| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 91.9 | 7.2% | 71.4% | 4.47% fxd | 0.24 | 2026-08-17 | P-1 | F1+ |
| Class A-2a | 207.6 | 16.3% | 55.1% | 4.44% fxd | 1.21 | 2028-03-15 | Aaa | AAA |
| Class A-2b | 180.0 | 14.2% | 40.9% | +47 bps SOFR | 1.21 | 2028-03-15 | Aaa | AAA |
| Class A-3 | 387.6 | 30.5% | 10.4% | 4.32% fxd | 2.18 | 2028-11-15 | Aaa | AAA |
| Class A-4 | 61.4 | 4.8% | 5.6% | 4.35% fxd | 2.60 | 2029-07-16 | Aaa | AAA |
| Class B | 33.8 | 2.7% | 3.0% | 4.56% fxd | 2.71 | 2029-07-16 | Aa1 | AA |
| Class C | 37.7 | 3.0% | 0.0% | 4.81% fxd | 2.79 | 2029-11-15 | Aa3 | A |
| Sponsor | Nissan Motor Acceptance Company LLC |
|---|---|
| Servicer | Nissan Motor Acceptance Company LLC |
| Depositor / Transferor | Nissan Motor Acceptance Company LLC |
| Indenture Trustee | Wilmington Trust, National Association |
| Owner Trustee | Clayton Fixed Income Services LLC |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, BNP Paribas Securities, Lloyds Securities, Wells Fargo Securities, U.S. Bancorp Investments, Citigroup Global Markets |
| NALT 2025-B | NALT 2025-A | NALT 2024-B | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-07-29 | 2025-01-22 | 2024-07-24 |
| Pool balance | $1,271.8MM | $1,914.3MM | $1,601.0MM |
| WA Lessee Credit Score | 759+1 | 758 | 758 |
| WA original term mo | 36.0−1.0 | 37.0 mo | 37.0 mo |
| WA Residual % MSRP | 49.5% | 50.1% | 52.5% |
| ALG-marked residuals | 100.0% | 100.0% | 100.0% |
| WA Securitization Value | $26,224 | $27,756 | $27,991 |
| Top-3 model concentration | 50.3% | 50.5% | 51.8% |
| Geo top-3 | NY 16.7% NJ 15.5% FL 11.2% | FL 11.6% CA 11.6% TX 7.3% | FL 11.6% CA 11.6% TX 7.3% |
| Structure (at issuance) | |||
| AAA spread | +47 bps | — | +41 bps |
| AAA % of pool | 65.8%+1.3pp | 65.6% | 63.4% |
| Initial OC | 11.15% | 11.60% | 13.25% |
| Target OC | — | — | — |
| Subordination below AAA | 5.6%+1.2pp | 5.2% | 3.7% |
| Total Hard CE (Initial) | 18.70% | 18.62% | 18.55% |
| Total Hard CE (Target) | — | — | — |
| Discount rate | 10.00% | 10.00% | 10.00% |
| Tranches | 7 | 7 | 6 |
| NALT 2025-B | FCALT 2025-B | VWALT 2025-A | BMWLT 2025-1 | GMALT 2025-2 | MBALT 2025-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-07-29 | 2025-07-29 | 2025-06-17 | 2025-06-10 | 2025-05-29 | 2025-05-21 |
| Pool balance | $1,271.8MM | $1,560.5MM | $1,457.7MM | $1,554.4MM | $1,617.3MM | $1,197.1MM |
| WA Lessee Credit Score | 759−21 | 764 | 776 | 792 | 780 | 786 |
| WA original term mo | 36.0+0.1 | 35.8 mo | — | 36.0 mo | 35.0 mo | 40.4 mo |
| WA Residual % MSRP | 49.5% | 49.8% | 48.5% | 48.0% | 51.8% | 44.3% |
| ALG-marked residuals | 100.0% | 85.2% | 99.3% | 100.0% | 96.0% | 94.0% |
| WA Securitization Value | $26,224 | $33,269 | $27,803 | $42,435 | $30,103 | $45,969 |
| Top-3 model concentration | 50.3% | 54.5% | 51.6% | 17.6% | 35.4% | 21.9% |
| Geo top-3 | NY 16.7% NJ 15.5% FL 11.2% | MI 33.4% NY 10.5% CA 8.4% | CA 16.1% FL 15.9% NY 13.9% | CA 18.0% FL 15.0% NY 9.3% | MI 29.3% NY 14.1% FL 7.6% | CA 22.9% FL 16.3% NY 12.6% |
| Structure (at issuance) | ||||||
| AAA spread | +47 bps+7bps | +39 bps | +40 bps | +39 bps | +50 bps | +52 bps |
| AAA % of pool | 65.8%−6.4pp | 70.2% | 72.2% | 73.7% | 61.7% | 88.5% |
| Initial OC | 11.15% | 7.00% | 14.25% | 13.15% | 10.00% | 11.50% |
| Target OC | — | 9.00% | 17.25% | 15.65% | 11.00% | 13.00% |
| Subordination below AAA | 5.6%+5.6pp | 12.9% | 0.0% | 0.0% | 7.7% | 0.0% |
| Total Hard CE (Initial) | 18.70% | 20.85% | 14.50% | 13.40% | 19.76% | 11.75% |
| Total Hard CE (Target) | — | 22.85% | 17.50% | 15.90% | 20.76% | 13.25% |
| Discount rate | 10.00% | 9.30% | 10.00% | 10.85% | 9.25% | 10.80% |
| Tranches | 7 | 8 | 5 | 5 | 7 | 5 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 104.73% |
|---|---|
| Realized G/L (% of scheduled) | 4.73% |
| Returned vehicles to date | 648 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.