<PAGE> 1
EXHIBIT 99.1
SUBJECT TO REVISION
TERM SHEET, DATED JUNE 12, 2000
$880,750,000
NISSAN AUTO RECEIVABLES 2000-B OWNER TRUST
NISSAN AUTO RECEIVABLES CORPORATION,
Seller
NISSAN MOTOR ACCEPTANCE CORPORATION,
Servicer
The trust will issue the following notes:
<TABLE>
<CAPTION>
Initial Principal Accrual First Interest Final Scheduled
Amount Method(1) Payment Date Distribution Date
----------------- ---------- -------------- ------------------
<S> <C> <C> <C> <C>
Class A-1 Notes .............. $ 225,000,000 Actual/360 July 17, 2000 July 16, 2001
Class A-2 Notes .............. $ 286,750,000 30/360 July 17, 2000 December 16, 2002
Class A-3 Notes .............. $ 288,000,000 30/360 July 17, 2000 April 15, 2004
Class A-4 Notes .............. $ 81,000,000 30/360 July 17, 2000 November 15, 2004
</TABLE>
(1) Interest will accrue on the Class A-1 Notes from Payment Date to Payment
Date, and on the other notes from the 15th day of each month to the 15th
day of the succeeding month.
The notes are asset backed securities issued by the trust. The notes are
not obligations of Nissan Motor Acceptance Corporation, Nissan Auto Receivables
Corporation, Nissan North America, Inc. or any of their respective affiliates.
Neither the notes nor the receivables are insured or guaranteed by any
governmental agency.
This term sheet contains structural and collateral information about the
notes, but does not contain complete information about the offering of the
notes. The information contained in this term sheet is preliminary, limited in
nature, and may be changed. A registration statement relating to Nissan Auto
Receivables trusts like the trust has been filed with the SEC and has been
declared effective. A prospectus supplement relating to the trust will be filed
after the notes have been priced and all of the terms and information are
finalized. The information contained in this term sheet will be superseded in
its entirety by information contained in the final prospectus supplement and
prospectus relating to the offering of the notes. Any investment decision should
be based upon the information in the final prospectus supplement and the
prospectus. Sales of notes may not be completed unless the purchaser has
received both the prospectus supplement and the prospectus. If any statements in
this term sheet conflict with statements in the prospectus supplement or the
prospectus, the statements in the prospectus supplement and the prospectus will
control. This term sheet is not an offer to sell or the solicitation of an offer
to buy the notes. If the offer, solicitation or sale of the notes in any
jurisdiction would be unlawful before the notes are registered or qualified
under the securities laws of that jurisdiction, then this term sheet cannot be
used to offer or sell the notes in that jurisdiction.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THE NOTES OR DETERMINED THAT THIS TERM
SHEET IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
J.P. MORGAN & CO.
CHASE SECURITIES INC.
MERRILL LYNCH & CO.
SALOMON SMITH BARNEY
<PAGE> 2
SUMMARY OF TERMS
The following information highlights selected information that will be
contained in and described in greater detail in the final prospectus supplement
and prospectus and provides a general overview of the terms of the notes. The
information contained in this term sheet is preliminary, limited in nature, and
may be changed. The information contained in this term sheet will be superseded
in its entirety by information contained in the final prospectus supplement and
prospectus relating to the offering of the notes. To understand all of the terms
of the offering of the notes, you should read carefully the prospectus
supplement and the prospectus. Both documents contain information you should
consider when making your investment decision.
ISSUER
Nissan Auto Receivables 2000-B Owner Trust.
SELLER
Nissan Auto Receivables Corporation.
SERVICER
Nissan Motor Acceptance Corporation.
INDENTURE TRUSTEE
Norwest Bank Minnesota, National Association.
OWNER TRUSTEE
Wilmington Trust Company.
CLOSING DATE
On or about June 21, 2000.
CUTOFF DATE
May 31, 2000.
THE NOTES
Class A-1 ____% Asset Backed Notes in the
aggregate initial principal amount of $225,000,000.
Class A-2 ____% Asset Backed Notes in the
aggregate initial principal amount of $286,750,000.
Class A-3 ____% Asset Backed Notes in the
aggregate initial principal amount of $288,000,000.
Class A-4 ____% Asset Backed Notes in the
aggregate initial principal amount of $81,000,000.
THE CERTIFICATES
The trust will also issue asset backed certificates in the aggregate
principal amount of $81,825,953.38 evidencing fractional undivided interests
in the trust. The certificates will not bear interest. The trust will not
make any distributions on the certificates until all interest and principal
of the notes has been paid in full. The certificates are not offered by this
term sheet, the prospectus supplement, or the prospectus.
THE RECEIVABLES
On the closing date the trust will purchase a pool of new, near-new or used
automobile and light-duty truck retail installment sales contracts
originated by Nissan and Infiniti dealers having an aggregate principal
balance of $962,575,953.38 as of the cutoff date. These contracts are
referred to as the "receivables." The receivables were sold by the dealers
to Nissan Motor Acceptance Corporation and will be resold by Nissan Motor
Acceptance Corporation to Nissan Auto Receivables Corporation, who will sell
them to the trust. Additional information about the receivables follows this
summary section.
TERMS OF THE NOTES
A. Payment Dates
The fifteenth day of each month or, if the fifteenth day of the month is not
a business day, the next business day, commencing July 17, 2000.
B. Collection Periods
The calendar month preceding the related payment date.
C. Interest Rates
The notes will have fixed interest rates.
2
<PAGE> 3
D. Interest Accrual
The Class A-1 Notes will accrue interest on an actual/360 basis from (and
including) a payment date to (but excluding) the next payment date, except
that the first interest accrual period will be from (and including) the
closing date to (but excluding) July 17, 2000.
All other notes will accrue interest on a 30/360 basis from (and including)
the 15th day of each calendar month to (but excluding) the 15th day of the
succeeding calendar month except that the first interest accrual period will
be from (and including) the closing date to (but excluding) July 15, 2000.
E. Payment Priorities
On each payment date, the trust will make payments from collections on the
receivables during the related collection period, amounts withdrawn from the
yield supplement account, and, if necessary, amounts withdrawn from the
reserve account. Advances made by the servicer will be included in
collections, and reimbursements of servicer advances will be deducted from
collections before any payments are made. The trust will make payments and
allocations in the following order of priority:
1. Servicing Fee - the servicing fee payable to the servicer equal to
1/12 of 1.00% of the aggregate principal balance of the receivables
on the first day of the related collection period;
2. Interest - accrued and unpaid interest on the Class A-1, Class A-2,
Class A-3 and Class A-4 Notes (on a pro rata basis);
3. Allocation of Principal on the Notes - an amount equal to the
excess, if any, of (x) the sum of the principal balances of the
notes and the certificates as of the close of business on the prior
payment date over (y) the principal balance of the receivables as of
the end of the related collection period (excluding certain
non-collectible or defaulted receivables and receivables purchased
by the servicer or repurchased by the seller due to certain
breaches) will be allocated to make the principal payments on the
notes as described below.
4. Reserve Account - to the reserve account, an amount equal to the
amount required to maintain the reserve account at the required
amount.
5. Certificate Balance - to the certificates until they are paid in
full.
6. Excess Amounts - any remaining amounts to Nissan Auto Receivables
Corporation.
Allocations of Principal - On each payment date, from the amounts allocated to
principal as described in clause (3) above, the trust will pay principal of the
securities in the following priority:
1. to the Class A-1 Notes until they are paid in full;
2. to the Class A-2 Notes until they are paid in full;
3. to the Class A-3 Notes until they are paid in full; and
4. to the Class A-4 Notes until they are paid in full.
Notwithstanding the foregoing, on each payment date after the acceleration of
the notes following an event of default, all interest and principal payments
will be made (1) first to the holders of the Class A-1 Notes, until the
outstanding principal balance of the Class A-1 Notes has been paid in full, and
(2) then to the holders of the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes on a pro rata basis (x) with respect to interest, based on the
respective aggregate amounts of interest due to these classes of notes and (y)
with respect to principal, based on the respective outstanding principal
balances of those classes of notes, until the outstanding principal balances of
those classes of notes have been paid in full.
F. Reserve Account
On the closing date, the seller will deposit $7,219,319.65 (0.75% of the
outstanding principal balance of the receivables as of the cutoff date) into
the reserve account for the trust.
On each payment date, if collections on the receivables and advances by the
servicer are insufficient to pay the first three items listed under "Payment
Priorities" above, the indenture trustee will withdraw funds (if available)
from the reserve account to pay those amounts.
If the principal balance of a class of notes is not paid in full on the
related final scheduled payment date, the indenture trustee will withdraw
amounts from the reserve account (if available) to pay that class in full.
3
<PAGE> 4
The amount required to be on deposit in the reserve account at the close of
business on any payment date will be $7,219,319.65, except that if
charge-offs or delinquencies exceed specified levels, the required amount
will be the greater of (i) $7,219,319.65 and (ii) 5% of the outstanding
principal balance of the notes and certificates as of the preceding payment
date (after giving effect to payments of principal made on such date). On
each payment date, the trust will deposit the amount, if any, necessary to
cause the balance of funds on deposit in the reserve account to equal the
required balance to the extent set forth above under "Payment Priorities".
G. Yield Supplement Account
On the closing date, the seller will make a cash deposit into the yield
supplement account for the trust in an amount anticipated to make the
withdrawals described in the next paragraph. On each payment date, the
servicer will deposit into the yield supplement account cash received by the
seller as base compensation for its servicing of certain other receivables.
On each payment date, the trust will use funds in the yield supplement
account to cover, for each receivable, the excess, if any, of (x) the sum of
(1) the interest rate on the Class A-4 Notes and (2) the servicing fee rate
over (y) the interest rate on that receivable.
H. Final Scheduled Payment Dates
The trust is required to pay the outstanding principal amount of each class
of notes in full on or before the related final scheduled payment date
specified on the cover of this term sheet.
I. Optional Redemption; Clean-up Call
The notes will be paid in full on any payment date on which the servicer
exercises its option to purchase the receivables. The servicer may purchase
the receivables on any payment date when the outstanding principal balance
of the receivables has declined to 10% or less of the principal balance of
the receivables as of the cutoff date.
MINIMUM DENOMINATIONS
The notes will be issued only in denominations of $1,000 or more.
REGISTRATION OF THE SECURITIES
Interests in the notes will be held through The Depository Trust Company in the
United States, or Clearstream Banking or the Euroclear System in Europe. This is
referred to as book-entry registration. You will not receive a definitive note
except under limited circumstances.
We expect the notes to be delivered through The Depository Trust Company,
Clearstream Banking and Euroclear on or about June 21, 2000.
TAX STATUS
Subject to the important considerations described in the prospectus supplement
and the prospectus, O'Melveny & Myers LLP, special tax counsel to the trust,
will deliver its opinion that the notes will be characterized as debt, and the
trust will not be characterized as an association or a publicly traded
partnership taxable as a corporation for federal income and California income
and franchise tax purposes.
If you purchase a note, you will agree to treat the note as a debt instrument.
ERISA CONSIDERATIONS
Subject to the important considerations described in the prospectus supplement
and the prospectus, the notes generally are eligible for purchase by employee
benefit plans.
If you are a benefit plan fiduciary considering the purchase of notes, you
should consult with your counsel in determining whether all required conditions
have been satisfied.
ELIGIBILITY FOR PURCHASE BY MONEY MARKET FUNDS
The Class A-1 Notes are structured to be eligible for purchase by money market
funds under Rule 2a-7 under the Investment Company Act of 1940, as amended. A
money market fund should consult its legal advisers regarding the eligibility of
such notes under Rule 2a-7 and whether an investment in such notes satisfies
such fund's investment policies and objectives.
RATINGS
It is a condition to the issuance of the securities that: (i) the Class A-1
Notes be rated "A-1+" by Standard & Poor's Ratings Services and "P-1" by Moody's
Investors Service, Inc., and (ii) the Class A-2, Class A-3 and Class A-4 Notes
be rated "AAA" by Standard & Poor's Ratings Services and "Aaa" by Moody's
Investors Service, Inc.
4
<PAGE> 5
THE RECEIVABLES POOL
The receivables are required to meet certain selection criteria as
of the cutoff date. Pursuant to such criteria, each receivable: (i) was, at the
time of origination, secured by a new, near-new or used automobile or light-duty
truck; (ii) was originated in the United States; (iii) provides for scheduled
monthly payments that fully amortize the amount financed by such receivable over
its original term (except for minimally different payments in the first or last
month in the life of the receivable); (iv) had an original number of scheduled
payments of not more than 61 and, as of the cutoff date, had a remaining number
of scheduled payments of not less than 1 and not more than 59; (v) provides for
the payment of a finance charge at an annual percentage rate ranging from 0% to
21%; (vi) does not have a payment that is more than 29 days past due as of the
cutoff date; (vii) is being serviced by Nissan Motor Acceptance Corporation;
(viii) according to the records of the seller, is not due from any obligor who
was the subject of a bankruptcy proceeding as of the cutoff date; (ix) does not
relate to a vehicle as to which forced-placed insurance premiums have been added
to the amount financed; and (x) as of the cutoff date had a remaining principal
balance of not less than $25.00 and not more than $43,000.00. Retail installment
sales contracts originated in Alabama and Hawaii will not be included in the
trust. No selection procedures believed by the seller to be adverse to
noteholders have been used in selecting the receivables.
As of the cutoff date, the average principal balance of the
receivables was approximately $15,029.68. Based on the addresses of the
originating dealers, the receivables have been originated in 48 states. Except
in the case of any breach of representations and warranties by the related
dealer, the receivables generally do not provide for recourse against the
originating dealer.
