Asset-Backed Issuer Distribution Report - Form 10-D

GM Financial Automobile Leasing Trust 2023-1

5.77% Exchange Note

Class A-1 4.94800% Asset Backed Notes

Class A-2A 5.27% Asset Backed Notes

Class A-2B Floating Asset Backed Notes

Class A-3 5.16% Asset Backed Notes

Class A-4 5.16% Asset Backed Notes

Class B 5.51% Asset Backed Notes

Class C 5.76% Asset Backed Notes

Class D 0.00% Asset Backed Notes

Servicer's Certificate

Beginning of Period:	03/01/24
End of Period:	03/31/24
Number of days in Interest Period (Actual/360):	33
Number of days in Collection Period:	31
Report Due Date:	04/18/24
Distribution Date:	04/22/24
Transaction Month:	14

									Original Agg.
2023-1 Designated Pool		Units			Start Date		Closing Date		Securitization Value
			57,400			01/03/2023		02/16/2023		$	1,676,201,777
Total			57,400							$	1,676,201,777

RECONCILIATION OF 2023-1 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE

{1}

Beginning of period Aggregate Securitization Value

{1}

$

1,133,700,919

{2}

Reduction in Agg. Securitization Value due to payments

{2}

11,191,485

{3}

Reduction in Agg. Securitization Value due to Defaulted Leases

{3}

1,644,672

{4}

Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases

{4}

38,744,042

{5}

Other adjustments

{5}

0

{6}

Total change in Agg. Securitization Value

{6}

51,580,199

{7}

End of period Aggregate Securitization Value

{7}

$

1,082,120,720

{8}

Pool Factor

{8}

64.557903

%

RECONCILIATION OF 2023-1 EXCHANGE NOTE

{9}		Original Exchange Note Balance		{9}		$	1,610,000,000
{10}		Beginning of period Exchange Note Balance		{10}		$	1,067,499,142
{11}		Exchange Note Principal Payment Amount		{11}			51,580,199
{12}		End of period Exchange Note Balance		{12}		$	1,015,918,943
{13}		Note Pool Factor		{13}			63.100555	%

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}		$	225,060,000			$	427,000,000			$	125,000,000			$	488,000,000			$	94,270,000
{15}		Beginning of period Note Balance		{15}		$	0			$	149,086,223			$	43,643,509			$	488,000,000			$	94,270,000
{16}		Noteholders' Principal Distributable Amount		{16}			0				39,899,900				11,680,299				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			$	109,186,323			$	31,963,210			$	488,000,000			$	94,270,000
{21}		Note Pool Factor		{21}			0.000000	%			25.570567	%			25.570568	%			100.0000000	%			100.000000	%

						Class B			Class C			Class D			TOTAL
{22}		Original Note Balance		{22}		$	72,900,000			$	67,900,000			$	41,900,000			$	1,542,030,000
{23}		Beginning of period Note Balance		{23}		$	72,900,000			$	67,900,000			$	41,900,000			$	957,699,732
{24}		Noteholders' Principal Distributable Amount		{24}			0				0				0				51,580,199
{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}		$	72,900,000			$	67,900,000			$	41,900,000			$	906,119,533
{29}		Note Pool Factor		{29}			100.000000	%			100.000000	%			100.000000	%			58.761472	%

EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

Principal payment calculation:

{30}

Beginning of period Designated Pool Balance

{30}

$

1,133,700,919

{31}

Ending Designated Pool Balance

{31}

1,082,120,720

{32}

Unpaid prior Exchange Note Principal Payment Amount

{32}

0

{33}

Sum of {31} + {32}

{33}

1,082,120,720

{34}

Exchange Note Principal Payment Amount {30} - {33}

{34}

$

51,580,199

		Interest calculation:
				Beg Note Balance			Interest Carryover			Interest Rate			Days		Days Basis		Interest
{35}				$	1,067,499,142			$	0				5.77	%		30		30/360		$	5,132,892

RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT

Additions:

{36}

2023-1 Designated Pool Collections (net of Liquidation Proceeds and fees)

{36}

$

20,278,037

{37}

Net Liquidation Proceeds collected during period

{37}

45,461,404

{38}

Investment Earnings

{38}

272,813

{39}

Investment Earnings - transferred to Indenture Note Collection Account

{39}

(272,813

)

