EX-99.1 2 d804516dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

NISSAN AUTO LEASE TRUST 2023-B

Servicer Report

 

Collection Period Start    1-Jan-25    Distribution Date   

18-Feb-25

Collection Period End    31-Jan-25    30/360 Days   

30

Beg. of Interest Period    15-Jan-25    Actual/360 Days   

34

End of Interest Period    18-Feb-25      

 

SUMMARY

             
     Coupon Rate     Initial Balance      Beginning Balance      Ending Balance      Pool Factor  

Total Portfolio

       1,220,313,316.15        609,532,907.81        568,480,740.27        0.4658482  

Total Securities

       1,220,313,316.15        609,532,907.81        568,480,740.27        0.4658482  

Class A-1 Notes

     5.475000     120,000,000.00        0.00        0.00        0.0000000  

Class A-2a Notes

     5.740000     263,800,000.00        0.00        0.00        0.0000000  

Class A-2b Notes

     5.026540     140,000,000.00        0.00        0.00        0.0000000  

Class A-3 Notes

     5.690000     351,300,000.00        264,319,591.66        223,267,424.12        0.6355463  

Class A-4 Notes

     5.610000     70,600,000.00        70,600,000.00        70,600,000.00        1.0000000  

Certificates

     0.000000     274,613,316.15        274,613,316.15        274,613,316.15        1.0000000  
     Principal Payment Due     Interest Payment      Principal per $1000 Face Amount      Interest per $1000
Face Amount
        

Class A-1 Notes

     0.00       0.00        0.0000000        0.0000000     

Class A-2a Notes

     0.00       0.00        0.0000000        0.0000000     

Class A-2b Notes

     0.00       0.00        0.0000000        0.0000000     

Class A-3 Notes

     41,052,167.54       1,253,315.40        116.8578638        3.5676499     

Class A-4 Notes

     0.00       330,055.00        0.0000000        4.6750000     

Certificates

     0.00       0.00        0.0000000        0.0000000     

Total Securities

     41,052,167.54       1,583,370.40           

 

I. COLLECTIONS

          

Lease Payments: ( Lease SUBI)

          

Monthly Principal

             7,547,945.47  

Monthly Interest

             4,737,152.17  
          

 

 

 

Total Monthly Payments

             12,285,097.64  

Interest Rate Cap Payments

             0.00  

Advances:

          

Aggregate Monthly Payment Advances

 

        427,787.66  

Aggregate Sales Proceeds Advance

 

        13,264,189.04  
          

 

 

 

Total Advances

             13,691,976.70  

Vehicle Disposition Proceeds:

          

Repurchase Payments

             0.00  

Recoveries

             0.00  

Net Liquidation Proceeds (includes Reallocation Payments and Net Auction Proceeds)

 

          35,700,614.69  

Excess Wear and Tear and Excess Mileage

 

        209,949.57  

Remaining Payoffs

             0.00  

Net Insurance Proceeds

             694,920.90  

Residual Value Surplus

             1,144,690.17  
          

 

 

 

Total Collections

             63,727,249.67  
Vehicle Disposition Activity for the current month - Terminated and Sold (included
in Vehicle Disposition Proceeds)
    Reallocation
Payments
and Net Auction
Proceeds
    Net Insurance
Sales
    Lease Payoffs     Count  

Early Termination

       8,775,179.00           351  

Involuntary Repossession

       424,835.33           19  

Voluntary Repossession

       244,381.00           11  

Full Termination

       14,377,937.00           557  

Bankruptcty

       —            —   

Insurance Payoff

         680,945.55         27  

Customer Payoff

           883,727.41       35  

Grounding Dealer Payoff

           11,335,985.79       496  

Dealer Purchase

           23,386.80       1  
    

 

 

   

 

 

   

 

 

   

 

 

 

Total

       23,822,332.33       680,945.55       12,243,100.00       1,497  

II. COLLATERAL POOL BALANCE DATA

 

       
     Number     Book Amount     Discount
Rate
    Securitization
Value
       

Pool Balance - Beginning of Period

     23,693       727,336,989.42       7.00000     609,532,907.81    

Total Depreciation Received

       (7,130,536.38       (8,610,623.60  

Principal Amount of Gross Losses

     (59     (1,727,684.25       (1,465,247.27  

Repurchase / Reallocation

     0       0.00         0.00    

Early Terminations

     (292     (9,151,479.98       (7,533,098.97  

Scheduled Terminations

     (1,042     (28,139,811.18       (23,443,197.70  
  

 

 

   

 

 

     

 

 

   

Pool Balance - End of Period

     22,300       681,187,477.63         568,480,740.27    

Remaining Pool Balance

          

Lease Payment

           118,258,574.40    

Residual Value

           450,222,165.87    
        

 

 

   

Total

           568,480,740.27    

III. DISTRIBUTIONS

 

   

Total Collections

 

      63,727,249.67  

Reserve Amounts Available for Distribution

 

      0.00  
   

 

 

 

Total Available for Distribution

 

      63,727,249.67  

1. Amounts due Indenture Trustee as Compensation or Indemnity

 

