Nissan Auto Lease Trust 2024-A Form 10-D Filed 2024-10-28

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

September 1, 2024 to September 30, 2024

Commission File Number of issuing entity: 333-258304-06

Central Index Key Number of issuing entity: 0001999583

Nissan Auto Lease Trust 2024-A

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

Commission File Number of depositor: 333-258304-01

Central Index Key Number of depositor: 0001244832

Nissan Auto Leasing LLC II

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001540639

Nissan Motor Acceptance Company LLC

(Exact name of sponsor as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

Angela Vogeli, (629) 273-2551

(Name and telephone number, including area code, of the person to contact in connection with this filing)

93-6839626

(I.R.S. Employer Identification No.)


c/o Wilmington Trust, National Association, Rodney Square North,
1100 North Market Street, Wilmington, Delaware		19890
(Address of principal executive offices of the issuing entity)		(Zip Code)

(302) 636-6194

(Telephone number, including area code)

N/A

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


	Registered/reporting pursuant to (check one)
Title of class	Section 12(b)	Section 12(g)	Section 15(d)	Name of exchange (If Section 12(b))
Asset-Backed Notes, Class A-1	☐	☐	☒
Asset-Backed Notes, Class A-2a	☐	☐	☒
Asset-Backed Notes, Class A-2b	☐	☐	☒
Asset-Backed Notes, Class A-3	☐	☐	☒
Asset-Backed Notes, Class A-4	☐	☐	☒

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.

Distribution and pool performance information with respect to the assets of Nissan Auto Lease Trust 2024-A (the “Issuing Entity”), including the information required by Items 1121(a)-(b) of Regulation AB, is set forth in the attached Monthly Servicer’s Report.

No assets securitized by Nissan Motor Acceptance Company LLC (the “Securitizer” or “NMAC”) and held by the Issuing Entity were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from September 1, 2024 to September 30, 2024. Please refer to the Form ABS-15G filed by the Securitizer on February 1, 2024 for additional information. The CIK number of the Securitizer is 0001540639.

Item 1A.

Asset-Level Information.

Pursuant to Items 1111(h) and 1125, Schedule AL, of Regulation AB, the asset-level data for the asset pool of the Issuing Entity included in Exhibit 102 to the Form ABS-EE filed by the Issuing Entity with the U.S. Securities and Exchange Commission on October 24, 2024 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference. The additional asset-level information or explanatory language for the asset pool of the Issuing Entity included in Exhibit 103 to the Form ABS-EE is also incorporated into this Form 10-D by reference.

Item 1B.

Asset Representations Reviewer and Investor Communication.

Nothing to report.

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.

Not applicable.

Item 7.

Change in Sponsor Interest in the Securities.

None.

Item 8.

Significant Enhancement Provider Information.

Not applicable.

Page 2 of 4

Item 9.

Other Information.

Compliance with European Union Risk Retention Rules.

On the Closing Date, Nissan Auto Leasing LLC II, the depositor, an affiliate of 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.

Item 10.

Exhibits.


(a)	Monthly Servicer’s Report for the month of September 2024 – Nissan Auto Lease Trust 2024-A.

	Asset Data File (Incorporated by reference to Exhibit 102 to Form ABS-EE filed by the Issuing Entity on October 24, 2024).

	Asset Related Document (Additional Explanatory Disclosure) (Incorporated by reference to Exhibit 103 to Form ABS-EE filed by the Issuing Entity on October 24, 2024).

(b)	Exhibits:	99.1 Monthly Servicer’s Report for the month of September 2024 – Nissan Auto Lease Trust 2024-A.

		102 Asset Data File (Incorporated by reference to Exhibit 102 to Form ABS-EE filed by the Issuing Entity on October 24, 2024).

		103 Asset Related Document (Additional Explanatory Disclosure) (Incorporated by reference to Exhibit 103 to Form ABS-EE filed by the Issuing Entity on October 24, 2024).

Page 3 of 4

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.


				NISSAN AUTO LEASING LLC II (Depositor)

Date: October 28, 2024				/s/ Douglas E. Gwin, Jr.
				Douglas E. Gwin, Jr., Assistant Treasurer

Page 4 of 4

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 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.