Exhibit 99.1
GM Financial Automobile Leasing Trust 2020-2
3.22% Exchange Note
Class A-1 0.27975% Asset Backed Notes
Class A-2A 0.71% Asset Backed Notes
Class A-2B Floating Asset Backed Notes
Class A-3 0.80% Asset Backed Notes
Class A-4 1.01% Asset Backed Notes
Class B 1.56% Asset Backed Notes
Class C 2.56% Asset Backed Notes
Class D 3.21% Asset Backed Notes
Servicer’s Certificate
Beginning of Period: | 12/01/22 |
End of Period: | 12/31/22 |
Number of days in Interest Period (Actual/360): | 31 |
Number of days in Collection Period: | 31 |
Report Due Date: | 01/18/23 |
Distribution Date: | 01/20/23 |
Transaction Month: | 31 |
Original Agg. | ||||||||||||
2020-2 Designated Pool | Units | Start Date | Closing Date | Securitization Value | ||||||||
53,180 | 05/15/2020 | 06/17/2020 | $ | 1,373,635,168 | ||||||||
Total | 53,180 | $ | 1,373,635,168 |
RECONCILIATION OF 2020-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 249,930,086 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 3,097,086 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 310,182 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 29,595,842 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 33,003,110 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 216,926,976 | ||||||||
{8} | Seller’s Exercise of 10% Option | {8} | $ | 216,926,976 | ||||||||
{9} | Pool Factor | {9} | 15.792183 | % |
RECONCILIATION OF 2020-2 EXCHANGE NOTE
{10} | Original Exchange Note Balance | {10} | $ | 1,326,000,000 | ||||
{11} | Beginning of period Exchange Note Balance | {11} | $ | 202,294,918 | ||||
{12} | Exchange Note Principal Payment Amount | {12} | 42,412,952 | |||||
{13} | With Optional Purchase, the Exchange Note shall be discharged and released | {13} | 159,881,966 | |||||
{14} | End of period Exchange Note Balance | {14} | $ | 0 | ||||
{15} | Note Pool Factor | {15} | 0.000000 | % |
1
RECONCILIATION OF THE ASSET BACKED NOTES
Class A-1 | Class A-2A | Class A-2B | Class A-3 | Class A-4 | ||||||||||||||||||||
{16} | Original Note Balance | {16} | $ | 128,000,000 | $ | 400,000,000 | $ | 60,000,000 | $ | 429,000,000 | $ | 90,140,000 | ||||||||||||
{17} | Beginning of period Note Balance | {17} | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
{18} | Noteholders’ Principal Distributable Amount | {18} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{19} | Noteholders’ Accelerated Principal Amount | {19} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{20} | Aggregate Principal Parity Amount | {20} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{21} | Matured Principal Shortfall | {21} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{22} | End of period Note Balance | {22} | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
{23} | Note Pool Factor | {23} | 0.000000 | % | 0.000000 | % | 0.000000 | % | 0.0000000 | % | 0.000000 | % |
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{24} | Original Note Balance | {24} | $ | 59,760,000 | $ | 55,630,000 | $ | 34,340,000 | $ | 1,256,870,000 | ||||||||||
{25} | Beginning of period Note Balance | {25} | $ | 22,596,569 | $ | 55,630,000 | $ | 34,340,000 | $ | 112,566,569 | ||||||||||
{26} | Noteholders’ Principal Distributable Amount | {26} | 22,596,569 | 55,630,000 | 34,340,000 | 112,566,569 | ||||||||||||||
{27} | Noteholders’ Accelerated Principal Amount | {27} | 0 | 0 | 0 | 0 | ||||||||||||||
{28} | Aggregate Principal Parity Amount | {28} | 0 | 0 | 0 | 0 | ||||||||||||||
{29} | Matured Principal Shortfall | {29} | 0 | 0 | 0 | 0 | ||||||||||||||
{30} | End of period Note Balance | {30} | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
{31} | Note Pool Factor | {31} | 0.000000 | % | 0.000000 | % | 0.000000 | % | 0.000000 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{32} | Beginning of period Designated Pool Balance | {32} | N/A | |||||||||
{33} | Ending Designated Pool Balance | {33} | 216,926,976 | |||||||||