5
<PAGE> 6
The composition, distribution by annual percentage rate and
geographic distribution of the receivables as of the cutoff date are as set
forth in the following tables:
COMPOSITION OF THE RECEIVABLES
<TABLE>
<S> <C>
Aggregate Principal Balance................................................................. $962,575,953.38
Number of Receivables....................................................................... 64,045
Average Principal Balance................................................................... $15,029.68
Range of Principal Balances........................................................ $28.12 to $42,758.87
Average Original Amount Financed............................................................ $18,422.87
Range of Original Amount Financed.................................................. $2,500.00 to $49,191.86
Weighted Average APR........................................................................ 5.007%
Range of APRs...................................................................... 0.0% to 21.0%
Approximate Weighted Average Original Term to Maturity...................................... 58.13 months
Range of Original Term to Maturity................................................. 12 to 61 months
Approximate Weighted Average Remaining Term to Maturity..................................... 49.14 months
Range of Remaining Term to Maturity................................................ 1 to 59 months
Percentage by Principal Balance of Receivables of New, Near-New and Used Vehicles........... 92.29% (New)
3.74% (Near-New)
3.97% (Used)
Percentage by Principal Balance of Receivables Financed through Nissan and Infiniti Dealers 80.32% (Nissan)
19.68% (Infiniti)
</TABLE>
6
<PAGE> 7
DISTRIBUTION OF THE RECEIVABLES BY APR
<TABLE>
<CAPTION>
PERCENTAGE OF
PERCENTAGE OF AGGREGATE CUTOFF
NUMBER OF TOTAL NUMBER CUTOFF DATE DATE PRINCIPAL
RANGE OF APRS (%) RECEIVABLES OF RECEIVABLES (%) PRINCIPAL BALANCE ($) BALANCE (%)
------------------------- ----------- ------------------ --------------------- ----------------
<S> <C> <C> <C> <C>
0.00 to 0.99 ............ 538 0.84 3,140,520.22 0.33
1.00 to 1.99 ............ 1,044 1.63 5,913,607.62 0.61
2.00 to 2.99 ............ 16,248 25.37 203,492,780.74 21.14
3.00 to 3.99 ............ 16,855 26.32 301,049,117.06 31.28
4.00 to 4.99 ............ 2,467 3.85 42,721,476.01 4.44
5.00 to 5.99 ............ 12,277 19.17 177,306,763.85 18.42
6.00 to 6.99 ............ 7,027 10.97 114,265,844.90 11.87
7.00 to 7.99 ............ 3,056 4.77 50,627,022.15 5.26
8.00 to 8.99 ............ 2,064 3.22 31,854,482.23 3.31
9.00 to 9.99 ............ 1,194 1.86 16,477,987.98 1.71
10.00 to 10.99 .......... 544 0.85 7,244,960.93 0.75
11.00 to 11.99 .......... 278 0.43 3,573,575.06 0.37
12.00 to 12.99 .......... 121 0.19 1,389,855.64 0.14
13.00 to 13.99 .......... 192 0.30 2,180,944.61 0.23
14.00 to 14.99 .......... 54 0.08 556,626.69 0.06
15.00 to 15.99 .......... 26 0.04 250,771.74 0.03
16.00 to 16.99 .......... 30 0.05 250,281.89 0.03
17.00 to 17.99 .......... 25 0.04 236,446.38 0.02
18.00 to 18.99 .......... 3 0.00 28,106.31 0.00
19.00 to 19.99 .......... 1 0.00 4,532.09 0.00
20.00 and above ......... 1 0.00 10,249.28 0.00
Totals(1) ....... 64,045 100.00% $962,575,953.38 100.00%
</TABLE>
------------------------
(1) Dollar amounts and percentages may not add to the total or to 100.00%,
respectively, due to rounding.
7
<PAGE> 8
DISTRIBUTION OF THE RECEIVABLES BY STATE (1)
<TABLE>
<CAPTION>
PERCENTAGE OF PERCENTAGE OF
NUMBER OF TOTAL NUMBER CUTOFF DATE AGGREGATE CUTOFF DATE
STATE RECEIVABLES OF RECEIVABLES (%) PRINCIPAL BALANCE ($) PRINCIPAL BALANCE (%)
----- ----------- ------------------ --------------------- ---------------------
<S> <C> <C> <C> <C>
Alaska ............... 15 0.02 234,212.42 0.02
Arizona .............. 2,196 3.43 34,613,590.60 3.60
Arkansas ............. 655 1.02 9,442,879.13 0.98
California ........... 10,235 15.98 163,455,435.67 16.98
Colorado ............. 941 1.47 15,693,470.79 1.63
Connecticut .......... 1,296 2.02 18,184,957.58 1.89
Delaware ............. 233 0.36 3,442,573.83 0.36
Florida .............. 4,111 6.42 61,517,941.51 6.39
Georgia .............. 1,950 3.04 29,835,235.49 3.10
Idaho ................ 78 0.12 1,173,713.73 0.12
Illinois ............. 3,071 4.80 45,126,377.38 4.69
Indiana .............. 574 0.90 8,559,548.72 0.89
Iowa ................. 368 0.57 5,200,461.59 0.54
Kansas ............... 276 0.43 3,895,835.51 0.40
Kentucky ............. 651 1.02 9,539,495.05 0.99
Louisiana ............ 877 1.37 13,046,672.48 1.36
Maine ................ 93 0.15 1,308,004.74 0.14
Maryland ............. 3,322 5.19 45,390,594.41 4.72
Massachusetts ........ 1,895 2.96 26,750,122.20 2.78
Michigan ............. 465 0.73 6,766,116.09 0.70
Minnesota ............ 623 0.97 8,792,513.66 0.91
Mississippi .......... 546 0.85 8,150,141.20 0.85
Missouri ............. 1,227 1.92 18,526,428.13 1.92
Montana .............. 50 0.08 742,414.23 0.08
Nebraska ............. 172 0.27 2,643,608.58 0.27
Nevada ............... 494 0.77 7,978,157.42 0.83
New Hampshire ........ 399 0.62 5,632,175.31 0.59
New Jersey ........... 3,106 4.85 44,900,454.55 4.66
New Mexico ........... 339 0.53 5,397,258.08 0.56
New York ............. 4,298 6.71 60,285,186.64 6.26
North Carolina ....... 2,026 3.16 30,589,201.77 3.18
North Dakota ......... 33 0.05 448,308.02 0.05
Ohio ................. 1,362 2.13 20,262,947.97 2.11
Oklahoma ............. 565 0.88 8,461,391.92 0.88
Oregon ............... 524 0.82 7,600,860.43 0.79
Pennsylvania ......... 2,755 4.30 40,047,618.87 4.16
Rhode Island ......... 279 0.44 3,995,605.08 0.42
South Carolina ....... 883 1.38 13,066,094.90 1.36
South Dakota ......... 16 0.02 207,879.20 0.02
Tennessee ............ 1,970 3.08 29,708,933.34 3.09
Texas ................ 5,325 8.31 84,343,407.59 8.76
Utah ................. 321 0.50 5,120,212.26 0.53
Vermont .............. 113 0.18 1,540,149.51 0.16
Virginia ............. 1,706 2.66 26,140,541.71 2.72
Washington ........... 892 1.39 14,912,474.65 1.55
West Virginia ........ 294 0.46 4,026,932.08 0.42
Wisconsin ............ 398 0.62 5,462,453.01 0.57
Wyoming .............. 27 0.04 415,364.35 0.04
Total(2) ..... 64,045 100.00% $962,575,953.38 100.00%
</TABLE>
------------------------
(1) Based solely on the addresses of the originating Dealers.
