Nissan Auto Lease Trust 2023-B Files 10-K, Confirms Compliance

TL;DR

Nissan Auto Lease Trust 2023-B's 10-K is a clean bill of health, confirming regulatory compliance and steady operations for its auto lease-backed securities.

AI Summary

Nissan Auto Lease Trust 2023-B, an asset-backed securities issuer, filed its 10-K for the fiscal year ended March 31, 2025. As a pass-through entity, it does not report traditional revenue or net income, but rather manages cash flows from a pool of auto leases originated by Nissan Motor Acceptance Company LLC. The trust confirmed it has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and has been subject to these filing requirements for the past 90 days. The trust also confirmed electronic submission of all Interactive Data Files required by Rule 405 of Regulation S-T. There were no securities registered pursuant to Section 12(b) or 12(g) of the Act, and the trust is not a well-known seasoned issuer or an emerging growth company. Its primary business change involves the ongoing servicing and distribution of payments from the underlying auto lease portfolio to bondholders.

Why It Matters

This filing confirms the operational compliance of Nissan Auto Lease Trust 2023-B, a critical factor for investors holding its asset-backed securities. For investors, it signals transparency and adherence to regulatory obligations, which underpins confidence in the trust's ability to manage the underlying auto lease portfolio and distribute payments. Employees of Nissan Motor Acceptance Company LLC, the sponsor, are indirectly impacted as the trust's performance reflects on the broader financial health and securitization capabilities of Nissan's financing arm. Customers of Nissan are not directly impacted by this specific filing, but the existence of such trusts facilitates competitive auto lease financing options. The broader market benefits from the continued functioning of the asset-backed securities market, providing liquidity and diversification opportunities.

Risk Assessment

Risk Level: low — The risk level is low because the filing indicates full compliance with SEC reporting requirements, including the submission of all Interactive Data Files. As an asset-backed trust, its primary function is to pass through cash flows from a defined pool of assets, and the 10-K confirms it has met all its obligations under Section 13 or 15(d) of the Securities Exchange Act of 1934, reducing regulatory and operational uncertainty.

Analyst Insight

Investors holding Nissan Auto Lease Trust 2023-B securities should view this filing as a positive indicator of continued operational stability and regulatory adherence. No immediate action is required based on this compliance-focused report, but continued monitoring of the underlying asset performance reports is always prudent.

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.)
• 0001978414 — Issuing Entity CIK (Identifies Nissan Auto Lease Trust 2023-B for SEC filings.)
• 333-258304-05 — Commission File Number (Unique identifier for the issuing entity's SEC registration.)
• 93-6366780 — IRS Employer Identification No. (Tax identification for the Issuing Entity.)

Key Players & Entities

• Nissan Auto Lease Trust 2023-B (company) — Issuing Entity
• Nissan Auto Leasing LLC II (company) — Depositor
• Nissan Motor Acceptance Company LLC (company) — Sponsor
• SEC (regulator) — Securities and Exchange Commission
• March 31, 2025 (date) — Fiscal year end
• 0001978414 (number) — Central Index Key of Issuing Entity
• 0001244832 (number) — Central Index Key of Depositor
• 0001540639 (number) — Central Index Key of Sponsor
• 333-258304-05 (number) — Commission file number of Issuing Entity
• One Nissan Way, Franklin, Tennessee 37067 (location) — Address of principal executive offices

FAQ

Risk Factors

• Compliance with SEC Filing Requirements [medium — regulatory]: Nissan Auto Lease Trust 2023-B is subject to Section 13 or 15(d) of the Securities Exchange Act of 1934. The trust confirmed it has filed all required reports during the preceding 12 months and has been subject to these filing requirements for the past 90 days. It also confirmed electronic submission of all Interactive Data Files required by Rule 405 of Regulation S-T.
• Dependence on Nissan Motor Acceptance Company LLC [high — market]: The trust's operations are entirely dependent on the performance and origination of auto leases by Nissan Motor Acceptance Company LLC. Any adverse changes in the creditworthiness or business operations of the sponsor could directly impact the trust's asset pool and cash flows.
• Interest Rate Sensitivity [medium — financial]: As an asset-backed security trust, the value and cash flows of the underlying auto leases are sensitive to changes in interest rates. Fluctuations in market interest rates can affect the prepayment speeds of the leases and the discount rates used to value the securities, impacting returns to bondholders.
• Servicing and Payment Distribution [medium — operational]: The primary business change involves the ongoing servicing and distribution of payments from the underlying auto lease portfolio to bondholders. Any operational disruptions or inefficiencies in servicing these leases could lead to delays or shortfalls in payments to investors.

Industry Context

The auto lease securitization market is a significant component of the broader asset-backed securities industry. It allows auto finance companies to originate loans and leases, pool them, and sell them to investors, thereby freeing up capital for further origination. Key trends include evolving consumer preferences towards leasing, the impact of used car values on residual risk, and the increasing role of technology in lease management and servicing.

Regulatory Implications

As a registered issuer of securities, Nissan Auto Lease Trust 2023-B must adhere to stringent SEC reporting requirements, including timely filing of 10-K reports and interactive data. Non-compliance can lead to penalties and reputational damage. The trust's structure as a pass-through entity also has implications for how its financial performance is viewed by investors, focusing on cash flows rather than traditional corporate profitability.

What Investors Should Do

1. Review the underlying lease portfolio characteristics.
2. Monitor the servicing agent's performance.
3. Assess interest rate sensitivity.

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 lease 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 business updates.

Glossary

Asset-Backed Securities (ABS)

Securities that are backed by a pool of assets such as loans, leases, or credit card debt. The cash flows from these assets are used to pay investors. (Nissan Auto Lease Trust 2023-B is an issuer of ABS, specifically backed by auto leases.)

Pass-through entity

An entity that passes income, gains, losses, deductions, and credits through to its investors for tax purposes. It does not pay income tax itself. (The trust operates as a pass-through entity, meaning it does not report traditional revenue or net income.)

Regulation S-T

A regulation of the U.S. Securities and Exchange Commission governing the preparation and submission of filings in electronic format. (The trust confirmed compliance with Rule 405 of Regulation S-T regarding electronic submission of Interactive Data Files.)

Securities Exchange Act of 1934

A U.S. federal law regulating the secondary trading of securities, including requirements for periodic reporting by public companies and issuers. (The trust is subject to reporting requirements under Section 13 or 15(d) of this Act.)

Interactive Data Files

Machine-readable data files, typically in XBRL format, that accompany SEC filings, allowing for automated analysis of financial information. (The trust's electronic submission of these files is a key compliance point.)

Year-Over-Year Comparison

This filing represents the Nissan Auto Lease Trust 2023-B's annual report for the fiscal year ended March 31, 2025. As a securitization trust, traditional year-over-year financial metrics like revenue growth, net income, and margins are not applicable or disclosed in the same manner as operating companies. The focus remains on the performance of the underlying auto lease portfolio and compliance with regulatory filing requirements, which the trust has met for the preceding 12 months.

Filing Details

This Form 10-K (Form 10-K) was filed with the SEC on June 27, 2025 regarding Nissan Auto Lease Trust 2023-B.

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR