10-D

0001193125-26-176588.txt : 20260424 0001193125-26-176588.hdr.sgml : 20260424 20260424135005 ACCESSION NUMBER: 0001193125-26-176588 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20260331 0001244832 0001540639 FILED AS OF DATE: 20260424 DATE AS OF CHANGE: 20260424 ABS ASSET CLASS: Auto leases FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nissan Auto Lease Trust 2025-B CENTRAL INDEX KEY: 0002071585 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-282606-03 FILM NUMBER: 26892265 BUSINESS ADDRESS: STREET 1: ONE NISSAN WAY, ROOM 5-124 CITY: FRANKLIN STATE: TN ZIP: 37067 BUSINESS PHONE: 6157251127 MAIL ADDRESS: STREET 1: ONE NISSAN WAY, ROOM 5-124 CITY: FRANKLIN STATE: TN ZIP: 37067 10-D 1 d121920d10d.htm 10-D 10-D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from

March 1, 2026 to March 31, 2026

Commission File Number of issuing entity: 333-282606-03

Central Index Key Number of issuing entity: 0002071585

Nissan Auto Lease Trust 2025-B

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-282606

Central Index Key Number of depositor: 0001244832

Nissan Auto Leasing LLC II

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001540639

Nissan Motor Acceptance Company LLC

(Exact name of sponsor as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

Angela Vogeli, (629) 273-2551

(Name and telephone number, including area code, of the person to contact in connection with this filing)

39-6876903

(I.R.S. Employer Identification No.)

c/o Wilmington Trust, National Association,

Rodney Square North,

1100 North Market Street, Wilmington, Delaware

19890

(Address of principal executive offices of the issuing entity)

(Zip Code)

(302) 636-6194

(Telephone number, including area code)

N/A

(Former name, former address, if changed since last report)


	Registered/reporting pursuant to (check one)
Title of class	Section 12(b)	Section 12(g)	Section 15(d)	Name of exchange (If Section 12(b))
Asset-Backed Notes, Class A-1	☐	☐	☒
Asset-Backed Notes, Class A-2a	☐	☐	☒
Asset-Backed Notes, Class A-2b	☐	☐	☒
Asset-Backed Notes, Class A-3	☐	☐	☒
Asset-Backed Notes, Class A-4	☐	☐	☒
Asset-Backed Notes, Class B	☐	☐	☒
Asset-Backed Notes, Class C	☐	☐	☒

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. Yes ☒ No ☐

PART I – DISTRIBUTION INFORMATION

Item 1.

Distribution and Pool Performance Information.

Distribution and pool performance information with respect to the assets of Nissan Auto Lease Trust 2025-B (the “Issuing Entity”), including the information required by Items 1121(a)-(b) of Regulation AB, is set forth in the attached Monthly Servicer’s Report.

No assets securitized by Nissan Motor Acceptance Company LLC (the “Securitizer” or “NMAC”) and held by the Issuing Entity were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from March 1, 2026 to March 31, 2026. Please refer to the Form ABS-15G filed by the Securitizer on February 2, 2026 for additional information. The CIK number of the Securitizer is 0001540639.

Item 1A.

Asset-Level Information.

Pursuant to Items 1111(h) and 1125, Schedule AL, of Regulation AB, the asset-level data for the asset pool of the Issuing Entity included in Exhibit 102 to the Form ABS-EE filed by the Issuing Entity with the U.S. Securities and Exchange Commission on April 22, 2026 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference. The additional asset-level information or explanatory language for the asset pool of the Issuing Entity included in Exhibit 103 to the Form ABS-EE is also incorporated into this Form 10-D by reference.

Item 1B.

Asset Representations Reviewer and Investor Communication.

Nothing to report.

PART II – OTHER INFORMATION

Item 2.

Legal Proceedings.

None.

Item 3.

Sales of Securities and Use of Proceeds.

None.

Item 4.

Defaults Upon Senior Securities.

None.

Item 5.

Submission of Matters to a Vote of Security Holders.

None.

Item 6.

Significant Obligors of Pool Assets.

Not applicable.

Item 7.

Change in Sponsor Interest in the Securities.

None.

Item 8.

Significant Enhancement Provider Information.

Not applicable.

Page 2 of 4

Item 9.

Other Information.

Not applicable.

Item 10.

Exhibits.

(a)	Monthly Servicer’s Report for the month of March 2026 – Nissan Auto Lease Trust 2025-B.

Asset Data File (Incorporated by reference to Exhibit 102 to Form ABS-EE filed by the Issuing Entity on April 22, 2026).

Asset Related Document (Additional Explanatory Disclosure) (Incorporated by reference to Exhibit 103 to Form ABS-EE filed by the Issuing Entity on April 22, 2026).


(b)	Exhibits:	99.1 Monthly Servicer’s Report for the month of March 2026 – Nissan Auto Lease Trust 2025-B.

		102 Asset Data File (Incorporated by reference to Exhibit 102 to Form ABS-EE filed by the Issuing Entity on April 22, 2026).

		103 Asset Related Document (Additional Explanatory Disclosure) (Incorporated by reference to Exhibit 103 to Form ABS-EE filed by the Issuing Entity on April 22, 2026).

Page 3 of 4

SIGNATURES

Pursuant to the requirements 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.


				NISSAN AUTO LEASING LLC II (Depositor)

Date: April 24, 2026				/s/ Nathan Debernardi
				Nathan Debernardi, Assistant Treasurer

Page 4 of 4

EX-99.1 2 d121920dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

NISSAN AUTO LEASE TRUST 2025-B

Servicer Report


Collection Period Start	1-Mar-26	Distribution Date	15-Apr-26
Collection Period End	31-Mar-26	30/360 Days	30
Beg. of Interest Period	16-Mar-26	Actual/360 Days	30
End of Interest Period	15-Apr-26


SUMMARY

	Coupon Rate			Initial Balance		Beginning Balance		Ending Balance		Pool Factor
Total Portfolio					1,125,500,324.86		1,009,169,288.08		991,196,129.52		0.8806716
Total Securities					1,125,500,324.86		1,009,169,288.08		991,196,129.52		0.8806716
Class A-1 Notes		4.467000	%		91,900,000.00		0.00		0.00		0.0000000
Class A-2a Notes		4.440000	%		207,600,000.00		194,514,645.93		184,888,155.43		0.8905981
Class A-2b Notes		4.142230	%		180,000,000.00		168,654,317.29		160,307,649.23		0.8905981
Class A-3 Notes		4.320000	%		387,600,000.00		387,600,000.00		387,600,000.00		1.0000000
Class A-4 Notes		4.350000	%		61,430,000.00		61,430,000.00		61,430,000.00		1.0000000
Class B Notes		4.560000	%		33,770,000.00		33,770,000.00		33,770,000.00		1.0000000
Class C Notes		4.810000	%		37,700,000.00		37,700,000.00		37,700,000.00		1.0000000
Certificates		0.000000	%		125,500,324.86		125,500,324.86		125,500,324.86		1.0000000

	Principal Payment Due			Interest Payment		Principal per $1000 Face Amount		Interest per $1000 Face Amount
Class A-1 Notes		0.00			0.00		0.0000000		0.0000000
Class A-2a Notes		9,626,490.50			719,704.19		46.3703781		3.4667832
Class A-2b Notes		8,346,668.06			582,170.81		46.3703781		3.2342823
Class A-3 Notes		0.00			1,395,360.00		0.0000000		3.6000000
Class A-4 Notes		0.00			222,683.75		0.0000000		3.6250000
Class B Notes		0.00			128,326.00		0.0000000		3.8000000
Class C Notes		0.00			151,114.17		0.0000000		4.0083334
Certificates		0.00			0.00		0.0000000		0.0000000
Total Securities		17,973,158.56			3,199,358.92


I. COLLECTIONS

Lease Payments: ( Lease Series Assets)
Monthly Principal														11,572,965.23
Monthly Interest														8,374,921.41

Total Monthly Payments														19,947,886.64
Interest Rate Cap Payments														0.00
Advances:
Aggregate Monthly Payment Advances														385,918.17
Aggregate Sales Proceeds Advance														1,959,600.52

Total Advances														2,345,518.69
Vehicle Disposition Proceeds:
Repurchase Payments														0.00
Recoveries														0.00
Net Liquidation Proceeds (includes Reallocation Payments and Net Auction Proceeds)														6,518,326.13
Excess Wear and Tear and Excess Mileage														7,484.62
Remaining Payoffs														0.00
Net Insurance Proceeds														1,342,055.15
Residual Value Surplus														171,779.09

Total Collections														30,333,050.32

Vehicle Disposition Activity for the current month - Terminated and Sold (included in Vehicle Disposition Proceeds)				Reallocation Payments and Net Auction Proceeds			Net Insurance Sales			Lease Payoffs			Count
Early Termination					1,537,566.28									73
Involuntary Repossession					354,848.00									15
Voluntary Repossession					505,695.00									17
Full Termination					—									—
Bankruptcty					—									—
Insurance Payoff								1,312,290.87						52
Customer Payoff											81,839.69			3
Grounding Dealer Payoff											3,718,884.38			121
Dealer Purchase											—			—

Total					2,398,109.28			1,312,290.87			3,800,724.07			281

II. COLLATERAL POOL BALANCE DATA

	Number			Book Amount			Discount Rate			Securitization Value
Pool Balance - Beginning of Period		39,194			1,252,032,703.04			10.00000	%		1,009,169,288.08
Total Depreciation Received					(12,982,212.47	)					(10,452,381.11	)
Principal Amount of Gross Losses		(87	)		(2,775,235.23	)					(2,280,426.17	)
Repurchase / Reallocation		0			0.00						0.00
Early Terminations		(91	)		(2,301,740.35	)					(1,757,313.21	)
Scheduled Terminations		(140	)		(4,282,900.62	)					(3,483,038.07	)

Pool Balance - End of Period		38,876			1,229,690,614.37						991,196,129.52
Remaining Pool Balance
Lease Payment											334,988,614.77
Residual Value											656,207,514.75

Total											991,196,129.52


III. DISTRIBUTIONS
Total Collections			30,333,050.32
Reserve Amounts Available for Distribution			0.00

Total Available for Distribution			30,333,050.32
1. Amounts due Indenture Trustee as Compensation or Indemnity			0.00
2. Reimbursement of Payment Advance			1,336,269.04
3. Reimbursement of Sales Proceeds Advance			1,131,286.63
4. Servicing Fee:
Servicing Fee Due			840,974.41
Servicing Fee Paid			840,974.41
Servicing Fee Shortfall			0.00

Total Trustee, Advances and Servicing Fee Paid			3,308,530.08

NISSAN AUTO LEASE TRUST 2025-B

Servicer Report


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			0.00
Class A-1 Notes Monthly Interest Paid			0.00
Chg in Class A-1 Notes Int. Carryover Shortfall			0.00
Class A-2a Notes Monthly Interest
Class A-2a Notes Interest Carryover Shortfall			0.00
Class A-2a Notes Interest on Interest Carryover Shortfall			0.00
Class A-2a Notes Monthly Available Interest Distribution Amount			719,704.19
Class A-2a Notes Monthly Interest Paid			719,704.19
Chg in Class A-2a Notes Int. Carryover Shortfall			0.00
Class A-2b Notes Monthly Interest
Class A-2b Notes Interest Carryover Shortfall			0.00
Class A-2b Notes Interest on Interest Carryover Shortfall			0.00
Class A-2b Notes Monthly Available Interest Distribution Amount			582,170.81
Class A-2b Notes Monthly Interest Paid			582,170.81
Chg in Class A-2b 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			1,395,360.00
Class A-3 Notes Monthly Interest Paid			1,395,360.00
Chg in Class A-3 Notes Int. Carryover Shortfall			0.00
Class A-4 Monthly Interest
Class A-4 Notes Interest Carryover Shortfall			0.00
Class A-4 Notes Interest on Interest Carryover Shortfall			0.00
Class A-4 Notes Monthly Available Interest Distribution Amount			222,683.75
Class A-4 Notes Monthly Interest Paid			222,683.75
Chg in Class A-4 Notes Int. Carryover Shortfall			0.00
Class B Monthly Interest
Class B Notes Interest Carryover Shortfall			0.00
Class B Notes Interest on Interest Carryover Shortfall			0.00
Class B Notes Monthly Available Interest Distribution Amount			128,326.00
Class B Notes Monthly Interest Paid			128,326.00
Chg in Class B Notes Int. Carryover Shortfall			0.00
Class C Monthly Interest
Class C Notes Interest Carryover Shortfall			0.00
Class C Notes Interest on Interest Carryover Shortfall			0.00
Class C Notes Monthly Available Interest Distribution Amount			151,114.17
Class C Notes Monthly Interest Paid			151,114.17
Chg in Class C Notes Int. Carryover Shortfall			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
Total Note and Certificate Monthly Interest
Total Note and Certificate Monthly Interest Due			3,199,358.92
Total Note and Certificate Monthly Interest Paid			3,199,358.92
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			23,825,161.32
6. Total Monthly Principal Paid on the Notes
Total Monthly Principal Paid on the Notes			17,973,158.56
Total Noteholders’ Principal Carryover Shortfall			0.00
Total Noteholders’ Principal Distributable Amount			17,973,158.56
Chg in Total Noteholders’ Principal Carryover Shortfall			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
Remaining Available Collections			5,852,002.76


IV. RESERVE ACCOUNT

Initial Reserve Account Amount			4,502,001.30
Required Reserve Account Amount			7,315,752.11
Beginning Reserve Account Balance			7,315,752.11
Additional Cash Infusion			0.00
Reinvestment Income for the Period			0.00
Reserve Fund Available for Distribution			7,315,752.11
Reserve Fund Draw Amount			0.00
Deposit of Remaining Available Collections			5,852,002.76
Gross Reserve Account Balance			13,167,754.87
Remaining Available Collections Released to Seller			5,852,002.76
Total Ending Reserve Account Balance			7,315,752.11

NISSAN AUTO LEASE TRUST 2025-B

Servicer Report



V. POOL STATISTICS

Weighted Average Remaining Maturity								19.93
Monthly Prepayment Speed								58	%
Lifetime Prepayment Speed								41	%

				$			units
Recoveries of Defaulted and Casualty Receivables					2,279,710.01
Securitization Value of Defaulted Receivables and Casualty Receivables					2,280,426.17			87
Aggregate Defaulted and Casualty Gain (Loss)					(716.16	)
Pool Balance at Beginning of Collection Period					1,009,169,288.08
Net Loss Ratio
Current Collection Period					-0.0001	%
Preceding Collection Period					0.0246	%
Second Preceding Collection Period					-0.0814	%
Third Preceding Collection Period					-0.0182	%
Cumulative Net Losses for all Periods					0.1089	%		1,225,523.45

	% of BOP Pool Balance			Amount			Number
Delinquent Receivables:
31-60 Days Delinquent		0.57	%		5,770,877.73			203
61-90 Days Delinquent		0.11	%		1,083,841.53			41
91-120 Days Delinquent		0.06	%		630,272.39			20
More than 120 Days		0.01	%		74,130.80			2

Total Delinquent Receivables:		0.74	%		7,559,122.45			266

				Amount			Number
61+ Days Delinquencies as Percentage of Receivables
Current Collection Period					0.18	%		0.16	%
Preceding Collection Period					0.23	%		0.21	%
Second Preceding Collection Period					0.19	%		0.19	%
Third Preceding Collection Period					0.21	%		0.20	%
60 Day Delinquent Receivables					1,788,244.72
Delinquency Percentage					0.18	%
Delinquency Trigger					4.40	%
Does the Delinquency Percentage exceed the Delinquency Trigger?					No

				$			units
Aggregate Sales Performance of Auctioned Vehicles
Sales Proceeds					1,537,566.28			73
Securitization Value					1,393,448.19			73

Aggregate Residual Value Surplus (Loss)					144,118.09

				$			units
Cumulative Sales Performance of Auctioned Vehicles
Cumulative Sales Proceeds					5,315,052.28			248
Cumulative Securitization Value					5,104,069.40			248

Cumulative Residual Value Surplus (Loss)					210,982.88


VI. RECONCILIATION OF ADVANCES

Beginning Balance of Residual Advance								1,389,982.32
Reimbursement of Outstanding Advance								1,131,286.63
Additional Advances for current period								1,959,600.52

Ending Balance of Residual Advance								2,218,296.21

Beginning Balance of Payment Advance								2,358,510.98
Reimbursement of Outstanding Payment Advance								1,336,269.04
Additional Payment Advances for current period								385,918.17

Ending Balance of Payment Advance								1,408,160.11



VII. STATEMENTS TO NOTEHOLDERS

1. Has there been any material change in practices with respect to charge-offs, collection and management of delinquent Leases, and the effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience?							NO

2. Have there been any material modifications, extensions or waivers to Lease terms, fees, penalties or payments during the Collection Period?							NO

3. Have there been any material breaches of representations, warranties or covenants contained in the Leases?							NO

4. Has there been any new issuance of notes or other securities backed by the Series Assets Assets?							NO

5. Has there been any material additions, removals or substitutions of Series Assets Assets, or repurchases of Series Assets Assets?							NO

6. Has there been any material change in the underwriting, origination or acquisition of Leases?							NO