Nissan Auto Receivables Trust Files 10-K, Confirms Compliance

TL;DR

**Nissan's auto loan trust is ticking along, confirming compliance, but the real action is in the underlying loan performance, not this boilerplate.**

AI Summary

The Nissan Auto Receivables 2023-A Owner Trust filed its 10-K for the fiscal year ended March 31, 2025, confirming its status as an asset-backed securities issuer focused on auto loans. As a statutory trust, it does not report traditional revenue or net income, but rather manages a pool of auto loan receivables. The filing indicates compliance with all Section 13 or 15(d) reporting requirements of the Securities Exchange Act of 1934, having filed all reports during the preceding 12 months. Key business changes are not applicable as the trust's primary function is to hold and service the securitized auto loans. Risks are inherently tied to the performance of the underlying auto loan portfolio, including default rates and prepayment speeds, though specific dollar amounts for these risks are not detailed in the provided excerpt. The strategic outlook remains consistent with its purpose: to provide investors with returns from the cash flows generated by the auto loan receivables.

Why It Matters

This 10-K filing is crucial for investors holding asset-backed securities issued by Nissan Auto Receivables 2023-A Owner Trust, as it confirms the trust's ongoing compliance with SEC reporting requirements for the fiscal year ended March 31, 2025. For employees of Nissan Motor Acceptance Company LLC, the sponsor, it signifies continued operational stability in their securitization programs. Customers are indirectly affected as the trust's performance underpins the financing options offered by Nissan. In the broader market, this filing provides transparency into a segment of the auto loan securitization market, offering competitive context for other ABS issuers and investors evaluating similar instruments.

Risk Assessment

Risk Level: low — The risk level is low because the filing primarily confirms compliance with regulatory requirements, indicating the trust has filed all necessary reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months. There are no indications of non-compliance or significant operational issues within the provided excerpt. The trust is also a non-accelerated filer, suggesting a stable, established reporting cadence.

Analyst Insight

Investors should view this filing as a routine compliance update, confirming the trust's adherence to SEC regulations. They should focus their due diligence on the underlying performance data of the auto loan portfolio, such as delinquency rates and prepayment speeds, which are typically detailed in other reports like monthly servicer statements, rather than this administrative 10-K.

Key Numbers

• 20250331 — Conformed Period of Report (Indicates the fiscal year ended March 31, 2025, for which the 10-K is filed.)
• 333-255899-04 — Commission File Number (Identifies the specific registration statement for the issuing entity, Nissan Auto Receivables 2023-A Owner Trust.)
• 92-6555297 — I.R.S. Employer Identification No. (Unique tax identifier for the Issuing Entity, Nissan Auto Receivables 2023-A Owner Trust.)
• 615-725-1121 — Registrant's Telephone Number (Direct contact number for the Issuing Entity's principal executive offices.)

Key Players & Entities

• Nissan Auto Receivables 2023-A Owner Trust (company) — Issuing Entity
• Nissan Auto Receivables Company LLC II (company) — Depositor
• Nissan Motor Acceptance Company LLC (company) — Sponsor
• SEC (regulator) — Securities and Exchange Commission
• 0001971902 (dollar_amount) — Central Index Key Number of issuing entity
• 0001129068 (dollar_amount) — Central Index Key Number of depositor
• 0001540639 (dollar_amount) — Central Index Key Number of sponsor
• March 31, 2025 (date) — Fiscal year end
• Delaware (location) — State of incorporation for Issuing Entity
• Franklin, Tennessee (location) — Principal executive offices

FAQ

Industry Context

The auto loan securitization market is a significant component of the broader asset-backed securities (ABS) industry. Issuers like Nissan Auto Receivables 2023-A Owner Trust play a crucial role in providing liquidity to auto finance companies by pooling loans and selling them to investors. The market is influenced by interest rate environments, consumer credit quality, and overall economic conditions affecting auto sales and loan performance.

Regulatory Implications

As a statutory trust issuing ABS, the Nissan Auto Receivables 2023-A Owner Trust is subject to SEC reporting requirements, including the filing of this 10-K. Compliance with Section 13 or 15(d) of the Securities Exchange Act of 1934 is mandatory. The trust must also adhere to regulations concerning the disclosure of risks associated with the underlying auto loan portfolio.

What Investors Should Do

1. Monitor underlying auto loan performance metrics.
2. Review any future filings for changes in risk factors or trust operations.

Key Dates

• 2025-03-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2025-06-27: 10-K Filing Date — The date the annual report was officially submitted to the SEC.

Glossary

Asset-Backed Securities (ABS)

Securities that are backed by a pool of assets such as loans, leases, or credit card debt. (The Nissan Auto Receivables 2023-A Owner Trust is an issuer of ABS, specifically backed by auto loans.)

Owner Trust

A legal entity created to hold assets, typically for the benefit of security holders, often used in securitization. (This is the legal structure of the Nissan Auto Receivables 2023-A Owner Trust, indicating its role in holding the 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. (The trust's primary function is to manage and hold auto loan receivables.)

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (This document is the annual report filed by the Nissan Auto Receivables 2023-A Owner Trust.)

Depositor

An entity that transfers assets to a trust in a securitization transaction. (Nissan Auto Receivables Company LLC II is identified as the depositor for this trust.)

Sponsor

The entity that initiates and organizes a securitization transaction, often the originator of the assets. (Nissan Motor Acceptance Company LLC is the sponsor of this securitization.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended March 31, 2025. As the trust's primary function is to hold auto loan receivables, traditional year-over-year financial metric comparisons (like revenue growth or net income) are not applicable in the same way as for operating companies. The focus for investors would be on the consistency of operations and the performance of the underlying asset pool, which are not detailed in this excerpt for comparison.

Filing Details

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

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR