| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 342.8 | 20.5% | 69.4% | 4.49% fxd | 0.29 | 2026-06-15 | P-1 | F1+ |
| Class A-2-A | 339.6 | 20.4% | 49.0% | 4.50% fxd | 1.07 | 2028-02-15 | Aaa | AAA |
| Class A-2-B | 185.0 | 11.1% | 37.9% | +45 bps SOFR | 1.07 | 2028-02-15 | Aaa | AAA |
| Class A-3 | 524.5 | 31.4% | 6.5% | 4.49% fxd | 2.38 | 2029-12-15 | Aaa | AAA |
| Class A-4 | 85.0 | 5.1% | 1.4% | 4.57% fxd | 3.64 | 2030-11-15 | Aaa | AAA |
| Class B | 23.1 | 1.4% | 0.0% | 4.79% fxd | 3.80 | 2031-10-15 | Aa3 | AA |
| 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 | BNP Paribas Securities, Lloyds Securities, BofA Securities, Wells Fargo Securities, U.S. Bancorp Investments, Mizuho Securities |
| NAROT 2025-A | NAROT 2024-B | NAROT 2024-A | NAROT 2023-B | NAROT 2023-A | NAROT 2022-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-05-27 | 2024-10-23 | 2024-05-22 | 2023-10-25 | 2023-04-26 | 2022-09-28 |
| Pool balance | $1,668.5MM | $1,397.8MM | $1,424.1MM | $1,449.7MM | $1,460.5MM | $1,477.8MM |
| WA Credit Score | 789+7 | 783 | 780 | 780 | 786 | 782 |
| WA APR | 4.46%+0.85pp | 4.62% | 4.85% | 3.61% | 3.25% | 2.39% |
| WA original term mo | — | — | — | — | — | — |
| % new vehicles | 6.9% | 10.0% | 10.5% | 9.3% | 7.8% | 7.6% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | TX 14.8% FL 7.3% CA 6.7% | TX 17.1% FL 8.8% CA 6.2% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +45 bps−8bps | +38 bps | +38 bps | +59 bps | +65 bps | +53 bps |
| AAA % of pool | 68.0%+1.7pp | 67.6% | 68.2% | 61.9% | 65.0% | 66.3% |
| Subordination below AAA | 1.4%+1.4pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
| OC target | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
| OC floor | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
| YSOC | 7.79% | 6.85% | 8.57% | 8.14% | 8.68% | 9.52% |
| Tranches | 6 | 5 | 5 | 5 | 5 | 4 |
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 2025-A | GMCAR 2025-2 | WOART 2025-B | HAROT 2025-2 | TAOT 2025-B | FCAOT 2025-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-05-27 | 2025-05-14 | 2025-05-14 | 2025-05-08 | 2025-04-30 | 2025-03-25 |
| Pool balance | $1,668.5MM | $984.2MM | $1,281.8MM | $2,483.1MM | $1,988.8MM | $1,668.4MM |
| WA Credit Score | 789+20 | 782 | 756 | 769 | 769 | 755 |
| WA APR | 4.46%−1.36pp | 5.82% | 6.49% | 4.89% | 6.05% | 4.81% |
| WA original term mo | — | 69.0 mo | 67.9 mo | 62.1 mo | 65.7 mo | 64.8 mo |
| % new vehicles | 6.9% | 87.9% | 96.4% | 86.1% | 88.0% | 94.3% |
| Reserve % | 0.25% | 0.24% | 0.24% | 0.25% | 0.25% | 0.24% |
| Geo top-3 | TX 14.8% FL 7.3% CA 6.7% | TX 12.2% FL 7.7% NY 6.2% | FL 47.7% GA 18.7% NC 15.4% | CA 16.9% TX 9.9% FL 6.2% | CA 20.9% TX 16.8% IL 4.0% | TX 15.6% CA 8.9% FL 8.8% |
| Structure (at issuance) | ||||||
| AAA spread | +45 bps−2bps | +45 bps | +47 bps | +48 bps | +54 bps | +41 bps |
| AAA % of pool | 68.0%−3.8pp | 73.0% | 70.1% | 72.8% | 71.7% | 71.0% |
| Subordination below AAA | 1.4%−1.6pp | 3.0% | 4.3% | 0.0% | 2.4% | 4.7% |
| OC (initial) | 2.50% | 2.75% | — | — | 0.85% | 2.00% |
| OC target | 2.50% | 2.75% | 0.90% | — | 0.85% | 2.00% |
| OC floor | 2.50% | 2.75% | 0.50% | — | 0.85% | 2.00% |
| YSOC | 7.79% | 2.86% | 5.38% | 5.43% | 4.46% | 5.36% |
| Tranches | 6 | 7 | 7 | 5 | 6 | 7 |
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 (187 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.