UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-D

 

 ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

 

For the monthly distribution period from April 1, 2019 to April 30, 2019

  

Commission File Number of issuing entity: 333-207859-07

 CIK number of issuing entity: 0001704323

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2017-2

(Exact name of issuing entity as specified in its charter)

 

Commission File Number of depositor: 333-207859

 CIK number of depositor: 0001631055

 

GMF LEASING LLC

(Exact name of depositor as specified in its charter)

 

CIK number of sponsor: 0001002761

 

 AMERICREDIT FINANCIAL SERVICES, INC.

(Exact name of sponsor as specified in its charter)

 

Randal L. Willis (817) 302-7000

(Name and telephone number of person to contact in connection with this filing)

 

Delaware   82-6240244
(State or other jurisdiction of incorporation or
organization of the issuing entity)		   (I.R.S. Employer Identification No.)
     

c/o AmeriCredit Financial Services, Inc.

801 Cherry Street, Suite 3500

Fort Worth, TX 76102

   76102

(Address of principal executive offices of issuing entity)

 (Zip Code)

 

(817) 302-7000

 

(Telephone number, including area code)

 

N/A

 

(Former name, former address, if changed since last report)

 

   Registered/reported pursuant to (check one)  Name of exchange
Title of Class  Section 12(b)  Section 12(g)  Section 15(d)  (If Section 12(b))
Class A-1  ☐  ☐  ☒   
Class A-2-A  ☐  ☐  ☒   
Class A-2-B  ☐  ☐  ☒   
Class A-3  ☐  ☐  ☒   
Class A-4  ☐  ☐  ☒   
Class B  ☐  ☐  ☒   
Class C  ☐  ☐  ☒   

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒     No  ☐ 

 

 

 

 

 

 

PART I – DISTRIBUTION INFORMATION

 

ITEM 1 – Distribution and Pool Performance Information.

 

The response to Item 1 is set forth in part herein and in part in Exhibit 99.1

 

The record date for distributions described in Exhibit 99.1 was May 17, 2019.

 

No assets securitized by AmeriCredit Financial Services, Inc. d/b/a GM Financial (the “Securitizer”) and held by GM Financial Automobile Leasing Trust 2017-2 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from April 1, 2019 to April 30, 2019.

 

The Securitizer (CIK # 0001002761) filed Form ABS-15G on February 1, 2019.

 

Item 1A. - Asset-Level Information.

 

The response to Item 1A is set forth in Exhibit 102.1 and Exhibit 103.1 each of which is incorporated by reference into this Form 10-D as described in Item 10.

 

Item 1B. - Asset Representations Reviewer and Investor Communication.

 

None

 

 

 

 

PART II – OTHER INFORMATION

 

ITEM 2 – Legal Proceedings.

 

None

 

ITEM 3 – Sales of Securities and Use of Proceeds.

 

None

 

 ITEM 4 – Defaults Upon Senior Securities.

 

None

 

ITEM 5 – Submission of Matters to a Vote of Security Holders.

 

None

 

ITEM 6 – Significant Obligors of Pool Assets.

 

None

 

ITEM 7 – Change in Sponsor Interest in the Securities.

 

None

 

ITEM 8 – Significant Enhancement Provider Information.

 

None

 

ITEM 9 – Other Information.

 

None

 

ITEM 10 – Exhibits.

 

(a)Documents filed as part of this report:

 

99.1Monthly Servicer’s Certificate

 

(b)Exhibits required by this Form and Item 601 of Regulation S-K (17 CFR 229.601).

 

102.1Asset Data File, dated as of May 24, 2019 for the reporting period April 1, 2019 to April 30, 2019 (See Exhibit 102.1 to Form ABS-EE filed by GM Financial Automobile Leasing Trust 2017-2 with the SEC on May 24, 2019, which is incorporated by reference herein).

 

103.1Asset Related Document, dated as of May 24, 2019 for the reporting period April 1, 2019 to April 30, 2019 (See Exhibit 103.1 to Form ABS-EE filed by GM Financial Automobile Leasing Trust 2017-2 with the SEC on May 24, 2019, which is incorporated by reference herein).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2017-2

(Issuing Entity)

 

Dated: May 28, 2019

 

By: AmeriCredit Financial Services, Inc. d/b/a GM Financial, as Servicer
       
By:   /s/ Randal L. Willis  
Name:   Randal L. Willis  
Title:   Senior Vice President, Securitization & Conduit Reporting-Treasury  

 

 

 

 

Exhibit 99.1

 

GM Financial Automobile Leasing Trust 2017-2
2.96% Exchange Note
Class A-1 1.25000% Asset Backed Notes
Class A-2A 1.72% Asset Backed Notes
Class A-2B Floating Asset Backed Notes
Class A-3 2.02% Asset Backed Notes
Class A-4 2.18% Asset Backed Notes
Class B 2.43% Asset Backed Notes
Class C 2.84% Asset Backed Notes
Class D 2.95% Asset Backed Notes
Servicer’s Certificate 

 

                        

Beginning of Period:

        04/01/19

End of Period:

        04/30/19  

Number of days in Interest Period (Actual/360):

        28  

Number of days in Collection Period:

        30  

Report Due Date:

        05/16/19  

Distribution Date:

        05/20/19  

Transaction Month:

        23  

 

                                                                                                   
2017-2                                 Original Agg.  

Designated Pool

      Units        Start Date        Closing Date        Securitization Value  
       53,085          05/01/2017          06/14/2017        $ 1,362,471,925  

Total

        53,085                  $ 1,362,471,925  

 

                             

RECONCILIATION OF 2017-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE

{1} Beginning of period Aggregate Securitization Value

             {1}     $ 722,752,024  

{2} Reduction in Agg. Securitization Value due to payments

           {2}       9,723,134    

{3} Reduction in Agg. Securitization Value due to Defaulted Leases

           {3}       1,187,458    

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

 

     {4}       36,259,373    

{5} Other adjustments

           {5}       0    

{6} Total change in Agg. Securitization Value

             {6}       47,169,965  

{7} End of period Aggregate Securitization Value

             {7}     $ 675,582,059  

{8} Pool Factor

             {8}       49.585026 % 

RECONCILIATION OF 2017-2 EXCHANGE NOTE

            

{9} Original Exchange Note Balance

             {9}     $ 1,326,000,000  

{10} Beginning of period Exchange Note Balance

             {10}     $ 686,280,099  

{11} Exchange Note Principal Payment Amount

             {11}       47,169,965  

{12} End of period Exchange Note Balance

             {12}     $ 639,110,134  

{13} Note Pool Factor

             {13}       48.198351 % 

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}     $ 169,000,000     $ 260,000,000     $ 220,000,000     $ 350,000,000     $ 99,150,000  

{15} Beginning of period Note Balance

     {15}     $ 0     $ 0     $ 0     $ 325,286,292     $ 99,150,000  

{16} Noteholders’ Principal Distributable Amount

     {16}       0       0       0       33,545,246       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     $ 291,741,046     $ 99,150,000  

{21} Note Pool Factor

     {21}       0.000000 %      0.000000 %      0.000000 %      83.354585 %      100.000000 % 
          Class B     Class C     Class D           TOTAL  

{22} Original Note Balance

     {22}     $ 59,260,000     $ 55,130,000     $ 37,460,000       $ 1,250,000,000  

{23} Beginning of period Note Balance

     {23}     $ 59,260,000     $ 55,130,000     $ 37,460,000       $ 576,286,292  

{24} Noteholders’ Principal Distributable Amount

     {24}       0       0       0         33,545,246  

{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}     $ 59,260,000     $ 55,130,000     $ 37,460,000       $ 542,741,046  

{29} Note Pool Factor

     {29}       100.000000 %      100.000000 %      100.000000 %        43.419284 % 

 

 1

 

 

                                            

EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

 

        

Principal payment calculation:

 

        

{30} Beginning of period Designated Pool Balance

 

         {30}     $ 722,752,024  

{31} Ending Designated Pool Balance

 

       {31}       675,582,059    

{32} Unpaid prior Exchange Note Principal Payment Amount

 

       {32}       0    

{33} Sum of {31} + {32}

 

         {33}       675,582,059  

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

 

         {34}     $ 47,169,965  

Interest calculation:

 

        
        Beg Note
Balance		     Interest
Carryover		     Interest Rate     Days     Days Basis     Interest              

{35}

   $ 686,280,099     $ 0       2.96 %      30       30/360     $ 1,692,825      

RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT

 

        

Additions:

 

        

{36} 2017-2 Designated Pool Collections (net of Liquidation Proceeds and fees)

 

       {36}     $ 13,107,416    

{37} Net Liquidation Proceeds collected during period

 

       {37}       42,089,436    

{38} Investment Earnings

 

       {38}       100,363    

{39} Investment Earnings - transferred to Indenture Note Collection Account

 

       {39}       (100,363 )   

{40} Deposit from Servicer

 

       {40}       0    

{41} Total Additions:

 

         {41}       55,196,852  

Distributions:

 

        

{42} To the Servicer, Designated Pool Servicing Fee

 

       {42}       602,293    

{43} To the 2017-2 Exchange Noteholder, the Exchange Note Interest Payment Amount

 

       {43}       1,692,825    

{44} To the 2017-2 Exchange Noteholder, the Exchange Note Principal Payment Amount

 

       {44}       47,169,965    

{45} To the 2017-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii)

   {45}       0    

{46} To the 2017-2 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments

   {46}       5,731,769    

{47} Total Distributions:

 

         {47}     $ 55,196,852  

NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

 

        

Noteholders’ Principal Distributable calculation:

 

        

{48} Beginning Agg. Securitization Value

{48}

   $ 722,752,024              

{49} Ending Agg. Securitization Value

{49}

     675,582,059              

{50} Principal Distributable Amount {48} - {49}

 

   {50}     47,169,965            

{51} Noteholders’ Principal Carryover Amount

 

   {51}     0            

{52} Principal Distributable Amount + Noteholders’ Principal Carryover Amount

 

     {52}     47,169,965          

{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}     33,545,246          

{54} Noteholders’ Principal Distributable Amount Lessor of {52} and {53}

 

         {54}     $ 33,545,246  

Noteholders’ Interest Distributable calculation:

 

        
    Class   Beg Note
Balance		     Interest
Carryover		     Interest Rate     Days     Days Basis     Interest              

{55}

   Class A-1   $ 0     $ 0       1.25000 %      28       Actual/360     $ 0      

{56}

   Class A-2A   $ 0       0       1.72 %      30       30/360       0      

{57}

   Class A-2B   $ 0       0       2.78738 %      28       Actual/360       0      

{58}

   Class A-3   $ 325,286,292       0       2.02 %      30       30/360       547,566      

{59}

   Class A-4   $ 99,150,000       0       2.18 %      30       30/360       180,123      

{60}

   Class B   $ 59,260,000       0       2.43 %      30       30/360       120,002      

{61}

   Class C   $ 55,130,000       0       2.84 %      30       30/360       130,475      

{62}

   Class D   $ 37,460,000       0       2.95 %      30       30/360       92,090      

RECONCILIATION OF INDENTURE COLLECTION ACCOUNT

 

        

Available Funds:

 

        

{63} 2017-2 Exchange Note Collections

 

       {63}     $ 54,594,559    

{64} Investment Earnings

 

       {64}       0    

{65} Investment Earnings - transferred from Exchange Note Collection Account

 

       {65}       100,363    

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

 

       {66}       12,794    

{67} Optional Purchase Price

 

       {67}       0    

{68} Indenture Section 5.4 disposition of Collateral

 

       {68}       0    

{69} Available Funds:

 

             {69}     54,707,716

{70} Reserve Account Withdrawal Amount

 

     {70}     0          

{71} Total Distributable Funds:

                       {71}       54,707,716  

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}       547,566    

{80} Class A-4 Noteholders’ Interest Distributable Amount pari passu

 

       {80}       180,123    

{81} Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall

 

       {81}       0    

{82} Class B Noteholders’ Interest Distributable Amount

 

       {82}       120,002    

{83} Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall

 

       {83}       0    

{84} Class C Noteholders’ Interest Distributable Amount

 

       {84}       130,475    

{85} Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall

 

       {85}       0    

{86} Class D Noteholders’ Interest Distributable Amount

 

       {86}       92,090    

{87} Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall

 

       {87}       0    

{88} Noteholders’ Principal Distributable Amount

 

       {88}       33,545,246    

{89} To the Reserve Account, the Reserve Amount 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}       20,091,589    

{96} Total Distributions:

 

         {96}     $ 54,707,716  

 

 2

 

 

                                            

PRINCIPAL PARITY AMOUNT CALCULATION

 

        
        (X)     (Y)     (I)     (II)                    
    Class   Cumulative
Note Balance		     Aggregate
Securitization Value		     Excess
of (X) - (Y)		     Total Available Funds
in Indenture Collection Account		     Lesser of (I)
or (II)		              

{97}

   Class A   $ 424,436,292     $ 675,582,059     $ 0     $           53,979,402     $ 0      

{98}

   Class B     483,696,292       675,582,059       0         53,859,400       0      

{99}

   Class C     538,826,292       675,582,059       0         53,728,925       0      

{100}

   Class D     576,286,292       675,582,059       0         53,636,835       0      

ACCELERATED PRINCIPAL AMOUNT CALCULATION

 

          

{101} Excess Total Available Funds

 

         {101}     $ 20,091,589    

{102} Beginning Note Balance

 

