Exhibit 99.1

Nissan Auto Lease Trust 2024-A

Servicer’s Report

 

Collection Period Start    1-Sep-24    Distribution Date   

15-Oct-24

Collection Period End    30-Sep-24    30/360 Days   

30

Beg. of Interest Period    16-Sep-24    Actual/360 Days   

29

End of Interest Period    15-Oct-24      

 

SUMMARY              
     Coupon Rate     Initial Balance      Beginning Balance      Ending Balance      Pool Factor  

Total Portfolio

       1,560,158,172.56        1,382,334,646.32        1,358,871,337.40        0.8709831  

Total Securities

       1,560,158,172.56        1,382,334,646.32        1,358,871,337.40        0.8709831  

Class A-1 Notes

     5.502000     150,000,000.00        0.00        0.00        0.0000000  

Class A-2a Notes

     5.110000     262,000,000.00        248,088,236.88        236,356,582.42        0.9021244  

Class A-2b Notes

     5.842070     262,000,000.00        248,088,236.88        236,356,582.42        0.9021244  

Class A-3 Notes

     4.910000     460,000,000.00        460,000,000.00        460,000,000.00        1.0000000  

Class A-4 Notes

     4.970000     75,120,000.00        75,120,000.00        75,120,000.00        1.0000000  

Certificates

     0.000000     351,038,172.56        351,038,172.56        351,038,172.56        1.0000000  
     Principal Payment Due     Interest Payment      Principal per $1000 Face Amount      Interest per $1000
Face Amount
        

Class A-1 Notes

     0.00       0.00        0.0000000        0.0000000     

Class A-2a Notes

     11,731,654.46       1,056,442.41        44.7773071        4.0322229     

Class A-2b Notes

     11,731,654.46       1,167,531.01        44.7773071        4.4562252     

Class A-3 Notes

     0.00       1,882,166.67        0.0000000        4.0916667     

Class A-4 Notes

     0.00       311,122.00        0.0000000        4.1416667     

Certificates

     0.00       0.00        0.0000000        0.0000000     

Total Securities

     23,463,308.92       4,417,262.09           

 

I. COLLECTIONS

          

Lease Payments: ( Lease Series Assets)

          

Monthly Principal

             13,299,356.58  

Monthly Interest

             10,752,978.92  
          

 

 

 

Total Monthly Payments

             24,052,335.50  

Interest Rate Cap Payments

             0.00  

Advances:

          

Aggregate Monthly Payment Advances

 

        789,986.70  

Aggregate Sales Proceeds Advance

 

        802,191.01  
          

 

 

 

Total Advances

             1,592,177.71  

Vehicle Disposition Proceeds:

          

Repurchase Payments

             0.00  

Recoveries

             0.00  

Net Liquidation Proceeds (includes Reallocation Payments and Net Auction Proceeds)

 

          5,657,025.73  

Excess Wear and Tear and Excess Mileage

 

        4,353.95  

Remaining Payoffs

             0.00  

Net Insurance Proceeds

             1,285,681.83  

Residual Value Surplus

             3,902.21  
          

 

 

 

Total Collections

             32,595,476.93  
Vehicle Disposition Activity for the current month - Terminated and Sold
(included in Vehicle Disposition Proceeds)
    Reallocation
Payments
and Net Auction
Proceeds
    Net Insurance
Sales
    Lease Payoffs     Count  

Early Termination

       411,346.00           16  

Involuntary Repossession

       271,151.00           11  

Voluntary Repossession

       382,163.00           13  

Full Termination

                  

Bankruptcty

       62,091.00           2  

Insurance Payoff

         1,261,764.65         47  

Customer Payoff

           83,678.22       3  

Grounding Dealer Payoff

           4,235,545.88       134  

Dealer Purchase

    

 

 

   

 

 

             

Total

       1,126,751.00       1,261,764.65       4,319,224.10       226  

II. COLLATERAL POOL BALANCE DATA

 

       
     Number     Book Amount     Discount Rate     Securitization
Value
       

Pool Balance - Beginning of Period

     48,230       1,584,163,969.85       7.00000     1,382,334,646.32    

Total Depreciation Received

       (13,781,329.83       (16,412,269.62  

Principal Amount of Gross Losses

     (87     (2,710,982.21       (2,414,310.03  

Repurchase / Reallocation

     0       0.00         0.00    

Early Terminations

     (15     (508,782.42       (445,895.79  

Scheduled Terminations

     (153     (4,661,465.05       (4,190,833.48  
  

 

 

   

 

 

     

 

 

   

Pool Balance - End of Period

     47,975       1,562,501,410.34         1,358,871,337.40    

Remaining Pool Balance

          

Lease Payment

           453,821,786.87    

Residual Value

           905,049,550.53    
        

 

 

   

Total

           1,358,871,337.40    


NISSAN AUTO LEASE TRUST 2024-A

Servicer Report

 

III. DISTRIBUTIONS

  

Total Collections

     32,595,476.93  

Reserve Amounts Available for Distribution

     0.00  
  

 

 

 

Total Available for Distribution

     32,595,476.93  

1. Amounts due Indenture Trustee as Compensation or Indemnity

     0.00  

2. Reimbursement of Payment Advance

     637,943.07  

3. Reimbursement of Sales Proceeds Advance

     422,704.84  

4. Servicing Fee:

  

Servicing Fee Due

     1,151,945.54  

Servicing Fee Paid

     1,151,945.54  

Servicing Fee Shortfall

     0.00  
  

 

 

 

Total Trustee, Advances and Servicing Fee Paid

     2,212,593.45  

5. Interest:

  

Class A-1 Notes Monthly Interest

  

Class A-1 Notes Interest Carryover Shortfall

     0.00  

Class A-1 Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-1 Notes Monthly Available Interest Distribution Amount

     0.00  

Class A-1 Notes Monthly Interest Paid

     0.00  

Chg in Class A-1 Notes Int. Carryover Shortfall

     0.00  

Class A-2a Notes Monthly Interest

  

Class A-2a Notes Interest Carryover Shortfall

     0.00  

Class A-2a Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-2a Notes Monthly Available Interest Distribution Amount

     1,056,442.41  

Class A-2a Notes Monthly Interest Paid

     1,056,442.41  

Chg in Class A-2a Notes Int. Carryover Shortfall

     0.00  

Class A-2b Notes Monthly Interest

  

Class A-2b Notes Interest Carryover Shortfall

     0.00  

Class A-2b Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-2b Notes Monthly Available Interest Distribution Amount

     1,167,531.01  

Class A-2b Notes Monthly Interest Paid

     1,167,531.01  

Chg in Class A-2b Notes Int. Carryover Shortfall

     0.00  

Class A-3 Notes Monthly Interest

  

Class A-3 Notes Interest Carryover Shortfall

     0.00  

Class A-3 Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-3 Notes Monthly Available Interest Distribution Amount

     1,882,166.67  

Class A-3 Notes Monthly Interest Paid

     1,882,166.67  

Chg in Class A-3 Notes Int. Carryover Shortfall

     0.00  

Class A-4 Monthly Interest

  

Class A-4 Notes Interest Carryover Shortfall

     0.00  

Class A-4 Notes Interest on Interest Carryover Shortfall

     0.00  

Class A-4 Notes Monthly Available Interest Distribution Amount

     311,122.00  

Class A-4 Notes Monthly Interest Paid

     311,122.00  

Chg in Class A-4 Notes Int. Carryover Shortfall

     0.00  

Certificate Monthly Interest

  

Certificate Interest Carryover Shortfall

     0.00  

Certificate Interest on Interest Carryover Shortfall

     0.00  

Certificate Monthly Available Interest Distribution Amount

     0.00  

Certificate Monthly Interest Paid

     0.00  

Chg in Certificate Int. Carryover Shortfall

     0.00  

Total Note and Certificate Monthly Interest

  

Total Note and Certificate Monthly Interest Due

     4,417,262.09  

Total Note and Certificate Monthly Interest Paid

     4,417,262.09  

Total Note and Certificate Interest Carryover Shortfall

     0.00  

Chg in Total Note and Certificate Int. Carryover Shortfall

     0.00  

Total Available for Principal Distribution

     25,965,621.39  

6. Total Monthly Principal Paid on the Notes

  

Total Monthly Principal Paid on the Class A Notes

     23,463,308.92  

Total Class A Noteholders’ Principal Carryover Shortfall

     0.00  

Total Class A Noteholders’ Principal Distributable Amount

     23,463,308.92  

Chg in Total Class A Noteholders’ Principal Carryover Shortfall

     0.00  

7. Total Monthly Principal Paid on the Certificates

     0.00  

Total Certificateholders’ Principal Carryover Shortfall

     0.00  

Total Certificateholders’ Principal Distributable Amount

     0.00  

Chg in Total Certificateholders’ Principal Carryover Shortfall

     0.00  

Remaining Available Collections

     2,502,312.47  


NISSAN AUTO LEASE TRUST 2024-A

Servicer Report

 

IV. RESERVE ACCOUNT

      

Initial Reserve Account Amount

         6,240,632.69  

Required Reserve Account Amount

         10,141,028.12  

Beginning Reserve Account Balance

         10,141,028.12  

Additional Cash Infusion

         0.00  

Reinvestment Income for the Period

         0.00  

Reserve Fund Available for Distribution

         10,141,028.12  

Reserve Fund Draw Amount

         0.00  

Deposit of Remaining Available Collections

         2,502,312.47  

Gross Reserve Account Balance

         12,643,340.59  

Remaining Available Collections Released to Seller

         2,502,312.47  

Total Ending Reserve Account Balance

         10,141,028.12  
V. POOL STATISTICS       

Weighted Average Remaining Maturity

         19.88  

Monthly Prepayment Speed

         41

Lifetime Prepayment Speed

         33
           $     units  

Recoveries of Defaulted and Casualty Receivables

       2,116,097.64    

Securitization Value of Defaulted Receivables and Casualty Receivables

       2,414,310.03       87  

Aggregate Defaulted and Casualty Gain (Loss)

       (298,212.39  

Pool Balance at Beginning of Collection Period

       1,382,334,646.32    

Net Loss Ratio

      

Current Collection Period

       -0.0216  

Preceding Collection Period

       0.0090  

Second Preceding Collection Period

       -0.0718  

Third Preceding Collection Period

       -0.0199  

Cumulative Net Losses for all Periods

       0.1861     2,903,401.51  
     % of BOP Pool Balance     Amount     Number  

Delinquent Receivables:

      

31-60 Days Delinquent

     0.69     9,479,825.18       314  

61-90 Days Delinquent

     0.14     1,938,998.52       64  

91-120 Days Delinquent

     0.04     617,155.16       21  

More than 120 Days

     0.01     145,838.03       4  
    

 

 

   

 

 

 

Total Delinquent Receivables:

     0.88     12,181,816.89       403  
           Amount     Number  

61+ Days Delinquencies as Percentage of Receivables

      

Current Collection Period

       0.20     0.18

Preceding Collection Period

       0.22     0.22

Second Preceding Collection Period

       0.19     0.18

Third Preceding Collection Period

       0.19     0.18

60 Day Delinquent Receivables

       3,017,802.39    

Delinquency Percentage

       0.22  

Delinquency Trigger

       4.40  

Does the Delinquency Percentage exceed the Delinquency Trigger?

       No    
           $     units  

Aggregate Sales Performance of Auctioned Vehicles

      

Sales Proceeds

       411,346.00       16  

Securitization Value

       487,531.49       16  
    

 

 

   

Aggregate Residual Value Surplus (Loss)

       (76,185.49  
           $     units  

Cumulative Sales Performance of Auctioned Vehicles

      

Cumulative Sales Proceeds

       3,886,612.62       153  

Cumulative Securitization Value

       4,425,712.45       153  
    

 

 

   

Cumulative Residual Value Surplus (Loss)

       (539,099.83  
    

 

 

   
VI. RECONCILIATION OF ADVANCES       

Beginning Balance of Residual Advance

         751,934.38  

Reimbursement of Outstanding Advance

         422,704.84  

Additional Advances for current period

         802,191.01  
      

 

 

 

Ending Balance of Residual Advance

         1,131,420.55  
      

 

 

 

Beginning Balance of Payment Advance

         2,008,782.42  

Reimbursement of Outstanding Payment Advance

         637,943.07  

Additional Payment Advances for current period

         789,986.70  
      

 

 

 

Ending Balance of Payment Advance

         2,160,826.05  
      

 

 

 


NISSAN AUTO LEASE TRUST 2024-A

Servicer Report

 

VII. STATEMENTS TO NOTEHOLDERS         

1. Has there been any material change in practices with respect to charge-offs, collection and management of delinquent Leases, and the effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience?

           NO  

2. Have there been any material modifications, extensions or waivers to Lease terms, fees, penalties or payments during the Collection Period?

           NO  

3. Have there been any material breaches of representations, warranties or covenants contained in the Leases?

           NO  

4. Has there been any new issuance of notes or other securities backed by the Series Assets Assets?

           NO  

5. Has there been any material additions, removals or substitutions of Series Assets Assets, or repurchases of Series Assets Assets?

           NO  

6. Has there been any material change in the underwriting, origination or acquisition of Leases?

           NO  

VIII. CREDIT RISK RETENTION

On the Closing Date, Nissan Auto Leasing LLC II, the depositor, an affiliate of Nissan Motor Acceptance Company LLC (“NMAC”), the sponsor, retained a sufficient portion of the Certificates to satisfy the obligations of NMAC under the requirements of (a) the SEC’s credit risk retention rules codified at 17 C.F.R. Part 246 (“Regulation RR”) and (b) the EU Risk Retention Requirements and the UK Risk Retention Requirements (each as defined in the preliminary prospectus for the Notes dated January 9, 2024 (the “Preliminary Prospectus”). The portion of Certificates being retained to satisfy the EU Risk Retention Requirements and the UK Risk Retention Requirements is referred to herein as the “Retained Interest”.

NMAC, as “originator” for the purposes of the EU Risk Retention Requirements and the UK Risk Retention Requirements, currently retains a material net economic interest that is not less than 5% in the securitization transaction described in the Preliminary Prospectus, in the form of retention of the first loss tranche in accordance with paragraph (d) of Article 6(3) of the EU Securitization Regulation and paragraph (d) of Article 6(3) of the UK Securitization Regulation (each as defined in the Preliminary Prospectus), in each case as in effect on the Closing Date, by holding all the membership interest in the depositor, which in turn holds Certificates representing at least 5% of the aggregate nominal value of the leases and related leased vehicles.

NMAC has not sold, hedged or otherwise mitigated its credit risk under or associated with the Retained Interest (and has not permitted the depositor or any of its other affiliates to sell, hedge or otherwise mitigate its credit risk under or associated with the Retained Interest) except to the extent permitted in accordance with the EU Risk Retention Requirements and the UK Risk Retention Requirements or Regulation RR.

NMAC has not changed the manner in which it retains the Retained Interest, except in accordance with the EU Risk Retention Requirements and the UK Risk Retention Requirements or Regulation RR.