| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 85.9 | 7.8% | 19.10% | — | — | — | 2027-12-15 | F1+ |
| Class A-2a | 375.5 | 33.9% | 19.10% | — | — | — | 2029-04-15 | AAA |
| Class A-2b | — | — | 19.10% | — | floating | — | 2029-04-15 | AAA |
| Class A-3 | 375.5 | 33.9% | 19.10% | — | — | — | 2030-02-15 | AAA |
| Class A-4 | 63.1 | 5.7% | 19.10% | — | — | — | 2030-10-15 | AAA |
| Class B | 38.8 | 3.5% | 15.60% | — | — | — | 2030-10-15 | AA |
| Class C | 43.7 | 4.0% | 11.65% | — | — | — | 2031-02-15 | A |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | Nissan Motor Acceptance Company LLC |
|---|---|
| Servicer | Nissan Motor Acceptance Company LLC |
| Depositor / Transferor | Nissan Auto Leasing LLC II |
| Indenture Trustee | Wilmington Trust, National Association |
| Owner Trustee | Wilmington Trust, National Association (“ |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, BNP Paribas Securities, Citigroup Global Markets, Mizuho Securities, Lloyds Securities, MUFG Securities Americas, U.S. Bancorp Investments |
| NALT 2026-C | NALT 2026-B | NALT 2026-A | NALT 2025-B | NALT 2025-A | NALT 2024-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-11-24 | 2026-07-29 | 2026-02-26 | 2025-07-29 | 2025-01-22 | 2024-07-24 | 424B5 |
| Pool balance | $1,107.0MM | $1,447.5MM | $1,422.1MM | $1,125.5MM | $1,685.5MM | $1,383.3MM | 424B5 |
| WA Lessee Credit Score | 760−9 | 769 | 773 | 771 | 766 | 758 | 424B5 |
| WA original term mo | 37.00.0 | 37.0 mo | 36.0 mo | 36.0 mo | 37.0 mo | 37.0 mo | 424B5 |
| WA Residual % MSRP | 53.9% | 52.2% | 52.9% | 49.5% | 50.1% | 52.5% | calc |
| ALG-marked residuals | 99.7% | 99.9% | 99.8% | 100.0% | 100.0% | 100.0% | calc |
| WA Securitization Value | $30,977 | $30,965 | $30,043 | $28,070 | $28,000 | $29,865 | calc |
| Top-3 model concentration | 51.1% | 49.8% | 42.2% | 50.3% | 50.5% | 51.8% | calc |
| Geo top-3 | NY 14.8% NJ 14.4% FL 10.9% | NY 14.8% NJ 14.4% FL 10.9% | NY 16.7% NJ 15.5% FL 11.2% | NY 16.7% NJ 15.5% FL 11.2% | FL 11.6% CA 11.6% TX 7.3% | FL 11.6% CA 11.6% TX 7.3% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | — | 17.50% | 19.55% | 17.90% | 17.85% | 17.90% | calc |
| Enhancement, target | — | — | — | — | — | — | calc |
| Subordinate notes | — | 6.2% | 7.1% | 6.4% | 5.9% | 4.3% | calc |
| Initial OC | 11.25% | 10.90% | 12.10% | 11.15% | 11.60% | 13.25% | 424B5 |
| Target OC | — | — | — | — | — | — | 424B5 |
| Reserve account | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 424B5 |
| Pricing | |||||||
| AAA spread | — | +47 bps A-3 · 2.2y | +44 bps A-3 · 2.0y | +52 bps A-3 · 2.2y | — | +61 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Discount rate | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 424B5 |
| Tranches | 7 | 7 | 7 | 7 | 7 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
| NALT 2026-C | FCALT 2026-C | VWALT 2026-C | MBALT 2026-B | BMWLT 2026-2 | GMALT 2026-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-11-24 | 2026-11-24 | 2026-11-18 | 2026-10-22 | 2026-10-14 | 2026-08-13 | 424B5 |
| Pool balance | $1,107.0MM | $1,161.0MM | $881.8MM | $1,520.0MM | $1,439.3MM | $1,111.7MM | 424B5 |
| WA Lessee Credit Score | 760−20 | 763 | 779 | 788 | 796 | 780 | 424B5 |
| WA original term mo | 37.0+0.4 | 37.2 mo | — | 38.6 mo | 36.0 mo | 35.0 mo | 424B5 |
| WA Residual % MSRP | 53.9% | 50.8% | — | 44.4% | 47.6% | 53.2% | calc |
| ALG-marked residuals | 99.7% | 92.1% | — | 94.8% | 100.0% | 93.5% | calc |
| WA Securitization Value | $30,977 | $36,104 | — | $56,153 | $55,578 | $35,155 | calc |
| Top-3 model concentration | 51.1% | 59.5% | — | 31.8% | 24.7% | 38.6% | calc |
| Geo top-3 | NY 14.8% NJ 14.4% FL 10.9% | MI 29.9% NY 10.3% CA 8.7% | CA 20.3% FL 14.6% NY 11.1% | CA 29.4% FL 14.2% NY 11.6% | CA 17.2% FL 14.7% NY 11.1% | MI 24.9% NY 14.1% FL 10.5% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | — | 17.50% | 15.75% | 13.25% | 13.40% | 18.80% | calc |
| Enhancement, target | — | 19.50% | 19.05% | 14.75% | 15.90% | 19.80% | calc |
| Subordinate notes | — | 10.3% | 0.0% | 0.0% | 0.0% | 8.5% | calc |
| Initial OC | 11.25% | 7.00% | 15.50% | 13.00% | 13.15% | 10.00% | 424B5 |
| Target OC | — | 9.00% | 18.80% | 14.50% | 15.65% | 11.00% | 424B5 |
| Reserve account | 0.40% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | — | — | +52 bps A-3 · 2.0y | +51 bps A-3 · 1.8y | +50 bps A-3 · 2.1y | +42 bps A-3 · 1.8y | FWP |
| Terms | |||||||
| Discount rate | 10.00% | 9.55% | 11.15% | 10.60% | 11.25% | 10.00% | 424B5 |
| Tranches | 7 | 8 | 5 | 5 | 5 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.