Nissan Auto Lease Trust 2024-A Files 10-K

TL;DR

**This 10-K is a routine compliance filing for an ABS trust, offering no immediate red flags but also no growth catalysts for investors; it's a 'hold' for existing bondholders.**

AI Summary

Nissan Auto Lease Trust 2024-A, 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 focuses on the performance of its underlying auto lease portfolio. The trust's primary business is the securitization of auto leases originated by Nissan Motor Acceptance Company LLC. Key business changes include the ongoing administration of the securitized assets and distributions to investors. Risks are primarily associated with the performance of the underlying auto leases, including default rates and residual value risk, though specific dollar amounts for these risks are not detailed in this summary filing. The strategic outlook involves the continued servicing of the existing lease portfolio and adherence to regulatory requirements for asset-backed securities.

Why It Matters

This 10-K provides transparency into the performance of the Nissan Auto Lease Trust 2024-A, a crucial component of the asset-backed securities market. Investors holding these securities rely on this filing to assess the health of the underlying auto lease portfolio and the stability of their income streams. For Nissan Motor Acceptance Company LLC, the sponsor, the trust's performance reflects on its ability to manage credit risk and residual values, impacting its future funding costs and competitive position in auto financing. The broader market watches these filings for indicators of consumer credit health and trends in the automotive lease sector.

Risk Assessment

Risk Level: low — The risk level is low because Nissan Auto Lease Trust 2024-A is an asset-backed securities issuer, primarily a pass-through entity. Its operations are limited to administering the securitized auto leases, and the filing indicates compliance with all reporting requirements, including filing all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Analyst Insight

Investors in Nissan Auto Lease Trust 2024-A should review the full 10-K for detailed performance metrics of the underlying auto lease portfolio, such as delinquency rates and loss experience, to ensure the trust's performance aligns with their investment expectations. This filing primarily confirms ongoing compliance and administrative status, suggesting no immediate need for portfolio adjustments based solely on this summary.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• March 31, 2025 — Fiscal Year End (The period covered by this annual report.)
• 333-258304-06 — Commission File Number (Unique identifier for the Issuing Entity's SEC filings.)
• 615-725-1127 — Registrant's Telephone Number (Contact information for the Issuing Entity.)
• 10-K — Form Type (The specific SEC filing type for this annual report.)
• 0001193125-25-151124 — Accession Number (Unique identifier for this specific SEC filing.)

Key Players & Entities

• Nissan Auto Lease Trust 2024-A (company) — Issuing Entity
• Nissan Auto Leasing LLC II (company) — Depositor
• Nissan Motor Acceptance Company LLC (company) — Sponsor
• SEC (regulator) — Securities and Exchange Commission
• Delaware (company) — State of incorporation for Issuing Entity
• Franklin, Tennessee (company) — Principal executive offices location
• 0001999583 (regulator) — Central Index Key Number of Issuing Entity
• 0001244832 (regulator) — Central Index Key Number of Depositor
• 0001540639 (regulator) — Central Index Key Number of Sponsor
• 93-6839626 (company) — I.R.S. Employer Identification No. of Issuing Entity

FAQ

Risk Factors

• Credit Risk of Underlying Leases [high — financial]: The primary risk stems from the performance of the auto leases. Defaults by lessees can lead to losses for the trust if the recovered value of the repossessed vehicle is less than the outstanding lease balance. The trust's performance is directly tied to the creditworthiness of the lessees and the residual value of the vehicles.
• Residual Value Risk [high — market]: The value of the leased vehicles at the end of the lease term (residual value) is a critical component of the securitization structure. A decline in used car market values, driven by economic factors or increased supply, could result in lower-than-expected proceeds from vehicle sales, impacting investor returns.
• Servicing and Administration Risk [medium — operational]: The trust relies on Nissan Motor Acceptance Company LLC (NMAC) as the servicer. Any operational failures, inadequate servicing practices, or financial instability of the servicer could negatively affect the collection of lease payments and the management of repossessed vehicles, impacting the trust's cash flows.
• Compliance with Securitization Regulations [medium — regulatory]: As an asset-backed issuer, the trust must comply with various regulations, including those related to disclosure, risk retention, and consumer protection. Non-compliance could lead to fines, penalties, or reputational damage.

Industry Context

The auto lease securitization market is a significant component of the broader ABS market. It is influenced by macroeconomic conditions, consumer credit availability, and the used vehicle market. Competition exists among various auto manufacturers and independent finance companies to securitize their lease portfolios.

Regulatory Implications

The trust operates under the purview of SEC regulations for asset-backed securities. Key areas of focus include disclosure requirements, potential risk retention rules, and consumer protection laws that govern auto financing and leasing.

What Investors Should Do

1. Monitor lease performance metrics, particularly delinquency and default rates, as detailed in subsequent filings or investor reports, to assess credit risk.
2. Evaluate the impact of used vehicle market trends on residual values, as this directly affects the potential recovery on defaulted leases and the overall return on investment.
3. Review the financial health and operational capabilities of the servicer, Nissan Motor Acceptance Company LLC, as their performance is critical to the trust's cash flow generation.

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 underlying 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. (Nissan Auto Lease Trust 2024-A 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 corporate income tax. (The trust operates as a pass-through entity, meaning its financial performance is directly reflected in the returns to its investors.)

Securitization

The process of pooling various types of contractual debt, such as mortgages, auto loans, or credit card debt, and selling these pools to third-party investors as securities. (This is the core business of Nissan Auto Lease Trust 2024-A, which securitizes auto leases originated by Nissan Motor Acceptance Company LLC.)

Residual Value

The estimated value of an asset at the end of its lease term or useful life. (Crucial for auto leases, as it impacts the expected recovery value of the vehicle and the overall profitability of the lease.)

Servicer

The entity responsible for managing the day-to-day operations of the underlying assets, including collecting payments, handling delinquencies, and repossessing assets. (Nissan Motor Acceptance Company LLC acts as the servicer for the leases in the trust.)

Year-Over-Year Comparison

As this is the initial 10-K filing for Nissan Auto Lease Trust 2024-A, a direct comparison of key metrics to a previous year's filing is not possible. Future filings will provide year-over-year performance data for the underlying lease portfolio and the trust's financial structure.

Filing Details

This Form 10-K (Form 10-K) was filed with the SEC on June 27, 2025 regarding Nissan Auto Lease Trust 2024-A.

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR