EX-99.1 2 d213544dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

GM Financial Automobile Leasing Trust 2016-2

2.70% Exchange Note

Class A-1 0.64000% Asset Backed Notes

Class A-2A 1.28% Asset Backed Notes

Class A-2B Floating Asset Backed Notes

Class A-3 1.62% Asset Backed Notes

Class A-4 1.76% Asset Backed Notes

Class B 2.08% Asset Backed Notes

Class C 2.58% Asset Backed Notes

Class D 2.69% Asset Backed Notes

Servicer’s Certificate

 

                        

Beginning of Period:

        04/01/16   

End of Period:

        05/31/16   

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

        33   

Number of days in Collection Period:

        61   

Report Due Date:

        06/16/16   

Distribution Date:

        06/20/16   

Transaction Month:

        1   

 

                                                                                                   
2016-2                                 Original Agg.  

Designated Pool

      Units        Start Date        Closing Date        Securitization Value  
       48,908           04/01/2016           05/18/2016         $ 1,198,070,363   

Total

        48,908                   $ 1,198,070,363   

 

                                                                             

RECONCILIATION OF 2016-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE

  

  

{1} Beginning of period Aggregate Securitization Value

  

       {1}      $ 1,198,070,363   

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

  

     {2}        21,620,560     

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

  

     {3}        1,156,148     

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

   

     {4}        4,842,217     

{5} Other adjustments

  

     {5}        0     

{6} Total change in Agg. Securitization Value

  

       {6}        27,618,925   

{7} End of period Aggregate Securitization Value

  

       {7}      $ 1,170,451,438   

{8} Pool Factor

  

       {8}        97.694716 % 

RECONCILIATION OF 2016-2 EXCHANGE NOTE

  

      

{9} Original Exchange Note Balance

  

       {9}      $ 1,173,000,000   

{10} Beginning of period Exchange Note Balance

  

       {10}      $ 1,173,000,000   

{11} Exchange Note Principal Payment Amount

  

       {11}        27,618,925   

{12} End of period Exchange Note Balance

  

       {12}      $ 1,145,381,075   

{13} Note Pool Factor

  

       {13}        97.645445 % 

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}      $ 138,000,000      $ 220,000,000      $ 160,000,000      $ 375,620,000      $ 90,000,000   

{15} Beginning of period Note Balance

     {15}      $ 138,000,000      $ 220,000,000      $ 160,000,000      $ 375,620,000      $ 90,000,000   

{16} Noteholders’ Principal Distributable Amount

     {16}        27,618,925        0        0        0        0   

{17} Noteholders’ Accelerated Principal Amount

     {17}        10,519,614        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}      $ 99,861,461      $ 220,000,000      $ 160,000,000      $ 375,620,000      $ 90,000,000   

{21} Note Pool Factor

     {21}        72.363378 %      100.000000 %      100.000000 %      100.000000 %      100.000000 % 
          Class B     Class C     Class D           TOTAL  

{22} Original Note Balance

     {22}      $ 46,120,000      $ 42,530,000      $ 32,950,000        $ 1,105,220,000   

{23} Beginning of period Note Balance

     {23}      $ 46,120,000      $ 42,530,000      $ 32,950,000        $ 1,105,220,000   

{24} Noteholders’ Principal Distributable Amount

     {24}        0        0        0          27,618,925   

{25} Noteholders’ Accelerated Principal Amount

     {25}        0        0        0          10,519,614   

{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}      $ 46,120,000      $ 42,530,000      $ 32,950,000        $ 1,067,081,461   

{29} Note Pool Factor

     {29}        100.000000 %      100.000000 %      100.000000 %        96.549236 % 

                                                                                                                    

EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

  

  

Principal payment calculation:

  

      

{30} Beginning of period Designated Pool Balance

  

       {30}      $ 1,198,070,363   

{31} Ending Designated Pool Balance

  

     {31}        1,170,451,438     

{32} Unpaid prior Exchange Note Principal Payment Amount

  

     {32}        0     

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

  

       {33}        1,170,451,438   

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

  

       {34}      $ 27,618,925   

Interest calculation:

  

      
        Beg Note
Balance		     Interest
Carryover		     Interest
Rate		     Days     Days Basis     Interest              

{35}

     $ 1,173,000,000      $ 0        2.70 %      32        30/360      $ 2,815,200       

RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT

  

  

Additions:

  

      

{36} 2016-2 Designated Pool Collections (net of Liquidation Proceeds and fees)

  

     {36}      $ 34,983,198     

{37} Net Liquidation Proceeds collected during period

  

     {37}        6,594,332     

{38} Investment Earnings

  

     {38}        3,070     

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

  

     {39}        (3,070 )   

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

  

     {40}        0     

{41} Total Additions:

  

       {41}        41,577,530   

Distributions:

  

      

{42} To the Servicer, Designated Pool Servicing Fee

  

     {42}        2,030,064     

{43} To the 2016-2 Exchange Noteholder, the Exchange Note Interest Payment Amount

  

     {43}        2,815,200     

{44} To the 2016-2 Exchange Noteholder, the Exchange Note Principal Payment Amount

  

     {44}        27,618,925     

{45} To the 2016-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii)

   

     {45}        9,113,341     

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

   

     {46}        0     

{47} Total Distributions:

  

       {47}      $ 41,577,530   

NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

  

  

Noteholders’ Principal Distributable calculation:

  

        

{48} Beginning Agg. Securitization Value

  

     {48}      $ 1,198,070,363       

{49} Ending Agg. Securitization Value

  

     {49}        1,170,451,438       

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

  

       {50}        27,618,925     

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

  

       {51}        0     

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

  

         {52}        27,618,925   

{53} Noteholders’ Principal Carryover Amount

  

         {53}        0   

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

  

         {54}      $ 27,618,925   

Noteholders’ Interest Distributable calculation:

  

        
   

Class

   Beg Note
Balance		     Interest
Carryover		     Interest
Rate		     Days     Days Basis     Interest              

{55}

   Class A-1   $ 138,000,000      $ 0        0.64000 %      33        Actual/360      $ 80,960       

{56}

   Class A-2A   $ 220,000,000        0        1.28 %      32        30/360        250,311       

{57}

   Class A-2B   $ 160,000,000        0        0.93620 %      33        Actual/360        137,309       

{58}

   Class A-3   $ 375,620,000        0        1.62 %      32        30/360        540,893       

{59}

   Class A-4   $ 90,000,000        0        1.76 %      32        30/360        140,800       

{60}

   Class B   $ 46,120,000        0        2.08 %      32        30/360        85,271       

{61}

   Class C   $ 42,530,000        0        2.58 %      32        30/360        97,535       

{62}

   Class D   $ 32,950,000        0        2.69 %      32        30/360        78,787       

RECONCILIATION OF INDENTURE COLLECTION ACCOUNT

  

  

Available Funds:

  

      

{63} 2016-2 Exchange Note Collections

  

     {63}      $ 39,547,466     

{64} Investment Earnings

  

     {64}        0     

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

  

     {65}        3,070     

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

  

     {66}        494     

{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}        39,551,030   

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} To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata

  

     {74}        0     

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

  

     {75}        80,960     

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

  

     {76}        250,311     

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

  

     {77}        137,309     

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

  

     {78}        540,893     

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

  

     {79}        140,800     

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

  

     {80}        0     

{81} Class B Noteholders’ Interest Distributable Amount

  

     {81}        85,271     

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

  

     {82}        0     

{83} Class C Noteholders’ Interest Distributable Amount

  

     {83}        97,535     

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

  

     {84}        0     

{85} Class D Noteholders’ Interest Distributable Amount

  

     {85}        78,787     

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

  

     {86}        0     

{87} Noteholders’ Principal Distributable Amount

  

     {87}        27,618,925     

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

  

     {88}        0     

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

  

     {89}        10,519,614     

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

  

     {90}        0     

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

  

     {91}        0     

{92} To the Asset Representations Reviewer, any amounts in excess of the caps set forth, pro rata

  

     {92}        0     

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

  

     {93}        0     

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

  

     {94}        0     

{95} Total Distributions:

  

       {95}      $ 39,551,030   

 

2

                                                                                                       

PRINCIPAL PARITY AMOUNT CALCULATION

  

  
   

Class

   (X)
Cumulative
Note Balance		     (Y)
Aggregate
Securitization
Value		     (I)
Excess of
(X)—(Y)		     (II)
Total Available
Funds in Indenture
Collection Account		     Lesser of
(I) or (II)		              

{96}

   Class A   $ 983,620,000      $ 1,170,451,438      $ 0      $ 38,400,132      $ 0       

{97}

   Class B     1,029,740,000        1,170,451,438        0        38,314,861        0       

{98}

   Class C     1,072,270,000        1,170,451,438        0        38,217,326        0       

{99}

   Class D     1,105,220,000        1,170,451,438        0        38,138,539        0       

ACCELERATED PRINCIPAL AMOUNT CALCULATION

  

  

{100} Excess Total Available Funds

  

         {100}      $ 10,519,614     

{101} Beginning Note Balance

  

     {101}        1,105,220,000         

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

   

     {102}        27,618,925         

{103} Pro-Forma Note Balance

  

       {103}        1,077,601,075       

{104} Ending Aggregate Securitization Value

  

     {104}        1,170,451,438         

{105} 10.75% of Aggregate Securitization Value as of Cutoff Date ($128,792,564)

   

     {105}        128,792,564         

{106} Required Pro Forma Note Balance {104}—{105}

  

       {106}        1,041,658,874       

{107} Excess of Pro Forma Balance minus Required Pro Forma Balance {103}—{106}

   

         {107}        35,942,201     

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

   

           {108}      $ 10,519,614   

OVERCOLLATERALIZATION CALCULATIONS

  

  

Exchange Note:

  

      

{109} Ending Aggregate Securitization Value

  

     {109}      $ 1,170,451,438     

{110} End of Period Note Balance

  

     {110}        1,145,381,075     

{111} Overcollateralization

  

     {111}        25,070,363     

{112} Overcollateralization %

  

       {112}        2.14 % 

Asset Backed Notes:

  

      

{113} Ending Aggregate Securitization Value

  

     {113}        1,170,451,438     

{114} End of Period Note Balance

  

     {114}        1,067,081,461     

{115} Overcollateralization

  

     {115}        103,369,977     

{116} Overcollateralization %

  

       {116}        8.83 % 

RECONCILIATION OF 2016-2 Cash RESERVE ACCOUNT

  

  

{117} Specified Reserve Balance

  

       {117}      $ 5,990,352   

{118} Beginning of Period Reserve Account balance

  

       {118}      $ 5,990,352   

{119} Investment Earnings

  

     {119}        494     

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

  

     {120}        0     

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

  

     {121}        0     

{122} Total Reserve balance available:

  

       {122}        5,990,846   

{123} Specified Reserve Balance

  

       {123}        5,990,352   

{124} Release Excess Cash to Indenture Collection Available Funds

  

       {124}        494   

{125} End of period Reserve Account balance

  

       {125}      $ 5,990,352   

ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER

  

  
                                      Dollars     Percentage  

{126} Receivables with Scheduled Payment delinquent 61 days or more

  

     {126}      $ 794,245        0.07 % 

{127} Compliance (Trigger Violation is a Delinquency Rate Greater Than 1.40% )

  

     {127}          Yes   

EVENTS OF DEFAULT AND ACCELERATION OF MATURITY OF NOTE

  

  

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

   

     {128}        Yes   

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

   

     {129}        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 2016-2

Supplemental Monthly Data

May 31, 2016

 

                                                 
       Aggregate
Securitization Value		      Residual Value  

Beginning of Period

      $ 1,198,070,363       $ 838,869,067   

Change

        (27,618,925 )       (3,964,468 ) 
    

 

 

     

 

 

  

End of Period

      $ 1,170,451,438       $ 834,904,599   

Residual Value as % of Agg. Securitization Value

           71.33 % 
       

 

 

  

Delinquency

 

                                                                          
       Number of
Leases		        Agg. Securitization Value        Percentage(1)  

Leases with scheduled payment delinquent

               

0-30 days

        48,483           1,165,534,796           99.58 % 

31-60 days

        170           4,122,397           0.35 % 

61-90 days

        26           608,617           0.05 % 

over 90 days

        8           185,628           0.02 % 
    

 

 

       

 

 

       

 

 

  

Total

        48,687           1,170,451,438           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

        146           4,326,953           146           4,326,953   

Standard terminations

        21           422,764           21           422,764   
    

 

 

       

 

 

       

 

 

       

 

 

  

Total retained by lessee

        167           4,749,717           167           4,749,717   

Returned Vehicles

                    

Early terminations

        2           49,353           2           49,353   

Standard terminations

        0           0           0           0   
    

 

 

       

 

 

       

 

 

       

 

 

  

Total returned to dealer

        2           49,353           2           49,353   

Charged off leases / Repossessed vehicles

        50           1,156,148           50           1,156,148   

Repurchases

        2           43,146           2           43,146   

Other

        0           0           0           0   
    

 

 

       

 

 

       

 

 

       

 

 

  

Total terminations

        221           5,998,364           221           5,998,364   

Net Credit (Gain) Loss

 

                                                 
       Current Period      Cumulative  

Agg. Securitized Value of early term defaults

        1,156,148         1,156,148   

less: Sales proceeds

        746,255         746,255   

less: Excess wear and excess mileage received

        0         0   

less: Other amounts received

        3,531         3,531   
    

 

 

     

 

 

  

Net Credit (Gain) Loss

        406,362         406,362   

Residual (Gain) Loss on Returned Vehicles

        

Agg. Securitized Value of returned vehicles sold by Servicer

        48,055         48,055   

add: Reimbursement of outstanding residual advance

        N/A         N/A   

less: Sales proceeds

        58,900         58,900   

less: Excess wear and excess mileage received

        0         0   

less: Other recovery amounts

        0         0   
    

 

 

     

 

 

  

Residual (Gain) Loss

        (10,845 )       (10,845 ) 

 

                                                 
       Current Period      Prev. Month

Prepay Speed

        0.5256 %    

Return Rate

        0.0000 %    

 

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

 

4