| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch | KBRA |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 136.5 | 7.1% | 70.7% | 4.40% fxd | — | 2026-01-15 | — | — | — |
| Class A-2a | 145.2 | 7.6% | 63.1% | 4.60% fxd | — | 2027-11-15 | — | — | AAA |
| Class A-2b | 435.8 | 22.8% | 40.4% | +45 bps SOFR | — | 2027-11-15 | — | — | AAA |
| Class A-3 | 581.0 | 30.4% | 10.0% | 4.75% fxd | — | 2028-03-15 | — | — | AAA |
| Class A-4 | 92.8 | 4.9% | 5.2% | 4.80% fxd | — | 2029-02-15 | — | — | AAA |
| Class B | 46.4 | 2.4% | 2.7% | 5.03% fxd | 2.65 | 2029-02-15 | Aa1 | AA | — |
| Class C | 52.3 | 2.7% | 0.0% | 5.11% fxd | 2.72 | 2029-06-15 | Aa3 | A | — |
| 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 | BofA Securities, Wells Fargo Securities, BNP Paribas Securities, Lloyds Securities, U.S. Bancorp Investments, Citigroup Global Markets |
| NALT 2025-A | NALT 2024-B | |
|---|---|---|
| Collateral (pool at cut-off) | ||
| Closing date | 2025-01-22 | 2024-07-24 |
| Pool balance | $1,914.3MM | $1,601.0MM |
| WA Lessee Credit Score | 758 | 758 |
| WA original term mo | 37.0 | 37.0 mo |
| WA Residual % MSRP | 50.1% | 52.5% |
| ALG-marked residuals | 100.0% | 100.0% |
| WA Securitization Value | $27,756 | $27,991 |
| Top-3 model concentration | 50.5% | 51.8% |
| Geo top-3 | FL 11.6% CA 11.6% TX 7.3% | FL 11.6% CA 11.6% TX 7.3% |
| Structure (at issuance) | ||
| AAA spread | — | +41 bps |
| AAA % of pool | 65.6% | 63.4% |
| Initial OC | 11.60% | 13.25% |
| Target OC | — | — |
| Subordination below AAA | 5.2% | 3.7% |
| Total Hard CE (Initial) | 18.62% | 18.55% |
| Total Hard CE (Target) | — | — |
| Discount rate | 10.00% | 10.00% |
| Tranches | 7 | 6 |
| NALT 2025-A | BMWLT 2024-2 | GMALT 2024-3 | MBALT 2024-B | FCALT 2024-B | WOALT 2024-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-01-22 | 2024-10-07 | 2024-10-02 | 2024-09-25 | 2024-07-23 | 2024-04-17 |
| Pool balance | $1,914.3MM | $1,468.9MM | $1,626.0MM | $1,135.8MM | $1,560.5MM | — |
| WA Lessee Credit Score | 758−23 | 789 | 781 | 786 | 764 | 747 |
| WA original term mo | 37.0+1.0 | 36.0 mo | 36.0 mo | 42.2 mo | 35.8 mo | 38.3 mo |
| WA Residual % MSRP | 50.1% | 48.4% | 52.5% | 44.3% | 49.2% | 54.5% |
| ALG-marked residuals | 100.0% | 100.0% | 96.9% | 94.0% | 81.3% | — |
| WA Securitization Value | $27,756 | $51,501 | $30,172 | $41,735 | $32,312 | $991,177,615 |
| Top-3 model concentration | 50.5% | 20.7% | 37.7% | 21.6% | 52.8% | — |
| Geo top-3 | FL 11.6% CA 11.6% TX 7.3% | CA 19.2% FL 13.6% NJ 9.2% | MI 29.0% NY 16.1% FL 8.5% | CA 29.3% NY 13.8% FL 13.5% | MI 38.7% NY 11.6% CA 6.7% | FL 62.5% NC 15.7% GA 7.7% |
| Structure (at issuance) | ||||||
| AAA spread | — | +42 bps | +47 bps | +66 bps | +40 bps | +43 bps |
| AAA % of pool | 65.6%−6.3pp | 71.8% | 62.5% | 42.1% | 72.2% | 81.8% |
| Initial OC | 11.60% | 14.90% | 10.00% | 11.50% | 7.00% | — |
| Target OC | — | 17.40% | 11.00% | 13.00% | 9.80% | — |
| Subordination below AAA | 5.2%−0.2pp | 0.0% | 7.7% | 0.0% | 12.9% | 5.4% |
| Total Hard CE (Initial) | 18.62% | 15.15% | 19.12% | 11.75% | 22.65% | — |
| Total Hard CE (Target) | — | 17.65% | 20.12% | 13.25% | 25.45% | — |
| Discount rate | 10.00% | 11.20% | 9.50% | 10.95% | 10.25% | — |
| Tranches | 7 | 5 | 7 | 5 | 8 | 6 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 97.94% |
|---|---|
| Realized G/L (% of scheduled) | -2.06% |
| Returned vehicles to date | 3,441 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.