      0.00  

2. Reimbursement of Payment Advance

 

      655,874.18  

3. Reimbursement of Sales Proceeds Advance

 

      15,982,781.11  

4. Servicing Fee:

 

   

Servicing Fee Due

 

      507,944.09  

Servicing Fee Paid

 

      507,944.09  

Servicing Fee Shortfall

 

      0.00  
   

 

 

 

Total Trustee, Advances and Servicing Fee Paid

 

      17,146,599.38  


NISSAN AUTO LEASE TRUST 2023-B

Servicer Report

 

5. Interest:

  

Class A-1 Notes Monthly Interest

  

Class A-1 Notes Interest Carryover Shortfall

     0.00  

Class A-1 Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-1 Notes Monthly Available Interest Distribution Amount

     0.00  

Class A-1 Notes Monthly Interest Paid

     0.00  

Chg in Class A-1 Notes Int. Carryover Shortfall

     0.00  

Class A-2a Notes Monthly Interest

  

Class A-2a Notes Interest Carryover Shortfall

     0.00  

Class A-2a Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-2a Notes Monthly Available Interest Distribution Amount

     0.00  

Class A-2a Notes Monthly Interest Paid

     0.00  

Chg in Class A-2a Notes Int. Carryover Shortfall

     0.00  

Class A-2b Notes Monthly Interest

  

Class A-2b Notes Interest Carryover Shortfall

     0.00  

Class A-2b Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-2b Notes Monthly Available Interest Distribution Amount

     0.00  

Class A-2b Notes Monthly Interest Paid

     0.00  

Chg in Class A-2b Notes Int. Carryover Shortfall

     0.00  

Class A-3 Notes Monthly Interest

  

Class A-3 Notes Interest Carryover Shortfall

     0.00  

Class A-3 Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-3 Notes Monthly Available Interest Distribution Amount

     1,253,315.40  

Class A-3 Notes Monthly Interest Paid

     1,253,315.40  

Chg in Class A-3 Notes Int. Carryover Shortfall

     0.00  

Class A-4 Monthly Interest

  

Class A-4 Notes Interest Carryover Shortfall

     0.00  

Class A-4 Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-4 Notes Monthly Available Interest Distribution Amount

     330,055.00  

Class A-4 Notes Monthly Interest Paid

     330,055.00  

Chg in Class A-4 Notes Int. Carryover Shortfall

     0.00  

Certificate Monthly Interest

  

Certificate Interest Carryover Shortfall

     0.00  

Certificate Interest on Interest Carryover Shortfall

     0.00  

Certificate Monthly Available Interest Distribution Amount

     0.00  

Certificate Monthly Interest Paid

     0.00  

Chg in Certificate Int. Carryover Shortfall

     0.00  

Total Note and Certificate Monthly Interest

  

Total Note and Certificate Monthly Interest Due

     1,583,370.40  

Total Note and Certificate Monthly Interest Paid

     1,583,370.40  

Total Note and Certificate Interest Carryover Shortfall

     0.00  

Chg in Total Note and Certificate Int. Carryover Shortfall

     0.00  

Total Available for Principal Distribution

     44,997,279.89  

6. Total Monthly Principal Paid on the Notes

  

Total Monthly Principal Paid on the Class A Notes

     41,052,167.54  

Total Class A Noteholders’ Principal Carryover Shortfall

     0.00  

Total Class A Noteholders’ Principal Distributable Amount

     41,052,167.54  

Chg in Total Class A Noteholders’ Principal Carryover Shortfall

     0.00  

7. Total Monthly Principal Paid on the Certificates

     0.00  

Total Certificateholders’ Principal Carryover Shortfall

     0.00  

Total Certificateholders’ Principal Distributable Amount

     0.00  

Chg in Total Certificateholders’ Principal Carryover Shortfall

     0.00  

Remaining Available Collections

     3,945,112.35  

IV. RESERVE ACCOUNT

  

Initial Reserve Account Amount

     4,881,253.26  

Required Reserve Account Amount

     6,101,566.58  

Beginning Reserve Account Balance

     6,101,566.58  

Additional Cash Infusion

     0.00  

Reinvestment Income for the Period

     0.00  

Reserve Fund Available for Distribution

     6,101,566.58  

Reserve Fund Draw Amount

     0.00  

Deposit of Remaining Available Collections

     3,945,112.35  

Gross Reserve Account Balance

     10,046,678.93  

Remaining Available Collections Released to Seller

     3,945,112.35  

Total Ending Reserve Account Balance

     6,101,566.58  


NISSAN AUTO LEASE TRUST 2023-B

Servicer Report

 

V. POOL STATISTICS       

Weighted Average Remaining Maturity

         10.26  

Monthly Prepayment Speed

         74

Lifetime Prepayment Speed

         58
           $     units  

Recoveries of Defaulted and Casualty Receivables

       1,497,093.39    

Securitization Value of Defaulted Receivables and Casualty Receivables

       1,465,247.27       59  

Aggregate Defaulted and Casualty Gain (Loss)

       31,846.12    

Pool Balance at Beginning of Collection Period

       609,532,907.81    

Net Loss Ratio

      

