Capital One Prime Auto Receivables Trust 2023-2
09/16/2024 | Press release | Distributed by Public on 09/16/2024 10:28
Asset Backed Issuer Distribution Report Form 10 D
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2
Statement to Securityholders
Determination Date: September 11, 2024
| Payment Date | 9/16/2024 |
| Collection Period Start | 8/1/2024 |
| Collection Period End | 8/31/2024 |
| Interest Period Start | 8/15/2024 |
| Interest Period End | 9/15/2024 |
| Cut-Off Date Net Pool Balance | $ | 1,228,970,492.55 |
| Cut-Off Date Adjusted Pool Balance | $ | 1,128,083,316.56 |
I. DEAL SUMMARY
|
Beginning Note Balance |
Principal Payment | Ending Note Balance | Note Factor | Final Scheduled Payment Date | ||||
| Class A-1 Notes | $ | - | $ | - | $ | - | - | Oct-24 |
| Class A-2a Notes | $ | 145,643,229.55 | $ | 14,647,342.04 | $ | 130,995,887.51 | 0.601230 | Oct-26 |
| Class A-2b Notes | $ | 145,643,229.56 | $ | 14,647,342.04 | $ | 130,995,887.52 | 0.601230 | Oct-26 |
| Class A-3 Notes | $ | 395,760,000.00 | $ | - | $ | 395,760,000.00 | 1.000000 | Jun-28 |
| Class A-4 Notes | $ | 63,220,000.00 | $ | - | $ | 63,220,000.00 | 1.000000 | Nov-28 |
| Class B Notes | $ | 11,270,000.00 | $ | - | $ | 11,270,000.00 | 1.000000 | Dec-28 |
| Class C Notes | $ | 11,270,000.00 | $ | - | $ | 11,270,000.00 | 1.000000 | Feb-29 |
| Class D Notes | $ | 11,270,000.00 | $ | - | $ | 11,270,000.00 | 1.000000 | Dec-29 |
| Total Notes | $ | 784,076,459.11 | $ | 29,294,684.08 | $ | 754,781,775.03 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 854,815,042.18 | $ | 822,800,034.21 | 0.669503 |
| YSOC Amount | $ | 67,918,374.78 | $ | 65,198,050.89 | |
| Adjusted Pool Balance | $ | 786,896,667.40 | $ | 757,601,983.32 | |
| Overcollateralization Amount (Adjusted Pool Balance - Note Balance) | $ | 2,820,208.29 | $ | 2,820,208.29 | |
| Reserve Account Balance | $ | 2,820,208.29 | $ | 2,820,208.29 |
|
Beginning Note Balance |
Interest Rate | Accrual Methodology | Interest Payment | |||
| Class A-1 Notes | $ | - | 5.66300% | ACT/360 | $ | - |
| Class A-2a Notes | $ | 145,643,229.55 | 5.91000% | 30/360 | $ | 717,292.91 |
| Class A-2b Notes | $ | 145,643,229.56 | 5.94353% | ACT/360 | $ | 769,453.25 |
| Class A-3 Notes | $ | 395,760,000.00 | 5.82000% | 30/360 | $ | 1,919,436.00 |
| Class A-4 Notes | $ | 63,220,000.00 | 5.74000% | 30/360 | $ | 302,402.33 |
| Class B Notes | $ | 11,270,000.00 | 4.78000% | 30/360 | $ | 44,892.17 |
| Class C Notes | $ | 11,270,000.00 | 4.78000% | 30/360 | $ | 44,892.17 |
| Class D Notes | $ | 11,270,000.00 | 4.78000% | 30/360 | $ | 44,892.17 |
| Total Notes | $ | 784,076,459.11 | $ | 3,843,261.00 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 854,815,042.18 | $ | 822,800,034.21 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 786,896,667.40 | $ | 757,601,983.32 |
| Number of Receivables Outstanding | 43,307 | 42,583 | ||
| Weighted Average Contract Rate | 5.14 | % | 5.14 | % |
| Weighted Average Remaining Term (months) | 46.3 | 45.4 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 3,756,678.75 |
| Principal Collections | $ | 31,719,664.45 |
| Liquidation Proceeds | $ | 147,800.29 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 35,624,143.49 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 35,624,143.49 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 712,345.87 | $ | 712,345.87 | $ | - | $ | - | $ | 34,911,797.62 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 34,911,797.62 |
| Interest - Class A-2a Notes | $ | 717,292.91 | $ | 717,292.91 | $ | - | $ | - | $ | 34,194,504.71 |
| Interest - Class A-2b Notes | $ | 769,453.25 | $ | 769,453.25 | $ | - | $ | - | $ | 33,425,051.46 |
| Interest - Class A-3 Notes | $ | 1,919,436.00 | $ | 1,919,436.00 | $ | - | $ | - | $ | 31,505,615.46 |
| Interest - Class A-4 Notes | $ | 302,402.33 | $ | 302,402.33 | $ | - | $ | - | $ | 31,203,213.13 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 31,203,213.13 |
