Nissan Auto Receivables Trust Files 10-K, Confirms Compliance

TL;DR

**Nissan's auto loan trust is just ticking boxes, confirming compliance, so expect steady payments for bondholders.**

AI Summary

Nissan Auto Receivables 2024-A Owner Trust, 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 a pool of auto loan receivables. 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 requirements for the past 90 days. It also confirmed electronic submission of all Interactive Data Files pursuant to Rule 405 of Regulation S-T. The trust is classified as a non-accelerated filer, indicating a smaller public float or lower reporting burden compared to larger entities. Key business changes are not applicable as the trust's primary function is static asset management. Risks are primarily related to the performance of the underlying auto loan collateral, though specific default rates or credit enhancements are not detailed in this summary. The strategic outlook remains focused on the timely distribution of principal and interest to investors.

Why It Matters

This filing confirms the Nissan Auto Receivables 2024-A Owner Trust's ongoing compliance with SEC reporting requirements, providing transparency for investors in its asset-backed securities. For investors, it signals that the trust is adhering to its obligations, which is crucial for maintaining confidence in the structured finance market. Employees of Nissan Motor Acceptance Company LLC, the sponsor, are indirectly affected by the continued smooth operation of these financing vehicles. Customers who originated the underlying auto loans are not directly impacted by this administrative filing. The broader market benefits from the consistent regulatory adherence of ABS issuers, fostering stability and trust in the auto loan securitization sector, especially in a competitive landscape where other auto finance companies also issue similar trusts.

Risk Assessment

Risk Level: low — The risk level is low because the filing primarily confirms administrative compliance, stating the trust 'has filed all reports required' and 'has submitted electronically every Interactive Data File'. This indicates operational stability and adherence to regulatory obligations, rather than highlighting new financial or operational risks for the underlying assets.

Analyst Insight

Investors in Nissan Auto Receivables 2024-A Owner Trust should view this filing as a positive signal of continued regulatory compliance and operational stability. No immediate action is required based on this administrative update, but investors should continue to monitor performance reports for the underlying auto loan collateral.

Key Numbers

• 333-255899-06 — Commission file number of Issuing Entity (Identifies the specific registration statement for the trust's securities.)
• 99-6319195 — I.R.S. Employer Identification No. (Unique tax identifier for the Issuing Entity.)
• 615-725-1121 — Registrant's telephone number (Direct contact for the Issuing Entity.)
• 10-K — Form Type (Annual report filed by the trust.)
• 20250331 — Conformed Period of Report (The fiscal year end for which this report is filed.)

Key Players & Entities

• Nissan Auto Receivables 2024-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
• 0002017943 (regulator) — Central Index Key of Issuing Entity
• 0001129068 (regulator) — Central Index Key of Depositor
• 0001540639 (regulator) — Central Index Key of Sponsor
• March 31, 2025 (date) — Fiscal year end
• Delaware (location) — Jurisdiction of incorporation
• Franklin, Tennessee (location) — Principal executive offices

FAQ

Industry Context

The auto loan securitization market involves pooling auto loan receivables to create asset-backed securities. These securities are then sold to investors. The performance of these ABS is directly tied to the credit quality and repayment behavior of the underlying auto loan borrowers.

Regulatory Implications

As a registrant subject to Section 13 or 15(d) of the Securities Exchange Act of 1934, the trust must adhere to regular filing requirements. Its classification as a non-accelerated filer suggests a streamlined reporting process compared to larger entities.

What Investors Should Do

1. Review underlying collateral performance
2. Analyze credit enhancement structures

Key Dates

• 2025-03-31: Fiscal Year End — Marks the end of the reporting period for the annual 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 auto loans, mortgages, or credit card debt. (Nissan Auto Receivables 2024-A Owner Trust is an issuer of ABS, specifically backed by auto loans.)

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 for the Nissan Auto Receivables 2024-A Owner Trust.)

Non-Accelerated Filer

A category of filer with a smaller public float or lower reporting burden, subject to fewer disclosure requirements than accelerated filers. (Indicates the trust's size and reporting obligations are less stringent.)

Depositor

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

Sponsor

The entity that originates or purchases the assets being securitized and typically structures the securitization transaction. (Nissan Motor Acceptance Company LLC is identified as the sponsor.)

Year-Over-Year Comparison

This filing is for the fiscal year ended March 31, 2025. As the trust is a static asset pool, year-over-year comparisons of traditional financial metrics like revenue or net income are not applicable. The focus remains on the performance of the underlying auto loan portfolio and the effectiveness of credit enhancements.

Filing Details

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

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR