Item 1. BUSINESS.
This Annual Report on Form 10-K is being filed by Nissan Auto Leasing LLC II (“NALL II”), Nissan-Infiniti LT (“NILT), NILT Trust and Nissan Auto Lease Trust 2005-A (the “Trust”), a Delaware statutory trust formed pursuant to a trust agreement, dated as of August 25, 2005, between NALL II, as Transferor (the “Transferor”), and Wilmington Trust Company, as owner trustee (the “Owner Trustee”). Reference is further made to the Indenture, dated as of October 25, 2005, among the Trust, as issuer, and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” together with the Owner Trustee, the “Trustees”), providing for the issuance by the Trust of notes entitled “Nissan Auto Lease Trust 2005-A 4.271% Asset Backed Notes, Class A-1” (the “Class A-1 Notes”), “Nissan Auto Lease Trust 2005-A 4.61% Asset Backed Notes, Class A-2” (the “Class A-2 Notes”), “Nissan Auto Lease Trust 2005-A 4.70% Asset Backed Notes, Class A-3” (the “Class A-3 Notes”) and “Nissan Auto Lease Trust 2005-A Floating Rate Asset Backed Notes, Class A-4” (the “Class A-4 Notes”, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”), registered under the Securities Act of 1933. Certain information that may otherwise have been required to be included herein pursuant to Form 10-K has been omitted herefrom, or in certain cases certain information has been included herein in lieu of such otherwise required information, in accordance with the letter, dated June 28, 1996 (the “No-Action Letter”), of the staff of the Office of Chief Counsel of the Division of Corporation Finance of the Securities and Exchange Commission issued with respect to series of pass-through securities issued by trusts formed by the Transferor or an affiliate thereof, as originator, including the Notes.
Item 2.
Item 2. PROPERTIES.
The following table sets forth the aggregate information of the Trust for the period from October 18, 2005 (commencement of operations) through March 31, 2006 (Dollars in thousands). The aggregate information has been reported on an accrual basis. Therefore, cash activity for the month of March 2006, which was subsequently settled on April 17, 2006, is included.
Principal Distributions
$173,400
Interest Distributions
$28,725
Servicing Fees Paid to Servicer (Nissan Motor Acceptance Corporation)
$7,413
Class A-1 Notes Percentage of Servicing Fees
10.24%
Class A-2 Notes Percentage of Servicing Fees
16.32%
Class A-3 Notes Percentage of Servicing Fees
30.02%
Class A-4 Notes Percentage of Servicing Fees
32.96%
Certificates Percentage of Servicing Fees
10.46%
Additional Servicing Compensation Paid to Servicer
(Nissan Motor Acceptance Corporation)
$0.00
Net Credit Losses
$(3,185)
Cumulative Residual Loss
$(647)
Total Number of Auctioned Vehicles
Average Net Credit Loss Ratio (including repossessions)
0.04%
Total Number of Defaulted Contracts
Number of
Delinquency Ratios
Dollar Amount of
Accounts
Days or More Delinquent
0.20%
0.21%
Number of
Delinquent
Accounts
($ in thousands)
Days or More Delinquent
$18,279
Item 3.
Item 3. LEGAL PROCEEDINGS.
Nothing to report.
Item 4.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Nothing to report.
PART II
Item 5.
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
(a)
There is no established public trading market for the common equity of the Trust.
(b)
On March 31, 2006, there was one holder of record of the common equity issued by the Trust.
Item 9.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
Nothing to report.
PART III
Item 12.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
Title
Name and Address of
Beneficial Owner
Amount and Nature of
Beneficial Ownership
Percent of
Class
Certificates
Nissan Auto Leasing LLC II
Directly owns 100% of the Certificates of the Trust
100%
PART IV
Item 15.
Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.
(a)
List of documents filed as part of the Annual Report:
The exhibits listed on the accompanying Exhibit Index on page 7 are filed as part of this report.
(b) Reports on Form 8-K:
NALL II, NILT, NILT Trust and the Trust filed certain transaction documents in connection with the close of the transaction to issue the Notes on October 17, 2005 and October 19, 2005 in Current Reports on Form 8-K. In addition, NALL II, NILT, NILT Trust and the Trust filed Current Reports on Form 8-K regarding monthly distributions of principal and interest to noteholders on November 30, 2005 for the month ended October 31, 2005, on December 29, 2005 for the month ended November 30, 2005, on January 30, 2006 for the month ended December 31, 2005, on February 27, 2006 for the month ended January 31, 2006, on March 29, 2006 for the month ended February 28, 2006, and on April 28, 2006 for the month ended March 31, 2006, and included in each such Form 8-K report, as Exhibit 20.1, was the monthly settlement statement for each respective month end as provided by the Servicer to the Trustees.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Date: June 28, 2006
NISSAN AUTO LEASING LLC II
By: /s/ Kazuhiko Kazama_____________
Name: Kazuhiko Kazama
Title: Treasurer
NISSAN AUTO LEASE TRUST 2005-A
By: Nissan Auto Leasing LLC II, solely as
originator of Nissan Auto Lease 2005-A
By: /s/ Kazuhiko Kazama_____________
Name: Kazuhiko Kazama
Title: Treasurer
NILT TRUST
By: Nissan Motor Acceptance Corporation,
solely as grantor and beneficiary
By: /s/ Kazuhiko Kazama___________
Name: Kazuhiko Kazama
Title: Treasurer
NISSAN-INFINITI LT
By: Nissan Motor Acceptance Corporation,
solely as originator of Nissan-Infiniti LT
By: /s/ Kazuhiko Kazama
Name: Kazuhiko Kazama
Title: Treasurer
EXHIBIT INDEX
Exhibit No.
Description
Sequentially
Numbered
Page
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Relevant Rules and Regulations of the Securities and Exchange Commission
99.1
Report of Independent Registered Public Accounting Firm and Management’s Assertion on Compliance with Nissan Motor Acceptance Corporation’s Established Minimum Servicing Standards for Automobile Leases
99.2
Officer's Certificate of the Servicer Regarding Compliance, dated as of March 31,