| Interest - Class B Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 31,158,320.96 |
| Second Allocation of Principal | $ | 3,934,475.79 | $ | 3,934,475.79 | $ | - | $ | - | $ | 27,223,845.17 |
| Interest - Class C Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 27,178,953.00 |
| Third Allocation of Principal | $ | 11,270,000.00 | $ | 11,270,000.00 | $ | - | $ | - | $ | 15,908,953.00 |
| Interest - Class D Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 15,864,060.83 |
| Fourth Allocation of Principal | $ | 11,270,000.00 | $ | 11,270,000.00 | $ | - | $ | - | $ | 4,594,060.83 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 4,594,060.83 |
| Regular Principal Distribution Amount | $ | 2,820,208.29 | $ | 2,820,208.29 | $ | - | $ | - | $ | 1,773,852.54 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,773,852.54 |
| Remaining Funds to Certificates | $ | 1,773,852.54 | $ | 1,773,852.54 | $ | - | $ | - | $ | - |
| Total | $ | 35,624,143.49 | $ | 35,624,143.49 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 67,918,374.78 |
| Increase/(Decrease) | $ | (2,720,323.89) |
| Ending YSOC Amount | $ | 65,198,050.89 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 786,896,667.40 | $ | 757,601,983.32 |
| Note Balance | $ | 784,076,459.11 | $ | 754,781,775.03 |
| Overcollateralization (Adjusted Pool Balance - Note Balance) | $ | 2,820,208.29 | $ | 2,820,208.29 |
| Target Overcollateralization Amount | $ | 2,820,208.29 | $ | 2,820,208.29 |
| Overcollateralization Shortfall | $ | - | $ | - |
VI. RESERVE ACCOUNT
| Specified Reserve Account Balance | $ | 2,820,208.29 |
| Beginning Reserve Account Balance | $ | 2,820,208.29 |
| Reserve Account Deposit Amount | $ | - |
| Reserve Account Draw Amount | $ | - |
| Reserve Account Excess Amount | $ | - |
| Ending Reserve Account Balance | $ | 2,820,208.29 |
VII. NET LOSS AND DELINQUENT RECEIVABLES
| Net Loss: | % of EOP Net Pool Balance | # of Receivables | Amount | |
| Defaulted Receivables during Collection Period (Principal Balance) | 0.04% | 23 | $ | 295,343.52 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.02% | 70 | $ | 147,800.29 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 147,543.23 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | 0.23 | % | ||
| Second Preceding Collection Period | 0.24 | % | ||
| Preceding Collection Period | 0.01 | % | ||
| Current Collection Period | 0.21 | % | ||
| Four-Month Average Net Loss Ratio | 0.17 | % | ||
| Cumulative Net Losses for All Periods | $ | 1,457,752.23 | ||
| Cumulative Net Loss Ratio | 0.12 | % | ||
|
1 Liquidation Proceeds include all proceeds on a receivable after it has been charged-off.
|
||||
| Delinquent Receivables: | % of EOP Net Pool Balance | # of Receivables | Principal Balance | |
| 30-59 Days Delinquent | 0.15% | 48 | $ | 1,239,126.59 |
| 60-89 Days Delinquent | 0.07% | 21 | $ | 539,829.18 |
| 90-119 Days Delinquent | 0.01% | 4 | $ | 103,291.63 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.23% | 73 | $ | 1,882,247.40 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 4 | $ | 121,761.15 | |
| Total Repossessed Inventory | 8 | $ | 228,555.47 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 25 | $ | 643,120.81 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.05 | % | ||
| Second Preceding Collection Period | 0.05 | % | ||
| Preceding Collection Period | 0.08 | % | ||
| Current Collection Period | 0.08 | % | ||
| Delinquency Trigger | 4.50 | % | ||
| Current Delinquency Percentage Exceeds Delinquency Trigger? (Yes/No) | No |
VIII. TEMPORARY FORBEARANCE
The table below presents accounts which received a short-term payment extension in the month of August 2024.
| Month-End Balance | # of Receivables | |||
| ($MM) | (%) | (#) | (%) | |
| Total Extensions | 0.51 | 0.06% | 23 | 0.05% |