| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 111.0 | 8.5% | 87.7% | 3.83% fxd | 0.24 | 2027-03-15 | P-1 | F1+ |
| Class A-2A | 239.9 | 18.5% | 69.2% | +45 bps | 1.22 | 2028-05-15 | Aaa | AAA |
| Class A-2B | 240.0 | 18.5% | 50.7% | +45 bps SOFR | 1.22 | 2028-05-15 | Aaa | AAA |
| Class A-3 | 479.9 | 36.9% | 13.8% | +44 bps | 2.02 | 2029-03-15 | Aaa | AAA |
| Class A-4 | 78.9 | 6.1% | 7.7% | +50 bps | 2.42 | 2030-02-15 | Aaa | AAA |
| Class B | 47.6 | 3.7% | 4.0% | +70 bps | 2.50 | 2030-02-15 | Aa1 | AA |
| Class C | 52.6 | 4.0% | 0.0% | +85 bps | 2.59 | 2030-06-17 | 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, 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 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-02-26 | 2025-07-29 | 2025-01-22 | 2024-07-24 |
| Pool balance | $1,299.5MM | $1,271.8MM | $1,914.3MM | $1,601.0MM |
| WA Lessee Credit Score | 759+1 | 759 | 758 | 758 |
| WA original term mo | 36.0−1.0 | 36.0 mo | 37.0 mo | 37.0 mo |
| WA Residual % MSRP | 52.9% | 49.5% | 50.1% | 52.5% |
| ALG-marked residuals | 99.8% | 100.0% | 100.0% | 100.0% |
| WA Securitization Value | $30,043 | $26,224 | $27,756 | $27,991 |
| Top-3 model concentration | 42.2% | 50.3% | 50.5% | 51.8% |
| 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% |
| Structure (at issuance) | ||||
| AAA spread | +45 bps+1bps | +47 bps | — | +41 bps |
| AAA % of pool | 79.9%+14.4pp | 65.8% | 65.6% | 63.4% |
| Initial OC | 12.10% | 11.15% | 11.60% | 13.25% |
| Target OC | — | — | — | — |
| Subordination below AAA | 7.7%+2.6pp | 5.6% | 5.2% | 3.7% |
| Total Hard CE (Initial) | 20.52% | 18.70% | 18.62% | 18.55% |
| Total Hard CE (Target) | — | — | — | — |
| Discount rate | 10.00% | 10.00% | 10.00% | 10.00% |
| Tranches | 7 | 7 | 7 | 6 |
| NALT 2026-A | GMALT 2026-1 | FCALT 2026-A | MBALT 2026-A | BMWLT 2025-2 | VWALT 2025-B | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,299.5MM | $1,235.3MM | $2,068.3MM | $1,379.3MM | $1,439.3MM | $1,749.3MM |
| WA Lessee Credit Score | 759−26 | 781 | 763 | 786 | 792 | 789 |
| WA original term mo | 36.0−0.4 | 35.0 mo | 36.8 mo | 40.2 mo | 36.0 mo | — |
| WA Residual % MSRP | 52.9% | 64.7% | 63.7% | 43.9% | 48.3% | 48.5% |
| ALG-marked residuals | 99.8% | 92.7% | 86.8% | 95.9% | 100.0% | 97.4% |
| WA Securitization Value | $30,043 | $37,340 | $993,604,775 | $52,634 | $46,784 | $29,605 |
| Top-3 model concentration | 42.2% | 36.2% | 55.8% | 20.1% | 14.7% | 49.6% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +45 bps+10bps | — | +34 bps | +35 bps | +31 bps | +37 bps |
| AAA % of pool | 79.9%+7.8pp | 62.0% | 52.7% | 72.2% | 74.3% | 73.6% |
| Initial OC | 12.10% | 10.00% | 7.00% | 13.00% | 13.15% | 14.25% |
| Target OC | — | 10.50% | 9.00% | 14.50% | 15.65% | 17.75% |
| Subordination below AAA | 7.7%+7.7pp | 7.7% | 9.7% | 0.0% | 0.0% | 0.0% |
| Total Hard CE (Initial) | 20.52% | 19.12% | 22.67% | 13.25% | 13.40% | 14.50% |
| Total Hard CE (Target) | — | 19.62% | 24.67% | 14.75% | 15.90% | 18.00% |
| Discount rate | 10.00% | 8.75% | 8.90% | 10.40% | 10.15% | 10.00% |
| Tranches | 7 | 6 | 8 | 5 | 5 | 5 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 93.14% |
|---|---|
| Realized G/L (% of scheduled) | -6.86% |
| Returned vehicles to date | 63 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.