| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 260.0 | 18.6% | 4.25% | 0.27 | 3.80% | +14 I-curve | 2027-06-15 | P-1 | F1+ |
| Class A-2a | 240.0 | 17.2% | 4.25% | 1.03 | 4.19% | +43 I-curve | 2029-03-15 | Aaa | AAA |
| Class A-2b | 198.1 | 14.2% | 4.25% | 1.03 | floating | +43 SOFR | 2029-03-15 | Aaa | AAA |
| Class A-3 | 438.1 | 31.4% | 4.25% | 2.33 | 4.47% | +44 I-curve | 2030-12-15 | Aaa | AAA |
| Class A-4 | 93.8 | 6.7% | 4.25% | 3.60 | 4.64% | +53 I-curve | 2032-03-15 | Aaa | AAA |
| Class B | 21.1 | 1.5% | 2.60% | 3.88 | 4.87% | +75 I-curve | 2032-03-15 | Aa3 | AA |
| Class C | 17.3 | 1.2% | 1.25% | 3.88 | 5.07% | +95 I-curve | 2034-02-15 | A2 | A |
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 | Wilmington Trust, National Association (“ |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Wells Fargo Securities, MUFG Securities Americas, Mizuho Securities, U.S. Bancorp Investments, BNP Paribas Securities, BofA Securities, Citigroup Global Markets, Lloyds Securities |
| NAROT 2026-A | NAROT 2025-B | NAROT 2025-A | NAROT 2024-B | NAROT 2024-A | NAROT 2023-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-05-27 | 2025-11-25 | 2025-05-27 | 2024-10-23 | 2024-05-22 | 2023-10-25 | 424B5 |
| Pool balance | $1,394.8MM | $1,381.3MM | $1,668.5MM | $1,397.8MM | $1,424.1MM | $1,449.7MM | 424B5 |
| WA Credit Score | 787+4 | 795 | 789 | 783 | 780 | 780 | 424B5 |
| WA APR | 4.44%−0.16pp | 4.60% | 4.46% | 4.63% | 4.81% | 3.61% | 424B5 |
| WA original term mo | — | — | — | — | — | — | 424B5 |
| % new vehicles | 10.9% | 10.0% | 6.9% | 10.0% | 10.5% | 9.3% | 424B5 |
| Geo top-3 | FL 6.8% CA 6.3% GA 3.7% | 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% | 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 | 3.0%+3.0pp | 1.6% | 1.5% | 0.0% | 0.0% | 0.0% | calc |
| OC (initial) | 1.00% | 2.35% | 2.50% | 4.00% | 4.00% | 4.00% | 424B5 |
| OC target | 1.00% | 2.35% | 2.50% | 4.00% | 4.00% | 4.00% | 424B5 |
| OC floor | 1.00% | 2.35% | 2.50% | 4.00% | 4.00% | 4.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 8.14% | 7.33% | 7.79% | 6.85% | 8.57% | 10.18% | 424B5 |
| Pricing | |||||||
| AAA spread | +44 bps−14bps A-3 · 2.3y | +45 bps 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 | FWP |
| Terms | |||||||
| Tranches | 7 | 6 | 6 | 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 2026-A | MBART 2026-1 | HAROT 2026-2 | WOART 2026-B | TAOT 2026-B | GMCAR 2026-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-05-27 | 2026-05-20 | 2026-05-13 | 2026-05-13 | 2026-04-21 | 2026-04-15 | 424B5 |
| Pool balance | $1,394.8MM | $1,469.0MM | $2,159.3MM | $1,406.0MM | $2,000.6MM | $1,335.0MM | 424B5 |
| WA Credit Score | 787+17 | 780 | 768 | 759 | 770 | 777 | 424B5 |
| WA APR | 4.44%−1.35pp | 6.37% | 4.99% | 5.79% | 5.57% | 6.81% | 424B5 |
| WA original term mo | — | 62.4 mo | 61.9 mo | 68.6 mo | 66.0 mo | 70.0 mo | 424B5 |
| % new vehicles | 10.9% | 48.1% | 86.1% | 98.1% | 87.6% | 80.8% | 424B5 |
| Geo top-3 | FL 6.8% CA 6.3% GA 3.7% | CA 20.4% FL 14.8% TX 14.0% | CA 15.3% TX 9.9% NY 6.2% | FL 45.9% GA 18.6% NC 15.2% | CA 24.1% TX 16.1% AZ 3.6% | TX 14.2% FL 7.1% CA 6.7% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.25%+1.50pp | 2.75% | 2.75% | 4.75% | 2.75% | 6.10% | calc |
| Enhancement, target | 4.25% | 2.75% | — | 5.65% | 3.60% | 6.10% | calc |
| Subordinate notes | 3.0%+0.5pp | 0.0% | 0.0% | 4.5% | 2.5% | 3.1% | calc |
| OC (initial) | 1.00% | 2.50% | 2.50% | 0.00% | 0.00% | 2.75% | 424B5 |
| OC target | 1.00% | 2.50% | — | 0.90% | 0.85% | 2.75% | 424B5 |
| OC floor | 1.00% | 2.50% | — | 0.50% | 0.85% | 2.75% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 8.14% | 5.33% | n.a. | 6.38% | 5.03% | 2.19% | 424B5 |
| Pricing | |||||||
| AAA spread | +44 bps+5bps A-3 · 2.3y | +41 bps A-3 · 2.3y | +39 bps A-3 · 2.4y | +46 bps A-3 · 2.6y | +39 bps A-3 · 2.5y | +39 bps A-3 · 2.7y | FWP |
| Terms | |||||||
| Tranches | 7 | 5 | 5 | 7 | 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 (213 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.