| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 111.0 | 7.8% | 19.55% | 0.24 | 3.83% | +14 I-curve | 2027-03-15 | P-1 | F1+ |
| Class A-2A | 239.9 | 16.9% | 19.55% | 1.22 | 3.90% | +45 I-curve | 2028-05-15 | Aaa | AAA |
| Class A-2B | 240.0 | 16.9% | 19.55% | 1.22 | floating | +45 SOFR | 2028-05-15 | Aaa | AAA |
| Class A-3 | 479.9 | 33.7% | 19.55% | 2.02 | 3.87% | +44 I-curve | 2029-03-15 | Aaa | AAA |
| Class A-4 | 78.9 | 5.5% | 19.55% | 2.42 | 3.94% | +50 I-curve | 2030-02-15 | Aaa | AAA |
| Class B | 47.6 | 3.4% | 16.20% | 2.50 | 4.14% | +70 I-curve | 2030-02-15 | Aa1 | AA |
| Class C | 52.6 | 3.7% | 12.50% | 2.59 | 4.29% | +85 I-curve | 2030-06-17 | 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, Lloyds Securities, BNP Paribas Securities, Wells Fargo Securities, U.S. Bancorp Investments, Citigroup Global Markets |
| NALT 2026-A | NALT 2025-B | NALT 2025-A | NALT 2024-B | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-02-26 | 2025-07-29 | 2025-01-22 | 2024-07-24 | 424B5 |
| Pool balance | $1,422.1MM | $1,125.5MM | $1,685.5MM | $1,383.3MM | 424B5 |
| WA Lessee Credit Score | 773+7 | 771 | 766 | 758 | 424B5 |
| WA original term mo | 36.0−1.0 | 36.0 mo | 37.0 mo | 37.0 mo | 424B5 |
| WA Residual % MSRP | 52.9% | 49.5% | 50.1% | 52.5% | calc |
| ALG-marked residuals | 99.8% | 100.0% | 100.0% | 100.0% | calc |
| WA Securitization Value | $30,043 | $28,070 | $28,000 | $29,865 | calc |
| Top-3 model concentration | 42.2% | 50.3% | 50.5% | 51.8% | calc |
| Geo top-3 | NY 16.7% NJ 15.5% FL 11.2% | 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 | 19.55%+1.65pp | 17.90% | 17.85% | 17.90% | calc |
| Enhancement, target | — | — | — | — | calc |
| Subordinate notes | 7.1%+1.2pp | 6.4% | 5.9% | 4.3% | calc |
| Initial OC | 12.10% | 11.15% | 11.60% | 13.25% | 424B5 |
| Target OC | — | — | — | — | 424B5 |
| Reserve account | 0.40% | 0.40% | 0.40% | 0.40% | 424B5 |
| Pricing | |||||
| AAA spread | +44 bps−12bps A-3 · 2.0y | +52 bps A-3 · 2.2y | — | +61 bps A-3 · 2.4y | FWP |
| Terms | |||||
| Discount rate | 10.00% | 10.00% | 10.00% | 10.00% | 424B5 |
| Tranches | 7 | 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 2026-A | GMALT 2026-1 | FCALT 2026-A | MBALT 2026-A | BMWLT 2025-2 | VWALT 2025-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-02-26 | 2026-02-12 | 2026-01-26 | 2026-01-21 | 2025-10-15 | 2025-09-16 | 424B5 |
| Pool balance | $1,422.1MM | $1,111.8MM | $1,560.5MM | $1,500.0MM | $1,439.3MM | $1,749.3MM | 424B5 |
| WA Lessee Credit Score | 773−12 | 781 | 763 | 786 | 798 | 789 | 424B5 |
| WA original term mo | 36.0−0.4 | 35.0 mo | 36.8 mo | 40.2 mo | 36.0 mo | — | 424B5 |
| WA Residual % MSRP | 52.9% | 53.1% | 49.9% | 43.9% | 48.3% | 48.5% | calc |
| ALG-marked residuals | 99.8% | 92.7% | 86.8% | 95.9% | 100.0% | 97.4% | calc |
| WA Securitization Value | $30,043 | $35,418 | $35,735 | $52,634 | $56,210 | $32,179 | calc |
| Top-3 model concentration | 42.2% | 36.2% | 55.8% | 20.1% | 14.5% | 49.6% | calc |
| Geo top-3 | NY 16.7% NJ 15.5% FL 11.2% | MI 27.5% NY 13.2% FL 9.1% | MI 30.9% NY 10.2% CA 8.9% | CA 29.2% FL 14.0% NY 11.8% | CA 20.4% FL 16.7% TX 8.7% | CA 16.2% FL 15.5% NY 14.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 19.55%+5.05pp | 18.80% | 20.15% | 13.25% | 13.40% | 14.50% | calc |
| Enhancement, target | — | 19.30% | 22.15% | 14.75% | 15.90% | 18.00% | calc |
| Subordinate notes | 7.1%+7.1pp | 8.5% | 12.9% | 0.0% | 0.0% | 0.0% | calc |
| Initial OC | 12.10% | 10.00% | 7.00% | 13.00% | 13.15% | 14.25% | 424B5 |
| Target OC | — | 10.50% | 9.00% | 14.50% | 15.65% | 17.75% | 424B5 |
| Reserve account | 0.40% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +44 bps+1bps A-3 · 2.0y | +35 bps A-3 · 1.8y | +44 bps A-3 · 2.0y | +43 bps A-3 · 2.2y | +41 bps A-3 · 1.8y | +51 bps A-3 · 2.0y | FWP |
| Terms | |||||||
| Discount rate | 10.00% | 8.75% | 8.90% | 10.40% | 10.15% | 10.00% | 424B5 |
| Tranches | 7 | 6 | 8 | 5 | 5 | 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 | 108.59% |
|---|---|
| Realized G/L (% of scheduled) | 8.59% |
| Returned vehicles to date | 227 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.