{40}

Deposit from Servicer

{40}

0

{41}

Total Additions:

{41}

65,739,441

Distributions:

{42}

To the Servicer, Designated Pool Servicing Fee

{42}

944,751

{43}

To the 2023-1 Exchange Noteholder, the Exchange Note Interest Payment Amount

{43}

5,132,892

{44}

To the 2023-1 Exchange Noteholder, the Exchange Note Principal Payment Amount

{44}

51,580,199

{45}

To the 2023-1 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii)

{45}

0

{46}

To the 2023-1 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments

{46}

8,081,599

{47}

Total Distributions:

{47}

$

65,739,441

NOTEHOLDERS' MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

Noteholders' Principal Distributable calculation:

{48}

Beginning Agg. Securitization Value

{48}

$

1,133,700,919

{49}

Ending Agg. Securitization Value

{49}

1,082,120,720

{50}

Principal Distributable Amount {48} - {49}

{50}

51,580,199

{51}

Noteholders' Principal Carryover Amount

{51}

0

{52}

Principal Distributable Amount + Noteholders' Principal Carryover Amount

{52}

51,580,199

{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}

51,580,199

{54}

Noteholders' Principal Distributable Amount Lessor of {52} and {53}

{54}

$

51,580,199

		Noteholders' Interest Distributable calculation:
		Class		Beg Note Balance			Interest Carryover			Interest Rate			Days		Days Basis		Interest
{55}		Class A-1		$	0			$	0				4.94800	%		33		Actual/360		$	0
{56}		Class A-2A		$	149,086,223				0				5.27	%		30		30/360			654,737
{57}		Class A-2B		$	43,643,509				0				5.86931	%		33		Actual/360			234,811
{58}		Class A-3		$	488,000,000				0				5.16	%		30		30/360			2,098,400
{59}		Class A-4		$	94,270,000				0				5.16	%		30		30/360			405,361
{60}		Class B		$	72,900,000				0				5.51	%		30		30/360			334,733
{61}		Class C		$	67,900,000				0				5.76	%		30		30/360			325,920
{62}		Class D		$	41,900,000				0				0.00	%		30		30/360			0

RECONCILIATION OF INDENTURE COLLECTION ACCOUNT

Available Funds:

{63}

2023-1 Exchange Note Collections

{63}

$

64,794,690

{64}

Investment Earnings

{64}

0

{65}

Investment Earnings - transferred from Exchange Note Collection Account

{65}

272,813

{66}

Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement

{66}

18,514

{67}

Optional Purchase Price

{67}

0

{68}

Indenture Section 5.4 disposition of Collateral

{68}

0

{69}

Available Funds:

{69}

65,086,017

{70}

Reserve Account Withdrawal Amount

{70}

0

{71}

Total Distributable Funds:

{71}

65,086,017

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}

654,737

{78}

Class A-2B Noteholders' Interest Distributable Amount pari passu

{78}

234,811

{79}

Class A-3 Noteholders' Interest Distributable Amount pari passu

{79}

2,098,400

{80}

Class A-4 Noteholders' Interest Distributable Amount pari passu

{80}

405,361

{81}

Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall

{81}

0

{82}

Class B Noteholders' Interest Distributable Amount

{82}

334,733

{83}

Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall

{83}

0

{84}

Class C Noteholders' Interest Distributable Amount

{84}

325,920

{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}

51,580,199

{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}

9,451,189

{96}

Total Distributions:

{96}

$

65,086,017

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		$	774,999,732			$	1,082,120,720			$	0			$	61,692,041			$	0
{98}		Class B			847,899,732				1,082,120,720				0				61,357,308				0
{99}		Class C			915,799,732				1,082,120,720				0				61,031,388				0
{100}		Class D			957,699,732				1,082,120,720				0				61,031,388				0

ACCELERATED PRINCIPAL AMOUNT CALCULATION

{101}

Excess Total Available Funds

{101}

$

9,451,189

{102}

Beginning Note Balance

{102}

957,699,732

{103}

Principal payments through Indenture Section 8.3 (a) (i) through (xv)