(2) Dollar amounts and percentages may not add to the total or to 100.00%,
respectively, due to rounding.
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<PAGE> 9
DELINQUENCIES, REPOSSESSIONS AND NET LOSSES
Set forth below is certain information concerning Nissan Motor
Acceptance Corporation's experience pertaining to delinquencies, repossessions
and net losses on its total portfolio of new, near-new and used automobile and
light-duty truck receivables (including receivables previously sold that Nissan
Motor Acceptance Corporation continues to service).
The data presented in the following tables are for illustrative
purposes only. There can be no assurance that Nissan Motor Acceptance
Corporation's delinquency, repossession and net loss experience with respect to
automobile and light-duty truck receivables in the future, or the experience of
the trust with respect to the receivables, will be similar to that set forth
below.
DELINQUENCY EXPERIENCE(1)
<TABLE>
<CAPTION>
AT MARCH 31,
-----------------------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Number of Contracts Outstanding ........ 368,660 312,237 330,662 317,238 274,807
Delinquencies as a Percentage of
Number of Contracts Outstanding(2)
30-59 Days ........................ 1.54% 2.27% 2.55% 3.10% 2.40%
60-89 Days ........................ 0.16% 0.27% 0.36% 0.49% 0.25%
90 Days or More ................... 0.02% 0.04% 0.06% 0.17% 0.05%
</TABLE>
------------------------
(1) The information in the Delinquency Experience table includes retail
installment sale contracts for new, near-new and used automobiles and
light-duty trucks and includes receivables which Nissan Motor Acceptance
Corporation has sold to third parties but continues to service. The
information does not include receivables purchased by Nissan Motor
Acceptance Corporation under certain special financing programs. The
information in the tables relates only to receivables with original
terms of 64 months or less. The trust does not include receivables with
original maturities in excess of 61 months. In general, Nissan Motor
Acceptance Corporation has experienced higher overall levels of losses
with respect to receivables with original maturities of 64 to 72 months
than with respect to receivables with shorter original maturities.
(2) An account is considered delinquent if 20% or more of the scheduled
payment is past due.
9
<PAGE> 10
NET CREDIT LOSS AND REPOSSESSION EXPERIENCE(1)
(dollars in thousands)
<TABLE>
<CAPTION>
AT OR FOR THE TWELVE MONTHS ENDED MARCH 31,
------------------------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Principal Amount
Outstanding ...................... $4,273,532 $3,126,219 $3,497,123 $3,276,423 $2,659,232
Average Principal Amount
Outstanding ........................ $3,261,595 $3,463,840 $3,248,193 $3,181,569 $2,308,058
Number of Contracts
Outstanding ...................... 368,660 312,237 330,662 317,238 274,807
Average Number of Contracts
Outstanding ...................... 316,976 329,320 316,769 309,257 250,040
Number of Repossessions(2) ......... 7,467 9,782 14,164 17,569 9,841
Number of Repossessions as a
Percent of the Average Number
of Contracts Outstanding ......... 2.36% 2.97% 4.47% 5.68% 3.94%
Charge-Offs(3) ..................... $ 55,482 $ 92,005 $ 134,671 $ 158,969 $ 72,838
Recoveries(4) ...................... $ 39,125 $ 41,947 $ 39,997 $ 31,874 $ 20,489
Net Losses ......................... $ 16,357 $ 50,059 $ 94,674 $ 127,095 $ 52,349
Net Losses as a Percent of
Principal Amount
Outstanding ...................... 0.38% 1.60% 2.71% 3.88% 1.97%
Net Losses as a Percent of
Average Principal Amount
Outstanding ...................... 0.50% 1.45% 2.91% 3.99% 2.27%
</TABLE>
------------------------------
(1) The information in the Net Credit Loss and Repossession table includes
retail installment sale contracts for new, near-new and used automobiles
and light-duty trucks and includes receivables which Nissan Motor
Acceptance Corporation has sold to third parties but continues to
service. The information does not include receivables purchased by
Nissan Motor Acceptance Corporation under certain special financing
programs. The information in the tables relates only to receivables with
original terms of 64 months or less. The trust does not include
receivables with original maturities in excess of 61 months. In general,
Nissan Motor Acceptance Corporation has experienced higher overall
levels of losses with respect to receivables with original maturities of
64 to 72 months than with respect to receivables with shorter original
maturities. All amounts and percentages, except as indicated, are based
on the principal balances of the receivables including unearned
interest. Averages are computed by taking a simple average of month end
outstandings for each period presented.
(2) The number of repossessions excludes accounts that have been
subsequently reinstated.
(3) The percentages in the left column have been annualized in order to
facilitate year to year comparisons.
(4) Charge-offs represent the net principal balance of receivables
determined to be uncollectible in the period less proceeds from
disposition of related vehicles, other than recoveries described in Note
(5). Charge-offs do not include expenses associated with collection,
repossession or disposition of the vehicle.
(5) Recoveries generally include amounts received on receivables following
the time at which the receivable is charged off. Recoveries are net of
expenses associated with collection.
Nissan Motor Acceptance Corporation's retail loss experience is
dependent upon receivables levels, the number of repossessions, the amount
outstanding at the time of repossession and the resale value of repossessed
vehicles. The losses in the year ended March 31, 1997 were higher than in
previous or subsequent years due to Nissan Motor Acceptance Corporation's effort
to finance a broader credit range of customers to support the sale of Nissan and
Infiniti vehicles and a general increase in personal bankruptcy filings. The
management of Nissan Motor Acceptance Corporation reacted to the negative trend
in losses by initiating changes to its credit policy that tightened the range of
available credit in order to originate an improved mix of business. These
changes involved discontinuing the origination of 72-month term contracts in
June 1996 and installing a new empirically derived credit score card in
September 1996. In addition, Nissan Motor Acceptance Corporation tightened its
credit policy by reducing advance rates for lower credit scores and implementing
risk-based pricing. Nissan Motor Acceptance Corporation has recently resumed
originating 72-month term contracts under certain financing programs.
10
<PAGE> 11
WEIGHTED AVERAGE LIFE OF THE SECURITIES
Prepayments on automotive receivables can be measured relative to a
prepayment standard or model. The model used in this term sheet, the Absolute
Prepayment Model ("ABS"), represents an assumed rate of prepayment each month
relative to the original number of receivables in a pool of receivables. ABS
further assumes that all the receivables are the same size and amortize at the
same rate and that each receivable in each month of its life will either be paid
as scheduled or be prepaid in full. For example, in a pool of receivables
originally containing 10,000 receivables, a 1% ABS rate means that 100
receivables prepay each month. ABS does not purport to be an historical
description of prepayment experience or a prediction of the anticipated rate of
prepayment of any pool of receivables, including the receivables.
As the rate of payment of principal of each class of securities will
depend on the rate of payment (including prepayments) of the principal balance
of the receivables, final payment of any class of notes could occur later or
significantly earlier than the respective final scheduled payment dates.
Reinvestment risk associated with early payment of the notes will be borne
exclusively by the holders of such notes.
The table captioned "Percent of Initial Note Principal Amount at Various
ABS Percentages" (the "ABS Table") has been prepared on the basis of the
characteristics of the receivables described above. The ABS Table assumes that
(i) the receivables prepay in full at the specified constant percentage of ABS
monthly, with no defaults, losses or repurchases, (ii) each scheduled monthly
payment on each receivable is scheduled to be made and is made on the last day
of each month and each month has 30 days, (iii) payments are made on the notes
on each payment date (and each such date is assumed to be the fifteenth day of
each applicable month), (iv) the balance in the reserve account on each payment
date is the required amount described in the summary under "Reserve Account" and
(v) the servicer does not exercise its option to purchase the receivables. The
hypothetical pools each have an assumed cutoff date of May 31, 2000. The ABS
Table indicates the projected weighted average life of each class of notes and
sets forth the percent of the initial principal amount of each class of notes
that is projected to be outstanding after each of the payment dates shown at
various constant ABS percentages.
The ABS Table also assumes that the receivables have been aggregated
into hypothetical pools with all of the receivables within each such pool having
the following characteristics and that the level scheduled monthly payment for
each of the pools (which is based on its aggregate principal balance, APR,
original term to maturity and remaining term to maturity as of the assumed
cutoff date) will be such that each pool will be fully amortized by the end of
its remaining term to maturity.
<TABLE>
<CAPTION>
REMAINING ORIGINAL
AGGREGATE TERM TO TERM TO
NUMBER OF PRINCIPAL MATURITY MATURITY
POOL RECEIVABLES BALANCE APR (IN MONTHS) (IN MONTHS)
---- ----------- --------- --- ----------- -----------
<S> <C> <C> <C> <C> <C>
1 ............ 773 $ 5,326,212.22 2.978% 15 24
2 ............ 3,358 $ 27,280,729.91 4.231% 23 35
3 ............ 5,823 $ 65,047,421.45 4.977% 35 46
4 ............ 37,761 $601,047,042.22 5.024% 51 60
5 ............ 16,330 $263,874,547.58 5.097% 52 61
</TABLE>
The actual characteristics and performance of the receivables will
differ from the assumptions used in constructing the ABS Table. The assumptions
used are hypothetical and have been provided only to give a general sense of how
the principal cash flows might behave under varying prepayment scenarios. For
example, it is very unlikely that the receivables will prepay at a constant
level of ABS until maturity or that all of the receivables will prepay at the
same level of ABS. Moreover, the diverse terms of receivables within each of the
hypothetical pools could produce slower or faster principal distributions than
indicated in the ABS Table at the various constant percentages of ABS specified,
even if the original and remaining terms to maturity of the receivables are as
assumed. Any difference between such assumptions and the actual
11
<PAGE> 12
characteristics and performance of the receivables, or actual prepayment
experience, will affect the percentages of initial amounts outstanding over time
and the weighted average lives of each class of notes.