     {102}       576,286,292        

{103} Principal payments through Indenture Section 8.3 (i) through (xv)

 

     {103}       33,545,246        

{104} Pro-Forma Note Balance

 

       {104}       542,741,046      

{105} Ending Aggregate Securitization Value

 

     {105}       675,582,059        

{106} 10.75% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full,9.75% Thereafter ($132,841,013)

 

     {106}       132,841,013        

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

 

       {107}       542,741,046      

{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}     $ 675,582,059    

{111} End of Period Note Balance

 

         {111}       639,110,134    

{112} Overcollateralization

 

         {112}       36,471,925    

{113} Overcollateralization %

 

           {113}       5.40 % 

   Asset Backed Notes:

 

          

{114} Ending Aggregate Securitization Value

 

         {114}       675,582,059    

{115} End of Period Note Balance

 

         {115}       542,741,046    

{116} Overcollateralization

 

         {116}       132,841,013    

{117} Overcollateralization %

 

           {117}       19.66 % 

RECONCILIATION OF 2017-2 CASH RESERVE ACCOUNT

 

          

{118} Specified Reserve Balance

 

           {118}     $ 6,812,360  

{119} Beginning of Period Reserve Account balance

 

           {119}     $ 6,812,360  

{120} Investment Earnings

 

         {120}       12,794    

{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}       6,825,154  

{124} Specified Reserve Balance

 

           {124}       6,812,360  

{125} Release Excess Cash to Indenture Collection Available Funds

 

           {125}       12,794  

{126} End of period Reserve Account balance

 

           {126}     $ 6,812,360  

ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER

 

          
                        Dollars     Percentage  

{127} Receivables with Scheduled Payment delinquent 61 days or more

 

         {127}     $ 2,774,871       0.41 % 

{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:   May 15, 2019

 

 3

 

 

GM Financial

GMALT 2017-2

Supplemental Monthly Data

April 30, 2019

 

   Aggregate
Securitization
Value		   Residual Value 
Beginning of Period  $722,752,024   $629,519,506 
Change   (47,169,965)   (36,209,641)
End of Period  $675,582,059   $593,309,865 
           
Residual Value as % of Agg. Securitization Value        87.82%

Delinquency

 

                                                                          
    Number of Leases     Agg. Securitization Value     Percentage(1)  

Leases with scheduled payment delinquent

      

0 - 30 days

     33,113       664,376,200       98.34 % 

31 - 60 days

     395       8,430,988       1.25 % 

61 - 90 days

     106       2,146,530       0.32 % 

91 - 120 days

     28       628,341       0.09 % 
 

 

 

    

 

 

    

 

 

  

Total

     33,642       675,582,059       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

     199       4,702,600       3,593       95,470,368  

Standard terminations

     154       3,280,875       765      

15,959,793

  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total retained by lessee

     353       7,983,475       4,358      

111,430,161

  

Returned Vehicles

        

Early terminations

     831       15,317,912       7,951       143,808,562  

Standard terminations

     668       12,957,986       5,195       93,970,649  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total returned to dealer

     1,499       28,275,898       13,146      

237,779,211

  

Charged off leases / Repossessed vehicles

     63       1,187,458       1,938      

41,980,815

  

Repurchases

     0       0       1       21,071  

Other

     0       0       0       0  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total terminations

     1,915       37,446,831       19,443       391,211,258  

Net Credit (Gain) Loss

 

                                                 
       Current Period      Cumulative  

Agg. Securitized Value of early term defaults

        1,187,458        41,980,815  

less: Sales proceeds

       

1,461,837

        38,893,216  

less: Excess wear and excess mileage received

        2,165        5,005  

less: Other amounts received

        16,101         1,257,232  
    

 

 

     

 

 

  

Net Credit (Gain) Loss

       

(292,645

 )       1,825,362  

Residual (Gain) Loss on Returned Vehicles

 

   

Agg. Securitized Value of returned vehicles sold by Servicer

        27,764,205        235,503,054  

add: Reimbursement of outstanding residual advance

        N/A        N/A  

less: Sales proceeds

        31,223,596        254,591,199  

less: Excess wear and excess mileage received

        105,320        456,309  

less: Other recovery amounts

        20,918        740,964  
    

 

 

     

 

 

  

Residual (Gain) Loss

        (3,585,629 )       (20,285,418 ) 
       Current Period      Prev. Month  

Prepay Speed

        0.8205 %       0.8134 % 

Return Rate based on Scheduled to Terminate(2)

        88.3324 %       91.1136 % 

Return Rate based on Terminated Leases(3)

        78.2768 %       81.4070 % 

 

(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.