EX-99.1 2 d213530dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

GM Financial Automobile Leasing Trust 2015-3

3.49% Exchange Note

Class A-1 0.45000% Asset Backed Notes

Class A-2A 1.17% Asset Backed Notes

Class A-2B Floating Asset Backed Notes

Class A-3 1.69% Asset Backed Notes

Class A-4 1.81% Asset Backed Notes

Class B 2.32% Asset Backed Notes

Class C 2.98% Asset Backed Notes

Class D 3.48% Asset Backed Notes

Servicer’s Certificate

 

                        

Beginning of Period:

       05/01/16   

End of Period:

       05/31/16   

Number of days in Interest Period (Actual/360):

       31   

Number of days in Collection Period:

       31   

Report Due Date:

       06/16/16   

Distribution Date:

       06/20/16   

Transaction Month:

       8   

 

                                                                                                   
2015-3                                 Original Agg.  

Designated Pool

     Units        Start Date        Closing Date        Securitization Value  
       43,324           09/03/2015           10/15/2015         $ 1,084,288,323   

Total

       43,324                   $ 1,084,288,323   

 

                                                                                                                                                     

RECONCILIATION OF 2015-3 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE

  

     

{1} Beginning of period Aggregate Securitization Value

  

      {1}      $ 977,822,401   

{2} Reduction in Agg. Securitization Value due to payments

  

    {2}        9,877,809     

{3} Reduction in Agg. Securitization Value due to Defaulted Leases

  

    {3}        1,584,555     

{4} Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases

   

    {4}        3,431,249     

{5} Other adjustments

  

    {5}        0     

{6} Total change in Agg. Securitization Value

  

      {6}        14,893,613   

{7} End of period Aggregate Securitization Value

  

      {7}      $ 962,928,788   

{8} Pool Factor

  

      {8}        88.807448 % 

RECONCILIATION OF 2015-3 EXCHANGE NOTE

  

     

{9} Original Exchange Note Balance

  

      {9}      $ 1,068,000,000   

{10} Beginning of period Exchange Note Balance

  

      {10}      $ 961,534,078   

{11} Exchange Note Principal Payment Amount

  

      {11}        14,893,613   

{12} End of period Exchange Note Balance

  

      {12}      $ 946,640,465   

{13} Note Pool Factor

  

      {13}        88.636748 % 

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}      $ 122,000,000      $ 66,030,000      $ 284,000,000      $ 321,010,000      $ 97,160,000   

{15} Beginning of period Note Balance

    {15}      $ 0      $ 62,823,369      $ 270,208,037      $ 321,010,000      $ 97,160,000   

{16} Noteholders’ Principal Distributable Amount

    {16}        0        2,809,546        12,084,067        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      $ 60,013,823      $ 258,123,970      $ 321,010,000      $ 97,160,000   

{21} Note Pool Factor

    {21}        0.000000 %      90.888722 %      90.888722 %      100.000000 %      100.000000 % 
          Class B     Class C     Class D           TOTAL  

{22} Original Note Balance

    {22}      $ 41,750,000      $ 38,490,000      $ 29,820,000        $ 1,000,260,000   

{23} Beginning of period Note Balance

    {23}      $ 41,750,000      $ 38,490,000      $ 29,820,000        $ 861,261,406   

{24} Noteholders’ Principal Distributable Amount

    {24}        0        0        0          14,893,613   

{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}      $ 41,750,000      $ 38,490,000      $ 29,820,000        $ 846,367,793   

{29} Note Pool Factor

    {29}        100.000000 %      100.000000 %      100.000000 %        84.614779 % 


                                                                                                                                                                                                                                

EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

  

     

Principal payment calculation:

  

     

{30} Beginning of period Designated Pool Balance

  

      {30}      $ 977,822,401   

{31} Ending Designated Pool Balance

  

    {31}        962,928,788     

{32} Unpaid prior Exchange Note Principal Payment Amount

  

    {32}        0     

{33} Sum of {31} + {32}

  

      {33}        962,928,788   

{34} Exchange Note Principal Payment Amount {30}—{33}

  

      {34}      $ 14,893,613   

Interest calculation:

  

     
        Beg Note
Balance
    Interest
Carryover
    Interest Rate     Days     Days Basis     Interest              

{35}

  $ 961,534,078      $ 0        3.49 %      30        30/360      $ 2,796,462       

RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT

  

     

Additions:

  

     

{36} 2015-3 Designated Pool Collections (net of Liquidation Proceeds and fees)

  

    {36}      $ 15,372,777     

{37} Net Liquidation Proceeds collected during period

  

    {37}        5,502,468     

{38} Investment Earnings

  

    {38}        4,558     

{39} Investment Earnings—transferred to Indenture Note Collection Account

  

    {39}        (4,558 )   

{40} Deposit from Servicer (LKE, Pull Ahead Program)

  

    {40}        0     

{41} Total Additions:

  

      {41}        20,875,245   

Distributions:

  

     

{42} To the Servicer, Designated Pool Servicing Fee

  

    {42}        814,852     

{43} To the 2015-3 Exchange Noteholder, the Exchange Note Interest Payment Amount

  

    {43}        2,796,462     

{44} To the 2015-3 Exchange Noteholder, the Exchange Note Principal Payment Amount

  

    {44}        14,893,613     

{45} To the 2015-3 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii)

   

    {45}        0     

{46} To the Lending Facility Pool, all remaining funds to be applied as Collections on Residual Pool

  

    {46}        2,370,318     

{47} Total Distributions:

  

      {47}      $ 20,875,245   

NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

  

     

Noteholders’ Principal Distributable calculation:

  

     

{48} Beginning Agg. Securitization Value

  

    {48}      $ 977,822,401       

{49} Ending Agg. Securitization Value

  

    {49}        962,928,788       

{50} Total change in Agg. Securitization Value {48}—{49}

  

    {50}        14,893,613     

{51} Indenture Section 5.4 collections following acceleration of the Notes

  

    {51}        0     

{52} Principal Distributable Amount {50} + {51}

  

      {52}        14,893,613   

{53} Noteholders’ Principal Carryover Amount

  

      {53}        0   

{54} Noteholders’ Principal Distributable Amount {52} + {53}

  

      {54}      $ 14,893,613   

Noteholders’ Interest Distributable calculation:

  

     
   

Class

  Beg Note
Balance
    Interest
Carryover
    Interest Rate     Days     Days Basis     Interest              

{55}

  Class A-1   $ 0      $ 0        0.45000 %      31        Actual/360      $ 0       

{56}

  Class A-2A   $ 62,823,369        0        1.17 %      30        30/360        61,253       

{57}

  Class A-2B   $ 270,208,037        0        1.01845 %      31        Actual/360        236,972       

{58}

  Class A-3   $ 321,010,000        0        1.69 %      30        30/360        452,089       

{59}

  Class A-4   $ 97,160,000        0        1.81 %      30        30/360        146,550       

{60}

  Class B   $ 41,750,000        0        2.32 %      30        30/360        80,717       

{61}

  Class C   $ 38,490,000        0        2.98 %      30        30/360        95,584       

{62}

  Class D   $ 29,820,000        0        3.48 %      30        30/360        86,478       

RECONCILIATION OF INDENTURE COLLECTION ACCOUNT

  

     

Available Funds:

  

     

{63} 2015-3 Exchange Note Collections

  

    {63}      $ 17,690,075     

{64} Investment Earnings

  

    {64}        0     

{65} Investment Earnings—transferred from Exchange Note Collection Account

  

    {65}        4,558     

{66} Investment Earnings—and amounts released from Reserve Account

  

    {66}        1,080     

{67} Optional Purchase Price

  

    {67}        0     

{68} Indenture Section 5.4 disposition of Collateral

  

    {68}        0     

{69} Reserve Account Withdrawal Amount

  

    {69}        0     

{70} Total Available Funds:

  

      {70}        17,695,713   

Distributions:

  

     

{71} To the Successor Servicer, unpaid transition expenses, pro rata

  

    {71}        0     

{72} To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata

  

    {72}        417     

{73} To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata

  

    {73}        208     

{74} Class A-1 Noteholders’ Interest Distributable Amount pari passu

  

    {74}        0     

{75} Class A-2A Noteholders’ Interest Distributable Amount pari passu

  

    {75}        61,253     

{76} Class A-2B Noteholders’ Interest Distributable Amount pari passu

  

    {76}        236,972     

{77} Class A-3 Noteholders’ Interest Distributable Amount pari passu

  

    {77}        452,089     

{78} Class A-4 Noteholders’ Interest Distributable Amount pari passu

  

    {78}        146,550     

{79} Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall

  

    {79}        0     

{80} Class B Noteholders’ Interest Distributable Amount

  

    {80}        80,717     

{81} Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall

  

    {81}        0     

{82} Class C Noteholders’ Interest Distributable Amount

  

    {82}        95,584     

{83} Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall

  

    {83}        0     

{84} Class D Noteholders’ Interest Distributable Amount

  

    {84}        86,478     

{85} Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall

  

    {85}        0     

{86} Noteholders’ Principal Distributable Amount

  

    {86}        14,893,613     

{87} To the Reserve Account, the Reserve Amount Required Amount

  

    {87}        0     

{88} To the Noteholders, the Accelerated Principal Amount (as calculated below)

  

    {88}        0     

{89} To the Successor Servicer, any amounts in excess of the caps set forth, pro rata

  

    {89}        0     

{90} To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata

  

    {90}        0     

{91} To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata

  

    {91}        0     

{92} To the Issuer Trust Certificateholders, the aggregate amount remaining

  

    {92}        1,641,832     

{93} Total Distributions:

  

      {93}      $ 17,695,713   

 

2


                                                                                                                                                                                                                                

PRINCIPAL PARITY AMOUNT CALCULATION

  

     
        (X)     (Y)     (I)     (II)                          
        Cumulative     Aggregate     Excess of     Total Available Funds           Lesser of              
   

Class

  Note Balance     Securitization Value     (X)—(Y)     in Indenture Collection Account           (I) or (II)              

{94}

  Class A   $ 751,201,406      $ 962,928,788      $ 0      $ 16,798,224        $ 0       

{95}

  Class B     792,951,406        962,928,788        0        16,717,507          0       

{96}

  Class C     831,441,406        962,928,788        0        16,621,923          0       

{97}

  Class D     861,261,406        962,928,788        0        16,535,445          0       

ACCELERATED PRINCIPAL AMOUNT CALCULATION

  

         

{98} Excess Total Available Funds

  

        {98}      $ 1,641,832     

{99} Beginning Note Balance

  

    {99}        861,261,406         

{100} Principal payments through Indenture Section 8.3 (i) through (xvii)

   

    {100}        14,893,613         

{101} Pro-Forma Note Balance

  

      {101}        846,367,793       

{102} Ending Aggregate Securitization Value

  

    {102}        962,928,788         

{103} 10.75% of Aggregate Securitization Value as of Cutoff Date ($116,560,995)

   

    {103}        116,560,995         

{104} Required Pro Forma Note Balance {102}—{103}

  

      {104}        846,367,793       

{105} Excess of Pro Forma Balance minus Required Pro Forma Balance {101}—{104}

   

      {105}        0     

{106} Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance

   

        {106}      $ 0   

OVERCOLLATERALIZATION CALCULATIONS

  

       

Exchange Note:

  

       

{107} Ending Aggregate Securitization Value

  

      {107}      $ 962,928,788     

{108} End of Period Note Balance

  

      {108}        946,640,465     

{109} Overcollateralization

  

      {109}        16,288,323     

{110} Overcollateralization %

  

        {110}        1.69 % 

Asset Backed Notes:

  

       

{111} Ending Aggregate Securitization Value

  

      {111}        962,928,788     

{112} End of Period Note Balance

  

      {112}        846,367,793     

{113} Overcollateralization

  

      {113}        116,560,995     

{114} Overcollateralization %

  

        {114}        12.10 % 

RECONCILIATION OF 2015-3 CASH RESERVE ACCOUNT

  

       

{115} Specified Reserve Balance

  

        {115}      $ 5,421,442   

{116} Beginning of Period Reserve Account balance

  

