| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 126.0 | 7.9% | 67.1% | 5.44% fxd | 0.30 | 2025-08-15 | P-1 | F1+ |
| Class A-2a | 220.0 | 13.7% | 53.3% | 5.05% fxd | 1.40 | 2027-06-15 | Aaa | AAA |
| Class A-2b | 253.2 | 15.8% | 37.5% | +41 bps SOFR | 1.40 | 2027-06-15 | Aaa | AAA |
| Class A-3 | 473.2 | 29.6% | 8.0% | 4.92% fxd | 2.38 | 2027-11-15 | Aaa | AAA |
| Class A-4 | 68.7 | 4.3% | 3.7% | 4.96% fxd | 2.70 | 2028-08-15 | Aaa | AAA |
| Class B | 58.8 | 3.7% | 0.0% | 5.21% fxd | 2.76 | 2028-12-15 | Aa2 | AA |
| Sponsor | Nissan Motor Acceptance Company LLC |
|---|---|
| Servicer | Nissan Motor Acceptance Company LLC |
| Depositor / Transferor | Nissan Motor Acceptance Company LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BNP Paribas Securities, Wells Fargo Securities, BofA Securities, Lloyds Securities, U.S. Bancorp Investments, Citigroup Global Markets |
Earliest Issuing Entity Nissan Auto Lease Trust transaction in our coverage — no prior issuance to compare.
| NALT 2024-B | FCALT 2024-B | MBALT 2024-A | GMALT 2024-2 | WOALT 2024-A | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-07-24 | 2024-07-23 | 2024-05-23 | 2024-05-16 | 2024-04-17 |
| Pool balance | $1,601.0MM | $1,560.5MM | $1,161.6MM | $1,654.1MM | — |
| WA Lessee Credit Score | 758−14 | 764 | 787 | 781 | 747 |
| WA original term mo | 37.0−0.1 | 35.8 mo | 41.6 mo | 35.0 mo | 38.3 mo |
| WA Residual % MSRP | 52.5% | 49.2% | 45.0% | 53.1% | 54.5% |
| ALG-marked residuals | 100.0% | 81.3% | 89.4% | 96.0% | — |
| WA Securitization Value | $27,991 | $32,312 | $44,141 | $29,527 | $991,177,615 |
| Top-3 model concentration | 51.8% | 52.8% | 21.7% | 38.5% | — |
| Geo top-3 | FL 11.6% CA 11.6% TX 7.3% | MI 38.7% NY 11.6% CA 6.7% | CA 29.3% FL 14.8% NY 13.1% | MI 29.3% NY 16.1% FL 8.5% | FL 62.5% NC 15.7% GA 7.7% |
| Structure (at issuance) | |||||
| AAA spread | +41 bps−1bps | +40 bps | +44 bps | +42 bps | +43 bps |
| AAA % of pool | 63.4%−13.6pp | 72.2% | 87.8% | 63.2% | 81.8% |
| Initial OC | 13.25% | 7.00% | 12.25% | 8.00% | — |
| Target OC | — | 9.80% | 12.25% | 10.50% | — |
| Subordination below AAA | 3.7%−4.0pp | 12.9% | 0.0% | 10.0% | 5.4% |
| Total Hard CE (Initial) | 18.55% | 22.65% | 12.50% | 19.37% | — |
| Total Hard CE (Target) | — | 25.45% | 12.50% | 21.87% | — |
| Discount rate | 10.00% | 10.25% | 11.35% | 9.50% | — |
| Tranches | 6 | 8 | 5 | 8 | 6 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 99.12% |
|---|---|
| Realized G/L (% of scheduled) | -0.88% |
| Returned vehicles to date | 5,901 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.