| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 127.2 | 8.8% | 17.50% | 0.25 | 3.95% | +14 I-curve | 2027-08-16 | P-1 | F1+ |
| Class A-2A | 414.0 | 28.6% | 17.50% | 1.25 | 4.44% | +36 I-curve | 2029-04-16 | Aaa | AAA |
| Class A-2B | 80.0 | 5.5% | 17.50% | 1.25 | floating | +36 SOFR | 2029-04-16 | Aaa | AAA |
| Class A-3 | 494.0 | 34.1% | 17.50% | 2.22 | 4.69% | +47 I-curve | 2029-12-17 | Aaa | AAA |
| Class A-4 | 84.8 | 5.9% | 17.50% | 2.69 | 4.78% | +55 I-curve | 2030-06-17 | Aaa | AAA |
| Class B | 49.9 | 3.5% | 14.05% | 2.81 | 4.87% | +63 I-curve | 2030-06-17 | Aaa | AA |
| Class C | 39.8 | 2.7% | 11.30% | 2.88 | 5.08% | +85 I-curve | 2030-10-15 | Aa2 | 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.
Split-rated at the AAA level: Class B (Moody's Aaa / Fitch AA). Per the convention that all rating agencies must concur, this tranche is treated as the lower rating and not counted as an AAA term note.
| 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 | Wilmington Trust, National Association (“ |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BNP Paribas Securities, BofA Securities, Lloyds Securities, U.S. Bancorp Investments, Citigroup Global Markets, MUFG Securities Americas |
| NALT 2026-B | NALT 2026-A | NALT 2025-B | NALT 2025-A | NALT 2024-B | Source | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-07-29 | 2026-02-26 | 2025-07-29 | 2025-01-22 | 2024-07-24 | 424B5 |
| Pool balance | $1,447.5MM | $1,422.1MM | $1,125.5MM | $1,685.5MM | $1,383.3MM | 424B5 |
| WA Lessee Credit Score | 7690 | 773 | 771 | 766 | 758 | 424B5 |
| WA original term mo | 37.0+0.5 | 36.0 mo | 36.0 mo | 37.0 mo | 37.0 mo | 424B5 |
| WA Residual % MSRP | 52.2% | 52.9% | 49.5% | 50.1% | 52.5% | calc |
| ALG-marked residuals | 99.9% | 99.8% | 100.0% | 100.0% | 100.0% | calc |
| WA Securitization Value | $30,965 | $30,043 | $28,070 | $28,000 | $29,865 | calc |
| Top-3 model concentration | 49.8% | 42.2% | 50.3% | 50.5% | 51.8% | calc |
| Geo top-3 | NY 14.8% NJ 14.4% FL 10.9% | 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 | 17.50%−0.40pp | 19.55% | 17.90% | 17.85% | 17.90% | calc |
| Enhancement, target | — | — | — | — | — | calc |
| Subordinate notes | 6.2%+0.1pp | 7.1% | 6.4% | 5.9% | 4.3% | calc |
| Initial OC | 10.90% | 12.10% | 11.15% | 11.60% | 13.25% | 424B5 |
| Target OC | — | — | — | — | — | 424B5 |
| Reserve account | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 424B5 |
| Pricing | ||||||
| AAA spread | +47 bps−5bps A-3 · 2.2y | +44 bps 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% | 10.00% | 424B5 |
| Tranches | 7 | 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-B | FCALT 2026-B | PILOT 2026-1 | GMALT 2026-2 | BMWLT 2026-1 | WOALT 2026-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-07-29 | 2026-07-27 | 2026-06-12 | 2026-05-14 | 2026-04-22 | 2026-03-25 | 424B5 |
| Pool balance | $1,447.5MM | $1,560.5MM | $1,047.1MM | $1,389.4MM | $1,727.1MM | $1,263.3MM | 424B5 |
| WA Lessee Credit Score | 769−11 | 763 | 804 | 780 | 799 | 741 | 424B5 |
| WA original term mo | 37.0+1.0 | 37.2 mo | 35.0 mo | 35.0 mo | 36.0 mo | 37.7 mo | 424B5 |
| WA Residual % MSRP | 52.2% | 50.4% | 42.1% | 53.1% | 48.3% | 60.2% | calc |
| ALG-marked residuals | 99.9% | 90.1% | 20.9% | 92.9% | 100.0% | 100.0% | calc |
| WA Securitization Value | $30,965 | $35,768 | $84,001 | $35,221 | $56,395 | $29,985 | calc |
| Top-3 model concentration | 49.8% | 56.4% | 38.4% | 37.4% | 20.7% | 44.5% | calc |
| Geo top-3 | NY 14.8% NJ 14.4% FL 10.9% | FL 100.0% MI 29.2% NY 10.6% | CA 37.1% FL 13.1% NY 7.6% | MI 27.6% NY 13.2% FL 9.2% | CA 20.8% FL 13.9% NY 10.1% | FL 64.9% NC 12.7% GA 8.7% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 17.50%−0.75pp | 20.15% | 13.25% | 18.80% | 13.40% | 18.25% | calc |
| Enhancement, target | — | 22.15% | 14.25% | 19.80% | 15.90% | 21.00% | calc |
| Subordinate notes | 6.2%−2.3pp | 12.9% | 0.0% | 8.6% | 0.0% | 8.5% | calc |
| Initial OC | 10.90% | 7.00% | 13.00% | 10.00% | 13.15% | 9.50% | 424B5 |
| Target OC | — | 9.00% | 14.00% | 11.00% | 15.65% | 12.25% | 424B5 |
| Reserve account | 0.40% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +47 bps+3bps A-3 · 2.2y | +46 bps A-3 · 2.0y | +43 bps A-3 · 1.9y | +44 bps A-3 · 1.8y | +43 bps A-3 · 2.0y | +51 bps A-3 · 2.2y | FWP |
| Terms | |||||||
| Discount rate | 10.00% | 9.05% | 10.50% | 10.00% | 10.75% | 10.00% | 424B5 |
| Tranches | 7 | 8 | 5 | 7 | 5 | 7 | 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 | 107.06% |
|---|---|
| Realized G/L (% of scheduled) | 7.06% |
| Returned vehicles to date | 48 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.