        {116}      $ 5,421,442   

{117} Investment Earnings

  

      {117}        1,080     

{118} From the Indenture Collection Account, the Reserve Account Required Amount

   

      {118}        0     

{119} To the Indenture Collection Account, the Reserve Account Withdrawal Amount

  

      {119}        0     

{120} Total Reserve balance available:

  

        {120}        5,422,522   

{121} Specified Reserve Balance

  

        {121}        5,421,442   

{122} Release Excess Cash to Indenture Collection Available Funds

  

        {122}        1,080   

{123} End of period Reserve Account balance

  

        {123}      $ 5,421,442   

EVENTS OF DEFAULT AND ACCELERATION OF MATURITY OF NOTE

  

       

{124} With respect to the Program Documents, I, Randal L. Willis, do hereby certify that no Event of Default has occurred.

   

        {124}        Yes   

{125} With respect to the Program Documents, I, Randal L. Willis, do hereby certify that an Acceleration of Maturity has not occurred.

   

        {125}        Yes   

 

By:  

/s/ Randal L. Willis

Name:   Randal L. Willis
Title:   Vice President, Securitization & Conduit Reporting-Treasury
Date:   June 15, 2016

 

3


GM Financial

GMALT 2015-3

Supplemental Monthly Data

May 31, 2016

 

                                                 
       Aggregate
Securitization
Value
     Residual Value  

Beginning of Period

     $ 977,822,401       $ 715,405,097   

Change

       (14,893,613 )       (3,524,611 ) 
    

 

 

    

 

 

 

End of Period

     $ 962,928,788       $ 711,880,486   

Residual Value as % of Agg. Securitization Value

  

     73.93 % 
       

 

 

 

Delinquency

 

                                                                          
       Number of
Leases
       Agg.
Securitization
Value
       Percentage(1)  

Leases with scheduled payment delinquent

              

0—30 days

       41,678           954,754,820           99.15 % 

31—60 days

       299           6,710,093           0.70 % 

61—90 days

       54           1,297,031           0.13 % 

over 90 days

       8           166,844           0.02 % 
    

 

 

      

 

 

      

 

 

 

Total

       42,039           962,928,788           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

       115           3,106,285           721           21,257,817   

Standard terminations

       4           60,616           80           1,618,382   
    

 

 

      

 

 

      

 

 

      

 

 

 

Total retained by lessee

       119           3,166,901           801           22,876,199   

Returned Vehicles

                   

Early terminations

       10           155,431           78           1,127,229   

Standard terminations

       8           108,916           20           262,934   
    

 

 

      

 

 

      

 

 

      

 

 

 

Total returned to dealer

       18           264,347           98           1,390,163   

Charged off leases / Repossessed vehicles

       70           1,584,555           379           8,536,045   

Repurchases

       0           0           7           218,811   

Other

       0           0           0           0   
    

 

 

      

 

 

      

 

 

      

 

 

 

Total terminations

       207           5,015,803           1,285           33,021,218   

Net Credit (Gain) Loss

 

                                                 
       Current Period      Cumulative  

Agg. Securitized Value of early term defaults

       1,584,555         8,536,045   

less: Sales proceeds

       1,294,296         5,784,788   

less: Excess wear and excess mileage received

       0         0   

less: Other amounts received

       72,147         177,139   
    

 

 

    

 

 

 

Net Credit (Gain) Loss

       218,112         2,574,118   

Residual (Gain) Loss on Returned Vehicles

  

Agg. Securitized Value of returned vehicles sold by Servicer

       259,867         1,332,702   

add: Reimbursement of outstanding residual advance

       N/A         N/A   

less: Sales proceeds

       289,204         1,537,727   

less: Excess wear and excess mileage received

       298         1,610   

less: Other recovery amounts

       3,481         19,442   
    

 

 

    

 

 

 

Residual (Gain) Loss

       (33,116 )       (226,077 ) 

 

                                                 
       Current Period      Prev. Month  

Prepay Speed

       0.4372 %       0.4504 % 

Return Rate

       72.0000 %       50.0000 % 

 

(1) Percentages may not add to 100% due to rounding.

 

4