Form 10-D GM Financial Automobile For: Aug 31

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

August 1, 2021 to August 31, 2021

        

Commission File Number of issuing entity: 333-299068-08

 CIK number of issuing entity: 0001854846

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-2

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

 

Commission File Number of depositor: 333-229068

 CIK number of depositor: 0001631055

 

GMF LEASING LLC

(Exact name of depositor as specified in its charter)

 

CIK number of sponsor: 0001002761

 

 AMERICREDIT FINANCIAL SERVICES, INC.

(Exact name of sponsor as specified in its charter)

 

Randal L. Willis (817) 302-7000

(Name and telephone number of person to contact in connection with this filing)

 

Delaware		86-6650749
(State or other jurisdiction of incorporation or organization of the issuing entity)		(I.R.S. Employer Identification No.)
c/o AmeriCredit Financial Services, Inc. 801 Cherry Street, Suite 3500 Fort Worth, TX 76102		76102
(Address of principal executive offices of issuing entity)		(Zip Code)

 

(817) 302-7000

(Telephone number, including area code)

 

N/A

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

 

		Registered/reported pursuant to (check one)						Name of exchange
Title of Class		Section 12(b)		Section 12(g)		Section 15(d)		(If Section 12(b))
Class A-1		☐		☐		☒
Class A-2		☐		☐		☒
Class A-3		☐		☐		☒
Class A-4		☐		☐		☒
Class B		☐		☐		☒
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.

 

The response to Item 1 is set forth in part herein and in part in Exhibit 99.1

 

The record date for distributions described in Exhibit 99.1 was September 17, 2021.

 

No assets securitized by AmeriCredit Financial Services, Inc. d/b/a GM Financial (the “Securitizer”) and held by GM Financial Automobile Leasing Trust 2021-2 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from August 1, 2021 to August 31, 2021.

 

The Securitizer (CIK # 0001002761) filed Form ABS-15G on February 1, 2021.

 

Item 1A. – Asset-Level Information.

 

The response to Item 1A is set forth in Exhibit 102.1 and Exhibit 103.1 each of which is incorporated by reference into this Form 10-D as described in Item 10.

 

Item 1B. – Asset Representations Reviewer and Investor Communication.

 

None

 

 

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 – [Reserved]

 

ITEM 6 – Significant Obligors of Pool Assets.

 

None

 

ITEM 7 – Change in Sponsor Interest in the Securities.

 

None

 

ITEM 8 – Significant Enhancement Provider Information.

 

None

 

ITEM 9 – Other Information.

 

None

 

ITEM 10 – Exhibits.

 

(a)

Documents filed as part of this report:

 

99.1

Monthly Servicer’s Certificate

 

(b)

Exhibits required by this Form and Item 601 of Regulation S-K (17 CFR 229.601).

 

102.1

Asset Data File, dated as of September 24, 2021 for the reporting period August 1, 2021 to August 31, 2021 (See Exhibit 102.1 to Form ABS–EE filed by GM Financial Automobile Leasing Trust 2021-2 with the SEC on September 24, 2021, which is incorporated by reference herein).

 

103.1

Asset Related Document, dated as of September 24, 2021 for the reporting period August 1, 2021 to August 31, 2021 (See Exhibit 103.1 to Form ABS-EE filed by GM Financial Automobile Leasing Trust 2021-2 with the SEC on September 24, 2021, which is incorporated by reference herein).

 

 

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.

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-2

(Issuing Entity)

 

Dated: September 27, 2021

 

By: AmeriCredit Financial Services, Inc. d/b/a GM Financial, as Servicer
By:	/s/ Randal L. Willis
Name:	Randal L. Willis
Title:	Senior Vice President, Securitization & Conduit Reporting

 

Exhibit 99.1

 

GM Financial Automobile Leasing Trust 2021-2

1.14% Exchange Note

Class A-1 0.10981% Asset Backed Notes

Class A-2 0.22% Asset Backed Notes

Class A-3 0.34% Asset Backed Notes

Class A-4 0.41% Asset Backed Notes

Class B 0.69% Asset Backed Notes

Class C 1.01% Asset Backed Notes

Class D 1.13% Asset Backed Notes

Servicer’s Certificate

 

Beginning of Period:	08/01/21
End of Period:	08/31/21
Number of days in Interest Period (Actual/360):	31
Number of days in Collection Period:	31
Report Due Date:	09/16/21
Distribution Date:	09/20/21
Transaction Month:	4

 

										Original Agg.
2021-2 Designated Pool		Units				Start Date		Closing Date		Securitization Value
			50,797			04/07/2021		05/26/2021		$	1,366,536,472
Total			50,797							$	1,366,536,472

 

RECONCILIATION OF 2021-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE

 

{1}

Beginning of period Aggregate Securitization Value

{1}

$

1,254,284,399

{2}

Reduction in Agg. Securitization Value due to payments

{2}

13,019,557

{3}

Reduction in Agg. Securitization Value due to Defaulted Leases

{3}

909,210

{4}

Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases

{4}

16,970,764

{5}

Other adjustments

{5}

0

{6}

Total change in Agg. Securitization Value

{6}

30,899,531

{7}

End of period Aggregate Securitization Value

{7}

$

1,223,384,868

{8}

Pool Factor

{8}

89.524494

%

 

RECONCILIATION OF 2021-2 EXCHANGE NOTE

 

{9}		Original Exchange Note Balance		{9}		$	1,307,000,000
{10}		Beginning of period Exchange Note Balance		{10}		$	1,194,747,927
{11}		Exchange Note Principal Payment Amount		{11}			30,899,531
{12}		End of period Exchange Note Balance		{12}		$	1,163,848,396
{13}		Note Pool Factor		{13}			89.047314	%

 

 

RECONCILIATION OF THE ASSET BACKED NOTES

 

						Class A-1				Class A-2				Class A-3				Class A-4
{14}		Original Note Balance		{14}		$	210,000,000			$	390,000,000			$	390,000,000			$	111,430,000
{15}		Beginning of period Note Balance		{15}		$	77,250,752			$	390,000,000			$	390,000,000			$	111,430,000
{16}		Noteholders’ Principal Distributable Amount		{16}			30,899,531				0				0				0
{17}		Noteholders’ Accelerated Principal Amount		{17}			0				0				0				0
{18}		Aggregate Principal Parity Amount		{18}			0				0				0				0
{19}		Matured Principal Shortfall		{19}			0				0				0				0
{20}		End of period Note Balance		{20}		$	46,351,221			$	390,000,000			$	390,000,000			$	111,430,000
{21}		Note Pool Factor		{21}			22.072010	%			100.000000	%			100.000000	%			100.000000	%
						Class B				Class C				Class D				TOTAL
{22}		Original Note Balance		{22}		$	59,440,000			$	55,340,000			$	34,170,000			$	1,250,380,000
{23}		Beginning of period Note Balance		{23}		$	59,440,000			$	55,340,000			$	34,170,000			$	1,117,630,752
{24}		Noteholders’ Principal Distributable Amount		{24}			0				0				0				30,899,531
{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}		$	59,440,000			$	55,340,000			$	34,170,000			$	1,086,731,221
{29}		Note Pool Factor		{29}			100.000000	%			100.000000	%			100.000000	%			86.912076	%

 

EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

 

Principal payment calculation:

{30}

Beginning of period Designated Pool Balance

{30}

$

1,254,284,399

{31}

Ending Designated Pool Balance

{31}

1,223,384,868

{32}

Unpaid prior Exchange Note Principal Payment Amount

{32}

0

{33}

Sum of {31} + {32}

{33}

1,223,384,868

{34}

Exchange Note Principal Payment Amount {30} - {33}

{34}

$

30,899,531

 

		Interest calculation:
				Beg Note Balance				Interest Carryover				Interest Rate				Days		Days Basis		Interest
{35}				$	1,194,747,927			$	0				1.14	%		30		30/360		$	1,135,011

 

  

RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT

 

Additions:

{36}

2021-2 Designated Pool Collections (net of Liquidation Proceeds and fees)

{36}

$

19,945,218

{37}

Net Liquidation Proceeds collected during period

{37}

21,664,739

{38}

Investment Earnings

{38}

915

{39}

Investment Earnings - transferred to Indenture Note Collection Account

{39}

(915

)

{40}

Deposit from Servicer

{40}

0

{41}

Total Additions:

{41}

41,609,957

 

Distributions:

{42}

To the Servicer, Designated Pool Servicing Fee

{42}

1,045,237

{43}

To the 2021-2 Exchange Noteholder, the Exchange Note Interest Payment Amount

{43}

1,135,011

{44}

To the 2021-2 Exchange Noteholder, the Exchange Note Principal Payment Amount

{44}

30,899,531

{45}

To the 2021-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii)

{45}

0

{46}

To the 2021-2 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments

{46}

8,530,178

{47}

Total Distributions:

{47}

$

41,609,957

 

NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

 

Noteholders’ Principal Distributable calculation:

{48}

Beginning Agg. Securitization Value

{48}

$

1,254,284,399

{49}

Ending Agg. Securitization Value

{49}

1,223,384,868

{50}

Principal Distributable Amount {48} - {49}

{50}

30,899,531

{51}

Noteholders’ Principal Carryover Amount

{51}

0

{52}

Principal Distributable Amount + Noteholders’ Principal Carryover Amount

{52}

30,899,531

{53}

Amount required to reduce Outstanding Amount after giving effect to distributions made pursuant to Indenture Section 8.3 (i) through (xiii) to the Required Pro Forma Note Balance

{53}

30,899,531

{54}

Noteholders’ Principal Distributable Amount Lessor of {52} and {53}

{54}

$

30,899,531

 

		Noteholders’ Interest Distributable calculation:
		Class		Beg Note Balance				Interest Carryover				Interest Rate				Days		Days Basis		Interest
{55}		Class A-1		$	77,250,752			$	0				0.10981	%		31		Actual/360		$	7,305
{56}		Class A-2		$	390,000,000				0				0.22	%		30		30/360			71,500
{57}		Class A-3		$	390,000,000				0				0.34	%		30		30/360			110,500
{58}		Class A-4		$	111,430,000				0				0.41	%		30		30/360			38,072
{59}		Class B		$	59,440,000				0				0.69	%		30		30/360			34,178
{60}		Class C		$	55,340,000				0				1.01	%		30		30/360			46,578
{61}		Class D		$	34,170,000				0				1.13	%		30		30/360			32,177

 

 

RECONCILIATION OF INDENTURE COLLECTION ACCOUNT

 

Available Funds:

{62}

2021-2 Exchange Note Collections

{62}

$

40,564,720

{63}

Investment Earnings

{63}

0

{64}

Investment Earnings - transferred from Exchange Note Collection Account

{64}

915

{65}

Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement

{65}

145

{66}

Optional Purchase Price

{66}

0

{67}

Indenture Section 5.4 disposition of Collateral

{67}

0

{68}

Available Funds:

{68}

40,565,780

{69}

Reserve Account Withdrawal Amount

{69}

0

{70}

Total Distributable Funds:

{70}

40,565,780

Distributions:

{71}

To the Successor Servicer, unpaid transition expenses, pro rata

{71}

0

{72}

To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata

{72}

417

{73}

To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata

{73}

208

{74}

To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata

{74}

0

{75}

Class A-1 Noteholders’ Interest Distributable Amount pari passu

{75}

7,305

{76}

Class A-2 Noteholders’ Interest Distributable Amount pari passu

{76}

71,500

{77}

Class A-3 Noteholders’ Interest Distributable Amount pari passu

{77}

110,500

{78}

Class A-4 Noteholders’ Interest Distributable Amount pari passu

{78}

38,072

{79}

Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall

{79}

0

{80}

Class B Noteholders’ Interest Distributable Amount

{80}

34,178

{81}

Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall

{81}

0

{82}

Class C Noteholders’ Interest Distributable Amount

{82}

46,578

{83}

Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall

{83}

0

{84}

Class D Noteholders’ Interest Distributable Amount

{84}

32,177

{85}

Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall

{85}

0

{86}

Noteholders’ Principal Distributable Amount

{86}

30,899,531

{87}

To the Reserve Account, the Reserve Amount Required Amount

{87}

0

{88}

To the Noteholders, the Accelerated Principal Amount (as calculated below)

{88}

0

{89}

To the Successor Servicer, any amounts in excess of the caps set forth, pro rata

{89}

0

{90}

To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata

{90}

0

{91}

To the Asset Representations Reviewer, any amounts in excess of the caps set forth, pro rata

{91}

0

{92}

To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata

{92}

0

{93}

To the Issuer Trust Certificateholders, the aggregate amount remaining

{93}

9,325,314

{94}

Total Distributions:

{94}

$

40,565,780

 

 

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)
{95}		Class A		$	968,680,752			$	1,223,384,868			$	0			$	40,337,778			$	0
{96}		Class B			1,028,120,752				1,223,384,868				0				40,303,600				0
{97}		Class C			1,083,460,752				1,223,384,868				0				40,257,022				0
{98}		Class D			1,117,630,752				1,223,384,868				0				40,224,845				0

 

ACCELERATED PRINCIPAL AMOUNT CALCULATION

 

{99}

Excess Total Available Funds

{99}

$

9,325,314

{100}

Beginning Note Balance

{100}

1,117,630,752

{101}

Principal payments through Indenture Section 8.3 (a) (i) through (xv)

{101}

30,899,531

{102}

Pro-Forma Note Balance

{102}

1,086,731,221

{103}

Ending Aggregate Securitization Value

{103}

1,223,384,868

{104}

10% of Aggregate Securitization Value as of Cutoff ($136,653,647)

