Exhibit 20.3
Nissan Auto Lease Trust 2004-A
Settlement Statement
for Month Ended January 31, 2005
1-Jan-05 | Distribution Date | 15-Feb-05 | |||||
Collection Period End | 31-Jan-05 | 30/360 Days | 30 | ||||
Beg. of Interest Period | 18-Jan-05 | Actual/360 Days | 28 | ||||
End of Interest Period | 15-Feb-05 | ||||||
SUMMARY | |||||||
Coupon Rate | Initial Balance | Beginning Balance | Ending Balance | Pool Factor | |||
Total Portfolio | 1,680,098,819.60 | 1,560,235,442.37 | 1,528,048,385.51 | 0.9094991 | |||
Total Securities | 1,680,098,819.60 | 1,560,235,442.37 | 1,528,048,385.51 | 0.9094991 | |||
Class A-1 Notes | 2.105630% | 265,000,000.00 | 145,136,622.77 | 112,949,565.91 | 0.4262248 | ||
Class A-2 Notes | 2.550000% | 260,000,000.00 | 260,000,000.00 | 260,000,000.00 | 1.0000000 | ||
Class A-3 Notes | 2.900000% | 357,000,000.00 | 357,000,000.00 | 357,000,000.00 | 1.0000000 | ||
Class A-4a Notes | 2.550000% | 488,000,000.00 | 488,000,000.00 | 488,000,000.00 | 1.0000000 | ||
Class A-4b Notes | 3.180000% | 100,000,000.00 | 100,000,000.00 | 100,000,000.00 | 1.0000000 | ||
Certificates | 0.000000% | 210,098,819.60 | 210,098,819.60 | 210,098,819.60 | 1.0000000 | ||
Principal Payment Due | Interest Payment | Principal per $1000 Face Amount | Interest per $1000 Face Amount | ||||
Class A-1 Notes | 32,187,056.86 | 237,692.02 | 121.4605919 | 0.8969510 | |||
Class A-2 Notes | 0.00 | 552,500.00 | 0.0000000 | 2.1250000 | |||
Class A-3 Notes | 0.00 | 862,750.00 | 0.0000000 | 2.4166667 | |||
Class A-4a Notes | 0.00 | 967,866.67 | 0.0000000 | 1.9833333 | |||
Class A-4b | 0.00 | 265,000.00 | 0.0000000 | 2.6500000 | |||
Certificates | 0.00 | 0.00 | 0.0000000 | 0.0000000 | |||
Total Securities | 32,187,056.86 | 2,885,808.69 | |||||
I. COLLECTIONS | |||||||
Lease Payments: ( Lease SUBI) | |||||||
Monthly Principal | 21,387,729.70 | ||||||
Monthly Interest | 6,245,290.10 | ||||||
Total Monthly Payments | 27,633,019.80 | ||||||
Interest Rate Cap Payments | 0.00 | ||||||
Advances: | |||||||
Aggregate Monthly Payment Advances | 1,197,701.93 | ||||||
Aggregate Sales Proceeds Advance | 1,448,708.80 | ||||||
Total Advances | 2,646,410.73 | ||||||
Vehicle Disposition Proceeds: | |||||||
Reallocation Payments | 2,260,672.64 | ||||||
Repurchase Payments | 63,500.64 | ||||||
Net Auction Proceeds | 0.00 | ||||||
Recoveries | 0.00 | ||||||
Net Liquidation Proceeds | 6,740,135.73 | ||||||
Excess Wear and Tear and Excess Mileage | 13,101.21 | ||||||
Remaining Payoffs | 0.00 | ||||||
Net Insurance Proceeds | 1,250,068.56 | ||||||
Residual Value Surplus | 8,133.61 | ||||||
Total Collections | 40,615,042.92 | ||||||
II. COLLATERAL POOL BALANCE DATA | |||||||
Number | Book Amount | Discount Rate | Securitization Value | ||||
Pool Balance - Beginning of Period | 69,493 | 1,595,226,598.13 | 4.50000% | 1,560,235,442.37 | |||
Total Depreciation Received | (20,698,347.53) | (20,967,313.04) | |||||
Principal Amount of Gross Losses | (117) | (3,032,128.57) | (3,047,078.14) | ||||
Repurchase / Reallocation | (3) | (64,416.45) | (63,500.64) | ||||
Early Terminations | (9) | (182,203.67) | (172,001.16) | ||||
Scheduled Terminations | (344) | (7,937,569.41) | (7,937,163.88) | ||||
Pool Balance - End of Period | 69,020 | 1,563,311,932.50 | 4.50000% | 1,528,048,385.51 | |||
III. DISTRIBUTIONS | |||||||
Total Collections | 40,615,042.92 | ||||||
Reserve Amounts Available for Distribution | 0.00 | ||||||
Total Available for Distribution | 40,615,042.92 | ||||||
1. Amounts due Indenture Trustee as Compensation or Indemnity | 0.00 | ||||||
2. Reimbursement of Payment Advance | 1,506,487.21 | ||||||
3. Reimbursement of Sales Proceeds Advance | 1,164,027.79 | ||||||
4. Servicing Fee: | |||||||
Servicing Fee Due | 1,300,196.20 | ||||||
Servicing Fee Paid | 1,300,196.20 | ||||||
Servicing Fee Shortfall | 0.00 | ||||||
Total Trustee, Advances and Servicing Fee Paid | 3,970,711.20 | ||||||
5. Interest: | |||||||
Class A-1 Notes Monthly Interest | |||||||
Class A-1 Notes Interest Carryover Shortfall | 0.00 | ||||||
Class A-1 Notes Interest on Interest Carryover Shortfall | 0.00 | ||||||
Class A-1 Notes Monthly Available Interest Distribution Amount | 237,692.02 | ||||||
Class A-1 Notes Monthly Interest Paid | 237,692.02 | ||||||
Chg in Class A-1 Notes Int. Carryover Shortfall | 0.00 | ||||||
Class A-2 Notes Monthly Interest | |||||||
Class A-2 Notes Interest Carryover Shortfall | 0.00 | ||||||
Class A-2 Notes Interest on Interest Carryover Shortfall | 0.00 | ||||||
Class A-2 Notes Monthly Available Interest Distribution Amount | 552,500.00 | ||||||
Class A-2 Notes Monthly Interest Paid | 552,500.00 | ||||||
Chg in Class A-2 Notes Int. Carryover Shortfall | 0.00 | ||||||
Class A-3 Notes Monthly Interest | |||||||
Class A-3 Notes Interest Carryover Shortfall | 0.00 | ||||||
Class A-3 Notes Interest on Interest Carryover Shortfall | 0.00 | ||||||
Class A-3 Notes Monthly Available Interest Distribution Amount | 862,750.00 | ||||||
Class A-3 Notes Monthly Interest Paid | 862,750.00 | ||||||
Chg in Class A-3a Notes Int. Carryover Shortfall | 0.00 | ||||||
0.00 | |||||||
Class A-4 Monthly Interest | |||||||
Class A-4a Notes Interest Carryover Shortfall | 0.00 | ||||||
Class A-4a Notes Interest on Interest Carryover Shortfall | 0.00 | ||||||
Class A-4a Notes Monthly Available Interest Distribution Amount | 967,866.67 | ||||||
Class A-4a Notes Monthly Interest Paid | 967,866.67 | ||||||
Chg in Class A-4a Notes Int. Carryover Shortfall | 0.00 | ||||||
Class A-4b Notes Interest Carryover Shortfall | 0.00 | ||||||
Class A-4b Notes Interest on Interest Carryover Shortfall | 0.00 | ||||||
Class A-4b Notes Monthly Available Interest Distribution Amount | 265,000.00 | ||||||
Class A-4b Notes Monthly Interest Paid | 265,000.00 | ||||||
Chg in Class A-4b Notes Int. Carryover Shortfall | 0.00 | ||||||
0.00 | |||||||
Certificate Monthly Interest | |||||||
Certificate Interest Carryover Shortfall | 0.00 | ||||||
Certificate Interest on Interest Carryover Shortfall | 0.00 | ||||||
Certificate Monthly Available Interest Distribution Amount | 0.00 | ||||||
Certificate Monthly Interest Paid | 0.00 | ||||||
Chg in Certificate Int. Carryover Shortfall | 0.00 | ||||||
0.00 | |||||||
Total Note and Certificate Monthly Interest | |||||||
Total Note and Certificate Monthly Interest Due | 2,885,808.69 | ||||||
Total Note and Certificate Monthly Interest Paid | 2,885,808.69 | ||||||
Total Note and Certificate Interest Carryover Shortfall | 0.00 | ||||||
Chg in Total Note and Certificate Int. Carryover Shortfall | 0.00 | ||||||
Total Available for Principal Distribution | 33,758,523.03 | ||||||
6. Total Monthly Principal Paid on the Notes | |||||||
Total Monthly Principal Paid on the Class A Notes | 32,187,056.86 | ||||||
Total Class A Noteholders' Principal Carryover Shortfall | 0.00 | ||||||
Total Class A Noteholders' Principal Distributable Amount | 32,187,056.86 | ||||||
Chg in Total Class A Noteholders' Principal Carryover Shortfall | 0.00 | ||||||
0.00 | |||||||
7. Total Monthly Principal Paid on the Certificates | 0.00 | ||||||
Total Certificateholders' Principal Carryover Shortfall | 0.00 | ||||||
Total Certificateholders' Principal Distributable Amount | 0.00 | ||||||
Chg in Total Certificateholders' Principal Carryover Shortfall | 0.00 | ||||||
0.00 | |||||||
Remaining Available Collections | 1,571,466.17 | ||||||
IV. RESERVE ACCOUNT | |||||||
Initial Reserve Account Amount | 25,201,482.29 | ||||||
Required Reserve Account Amount | 50,402,964.59 | ||||||
Beginning Reserve Account Balance | 37,780,934.67 | ||||||
Reinvestment Income for the Period | 138,543.91 | ||||||
Reserve Fund Available for Distribution | 37,919,478.58 | ||||||
Reserve Fund Draw Amount | 0.00 | ||||||
Deposit of Remaining Available Collections | 1,571,466.17 | ||||||
Gross Reserve Account Balance | 39,490,944.75 | ||||||
Remaining Available Collections Released to Seller | 0.00 | ||||||
Ending Reserve Account Balance | 39,490,944.75 | ||||||
V. POOL STATISTICS | |||||||
Weighted Average Remaining Maturity | 27.78 | ||||||
Monthly Prepayment Speed | 24.000% | ||||||
Lifetime Prepayment Speed | -39.000% | ||||||
$ | units | ||||||
Recoveries of Defaulted and Casualty Receivables | 2,219,728.92 | ||||||
Securitization Value of Defaulted Receivables and Casualty Receivables | 3,047,078.14 | 117 | |||||
Aggregate Defaulted and Casualty Gain (Loss) | (827,349.22) | ||||||
Pool Balance at Beginning of Collection Period | 1,560,235,442.37 | ||||||
Net Loss Ratio | -0.0530% | ||||||
Cumulative Net Losses for all Periods | 0.2357% | 3,960,315.72 | |||||
Delinquent Receivables: | Amount | Number | |||||
31-60 Days Delinquent | 15,166,746.42 | 637 | |||||
61-90 Days Delinquent | 4,055,641.07 | 164 | |||||
91-120+ Days Delinquent | 1,306,883.49 | 50 | |||||
Total Delinquent Receivables: | 20,529,270.98 | 851 | |||||
60+ Days Delinquencies as Percentage of Receivables | 0.34% | ||||||
Aggregate Sales Performance of Auctioned Vehicles | $ | units | |||||
Sales Proceeds | 1,283,657.04 | 71 | |||||
Securitization Value | 1,516,554.21 | ||||||
Aggregate Residual Gain (Loss) | (232,897.17) | ||||||
Cumulative Sales Performance of Auctioned Vehicles | $ | units | |||||
Cumulative Sales Proceeds | 2,900,596.04 | 162 | |||||
Cumulative Securitization Value | 3,490,313.12 | ||||||
Cumulative Residual Gain (Loss) | (589,717.08) | ||||||
VI. Reconciliation of Advances | |||||||
Beginning Balance of Residual Advance | 1,743,358.48 | ||||||
Reimbursement of Outstanding Advance | 1,164,027.79 | ||||||
Additional Advances for current period | 1,448,708.80 | ||||||
Ending Balance of Residual Advance | 2,028,039.49 | ||||||
Beginning Balance of Payment Advance | 3,321,179.70 | ||||||
Reimbursement of Outstanding Payment Advance | 1,506,487.21 | ||||||
Additional Payment Advances for current period | 1,197,701.93 | ||||||
Ending Balance of Payment Advance | 3,012,394.42 | ||||||