| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 279.0 | 20.2% | 4.25% | 0.28 | 3.97% | +12 I-curve | 2026-12-15 | P-1 | F1+ |
| Class A-2A | 280.0 | 20.3% | 4.25% | 1.01 | 4.00% | +38 I-curve | 2028-07-15 | Aaa | AAA |
| Class A-2B | 120.0 | 8.7% | 4.25% | 1.01 | floating | +38 SOFR | 2028-07-15 | Aaa | AAA |
| Class A-3 | 462.0 | 33.4% | 4.25% | 2.25 | 3.99% | +45 I-curve | 2030-04-15 | Aaa | AAA |
| Class A-4 | 87.9 | 6.4% | 4.25% | 3.54 | 4.02% | +45 I-curve | 2031-05-15 | Aaa | AAA |
| Class B | 21.1 | 1.5% | 2.60% | 3.81 | 4.28% | +70 I-curve | 2032-04-15 | 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 | Wilmington Trust, National Association |
| Owner Trustee | Services LLC |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BNP Paribas Securities, Wells Fargo Securities, BofA Securities, Lloyds Securities, U.S. Bancorp Investments, Mizuho Securities |
| NAROT 2025-B | NAROT 2025-A | NAROT 2024-B | NAROT 2024-A | NAROT 2023-B | NAROT 2023-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-11-25 | 2025-05-27 | 2024-10-23 | 2024-05-22 | 2023-10-25 | 2023-04-26 | 424B5 |
| Pool balance | $1,381.3MM | $1,668.5MM | $1,397.8MM | $1,424.1MM | $1,449.7MM | $1,460.5MM | 424B5 |
| WA Credit Score | 795+12 | 789 | 783 | 780 | 780 | 786 | 424B5 |
| WA APR | 4.60%+0.14pp | 4.46% | 4.63% | 4.81% | 3.61% | 3.25% | 424B5 |
| WA original term mo | — | — | — | — | — | — | 424B5 |
| % new vehicles | 10.0% | 6.9% | 10.0% | 10.5% | 9.3% | 7.8% | 424B5 |
| Geo top-3 | TX 17.5% FL 7.4% CA 6.5% | 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% | 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 | 1.6%+1.6pp | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | calc |
| OC (initial) | 2.35% | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% | 424B5 |
| OC target | 2.35% | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% | 424B5 |
| OC floor | 2.35% | 2.50% | 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 | 7.33% | 7.79% | 6.85% | 8.57% | 10.18% | 10.85% | 424B5 |
| Pricing | |||||||
| AAA spread | +45 bps−13bps A-3 · 2.2y | +58 bps 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 | FWP |
| Terms | |||||||
| Tranches | 6 | 6 | 5 | 5 | 5 | 5 | 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-B | FCAOT 2025-C | VALET 2025-2 | HAROT 2025-4 | HART 2025-D | GMCAR 2025-4 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-11-25 | 2025-11-25 | 2025-11-25 | 2025-11-12 | 2025-11-12 | 2025-11-05 | 424B5 |
| Pool balance | $1,381.3MM | $1,096.6MM | $1,141.3MM | $2,483.2MM | $2,171.9MM | $951.1MM | 424B5 |
| WA Credit Score | 795+22 | 752 | 773 | 769 | 773 | 781 | 424B5 |
| WA APR | 4.60%−0.55pp | 5.15% | 5.03% | 4.93% | 5.36% | 6.53% | 424B5 |
| WA original term mo | — | 65.9 mo | — | 61.9 mo | 67.9 mo | 13.0 mo | 424B5 |
| % new vehicles | 10.0% | 93.7% | 78.4% | 86.0% | 99.9% | 87.9% | 424B5 |
| Geo top-3 | TX 17.5% FL 7.4% CA 6.5% | TX 16.6% CA 8.8% FL 8.4% | TX 14.2% CA 11.5% FL 7.3% | CA 16.9% TX 9.9% FL 6.5% | TX 13.1% FL 10.2% CA 8.0% | TX 14.1% FL 7.1% CA 7.0% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.25%−1.00pp | 5.25% | 4.25% | 2.75% | 7.55% | 6.10% | calc |
| Enhancement, target | 4.25% | 7.25% | 5.00% | — | 8.05% | 6.10% | calc |
| Subordinate notes | 1.6%−1.5pp | 5.0% | 0.0% | 0.0% | 4.8% | 3.1% | calc |
| OC (initial) | 2.35% | 0.00% | 4.00% | 2.50% | 2.50% | 2.75% | 424B5 |
| OC target | 2.35% | 2.00% | 4.75% | — | 3.00% | 2.75% | 424B5 |
| OC floor | 2.35% | 2.00% | 4.75% | — | 3.00% | 2.75% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 7.33% | 4.01% | 8.73% | n.a. | 5.68% | 2.68% | 424B5 |
| Pricing | |||||||
| AAA spread | +45 bps+7bps A-3 · 2.2y | +35 bps A-3 · 2.3y | +38 bps A-3 · 2.3y | +39 bps A-3 · 2.3y | +39 bps A-3 · 2.4y | +38 bps A-3 · 2.6y | FWP |
| Terms | |||||||
| Tranches | 6 | 7 | 5 | 5 | 7 | 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 (199 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.
Open the performance page ↗ for
FICO sub-band and new/used stratification.