{34} | Unpaid prior Exchange Note Principal Payment Amount | {34} | 0 | |||||||||
{35} | Sum of {33} + {34} | {35} | 216,926,976 | |||||||||
{36} | Exchange Note Principal Payment Amount {32} - {35} | {36} | N/A |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance | Interest Carryover | Interest Rate | Days | Days Basis | Interest | |||||||||||||||||
{37} | $ | 202,294,918 | $ | 0 | 3.22 | % | 30 | 30/360 | $ | 542,825 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{38} | 2020-2 Designated Pool Collections (net of Liquidation Proceeds and fees) | {38} | $ | 4,852,849 | ||||||||
{39} | Net Liquidation Proceeds collected during period | {39} | 38,311,203 | |||||||||
{40} | Investment Earnings | {40} | 166,278 | |||||||||
{41} | Investment Earnings - transferred to Indenture Note Collection Account | {41} | (166,278 | ) | ||||||||
{42} | Deposit from Servicer | {42} | 0 | |||||||||
{43} | Total Additions: | {43} | 43,164,052 |
Distributions: | ||||||||||||
{44} | To the Servicer, Designated Pool Servicing Fee | {44} | 208,275 | |||||||||
{45} | To the 2020-2 Exchange Noteholder, the Exchange Note Interest Payment Amount | {45} | 542,825 | |||||||||
{46} | To the 2020-2 Exchange Noteholder, the Exchange Note Principal Payment Amount | {46} | 42,412,952 | |||||||||
{47} | To the 2020-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {47} | 0 | |||||||||
{48} | To the 2020-2 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {48} | 0 | |||||||||
{49} | Total Distributions: | {49} | $ | 43,164,052 |
NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders’ Principal Distributable calculation: | ||||||||||||||||||||
{50} | Beginning Agg. Securitization Value | {50} | N/A | |||||||||||||||||
{51} | Ending Agg. Securitization Value | {51} | 216,926,976 | |||||||||||||||||
{52} | Principal Distributable Amount {50} - {51} | {52} | N/A | |||||||||||||||||
{53} | Noteholders’ Principal Carryover Amount | {53} | 0 | |||||||||||||||||
{54} | Principal Distributable Amount + Noteholders’ Principal Carryover Amount | {54} | N/A | |||||||||||||||||
{55} | 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 | {55} | 0 | |||||||||||||||||
{56} | Noteholders’ Principal Distributable Amount Lessor of {54} and {55} | {56} | N/A |
Noteholders’ Interest Distributable calculation: | ||||||||||||||||||||||
Class | Beg Note Balance | Interest Carryover | Interest Rate | Days | Days Basis | Interest | ||||||||||||||||
{57} | Class A-1 | $ | 0 | $ | 0 | 0.27975 | % | 31 | Actual/360 | $ | 0 | |||||||||||
{58} | Class A-2A | $ | 0 | 0 | 0.71 | % | 30 | 30/360 | 0 | |||||||||||||
{59} | Class A-2B | $ | 0 | 0 | 4.75286 | % | 31 | Actual/360 | 0 | |||||||||||||
{60} | Class A-3 | $ | 0 | 0 | 0.80 | % | 30 | 30/360 | 0 | |||||||||||||
{61} | Class A-4 | $ | 0 | 0 | 1.01 | % | 30 | 30/360 | 0 | |||||||||||||
{62} | Class B | $ | 22,596,569 | 0 | 1.56 | % | 30 | 30/360 | 29,376 | |||||||||||||
{63} | Class C | $ | 55,630,000 | 0 | 2.56 | % | 30 | 30/360 | 118,678 | |||||||||||||
{64} | Class D | $ | 34,340,000 | 0 | 3.21 | % | 30 | 30/360 | 91,860 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{65} | 2020-2 Exchange Note Collections | {65} | $ | 42,955,777 | ||||||||
{66} | Investment Earnings | {66} | 0 | |||||||||
{67} | Investment Earnings - transferred from Exchange Note Collection Account | {67} | 166,278 | |||||||||
{68} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {68} | 46,444 | |||||||||
{69} | Optional Purchase Price | {69} | 112,806,483 | |||||||||
{70} | Indenture Section 5.4 disposition of Collateral | {70} | 0 | |||||||||
{71} | Available Funds: | {71} | 155,974,982 | |||||||||
{72} | Reserve Account Withdrawal Amount | {72} | 13,736,352 | |||||||||
{73} | Total Distributable Funds: | {73} | 169,711,334 |
Distributions: | ||||||||||||
{74} | To the Successor Servicer, unpaid transition expenses, pro rata | {74} | 0 | |||||||||
{75} | To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata | {75} | 417 | |||||||||
{76} | To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata | {76} | 208 | |||||||||
{77} | To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata | {77} | 0 | |||||||||
{78} | Class A-1 Noteholders’ Interest Distributable Amount pari passu | {78} | 0 | |||||||||
{79} | Class A-2A Noteholders’ Interest Distributable Amount pari passu | {79} | 0 | |||||||||
{80} | Class A-2B Noteholders’ Interest Distributable Amount pari passu | {80} | 0 | |||||||||
{81} | Class A-3 Noteholders’ Interest Distributable Amount pari passu | {81} | 0 | |||||||||
{82} | Class A-4 Noteholders’ Interest Distributable Amount pari passu | {82} | 0 | |||||||||
{83} | Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class B Noteholders’ Interest Distributable Amount | {84} | 29,376 | |||||||||
{85} | Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Class C Noteholders’ Interest Distributable Amount | {86} | 118,678 | |||||||||
{87} | Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {87} | 0 | |||||||||
{88} | Class D Noteholders’ Interest Distributable Amount | {88} | 91,860 | |||||||||
{89} | Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {89} | 0 | |||||||||
{90} | Noteholders’ Principal Distributable Amount | {90} | 112,566,569 | |||||||||
{91} | To the Reserve Account, the Reserve Amount Required Amount | {91} | 0 | |||||||||
{92} | To the Noteholders, the Accelerated Principal Amount (as calculated below) | {92} | 0 | |||||||||
{93} | To the Successor Servicer, any amounts in excess of the caps set forth, pro rata | {93} | 0 | |||||||||
{94} | To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata | {94} | 0 | |||||||||
{95} | To the Asset Representations Reviewer, any amounts in excess of the caps set forth, pro rata | {95} | 0 | |||||||||
{96} | To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata | {96} | 0 | |||||||||
{97} | To the Issuer Trust Certificateholders, the aggregate amount remaining | {97} | 56,904,226 | |||||||||
{98} | Total Distributions: | {98} | $ | 169,711,334 |
4
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) | |||||||||||||||||
{99} | Class A | $ | 0 | $ | 216,926,976 | $ | 0 | $ | 169,710,709 | $ | 0 | |||||||||||
{100} | Class B | 22,596,569 | 216,926,976 | 0 | 169,681,333 | 0 | ||||||||||||||||
{101} | Class C | 78,226,569 | 216,926,976 | 0 | 169,562,655 | 0 | ||||||||||||||||
{102} | Class D | 112,566,569 | 216,926,976 | 0 | 169,470,795 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{103} | Excess Total Available Funds | {103} | $ | 56,904,226 | ||||||||||||||||
{104} | Beginning Note Balance | {104} | 112,566,569 | |||||||||||||||||
{105} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {105} | 112,566,569 | |||||||||||||||||
{106} | Pro-Forma Note Balance | {106} | 0 | |||||||||||||||||
{107} | Ending Aggregate Securitization Value | {107} | 216,926,976 | |||||||||||||||||
{108} | 11% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full,10% Thereafter ($137,363,517) | {108} | N/A | |||||||||||||||||
{109} | Required Pro Forma Note Balance {107} - {108} | {109} | N/A | |||||||||||||||||
{110} | Excess of Pro Forma Balance minus Required Pro Forma Balance {106} - {109} | {110} | N/A | |||||||||||||||||
{111} | Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance | {111} | N/A |
OVERCOLLATERALIZATION CALCULATIONS
Exchange Note: | ||||||||||||
{112} | Ending Aggregate Securitization Value | {112} | $ | 216,926,976 | ||||||||
{113} | End of Period Note Balance | {113} | 0 | |||||||||
{114} | Overcollateralization | {114} | 0 | |||||||||
{115} | Overcollateralization % | {115} | 0.00 | % |
Asset Backed Notes: | ||||||||||||
{116} | Ending Aggregate Securitization Value | {116} | 216,926,976 | |||||||||
{117} | End of Period Note Balance | {117} | 0 | |||||||||
