UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

(Mark One)

  
xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE NOT REQUIRED)


For the fiscal year ended March 31, 2004

or2006


Or

  
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)


For the transition period from __________________ to _________________________


Commission file numbers 333-106763,
333-106763-01, 333-106763-02333-127992, 333-127992-01, 333-127992-02 and 333-106763-03

333-127992-03


NISSAN AUTO LEASE TRUST 2003-A2005-A
(Issuer with respect to the Notes)


NISSAN AUTO LEASING LLC II
(Originator of the Note Issuer and Transferor of the SUBI Certificate to the Note Issuer)


NILT TRUST
(Transferor of the SUBI Certificate to Nissan Auto Leasing LLC II)


NISSAN-INFINITI LT
(Issuer with respect to the SUBI Certificate)

(Exact name of registrantregistrants as specified in itstheir charter)
DELAWARE
 
DELAWARE
Nissan Auto Leasing LLC II
95-4885574

NILT Trust 52-6935346
Nissan-Infiniti LT 33-6226449
Nissan Auto Lease Trust 2003-A
51-6538955
2005-A 51-6567936
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer Identification No.)
990 West 190th Street, Torrance, California 90502
(Address of principal executive offices)

(310) 719-8509
(Registrant’s telephone number, including area code)
990 West 190th Street, Torrance, California90502

(Address of principal executive offices)(Zip Code)

(Registrant’s telephone number, including area code)(310) 719-8509

Securities registered pursuant to Section 12(b) of the Act: None


Securities registered pursuant to Section 12(g) of the Act: None


Indicate by check mark if the registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). Yes o No x


Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act. Yes oNo x

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. Yesx  Noo


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’sregistrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.x


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Securities Exchange Act. (Check one):

Large Accelerated Filer: oAccelerated Filer: oNon-Accelerated Filer: x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes oNo x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the common equity was last sold, or the average bid and asked pricesprice of such common equity, as of a specified date within 60 days prior to the datelast business day of filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.) the registrant’s most recently completed second fiscal quarter. None


Registrant does not have any voting stock.

Documents Incorporated by Reference. See Item 15(b).

2

TABLE OF CONTENTS

PART I
Item 1. BUSINESS
Item 2. PROPERTIES
Item 3. LEGAL PROCEEDINGS
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
PART II
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
PART IV
Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1
EXHIBIT 99.2



PART I

Item 1. BUSINESS.

BUSINESS.


This Annual Report on Form 10-K is being filed by Nissan Auto Leasing LLC II (“NALL II”), Nissan-Infiniti LT (“NILT), NILT Trust and Nissan Auto Lease Trust 2003-A2005-A (the “Trust”), a Delaware statutory trust formed pursuant to a trust agreement, dated as of May 31, 2003,August 25, 2005, between NALL II, as Transferor (the “Transferor”), and Wilmington Trust Company, as owner trustee (the “Owner Trustee”). Reference is further made to the Indenture, dated as of October 29, 2003,25, 2005, among the Trust, as issuer, and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” together with the Owner Trustee, the “Trustees”), providing for the issuance by the Trust of notes entitled “Nissan Auto Lease Trust 2003-A 1.16563%2005-A 4.271% Asset Backed Notes, Class A-1” (the “Class A-1 Notes”), “Nissan Auto Lease Trust 2003-A 1.69000%2005-A 4.61% Asset Backed Notes, Class A-2” (the “Class A-2 Notes”), “Nissan Auto Lease Trust 2003-A2005-A 4.70% Asset Backed Notes, Class A-3” (the “Class A-3 Notes”) and “Nissan Auto Lease Trust 2005-A Floating Rate Asset Backed Notes, Class A-3a”A-4” (the “Class A-3a Notes”) and “Nissan Auto Lease Trust 2003-A 2.57000% Asset Backed Notes, Class A-3b” (the “Class A-3bA-4 Notes”, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3aA-3 Notes, the “Notes”), registered under the Securities Act of 1933. Certain information that may otherwise have been required to be included herein pursuant to Form 10-K has been omitted herefrom, or in certain cases certain information has been included herein in lieu of such otherwise required information, in accordance with the letter, dated June 28, 1996 (the “No-Action Letter”), of the staff of the Office of Chief Counsel of the Division of Corporation Finance of the Securities and Exchange Commission issued with respect to series of pass-through securities issued by trusts formed by the Transferor or an affiliate thereof, as originator, including the Notes.

Item 2. PROPERTIES.

PROPERTIES.


The following table sets forth the aggregate information of the Trust for the period from October 29, 200318, 2005 (commencement of operations) through March 31, 20042006 (Dollars in thousands). The aggregate information has been reported on an accrual basis. Therefore, cash activity for the month of March 2004,2006, which was subsequently settled on April 15, 2004,17, 2006, is included.
     
Principal Distributions $196,429 
Interest Distributions $9,245 
Servicing Fees Paid to Servicer (NMAC) $6,677 
Class A-1 Notes Percentage of Servicing Fees  11.28%
Class A-2 Notes Percentage of Servicing Fees  20.74%
Class A-3a Notes Percentage of Servicing Fees  28.45%
Class A-3b Notes Percentage of Servicing Fees  25.64%
Certificates Percentage of Servicing Fees  13.88%
Additional Servicing Compensation Paid to Servicer (NMAC) $0.00 
Net Credit Losses $(2,455)
Cumulative Residual Loss $(1,578)

2

Principal Distributions$173,400
Interest Distributions$28,725
Servicing Fees Paid to Servicer (Nissan Motor Acceptance Corporation)$7,413
Class A-1 Notes Percentage of Servicing Fees10.24%
Class A-2 Notes Percentage of Servicing Fees16.32%
Class A-3 Notes Percentage of Servicing Fees30.02%
Class A-4 Notes Percentage of Servicing Fees32.96%
  
Certificates Percentage of Servicing Fees10.46%
Additional Servicing Compensation Paid to Servicer
   (Nissan Motor Acceptance Corporation)
$0.00
Net Credit Losses$(3,185)
Cumulative Residual Loss$(647)
Total Number of Auctioned Vehicles583255
Average Net Credit Loss Ratio (including repossessions)0.05%0.04%
Total Number of Defaulted Contracts602524
         
  Number of  
  Delinquency Dollar Amount of
  Ratios
 Accounts
61 Days or More Delinquent  0.22%  0.25%
         
  Number of  
  Delinquent  
  Accounts
 ($ in thousands)
61 Days or More Delinquent  833  $19,088 


3


 
Number of
Delinquency Ratios
 
Dollar Amount of
Accounts
 
61 Days or More Delinquent
 
 
0.20%
 
 
 
0.21%
 

 
Number of
Delinquent
Accounts
($ in thousands)
 
61 Days or More Delinquent
 
 
783
 
 
$18,279
 

Item 3.LEGAL PROCEEDINGS.

PROCEEDINGS.

       Nothing to report.

Item 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

       Nothing to report.

PART II

Item 5.MARKET FOR REGISTRANT’SREGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.


(a)    (a)
There is no established public trading market for the common equity of the Trust.

 
(b)
On March 31, 2004,2006, there was one holder of record of the common equity issued by the Trust.

Item 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

      Nothing to report.

PART III

Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

Title
Name and Address of
Beneficial Owner
Amount and Nature of
Beneficial Ownership
Percent of
Class
Certificates
Nissan Auto Leasing LLC II
Directly owns 100% of the Certificates of the Trust
100%
PART IV

Item 15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.


(a) 
  (a)
List of documents filed as part of the Annual Report:
The exhibits listed on the accompanying Exhibit Index on page 7 are filed as part of this report.

3


The exhibits listed on the accompanying Exhibit Index on page 7 are filed as part of this report.

4

(b)Reports onForm 8-K:
NALL II, NILT, NILT Trust and the Trust filed certain transaction documents in connection with the close of the transaction to issue the Notes on October 29, 2003 and November 12, 2003 in Current Reports on Form 8-K. In addition, NALL II, NILT, NILT Trust and the Trust filed Current Reports on Form 8-K regarding monthly distributions of principal and interest to noteholders on November 26, 2003 for the month ended October 31, 2003, on December 19, 2003 for the month ended November 30, 2003, on January 27, 2004 for the month ended December 31, 2003, on February 27, 2003 for the month ended January 31, 2004, on March 26, 2004 for the month ended February 29, 2004, and on April 22, 2004 for the month ended March 31, 2004, and included in each such Form 8-K report, as Exhibit 20.1, was the monthly settlement statement for each respective month end as provided by the Servicer to the Trustees.

