| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 279.0 | 19.6% | 4.25% | 0.27 | 5.51% | +12 I-curve | 2025-05-15 | P-1 | F1+ |
| Class A-2A | 145.0 | 10.2% | 4.25% | 1.01 | 5.47% | +39 I-curve | 2026-12-15 | Aaa | AAA |
| Class A-2B | 293.0 | 20.6% | 4.25% | 1.01 | floating | +38 SOFR | 2026-12-15 | Aaa | AAA |
| Class A-3 | 438.0 | 30.8% | 4.25% | 2.26 | 5.28% | +58 I-curve | 2028-12-15 | Aaa | AAA |
| Class A-4 | 95.0 | 6.7% | 4.25% | 3.62 | 5.18% | +67 I-curve | 2031-04-15 | Aaa | AAA |
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 Receivables Company II LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Lloyds Securities, Wells Fargo Securities, BNP Paribas Securities, BofA Securities, U.S. Bancorp Investments, Mizuho Securities |
| NAROT 2024-A | NAROT 2023-B | NAROT 2023-A | NAROT 2022-B | NAROT 2022-A | NAROT 2021-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-05-22 | 2023-10-25 | 2023-04-26 | 2022-09-28 | 2022-02-23 | 2021-06-23 | 424B5 |
| Pool balance | $1,424.1MM | $1,449.7MM | $1,460.5MM | $1,477.8MM | $1,142.1MM | $1,113.8MM | 424B5 |
| WA Credit Score | 780−3 | 780 | 786 | 782 | 783 | 783 | 424B5 |
| WA APR | 4.81%+2.41pp | 3.61% | 3.25% | 2.40% | 1.37% | 1.65% | 424B5 |
| WA original term mo | — | — | — | — | — | — | 424B5 |
| % new vehicles | 10.5% | 9.3% | 7.8% | 7.6% | 7.8% | 7.7% | 424B5 |
| Geo top-3 | TX 17.8% FL 9.5% CA 6.6% | TX 13.6% CA 11.2% IL 6.0% | CA 7.2% TX 6.2% IL 6.0% | CA 11.4% TX 9.5% FL 7.2% | TX 16.8% CA 14.6% FL 9.0% | TX 15.2% CA 11.1% FL 6.5% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.25%0.00pp | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | calc |
| Enhancement, target | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | calc |
| OC (initial) | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 424B5 |
| OC target | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 424B5 |
| OC floor | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 8.57% | 10.18% | 10.85% | 11.89% | 8.79% | 6.48% | 424B5 |
| Pricing | |||||||
| AAA spread | +58 bps+1bps A-3 · 2.3y | +85 bps A-3 · 2.2y | +85 bps A-3 · 2.3y | +57 bps A-3 · 2.4y | +8 bps A-2 · 1.0y | +5 bps A-3 · 2.2y | FWP |
| Terms | |||||||
| Tranches | 5 | 5 | 5 | 4 | 4 | 4 | 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.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| NAROT 2024-A | WOART 2024-B | HAROT 2024-2 | TAOT 2024-B | GMCAR 2024-2 | HART 2024-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-05-22 | 2024-05-22 | 2024-05-21 | 2024-04-30 | 2024-04-10 | 2024-03-20 | 424B5 |
| Pool balance | $1,424.1MM | $1,335.1MM | $2,159.3MM | $1,876.3MM | $1,654.1MM | $1,812.8MM | 424B5 |
| WA Credit Score | 780+13 | 757 | 769 | 767 | 784 | 766 | 424B5 |
| WA APR | 4.81%−0.89pp | 7.32% | 4.74% | 5.70% | 6.23% | 5.70% | 424B5 |
| WA original term mo | — | 68.3 mo | 63.2 mo | 66.0 mo | 68.0 mo | 66.6 mo | 424B5 |
| % new vehicles | 10.5% | 95.3% | 86.0% | 86.7% | 87.7% | 95.8% | 424B5 |
| Geo top-3 | TX 17.8% FL 9.5% CA 6.6% | FL 43.8% GA 19.9% NC 16.8% | CA 16.6% TX 9.9% MD 6.1% | CA 23.9% TX 15.3% IL 4.6% | TX 14.4% FL 7.1% NY 5.3% | TX 12.9% FL 11.5% CA 6.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.25%−0.50pp | 4.75% | 2.75% | 2.75% | 6.10% | 7.55% | calc |
| Enhancement, target | 4.25% | 5.65% | — | 3.60% | 6.60% | 8.05% | calc |
| Subordinate notes | 0.0%−4.4pp | 4.5% | 0.0% | 2.5% | 4.4% | 4.8% | calc |
| OC (initial) | 4.00% | 0.00% | 2.50% | 0.00% | 1.50% | 2.50% | 424B5 |
| OC target | 4.00% | 0.90% | — | 0.85% | 2.00% | 3.00% | 424B5 |
| OC floor | 4.00% | 0.50% | — | 0.85% | 2.00% | 3.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 8.57% | 7.70% | n.a. | 6.73% | 5.27% | 6.82% | 424B5 |
| Pricing | |||||||
| AAA spread | +58 bps0bps A-3 · 2.3y | +65 bps A-3 · 2.7y | +58 bps A-3 · 2.3y | +55 bps A-3 · 2.5y | +57 bps A-3 · 2.5y | +63 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 5 | 7 | 4 | 6 | 8 | 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.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (161 series across 9 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
Nissan Motor Acceptance Company LLC — ticker NAROT.
Peer tier: prime.
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FICO sub-band and new/used stratification.