| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 127.2 | 9.9% | 90.1% | +14 bps | 0.25 | 2027-08-16 | P-1 | F1+ |
| Class A-2A | 414.0 | 32.1% | 58.0% | +36 bps | 1.25 | 2029-04-16 | Aaa | AAA |
| Class A-2B | 80.0 | 6.2% | 51.8% | +36 bps SOFR | 1.25 | 2029-04-16 | Aaa | AAA |
| Class A-3 | 494.0 | 38.3% | 13.5% | +47 bps | 2.22 | 2029-12-17 | Aaa | AAA |
| Class A-4 | 84.8 | 6.6% | 7.0% | +55 bps | 2.69 | 2030-06-17 | Aaa | AAA |
| Class B | 49.9 | 3.9% | 3.1% | +63 bps | 2.81 | 2030-06-17 | Aaa | AA |
| Class C | 39.8 | 3.1% | 0.0% | +85 bps | 2.88 | 2030-10-15 | Aa2 | A |
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 excluded from AAA % of pool. On a most-favorable-agency basis (rated AAA by any agency), AAA % of pool would be 87.1%.
| Sponsor | Nissan Motor Acceptance Company LLC |
|---|---|
| Servicer | NMAC |
| Depositor / Transferor | Nissan Motor Acceptance Company LLC |
| 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 | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-07-29 | 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 | 760+2 | 759 | 759 | 758 | 758 |
| WA original term mo | 37.0+0.5 | 36.0 mo | 36.0 mo | 37.0 mo | 37.0 mo |
| WA Residual % MSRP | 43.8% | 52.9% | 49.5% | 50.1% | 52.5% |
| ALG-marked residuals | — | 99.8% | 100.0% | 100.0% | 100.0% |
| WA Securitization Value | $20,554 | $30,043 | $26,224 | $27,756 | $27,991 |
| Top-3 model concentration | 70.4% | 42.2% | 50.3% | 50.5% | 51.8% |
| 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% |
| Structure (at issuance) | |||||
| AAA spread | +36 bps−9bps | +45 bps | +47 bps | — | +41 bps |
| AAA % of pool | 83.2%+17.5pp | 79.9% | 65.8% | 65.6% | 63.4% |
| Initial OC | — | 12.10% | 11.15% | 11.60% | 13.25% |
| Target OC | — | — | — | — | — |
| Subordination below AAA | 7.0%+1.6pp | 7.7% | 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 | 7 | 6 |
| NALT 2026-B | FCALT 2026-B | PILOT 2026-1 | GMALT 2026-2 | BMWLT 2026-1 | WOALT 2026-A | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | — | — | — | $1,543.7MM | $1,727.1MM | — |
| WA Lessee Credit Score | 760−20 | 763 | 796 | 780 | 792 | 741 |
| WA original term mo | 37.0+1.0 | 37.2 mo | 35.0 mo | 35.0 mo | 36.0 mo | 37.7 mo |
| WA Residual % MSRP | 43.8% | — | — | 53.1% | 48.3% | 58.4% |
| ALG-marked residuals | — | 90.1% | — | 92.9% | 100.0% | — |
| WA Securitization Value | $20,554 | — | — | $35,221 | $56,395 | — |
| Top-3 model concentration | 70.4% | — | — | 37.4% | 20.7% | — |
| Geo top-3 | NY 14.8% NJ 14.4% FL 10.9% | MI 29.3% NY 10.6% CA 9.1% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +36 bps−2bps | — | +35 bps | +39 bps | +37 bps | +43 bps |
| AAA % of pool | 83.2%+7.9pp | — | 84.2% | 62.5% | 72.4% | 78.1% |
| Initial OC | — | — | — | 10.00% | 13.15% | — |
| Target OC | — | — | — | 11.00% | 15.65% | — |
| Subordination below AAA | 7.0%+3.1pp | — | 0.0% | 7.7% | 0.0% | 9.4% |
| Total Hard CE (Initial) | — | — | — | 18.94% | 13.40% | — |
| Total Hard CE (Target) | — | — | — | 19.94% | 15.90% | — |
| Discount rate | — | — | — | 10.00% | 10.75% | — |
| Tranches | 7 | 8 | 5 | 7 | 5 | 7 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.