Current Collection Period

       0.0052  

Preceding Collection Period

       -0.0895  

Second Preceding Collection Period

       0.0266  

Third Preceding Collection Period

       -0.0033  

Cumulative Net Losses for all Periods

       0.1270     1,549,880.81  
     % of BOP Pool Balance     Amount     Number  

Delinquent Receivables:

      

31-60 Days Delinquent

     0.91     5,531,839.49       219  

61-90 Days Delinquent

     0.32     1,960,660.06       79  

91-120 Days Delinquent

     0.07     446,389.04       20  

More than 120 Days

     0.02     113,432.84       5  
    

 

 

   

 

 

 

Total Delinquent Receivables:

     1.32     8,052,321.43       323  
           Amount     Number  

61+ Days Delinquencies as Percentage of Receivables

      

Current Collection Period

       0.41     0.44

Preceding Collection Period

       0.43     0.46

Second Preceding Collection Period

       0.38     0.41

Third Preceding Collection Period

       0.31     0.34

60 Day Delinquent Receivables

       2,662,517.11    

Delinquency Percentage

       0.44  

Delinquency Trigger

       4.40  

Does the Delinquency Percentage exceed the Delinquency Trigger?

       No    
           $     units  

Aggregate Sales Performance of Auctioned Vehicles

      

Sales Proceeds

       23,153,116.00       908  

Securitization Value

       23,034,174.24       908  
    

 

 

   

Aggregate Residual Value Surplus (Loss)

       118,941.76    
           $     units  

Cumulative Sales Performance of Auctioned Vehicles

      

Cumulative Sales Proceeds

       175,387,390.35       6,813  

Cumulative Securitization Value

       176,728,732.41       6,813  
    

 

 

   

Cumulative Residual Value Surplus (Loss)

       (1,341,342.06  
    

 

 

   
VI. RECONCILIATION OF ADVANCES       

Beginning Balance of Residual Advance

         24,051,573.43  

Reimbursement of Outstanding Advance

         15,982,781.11  

Additional Advances for current period

         13,264,189.04  
      

 

 

 

Ending Balance of Residual Advance

         21,332,981.36  
      

 

 

 

Beginning Balance of Payment Advance

         1,544,922.61  

Reimbursement of Outstanding Payment Advance

         655,874.18  

Additional Payment Advances for current period

         427,787.66  
      

 

 

 

Ending Balance of Payment Advance

         1,316,836.09  
      

 

 

 
VII. STATEMENTS TO NOTEHOLDERS       

1. Has there been any material change in practices with respect to charge-offs, collection and management of delinquent Leases, and the effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience?

 

    NO  

2. Have there been any material modifications, extensions or waivers to Lease terms, fees, penalties or payments during the Collection Period?

 

    NO  

3. Have there been any material breaches of representations, warranties or covenants contained in the Leases?

 

    NO  

4. Has there been any new issuance of notes or other securities backed by the Series Assets?

 

    NO  

5. Has there been any material additions, removals or substitutions of Series Assets, or repurchases of Series Assets?

 

    NO  

6. Has there been any material change in the underwriting, origination or acquisition of Leases?

 

    NO  

VIII. CREDIT RISK RETENTION

On the Closing Date, Nissan Auto Leasing LLC II, the depositor, an affiliate of Nissan Motor Acceptance Company LLC (“NMAC”), the sponsor, retained a sufficient portion of the Certificates to satisfy the obligations of NMAC under the requirements of (a) the SEC’s credit risk retention rules codified at 17 C.F.R. Part 246 (“Regulation RR”) and (b) the EU Risk Retention Requirements and the UK Risk Retention Requirements (each as defined in the preliminary prospectus for the Notes dated June 13, 2023 (the “Preliminary Prospectus”). The portion of Certificates being retained to satisfy the EU Risk Retention Requirements and the UK Risk Retention Requirements is referred to herein as the “Retained Interest”.

NMAC, as “originator” for the purposes of the EU Risk Retention Requirements and the UK Risk Retention Requirements, currently retains a material net economic interest that is not less than 5% in the securitization transaction described in the Preliminary Prospectus, in the form of retention of the first loss tranche in accordance with paragraph (d) of Article 6(3) of the EU Securitization Regulation and paragraph (d) of Article 6(3) of the UK Securitization Regulation (each as defined in the Preliminary Prospectus), in each case as in effect on the Closing Date, by holding all the membership interest in the depositor, which in turn holds Certificates representing at least 5% of the aggregate nominal value of the leases and related leased vehicles.

NMAC has not sold, hedged or otherwise mitigated its credit risk under or associated with the Retained Interest (and has not permitted the depositor or any of its other affiliates to sell, hedge or otherwise mitigate its credit risk under or associated with the Retained Interest) except to the extent permitted in accordance with the EU Risk Retention Requirements and the UK Risk Retention Requirements or Regulation RR.

NMAC has not changed the manner in which it retains the Retained Interest, except in accordance with the EU Risk Retention Requirements and the UK Risk Retention Requirements or Regulation RR.