Nissan Auto Receivables Trust Files 10-K, Confirms Compliance

TL;DR

**Nissan's 2022-B auto loan trust is ticking along, confirming compliance and steady operations, which is a neutral signal for ABS investors.**

AI Summary

The Nissan Auto Receivables 2022-B Owner Trust filed its 10-K for the fiscal year ended March 31, 2025, confirming its status as a non-accelerated filer and compliance with all Section 13 or 15(d) reporting requirements. The trust, sponsored by Nissan Motor Acceptance Company LLC, is an asset-backed securities issuer focused on auto loans. While specific revenue and net income figures are not detailed in the provided excerpt, the filing indicates the trust's operational continuity in managing its securitized auto loan portfolio. Key business changes are not explicitly stated, but the consistent filing suggests ongoing administration of the 2022-B securitization. Risks typically involve credit performance of the underlying auto loans, interest rate fluctuations, and prepayment speeds, though these are not quantified in the excerpt. The strategic outlook remains focused on the efficient servicing and collection of its auto loan assets, ensuring timely distributions to investors.

Why It Matters

This 10-K filing confirms the ongoing compliance and operational status of the Nissan Auto Receivables 2022-B Owner Trust, providing transparency for investors holding its asset-backed securities. For investors, it signals that the underlying auto loan portfolio is being managed as expected, maintaining the integrity of their investment. Employees of Nissan Motor Acceptance Company LLC are indirectly impacted as their servicing activities are validated through these filings. In the broader market, this filing contributes to the stability and transparency of the auto asset-backed securities sector, a competitive space where investor confidence is paramount.

Risk Assessment

Risk Level: low — The risk level is low because the filing indicates full compliance with SEC reporting requirements, including Section 13 or 15(d) of the Securities Exchange Act of 1934, and electronic submission of all Interactive Data Files. The trust is a non-accelerated filer, which typically implies a more stable, established reporting process for its specific asset class.

Analyst Insight

Investors should view this filing as a confirmation of routine operations and compliance for the Nissan Auto Receivables 2022-B Owner Trust. No immediate action is required based solely on this compliance filing, but investors should continue to monitor the trust's performance reports for specific metrics on loan delinquencies and prepayments.

Key Numbers

• March 31, 2025 — Fiscal Year End (The period covered by this 10-K report.)
• 0001941405 — Issuing Entity CIK (Unique identifier for Nissan Auto Receivables 2022-B Owner Trust.)
• 0001129068 — Depositor CIK (Unique identifier for Nissan Auto Receivables Company LLC II.)
• 0001540639 — Sponsor CIK (Unique identifier for Nissan Motor Acceptance Company LLC.)
• 333-255899-03 — Commission File Number (SEC registration number for the Issuing Entity.)
• 615-725-1121 — Business Phone Number (Contact number for the registrant.)

Key Players & Entities

• Nissan Auto Receivables 2022-B Owner Trust (company) — Issuing Entity
• Nissan Motor Acceptance Company LLC (company) — Sponsor
• Nissan Auto Receivables Company LLC II (company) — Depositor
• SEC (regulator) — Securities and Exchange Commission
• March 31, 2025 (date) — Fiscal year end
• 0001941405 (company) — Issuing entity CIK
• 0001129068 (company) — Depositor CIK
• 0001540639 (company) — Sponsor CIK
• 333-255899-03 (regulator) — Commission file number of Issuing Entity
• One Nissan Way, Franklin, Tennessee 37067 (company) — Principal executive offices address

FAQ

Risk Factors

• Credit Risk of Underlying Auto Loans [high — financial]: The primary risk stems from the creditworthiness of the borrowers of the auto loans securitized in the 2022-B trust. Defaults or delinquencies by these borrowers can lead to losses for the trust and its investors. The performance of these loans is directly tied to economic conditions affecting consumer ability to repay.
• Interest Rate Fluctuations [medium — market]: Changes in prevailing interest rates can impact the value of the securitized assets and the cost of financing for the trust. Unexpected increases in interest rates could negatively affect the trust's ability to meet its payment obligations to investors.
• Prepayment Speeds [medium — market]: The rate at which borrowers prepay their auto loans affects the timing and amount of principal payments received by the trust. Faster-than-expected prepayments can lead to reinvestment risk at lower rates, while slower prepayments can extend the life of the securities.
• Servicing and Collection Performance [medium — operational]: The efficiency of Nissan Motor Acceptance Company LLC in servicing the auto loans, including collection efforts, is critical. Any operational failures or inefficiencies in these processes could impact the cash flows available for distribution to investors.

Industry Context

The auto finance industry is characterized by its reliance on consumer credit and sensitivity to economic cycles. Securitization, as employed by Nissan Auto Receivables 2022-B Owner Trust, is a common practice for generating liquidity and managing risk in this sector. Key trends include evolving consumer preferences for vehicle financing, increasing use of technology in loan origination and servicing, and ongoing regulatory scrutiny.

Regulatory Implications

As a registrant with the SEC, the trust must adhere to strict reporting requirements, including the annual filing of Form 10-K. Compliance with securities laws and regulations is paramount to maintain investor confidence and market access. The trust's status as a non-accelerated filer simplifies some reporting obligations but does not diminish the need for accurate and timely disclosures.

What Investors Should Do

1. Monitor underlying loan performance metrics.
2. Evaluate interest rate sensitivity.
3. Review servicing reports from Nissan Motor Acceptance Company LLC.

Key Dates

• 2025-03-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, providing a snapshot of the trust's financial status and operations.
• 2025-06-27: 10-K Filing Date — The date the annual report was officially submitted to the SEC, making the information publicly available to investors and analysts.

Glossary

Owner Trust

A legal entity created to hold assets, such as auto loans, for the benefit of its certificate holders (investors). (Nissan Auto Receivables 2022-B Owner Trust is the issuing entity for the securitized auto loans.)

Asset-Backed Securities (ABS)

Securities whose value and income payments are derived from and collateralized by a specified pool of underlying assets. (The trust issues ABS backed by a pool of auto loans.)

Depositor

An entity that transfers assets to a trust in exchange for trust certificates, which are then sold to investors. (Nissan Auto Receivables Company LLC II is the depositor for this trust.)

Sponsor

The entity that originates or purchases the assets to be securitized and facilitates the securitization process. (Nissan Motor Acceptance Company LLC is the sponsor, indicating its role in originating the auto loans.)

Non-Accelerated Filer

A filer that meets certain criteria, including a public float of less than $75 million, and is not required to file quarterly reports or comply with certain other SEC regulations. (Confirms the trust's reporting status and associated regulatory obligations.)

CIK

Central Index Key, a unique identifier assigned to each entity that files with the SEC. (Used to identify the issuing entity, depositor, and sponsor.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended March 31, 2025. As a securitization trust, year-over-year comparisons of traditional financial metrics like revenue growth or net income are not directly applicable in the same way as for operating companies. The primary focus for investors would be on the performance of the underlying auto loan portfolio and any changes in risk factors or servicing operations compared to prior periods, which are not detailed in this excerpt.

Filing Details

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

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR