GM Financial Automobile Leasing Trust 2015-1 Inactive
Filed: 20 Mar 15, 12:00am
Filed pursuant to Rule 424(b)(3)
Registration Statement No. 333-201577
and 333-201577-02
Information contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed and declared effective with the Securities and Exchange Commission. This supplement to the preliminary prospectus supplement and the accompanying prospectus shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
SUBJECT TO COMPLETION — DATED MARCH 16, 2015
Supplement to Preliminary Prospectus Supplement (To Prospectus dated March 13, 2015) |
$1,012,000,000 Fixed Rate Asset-Backed Notes
GM Financial Automobile Leasing Trust 2015-1
Issuing Entity
GMF Leasing LLC
Depositor
Sponsor and Servicer
You should carefully review the risk factors beginning on pageS-16 of the prospectus supplement and page 11 of the accompanying prospectus.
The notes represent obligations of the issuing entity only and do not represent obligations of or interests in AmeriCredit Financial Services, Inc. d/b/a GM Financial, GMF Leasing LLC, APGO Trust, ACAR Leasing Ltd. or any of their affiliates.
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Supplement, dated March 16, 2015 (subject to completion)
to
Preliminary Prospectus Supplement, dated March 13, 2015 (subject to completion)
to
Prospectus, dated March 13, 2015
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This Supplement revises, and should be read in conjunction with the Preliminary Prospectus Supplement, dated March 13, 2015 (subject to completion), and the Prospectus, dated March 13, 2015.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this supplement, or the prospectus supplement or the prospectus to which it relates, is truthful or complete. Any representation to the contrary is a criminal offense.
| Joint Bookrunners | ||||
| Deutsche Bank Securities | Goldman, Sachs & Co. | J.P. Morgan | ||
| Co-Managers solely with respect to the Class A Notes | ||||||
| Citigroup | Credit Agricole Securities | RBS | Wells Fargo Securities | |||
The Preliminary Prospectus Supplement referenced above is hereby revised as follows:
Annex A—Vintage Originations and Static Pool Information:
| • | The table entitled “2014 U.S. Lease Characteristics” under the heading “2014 Vintage Originations” is hereby deleted and replaced in its entirety with the following table: |
2014 U.S. Lease Characteristics | ||||||||||||||||
| Average | Minimum | Maximum | Total | |||||||||||||
Number of Lease Contracts Originated | 138,158 | |||||||||||||||
Net Capitalized Cost | $ | 31,810.91 | $ | 11,107.63 | $ | 111,969.51 | $ | 4,394,932,100.16 | ||||||||
Contract Residual (Booked Residual) | $ | 19,881.57 | $ | 6,294.20 | $ | 58,176.00 | $ | 2,746,798,266.24 | ||||||||
Base Residual at Origination | $ | 15,996.00 | $ | 5,621.70 | $ | 53,170.70 | $ | 2,209,975,151.58 | ||||||||
Base Residual Value as a Percentage of Net Capitalized Cost | 50.28 | % | ||||||||||||||
Original Term (months)(1) | 37.62 | 24.00 | 48.00 | |||||||||||||
Weighted Average FICO® Score(1) | 728 | |||||||||||||||
| • | The table entitled “Losses” under the heading “GM Financial Automobile Leasing Trust 2014-2” is hereby deleted and replaced in its entirety with the following table: |
Losses | ||||||||||||||||||||||||||||||||||
| Net Credit Losses | Aggregate Base Residual Value(8) | Net Residual Loss (Gain) | ||||||||||||||||||||||||||||||||
Period | Month | Aggregate Securitization Value(8) | Defaulted Leases | Cumulative | Vehicles Returned and Sold(3) | Vehicles Retained | Total | Cumulative | ||||||||||||||||||||||||||
1 | Sep-14 | $ | 752,502,586 | $ | 520,156 | $ | 520,156 | $ | 505,988,317 | $ | (12,548 | ) | $ | (284,316 | ) | $ | (296,864 | ) | $ | (296,864 | ) | |||||||||||||
2 | Oct-14 | 740,436,357 | 471,235 | 991,391 | 503,337,148 | 5,299 | (311,269 | ) | (305,970 | ) | (602,834 | ) | ||||||||||||||||||||||
3 | Nov-14 | 730,029,201 | 107,110 | 1,098,501 | 500,887,226 | (15,372 | ) | (279,259 | ) | (294,631 | ) | (897,465 | ) | |||||||||||||||||||||
4 | Dec-14 | 716,499,393 | 202,968 | 1,301,469 | 497,627,009 | (14,911 | ) | (302,454 | ) | (317,365 | ) | (1,214,830 | ) | |||||||||||||||||||||
Capitalized terms used in the foregoing tables continue to have the meanings specified in the Introduction to Annex B beginning on page A-2 of the Preliminary Prospectus Supplement referenced above, and the footnotes appearing in such tables continue to refer to the footnotes on page A-3 of the Preliminary Prospectus Supplement referenced above.