# EDGAR Filing Document

**Accession Number:** 0001664774
**File Stem:** 0001664774-23-000003
**Filing Date:** 2023-3
**Character Count:** 14984
**Document Hash:** d003e87e85105fb280e245c7563039f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001664774-23-000003.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001664774-23-000003

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230303

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Auto leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Avis Budget Rental Car Funding (AESOP) LLC
- **CENTRAL INDEX KEY:** 0001664774
- **IRS NUMBER:** 133959101
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-02531
- **FILM NUMBER:** 23705014

**BUSINESS ADDRESS:**
- **STREET 1:** 6 SYLVAN WAY
- **CITY:** PARSIPPANY
- **STATE:** NJ
- **ZIP:** 07054
- **BUSINESS PHONE:** 973-496-4700

**MAIL ADDRESS:**
- **STREET 1:** 6 SYLVAN WAY
- **CITY:** PARSIPPANY
- **STATE:** NJ
- **ZIP:** 07054
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AESOP Leasing L.P.
- **CENTRAL INDEX KEY:** 0001664775
- **IRS NUMBER:** 133959100
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 6 SYLVAN WAY
- **CITY:** PARSIPPANY
- **STATE:** NJ
- **ZIP:** 07054
- **BUSINESS PHONE:** 973-496-4700

**MAIL ADDRESS:**
- **STREET 1:** 6 SYLVAN WAY
- **CITY:** PARSIPPANY
- **STATE:** NJ
- **ZIP:** 07054

**UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION <br>Washington, D.C. 20549** <br> **<br>FORM ABS-15G** <br> **<br>ASSET-BACKED SECURITIZER <br>REPORT PURSUANT TO SECTION 15G OF <br>THE SECURITIES EXCHANGE ACT OF 1934**

Check the appropriate box to indicate the filing obligation which this form is intended to satisfy:

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| |
|:---|
| Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting <br>period______________ to _________________ |
| Date of Report (Date of earliest event reported) __________________ |
| Commission File Number of securitizer: __________________ |
| Central Index Key Number of securitizer:__________________ |

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| | |
|:---|:---|
| | Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(l) [ ] |
| | Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ] |
| | Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ] |
| **<u>X</u>** | Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2) |
|  | Central Index Key Number of depositor: **<u>0001664775</u>** |

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**AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC**

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

Central Index Key Number of issuing entity (if applicable): **<u>0001664774</u>**

Central Index Key Number of underwriter (if applicable): **<u>Not applicable</u>**

**Jean M. Sera**

**973-496-4700**

Name and telephone number, including area code, of the person <br>to contact in connection with this filing.

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| | |
|:---|:---|
| **Item 2.01.** | **Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer.** |

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The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibit 99.1 to this Form ABS-15G. Please see Exhibit 99.1 for the related information.

**Exhibits**

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| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | <u>[Report of Independent Accountants on Applying Agreed-upon Procedures, dated](agreeduponproceduresreport.htm)[March 3, 2](agreeduponproceduresreport.htm)[023](agreeduponproceduresreport.htm)</u> |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **AESOP LEASING L.P.**<br>(Depositor), by AESOP LEASING CORP., as its general partner | **AESOP LEASING L.P.**<br>(Depositor), by AESOP LEASING CORP., as its general partner |
| Date: March 3, 2023 |  |  |
|  | By: | <u>/s/ David T. Calabria</u> |
|  | Name: | David T. Calabria |
|  | Title: | Senior Vice President and Treasurer |

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## Exhibit 99.1

![aupreportlogoa01a.gif](aupreportlogoa01a.gif)

**Deloitte & Touche LLP**

30 Rockefeller Plaza <br>New York, NY 10112 <br>USA

Tel: +1 212 436 2000 <br>Fax: +1 212 436 5000 <br>www.deloitte.com

**INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES**

Management of

Avis Budget Car Rental, LLC

6 Sylvan Way

Parsippany, New Jersey 07054

AESOP Leasing L.P.

6 Sylvan Way

Parsippany, New Jersey 07054

Avis Budget Rental Car Funding (AESOP) LLC

6 Sylvan Way

Parsippany, New Jersey 07054

We have performed the procedures described below, related to certain information with respect to a portfolio of rental cars in conjunction with the proposed offering of Avis Budget Rental Car Funding (AESOP) LLC Series 2023-3, Series 2023-4, Series 2023-5, and Series 2023-6 Rental Car Asset Backed Notes (the "Asset Portfolio" or the "Transaction"). Avis Budget Car Rental, LLC and its wholly-owned subsidiaries AESOP Leasing L.P. and Avis Budget Rental Car Funding (AESOP) LLC (collectively, the "Company") are responsible for the information provided regarding the Asset Portfolio or the Transaction.

