-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fh1gftCO3nVNMezgW5LSrUBN/zIo3d3g8FrX18JCMQH1+P0juvz6yEI3MpMqM1GO UnaQ/KlS5jIvfy8CHHoiXQ== 0001429202-08-000004.txt : 20080630 0001429202-08-000004.hdr.sgml : 20080630 20080630143349 ACCESSION NUMBER: 0001429202-08-000004 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080616 FILED AS OF DATE: 20080630 DATE AS OF CHANGE: 20080630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nissan Auto Lease Trust 2008-A CENTRAL INDEX KEY: 0001429202 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-147542-02 FILM NUMBER: 08925283 BUSINESS ADDRESS: STREET 1: C/O NISSAN NORTH AMERICA, INC. STREET 2: 333 COMMERCE STREET, MAILSTOP B-7-A CITY: NASHVILLE STATE: TN ZIP: 37201 BUSINESS PHONE: 6157251667 MAIL ADDRESS: STREET 1: C/O NISSAN NORTH AMERICA, INC. STREET 2: 333 COMMERCE STREET, MAILSTOP B-7-A CITY: NASHVILLE STATE: TN ZIP: 37201 10-D 1 bodynalt08a10d0508.htm NALT 2008-A 10-D FOR 05/08 ACTIVITY bodynalt08a10d0508.htm
 


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-D
 
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the monthly distribution period from
May 1, 2008 to May 31, 2008
 
                Commission File Number of issuing entity:  333-147542-02
 
Nissan Auto Lease Trust 2008-A
(Exact name of issuing entity as specified in its charter)
 
                Commission File Number of depositor:  333-147542
 
Nissan Auto Leasing LLC II
(Exact name of depositor as specified in its charter)
 
Nissan Motor Acceptance Corporation
(Exact name of sponsor as specified in its charter)
 
Delaware
(State or other jurisdiction of incorporation or organization of the issuing entity)
 
51-6597303
(I.R.S. Employer Identification No.)
 
              c/o Wilmington Trust Company, Rodney Square North,
              1100 North Market Street, Wilmington, Delaware
              (Address of principal executive offices of the issuing entity)                                                                        19890
                        (Zip Code)
 
(302) 636-6194
(Telephone number, including area code)
 
N/A
(Former name, former address, if changed since last report)
 
Registered/reporting pursuant to (check one)
 
Title of class
Section 12(b)
Section 12(g)
Section 15(d)
Name of exchange
(If Section 12(b))
Asset Backed Notes, Class A-1
[__]
[__]
[_X_]
_________
Asset Backed Notes, Class A-2
[__]
[__]
[_X_]
_________
Asset Backed Notes, Class A-3
[__]
[__]
[_X_]
_________
Asset Backed Notes, Class A-4
[__]
[__]
[_X_]
_________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ..X... No ......
 
 

 
Page 1 of 9

 

 
 

 
 
PART I – DISTRIBUTION INFORMATION
 
Item 1.                      Distribution and Pool Performance Information.
 
Distribution and pool performance information with respect to the receivables that comprise the assets of Nissan Auto Lease Trust 2008-A are set forth in the attached Monthly Servicer’s Report.
 
PART II – OTHER INFORMATION
 
Item 9.                      Exhibits.
 
(a)
Monthly Servicer’s Report for the month of May 2008 –
Nissan Auto Lease Trust 2008-A.
 
(b)
Exhibits:
99.1  Monthly Servicer’s Report for the month of May 2008 –
Nissan Auto Lease Trust 2008-A.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Page 2 of 9 

 
 
 
 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 

   
NISSAN AUTO LEASING LLC II
(Depositor)
Date:  June 30, 2008
 
 
 
 
            /s/ Rakesh Kochhar                                                   
            Rakesh Kochhar, Treasurer

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Page 3 of 9 

 
 
 

 
EXHIBIT INDEX



Exhibit No.
Description


 
99.1
        Monthly Servicer’s Report for the month of May 2008 –
        Nissan Auto Lease Trust 2008-A.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Page 4 of 9 

 

EX-99.1 2 nalt08a0508ex99_1.htm EXHIBIT 99.1 MONTHLY SERVICER'S REPORT FOR THE MONTH OF MAY 2008 - NISSAN AUTO LEASE TRUST 2008-A. nalt08a0508ex99_1.htm
Exhibit 99.1
Nissan Auto Lease Trust 2008-A
Monthly Servicer's Report for the month of May 2008



Collection Period Start
 
1-May-08
Distribution Date
 
  16-Jun-08    
Collection Period End
 
31-May-08
30/360 Days
 
 30    
Beg. of Interest Period
 
15-May-08
Actual/360 Days
 
 32    
End of Interest Period
 
16-Jun-08
         


SUMMARY
                             
   
Coupon Rate
   
Initial Balance
   
Beginning Balance
   
Ending Balance
   
Pool Factor
 
Total Portfolio
          550,081,594.75       541,427,477.78       532,991,566.08       0.9689318  
Total Securities
          550,081,594.75       541,427,477.78       532,991,566.08       0.9689318  
Class A-1 Notes
    2.814500 %     77,100,000.00       68,445,883.03       60,009,971.33       0.7783394  
Class A-2a Notes
    4.270000 %     98,000,000.00       98,000,000.00       98,000,000.00       1.0000000  
Class A-2b Notes
    4.064380 %     75,000,000.00       75,000,000.00       75,000,000.00       1.0000000  
Class A-3a Notes
    5.140000 %     155,000,000.00       155,000,000.00       155,000,000.00       1.0000000  
Class A-3b Notes
    4.714380 %     70,000,000.00       70,000,000.00       70,000,000.00       1.0000000  
Class A-4 Notes
    5.560000 %     22,724,000.00       22,724,000.00       22,724,000.00       1.0000000  
Certificates
    0.000000 %     52,257,594.75       52,257,594.75       52,257,594.75       1.0000000  
                                         
                                         
   
Principal Payment Due
   
Interest Payment
   
Principal per $1000 Face Amount
   
Interest per $1000 Face Amount
         
Class A-1 Notes
    8,435,911.70       171,236.39       109.4151971       2.2209649          
Class A-2a Notes
    0.00       348,716.67       0.0000000       3.5583334          
Class A-2b Notes
    0.00       270,958.67       0.0000000       3.6127823          
Class A-3a Notes
    0.00       663,916.67       0.0000000       4.2833334          
Class A-3b Notes
    0.00       293,339.20       0.0000000       4.1905600          
Class A-4 Notes
    0.00       105,287.87       0.0000000       4.6333335          
Certificates
    0.00       0.00       0.0000000       0.0000000          
Total Securities
    8,435,911.70       1,853,455.47                          


I. COLLECTIONS
                             
                               
Lease Payments: ( Lease SUBI)
                             
Monthly Principal
                            7,253,243.07  
Monthly Interest
                            2,893,471.34  
Total Monthly Payments
                            10,146,714.41  
                                 
Interest Rate Cap Payments
                            0.00  
                                 
Advances:
                               
Aggregate Monthly Payment Advances
                            493,491.55  
Aggregate Sales Proceeds Advance
                            137,418.68  
Total Advances
                            630,910.23  
                                 
Vehicle Disposition Proceeds:
                               
Reallocation Payments
                            300,813.06  
Repurchase Payments
                            41,491.93  
Net Auction Proceeds
                            0.00  
Recoveries
                            0.00  
Net Liquidation Proceeds
                            1,715,333.72  
Excess Wear and Tear and Excess Mileage
                            189.36  
Remaining Payoffs
                            0.00  
Net Insurance Proceeds
                            306,602.84  
Residual Value Surplus
                            14,688.03  
Total Collections
                            13,156,743.58  
 
 
 
 
 
 
 
 
 
 
Page 5 of 9

Exhibit 99.1
Nissan Auto Lease Trust 2008-A
Monthly Servicer's Report for the month of May 2008

 
 
 
 
 
II. COLLATERAL POOL BALANCE DATA
                               
   
Number
   
Book Amount
   
Discount Rate
   
Securitization Value
         
Pool  Balance - Beginning of Period
    25,712       613,357,447.18       9.25000 %     541,427,477.78          
Total Depreciation Received
            (8,374,078.34 )             (6,158,893.57 )        
Principal Amount of Gross Losses
    (17 )     (406,315.31 )             (365,840.62 )        
Repurchase / Reallocation
    (2 )     (44,282.98 )             (41,491.93 )        
Early Terminations
    (6 )     (163,064.17 )             (151,268.07 )        
Scheduled Terminations
    (80 )     (1,866,548.93 )             (1,718,417.51 )        
Pool  Balance - End of Period
    25,607       602,503,157.45       9.25000 %     532,991,566.08          
                                         
III. DISTRIBUTIONS
                                       
                                         
Total Collections
                                    13,156,743.58  
Reserve Amounts Available for Distribution
                                    0.00  
Total Available for Distribution
                                    13,156,743.58  
                                         
 1. Amounts due Indenture Trustee as Compensation or Indemnity
                                    0.00  
 2. Reimbursement of Payment Advance
                                    354,818.09  
     3. Reimbursement of Sales Proceeds Advance
                                    131,744.10  
 4. Servicing Fee:
                                       
  Servicing Fee Due
                                    451,189.56  
  Servicing Fee Paid
                                    451,189.56  
  Servicing Fee Shortfall
                                    0.00  
  Total Trustee, Advances and Servicing Fee Paid
                                    937,751.75  
                                         
 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
                                171,236.39  
                                         
Class A-1 Notes Monthly Interest Paid
                                    171,236.39  
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
                                348,716.67  
                                         
Class A-2a Notes Monthly Interest Paid
                                    348,716.67  
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
                                270,958.67  
                                         
Class A-2b Notes Monthly Interest Paid
                                    270,958.67  
Chg in Class A-2b Notes Int. Carryover Shortfall
                                    0.00  
                                         
Class A-3a Notes Monthly Interest
                                       
Class A-3a Notes Interest Carryover Shortfall
                                    0.00  
Class A-3a Notes Interest on Interest Carryover Shortfall
                                    0.00  
Class A-3a Notes Monthly Available Interest Distribution Amount
                                663,916.67  
                                         
Class A-3a Notes Monthly Interest Paid
                                    663,916.67  
Chg in Class A-3a Notes Int. Carryover Shortfall
                                    0.00  
                                         
Class A-3b Notes Monthly Interest
                                       
Class A-3b Notes Interest Carryover Shortfall
                                    0.00  
Class A-3b Notes Interest on Interest Carryover Shortfall
                                    0.00  
Class A-3b Notes Monthly Available Interest Distribution Amount
                                293,339.20  
                                         
Class A-3b Notes Monthly Interest Paid
                                    293,339.20  
Chg in Class A-3b Notes Int. Carryover Shortfall
                                    0.00  
 
 
 
 
 
 
 
 
Page 6 of 9

Exhibit 99.1
Nissan Auto Lease Trust 2008-A
Monthly Servicer's Report for the month of May 2008

 
 
 
 
 
Class A-4 Notes 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
                                105,287.87  
                                         
Class A-4 Notes Monthly Interest Paid
                                    105,287.87  
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
                                    1,853,455.47  
Total Note and Certificate Monthly Interest Paid
                                    1,853,455.47  
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
                                    10,365,536.36  
                                         
6.  Total Monthly Principal Paid on the Notes
                                       
 Total Monthly Principal Paid on the Class A Notes
                                    8,435,911.70  
                                         
Total Class A Noteholders' Principal Carryover Shortfall
                                    0.00  
Total Class A Noteholders' Principal Distributable Amount
                                    8,435,911.70  
Chg in Total Class A Noteholders' Principal Carryover Shortfall
                                    0.00  
                                         
                                         
7. Total Monthly Principal Paid on the Certificates
                                    0.00  
                                         
Total Certificateholders' Principal Carryover Shortfall
                                    0.00  
Total Certificateholders' Principal Distributable Amount
                                    0.00  
Chg in Total Certificateholders' Principal Carryover Shortfall
                                    0.00  
                                         
Remaining Available Collections
                                    1,929,624.66  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page 7 of 9

Exhibit 99.1
Nissan Auto Lease Trust 2008-A
Monthly Servicer's Report for the month of May 2008

 
 
 
 
IV. RESERVE ACCOUNT
                                       
                                         
Initial Reserve Account Amount
                                    1,375,203.99  
Required Reserve Account Amount
                                    16,502,447.84  
Beginning Reserve Account Balance
                                    4,761,324.33  
Reinvestment Income for the Period
                                    25,428.25  
Reserve Fund Available for Distribution
                                    4,786,752.58  
Reserve Fund Draw Amount
                                    0.00  
Deposit of Remaining Available Collections
                                    1,929,624.66  
Gross Reserve Account Balance
                                    6,716,377.24  
Remaining Available Collections Released to Seller
                                    0.00  
Ending Reserve Account Balance
                                    6,716,377.24  
                                         
V. POOL STATISTICS
                                       
                                         
Weighted Average Remaining Maturity
                                    26.73  
Monthly Prepayment Speed
                                    51 %
Lifetime Prepayment Speed
                                    54 %
                                         
                             
$
   
units
 
Recoveries of Defaulted and Casualty Receivables
                            306,602.84          
Securitization Value of Defaulted Receivables and Casualty Receivables
                        365,840.62       17  
Aggregate Defaulted and Casualty Gain (Loss)
                            (59,237.78 )        
Pool Balance at Beginning of Collection Period
                            541,427,477.78          
Net Loss Ratio
                            -0.0109 %        
                                         
  Cumulative Net Losses for all Periods
                            0.0102 %     56,002.80  
                                         
Delinquent Receivables:
                         
Amount
   
Number
 
31-60 Days Delinquent
                            4,310,855.59       199  
61-90 Days Delinquent
                            660,204.96       29  
91-120+ Days Delinquent
                            0.00       0  
Total Delinquent Receivables:
                            4,971,060.55       228  
60+ Days Delinquencies as Percentage of Receivables
                            0.12 %        
                                         
Aggregate Sales Performance of Auctioned Vehicles
                           
$
   
units
 
  Sales Proceeds
                            300,813.06       15  
  Securitization Value
                            330,180.65          
Aggregate Residual Gain (Loss)
                            (29,367.59 )        
                                         
Cumulative Sales Performance of Auctioned Vehicles
                           
$
   
units
 
  Cumulative Sales Proceeds
                            398,758.15       20  
  Cumulative Securitization Value
                            443,267.52          
Cumulative Residual Gain (Loss)
                            (44,509.37 )        
                                         
VI. RECONCILIATION OF ADVANCES
                                       
                                         
Beginning Balance of Residual Advance
                                    161,358.84  
Reimbursement of Outstanding Advance
                                    131,744.10  
Additional Advances for current period
                                    137,418.68  
Ending Balance of Residual Advance
                                    167,033.42  
                                         
Beginning Balance of Payment Advance
                                    967,327.82  
Reimbursement of Outstanding Payment Advance
                                    354,818.09  
Additional Payment Advances for current period
                                    493,491.55  
Ending Balance of Payment Advance
                                    1,106,001.28  

 
 
 
 
 
 
 
 
Page 8 of 9

Exhibit 99.1
Nissan Auto Lease Trust 2008-A
Monthly Servicer's Report for the month of May 2008

 
 

 
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
         
SUBI Assets?
           
No
               
5. Has there been any material additions, removals, substitutions or
           
repurchases of SUBI Assets?
           
No
               
6. Has there been any material change in the underwriting, origination or acquisition
         
of Leases?
           
No

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Page 9 of 9 

 


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