| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 91.9 | 8.2% | 17.90% | 0.24 | 4.47% | +12 I-curve | 2026-08-17 | P-1 | F1+ |
| Class A-2a | 207.6 | 18.4% | 17.90% | 1.21 | 4.44% | +47 I-curve | 2028-03-15 | Aaa | AAA |
| Class A-2b | 180.0 | 16.0% | 17.90% | 1.21 | floating | +47 SOFR | 2028-03-15 | Aaa | AAA |
| Class A-3 | 387.6 | 34.4% | 17.90% | 2.18 | 4.32% | +52 I-curve | 2028-11-15 | Aaa | AAA |
| Class A-4 | 61.4 | 5.5% | 17.90% | 2.60 | 4.35% | +57 I-curve | 2029-07-16 | Aaa | AAA |
| Class B | 33.8 | 3.0% | 14.90% | 2.71 | 4.56% | +79 I-curve | 2029-07-16 | Aa1 | AA |
| Class C | 37.7 | 3.3% | 11.55% | 2.79 | 4.81% | +105 I-curve | 2029-11-15 | Aa3 | A |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | Nissan Motor Acceptance Company LLC |
|---|---|
| Servicer | Nissan Motor Acceptance Company LLC |
| Depositor / Transferor | Nissan Auto Leasing LLC II |
| 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 | Source | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-07-29 | 2025-01-22 | 2024-07-24 | 424B5 |
| Pool balance | $1,125.5MM | $1,685.5MM | $1,383.3MM | 424B5 |
| WA Lessee Credit Score | 771+9 | 766 | 758 | 424B5 |
| WA original term mo | 36.0−1.0 | 37.0 mo | 37.0 mo | 424B5 |
| WA Residual % MSRP | 49.5% | 50.1% | 52.5% | calc |
| ALG-marked residuals | 100.0% | 100.0% | 100.0% | calc |
| WA Securitization Value | $28,070 | $28,000 | $29,865 | calc |
| Top-3 model concentration | 50.3% | 50.5% | 51.8% | calc |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | ||||
| Enhancement, initial | 17.90%+0.02pp | 17.85% | 17.90% | calc |
| Enhancement, target | — | — | — | calc |
| Subordinate notes | 6.4%+1.3pp | 5.9% | 4.3% | calc |
| Initial OC | 11.15% | 11.60% | 13.25% | 424B5 |
| Target OC | — | — | — | 424B5 |
| Reserve account | 0.40% | 0.40% | 0.40% | 424B5 |
| Pricing | ||||
| AAA spread | +52 bps A-3 · 2.2y | — | +61 bps A-3 · 2.4y | FWP |
| Terms | ||||
| Discount rate | 10.00% | 10.00% | 10.00% | 424B5 |
| Tranches | 7 | 7 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
| NALT 2025-B | FCALT 2025-B | VWALT 2025-A | BMWLT 2025-1 | GMALT 2025-2 | MBALT 2025-A | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,125.5MM | $1,560.5MM | $1,457.7MM | $1,554.4MM | $1,455.6MM | $1,460.0MM | 424B5 |
| WA Lessee Credit Score | 771−9 | 764 | 776 | 800 | 780 | 786 | 424B5 |
| WA original term mo | 36.0+0.1 | 35.8 mo | — | 36.0 mo | 35.0 mo | 40.4 mo | 424B5 |
| WA Residual % MSRP | 49.5% | 49.8% | 48.5% | 48.0% | 51.8% | 44.3% | calc |
| ALG-marked residuals | 100.0% | 85.2% | 99.3% | 100.0% | 96.0% | 94.0% | calc |
| WA Securitization Value | $28,070 | $35,218 | $31,797 | $56,797 | $32,776 | $53,940 | calc |
| Top-3 model concentration | 50.3% | 53.8% | 51.6% | 17.3% | 35.0% | 21.5% | calc |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 17.90%+3.40pp | 20.15% | 14.50% | 13.40% | 18.80% | 11.75% | calc |
| Enhancement, target | — | 22.15% | 17.50% | 15.90% | 19.80% | 13.25% | calc |
| Subordinate notes | 6.4%+6.4pp | 12.9% | 0.0% | 0.0% | 8.5% | 0.0% | calc |
| Initial OC | 11.15% | 7.00% | 14.25% | 13.15% | 10.00% | 11.50% | 424B5 |
| Target OC | — | 9.00% | 17.25% | 15.65% | 11.00% | 13.00% | 424B5 |
| Reserve account | 0.40% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +52 bps−3bps A-3 · 2.2y | +45 bps A-3 · 2.0y | +55 bps A-3 · 2.1y | +51 bps A-3 · 2.0y | +64 bps A-3 · 1.8y | +62 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Discount rate | 10.00% | 9.30% | 10.00% | 10.85% | 9.25% | 10.80% | 424B5 |
| Tranches | 7 | 8 | 5 | 5 | 7 | 5 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 101.98% |
|---|---|
| Realized G/L (% of scheduled) | 1.98% |
| Returned vehicles to date | 2,436 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.