| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 342.8 | 20.5% | 4.25% | 0.29 | 4.49% | +15 I-curve | 2026-06-15 | P-1 | F1+ |
| Class A-2-A | 339.6 | 20.4% | 4.25% | 1.07 | 4.50% | — | 2028-02-15 | Aaa | AAA |
| Class A-2-B | 185.0 | 11.1% | 4.25% | 1.07 | floating | +45 SOFR | 2028-02-15 | Aaa | AAA |
| Class A-3 | 524.5 | 31.4% | 4.25% | 2.38 | 4.49% | +58 I-curve | 2029-12-15 | Aaa | AAA |
| Class A-4 | 85.0 | 5.1% | 4.25% | 3.64 | 4.57% | +63 I-curve | 2030-11-15 | Aaa | AAA |
| Class B | 23.1 | 1.4% | 2.75% | 3.80 | 4.79% | +85 I-curve | 2031-10-15 | Aa3 | AA |
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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,668.5MM | $1,397.8MM | $1,424.1MM | $1,449.7MM | $1,460.5MM | $1,477.8MM | 424B5 |
| WA Credit Score | 789+7 | 783 | 780 | 780 | 786 | 782 | 424B5 |
| WA APR | 4.46%+0.85pp | 4.63% | 4.81% | 3.61% | 3.25% | 2.40% | 424B5 |
| WA original term mo | — | — | — | — | — | — | 424B5 |
| % new vehicles | 6.9% | 10.0% | 10.5% | 9.3% | 7.8% | 7.6% | 424B5 |
| 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% | 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 | 1.5%+1.5pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | calc |
| OC (initial) | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 424B5 |
| OC target | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 424B5 |
| OC floor | 2.50% | 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 | 7.79% | 6.85% | 8.57% | 10.18% | 10.85% | 11.89% | 424B5 |
| Pricing | |||||||
| AAA spread | +58 bps0bps A-3 · 2.4y | +47 bps A-3 · 2.2y | +58 bps A-3 · 2.3y | +85 bps A-3 · 2.2y | +85 bps A-3 · 2.3y | +57 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 6 | 5 | 5 | 5 | 5 | 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 2025-A | GMCAR 2025-2 | WOART 2025-B | HAROT 2025-2 | TAOT 2025-B | FCAOT 2025-A | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,668.5MM | $984.2MM | $1,281.8MM | $2,483.1MM | $1,988.8MM | $1,668.4MM | 424B5 |
| WA Credit Score | 789+20 | 782 | 756 | 769 | 769 | 755 | 424B5 |
| WA APR | 4.46%−1.59pp | 6.75% | 6.49% | 4.89% | 6.05% | 4.80% | 424B5 |
| WA original term mo | — | 69.0 mo | 67.9 mo | 62.1 mo | 65.7 mo | 64.8 mo | 424B5 |
| % new vehicles | 6.9% | 87.9% | 96.4% | 86.1% | 88.0% | 94.3% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.25%−0.50pp | 6.10% | 4.75% | 2.75% | 2.75% | 5.25% | calc |
| Enhancement, target | 4.25% | 6.10% | 5.65% | — | 3.60% | 7.25% | calc |
| Subordinate notes | 1.5%−1.6pp | 3.1% | 4.5% | 0.0% | 2.5% | 5.0% | calc |
| OC (initial) | 2.50% | 2.75% | 0.00% | 2.50% | 0.00% | 0.00% | 424B5 |
| OC target | 2.50% | 2.75% | 0.90% | — | 0.85% | 2.00% | 424B5 |
| OC floor | 2.50% | 2.75% | 0.50% | — | 0.85% | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 7.79% | 2.86% | 5.38% | n.a. | 4.46% | 5.36% | 424B5 |
| Pricing | |||||||
| AAA spread | +58 bps+4bps A-3 · 2.4y | +53 bps A-3 · 2.4y | +61 bps A-3 · 2.7y | +54 bps A-3 · 2.4y | +57 bps A-3 · 2.5y | +48 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 6 | 7 | 7 | 5 | 6 | 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 (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.