Exhibit 99.1
GM Financial Automobile Leasing Trust 2020-3
1.72% Exchange Note
Class A-1 0.17814% Asset Backed Notes
Class A-2A 0.35% Asset Backed Notes
Class A-2B Floating Asset Backed Notes
Class A-3 0.45% Asset Backed Notes
Class A-4 0.51% Asset Backed Notes
Class B 0.76% Asset Backed Notes
Class C 1.11% Asset Backed Notes
Class D 1.71% 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: | 28 |
Original Agg. | ||||||||||||
2020-3 Designated Pool | Units | Start Date | Closing Date | Securitization Value | ||||||||
69,502 | 08/25/2020 | 09/29/2020 | $ | 1,748,871,718 | ||||||||
Total | 69,502 | $ | 1,748,871,718 |
RECONCILIATION OF 2020-3 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 429,413,477 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 4,708,667 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 785,250 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 41,643,759 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 47,137,676 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 382,275,801 | ||||||||
{8} | Pool Factor | {8} | 21.858424 | % |
RECONCILIATION OF 2020-3 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,673,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 353,541,759 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 47,137,676 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 306,404,083 | ||||
{13} | Note Pool Factor | {13} | 18.314649 | % |
1
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} | $ | 205,000,000 | $ | 497,130,000 | $ | 50,000,000 | $ | 517,200,000 | $ | 140,260,000 | ||||||||||||
{15} | Beginning of period Note Balance | {15} | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 63,896,305 | ||||||||||||
{16} | Noteholders’ Principal Distributable Amount | {16} | 0 | 0 | 0 | 0 | 47,137,676 | |||||||||||||||||
{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 | $ | 0 | $ | 16,758,629 | ||||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 0.000000 | % | 0.000000 | % | 0.000000 | % | 11.948260 | % |
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{22} | Original Note Balance | {22} | $ | 76,080,000 | $ | 70,830,000 | $ | 43,720,000 | $ | 1,600,220,000 | ||||||||||
{23} | Beginning of period Note Balance | {23} | $ | 76,080,000 | $ | 70,830,000 | $ | 43,720,000 | $ | 254,526,305 | ||||||||||
{24} | Noteholders’ Principal Distributable Amount | {24} | 0 | 0 | 0 | 47,137,676 | ||||||||||||||
{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} | $ | 76,080,000 | $ | 70,830,000 | $ | 43,720,000 | $ | 207,388,629 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 12.960007 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 429,413,477 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 382,275,801 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 382,275,801 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 47,137,676 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance | Interest Carryover | Interest Rate | Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 353,541,759 | $ | 0 | 1.72 | % | 30 | 30/360 | $ | 506,744 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2020-3 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 7,397,564 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 51,768,713 | |||||||||
{38} | Investment Earnings | {38} | 206,597 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (206,597 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 59,166,277 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 357,845 | |||||||||
{43} | To the 2020-3 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 506,744 | |||||||||
{44} | To the 2020-3 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 47,137,676 | |||||||||
{45} | To the 2020-3 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {45} | 0 | |||||||||
{46} | To the 2020-3 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {46} | 11,164,012 | |||||||||
{47} | Total Distributions: | {47} | $ | 59,166,277 |
NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders’ Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 429,413,477 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 382,275,801 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 47,137,676 | |||||||||||||||||
{51} | Noteholders’ Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders’ Principal Carryover Amount | {52} | 47,137,676 | |||||||||||||||||
{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} | 47,137,676 | |||||||||||||||||
{54} | Noteholders’ Principal Distributable Amount Lessor of {52} and {53} | {54} | $ | 47,137,676 |
Noteholders’ Interest Distributable calculation: | ||||||||||||||||||||||
Class | Beg Note Balance | Interest Carryover | Interest Rate | Days | Days Basis | Interest | ||||||||||||||||
{55} | Class A-1 | $ | 0 | $ | 0 | 0.17814 | % | 31 | Actual/360 | $ | 0 | |||||||||||
{56} | Class A-2A | $ | 0 | 0 | 0.35 | % | 30 | 30/360 | 0 | |||||||||||||
{57} | Class A-2B | $ | 0 | 0 | 4.48286 | % | 31 | Actual/360 | 0 | |||||||||||||
{58} | Class A-3 | $ | 0 | 0 | 0.45 | % | 30 | 30/360 | 0 | |||||||||||||
{59} | Class A-4 | $ | 63,896,305 | 0 | 0.51 | % | 30 | 30/360 | 27,156 | |||||||||||||
{60} | Class B | $ | 76,080,000 | 0 | 0.76 | % | 30 | 30/360 | 48,184 | |||||||||||||
{61} | Class C | $ | 70,830,000 | 0 | 1.11 | % | 30 | 30/360 | 65,518 | |||||||||||||
{62} | Class D | $ | 43,720,000 | 0 | 1.71 | % | 30 | 30/360 | 62,301 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{63} | 2020-3 Exchange Note Collections | {63} | $ | 58,808,432 | ||||||||
{64} | Investment Earnings | {64} | 0 | |||||||||
{65} | Investment Earnings - transferred from Exchange Note Collection Account | {65} | 206,597 | |||||||||
{66} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {66} | 44,238 | |||||||||
{67} | Optional Purchase Price | {67} | 0 | |||||||||
{68} | Indenture Section 5.4 disposition of Collateral | {68} | 0 | |||||||||
{69} | Available Funds: | {69} | 59,059,267 | |||||||||
{70} | Reserve Account Withdrawal Amount | {70} | 0 | |||||||||
{71} | Total Distributable Funds: | {71} | 59,059,267 |
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} | 0 | |||||||||
{80} | Class A-4 Noteholders’ Interest Distributable Amount pari passu | {80} | 27,156 | |||||||||
{81} | Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class B Noteholders’ Interest Distributable Amount | {82} | 48,184 | |||||||||
{83} | Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class C Noteholders’ Interest Distributable Amount | {84} | 65,518 | |||||||||
{85} | Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Class D Noteholders’ Interest Distributable Amount | {86} | 62,301 | |||||||||
{87} | Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {87} | 0 | |||||||||
{88} | Noteholders’ Principal Distributable Amount | {88} | 47,137,676 | |||||||||
{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} | 11,717,807 | |||||||||
{96} | Total Distributions: | {96} | $ | 59,059,267 |
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) | |||||||||||||||||
{97} | Class A | $ | 63,896,305 | $ | 382,275,801 | $ | 0 | $ | 59,031,486 | $ | 0 | |||||||||||
{98} | Class B | 139,976,305 | 382,275,801 | 0 | 58,983,302 | 0 | ||||||||||||||||
{99} | Class C | 210,806,305 | 382,275,801 | 0 | 58,917,784 | 0 | ||||||||||||||||
{100} | Class D | 254,526,305 | 382,275,801 | 0 | 58,855,483 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{101} | Excess Total Available Funds | {101} | $ | 11,717,807 | ||||||||||||||||
{102} | Beginning Note Balance | {102} | 254,526,305 | |||||||||||||||||
{103} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {103} | 47,137,676 | |||||||||||||||||
{104} | Pro-Forma Note Balance | {104} | 207,388,629 | |||||||||||||||||
{105} | Ending Aggregate Securitization Value | {105} | 382,275,801 | |||||||||||||||||
{106} | 11% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full,10% Thereafter ($174,887,172) | {106} | 174,887,172 | |||||||||||||||||
{107} | Required Pro Forma Note Balance {105} - {106} | {107} | 207,388,629 | |||||||||||||||||
{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} | $ | 382,275,801 | ||||||||
