Form 10-D GM Financial Automobile For: Jun 30

 

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

June 1, 2021 to June 30, 2021

        

Commission File Number of issuing entity: 333-229068-03

 CIK number of issuing entity: 0001781258

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2019-3

(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		84-6511960
(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-A	☐	☐	☒
Class A-2-B	☐	☐	☒
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 July 19, 2021.

 

No assets securitized by AmeriCredit Financial Services, Inc. d/b/a GM Financial (the “Securitizer”) and held by GM Financial Automobile Leasing Trust 2019-3 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from June 1, 2021 to June 30, 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 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 July 23, 2021 for the reporting period June 1, 2021 to June 30, 2021 (See Exhibit 102.1 to Form ABS–EE filed by GM Financial Automobile Leasing Trust 2019-3 with the SEC on July 23, 2021, which is incorporated by reference herein).

 

103.1

Asset Related Document, dated as of July 23, 2021 for the reporting period June 1, 2021 to June 30, 2021 (See Exhibit 103.1 to Form ABS-EE filed by GM Financial Automobile Leasing Trust 2019-3 with the SEC on July 23, 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 2019-3

(Issuing Entity)

 

Dated: July 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 2019-3

2.45% Exchange Note

Class A-1 2.19983% Asset Backed Notes

Class A-2A 2.09% Asset Backed Notes

Class A-2B Floating Asset Backed Notes

Class A-3 2.03% Asset Backed Notes

Class A-4 2.03% Asset Backed Notes

Class B 2.16% Asset Backed Notes

Class C 2.35% Asset Backed Notes

Class D 2.44% Asset Backed Notes

Servicer’s Certificate

 

Beginning of Period:	06/01/21
End of Period:	06/30/21
Number of days in Interest Period (Actual/360):	29
Number of days in Collection Period:	30
Report Due Date:	07/16/21
Distribution Date:	07/20/21
Transaction Month:	23

 

										Original Agg.
2019-3 Designated Pool		Units				Start Date		Closing Date		Securitization Value
			45,277			07/01/2019		08/14/2019		$	1,093,238,377
Total			45,277							$	1,093,238,377

 

RECONCILIATION OF 2019-3 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE

 

{1}

Beginning of period Aggregate Securitization Value

{1}

$

416,629,547

{2}

Reduction in Agg. Securitization Value due to payments

{2}

5,209,817

{3}

Reduction in Agg. Securitization Value due to Defaulted Leases

{3}

304,632

{4}

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

{4}

37,936,609

{5}

Other adjustments

{5}

0

{6}

Total change in Agg. Securitization Value

{6}

43,451,058

{7}

End of period Aggregate Securitization Value

{7}

$

373,178,489

{8}

Pool Factor

{8}

34.135144

%

 

RECONCILIATION OF 2019-3 EXCHANGE NOTE

 

{9}		Original Exchange Note Balance		{9}		$	1,043,000,000
{10}		Beginning of period Exchange Note Balance		{10}		$	366,391,170
{11}		Exchange Note Principal Payment Amount		{11}			43,451,058
{12}		End of period Exchange Note Balance		{12}		$	322,940,112
{13}		Note Pool Factor		{13}			30.962619	%

 

 

RECONCILIATION OF THE ASSET BACKED NOTES

 

						Class A-1				Class A-2A				Class A-2B				Class A-3				Class A-4
{14}		Original Note Balance		{14}		$	180,000,000			$	265,000,000			$	75,000,000			$	280,000,000			$	81,150,000
{15}		Beginning of period Note Balance		{15}		$	0			$	0			$	0			$	106,995,709			$	81,150,000
{16}		Noteholders’ Principal Distributable Amount		{16}			0				0				0				43,451,058				0
{17}		Noteholders’ Accelerated Principal Amount		{17}			0				0				0				0				0
{18}		Aggregate Principal Parity Amount		{18}			0				0				0				0				0
{19}		Matured Principal Shortfall		{19}			0				0				0				0				0
{20}		End of period Note Balance		{20}		$	0			$	0			$	0			$	63,544,651			$	81,150,000
{21}		Note Pool Factor		{21}			0.000000	%			0.000000	%			0.000000	%			22.694518	%			100.000000	%

 

						Class B				Class C				Class D				TOTAL
{22}		Original Note Balance		{22}		$	47,550,000			$	44,280,000			$	27,330,000			$	1,000,310,000
{23}		Beginning of period Note Balance		{23}		$	47,550,000			$	44,280,000			$	27,330,000			$	307,305,709
{24}		Noteholders’ Principal Distributable Amount		{24}			0				0				0				43,451,058
{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}		$	47,550,000			$	44,280,000			$	27,330,000			$	263,854,651
{29}		Note Pool Factor		{29}			100.000000	%			100.000000	%			100.000000	%			26.377288	%

 

EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

 

Principal payment calculation:

{30}

Beginning of period Designated Pool Balance

{30}

$

416,629,547

{31}

Ending Designated Pool Balance

{31}

373,178,489

{32}

Unpaid prior Exchange Note Principal Payment Amount

{32}

0

{33}

Sum of {31} + {32}

{33}

373,178,489

{34}

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

{34}

$

43,451,058

 

		Interest calculation:
				Beg Note Balance				Interest Carryover				Interest Rate				Days		Days Basis		Interest
{35}				$	366,391,170			$	0				2.45	%		30		30/360		$	748,049

 

 

RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT

 

Additions:

{36}

2019-3 Designated Pool Collections (net of Liquidation Proceeds and fees)

{36}

$

7,749,941

{37}

Net Liquidation Proceeds collected during period

{37}

47,871,846

{38}

Investment Earnings

{38}

1,204

{39}

Investment Earnings - transferred to Indenture Note Collection Account

{39}

(1,204

)

{40}

Deposit from Servicer

{40}

0

{41}

Total Additions:

{41}

55,621,787

Distributions:

{42}

To the Servicer, Designated Pool Servicing Fee

{42}

347,191

{43}

To the 2019-3 Exchange Noteholder, the Exchange Note Interest Payment Amount

{43}

748,049

{44}

To the 2019-3 Exchange Noteholder, the Exchange Note Principal Payment Amount

{44}

43,451,058

{45}

To the 2019-3 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii)

{45}

0

{46}

To the 2019-3 Exchange Noteholder, all remaining funds to be applied as Excess Exchange Note Payments

{46}

11,075,489

{47}

Total Distributions:

{47}

$

55,621,787

 

NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS

 

Noteholders’ Principal Distributable calculation:

{48}

Beginning Agg. Securitization Value

{48}

$

416,629,547

{49}

Ending Agg. Securitization Value

{49}

373,178,489

{50}

Principal Distributable Amount {48} - {49}

{50}

43,451,058

{51}

Noteholders’ Principal Carryover Amount

{51}

0

{52}

Principal Distributable Amount + Noteholders’ Principal Carryover Amount

{52}

43,451,058

{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}

43,451,058

{54}

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

{54}

$

43,451,058

 

		Noteholders’ Interest Distributable calculation:
		Class		Beg Note Balance				Interest Carryover				Interest Rate				Days		Days Basis		Interest
{55}		Class A-1		$	0			$	0				2.19983	%		29		Actual/360		$	0
{56}		Class A-2A		$	0				0				2.09	%		30		30/360			0
{57}		Class A-2B		$	0				0				0.36338	%		29		Actual/360			0
{58}		Class A-3		$	106,995,709				0				2.03	%		30		30/360			181,002
{59}		Class A-4		$	81,150,000				0				2.03	%		30		30/360			137,279
{60}		Class B		$	47,550,000				0				2.16	%		30		30/360			85,590
{61}		Class C		$	44,280,000				0				2.35	%		30		30/360			86,715
{62}		Class D		$	27,330,000				0				2.44	%		30		30/360			55,571

 

 

RECONCILIATION OF INDENTURE COLLECTION ACCOUNT

 

Available Funds:

{63}

2019-3 Exchange Note Collections

{63}

$

55,274,596

{64}

Investment Earnings

{64}

0

{65}

Investment Earnings - transferred from Exchange Note Collection Account

{65}

1,204

{66}

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

{66}

116

{67}

Optional Purchase Price

{67}

0

{68}

Indenture Section 5.4 disposition of Collateral

{68}

0

{69}

Available Funds:

{69}

55,275,916

{70}

Reserve Account Withdrawal Amount

{70}

0

{71}

Total Distributable Funds:

{71}

55,275,916

Distributions:

{72}

To the Successor Servicer, unpaid transition expenses, pro rata

{72}

0

{73}

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

{73}

417

{74}

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

{74}

208

{75}

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

{75}

0

{76}

Class A-1 Noteholders’ Interest Distributable Amount pari passu

{76}

0

{77}

Class A-2A Noteholders’ Interest Distributable Amount pari passu

{77}

0

{78}

Class A-2B Noteholders’ Interest Distributable Amount pari passu

{78}

0

{79}

Class A-3 Noteholders’ Interest Distributable Amount pari passu

{79}

181,002

{80}

Class A-4 Noteholders’ Interest Distributable Amount pari passu

{80}

137,279

{81}

Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall

{81}

0

{82}

Class B Noteholders’ Interest Distributable Amount

{82}

85,590

{83}

Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall

{83}

0

{84}

Class C Noteholders’ Interest Distributable Amount

{84}

86,715

{85}

Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall

{85}

0

{86}

Class D Noteholders’ Interest Distributable Amount

{86}

55,571

{87}

Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall

{87}

0

{88}

Noteholders’ Principal Distributable Amount

{88}

43,451,058

{89}

To the Reserve Account, the Reserve Amount Required Amount

{89}

0

{90}

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

{90}

0

{91}

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

{91}

0

{92}

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

{92}

0

{93}

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

{93}

0

{94}

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

{94}

0

{95}

To the Issuer Trust Certificateholders, the aggregate amount remaining

{95}

11,278,076

{96}

Total Distributions:

{96}

$

55,275,916

 

 

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)
{97}		Class A		$	188,145,709			$	373,178,489			$	0			$	54,957,010			$	0
{98}		Class B			235,695,709				373,178,489				0				54,871,420				0
{99}		Class C			279,975,709				373,178,489				0				54,784,705				0
{100}		Class D			307,305,709				373,178,489				0				54,729,134				0

 

ACCELERATED PRINCIPAL AMOUNT CALCULATION

 

{101}

Excess Total Available Funds

{101}

$

11,278,076

{102}

Beginning Note Balance

{102}

307,305,709

{103}

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

{103}

43,451,058

{104}

Pro-Forma Note Balance

{104}

263,854,651

{105}

Ending Aggregate Securitization Value

{105}

373,178,489

{106}

11% of Aggregate Securitization Value as of Cutoff until Class A-2 is paid in full,10% Thereafter ($109,323,838)

{106}

109,323,838

{107}

Required Pro Forma Note Balance {105} - {106}

{107}

263,854,651

{108}

Excess of Pro Forma Balance minus Required Pro Forma Balance {104} - {107}

{108}

0

{109}

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

{109}

$

0

 

OVERCOLLATERALIZATION CALCULATIONS

 

Exchange Note:

{110}

Ending Aggregate Securitization Value

{110}

$

373,178,489

{111}

End of Period Note Balance

{111}

322,940,112

{112}

Overcollateralization

{112}

50,238,377

{113}

Overcollateralization %

{113}

13.46

%

Asset Backed Notes:

{114}

Ending Aggregate Securitization Value

{114}

373,178,489

{115}

End of Period Note Balance

{115}

263,854,651

{116}

Overcollateralization

{116}

109,323,838

{117}

Overcollateralization %

{117}

29.30

%

 

 

RECONCILIATION OF 2019-3 CASH RESERVE ACCOUNT

 

{118}

Specified Reserve Balance

{118}

$

5,466,192

{119}

Beginning of Period Reserve Account balance

{119}

$

5,466,192

{120}

Investment Earnings

{120}

116

{121}

From the Indenture Collection Account, the Reserve Account Required Amount

{121}

0

{122}

To the Indenture Collection Account, the Reserve Account Withdrawal Amount

{122}

0

{123}

Total Reserve balance available:

{123}

5,466,308

{124}

Specified Reserve Balance

{124}

5,466,192

{125}

Release Excess Cash to Indenture Collection Available Funds

{125}

116

{126}

End of period Reserve Account balance

{126}

$

5,466,192

 

ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER

 

Dollars

Percentage

{127}

Receivables with Scheduled Payment delinquent 61 days or more

{127}

$

392,168

0.11

%

{128}

Compliance (Trigger Violation is a Delinquency Rate Greater Than 2.10% )

{128}

Yes

 

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

 

 

GM Financial

GMALT 2019-3

Supplemental Monthly Data

June 30, 2021

 

		Aggregate Securitization Value				Residual Value
Beginning of Period		$	416,629,547			$	374,687,796
Change			(43,451,058	)			(36,144,363	)
End of Period		$	373,178,489			$	338,543,433
Residual Value as % of Agg. Securitization Value							90.72	%

 

Delinquency

 

Leases with scheduled payment delinquent		Number of Leases				Agg. Securitization Value				Percentage(1)
0 - 30 days			19,122				371,196,383				99.47	%
31 - 60 days			76				1,589,938				0.43	%
61 - 90 days			14				277,647				0.07	%
91 - 120 days			6				114,521				0.03	%
Total			19,218				373,178,489				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			1,125				22,237,064				7,146				158,122,123
Standard terminations			560				10,877,392				3,448				68,809,164
Total retained by lessee			1,685				33,114,456				10,594				226,931,287
Returned Vehicles
Early terminations			136				2,125,724				7,377				126,266,641
Standard terminations			164				2,696,428				6,977				122,014,566
Total returned to dealer			300				4,822,152				14,354				248,281,207
Charged off leases / Repossessed vehicles			17				304,632				1,110				22,927,060
Repurchases			0				0				1				15,476
Other			0				0				0				0
Total terminations			2,002				38,241,240				26,059				498,155,030

 

Lease Extensions/Deferments

 

		Current Period
		Number of Leases				Agg. Securitization Value				Percentage
Term Extensions			401				7,350,126				1.76	%
Deferments			3				66,071				0.02	%

 

 

Net Credit (Gain) Loss

 

		Current Period				Cumulative
Agg. Securitized Value of early term defaults			304,632				22,927,060
less:  Sales proceeds			587,158				25,725,929
less:  Excess wear and excess mileage received			438				4,236
less:  Other amounts received			-				0
Net Credit (Gain) Loss			(282,964	)			(2,803,105	)

 

Residual (Gain) Loss on Returned Vehicles

 

Agg. Securitized Value of returned vehicles sold by Servicer			4,696,783				245,437,788
add:  Reimbursement of outstanding residual advance			N/A				N/A
less:  Sales proceeds			7,319,265				292,933,438
less:  Excess wear and excess mileage received			53,606				1,699,851
less:  Other recovery amounts			-				0
Residual (Gain) Loss			(2,676,088	)			(49,195,501	)

 

		Current Period				Prev. Month
Prepay Speed			1.5319	%			1.3705	%
Return Rate based on Scheduled to Terminate(2)			20.7900	%			26.4986	%
Return Rate based on Terminated Leases(3)			14.9850	%			20.3985	%

 

(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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