03/28/2024 | Press release | Distributed by Public on 03/28/2024 05:42
GM Financial Automobile Leasing Trust 2022-2
4.34% Exchange Note
Class A-1 1.52700% Asset Backed Notes
Class A-2 2.93% Asset Backed Notes
Class A-3 3.42% Asset Backed Notes
Class A-4 3.54% Asset Backed Notes
Class B 4.02% Asset Backed Notes
Class C 4.33% Asset Backed Notes
Class D 0.00% 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: | 22 |
Original Agg. | ||||||||||||
2022-2 Designated Pool |
Units | Start Date | Closing Date |
Securitization Value |
||||||||
53,272 | 03/30/2022 | 05/11/2022 | $ | 1,600,510,650 | ||||||||
Total | 53,272 | $ | 1,600,510,650 |
RECONCILIATION OF 2022-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 705,336,096 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 8,435,999 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 880,552 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 51,617,323 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 60,933,874 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 644,402,222 | ||||||||
{8} | Pool Factor | {8} | 40.262289 | % |
RECONCILIATION OF 2022-2 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,502,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 606,825,446 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 60,933,874 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 545,891,572 | ||||
{13} | Note Pool Factor | {13} | 36.344312 | % |
1
RECONCILIATION OF THE ASSET BACKED NOTES
Class A-1 | Class A-2 | Class A-3 | Class A-4 | |||||||||||||||||
{14} | Original Note Balance | {14} | $ | 216,290,000 | $ | 535,980,000 | $ | 424,320,000 | $ | 121,420,000 | ||||||||||
{15} | Beginning of period Note Balance | {15} | $ | 0 | $ | 0 | $ | 257,417,584 | $ | 121,420,000 | ||||||||||
{16} | Noteholders' Principal Distributable Amount | {16} | 0 | 0 | 60,933,874 | 0 | ||||||||||||||
{17} | Noteholders' Accelerated Principal Amount | {17} | 0 | 0 | 0 | 0 | ||||||||||||||
{18} | Aggregate Principal Parity Amount | {18} | 0 | 0 | 0 | 0 | ||||||||||||||
{19} | Matured Principal Shortfall | {19} | 0 | 0 | 0 | 0 | ||||||||||||||
{20} | End of period Note Balance | {20} | $ | 0 | $ | 0 | $ | 196,483,710 | $ | 121,420,000 | ||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 0.000000 | % | 46.305550 | % | 100.000000 | % | ||||||||||
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{22} | Original Note Balance | {22} | $ | 69,620,000 | $ | 64,820,000 | $ | 40,010,000 | $ | 1,472,460,000 | ||||||||||
{23} | Beginning of period Note Balance | {23} | $ | 69,620,000 | $ | 64,820,000 | $ | 40,010,000 | $ | 553,287,584 | ||||||||||
{24} | Noteholders' Principal Distributable Amount | {24} | 0 | 0 | 0 | 60,933,874 | ||||||||||||||
{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} | $ | 69,620,000 | $ | 64,820,000 | $ | 40,010,000 | $ | 492,353,710 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 33.437493 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 705,336,096 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 644,402,222 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 644,402,222 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 60,933,874 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 606,825,446 | $ | 0 | 4.34 | % | 30 | 30/360 | $ | 2,194,686 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2022-2 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 12,164,951 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 58,685,336 | |||||||||
{38} | Investment Earnings | {38} | 250,116 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (250,116 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 70,850,287 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 587,780 | |||||||||
{43} | To the 2022-2 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 2,194,686 | |||||||||
{44} | To the 2022-2 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 60,933,874 | |||||||||
{45} | To the 2022-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {45} | 0 | |||||||||
{46} | To the 2022-2 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {46} | 7,133,947 | |||||||||
{47} | Total Distributions: | {47} | $ | 70,850,287 |
NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders' Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 705,336,096 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 644,402,222 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 60,933,874 | |||||||||||||||||
{51} | Noteholders' Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders' Principal Carryover Amount | {52} | 60,933,874 | |||||||||||||||||
{53} | Amount required to reduce Outstanding Amount after giving effect to distributions made pursuant to Indenture Section 8.3 (i) through (xiii) to the Required Pro Forma Note Balance | {53} | 60,933,874 | |||||||||||||||||
{54} | Noteholders' Principal Distributable Amount Lessor of {52} and {53} | {54} | $ | 60,933,874 |
Noteholders' Interest Distributable calculation: | ||||||||||||||||||||||
Class |
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | ||||||||||||||||
{55} | Class A-1 | $ | 0 | $ | 0 | 1.52700 | % | 29 | Actual/360 | $ | 0 | |||||||||||
{56} | Class A-2 | $ | 0 | 0 | 2.93 | % | 30 | 30/360 | 0 | |||||||||||||
{57} | Class A-3 | $ | 257,417,584 | 0 | 3.42 | % | 30 | 30/360 | 733,641 | |||||||||||||
{58} | Class A-4 | $ | 121,420,000 | 0 | 3.54 | % | 30 | 30/360 | 358,189 | |||||||||||||
{59} | Class B | $ | 69,620,000 | 0 | 4.02 | % | 30 | 30/360 | 233,227 | |||||||||||||
{60} | Class C | $ | 64,820,000 | 0 | 4.33 | % | 30 | 30/360 | 233,893 | |||||||||||||
{61} | Class D | $ | 40,010,000 | 0 | 0.00 | % | 30 | 30/360 | 0 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{62} | 2022-2 Exchange Note Collections | {62} | $ | 70,262,507 | ||||||||
{63} | Investment Earnings | {63} | 0 | |||||||||
{64} | Investment Earnings - transferred from Exchange Note Collection Account | {64} | 250,116 | |||||||||
{65} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {65} | 16,499 | |||||||||
{66} | Optional Purchase Price | {66} | 0 | |||||||||
{67} | Indenture Section 5.4 disposition of Collateral | {67} | 0 | |||||||||
{68} | Available Funds: | {68} | 70,529,122 | |||||||||
{69} | Reserve Account Withdrawal Amount | {69} | 0 | |||||||||
{70} | Total Distributable Funds: | {70} | 70,529,122 |
Distributions: | ||||||||||||
{71} | To the Successor Servicer, unpaid transition expenses, pro rata | {71} | 0 | |||||||||
{72} | To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata | {72} | 417 | |||||||||
{73} | To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata | {73} | 208 | |||||||||
{74} | To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata | {74} | 0 | |||||||||
{75} | Class A-1 Noteholders' Interest Distributable Amount pari passu | {75} | 0 | |||||||||
{76} | Class A-2 Noteholders' Interest Distributable Amount pari passu | {76} | 0 | |||||||||
{77} | Class A-3 Noteholders' Interest Distributable Amount pari passu | {77} | 733,641 | |||||||||
{78} | Class A-4 Noteholders' Interest Distributable Amount pari passu | {78} | 358,189 | |||||||||
{79} | Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall | {79} | 0 | |||||||||
{80} | Class B Noteholders' Interest Distributable Amount | {80} | 233,227 | |||||||||
{81} | Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class C Noteholders' Interest Distributable Amount | {82} | 233,893 | |||||||||
{83} | Class C Noteholders' Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class D Noteholders' Interest Distributable Amount | {84} | 0 | |||||||||
{85} | Class D Noteholders' Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Noteholders' Principal Distributable Amount | {86} | 60,933,874 | |||||||||
{87} | To the Reserve Account, the Reserve Amount Required Amount | {87} | 0 | |||||||||
{88} | To the Noteholders, the Accelerated Principal Amount (as calculated below) | {88} | 0 | |||||||||
{89} | To the Successor Servicer, any amounts in excess of the caps set forth, pro rata | {89} | 0 | |||||||||
{90} | To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata | {90} | 0 | |||||||||
{91} | To the Asset Representations Reviewer, any amounts in excess of the caps set forth, pro rata | {91} | 0 | |||||||||
{92} | To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata | {92} | 0 | |||||||||
{93} | To the Issuer Trust Certificateholders, the aggregate amount remaining | {93} | 8,035,673 | |||||||||
{94} | Total Distributions: | {94} | $ | 70,529,122 |
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) |
|||||||||||||||||
{95} | Class A | $ | 378,837,584 | $ | 644,402,222 | $ | 0 | $ | 69,436,667 | $ | 0 | |||||||||||
{96} | Class B | 448,457,584 | 644,402,222 | 0 | 69,203,440 | 0 | ||||||||||||||||
{97} | Class C | 513,277,584 | 644,402,222 | 0 | 68,969,547 | 0 | ||||||||||||||||
{98} | Class D | 553,287,584 | 644,402,222 | 0 | 68,969,547 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{99} | Excess Total Available Funds | {99} | $ | 8,035,673 | ||||||||||||||||
{100} | Beginning Note Balance | {100} | 553,287,584 | |||||||||||||||||
{101} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {101} | 60,933,874 | |||||||||||||||||
{102} | Pro-Forma Note Balance | {102} | 492,353,710 | |||||||||||||||||
{103} | Ending Aggregate Securitization Value | {103} | 644,402,222 | |||||||||||||||||
{104} | 9.5% of Aggregate Securitization Value as of Cutoff ($152,048,512) | {104} | 152,048,512 | |||||||||||||||||
{105} | Required Pro Forma Note Balance {103} - {104} | {105} | 492,353,710 | |||||||||||||||||
{106} | Excess of Pro Forma Balance minus Required Pro Forma Balance {102} - {105} | {106} | 0 | |||||||||||||||||
{107} | Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance | {107} | $ | 0 |
OVERCOLLATERALIZATION CALCULATIONS
Exchange Note: | ||||||||||||
{108} | Ending Aggregate Securitization Value | {108} | $ | 644,402,222 | ||||||||
{109} | End of Period Note Balance | {109} | 545,891,572 | |||||||||
{110} | Overcollateralization | {110} | 98,510,650 | |||||||||
{111} | Overcollateralization % | {111} | 15.29 | % |
Asset Backed Notes: | ||||||||||||
{112} | Ending Aggregate Securitization Value | {112} | 644,402,222 | |||||||||
{113} | End of Period Note Balance | {113} | 492,353,710 | |||||||||
{114} | Overcollateralization | {114} | 152,048,512 | |||||||||
{115} | Overcollateralization % | {115} | 23.60 | % |
5
RECONCILIATION OF 2022-2 CASH RESERVE ACCOUNT
{116} | Specified Reserve Balance | {116} | $ | 4,001,277 | ||||||||
{117} | Beginning of Period Reserve Account balance | {117} | $ | 4,001,277 | ||||||||
{118} | Investment Earnings | {118} | 16,499 | |||||||||
{119} | From the Indenture Collection Account, the Reserve Account Required Amount | {119} | 0 | |||||||||
{120} | To the Indenture Collection Account, the Reserve Account Withdrawal Amount | {120} | 0 | |||||||||
{121} | Total Reserve balance available: | {121} | 4,017,776 | |||||||||
{122} | Specified Reserve Balance | {122} | 4,001,277 | |||||||||
{123} | Release Excess Cash to Indenture Collection Available Funds | {123} | 16,499 | |||||||||
{124} | End of period Reserve Account balance | {124} | $ | 4,001,277 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{125} | Receivables with Scheduled Payment delinquent 61 days or more | {125} | $ | 1,797,482 | 0.28 | % | ||||||
{126} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 2.10%) | {126} | Yes |
By: | /s/ Randal L. Willis | |
Name: | Randal L. Willis | |
Title: | Senior Vice President, Securitization & Conduit Reporting | |
Date: | March 15, 2024 |
6
GM Financial
GMALT 2022-2
Supplemental Monthly Data
February 29, 2024
Aggregate Securitization Value |
Residual Value |
|||||||
Beginning of Period | $ | 705,336,096 | $ | 632,787,059 | ||||
Change | (60,933,874 | ) | (50,552,861 | ) | ||||
End of Period | $ | 644,402,222 | $ | 582,234,198 | ||||
Residual Value as % of Agg. Securitization Value | 90.35 | % |
Delinquency
Leases with scheduled payment delinquent |
Number of Leases |
Agg. Securitization Value |
Percentage(1) | |||||||||
0 - 30 days | 26,243 | 637,546,082 | 98.94 | % | ||||||||
31 - 60 days | 182 | 5,058,658 | 0.79 | % | ||||||||
61 - 90 days | 48 | 1,455,339 | 0.23 | % | ||||||||
91 - 120 days | 13 | 342,143 | 0.05 | % | ||||||||
Total | 26,486 | 644,402,222 | 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 | 965 | 23,390,207 | 16,021 | 429,215,000 | ||||||||||||
Standard terminations | 778 | 17,892,447 | 7,893 | 170,112,761 | ||||||||||||
Total retained by lessee | 1,743 | 41,282,654 | 23,914 | 599,327,761 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 209 | 4,593,926 | 830 | 17,956,058 | ||||||||||||
Standard terminations | 259 | 5,740,744 | 1,141 | 24,213,806 | ||||||||||||
Total returned to dealer | 468 | 10,334,670 | 1,971 | 42,169,864 | ||||||||||||
Charged off leases / Repossessed vehicles | 37 | 880,552 | 899 | 23,320,863 | ||||||||||||
Repurchases | 0 | 0 | 2 | 45,204 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 2,248 | 52,497,876 | 26,786 | 664,863,692 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases |
Agg. Securitization Value |
Percentage | ||||||||||
Term Extensions | 234 | 4,688,719 | 0.66 | % | ||||||||
Deferments | 4 | 128,226 | 0.02 | % |
7
Net Credit (Gain) Loss
Current Period |
Cumulative | |||||||
Agg. Securitized Value of early term defaults | 880,552 | 23,320,863 | ||||||
less: Sales proceeds | 1,189,991 | 27,574,703 | ||||||
less: Excess wear and excess mileage received | 0 | 2 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (309,439 | ) | (4,253,842 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 10,189,524 | 41,531,925 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 11,901,204 | 50,638,122 | ||||||
less: Excess wear and excess mileage received | 45,379 | 220,505 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (1,757,059 | ) | (9,326,702 | ) |
Current Period |
Prev. Month | |||||||
Prepay Speed | 1.1407 | % | 0.9070 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 21.8385 | % | 19.3514 | % | ||||
Return Rate based on Terminated Leases(3) | 20.8185 | % | 18.2091 | % |
(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