Nissan Auto Lease Trust 2024-B Files 10-K, Confirms Compliance

TL;DR

Nissan Auto Lease Trust 2024-B's 10-K is a routine compliance check, signaling stability for ABS investors but offering no new catalysts.

AI Summary

The Nissan Auto Lease Trust 2024-B, an asset-backed securities issuer, filed its 10-K for the fiscal year ended March 31, 2025, confirming compliance with all Section 13 or 15(d) reporting requirements. As a non-accelerated filer, the Trust is primarily a pass-through entity for auto lease payments, with its financial performance directly tied to the underlying lease portfolio originated by Nissan Motor Acceptance Company LLC. The filing indicates no significant changes in its operational structure or asset composition, maintaining its focus on securitizing Nissan auto leases. Key risks remain concentrated around the performance of the underlying auto leases, including default rates and residual value risk, though specific dollar amounts for revenue and net income are not directly reported for the Trust itself, as its function is to distribute cash flows from the securitized assets to investors. The strategic outlook remains consistent with its mandate to provide funding for Nissan's auto leasing operations through the capital markets.

Why It Matters

This 10-K filing confirms the Nissan Auto Lease Trust 2024-B's ongoing compliance with SEC reporting, providing transparency for investors in its asset-backed securities. For investors, it signals the continued health and oversight of the underlying auto lease portfolio, which directly impacts their returns. Employees of Nissan Motor Acceptance Company LLC benefit from the stable funding mechanism this trust provides for their leasing operations, supporting vehicle sales. In the broader market, the consistent filing reinforces confidence in the auto ABS sector, particularly for Nissan's competitive position in vehicle financing.

Risk Assessment

Risk Level: low — The risk level is low because the Nissan Auto Lease Trust 2024-B is a pass-through entity for asset-backed securities, and the 10-K primarily confirms compliance with SEC reporting requirements for the fiscal year ended March 31, 2025. The filing explicitly states the registrant 'has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934' and 'has submitted electronically every Interactive Data File,' indicating strong regulatory adherence and operational stability.

Analyst Insight

Investors in Nissan Auto Lease Trust 2024-B securities should view this filing as a confirmation of ongoing operational and regulatory stability. No immediate action is required, but continued monitoring of the underlying auto lease portfolio performance, typically detailed in servicer reports, remains prudent.

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

• 20250331 — Conformed Period of Report (Indicates the fiscal year end for the 10-K filing.)
• 11 — Public Document Count (Number of public documents associated with this filing.)
• 0002029406 — Issuing Entity CIK (Unique identifier for Nissan Auto Lease Trust 2024-B.)
• 0001244832 — Depositor CIK (Unique identifier for Nissan Auto Leasing LLC II.)
• 0001540639 — Sponsor CIK (Unique identifier for Nissan Motor Acceptance Company LLC.)

Key Players & Entities

• Nissan Auto Lease Trust 2024-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
• Delaware (state) — State of incorporation for Issuing Entity
• One Nissan Way, Franklin, Tennessee 37067 (address) — Principal executive offices
• 615-725-1127 (phone_number) — Registrant's telephone number
• 0002029406 (identifier) — Central Index Key of Issuing Entity
• 333-258304-07 (identifier) — Commission file number of Issuing Entity

FAQ

Risk Factors

• Residual Value Risk [high — financial]: The value of leased vehicles at the end of the lease term is subject to market fluctuations. A significant decline in used vehicle prices could result in losses for the Trust if the actual residual values are lower than anticipated, impacting the recovery of the securitized assets.
• Lessee Default Risk [high — financial]: The performance of the securitized auto leases is directly tied to the ability of lessees to make their monthly payments. An increase in lessee defaults would reduce the cash flows available to the Trust and potentially lead to losses for investors.
• Reliance on Sponsor and Servicer [medium — operational]: The Trust is dependent on Nissan Motor Acceptance Company LLC (as sponsor) and Nissan Auto Leasing LLC II (as depositor and servicer) for the origination, servicing, and administration of the underlying auto leases. Any operational failures or financial distress of these entities could adversely affect the Trust's operations and asset performance.
• Interest Rate Risk [medium — market]: Changes in interest rates can affect the cost of funding for the Trust and the attractiveness of its securities. Rising interest rates could increase the cost of servicing the Trust's debt or impact the yield on its assets.

Industry Context

The auto leasing industry is closely tied to new vehicle sales and consumer financing trends. Competition is intense, with manufacturers' captive finance arms playing a significant role in offering attractive lease programs. Economic conditions, interest rates, and used vehicle market values are critical determinants of profitability and risk within this sector.

Regulatory Implications

As a securitization trust, Nissan Auto Lease Trust 2024-B is subject to SEC reporting requirements, including the filing of Form 10-K. Compliance with these regulations ensures transparency for investors. The underlying auto leases are also subject to consumer protection laws and regulations governing financial products.

What Investors Should Do

1. Monitor underlying lease performance metrics, particularly delinquency and default rates, as reported by the servicer (Nissan Auto Leasing LLC II).
2. Assess the impact of used vehicle market trends on residual value assumptions.
3. Review any updates regarding the financial stability and operational capabilities of Nissan Motor Acceptance Company LLC and Nissan Auto Leasing LLC II.

Key Dates

• 2025-03-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, encompassing the financial performance and operational status of the Trust for the preceding twelve months.
• 2025-06-27: 10-K Filing Date — The date the annual report was officially filed with the SEC, providing investors with comprehensive information about the Trust's financial condition and risks.

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-B is an ABS issuer, meaning its securities are backed by a portfolio of auto leases.)

Securitization

The process of pooling various types of contractual debt and selling their related cash flows to third-party investors as securities. (This is the core function of the Trust, which securitizes Nissan auto leases to provide funding.)

Residual Value Risk

The risk that the actual market value of an asset at the end of a lease or loan term will be lower than the projected residual value. (A key risk for auto lease trusts, as it directly impacts the recovery of capital from the underlying leased vehicles.)

Non-Accelerated Filer

A type of filer with the SEC that is not required to meet the same stringent reporting and disclosure requirements as accelerated or large accelerated filers. (Indicates the Trust's size and reporting obligations, suggesting a simpler financial structure.)

Sponsor

The entity that originates the assets being securitized and typically plays a role in the structuring and sale of the ABS. (Nissan Motor Acceptance Company LLC is the sponsor, highlighting its integral role in the Trust's operations.)

Depositor

An entity that purchases assets from the sponsor and then transfers them to the trust for securitization. (Nissan Auto Leasing LLC II acts as the depositor, facilitating the transfer of leases to the Trust.)

Year-Over-Year Comparison

As Nissan Auto Lease Trust 2024-B is a newly formed trust or this is its initial 10-K filing, a direct comparison of key metrics like revenue growth, margin changes, or specific financial figures to a prior year's filing is not possible. The filing confirms compliance with reporting requirements and outlines the Trust's structure as a pass-through entity for auto lease payments, with risks concentrated on the underlying lease portfolio performance.

Filing Details

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

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR