03/28/2024 | Press release | Distributed by Public on 03/28/2024 05:43
GM Financial Automobile Leasing Trust 2022-3
5.23% Exchange Note
Class A-1 3.07200% Asset Backed Notes
Class A-2A 4.01% Asset Backed Notes
Class A-2B Floating Asset Backed Notes
Class A-3 4.01% Asset Backed Notes
Class A-4 4.11% Asset Backed Notes
Class B 4.90% Asset Backed Notes
Class C 5.13% Asset Backed Notes
Class D 5.22% Asset Backed Notes
Servicer's Certificate
Beginning of Period: | 02/01/24 |
End of Period: | 02/29/24 |
Number of days in Interest Period (Actual/360): | 29 |
Number of days in Collection Period: | 29 |
Report Due Date: | 03/18/24 |
Distribution Date: | 03/20/24 |
Transaction Month: | 19 |
Original Agg. | ||||||||||||
2022-3 Designated Pool |
Units | Start Date | Closing Date |
Securitization Value |
||||||||
53,379 | 07/06/2022 | 08/17/2022 | $ | 1,508,759,094 | ||||||||
Total | 53,379 | $ | 1,508,759,094 |
RECONCILIATION OF 2022-3 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 772,025,596 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 8,336,082 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 845,258 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 43,402,104 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 52,583,444 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 719,442,152 | ||||||||
{8} | Pool Factor | {8} | 47.684362 | % |
RECONCILIATION OF 2022-3 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,470,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 733,266,502 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 52,583,444 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 680,683,058 | ||||
{13} | Note Pool Factor | {13} | 46.304970 | % |
1
RECONCILIATION OF THE ASSET BACKED NOTES
Class A-1 | Class A-2A | Class A-2B | Class A-3 | Class A-4 | ||||||||||||||||||||
{14} | Original Note Balance | {14} | $ | 203,830,000 | $ | 366,940,000 | $ | 100,000,000 | $ | 466,940,000 | $ | 85,900,000 | ||||||||||||
{15} | Beginning of period Note Balance | {15} | $ | 0 | $ | 0 | $ | 0 | $ | 378,343,482 | $ | 85,900,000 | ||||||||||||
{16} | Noteholders' Principal Distributable Amount | {16} | 0 | 0 | 0 | 52,583,444 | 0 | |||||||||||||||||
{17} | Noteholders' Accelerated Principal Amount | {17} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{18} | Aggregate Principal Parity Amount | {18} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{19} | Matured Principal Shortfall | {19} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{20} | End of period Note Balance | {20} | $ | 0 | $ | 0 | $ | 0 | $ | 325,760,038 | $ | 85,900,000 | ||||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 0.000000 | % | 0.000000 | % | 69.7648602 | % | 100.000000 | % |
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{22} | Original Note Balance | {22} | $ | 65,630,000 | $ | 61,100,000 | $ | 37,720,000 | $ | 1,388,060,000 | ||||||||||
{23} | Beginning of period Note Balance | {23} | $ | 65,630,000 | $ | 61,100,000 | $ | 37,720,000 | $ | 628,693,482 | ||||||||||
{24} | Noteholders' Principal Distributable Amount | {24} | 0 | 0 | 0 | 52,583,444 | ||||||||||||||
{25} | Noteholders' Accelerated Principal Amount | {25} | 0 | 0 | 0 | 0 | ||||||||||||||
{26} | Aggregate Principal Parity Amount | {26} | 0 | 0 | 0 | 0 | ||||||||||||||
{27} | Matured Principal Shortfall | {27} | 0 | 0 | 0 | 0 | ||||||||||||||
{28} | End of period Note Balance | {28} | $ | 65,630,000 | $ | 61,100,000 | $ | 37,720,000 | $ | 576,110,038 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 41.504693 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 772,025,596 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 719,442,152 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 719,442,152 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 52,583,444 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 733,266,502 | $ | 0 | 5.23 | % | 30 | 30/360 | $ | 3,195,820 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2022-3 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 13,895,215 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 49,802,916 | |||||||||
{38} | Investment Earnings | {38} | 231,479 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (231,479 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 63,698,131 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 643,355 | |||||||||
{43} | To the 2022-3 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 3,195,820 | |||||||||
{44} | To the 2022-3 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 52,583,444 | |||||||||
{45} | To the 2022-3 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {45} | 0 | |||||||||
{46} | To the 2022-3 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {46} | 7,275,512 | |||||||||
{47} | Total Distributions: | {47} | $ | 63,698,131 |
NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders' Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 772,025,596 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 719,442,152 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 52,583,444 | |||||||||||||||||
{51} | Noteholders' Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders' Principal Carryover Amount | {52} | 52,583,444 | |||||||||||||||||
{53} | Amount required to reduce Outstanding Amount after giving effect to distributions made pursuant to Indenture Section 8.3 (i) through (xv) to the Required Pro Forma Note Balance | {53} | 52,583,444 | |||||||||||||||||
{54} | Noteholders' Principal Distributable Amount Lessor of {52} and {53} | {54} | $ | 52,583,444 |
Noteholders' Interest Distributable calculation: | ||||||||||||||||||||||
Class |
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | ||||||||||||||||
{55} | Class A-1 | $ | 0 | $ | 0 | 3.07200 | % | 29 | Actual/360 | $ | 0 | |||||||||||
{56} | Class A-2A | $ | 0 | 0 | 4.01 | % | 30 | 30/360 | 0 | |||||||||||||
{57} | Class A-2B | $ | 0 | 0 | 6.03440 | % | 29 | Actual/360 | 0 | |||||||||||||
{58} | Class A-3 | $ | 378,343,482 | 0 | 4.01 | % | 30 | 30/360 | 1,264,298 | |||||||||||||
{59} | Class A-4 | $ | 85,900,000 | 0 | 4.11 | % | 30 | 30/360 | 294,208 | |||||||||||||
{60} | Class B | $ | 65,630,000 | 0 | 4.90 | % | 30 | 30/360 | 267,990 | |||||||||||||
{61} | Class C | $ | 61,100,000 | 0 | 5.13 | % | 30 | 30/360 | 261,203 | |||||||||||||
{62} | Class D | $ | 37,720,000 | 0 | 5.22 | % | 30 | 30/360 | 164,082 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{63} | 2022-3 Exchange Note Collections | {63} | $ | 63,054,776 | ||||||||
{64} | Investment Earnings | {64} | 0 | |||||||||
{65} | Investment Earnings - transferred from Exchange Note Collection Account | {65} | 231,479 | |||||||||
{66} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {66} | 21,775 | |||||||||
{67} | Optional Purchase Price | {67} | 0 | |||||||||
{68} | Indenture Section 5.4 disposition of Collateral | {68} | 0 | |||||||||
{69} | Available Funds: | {69} | 63,308,030 | |||||||||
{70} | Reserve Account Withdrawal Amount | {70} | 0 | |||||||||
{71} | Total Distributable Funds: | {71} | 63,308,030 |
Distributions: | ||||||||||||
{72} | To the Successor Servicer, unpaid transition expenses, pro rata | {72} | 0 | |||||||||
{73} | To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata | {73} | 417 | |||||||||
{74} | To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata | {74} | 208 | |||||||||
{75} | To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata | {75} | 0 | |||||||||
{76} | Class A-1 Noteholders' Interest Distributable Amount pari passu | {76} | 0 | |||||||||
{77} | Class A-2A Noteholders' Interest Distributable Amount pari passu | {77} | 0 | |||||||||
{78} | Class A-2B Noteholders' Interest Distributable Amount pari passu | {78} | 0 | |||||||||
{79} | Class A-3 Noteholders' Interest Distributable Amount pari passu | {79} | 1,264,298 | |||||||||
{80} | Class A-4 Noteholders' Interest Distributable Amount pari passu | {80} | 294,208 | |||||||||
{81} | Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class B Noteholders' Interest Distributable Amount | {82} | 267,990 | |||||||||
{83} | Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class C Noteholders' Interest Distributable Amount | {84} | 261,203 | |||||||||
{85} | Class C Noteholders' Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Class D Noteholders' Interest Distributable Amount | {86} | 164,082 | |||||||||
{87} | Class D Noteholders' Principal Parity Amount or Matured Principal Shortfall | {87} | 0 | |||||||||
{88} | Noteholders' Principal Distributable Amount | {88} | 52,583,444 | |||||||||
{89} | To the Reserve Account, the Reserve Account Required Amount | {89} | 0 | |||||||||
{90} | To the Noteholders, the Accelerated Principal Amount (as calculated below) | {90} | 0 | |||||||||
{91} | To the Successor Servicer, any amounts in excess of the caps set forth, pro rata | {91} | 0 | |||||||||
{92} | To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata | {92} | 0 | |||||||||
{93} | To the Asset Representations Reviewer, any amounts in excess of the caps set forth, pro rata | {93} | 0 | |||||||||
{94} | To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata | {94} | 0 | |||||||||
{95} | To the Issuer Trust Certificateholders, the aggregate amount remaining | {95} | 8,472,180 | |||||||||
{96} | Total Distributions: | {96} | $ | 63,308,030 |
4
PRINCIPAL PARITY AMOUNT CALCULATION
Class |
(X) Cumulative Note Balance |
(Y) Aggregate Securitization Value |
(I) Excess of (X) - (Y) |
(II) Total Available Funds in Indenture Collection Account |
Lesser of (I) or (II) |
|||||||||||||||||
{97} | Class A | $ | 464,243,482 | $ | 719,442,152 | $ | 0 | $ | 61,748,899 | $ | 0 | |||||||||||
{98} | Class B | 529,873,482 | 719,442,152 | 0 | 61,480,909 | 0 | ||||||||||||||||
{99} | Class C | 590,973,482 | 719,442,152 | 0 | 61,219,706 | 0 | ||||||||||||||||
{100} | Class D | 628,693,482 | 719,442,152 | 0 | 61,055,624 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{101} | Excess Total Available Funds | {101} | $ | 8,472,180 | ||||||||||||||||
{102} | Beginning Note Balance | {102} | 628,693,482 | |||||||||||||||||
{103} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {103} | 52,583,444 | |||||||||||||||||
{104} | Pro-Forma Note Balance | {104} | 576,110,038 | |||||||||||||||||
{105} | Ending Aggregate Securitization Value | {105} | 719,442,152 | |||||||||||||||||
{106} | 10.5% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full, 9.5% Thereafter ($143,332,114) | {106} | 143,332,114 | |||||||||||||||||
{107} | Required Pro Forma Note Balance {105} - {106} | {107} | 576,110,038 | |||||||||||||||||
{108} | Excess of Pro Forma Balance minus Required Pro Forma Balance {104} - {107} | {108} | 0 | |||||||||||||||||
{109} | Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance | {109} | $ | 0 |
OVERCOLLATERALIZATION CALCULATIONS
Exchange Note: | ||||||||||||
{110} | Ending Aggregate Securitization Value | {110} | $ | 719,442,152 | ||||||||
{111} | End of Period Note Balance | {111} | 680,683,058 | |||||||||
{112} | Overcollateralization | {112} | 38,759,094 | |||||||||
{113} | Overcollateralization % | {113} | 5.39 | % |
Asset Backed Notes: | ||||||||||||
{114} | Ending Aggregate Securitization Value | {114} | 719,442,152 | |||||||||
{115} | End of Period Note Balance | {115} | 576,110,038 | |||||||||
{116} | Overcollateralization | {116} | 143,332,114 | |||||||||
{117} | Overcollateralization % | {117} | 19.92 | % |
5
RECONCILIATION OF 2022-3 CASH RESERVE ACCOUNT
{118} | Specified Reserve Balance | {118} | $ | 5,280,657 | ||||||||
{119} | Beginning of Period Reserve Account balance | {119} | $ | 5,280,657 | ||||||||
{120} | Investment Earnings | {120} | 21,775 | |||||||||
{121} | From the Indenture Collection Account, the Reserve Account Required Amount | {121} | 0 | |||||||||
{122} | To the Indenture Collection Account, the Reserve Account Withdrawal Amount | {122} | 0 | |||||||||
{123} | Total Reserve balance available: | {123} | 5,302,432 | |||||||||
{124} | Specified Reserve Balance | {124} | 5,280,657 | |||||||||
{125} | Release Excess Cash to Indenture Collection Available Funds | {125} | 21,775 | |||||||||
{126} | End of period Reserve Account balance | {126} | $ | 5,280,657 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{127} | Receivables with Scheduled Payment delinquent 61 days or more | {127} | $ | 1,847,450 | 0.26 | % | ||||||
{128} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 2.10%) | {128} | Yes |
By: | /s/ Ellen Billings | |
Name: | Ellen Billings | |
Title: | Senior Vice President, Controller - North America | |
Date: | March 15, 2024 |
6
GM Financial
GMALT 2022-3
Supplemental Monthly Data
February 29, 2024
Aggregate Securitization Value |
Residual Value |
|||||||
Beginning of Period | $ | 772,025,596 | $ | 688,309,379 | ||||
Change | (52,583,444 | ) | (42,510,378 | ) | ||||
End of Period | $ | 719,442,152 | $ | 645,799,001 | ||||
Residual Value as % of Agg. Securitization Value | 89.76 | % |
Delinquency
Leases with scheduled payment delinquent |
Number of Leases |
Agg. Securitization Value |
Percentage(1) | |||||||||
0 - 30 days | 29,393 | 712,172,799 | 98.99 | % | ||||||||
31 - 60 days | 184 | 5,421,903 | 0.75 | % | ||||||||
61 - 90 days | 56 | 1,467,333 | 0.20 | % | ||||||||
91 - 120 days | 17 | 380,117 | 0.05 | % | ||||||||
Total | 29,650 | 719,442,152 | 100.00 | % |
Lease Terminations
Current Period | Cumulative | |||||||||||||||
Number of Leases |
Agg. Securitization Value |
Number of Leases |
Agg. Securitization Value |
|||||||||||||
Retained vehicles by lessee | ||||||||||||||||
Early terminations | 837 | 20,636,880 | 13,860 | 353,470,496 | ||||||||||||
Standard terminations | 605 | 13,400,676 | 7,203 | 150,057,013 | ||||||||||||
Total retained by lessee | 1,442 | 34,037,556 | 21,063 | 503,527,509 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 198 | 4,174,156 | 789 | 16,475,928 | ||||||||||||
Standard terminations | 237 | 5,190,393 | 981 | 20,685,442 | ||||||||||||
Total returned to dealer | 435 | 9,364,549 | 1,770 | 37,161,370 | ||||||||||||
Charged off leases / Repossessed vehicles | 35 | 845,258 | 894 | 22,451,813 | ||||||||||||
Repurchases | 0 | 0 | 2 | 79,894 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 1,912 | 44,247,363 | 23,729 | 563,220,586 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases |
Agg. Securitization Value |
Percentage | ||||||||||
Term Extensions | 215 | 4,312,197 | 0.56 | % | ||||||||
Deferments | 3 | 89,607 | 0.01 | % |
7
Net Credit (Gain) Loss
Current Period |
Cumulative | |||||||
Agg. Securitized Value of early term defaults | 845,258 | 22,451,813 | ||||||
less: Sales proceeds | 1,106,094 | 26,839,749 | ||||||
less: Excess wear and excess mileage received | 0 | 0 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (260,836 | ) | (4,387,936 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 9,287,510 | 36,691,670 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 10,738,708 | 44,570,139 | ||||||
less: Excess wear and excess mileage received | 64,199 | 248,761 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (1,515,397 | ) | (8,127,230 | ) |
Current Period |
Prev. Month | |||||||
Prepay Speed | 0.9952 | % | 0.8185 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 24.8998 | % | 17.7072 | % | ||||
Return Rate based on Terminated Leases(3) | 22.7510 | % | 17.2090 | % |
(1) | Percentages may not add to 100% due to rounding. |
(2) | Percentage of total number of vehicles returned to dealer over number of vehicles scheduled to terminate per month. |
(3) | Percentage of total number of vehicles returned to dealer over number of vehicles terminated per month. |
8