03/28/2024 | Press release | Distributed by Public on 03/28/2024 05:46
GM Financial Automobile Leasing Trust 2023-3
5.95% Exchange Note
Class A-1 5.63400% Asset Backed Notes
Class A-2A 5.58% Asset Backed Notes
Class A-2B Floating Asset Backed Notes
Class A-3 5.38% Asset Backed Notes
Class A-4 5.44% Asset Backed Notes
Class B 5.88% Asset Backed Notes
Class C 5.94% 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: | 7 |
Original Agg. | ||||||||||||
2023-3 Designated Pool |
Units | Start Date | Closing Date |
Securitization Value |
||||||||
38,542 | 07/05/2023 | 08/16/2023 | $ | 1,169,298,569 | ||||||||
Total | 38,542 | $ | 1,169,298,569 |
RECONCILIATION OF 2023-3 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 1,016,575,868 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 9,050,939 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 1,441,987 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 13,838,195 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 24,331,121 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 992,244,747 | ||||||||
{8} | Pool Factor | {8} | 84.858117 | % |
RECONCILIATION OF 2023-3 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,120,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 967,277,299 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 24,331,121 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 942,946,178 | ||||
{13} | Note Pool Factor | {13} | 84.191623 | % |
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} | $ | 154,360,000 | $ | 289,000,000 | $ | 100,000,000 | $ | 339,000,000 | $ | 65,900,000 | ||||||||||||
{15} | Beginning of period Note Balance | {15} | $ | 0 | $ | 268,494,758 | $ | 92,904,760 | $ | 339,000,000 | $ | 65,900,000 | ||||||||||||
{16} | Noteholders' Principal Distributable Amount | {16} | 0 | 18,076,334 | 6,254,787 | 0 | 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 | $ | 250,418,424 | $ | 86,649,973 | $ | 339,000,000 | $ | 65,900,000 | ||||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 86.649974 | % | 86.649973 | % | 100.0000000 | % | 100.000000 | % |
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{22} | Original Note Balance | {22} | $ | 50,900,000 | $ | 47,400,000 | $ | 29,200,000 | $ | 1,075,760,000 | ||||||||||
{23} | Beginning of period Note Balance | {23} | $ | 50,900,000 | $ | 47,400,000 | $ | 29,200,000 | $ | 893,799,518 | ||||||||||
{24} | Noteholders' Principal Distributable Amount | {24} | 0 | 0 | 0 | 24,331,121 | ||||||||||||||
{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} | $ | 50,900,000 | $ | 47,400,000 | $ | 29,200,000 | $ | 869,468,397 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 80.823641 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 1,016,575,868 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 992,244,747 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 992,244,747 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 24,331,121 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 967,277,299 | $ | 0 | 5.95 | % | 30 | 30/360 | $ | 4,796,084 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2023-3 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 17,322,256 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 17,149,914 | |||||||||
{38} | Investment Earnings | {38} | 134,251 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (134,251 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 34,472,170 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 847,147 | |||||||||
{43} | To the 2023-3 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 4,796,084 | |||||||||
{44} | To the 2023-3 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 24,331,121 | |||||||||
{45} | To the 2023-3 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {45} | 0 | |||||||||
{46} | To the 2023-3 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {46} | 4,497,818 | |||||||||
{47} | Total Distributions: | {47} | $ | 34,472,170 |
NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders' Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 1,016,575,868 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 992,244,747 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 24,331,121 | |||||||||||||||||
{51} | Noteholders' Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders' Principal Carryover Amount | {52} | 24,331,121 | |||||||||||||||||
{53} | Amount required to reduce Outstanding Amount after giving effect to distributions made pursuant to Indenture Section 8.3 (a) (i) through (xiii) to the Required Pro Forma Note Balance | {53} | 24,331,121 | |||||||||||||||||
{54} | Noteholders' Principal Distributable Amount Lessor of {52} and {53} | {54} | $ | 24,331,121 |
Noteholders' Interest Distributable calculation: | ||||||||||||||||||||||
Class |
Beg Note Balance |
Interest Carryover |
Interest Rate |
Days | Days Basis | Interest | ||||||||||||||||
{55} | Class A-1 | $ | 0 | $ | 0 | 5.63400 | % | 29 | Actual/360 | $ | 0 | |||||||||||
{56} | Class A-2A | $ | 268,494,758 | 0 | 5.58 | % | 30 | 30/360 | 1,248,501 | |||||||||||||
{57} | Class A-2B | $ | 92,904,760 | 0 | 5.77440 | % | 29 | Actual/360 | 432,156 | |||||||||||||
{58} | Class A-3 | $ | 339,000,000 | 0 | 5.38 | % | 30 | 30/360 | 1,519,850 | |||||||||||||
{59} | Class A-4 | $ | 65,900,000 | 0 | 5.44 | % | 30 | 30/360 | 298,747 | |||||||||||||
{60} | Class B | $ | 50,900,000 | 0 | 5.88 | % | 30 | 30/360 | 249,410 | |||||||||||||
{61} | Class C | $ | 47,400,000 | 0 | 5.94 | % | 30 | 30/360 | 234,630 | |||||||||||||
{62} | Class D | $ | 29,200,000 | 0 | 0.00 | % | 30 | 30/360 | 0 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{63} | 2023-3 Exchange Note Collections | {63} | $ | 33,625,023 | ||||||||
{64} | Investment Earnings | {64} | 0 | |||||||||
{65} | Investment Earnings - transferred from Exchange Note Collection Account | {65} | 134,251 | |||||||||
{66} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {66} | 12,115 | |||||||||
{67} | Optional Purchase Price | {67} | 0 | |||||||||
{68} | Indenture Section 5.4 disposition of Collateral | {68} | 0 | |||||||||
{69} | Available Funds: | {69} | 33,771,389 | |||||||||
{70} | Reserve Account Withdrawal Amount | {70} | 0 | |||||||||
{71} | Total Distributable Funds: | {71} | 33,771,389 |
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} | 250 | |||||||||
{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} | 1,248,501 | |||||||||
{78} | Class A-2B Noteholders' Interest Distributable Amount pari passu | {78} | 432,156 | |||||||||
{79} | Class A-3 Noteholders' Interest Distributable Amount pari passu | {79} | 1,519,850 | |||||||||
{80} | Class A-4 Noteholders' Interest Distributable Amount pari passu | {80} | 298,747 | |||||||||
{81} | Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class B Noteholders' Interest Distributable Amount | {82} | 249,410 | |||||||||
{83} | Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class C Noteholders' Interest Distributable Amount | {84} | 234,630 | |||||||||
{85} | Class C Noteholders' Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Class D Noteholders' Interest Distributable Amount | {86} | 0 | |||||||||
{87} | Class D Noteholders' Principal Parity Amount or Matured Principal Shortfall | {87} | 0 | |||||||||
{88} | Noteholders' Principal Distributable Amount | {88} | 24,331,121 | |||||||||
{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} | 5,456,307 | |||||||||
{96} | Total Distributions: | {96} | $ | 33,771,389 |
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 | $ | 766,299,518 | $ | 992,244,747 | $ | 0 | $ | 30,271,468 | $ | 0 | |||||||||||
{98} | Class B | 817,199,518 | 992,244,747 | 0 | 30,022,058 | 0 | ||||||||||||||||
{99} | Class C | 864,599,518 | 992,244,747 | 0 | 29,787,428 | 0 | ||||||||||||||||
{100} | Class D | 893,799,518 | 992,244,747 | 0 | 29,787,428 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{101} | Excess Total Available Funds | {101} | $ | 5,456,307 | ||||||||||||||||
{102} | Beginning Note Balance | {102} | 893,799,518 | |||||||||||||||||
{103} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {103} | 24,331,121 | |||||||||||||||||
{104} | Pro-Forma Note Balance | {104} | 869,468,397 | |||||||||||||||||
{105} | Ending Aggregate Securitization Value | {105} | 992,244,747 | |||||||||||||||||
{106} | 10.5% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full, 9.5% Thereafter ($122,776,350) | {106} | 122,776,350 | |||||||||||||||||
{107} | Required Pro Forma Note Balance {105} - {106} | {107} | 869,468,397 | |||||||||||||||||
{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} | $ | 992,244,747 | ||||||||
{111} | End of Period Note Balance | {111} | 942,946,178 | |||||||||
{112} | Overcollateralization | {112} | 49,298,569 | |||||||||
{113} | Overcollateralization % | {113} | 4.97 | % |
Asset Backed Notes: | ||||||||||||
{114} | Ending Aggregate Securitization Value | {114} | 992,244,747 | |||||||||
{115} | End of Period Note Balance | {115} | 869,468,397 | |||||||||
{116} | Overcollateralization | {116} | 122,776,350 | |||||||||
{117} | Overcollateralization % | {117} | 12.37 | % |
5
RECONCILIATION OF 2023-3 CASH RESERVE ACCOUNT
{118} | Specified Reserve Balance | {118} | $ | 2,923,246 | ||||||||
{119} | Beginning of Period Reserve Account balance | {119} | $ | 2,923,246 | ||||||||
{120} | Investment Earnings | {120} | 12,115 | |||||||||
{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} | 2,935,361 | |||||||||
{124} | Specified Reserve Balance | {124} | 2,923,246 | |||||||||
{125} | Release Excess Cash to Indenture Collection Available Funds | {125} | 12,115 | |||||||||
{126} | End of period Reserve Account balance | {126} | $ | 2,923,246 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{127} | Receivables with Scheduled Payment delinquent 61 days or more | {127} | $ | 1,109,430 | 0.11 | % | ||||||
{128} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 1.40%) | {128} | Yes |
By: | /s/ Ellen Billings | |
Name: | Ellen Billings | |
Title: | Senior Vice President, Controller - North America | |
Date: | March 15, 2024 |
6
GM Financial
GMALT 2023-3
Supplemental Monthly Data
February 29, 2024
Aggregate Securitization Value |
Residual Value |
|||||||
Beginning of Period | $ | 1,016,575,868 | $ | 811,939,831 | ||||
Change | (24,331,121 | ) | (13,895,067 | ) | ||||
End of Period | $ | 992,244,747 | $ | 798,044,764 | ||||
Residual Value as % of Agg. Securitization Value | 80.43 | % |
Delinquency
Leases with scheduled payment delinquent |
Number of Leases |
Agg. Securitization Value |
Percentage(1) | |||||||||
0 - 30 days | 34,637 | 987,088,932 | 99.48 | % | ||||||||
31 - 60 days | 120 | 4,046,385 | 0.41 | % | ||||||||
61 - 90 days | 25 | 746,741 | 0.08 | % | ||||||||
91 - 120 days | 8 | 362,689 | 0.04 | % | ||||||||
Total | 34,790 | 992,244,747 | 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 | 302 | 8,300,478 | 2,388 | 71,907,452 | ||||||||||||
Standard terminations | 150 | 3,257,624 | 731 | 16,099,853 | ||||||||||||
Total retained by lessee | 452 | 11,558,102 | 3,119 | 88,007,305 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 56 | 1,248,638 | 147 | 3,209,350 | ||||||||||||
Standard terminations | 49 | 1,031,455 | 148 | 3,090,516 | ||||||||||||
Total returned to dealer | 105 | 2,280,093 | 295 | 6,299,866 | ||||||||||||
Charged off leases / Repossessed vehicles | 49 | 1,441,987 | 337 | 9,892,609 | ||||||||||||
Repurchases | 0 | 0 | 1 | 27,138 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 606 | 15,280,182 | 3,752 | 104,226,918 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases |
Agg. Securitization Value |
Percentage | ||||||||||
Term Extensions | 53 | 957,407 | 0.09 | % | ||||||||
Deferments | 6 | 267,770 | 0.03 | % |
7
Net Credit (Gain) Loss
Current Period |
Cumulative | |||||||
Agg. Securitized Value of early term defaults | 1,441,987 | 9,892,609 | ||||||
less: Sales proceeds | 1,613,173 | 9,790,888 | ||||||
less: Excess wear and excess mileage received | 0 | 337 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (171,186 | ) | 101,384 |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 2,276,146 | 6,284,649 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 2,605,477 | 7,339,066 | ||||||
less: Excess wear and excess mileage received | 11,621 | 23,264 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (340,952 | ) | (1,077,681 | ) |
Current Period |
Prev. Month | |||||||
Prepay Speed | 0.5791 | % | 0.7132 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 26.3819 | % | 23.7197 | % | ||||
Return Rate based on Terminated Leases(3) | 17.3267 | % | 14.6179 | % |
(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