{103}

51,580,199

{104}

Pro-Forma Note Balance

{104}

906,119,533

{105}

Ending Aggregate Securitization Value

{105}

1,082,120,720

{106}

10.5% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full, 9.5% Thereafter ($176,001,187)

{106}

176,001,187

{107}

Required Pro Forma Note Balance {105} - {106}

{107}

906,119,533

{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}

$

1,082,120,720

{111}

End of Period Note Balance

{111}

1,015,918,943

{112}

Overcollateralization

{112}

66,201,777

{113}

Overcollateralization %

{113}

6.12

%

Asset Backed Notes:

{114}

Ending Aggregate Securitization Value

{114}

1,082,120,720

{115}

End of Period Note Balance

{115}

906,119,533

{116}

Overcollateralization

{116}

176,001,187

{117}

Overcollateralization %

{117}

16.26

%

RECONCILIATION OF 2023-1 CASH RESERVE ACCOUNT

{118}

Specified Reserve Balance

{118}

$

4,190,504

{119}

Beginning of Period Reserve Account balance

{119}

$

4,190,504

{120}

Investment Earnings

{120}

18,514

{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}

4,209,018

{124}

Specified Reserve Balance

{124}

4,190,504

{125}

Release Excess Cash to Indenture Collection Available Funds

{125}

18,514

{126}

End of period Reserve Account balance

{126}

$

4,190,504

ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER

Dollars

Percentage

{127}

Receivables with Scheduled Payment delinquent 61 days or more

{127}

$

1,267,009

0.12

%

{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:	April 17, 2024

GM Financial

GMALT 2023-1

Supplemental Monthly Data

March 31, 2024

		Aggregate Securitization Value			Residual Value
Beginning of Period		$	1,133,700,919			$	966,472,564
Change			(51,580,199	)			(38,080,162	)
End of Period		$	1,082,120,720			$	928,392,402
Residual Value as % of Agg. Securitization Value							85.79	%

Delinquency

Leases with scheduled payment delinquent		Number of Leases			Agg. Securitization Value			Percentage(1)
0 - 30 days			41,228				1,075,395,823				99.38	%
31 - 60 days			185				5,457,888				0.50	%
61 - 90 days			39				1,122,932				0.10	%
91 - 120 days			8				144,077				0.01	%
Total			41,460				1,082,120,720				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			856				21,456,743				9,801				265,996,088
Standard terminations			478				10,421,618				3,963				85,200,706
Total retained by lessee			1,334				31,878,361				13,764				351,196,794
Returned Vehicles
Early terminations			165				3,514,243				674				14,296,303
Standard terminations			151				3,351,438				676				14,435,706
Total returned to dealer			316				6,865,681				1,350				28,732,009
Charged off leases / Repossessed vehicles			59				1,644,672				825				22,384,430
Repurchases			0				0				1				42,922
Other			0				0				0				0
Total terminations			1,709				40,388,714				15,940				402,356,155

Lease Extensions/Deferments

		Current Period
		Number of Leases			Agg. Securitization Value			Percentage
Term Extensions			146				2,953,953				0.26	%
Deferments			9				284,432				0.03	%

Net Credit (Gain) Loss

		Current Period			Cumulative
Agg. Securitized Value of early term defaults			1,644,672				22,384,430
less: Sales proceeds			2,080,867				24,182,172
less: Excess wear and excess mileage received			0				0
less: Other amounts received			0				0
Net Credit (Gain) Loss			(436,195	)			(1,797,742	)

Residual (Gain) Loss on Returned Vehicles

Agg. Securitized Value of returned vehicles sold by Servicer			6,788,092				28,469,836
add: Reimbursement of outstanding residual advance			N/A				N/A
less: Sales proceeds			7,881,422				33,614,751
less: Excess wear and excess mileage received			34,961				167,322
less: Other recovery amounts			0				0
Residual (Gain) Loss			(1,128,291	)			(5,312,237	)

		Current Period			Prev. Month
Prepay Speed			0.9333	%			0.8692	%
Return Rate based on Scheduled to Terminate(2)			27.4783	%			27.7442	%
Return Rate based on Terminated Leases(3)			18.4903	%			21.1881	%

(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.

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