{118} | Overcollateralization | {118} | 216,926,976 | |||||||||
{119} | Overcollateralization % | {119} | 0.00 | % |
5
RECONCILIATION OF 2020-2 CASH RESERVE ACCOUNT
{120} | Specified Reserve Balance | {120} | $ | 13,736,352 | ||||||||
{121} | Beginning of Period Reserve Account balance | {121} | $ | 13,736,352 | ||||||||
{122} | Investment Earnings | {122} | 46,444 | |||||||||
{123} | From the Indenture Collection Account, the Reserve Account Required Amount | {123} | 0 | |||||||||
{124} | To the Indenture Collection Account, the Reserve Account Withdrawal Amount | {124} | (13,782,796 | ) | ||||||||
{125} | Total Reserve balance available: | {125} | 0 | |||||||||
{126} | Specified Reserve Balance | {126} | 13,736,352 | |||||||||
{127} | Release Excess Cash to Indenture Collection Available Funds | {127} | 0 | |||||||||
{128} | End of period Reserve Account balance | {128} | $ | 0 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{129} | Receivables with Scheduled Payment delinquent 61 days or more | {129} | $ | 694,466 | 0.32 | % | ||||||
{130} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 2.90%) | {130} | Yes |
By: | /s/ Randal L. Willis | |
Name: | Randal L. Willis | |
Title: | Senior Vice President, Securitization & Conduit Reporting | |
Date: | January 17, 2023 |
6
GM Financial
GMALT 2020-2
Supplemental Monthly Data
December 31, 2022
Aggregate Securitization Value | Residual Value | |||||||
Beginning of Period | $ | 249,930,086 | $ | 232,766,416 | ||||
Change | (33,003,110 | ) | (232,766,416 | ) | ||||
End of Period | $ | 216,926,976 | $ | 0 | ||||
Residual Value as % of Agg. Securitization Value | 0.00 | % |
Delinquency
Leases with scheduled payment delinquent | Number of Leases | Agg. Securitization Value | Percentage(1) | |||||||||
0 - 30 days | 10,783 | 214,527,421 | 98.89 | % | ||||||||
31 - 60 days | 83 | 1,705,089 | 0.79 | % | ||||||||
61 - 90 days | 18 | 388,601 | 0.18 | % | ||||||||
91 - 120 days | 17 | 305,865 | 0.14 | % | ||||||||
Total | 10,901 | 216,926,976 | 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 | 603 | 11,830,705 | 22,525 | 470,521,020 | ||||||||||||
Standard terminations | 834 | 14,987,014 | 15,599 | 277,053,818 | ||||||||||||
Total retained by lessee | 1,437 | 26,817,719 | 38,124 | 747,574,838 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 53 | 923,877 | 1,298 | 20,840,614 | ||||||||||||
Standard terminations | 96 | 1,854,247 | 1,518 | 24,589,358 | ||||||||||||
Total returned to dealer | 149 | 2,778,124 | 2,816 | 45,429,972 | ||||||||||||
Charged off leases / Repossessed vehicles | 18 | 310,182 | 1,338 | 28,784,109 | ||||||||||||
Repurchases | 0 | 0 | 1 | 67,473 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 1,604 | 29,906,025 | 42,279 | 821,856,392 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases | Agg. Securitization Value | Percentage | ||||||||||
Term Extensions | 1,040 | 17,881,856 | 7.15 | % | ||||||||
Deferments | 2 | 50,424 | 0.02 | % |
7
Net Credit (Gain) Loss
Current Period | Cumulative | |||||||
Agg. Securitized Value of early term defaults | 310,182 | 28,784,109 | ||||||
less: Sales proceeds | 373,884 | 36,648,177 | ||||||
less: Excess wear and excess mileage received | 55 | 3,614 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (63,757 | ) | (7,867,682 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 2,756,128 | 44,248,125 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 3,803,929 | 63,213,378 | ||||||
less: Excess wear and excess mileage received | 44,051 | 227,874 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (1,091,852 | ) | (19,193,127 | ) |
Current Period | Prev. Month | |||||||
Prepay Speed | 0.1563 | % | 0.7584 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 6.1141 | % | 4.6445 | % | ||||
Return Rate based on Terminated Leases(3) | 9.2893 | % | 6.3058 | % |
(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. |
8