{111} | End of Period Note Balance | {111} | 306,404,083 | |||||||||
{112} | Overcollateralization | {112} | 75,871,718 | |||||||||
{113} | Overcollateralization % | {113} | 19.85 | % |
Asset Backed Notes: | ||||||||||||
{114} | Ending Aggregate Securitization Value | {114} | 382,275,801 | |||||||||
{115} | End of Period Note Balance | {115} | 207,388,629 | |||||||||
{116} | Overcollateralization | {116} | 174,887,172 | |||||||||
{117} | Overcollateralization % | {117} | 45.75 | % |
5
RECONCILIATION OF 2020-3 CASH RESERVE ACCOUNT
{118} | Specified Reserve Balance | {118} | $ | 13,116,538 | ||||||||
{119} | Beginning of Period Reserve Account balance | {119} | $ | 13,116,538 | ||||||||
{120} | Investment Earnings | {120} | 44,238 | |||||||||
{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} | 13,160,776 | |||||||||
{124} | Specified Reserve Balance | {124} | 13,116,538 | |||||||||
{125} | Release Excess Cash to Indenture Collection Available Funds | {125} | 44,238 | |||||||||
{126} | End of period Reserve Account balance | {126} | $ | 13,116,538 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{127} | Receivables with Scheduled Payment delinquent 61 days or more | {127} | $ | 847,619 | 0.22 | % | ||||||
{128} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 2.90%) | {128} | Yes |
By: | /s/ Ellen Billings | |
Name: | Ellen Billings | |
Title: | Senior Vice President, Controller – North America | |
Date: | January 17, 2023 |
6
GM Financial
GMALT 2020-3
Supplemental Monthly Data
December 31, 2022
Aggregate Securitization Value | Residual Value | |||||||
Beginning of Period | $ | 429,413,477 | $ | 400,424,199 | ||||
Change | (47,137,676 | ) | (41,526,338 | ) | ||||
End of Period | $ | 382,275,801 | $ | 358,897,861 | ||||
Residual Value as % of Agg. Securitization Value | 93.88 | % |
Delinquency
Leases with scheduled payment delinquent | Number of Leases | Agg. Securitization Value | Percentage(1) | |||||||||
0 - 30 days | 18,297 | 378,987,791 | 99.14 | % | ||||||||
31 - 60 days | 122 | 2,440,391 | 0.64 | % | ||||||||
61 - 90 days | 26 | 530,200 | 0.14 | % | ||||||||
91 - 120 days | 16 | 317,419 | 0.08 | % | ||||||||
Total | 18,461 | 382,275,801 | 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 | 672 | 14,233,092 | 26,066 | 553,035,625 | ||||||||||||
Standard terminations | 1,228 | 23,620,234 | 20,274 | 371,193,332 | ||||||||||||
Total retained by lessee | 1,900 | 37,853,326 | 46,340 | 924,228,957 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 43 | 813,042 | 2,101 | 33,615,744 | ||||||||||||
Standard terminations | 150 | 2,977,392 | 1,220 | 21,085,935 | ||||||||||||
Total returned to dealer | 193 | 3,790,434 | 3,321 | 54,701,679 | ||||||||||||
Charged off leases / Repossessed vehicles | 38 | 785,250 | 1,369 | 28,726,011 | ||||||||||||
Repurchases | 0 | 0 | 11 | 202,530 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 2,131 | 42,429,010 | 51,041 | 1,007,859,177 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases | Agg. Securitization Value | Percentage | ||||||||||
Term Extensions | 1,356 | 24,279,282 | 5.65 | % | ||||||||
Deferments | 3 | 66,112 | 0.02 | % |
7
Net Credit (Gain) Loss
Current Period | Cumulative | |||||||
Agg. Securitized Value of early term defaults | 785,250 | 28,726,011 | ||||||
less: Sales proceeds | 847,922 | 37,213,930 | ||||||
less: Excess wear and excess mileage received | 0 | 7,892 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (62,672 | ) | (8,495,811 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 3,774,716 | 52,043,999 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 5,027,943 | 76,858,641 | ||||||
less: Excess wear and excess mileage received | 27,101 | 332,172 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (1,280,328 | ) | (25,146,814 | ) |
Current Period | Prev. Month | |||||||
Prepay Speed | 0.1629 | % | 0.2552 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 6.0826 | % | 4.1151 | % | ||||
Return Rate based on Terminated Leases(3) | 9.0568 | % | 5.7024 | % |
(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