outstanding principal balances in these Accounts as of February 28, 2019. The information is presented on the basis of the amount of Principal Receivables balance outstanding and the number of Accounts designated for the issuing entity.

Principal Balance Distribution of the Accounts

As of February 28, 2019

 

Range of Principal Balances

    Outstanding
Principal Balance
of Receivables		      Percentage of
Total Outstanding
Principal Balance
of Receivables		     Number of
Accounts		      Percentage of Total
Number of Accounts		  

$999,999 or less

    $ 329,081,172        5.38 %      1,432        62.21 % 

$1,000,000 to $1,999,999

      295,572,995        4.83       211        9.17  

$2,000,000 to $2,999,999

      167,028,200        2.73       68        2.95  

$3,000,000 to $3,999,999

      235,647,408        3.85       68        2.95  

$4,000,000 to $4,999,999

      307,013,700        5.02       68        2.95  

$5,000,000 to $5,999,999

      325,745,744        5.33       59        2.56  

$6,000,000 to $6,999,999

      368,811,881        6.03       57        2.48  

$7,000,000 to $7,999,999

      375,866,213        6.15       50        2.17  

$8,000,000 to $8,999,999

      457,333,706        7.48       54        2.35  

$9,000,000 to $9,999,999

      450,174,187        7.36       48        2.09  

$10,000,000 to $14,999,999

      1,606,263,183        26.27       132        5.73  

$15,000,000 to $19,999,999

      586,404,215        9.59       34        1.48  

$20,000,000 or greater

      609,339,909        9.97       21        0.91  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total(1):

    $ 6,114,282,514        100.00 %      2,302        100.00 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(1)

Dollar amounts and percentages may not add to the total or 100%, respectively, due to rounding.