Exhibit 99.1
GM Financial Automobile Leasing Trust 2022-3
5.23% Exchange Note
Class A-1 3.07200% Asset Backed Notes
Class A-2A 4.01% Asset Backed Notes
Class A-2B Floating Asset Backed Notes
Class A-3 4.01% Asset Backed Notes
Class A-4 4.11% Asset Backed Notes
Class B 4.90% Asset Backed Notes
Class C 5.13% Asset Backed Notes
Class D 5.22% 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: | 5 |
Original Agg. | ||||||||||||
2022-3 Designated Pool | Units | Start Date | Closing Date | Securitization Value | ||||||||
53,379 | 07/06/2022 | 08/17/2022 | $ | 1,508,759,094 | ||||||||
Total | 53,379 | $ | 1,508,759,094 |
RECONCILIATION OF 2022-3 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
{1} | Beginning of period Aggregate Securitization Value | {1} | $ | 1,360,947,862 | ||||||||
{2} | Reduction in Agg. Securitization Value due to payments | {2} | 12,876,135 | |||||||||
{3} | Reduction in Agg. Securitization Value due to Defaulted Leases | {3} | 1,194,524 | |||||||||
{4} | Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases | {4} | 17,629,940 | |||||||||
{5} | Other adjustments | {5} | 0 | |||||||||
{6} | Total change in Agg. Securitization Value | {6} | 31,700,599 | |||||||||
{7} | End of period Aggregate Securitization Value | {7} | $ | 1,329,247,263 | ||||||||
{8} | Pool Factor | {8} | 88.102022 | % |
RECONCILIATION OF 2022-3 EXCHANGE NOTE
{9} | Original Exchange Note Balance | {9} | $ | 1,470,000,000 | ||||
{10} | Beginning of period Exchange Note Balance | {10} | $ | 1,322,188,768 | ||||
{11} | Exchange Note Principal Payment Amount | {11} | 31,700,599 | |||||
{12} | End of period Exchange Note Balance | {12} | $ | 1,290,488,169 | ||||
{13} | Note Pool Factor | {13} | 87.788311 | % |
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} | $ | 203,830,000 | $ | 366,940,000 | $ | 100,000,000 | $ | 466,940,000 | $ | 85,900,000 | ||||||||||||
{15} | Beginning of period Note Balance | {15} | $ | 18,298,157 | $ | 366,940,000 | $ | 100,000,000 | $ | 466,940,000 | $ | 85,900,000 | ||||||||||||
{16} | Noteholders’ Principal Distributable Amount | {16} | 18,298,157 | 10,532,171 | 2,870,271 | 0 | 0 | |||||||||||||||||
{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 | $ | 356,407,829 | $ | 97,129,729 | $ | 466,940,000 | $ | 85,900,000 | ||||||||||||
{21} | Note Pool Factor | {21} | 0.000000 | % | 97.129729 | % | 97.129729 | % | 100.0000000 | % | 100.000000 | % |
Class B | Class C | Class D | TOTAL | |||||||||||||||||
{22} | Original Note Balance | {22} | $ | 65,630,000 | $ | 61,100,000 | $ | 37,720,000 | $ | 1,388,060,000 | ||||||||||
{23} | Beginning of period Note Balance | {23} | $ | 65,630,000 | $ | 61,100,000 | $ | 37,720,000 | $ | 1,202,528,157 | ||||||||||
{24} | Noteholders’ Principal Distributable Amount | {24} | 0 | 0 | 0 | 31,700,599 | ||||||||||||||
{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} | $ | 65,630,000 | $ | 61,100,000 | $ | 37,720,000 | $ | 1,170,827,558 | ||||||||||
{29} | Note Pool Factor | {29} | 100.000000 | % | 100.000000 | % | 100.000000 | % | 84.349924 | % |
EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Principal payment calculation: | ||||||||||||
{30} | Beginning of period Designated Pool Balance | {30} | $ | 1,360,947,862 | ||||||||
{31} | Ending Designated Pool Balance | {31} | 1,329,247,263 | |||||||||
{32} | Unpaid prior Exchange Note Principal Payment Amount | {32} | 0 | |||||||||
{33} | Sum of {31} + {32} | {33} | 1,329,247,263 | |||||||||
{34} | Exchange Note Principal Payment Amount {30} - {33} | {34} | $ | 31,700,599 |
Interest calculation: | ||||||||||||||||||||||
Beg Note Balance | Interest Carryover | Interest Rate | Days | Days Basis | Interest | |||||||||||||||||
{35} | $ | 1,322,188,768 | $ | 0 | 5.23 | % | 30 | 30/360 | $ | 5,762,540 |
2
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
Additions: | ||||||||||||
{36} | 2022-3 Designated Pool Collections (net of Liquidation Proceeds and fees) | {36} | $ | 23,229,297 | ||||||||
{37} | Net Liquidation Proceeds collected during period | {37} | 22,644,274 | |||||||||
{38} | Investment Earnings | {38} | 153,142 | |||||||||
{39} | Investment Earnings - transferred to Indenture Note Collection Account | {39} | (153,142 | ) | ||||||||
{40} | Deposit from Servicer | {40} | 0 | |||||||||
{41} | Total Additions: | {41} | 45,873,571 |
Distributions: | ||||||||||||
{42} | To the Servicer, Designated Pool Servicing Fee | {42} | 1,134,123 | |||||||||
{43} | To the 2022-3 Exchange Noteholder, the Exchange Note Interest Payment Amount | {43} | 5,762,540 | |||||||||
{44} | To the 2022-3 Exchange Noteholder, the Exchange Note Principal Payment Amount | {44} | 31,700,599 | |||||||||
{45} | To the 2022-3 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii) | {45} | 0 | |||||||||
{46} | To the 2022-3 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments | {46} | 7,276,309 | |||||||||
{47} | Total Distributions: | {47} | $ | 45,873,571 |
NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
Noteholders’ Principal Distributable calculation: | ||||||||||||||||||||
{48} | Beginning Agg. Securitization Value | {48} | $ | 1,360,947,862 | ||||||||||||||||
{49} | Ending Agg. Securitization Value | {49} | 1,329,247,263 | |||||||||||||||||
{50} | Principal Distributable Amount {48} - {49} | {50} | 31,700,599 | |||||||||||||||||
{51} | Noteholders’ Principal Carryover Amount | {51} | 0 | |||||||||||||||||
{52} | Principal Distributable Amount + Noteholders’ Principal Carryover Amount | {52} | 31,700,599 | |||||||||||||||||
{53} | Amount required to reduce Outstanding Amount after giving effect to distributions made pursuant to Indenture Section 8.3 (i) through (xv) to the Required Pro Forma Note Balance | {53} | 31,700,599 | |||||||||||||||||
{54} | Noteholders’ Principal Distributable Amount Lessor of {52} and {53} | {54} | $ | 31,700,599 |
Noteholders’ Interest Distributable calculation: | ||||||||||||||||||||||
Class | Beg Note Balance | Interest Carryover | Interest Rate | Days | Days Basis | Interest | ||||||||||||||||
{55} | Class A-1 | $ | 18,298,157 | $ | 0 | 3.07200 | % | 31 | Actual/360 | $ | 48,405 | |||||||||||
{56} | Class A-2A | $ | 366,940,000 | 0 | 4.01 | % | 30 | 30/360 | 1,226,192 | |||||||||||||
{57} | Class A-2B | $ | 100,000,000 | 0 | 4.53571 | % | 31 | Actual/360 | 390,576 | |||||||||||||
{58} | Class A-3 | $ | 466,940,000 | 0 | 4.01 | % | 30 | 30/360 | 1,560,358 | |||||||||||||
{59} | Class A-4 | $ | 85,900,000 | 0 | 4.11 | % | 30 | 30/360 | 294,208 | |||||||||||||
{60} | Class B | $ | 65,630,000 | 0 | 4.90 | % | 30 | 30/360 | 267,990 | |||||||||||||
{61} | Class C | $ | 61,100,000 | 0 | 5.13 | % | 30 | 30/360 | 261,203 | |||||||||||||
{62} | Class D | $ | 37,720,000 | 0 | 5.22 | % | 30 | 30/360 | 164,082 |
3
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
Available Funds: | ||||||||||||
{63} | 2022-3 Exchange Note Collections | {63} | $ | 44,739,448 | ||||||||
{64} | Investment Earnings | {64} | 0 | |||||||||
{65} | Investment Earnings - transferred from Exchange Note Collection Account | {65} | 153,142 | |||||||||
{66} | Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement | {66} | 17,436 | |||||||||
{67} | Optional Purchase Price | {67} | 0 | |||||||||
{68} | Indenture Section 5.4 disposition of Collateral | {68} | 0 | |||||||||
{69} | Available Funds: | {69} | 44,910,026 | |||||||||
{70} | Reserve Account Withdrawal Amount | {70} | 0 | |||||||||
{71} | Total Distributable Funds: | {71} | 44,910,026 |
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} | 48,405 | |||||||||
{77} | Class A-2A Noteholders’ Interest Distributable Amount pari passu | {77} | 1,226,192 | |||||||||
{78} | Class A-2B Noteholders’ Interest Distributable Amount pari passu | {78} | 390,576 | |||||||||
{79} | Class A-3 Noteholders’ Interest Distributable Amount pari passu | {79} | 1,560,358 | |||||||||
{80} | Class A-4 Noteholders’ Interest Distributable Amount pari passu | {80} | 294,208 | |||||||||
{81} | Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {81} | 0 | |||||||||
{82} | Class B Noteholders’ Interest Distributable Amount | {82} | 267,990 | |||||||||
{83} | Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {83} | 0 | |||||||||
{84} | Class C Noteholders’ Interest Distributable Amount | {84} | 261,203 | |||||||||
{85} | Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {85} | 0 | |||||||||
{86} | Class D Noteholders’ Interest Distributable Amount | {86} | 164,082 | |||||||||
{87} | Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {87} | 0 | |||||||||
{88} | Noteholders’ Principal Distributable Amount | {88} | 31,700,599 | |||||||||
{89} | To the Reserve Account, the Reserve Account 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} | 8,995,788 | |||||||||
{96} | Total Distributions: | {96} | $ | 44,910,026 |
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 | $ | 1,038,078,157 | $ | 1,329,247,263 | $ | 0 | $ | 41,389,662 | $ | 0 | |||||||||||
{98} | Class B | 1,103,708,157 | 1,329,247,263 | 0 | 41,121,672 | 0 | ||||||||||||||||
{99} | Class C | 1,164,808,157 | 1,329,247,263 | 0 | 40,860,469 | 0 | ||||||||||||||||
{100} | Class D | 1,202,528,157 | 1,329,247,263 | 0 | 40,696,387 | 0 |
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{101} | Excess Total Available Funds | {101} | $ | 8,995,788 | ||||||||||||||||
{102} | Beginning Note Balance | {102} | 1,202,528,157 | |||||||||||||||||
{103} | Principal payments through Indenture Section 8.3 (a) (i) through (xv) | {103} | 31,700,599 | |||||||||||||||||
{104} | Pro-Forma Note Balance | {104} | 1,170,827,558 | |||||||||||||||||
{105} | Ending Aggregate Securitization Value | {105} | 1,329,247,263 | |||||||||||||||||
{106} | 10.5% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full, 9.5% Thereafter ($158,419,705) | {106} | 158,419,705 | |||||||||||||||||
{107} | Required Pro Forma Note Balance {105} - {106} | {107} | 1,170,827,558 | |||||||||||||||||
{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} | $ | 1,329,247,263 | ||||||||
{111} | End of Period Note Balance | {111} | 1,290,488,169 | |||||||||
{112} | Overcollateralization | {112} | 38,759,094 | |||||||||
{113} | Overcollateralization % | {113} | 2.92 | % |
Asset Backed Notes: | ||||||||||||
{114} | Ending Aggregate Securitization Value | {114} | 1,329,247,263 | |||||||||
{115} | End of Period Note Balance | {115} | 1,170,827,558 | |||||||||
{116} | Overcollateralization | {116} | 158,419,705 | |||||||||
{117} | Overcollateralization % | {117} | 11.92 | % |
5
RECONCILIATION OF 2022-3 CASH RESERVE ACCOUNT
{118} | Specified Reserve Balance | {118} | $ | 5,280,657 | ||||||||
{119} | Beginning of Period Reserve Account balance | {119} | $ | 5,280,657 | ||||||||
{120} | Investment Earnings | {120} | 17,436 | |||||||||
{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} | 5,298,093 | |||||||||
{124} | Specified Reserve Balance | {124} | 5,280,657 | |||||||||
{125} | Release Excess Cash to Indenture Collection Available Funds | {125} | 17,436 | |||||||||
{126} | End of period Reserve Account balance | {126} | $ | 5,280,657 |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{127} | Receivables with Scheduled Payment delinquent 61 days or more | {127} | $ | 1,428,342 | 0.11 | % | ||||||
{128} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 1.40%) | {128} | 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 2022-3
Supplemental Monthly Data
December 31, 2022
Aggregate Securitization Value | Residual Value | |||||||
Beginning of Period | $ | 1,360,947,862 | $ | 1,091,967,746 | ||||
Change | (31,700,599 | ) | (16,671,907 | ) | ||||
End of Period | $ | 1,329,247,263 | $ | 1,075,295,839 | ||||
Residual Value as % of Agg. Securitization Value | 80.90 | % |
Delinquency
Leases with scheduled payment delinquent | Number of Leases | Agg. Securitization Value | Percentage(1) | |||||||||
0 - 30 days | 49,170 | 1,322,840,841 | 99.52 | % | ||||||||
31 - 60 days | 173 | 4,978,080 | 0.37 | % | ||||||||
61 - 90 days | 38 | 1,101,335 | 0.08 | % | ||||||||
91 - 120 days | 10 | 327,007 | 0.02 | % | ||||||||
Total | 49,391 | 1,329,247,263 | 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 | 455 | 12,309,655 | 2,948 | 82,152,548 | ||||||||||||
Standard terminations | 244 | 4,712,370 | 732 | 14,048,344 | ||||||||||||
Total retained by lessee | 699 | 17,022,025 | 3,680 | 96,200,892 | ||||||||||||
Returned Vehicles | ||||||||||||||||
Early terminations | 7 | 155,069 | 27 | 521,670 | ||||||||||||
Standard terminations | 23 | 452,846 | 25 | 484,679 | ||||||||||||
Total returned to dealer | 30 | 607,915 | 52 | 1,006,349 | ||||||||||||
Charged off leases / Repossessed vehicles | 44 | 1,194,524 | 254 | 6,666,322 | ||||||||||||
Repurchases | 0 | 0 | 2 | 79,894 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total terminations | 773 | 18,824,464 | 3,988 | 103,953,457 |
Lease Extensions/Deferments
Current Period | ||||||||||||
Number of Leases | Agg. Securitization Value | Percentage | ||||||||||
Term Extensions | 231 | 4,468,157 | 0.33 | % | ||||||||
Deferments | 11 | 353,840 | 0.03 | % |
7
Net Credit (Gain) Loss
Current Period | Cumulative | |||||||
Agg. Securitized Value of early term defaults | 1,194,524 | 6,666,322 | ||||||
less: Sales proceeds | 1,981,990 | 7,858,913 | ||||||
less: Excess wear and excess mileage received | 0 | 0 | ||||||
less: Other amounts received | 0 | 0 | ||||||
Net Credit (Gain) Loss | (787,466 | ) | (1,192,591 | ) |
Residual (Gain) Loss on Returned Vehicles
Agg. Securitized Value of returned vehicles sold by Servicer | 605,527 | 977,043 | ||||||
add: Reimbursement of outstanding residual advance | N/A | N/A | ||||||
less: Sales proceeds | 779,904 | 1,393,875 | ||||||
less: Excess wear and excess mileage received | 1,674 | 2,438 | ||||||
less: Other recovery amounts | 0 | 0 | ||||||
Residual (Gain) Loss | (176,051 | ) | (419,270 | ) |
Current Period | Prev. Month | |||||||
Prepay Speed | 0.5177 | % | 0.5925 | % | ||||
Return Rate based on Scheduled to Terminate(2) | 5.1903 | % | 1.7751 | % | ||||
Return Rate based on Terminated Leases(3) | 3.8810 | % | 1.1378 | % |
(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