PERCENT OF INITIAL NOTE PRINCIPAL AMOUNT AT VARIOUS ABS PERCENTAGES
<TABLE>
<CAPTION>
Class A-1 Notes Class A-2 Notes
Distribution Date 0.50% 1.00% 1.50% 1.80% 2.00% 0.50% 1.00% 1.50% 1.80% 2.00%
----------------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Closing Date 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Jul-00 89.64 87.22 84.53 82.78 81.55 100.00 100.00 100.00 100.00 100.00
15-Aug-00 79.33 74.58 69.32 65.88 63.46 100.00 100.00 100.00 100.00 100.00
15-Sep-00 69.08 62.09 54.36 49.31 45.75 100.00 100.00 100.00 100.00 100.00
15-Oct-00 58.87 49.75 39.65 33.06 28.41 100.00 100.00 100.00 100.00 100.00
15-Nov-00 48.72 37.56 25.21 17.14 11.45 100.00 100.00 100.00 100.00 100.00
15-Dec-00 38.63 25.52 11.02 1.55 0.00 100.00 100.00 100.00 100.00 95.98
15-Jan-01 28.59 13.64 0.00 0.00 0.00 100.00 100.00 97.72 89.24 83.27
15-Feb-01 18.60 1.91 0.00 0.00 0.00 100.00 100.00 87.00 77.53 70.86
15-Mar-01 8.67 0.00 0.00 0.00 0.00 100.00 92.41 76.48 66.08 58.75
15-Apr-01 0.00 0.00 0.00 0.00 0.00 99.05 83.45 66.17 54.90 46.95
15-May-01 0.00 0.00 0.00 0.00 0.00 91.35 74.61 56.08 43.98 35.46
15-Jun-01 0.00 0.00 0.00 0.00 0.00 83.69 65.89 46.19 33.33 24.28
15-Jul-01 0.00 0.00 0.00 0.00 0.00 76.07 57.30 36.52 22.96 13.41
15-Aug-01 0.00 0.00 0.00 0.00 0.00 68.50 48.83 27.06 12.85 2.85
15-Sep-01 0.00 0.00 0.00 0.00 0.00 60.98 40.49 17.82 3.02 0.00
15-Oct-01 0.00 0.00 0.00 0.00 0.00 53.61 32.37 8.88 0.00 0.00
15-Nov-01 0.00 0.00 0.00 0.00 0.00 46.29 24.39 0.16 0.00 0.00
15-Dec-01 0.00 0.00 0.00 0.00 0.00 39.02 16.53 0.00 0.00 0.00
15-Jan-02 0.00 0.00 0.00 0.00 0.00 31.79 8.79 0.00 0.00 0.00
15-Feb-02 0.00 0.00 0.00 0.00 0.00 24.60 1.19 0.00 0.00 0.00
15-Mar-02 0.00 0.00 0.00 0.00 0.00 17.47 0.00 0.00 0.00 0.00
15-Apr-02 0.00 0.00 0.00 0.00 0.00 10.37 0.00 0.00 0.00 0.00
15-May-02 0.00 0.00 0.00 0.00 0.00 3.33 0.00 0.00 0.00 0.00
15-Jun-02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Weighted Average
Life (years)(1) 0.43 0.36 0.30 0.27 0.26 1.41 1.19 1.00 0.90 0.84
Weighted Average
Life to Call
(years)(1)(2) 0.43 0.36 0.30 0.27 0.26 1.41 1.19 1.00 0.90 0.84
Optional Clean-Up Apr-01 Mar-01 Jan-01 Jan-01 Dec-00 Jun-02 Mar-02 Dec-01 Oct-01 Sep-01
Call Date
</TABLE>
------------------------------
(1) The weighted average life of a note is determined by (x) multiplying the
amount of each principal payment on a note by the number of years from
the date of issuance of the note to the related payment date, (y) adding
the results and (z) dividing the sum by the original principal amount of
the note.
(2) This calculation assumes that the servicer exercises its option to
purchase the receivables at the first opportunity.
