| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 276.0 | 19.2% | 4.25% | 0.25 | 4.23% | +14 I-curve | 2027-10-15 | P-1 | F1+ |
| Class A-2A | 364.6 | 25.3% | 4.25% | 1.01 | 4.70% | +33 I-curve | 2029-07-15 | Aaa | AAA |
| Class A-2B | 80.0 | 5.6% | 4.25% | 1.01 | floating | +33 SOFR | 2029-07-15 | Aaa | AAA |
| Class A-3 | 444.6 | 30.9% | 4.25% | 2.31 | 5.07% | +38 I-curve | 2031-04-15 | Aaa | AAA |
| Class A-4 | 81.5 | 5.7% | 4.25% | 3.55 | 5.15% | +41 I-curve | 2032-04-15 | Aaa | AAA |
| Class B | 21.4 | 1.5% | 2.60% | 3.79 | 5.32% | +58 I-curve | 2032-06-15 | Aa3 | AA+ |
| Class C | 17.5 | 1.2% | 1.25% | 3.79 | 5.52% | +78 I-curve | 2034-06-15 | A3 | 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 | Mizuho Securities, BNP Paribas Securities, BofA Securities, U.S. Bancorp Investments, Citigroup Global Markets, Lloyds Securities, MUFG Securities Americas |
| NAROT 2026-B | NAROT 2026-A | NAROT 2025-B | NAROT 2025-A | NAROT 2024-B | NAROT 2024-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-09-30 | 2026-05-27 | 2025-11-25 | 2025-05-27 | 2024-10-23 | 2024-05-22 | 424B5 |
| Pool balance | $1,440.0MM | $1,394.8MM | $1,381.3MM | $1,668.5MM | $1,397.8MM | $1,424.1MM | 424B5 |
| WA Credit Score | 784−3 | 787 | 795 | 789 | 783 | 780 | 424B5 |
| WA APR | 4.03%−0.57pp | 4.44% | 4.60% | 4.46% | 4.63% | 4.81% | 424B5 |
| WA original term mo | — | — | — | — | — | — | 424B5 |
| % new vehicles | 4.5% | 10.9% | 10.0% | 6.9% | 10.0% | 10.5% | 424B5 |
| Geo top-3 | FL 7.5% CA 6.4% GA 4.0% | 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% | 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%+1.5pp | 3.0% | 1.6% | 1.5% | 0.0% | 0.0% | calc |
| OC (initial) | 1.00% | 1.00% | 2.35% | 2.50% | 4.00% | 4.00% | 424B5 |
| OC target | 1.00% | 1.00% | 2.35% | 2.50% | 4.00% | 4.00% | 424B5 |
| OC floor | 1.00% | 1.00% | 2.35% | 2.50% | 4.00% | 4.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 9.81% | 8.14% | 7.33% | 7.79% | 6.85% | 8.57% | 424B5 |
| Pricing | |||||||
| AAA spread | +38 bps−9bps A-3 · 2.3y | +44 bps 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 | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 6 | 6 | 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-B | FCAOT 2026-C | HART 2026-C | WOART 2026-C | BMWOT 2026-A | HAROT 2026-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-09-30 | 2026-09-28 | 2026-09-23 | 2026-08-26 | 2026-08-19 | 2026-08-12 | 424B5 |
| Pool balance | $1,440.0MM | $1,663.6MM | $2,306.5MM | $1,084.4MM | $1,895.5MM | $2,159.3MM | 424B5 |
| WA Credit Score | 784+14 | 753 | 774 | 758 | 788 | 770 | 424B5 |
| WA APR | 4.03%−1.10pp | 5.13% | 4.49% | 5.74% | 5.36% | 4.94% | 424B5 |
| WA original term mo | — | 66.5 mo | 65.9 mo | 69.0 mo | 65.1 mo | 62.7 mo | 424B5 |
| % new vehicles | 4.5% | 92.9% | 99.9% | 98.5% | 70.5% | 86.1% | 424B5 |
| Geo top-3 | FL 7.5% CA 6.4% GA 4.0% | TX 17.7% FL 8.9% CA 8.6% | TX 13.0% FL 9.6% CA 8.6% | FL 46.2% GA 18.6% NC 15.4% | CA 15.9% TX 13.2% FL 10.9% | CA 16.1% TX 10.0% NY 5.8% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.25%−0.50pp | 5.25% | 7.55% | 4.75% | 2.75% | 2.75% | calc |
| Enhancement, target | 4.25% | 7.25% | 8.05% | 5.65% | 2.75% | — | calc |
| Subordinate notes | 3.0%−1.5pp | 5.0% | 4.8% | 4.5% | 0.0% | 0.0% | calc |
| OC (initial) | 1.00% | 0.00% | 2.50% | 0.00% | 2.50% | 2.50% | 424B5 |
| OC target | 1.00% | 2.00% | 3.00% | 0.90% | 2.50% | — | 424B5 |
| OC floor | 1.00% | 2.00% | 3.00% | 0.50% | 2.50% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 9.81% | 5.09% | 8.12% | 6.76% | 5.31% | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +38 bps0bps A-3 · 2.3y | +37 bps A-3 · 2.3y | +38 bps A-3 · 2.4y | +43 bps A-3 · 2.6y | +39 bps A-3 · 2.4y | +36 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 7 | 7 | 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.
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 (221 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.