| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 126.0 | 9.1% | 17.90% | 0.30 | 5.44% | +12 I-curve | 2025-08-15 | P-1 | F1+ |
| Class A-2a | 220.0 | 15.9% | 17.90% | 1.40 | 5.05% | +42 I-curve | 2027-06-15 | Aaa | AAA |
| Class A-2b | 253.2 | 18.3% | 17.90% | 1.40 | floating | +41 SOFR | 2027-06-15 | Aaa | AAA |
| Class A-3 | 473.2 | 34.2% | 17.90% | 2.38 | 4.92% | +61 I-curve | 2027-11-15 | Aaa | AAA |
| Class A-4 | 68.7 | 5.0% | 17.90% | 2.70 | 4.96% | +73 I-curve | 2028-08-15 | Aaa | AAA |
| Class B | 58.8 | 4.3% | 13.65% | 2.76 | 5.21% | +100 I-curve | 2028-12-15 | Aa2 | 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 Leasing LLC II |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BNP Paribas Securities, Wells Fargo Securities, BofA Securities, Lloyds Securities, U.S. Bancorp Investments, Citigroup Global Markets |
Earliest Nissan Auto Lease Trust transaction in our coverage — no prior issuance to compare.
| NALT 2024-B | FCALT 2024-B | MBALT 2024-A | GMALT 2024-2 | WOALT 2024-A | Source | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-07-24 | 2024-07-23 | 2024-05-23 | 2024-05-16 | 2024-04-17 | 424B5 |
| Pool balance | $1,383.3MM | $1,560.5MM | $1,450.0MM | $1,521.8MM | $991.2MM | 424B5 |
| WA Lessee Credit Score | 758−14 | 764 | 787 | 781 | 747 | 424B5 |
| WA original term mo | 37.0−0.1 | 35.8 mo | 41.6 mo | 35.0 mo | 38.3 mo | 424B5 |
| WA Residual % MSRP | 52.5% | 49.2% | 45.0% | 53.1% | 57.4% | calc |
| ALG-marked residuals | 100.0% | 81.3% | 89.4% | 96.0% | 100.0% | calc |
| WA Securitization Value | $29,865 | $34,117 | $55,129 | $32,378 | $29,019 | calc |
| Top-3 model concentration | 51.8% | 52.2% | 21.3% | 37.9% | 34.1% | calc |
| Geo top-3 | FL 11.6% CA 11.6% TX 7.3% | MI 38.7% NY 11.6% CA 6.7% | CA 29.3% FL 14.8% NY 13.1% | MI 29.3% NY 16.1% FL 8.5% | FL 62.5% NC 15.7% GA 7.7% | 424B5 |
| Enhancement beneath the AAA term notes | ||||||
| Enhancement, initial | 17.90%−0.18pp | 20.15% | 12.50% | 19.15% | 17.00% | calc |
| Enhancement, target | — | 22.95% | 12.50% | 21.65% | 18.75% | calc |
| Subordinate notes | 4.3%−3.6pp | 12.9% | 0.0% | 10.9% | 4.7% | calc |
| Initial OC | 13.25% | 7.00% | 12.25% | 8.00% | 11.75% | 424B5 |
| Target OC | — | 9.80% | 12.25% | 10.50% | 13.50% | 424B5 |
| Reserve account | 0.40% | 0.25% | 0.25% | 0.25% | 0.50% | 424B5 |
| Pricing | ||||||
| AAA spread | +61 bps−1bps A-3 · 2.4y | +60 bps A-3 · 2.0y | +63 bps A-3 · 2.3y | +62 bps A-3 · 2.0y | +64 bps A-3 · 2.3y | FWP |
| Terms | ||||||
| Discount rate | 10.00% | 10.25% | 11.35% | 9.50% | 10.80% | 424B5 |
| Tranches | 6 | 8 | 5 | 8 | 6 | 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.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 101.90% |
|---|---|
| Realized G/L (% of scheduled) | 1.90% |
| Returned vehicles to date | 11,705 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.