4



  (b)  Reports on Form 8-K:
NALL II, NILT, NILT Trust and the Trust filed certain transaction documents in connection with the close of the transaction to issue the Notes on October 17, 2005 and October 19, 2005 in Current Reports on Form 8-K. In addition, NALL II, NILT, NILT Trust and the Trust filed Current Reports on Form 8-K regarding monthly distributions of principal and interest to noteholders on November 30, 2005 for the month ended October 31, 2005, on December 29, 2005 for the month ended November 30, 2005, on January 30, 2006 for the month ended December 31, 2005, on February 27, 2006 for the month ended January 31, 2006, on March 29, 2006 for the month ended February 28, 2006, and on April 28, 2006 for the month ended March 31, 2006, and included in each such Form 8-K report, as Exhibit 20.1, was the monthly settlement statement for each respective month end as provided by the Servicer to the Trustees.

5


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

Date: June 28, 20042006
NISSAN AUTO LEASING LLC II
By:/s/ Joji Tagawa
Name:
Title:		Joji Tagawa
Treasurer
NISSAN AUTO LEASE TRUST 2003-A
By:
                        NISSAN AUTO LEASING LLC II
                        By:/s/ Kazuhiko Kazama_____________
                     Name:Kazuhiko Kazama
                     Title:Treasurer
                         NISSAN AUTO LEASE TRUST 2005-A
                        By:Nissan Auto Leasing LLC II, solely as
                          originator of Nissan Auto Lease 2003-A
By:/s/ Joji Tagawa
Name:Joji Tagawa
Title:Treasurer
NILT TRUST
By:Nissan Motor Acceptance Corporation, solely as grantor and beneficiary
By:/s/ Joji Tagawa
Name:Joji Tagawa
Title:Treasurer
NISSAN-INFINITI LT
By:Nissan Motor Acceptance Corporation, solely as originator of Nissan-Infiniti LT
By:/s/ Joji Tagawa
Name:Joji Tagawa
Title:Treasurer

5

CERTIFICATION PURSUANT TO SECTION 302(A)
OF THE SARBANES-OXLEY ACT OF 2002

          I, Joji Tagawa, certify that:

          (1) I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or settlement statements filed in respect of periods included in the year covered by this annual report, of Nissan Auto Lease Trust 2003-A;

          (2) Based on my knowledge, the information in these reports, taken2005-A

                     By:/s/ Kazuhiko Kazama_____________
                    Name:Kazuhiko Kazama
                    Title:Treasurer
                        NILT TRUST
                        By:Nissan Motor Acceptance Corporation,
                                             ;                  solely as a whole, does not contain any untrue statementgrantor and beneficiary
                      By:/s/ Kazuhiko Kazama___________
Name:Kazuhiko Kazama
                      Title:Treasurer
                        NISSAN-INFINITI LT
                        By:Nissan Motor Acceptance Corporation,
                                             ;                  solely as originator of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

          (3) Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar agreement, for inclusion in these reports, is included in these reports;

          (4) Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing agreement, or similar agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and

          (5) The reports disclose all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar agreement that is included in these reports.

June 28, 2004Nissan-Infiniti LT

By:    /s/ Joji Tagawa
Joji Tagawa
Treasurer
Nissan Auto Leasing LLC II

6

                      By:/s/ Kazuhiko Kazama
                      Name:Kazuhiko Kazama
                      Title:Treasurer

6

EXHIBIT INDEX
       
    Sequentially
    Numbered
Exhibit No.
 Description
 Page
99.1 Report of Independent Accountants and Management’s Assertion on Compliance with Nissan Motor Acceptance’s Established Minimum Servicing Standards for Automobile Leases  8 
       
99.2 Officer’s Certificate of the Servicer Regarding Compliance, dated as of March 31, 2004  12 

Exhibit No. 
 
Description
 
 
 
Sequentially
Numbered
Page
 
31
 
 
 
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Relevant Rules and Regulations of the Securities and Exchange Commission
 
 
 
8
 
 
99.1
 
 
 
Report of Independent Registered Public Accounting Firm and Management’s Assertion on Compliance with Nissan Motor Acceptance Corporation’s Established Minimum Servicing Standards for Automobile Leases
 
 
 
9
 
 
99.2
 
 
 
Officer's Certificate of the Servicer Regarding Compliance, dated as of March 31, 2006
 
 
 
13
 

7