Exhibit 99.1
GM Financial Automobile Leasing Trust 2021-2
1.14% Exchange Note
Class A-1 0.10981% Asset Backed Notes
Class A-2 0.22% Asset Backed Notes
Class A-3 0.34% Asset Backed Notes
Class A-4 0.41% Asset Backed Notes
Class B 0.69% Asset Backed Notes
Class C 1.01% Asset Backed Notes
Class D 1.13% 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: | 20 |
Original Agg. | ||||||||||||
2021-2 Designated Pool | Units | Start Date | Closing Date | Securitization Value | ||||||||
50,797 | 04/07/2021 | 05/26/2021 | $ | 1,366,536,472 | ||||||||
Total | 50,797 | $ | 1,366,536,472 |
RECONCILIATION OF 2021-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 677,214,862 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 7,882,904 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 893,935 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 27,562,426 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 36,339,265 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 640,875,597 | ||||||||
{8} | Pool Factor | {8} | 46.897804 | % |
RECONCILIATION OF 2021-2 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,307,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 617,678,390 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 36,339,265 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 581,339,125 | ||||
{13} | Note Pool Factor | {13} | 44.478893 | % |
1
RECONCILIATION OF THE ASSET BACKED NOTES
Class A-1 | Class A-2 | Class A-3 | Class A-4 | |||||||||||||||||
{14} | Original Note Balance | {14} | $ | 210,000,000 | $ | 390,000,000 | $ | 390,000,000 | $ | 111,430,000 | ||||||||||
{15} | Beginning of period Note Balance | {15} | $ | 0 | $ | 0 | $ | 280,181,215 | $ | 111,430,000 | ||||||||||
{16} | Noteholders’ Principal Distributable Amount | {16} | 0 | 0 | 36,339,265 | 0 | ||||||||||||||
{17} | Noteholders’ Accelerated Principal Amount | {17} | 0 | 0 | 0 | 0 | ||||||||||||||
{18} | Aggregate Principal Parity Amount | {18} | 0 | 0 | 0 | 0 | ||||||||||||||
{19} | Matured Principal Shortfall | {19} | 0 | 0 | 0 | 0 | ||||||||||||||
{20} | End of period Note Balance | {20} | $ | 0 | $ | 0 | $ | 243,841,950 | $ | 111,430,000 | ||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 0.000000 | % | 62.523577 | % | 100.000000 | % |
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{22} | Original Note Balance | {22} | $ | 59,440,000 | $ | 55,340,000 | $ | 34,170,000 | $ | 1,250,380,000 | ||||||||||
{23} | Beginning of period Note Balance | {23} | $ | 59,440,000 | $ | 55,340,000 | $ | 34,170,000 | $ | 540,561,215 | ||||||||||
{24} | Noteholders’ Principal Distributable Amount | {24} | 0 | 0 | 0 | 36,339,265 | ||||||||||||||
{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} | $ | 59,440,000 | $ | 55,340,000 | $ | 34,170,000 | $ | 504,221,950 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 40.325497 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 677,214,862 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 640,875,597 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 640,875,597 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 36,339,265 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance | Interest Carryover | Interest Rate | Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 617,678,390 | $ | 0 | 1.14 | % | 30 | 30/360 | $ | 586,795 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2021-2 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 11,716,482 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 34,728,263 | |||||||||
{38} | Investment Earnings | {38} | 151,062 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (151,062 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 46,444,745 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 564,346 | |||||||||
{43} | To the 2021-2 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 586,795 | |||||||||
{44} | To the 2021-2 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 36,339,265 | |||||||||
{45} | To the 2021-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {45} | 0 | |||||||||
{46} | To the 2021-2 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {46} | 8,954,339 | |||||||||
{47} | Total Distributions: | {47} | $ | 46,444,745 |
NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders’ Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 677,214,862 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 640,875,597 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 36,339,265 | |||||||||||||||||
{51} | Noteholders’ Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders’ Principal Carryover Amount | {52} | 36,339,265 | |||||||||||||||||
{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} | 36,339,265 | |||||||||||||||||
{54} | Noteholders’ Principal Distributable Amount Lessor of {52} and {53} | {54} | $ | 36,339,265 |
Noteholders’ Interest Distributable calculation: | ||||||||||||||||||||||
Class | Beg Note Balance | Interest Carryover | Interest Rate | Days | Days Basis | Interest | ||||||||||||||||
{55} | Class A-1 | $ | 0 | $ | 0 | 0.10981 | % | 31 | Actual/360 | $ | 0 | |||||||||||
{56} | Class A-2 | $ | 0 | 0 | 0.22 | % | 30 | 30/360 | 0 | |||||||||||||
{57} | Class A-3 | $ | 280,181,215 | 0 | 0.34 | % | 30 | 30/360 | 79,385 | |||||||||||||
{58} | Class A-4 | $ | 111,430,000 | 0 | 0.41 | % | 30 | 30/360 | 38,072 | |||||||||||||
{59} | Class B | $ | 59,440,000 | 0 | 0.69 | % | 30 | 30/360 | 34,178 | |||||||||||||
{60} | Class C | $ | 55,340,000 | 0 | 1.01 | % | 30 | 30/360 | 46,578 | |||||||||||||
{61} | Class D | $ | 34,170,000 | 0 | 1.13 | % | 30 | 30/360 | 32,177 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{62} | 2021-2 Exchange Note Collections | {62} | $ | 45,880,399 | ||||||||
{63} | Investment Earnings | {63} | 0 | |||||||||
{64} | Investment Earnings - transferred from Exchange Note Collection Account | {64} | 151,062 | |||||||||
{65} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {65} | 22,647 | |||||||||
{66} | Optional Purchase Price | {66} | 0 | |||||||||
{67} | Indenture Section 5.4 disposition of Collateral | {67} | 0 | |||||||||
{68} | Available Funds: | {68} | 46,054,108 | |||||||||
{69} | Reserve Account Withdrawal Amount | {69} | 0 | |||||||||
{70} | Total Distributable Funds: | {70} | 46,054,108 |
Distributions: | ||||||||||||
{71} | To the Successor Servicer, unpaid transition expenses, pro rata | {71} | 0 | |||||||||
{72} | To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata | {72} | 417 | |||||||||
{73} | To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata | {73} | 208 | |||||||||
{74} | To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata | {74} | 0 | |||||||||
{75} | Class A-1 Noteholders’ Interest Distributable Amount pari passu | {75} | 0 | |||||||||
{76} | Class A-2 Noteholders’ Interest Distributable Amount pari passu | {76} | 0 | |||||||||
{77} | Class A-3 Noteholders’ Interest Distributable Amount pari passu | {77} | 79,385 | |||||||||
{78} | Class A-4 Noteholders’ Interest Distributable Amount pari passu | {78} | 38,072 | |||||||||
{79} | Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {79} | 0 | |||||||||
{80} | Class B Noteholders’ Interest Distributable Amount | {80} | 34,178 | |||||||||
{81} | Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class C Noteholders’ Interest Distributable Amount | {82} | 46,578 | |||||||||
{83} | Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class D Noteholders’ Interest Distributable Amount | {84} | 32,177 | |||||||||
{85} | Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Noteholders’ Principal Distributable Amount | {86} | 36,339,265 | |||||||||
{87} | To the Reserve Account, the Reserve Amount Required Amount | {87} | 0 | |||||||||
{88} | To the Noteholders, the Accelerated Principal Amount (as calculated below) | {88} | 0 | |||||||||
{89} | To the Successor Servicer, any amounts in excess of the caps set forth, pro rata | {89} | 0 | |||||||||
{90} | To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata | {90} | 0 | |||||||||
{91} | To the Asset Representations Reviewer, any amounts in excess of the caps set forth, pro rata | {91} | 0 | |||||||||
{92} | To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata | {92} | 0 | |||||||||
{93} | To the Issuer Trust Certificateholders, the aggregate amount remaining | {93} | 9,483,828 | |||||||||
{94} | Total Distributions: | {94} | $ | 46,054,108 |
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) | |||||||||||||||||
{95} | Class A | $ | 391,611,215 | $ | 640,875,597 | $ | 0 | $ | 45,936,026 | $ | 0 | |||||||||||
{96} | Class B | 451,051,215 | 640,875,597 | 0 | 45,901,848 | 0 | ||||||||||||||||
{97} | Class C | 506,391,215 | 640,875,597 | 0 | 45,855,270 | 0 | ||||||||||||||||
{98} | Class D | 540,561,215 | 640,875,597 | 0 | 45,823,093 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{99} | Excess Total Available Funds | {99} | $ | 9,483,828 | ||||||||||||||||
{100} | Beginning Note Balance | {100} | 540,561,215 | |||||||||||||||||
{101} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {101} | 36,339,265 | |||||||||||||||||
{102} | Pro-Forma Note Balance | {102} | 504,221,950 | |||||||||||||||||
{103} | Ending Aggregate Securitization Value | {103} | 640,875,597 | |||||||||||||||||
{104} | 10% of Aggregate Securitization Value as of Cutoff ($136,653,647) | {104} | 136,653,647 | |||||||||||||||||
{105} | Required Pro Forma Note Balance {103} - {104} | {105} | 504,221,950 | |||||||||||||||||
{106} | Excess of Pro Forma Balance minus Required Pro Forma Balance {102} - {105} | {106} | 0 | |||||||||||||||||
{107} | Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance | {107} | $ | 0 |
OVERCOLLATERALIZATION CALCULATIONS
Exchange Note: | ||||||||||||
{108} | Ending Aggregate Securitization Value | {108} | $ | 640,875,597 | ||||||||
{109} | End of Period Note Balance | {109} | 581,339,125 | |||||||||
{110} | Overcollateralization | {110} | 59,536,472 | |||||||||
{111} | Overcollateralization % | {111} | 9.29 | % |
Asset Backed Notes: | ||||||||||||
{112} | Ending Aggregate Securitization Value | {112} | 640,875,597 | |||||||||
{113} | End of Period Note Balance | {113} | 504,221,950 | |||||||||
{114} | Overcollateralization | {114} | 136,653,647 | |||||||||
{115} | Overcollateralization % | {115} | 21.32 | % |
5
RECONCILIATION OF 2021-2 CASH RESERVE ACCOUNT
{116} | Specified Reserve Balance | {116} | $ | 6,832,682 | ||||||||
{117} | Beginning of Period Reserve Account balance | {117} | $ | 6,832,682 | ||||||||
{118} | Investment Earnings | {118} | 22,647 | |||||||||
{119} | From the Indenture Collection Account, the Reserve Account Required Amount | {119} | 0 | |||||||||
{120} | To the Indenture Collection Account, the Reserve Account Withdrawal Amount | {120} | 0 | |||||||||
{121} | Total Reserve balance available: | {121} | 6,855,329 | |||||||||
{122} | Specified Reserve Balance | {122} | 6,832,682 | |||||||||
{123} | Release Excess Cash to Indenture Collection Available Funds | {123} | 22,647 | |||||||||
{124} | End of period Reserve Account balance | {124} | $ | 6,832,682 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{125} | Receivables with Scheduled Payment delinquent 61 days or more | {125} | $ | 1,514,350 | 0.24 | % | ||||||
{126} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 2.10%) | {126} | Yes |
By: | /s/ Ellen Billings | |
Name: | Ellen Billings | |
Title: | Senior Vice President, Controller – North America | |
Date: | January 17, 2023 |
6
GM Financial
GMALT 2021-2
Supplemental Monthly Data
December 31, 2022
Aggregate Securitization Value | Residual Value | |||||||
Beginning of Period | $ | 677,214,862 | $ | 589,459,851 | ||||
Change | (36,339,265 | ) | (27,218,158 | ) | ||||
End of Period | $ | 640,875,597 | $ | 562,241,693 | ||||
Residual Value as % of Agg. Securitization Value | 87.73 | % |
Delinquency
Leases with scheduled payment delinquent | Number of Leases | Agg. Securitization Value | Percentage(1) | |||||||||
0 - 30 days | 27,414 | 635,568,560 | 99.17 | % | ||||||||
31 - 60 days | 159 | 3,792,687 | 0.59 | % | ||||||||
61 - 90 days | 37 | 1,103,603 | 0.17 | % | ||||||||
91 - 120 days | 19 | 410,747 | 0.06 | % | ||||||||
Total | 27,629 | 640,875,597 | 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 | 552 | 12,399,708 | 13,870 | 319,225,460 | ||||||||||||
Standard terminations | 685 | 12,791,000 | 8,024 | 147,134,663 | ||||||||||||
Total retained by lessee | 1,237 | 25,190,708 | 21,894 | 466,360,123 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 30 | 609,313 | 195 | 3,529,691 | ||||||||||||
Standard terminations | 93 | 1,762,405 | 308 | 5,634,892 | ||||||||||||
Total returned to dealer | 123 | 2,371,718 | 503 | 9,164,583 | ||||||||||||
Charged off leases / Repossessed vehicles | 41 | 893,935 | 766 | 17,916,764 | ||||||||||||
Repurchases | 0 | 0 | 5 | 134,711 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 1,401 | 28,456,361 | 23,168 | 493,576,181 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases | Agg. Securitization Value | Percentage | ||||||||||
Term Extensions | 948 | 17,571,330 | 2.59 | % | ||||||||
Deferments | 6 | 145,728 | 0.02 | % |
7
Net Credit (Gain) Loss
Current Period | Cumulative | |||||||
Agg. Securitized Value of early term defaults | 893,935 | 17,916,764 | ||||||
less: Sales proceeds | 1,157,838 | 23,424,674 | ||||||
less: Excess wear and excess mileage received | 0 | 0 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (263,903 | ) | (5,507,910 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 2,381,569 | 8,411,355 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 3,199,227 | 12,560,167 | ||||||
less: Excess wear and excess mileage received | 5,120 | 42,963 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (822,778 | ) | (4,191,775 | ) |
Current Period | Prev. Month | |||||||
Prepay Speed | 0.0305 | % | -0.0777 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 7.2652 | % | 3.1363 | % | ||||
Return Rate based on Terminated Leases(3) | 8.7794 | % | 4.0093 | % |
(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