UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549





FORM 10-K





(Mark One)

|☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the fiscal year ended March 31, 2018

or



|☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

For the transition period from
 to

333-183569-07

(Commission file number of Issuing Entity)





NISSAN AUTO RECEIVABLES 2015-B OWNER TRUST

(Exact name of issuing entity specified in its charter)

Central Index Key Number of issuing entity: 0001647254

333-183569

(Commission file number of Depositor)

NISSAN AUTO RECEIVABLES CORPORATION II

(Exact name of depositor as specified in its charter)

Central Index Key Number of depositor: 0001129068

NISSAN MOTOR ACCEPTANCE CORPORATION

(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor: 0001540639







|                                                                                     |  |                                     
|------------------------------------------------------------------------------------ |  | ------------------------------------
|DELAWARE                                                                             |  | 38-7142206                          
|(State or other jurisdiction of
incorporation or organization of the Issuing Entity) |  | (I.R.S. Employer
Identification No.)



|                                         |  |           
|---------------------------------------- |  | ----------
|One Nissan Way, Franklin, Tennessee      |  | 37067     
|(Address of principal executive offices) |  | (Zip Code)

Registrants telephone number, including area code (615)
725-1121

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None





Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.    Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required
to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

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  ☐

Indicate by check mark whether the registrant has
submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of
this chapter) is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K.  ☒

Indicate by
check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of large
accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act:



|                         |  |                                                  |  |                            |  |  
|------------------------ |  | ------------------------------------------------ |  | -------------------------- |  | -
|Large Accelerated Filer: |  | ☐                                                |  | Accelerated Filer:         |  | ☐
|                         |  |                                                  | 
|Non-Accelerated Filer:   |  | ☒  (Do not check if a smaller reporting company) |  | Smaller reporting company: |  | ☐
|                         |  |                                                  | 
|                         |  |                                                  |  | Emerging growth company:   |  | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).    Yes  ☐    No  ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common
equity, as of the last business day of the registrants most recently completed second fiscal quarter. Not applicable.

Registrant has no common
equity outstanding held by non-affiliates.











---

PART I

The following items have been omitted in accordance with General Instructions J(1) to Form 10-K:



|(A) | Item 1. Business.
|--- | -----------------



|(B) | Item 1A. Risk Factors.
|--- | ----------------------



|(C) | Item 2. Properties.
|--- | -------------------



|(D) | Item 3. Legal Proceedings.
|--- | --------------------------



|Item 1B. | Unresolved Staff Comments.
|-------- | --------------------------

Nothing to report.



|Item 4. | Mine Safety Disclosures.
|------- | ------------------------

Nothing to report.

PART II

The following items have
been omitted in accordance with General Instructions J(1) to Form 10-K:



|(A) | Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|--- | ---------------------------------------------------------------------------------------------------------------------



|(B) | Item 6. Selected Financial Data.
|--- | --------------------------------



|(C) | Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
|--- | ----------------------------------------------------------------------------------------------



|(D) | Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
|--- | --------------------------------------------------------------------



|(E) | Item 8. Financial Statements and Supplementary Data.
|--- | ----------------------------------------------------



|(F) | Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
|--- | ---------------------------------------------------------------------------------------------



|(G) | Item 9A. Controls and Procedures.
|--- | ---------------------------------



|Item 9B. | Other Information.
|-------- | ------------------

Nothing to report.

PART III

The following items have
been omitted in accordance with General Instructions J(1) to Form 10-K:



|(A) | Item 10. Directors, Executive Officers and Corporate Governance.
|--- | ----------------------------------------------------------------



|(B) | Item 11. Executive Compensation.
|--- | --------------------------------



|(C) | Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|--- | --------------------------------------------------------------------------------------------------------



|(D) | Item 13. Certain Relationships and Related Transactions, and Director Independence.
|--- | -----------------------------------------------------------------------------------



|(E) | Item 14. Principal Accountant Fees and Services.
|--- | ------------------------------------------------



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PART IV



|Item 15. | Exhibits and Financial Statement Schedules.
|-------- | -------------------------------------------



| | (a)(1) | Not applicable.
| | ------ | ---------------



| | (a)(2) | Not applicable.
| | ------ | ---------------



| | (a)(3) | The exhibits filed in response to Item 601 of Regulation S-K are listed in Item 15(b) below.
| | ------ | --------------------------------------------------------------------------------------------



| | (b) | The exhibits filed in response to Item 601 of Regulation S-K.
| | --- | -------------------------------------------------------------

The
following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference.



|            |  |                                                                                                                                                                                                                                                                                                                             
|----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  |                                                                                                                                                                                                                                                                                                                             
|            | 
|3.1         |  | Amended and Restated Certificate of Incorporation of Nissan Auto Receivables Corporation II (NARC II) (incorporated by reference to
Exhibit 3.1 of Form SF-3, dated December 14, 2015, and filed by NARC II, as depositor (the Depositor) with the SEC on December 14, 2015, File
No. 333-208544)                       
|            | 
|3.2         |  | Bylaws of NARC II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated December 
14, 2015, and filed by the Depositor with the SEC on December 14, 2015, File No. 333-208544)                                                                                                                                      
|            | 
|4.1         |  | Indenture, dated as of July 
22, 2015, by and between the Issuing Entity and U.S. Bank National Association, as indenture trustee (the Indenture Trustee) (incorporated by reference to Exhibit 4.1 of Form 8-K, dated July 
22, 2015, File No. 333-183569-07)                                                            
|            | 
|10.1        |  | Purchase Agreement, dated as of July 
22, 2015, by and between NARC II, as purchaser, and Nissan Motor Acceptance Corporation (NMAC), as seller (incorporated by reference to Exhibit 10.1 of Form 8-K, dated July 22, 2015, File No. 333-183569-07)                                                                      
|            | 
|10.2        |  | Sale and Servicing Agreement, dated as of July 
22, 2015, by and among the Issuing Entity, NARC II, as seller, and NMAC, as servicer (incorporated by reference to Exhibit 10.2 of Form 8-K, dated July 22, 2015, File No. 333-183569-07)                                                                                   
|            | 
|10.3        |  | Administration Agreement, dated as of July 
22, 2015, by and among the Issuing Entity, NMAC, as administrator, the Indenture Trustee and Wilmington Trust, National Association, as owner trustee (the Owner Trustee) (incorporated by reference to Exhibit 10.3 of Form 8-K, dated July 22, 2015, File No. 333-183569-07)
|            | 
|10.4        |  | Amended and Restated Trust Agreement, dated as of July 
22, 2015, by and between the Depositor and the Owner Trustee (incorporated by reference to Exhibit 4.2 of Form 8-K, dated July 
22, 2015, File No. 333-183569-07)                                                                                                   
|            | 
|10.5        |  | Amendment to Sale and Servicing Agreements, dated as of March 
27, 2018, between NARC II, as seller, and NMAC, as servicer (incorporated by reference to Exhibit 10.2 of Form 10-D, dated March 29, 2018, File No. 333-183569-07)                                                                                           
|            | 
|31.1        |  | Certification of Senior Officer in Charge of the Servicing Function of the Servicer Pursuant to Rule 15d-14(d)                                                                                                                                                                                                              
|            | 
|33.1        |  | Report on Assessment of Compliance With Applicable Servicing Criteria for Asset-Backed Securities of Nissan Motor Acceptance Corporation                                                                                                                                                                                    
|            | 
|33.2        |  | Managements Assertion on Compliance With Regulation AB (U.S. Bank National Association)                                                                                                                                                                                                                                    
|            | 
|34.1        |  | Report of Independent Registered Public Accounting Firm (Ernst & Young LLP)                                                                                                                                                                                                                                                 
|            | 
|34.2        |  | Report of Independent Registered Public Accounting Firm (Ernst & Young LLP)                                                                                                                                                                                                                                                 
|            | 
|35.1        |  | Servicer Compliance Statement of Nissan Motor Acceptance Corporation                                                                                                                                                                                                                                                        



| | (c) | Not applicable.
| | --- | ---------------



|Item 16. | Form 10-K Summary.
|-------- | ------------------

Not applicable.

SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE

WITH GENERAL INSTRUCTION J(2) TO FORM 10-K:

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets.

Nothing to report.

Items 1114(b)(2) of
Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments.

Nothing to report.

Items 1115(b) of Regulation AB. Certain Derivatives Instruments.

Nothing to report.

Item 1117 of
Regulation AB. Legal Proceedings.

The Indenture Trustee, U.S. Bank, National Association, has provided the information contained
in the following three paragraphs for purposes of compliance with Regulation AB.

Since 2014 various plaintiffs or groups of plaintiffs,
primarily investors, have filed claims against U.S. Bank National Association (U.S. Bank), in its capacity as trustee or successor trustee (as the case may be) under certain residential mortgage backed securities (RMBS)
trusts. The plaintiffs or plaintiff groups have filed substantially similar complaints against other RMBS trustees, including Deutsche Bank, Citibank, HSBC, Bank of New York Mellon and Wells Fargo. The complaints against U.S. Bank allege the trustee
caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers for these RMBS trusts and assert causes of action based upon the trustees purported failure to enforce repurchase obligations of
mortgage loan sellers for alleged breaches of representations and warranties concerning loan quality. The complaints also assert that the trustee failed to notify securityholders of purported events of default allegedly caused by breaches of
servicing standards by mortgage loan servicers and that the trustee purportedly failed to abide by a heightened standard of care following alleged events of default.



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Currently U.S. Bank is a defendant in multiple actions alleging individual or class action claims
against the trustee with respect to multiple trusts as described above with the most substantial case being: BlackRock Balanced Capital Portfolio et al v. U.S. Bank National Association, No. 605204/2015 (N.Y. Sup. Ct.) (class action alleging
claims with respect to approximately 770 trusts) and its companion case BlackRock Core Bond Portfolio et al v. U.S Bank National Association, No. 14-cv-9401 (S.D.N.Y.).
Some of the trusts implicated in the aforementioned Blackrock cases, as well as other trusts, are involved in actions brought by separate groups of plaintiffs related to no more than 100 trusts per case.

U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS
trusts. However, U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors and that it has meritorious defenses, and it intends to
contest the plaintiffs claims vigorously.

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.

Information required by Item 1119 of Regulation AB has been omitted from this report on Form
10-K in reliance on the Instruction to Item 1119.

Item 1122 of Regulation AB. Compliance with applicable
Servicing Criteria.

Nissan Motor Acceptance Corporation (the Servicer) and the Indenture Trustee (collectively, the
Servicing Parties) have each been identified by the registrant as parties participating in the servicing function with respect to the asset pool held by the Issuing Entity. Each of the Servicing Parties has completed a report on an
assessment of compliance with the servicing criteria set forth in paragraph (d) of Item 1122 of Regulation AB applicable to it (each, a Servicing Assessment Report), which Servicing Assessment Reports are attached as exhibits to
this Form 10-K. In addition, each of the Servicing Parties has provided an attestation report (each, an Attestation Report) by a registered public accounting firm, which Attestation Reports are
also attached as exhibits to this Form 10-K.

The Servicing Assessment Report and the related
Attestation Report completed with respect to the Indenture Trustee do not identify any material instance of noncompliance with the servicing criteria applicable to the Indenture Trustee.

The Servicing Assessment Report for the Servicer and the related Attestation Report have identified a material instance of noncompliance
related to the servicing criterion set forth in Item 1122(d)(4)(vi)changes with respect to the terms or status of an obligors pool asset (e.g., loan modifications or re-agings) were not made,
reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. This material instance of noncompliance may relate to the receivables underlying the asset-backed securities covered in
this Form 10-K and issued by the Issuer.

Under the transaction agreements for retail
and lease asset-backed securities in transactions included in the assessed retail and lease contract servicing platform (the Platform), extensions of receivables and lease contracts are required to be made in accordance with the
Servicers customary servicing practices. Certain extensions for receivables and lease contracts were not approved by an employee of the Servicer with the appropriate level of authority and certain receivables and lease contracts received
duplicate extensions on the same day due to the processing of duplicate service requests, in each case, not in accordance with the Servicers customary servicing practices.



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The Servicer has corrected internal procedures to ensure that all extensions are made in
accordance with the Servicers customary servicing practices as specified in the transaction agreements. The Servicer has concluded that the identified material instance of non-compliance did not result
in any material adverse effect on noteholders or change the amount or timing of payments to noteholders.

Item 1123 of Regulation AB. Servicer
Compliance Statement.

The Servicer has provided a statement of compliance for the reporting period, signed by an authorized
officer. The Compliance Statement is attached as an exhibit to this Form 10-K.

Supplemental
information to be furnished with Reports Filed Pursuant to Section 15(d) of the Act by Registrants which have not Registered Securities Pursuant to Section 12 of the Act.

No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to securityholders, and the registrant does
not presently contemplate sending any such materials subsequent to the filing of this annual report on Form 10-K.



4



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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.



NISSAN AUTO RECEIVABLES 2015-B OWNER TRUSTBy:

Nissan Motor Acceptance Corporation, ServicerBy:

/s/ Kevin J. CullumKevin J. CullumPresident and Chief Executive Officer(senior officer in charge of servicingfunction)


Date: June 29, 2018





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