12
<PAGE> 13
PERCENT OF INITIAL NOTE PRINCIPAL AMOUNT AT VARIOUS ABS PERCENTAGES
<TABLE>
<CAPTION>
Class A-3 Notes Class A-4 Notes
Distribution Date 0.50% 1.00% 1.50% 1.80% 2.00% 0.50% 1.00% 1.50% 1.80% 2.00%
----------------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Closing Date 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Jul-00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Aug-00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Sep-00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Oct-00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Nov-00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Dec-00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Jan-01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Feb-01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Mar-01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Apr-01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-May-01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Jun-01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Jul-01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Aug-01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
15-Sep-01 100.00 100.00 100.00 100.00 92.63 100.00 100.00 100.00 100.00 100.00
15-Oct-01 100.00 100.00 100.00 93.58 82.83 100.00 100.00 100.00 100.00 100.00
15-Nov-01 100.00 100.00 100.00 84.42 73.33 100.00 100.00 100.00 100.00 100.00
15-Dec-01 100.00 100.00 91.69 75.53 64.15 100.00 100.00 100.00 100.00 100.00
15-Jan-02 100.00 100.00 83.44 66.92 55.29 100.00 100.00 100.00 100.00 100.00
15-Feb-02 100.00 100.00 75.40 58.58 46.74 100.00 100.00 100.00 100.00 100.00
15-Mar-02 100.00 93.74 67.58 50.52 38.51 100.00 100.00 100.00 100.00 100.00
15-Apr-02 100.00 86.42 59.98 42.74 30.60 100.00 100.00 100.00 100.00 100.00
15-May-02 100.00 79.23 52.61 35.24 23.02 100.00 100.00 100.00 100.00 100.00
15-Jun-02 96.72 72.48 45.69 28.22 15.92 100.00 100.00 100.00 100.00 100.00
15-Jul-02 90.18 65.86 38.99 21.46 9.13 100.00 100.00 100.00 100.00 100.00
15-Aug-02 83.67 59.36 32.50 14.98 2.65 100.00 100.00 100.00 100.00 100.00
15-Sep-02 77.22 52.99 26.21 8.76 0.00 100.00 100.00 100.00 100.00 87.46
15-Oct-02 70.80 46.74 20.15 2.81 0.00 100.00 100.00 100.00 100.00 66.61
15-Nov-02 64.43 40.61 14.29 0.00 0.00 100.00 100.00 100.00 89.81 46.88
15-Dec-02 58.11 34.61 8.66 0.00 0.00 100.00 100.00 100.00 70.61 28.27
15-Jan-03 51.84 28.74 3.24 0.00 0.00 100.00 100.00 100.00 52.39 10.80
15-Feb-03 45.61 23.00 0.00 0.00 0.00 100.00 100.00 93.02 35.16 0.00
15-Mar-03 39.42 17.39 0.00 0.00 0.00 100.00 100.00 75.31 18.92 0.00
15-Apr-03 33.29 11.91 0.00 0.00 0.00 100.00 100.00 58.39 3.69 0.00
15-May-03 27.20 6.55 0.00 0.00 0.00 100.00 100.00 42.26 0.00 0.00
15-Jun-03 21.72 1.75 0.00 0.00 0.00 100.00 100.00 27.80 0.00 0.00
15-Jul-03 16.28 0.00 0.00 0.00 0.00 100.00 89.54 14.07 0.00 0.00
15-Aug-03 10.89 0.00 0.00 0.00 0.00 100.00 73.30 1.05 0.00 0.00
15-Sep-03 5.54 0.00 0.00 0.00 0.00 100.00 57.48 0.00 0.00 0.00
15-Oct-03 0.24 0.00 0.00 0.00 0.00 100.00 42.09 0.00 0.00 0.00
15-Nov-03 0.00 0.00 0.00 0.00 0.00 82.16 27.14 0.00 0.00 0.00
15-Dec-03 0.00 0.00 0.00 0.00 0.00 63.61 12.62 0.00 0.00 0.00
15-Jan-04 0.00 0.00 0.00 0.00 0.00 45.23 0.00 0.00 0.00 0.00
15-Feb-04 0.00 0.00 0.00 0.00 0.00 27.01 0.00 0.00 0.00 0.00
15-Mar-04 0.00 0.00 0.00 0.00 0.00 8.95 0.00 0.00 0.00 0.00
</TABLE>
13
<PAGE> 14
PERCENT OF INITIAL NOTE PRINCIPAL AMOUNT AT VARIOUS ABS PERCENTAGES
<TABLE>
<CAPTION>
Class A-3 Notes Class A-4 Notes
Distribution Date 0.50% 1.00% 1.50% 1.80% 2.00% 0.50% 1.00% 1.50% 1.80% 2.00%
----------------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
15-Apr-04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Weighted Average
Life (years) (1) 2.64 2.33 2.00 1.80 1.68 3.59 3.32 2.91 2.63 2.43
Weighted Average
Life to Call
(years) (1) (2) 2.64 2.33 2.00 1.80 1.68 3.58 3.31 2.90 2.62 2.42
Optional Clean-Up
Call Date Nov-03 Jul-03 Feb-03 Nov-02 Sep-02 Mar-04 Dec-03 Jul-03 Apr-03 Jan-03
</TABLE>
------------------------------
(1) The weighted average life of a note is determined by (x) multiplying the
amount of each principal payment on a note by the number of years from
the date of issuance of the note to the related payment date, (y) adding
the results and (z) dividing the sum by the original principal amount of
the note.
(2) This calculation assumes that the servicer exercises its option to
purchase the receivables at the first opportunity.
14
