Nissan Auto Receivables Trust Files 10-K, Confirms Compliance

TL;DR

This 10-K is a routine compliance check for Nissan's auto loan securitization, confirming everything is in order for investors in the 2022-A Trust.

AI Summary

The Nissan Auto Receivables 2022-A Owner Trust, an asset-backed securities issuer, filed its 10-K for the fiscal year ended March 31, 2025. This trust, sponsored by Nissan Motor Acceptance Company LLC, is primarily involved in securitizing auto loans. As an issuing entity, its financial performance is directly tied to the underlying auto loan portfolio, rather than traditional revenue or net income figures. The filing confirms the trust has met all Section 13 or 15(d) reporting requirements for the preceding 12 months and has submitted all required Interactive Data Files. The trust is classified as a non-accelerated filer, indicating its size and public float. Key business changes or strategic outlook are not applicable in the traditional sense for this type of entity, as its purpose is to hold and service a static pool of auto receivables. Risks are primarily related to the performance of the underlying auto loan collateral, including default rates and prepayment speeds, which can impact cash flows to investors.

Why It Matters

This 10-K filing provides transparency for investors holding asset-backed securities issued by Nissan Auto Receivables 2022-A Owner Trust, ensuring they have current information on the trust's compliance and operational status. For the broader market, it signals the continued functioning of the auto loan securitization market, a critical component of consumer credit and auto sales. Employees of Nissan Motor Acceptance Company LLC are indirectly affected as the sponsor's ability to securitize loans impacts its liquidity and lending capacity. Customers are not directly impacted by this specific trust's filing, but the health of the securitization market generally supports competitive auto financing options. In a competitive landscape, consistent compliance helps maintain investor confidence in Nissan's securitization programs.

Risk Assessment

Risk Level: low — The risk level is low because the filing primarily confirms compliance with SEC reporting requirements for an existing asset-backed security trust. The trust has filed all required reports under Section 13 or 15(d) and submitted all Interactive Data Files, indicating strong regulatory adherence. As an issuing entity for auto loans, its inherent risks are tied to the performance of the underlying collateral, which is not detailed as a new or heightened concern in this specific compliance-focused 10-K.

Analyst Insight

Investors in Nissan Auto Receivables 2022-A Owner Trust should view this filing as a positive signal of ongoing compliance and operational stability. No immediate action is required based on this routine filing, but investors should continue to monitor future servicer reports for performance metrics of the underlying auto loan pool.

Financial Highlights

debt To Equity

Not Disclosed

revenue

Not Disclosed

operating Margin

Not Disclosed

total Assets

Not Disclosed

total Debt

Not Disclosed

net Income

Not Disclosed

eps

Not Disclosed

gross Margin

Not Disclosed

cash Position

Not Disclosed

revenue Growth

Not Disclosed

Key Numbers

• March 31, 2025 — Fiscal Year End (The period covered by this annual report.)
• 0001905655 — Issuing Entity CIK (Unique identifier for Nissan Auto Receivables 2022-A Owner Trust.)
• 333-255899-02 — Commission File Number (SEC identifier for the Issuing Entity's registration statement.)

Key Players & Entities

• Nissan Auto Receivables 2022-A Owner Trust (company) — issuing entity
• Nissan Auto Receivables Company LLC II (company) — depositor
• Nissan Motor Acceptance Company LLC (company) — sponsor
• SEC (regulator) — regulatory body
• March 31, 2025 (date) — fiscal year end
• 0001905655 (other) — Central Index Key of issuing entity
• 333-255899-02 (other) — Commission file number of Issuing Entity
• One Nissan Way, Franklin, Tennessee 37067 (other) — principal executive offices address
• 615-725-1121 (other) — registrant's telephone number

FAQ

Risk Factors

• Performance of Underlying Auto Loans [high — financial]: The primary risk to the trust is the performance of the underlying auto loan portfolio. Delinquencies and defaults on these loans can reduce the cash flow available to pay investors. For example, if a significant portion of borrowers stop making payments, the trust's ability to meet its obligations will be impaired.
• Prepayment Speeds [medium — financial]: Faster-than-expected prepayment speeds on the auto loans can negatively impact investor returns. When loans are paid off early, investors receive their principal back sooner than anticipated, potentially at a lower yield than if the loan had continued to maturity. This is particularly relevant in a declining interest rate environment.
• Economic Downturn Impact [high — market]: A general economic downturn could lead to increased unemployment and reduced consumer spending, directly impacting the ability of auto loan borrowers to make their payments. This could result in higher delinquency and default rates for the collateral pool.
• Servicing and Administration [medium — operational]: The trust relies on Nissan Motor Acceptance Company LLC and its servicers to properly manage the auto loan portfolio. Any failures in servicing, such as misapplication of payments or inadequate collection efforts, could lead to losses for the trust and its investors.

Industry Context

The auto finance industry is characterized by intense competition among lenders and a reliance on the performance of the underlying vehicle collateral. Trends include evolving consumer preferences for vehicle types, the impact of economic conditions on loan origination and repayment, and the increasing role of technology in loan servicing and customer interaction. The securitization market, while a vital source of funding, is sensitive to credit market conditions and investor appetite for risk.

Regulatory Implications

As an issuing entity for asset-backed securities, the trust is subject to SEC reporting requirements, including the annual filing of Form 10-K. Compliance with these regulations ensures transparency for investors. The trust's operations are also indirectly affected by regulations governing consumer lending and financial institutions, which can influence loan origination standards and servicing practices.

What Investors Should Do

1. Monitor Delinquency and Default Rates
2. Analyze Prepayment Trends
3. Review Servicer's Performance

Key Dates

• 2025-03-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, encompassing the performance of the auto loan portfolio.
• 2025-06-27: 10-K Filing Date — The date the annual report was officially submitted to the SEC, providing investors with audited financial information and disclosures.

Glossary

Asset-Backed Securities (ABS)

Securities that are backed by a pool of assets such as loans, leases, or credit card debt. In this case, the assets are auto loans. (This is the core business of the Nissan Auto Receivables 2022-A Owner Trust, which issues ABS backed by auto loan receivables.)

Receivables

Money owed to a business by its customers for goods or services that have been delivered or used but not yet paid for. In this context, it refers to the outstanding balances on auto loans. (The trust's primary assets are these auto loan receivables.)

Securitization

The process of pooling various types of contractual debt, such as mortgages, auto loans, or credit card debt, and selling their related cash flows to third-party investors as securities. (This is the fundamental activity of the trust, which securitizes auto loans originated by Nissan Motor Acceptance Company LLC.)

Non-Accelerated Filer

A category of filer with the SEC that is not required to meet the accelerated filer or large accelerated filer requirements, typically due to its smaller public float and market capitalization. (Indicates the size and reporting obligations of the Nissan Auto Receivables 2022-A Owner Trust.)

Depositor

An entity that transfers assets to a trust in a securitization transaction. Here, Nissan Auto Receivables Company LLC II acts as the depositor. (The depositor plays a crucial role in the securitization process by originating or acquiring the assets and transferring them to the issuing trust.)

Sponsor

The entity that initiates and manages the securitization process, often the originator of the underlying assets. Nissan Motor Acceptance Company LLC is the sponsor. (The sponsor's creditworthiness and operational capabilities are indirectly linked to the performance of the securitized assets.)

Year-Over-Year Comparison

As this is the first 10-K filing for the Nissan Auto Receivables 2022-A Owner Trust, a direct comparison of key metrics to a previous year's filing is not possible. However, investors should note that the trust is classified as a non-accelerated filer, indicating its current size and reporting status. Future filings will allow for year-over-year analysis of portfolio performance and risk factor evolution.

Filing Details

This Form 10-K (Form 10-K) was filed with the SEC on June 27, 2025 regarding Nissan Auto Receivables 2022-A Owner Trust.

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR