| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 279.0 | 20.2% | 70.3% | 3.97% fxd | 0.28 | 2026-12-15 | P-1 | F1+ |
| Class A-2A | 280.0 | 20.3% | 50.0% | 4.00% fxd | 1.01 | 2028-07-15 | Aaa | AAA |
| Class A-2B | 120.0 | 8.7% | 41.3% | +38 bps SOFR | 1.01 | 2028-07-15 | Aaa | AAA |
| Class A-3 | 462.0 | 33.4% | 7.9% | 3.99% fxd | 2.25 | 2030-04-15 | Aaa | AAA |
| Class A-4 | 87.9 | 6.4% | 1.5% | 4.02% fxd | 3.54 | 2031-05-15 | Aaa | AAA |
| Class B | 21.1 | 1.5% | 0.0% | 4.28% fxd | 3.81 | 2032-04-15 | Aa3 | AA |
| Sponsor | Nissan Motor Acceptance Company LLC |
|---|---|
| Servicer | Nissan Motor Acceptance Company LLC |
| Depositor / Transferor | 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,381.3MM | $1,668.5MM | $1,397.8MM | $1,424.1MM | $1,449.7MM | $1,460.5MM |
| WA Credit Score | 795+12 | 789 | 783 | 780 | 780 | 786 |
| WA APR | 4.61%+0.15pp | 4.46% | 4.62% | 4.85% | 3.61% | 3.25% |
| WA original term mo | — | — | — | — | — | — |
| % new vehicles | 10.0% | 6.9% | 10.0% | 10.5% | 9.3% | 7.8% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +38 bps−7bps | +45 bps | +38 bps | +38 bps | +59 bps | +65 bps |
| AAA % of pool | 68.8%+1.2pp | 68.0% | 67.6% | 68.2% | 61.9% | 65.0% |
| Subordination below AAA | 1.5%+1.5pp | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| OC (initial) | 2.35% | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% |
| OC target | 2.35% | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% |
| OC floor | 2.35% | 2.50% | 4.00% | 4.00% | 4.00% | 4.00% |
| YSOC | 7.33% | 7.79% | 6.85% | 8.57% | 8.14% | 8.68% |
| Tranches | 6 | 6 | 5 | 5 | 5 | 5 |
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 | HART 2025-D | HAROT 2025-4 | GMCAR 2025-4 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,381.3MM | $1,096.6MM | $1,141.3MM | $2,171.9MM | $2,483.2MM | $951.1MM |
| WA Credit Score | 795+22 | 752 | 777 | 773 | 769 | 781 |
| WA APR | 4.61%−0.54pp | 5.15% | 5.02% | 5.37% | 4.93% | 5.86% |
| WA original term mo | — | 65.9 mo | — | 67.9 mo | 61.9 mo | 13.0 mo |
| % new vehicles | 10.0% | 93.7% | 78.4% | 99.9% | 86.0% | 87.9% |
| Reserve % | 0.25% | 0.24% | 0.23% | 0.25% | 0.25% | 0.25% |
| 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% | TX 13.1% FL 10.2% CA 8.0% | CA 16.9% TX 9.9% FL 6.5% | TX 14.1% FL 7.1% CA 7.0% |
| Structure (at issuance) | ||||||
| AAA spread | +38 bps+1bps | +36 bps | +37 bps | +38 bps | +38 bps | +32 bps |
| AAA % of pool | 68.8%−0.8pp | 69.3% | 69.6% | 68.3% | 74.5% | 75.6% |
| Subordination below AAA | 1.5%−1.5pp | 4.8% | 0.0% | 4.5% | 0.0% | 3.0% |
| OC (initial) | 2.35% | 2.00% | 4.00% | 3.00% | — | 2.75% |
| OC target | 2.35% | 2.00% | 4.75% | 3.00% | — | 2.75% |
| OC floor | 2.35% | 2.00% | 4.75% | 3.00% | — | 2.75% |
| YSOC | 7.33% | 4.01% | 8.73% | 5.68% | 4.76% | 2.68% |
| Tranches | 6 | 7 | 5 | 7 | 5 | 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 (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.
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FICO sub-band and new/used stratification.