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information related to the Asset Portfolio or the Transaction. Additionally, the Specified Users, as defined in the engagement letter dated March 3, 2023 (collectively, the "Other Specified Parties" and, together with the Company, the "Specified Parties") have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

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**Agreed-Upon Procedures** 

Representatives of the Company provided us with a computer-generated monthly Motor Vehicle Subsidiary Ledger containing, as represented to us by the Company, the revenue-earning leased rental vehicle data of AESOP Leasing L.P. as of the close of business on December 31, 2022 (the "Inventory File"). We selected a random sample of 365 vehicle records from the Inventory File (the "Sample Vehicles"). The sample size of 365 was determined by the Company using attribute sampling principles to provide an estimated maximum error rate in the population of 5% at a 95% confidence level, presuming 3% errors could be observed in the sample.

For all Sample Vehicles, we performed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Obtained the vehicle's certificate of title, or data imaged facsimile or photocopy thereof, (the "Title") or, to the extent the Sample Vehicle's Title was unavailable and it had a purchase date 45 days or less prior to December 31, 2022, the title application or the vehicle inspection certificate submitted with the vehicle's appropriate state department of motor vehicles agency (collectively, the "Title Application" and, together with the Title, the "Supporting Documents").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Agreed the lessor or registered owner and the first lien holder (collectively, the "Characteristics") on the Supporting Documents to the following table based upon the Fund Code field denoted in the Inventory File.

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| | | | |
|:---|:---|:---|:---|
| <u>AESOP Lease</u> | <u>Fund Code</u> | <u>Lessor or Registered Owner</u> | <u>First Lien holder</u> |
| AESOP I Operating | 90 | PV Holding Corp. | Bank of NY |
| AESOP I Finance | 93 | Avis Rent A Car Systems, Inc. | Bank of NY |
| AESOP I Operating | 90 | Avis Budget Car Rental LLC | Bank of NY |
| AESOP I Finance | 93 | Avis Budget Car Rental LLC | Bank of NY |
| AESOP II Operating | 90 | AESOP Leasing Corp. | Bank of NY |
| AESOP I Operating | 90 | Quartx | Bank of NY |
| AESOP Finance | 93 | Budget RAC | Bank of NY |

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For any Sample Vehicles for which the procedures outlined above could not be completed, an exception is reported, except for instances of lien holders absent from the Supporting Document for vehicles titled in the states of Oklahoma, Ohio or Nebraska, and except for instances in which the vehicles are titled in the state of Hawaii, in which sample vehicles in fund codes of 90 and 93, are registered to Avis Rent a Car Systems, LLC and PV Holding Corp., respectively.

The Supporting Documents described above used in support of the Characteristics were provided to us by representatives of the Company. We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Supporting Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were performed using data imaged facsimiles or photocopies of the Supporting Documents. In addition, we make no representations as to whether the Supporting Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Sample Vehicles.

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**Agreed-Upon Procedures' Findings**

The results of the foregoing procedures indicated that the Characteristics set forth on the table above based upon the Fund Code field denoted in the Inventory File were found to be in agreement with the related Supporting Documents, except as described in Appendix A. We did not perform any procedures with respect to the Characteristics relating to the Sample Vehicles with Source Documents that were not provided to us by the Company, as set forth on Appendix B.

\*\*\* \*\*\*

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the rental vehicles underlying the Inventory File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the rental vehicles or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. The information provided to us, including the information set forth in the Inventory File, is the responsibility of the Company.

We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants, the objective of which would be the expression of an opinion or limited assurance on the accompanying information. Accordingly, we do not express such an opinion, limited assurance, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We have no responsibility to update this report for events or circumstances occurring after the date of this report.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Company and the Specified Users and is not intended to be and should not be used by anyone other than the Company or these Specified Users.

Yours truly,

/s/ Deloitte & Touche LLP

March 3, 2023

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**Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by**

**Deloitte & Touche LLP dated March 3, 2023.**

In applying our agreed-upon procedures as outlined above, we noted the following:

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| | |
|:---|:---|
| **Exception<br>Description<br>Number** | **Exception Description** |
| 1 | No Supporting Documents available to be provided as set out in the Agreed Upon Procedures |
| 2 | No Supporting Documents available to be provided as set out in the Agreed Upon Procedures |
| 3 | No Supporting Documents available to be provided as set out in the Agreed Upon Procedures |

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The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached. Please refer to Appendix B for supplemental information related to the Findings.

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**Appendix B to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by**

**Deloitte & Touche LLP dated March 3, 2023.**

<u>Supplemental Information Related to the Findings Set Forth on Appendix A</u>

In applying our agreed-upon procedures as outlined above, we were unable to verify the existence of the

following:

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| | | |
|:---|:---|:---|
| **Exception<br>Description<br>Number** | **Sample Vehicle VIN<br>(last 8 digits)** | **Supporting Document not Verified** |
| 1 | NF122155 | Title or Title Application |
| 2 | NH156987 | Title or Title Application |
| 3 | LX230888 | Title or Title Application |

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The information above reflects the procedures performed and is subject to the conditions set forth in the

agreed-upon procedures report to which this appendix is attached.

<br>