{104}

136,653,647

{105}

Required Pro Forma Note Balance {103} - {104}

{105}

1,086,731,221

{106}

Excess of Pro Forma Balance minus Required Pro Forma Balance {102} - {105}

{106}

0

{107}

Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance

{107}

$

0

 

OVERCOLLATERALIZATION CALCULATIONS

 

Exchange Note:

{108}

Ending Aggregate Securitization Value

{108}

$

1,223,384,868

{109}

End of Period Note Balance

{109}

1,163,848,396

{110}

Overcollateralization

{110}

59,536,472

{111}

Overcollateralization %

{111}

4.87

%

Asset Backed Notes:

{112}

Ending Aggregate Securitization Value

{112}

1,223,384,868

{113}

End of Period Note Balance

{113}

1,086,731,221

{114}

Overcollateralization

{114}

136,653,647

{115}

Overcollateralization %

{115}

11.17

%

 

 

RECONCILIATION OF 2021-2 CASH RESERVE ACCOUNT

 

{116}

Specified Reserve Balance

{116}

$

6,832,682

{117}

Beginning of Period Reserve Account balance

{117}

$

6,832,682

{118}

Investment Earnings

{118}

145

{119}

From the Indenture Collection Account, the Reserve Account Required Amount

{119}

0

{120}

To the Indenture Collection Account, the Reserve Account Withdrawal Amount

{120}

0

{121}

Total Reserve balance available:

{121}

6,832,827

{122}

Specified Reserve Balance

{122}

6,832,682

{123}

Release Excess Cash to Indenture Collection Available Funds

{123}

145

{124}

End of period Reserve Account balance

{124}

$

6,832,682

 

ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER

 

Dollars

Percentage

{125}

Receivables with Scheduled Payment delinquent 61 days or more

{125}

$

864,910

0.07

%

{126}

Compliance (Trigger Violation is a Delinquency Rate Greater Than 1.40% )

{126}

Yes

 

By:	/s/ Ellen Billings
Name:	Ellen Billings
Title:	Senior Vice President, Controller – North America
Date:	September 15, 2021

 

 

GM Financial

GMALT 2021-2

Supplemental Monthly Data

August 31, 2021

 

		Aggregate Securitization Value				Residual Value
Beginning of Period		$	1,254,284,399			$	956,852,215
Change			(30,899,531	)			(15,459,789	)
End of Period		$	1,223,384,868			$	941,392,426
Residual Value as % of Agg. Securitization Value							76.95	%

 

Delinquency

 

Leases with scheduled payment delinquent		Number of Leases				Agg. Securitization Value				Percentage(1)
0 - 30 days			47,298				1,219,794,430				99.71	%
31 - 60 days			98				2,725,528				0.22	%
61 - 90 days			26				762,037				0.06	%
91 - 120 days			3				102,873				0.01	%
Total			47,425				1,223,384,868				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			522				12,627,890				2,697				65,565,876
Standard terminations			216				3,860,176				392				7,050,927
Total retained by lessee			738				16,488,066				3,089				72,616,803
Returned Vehicles
Early terminations			12				213,149				77				1,375,234
Standard terminations			15				269,548				17				307,915
Total returned to dealer			27				482,697				94				1,683,149
Charged off leases / Repossessed vehicles			38				909,210				187				4,633,938
Repurchases			0				0				2				85,917
Other			0				0				0				0
Total terminations			803				17,879,973				3,372				79,019,807

 

Lease Extensions/Deferments

 

		Current Period
		Number of Leases				Agg. Securitization Value				Percentage
Term Extensions			127				2,377,304				0.19	%
Deferments			6				194,754				0.02	%

 

 

Net Credit (Gain) Loss

 

		Current Period				Cumulative
Agg. Securitized Value of early term defaults			909,210				4,633,938
less:  Sales proceeds			1,206,918				4,856,586
less:  Excess wear and excess mileage received			0				0
less:  Other amounts received			-				0
Net Credit (Gain) Loss			(297,708	)			(222,648	)

 

Residual (Gain) Loss on Returned Vehicles

 

Agg. Securitized Value of returned vehicles sold by Servicer			479,556				1,605,155
add:  Reimbursement of outstanding residual advance			N/A				N/A
less:  Sales proceeds			738,544				2,604,564
less:  Excess wear and excess mileage received			11				11
less:  Other recovery amounts			-				0
Residual (Gain) Loss			(258,999	)			(999,420	)

 

		Current Period				Prev. Month
Prepay Speed			0.5706	%			0.8958	%
Return Rate based on Scheduled to Terminate(2)			4.7957	%			6.0060	%
Return Rate based on Terminated Leases(3)			3.3624	%			2.3781	%

 

(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.

 

 

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