Capital One Prime Auto Receivables Trust 2023-1
07/15/2024 | Press release | Distributed by Public on 07/15/2024 10:27
Asset Backed Issuer Distribution Report Form 10 D
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-1
Statement to Securityholders
Determination Date: July 10, 2024
| Payment Date | 7/15/2024 |
| Collection Period Start | 6/1/2024 |
| Collection Period End | 6/30/2024 |
| Interest Period Start | 6/17/2024 |
| Interest Period End | 7/14/2024 |
| Cut-Off Date Net Pool Balance | $ | 1,495,738,191.10 |
| Cut-Off Date Adjusted Pool Balance | $ | 1,356,480,551.60 |
I. DEAL SUMMARY
|
Beginning Note Balance |
Principal Payment | Ending Note Balance | Note Factor | Final Scheduled Payment Date | ||||
| Class A-1 Notes | $ | - | $ | - | $ | - | - | Mar-24 |
| Class A-2 Notes | $ | 176,616,079.30 | $ | 27,612,854.83 | $ | 149,003,224.47 | 0.293256 | May-26 |
| Class A-3 Notes | $ | 475,000,000.00 | $ | - | $ | 475,000,000.00 | 1.000000 | Feb-28 |
| Class A-4 Notes | $ | 98,700,000.00 | $ | - | $ | 98,700,000.00 | 1.000000 | Aug-28 |
| Class B Notes | $ | 13,560,000.00 | $ | - | $ | 13,560,000.00 | 1.000000 | Sep-28 |
| Class C Notes | $ | 13,560,000.00 | $ | - | $ | 13,560,000.00 | 1.000000 | Sep-28 |
| Class D Notes | $ | 13,560,000.00 | $ | - | $ | 13,560,000.00 | 1.000000 | May-29 |
| Total Notes | $ | 790,996,079.30 | $ | 27,612,854.83 | $ | 763,383,224.47 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 870,031,336.97 | $ | 839,209,742.48 | 0.561067 |
| YSOC Amount | $ | 75,644,056.29 | $ | 72,435,316.63 | |
| Adjusted Pool Balance | $ | 794,387,280.68 | $ | 766,774,425.85 | |
| Overcollateralization Amount (Adjusted Pool Balance - Note Balance) | $ | 3,391,201.38 | $ | 3,391,201.38 | |
| Reserve Account Balance | $ | 3,391,201.38 | $ | 3,391,201.38 |
|
Beginning Note Balance |
Interest Rate | Accrual Methodology | Interest Payment | |||
| Class A-1 Notes | $ | - | 4.90000% | ACT/360 | $ | - |
| Class A-2 Notes | $ | 176,616,079.30 | 5.20000% | 30/360 | $ | 765,336.34 |
| Class A-3 Notes | $ | 475,000,000.00 | 4.87000% | 30/360 | $ | 1,927,708.33 |
| Class A-4 Notes | $ | 98,700,000.00 | 4.76000% | 30/360 | $ | 391,510.00 |
| Class B Notes | $ | 13,560,000.00 | 5.07000% | 30/360 | $ | 57,291.00 |
| Class C Notes | $ | 13,560,000.00 | 5.36000% | 30/360 | $ | 60,568.00 |
| Class D Notes | $ | 13,560,000.00 | 6.34000% | 30/360 | $ | 71,642.00 |
| Total Notes | $ | 790,996,079.30 | $ | 3,274,055.67 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 870,031,336.97 | $ | 839,209,742.48 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 794,387,280.68 | $ | 766,774,425.85 |
| Number of Receivables Outstanding | 46,988 | 46,301 | ||
| Weighted Average Contract Rate | 3.91 | % | 3.92 | % |
| Weighted Average Remaining Term (months) | 43.9 | 42.9 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 2,746,218.98 |
| Principal Collections | $ | 30,551,542.06 |
| Liquidation Proceeds | $ | 151,390.45 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 33,449,151.49 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 33,449,151.49 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 725,026.11 | $ | 725,026.11 | $ | - | $ | - | $ | 32,724,125.38 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 32,724,125.38 |
| Interest - Class A-2 Notes | $ | 765,336.34 | $ | 765,336.34 | $ | - | $ | - | $ | 31,958,789.04 |
| Interest - Class A-3 Notes | $ | 1,927,708.33 | $ | 1,927,708.33 | $ | - | $ | - | $ | 30,031,080.71 |
| Interest - Class A-4 Notes | $ | 391,510.00 | $ | 391,510.00 | $ | - | $ | - | $ | 29,639,570.71 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 29,639,570.71 |
| Interest - Class B Notes | $ | 57,291.00 | $ | 57,291.00 | $ | - | $ | - | $ | 29,582,279.71 |
| Second Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 29,582,279.71 |
| Interest - Class C Notes | $ | 60,568.00 | $ | 60,568.00 | $ | - | $ | - | $ | 29,521,711.71 |
| Third Allocation of Principal | $ | 10,661,653.45 | $ | 10,661,653.45 | $ | - | $ | - | $ | 18,860,058.26 |
| Interest - Class D Notes | $ | 71,642.00 | $ | 71,642.00 | $ | - | $ | - | $ | 18,788,416.26 |
| Fourth Allocation of Principal | $ | 13,560,000.00 | $ | 13,560,000.00 | $ | - | $ | - | $ | 5,228,416.26 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 5,228,416.26 |
| Regular Principal Distribution Amount | $ | 3,391,201.38 | $ | 3,391,201.38 | $ | - | $ | - | $ | 1,837,214.88 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,837,214.88 |
| Remaining Funds to Certificates | $ | 1,837,214.88 | $ | 1,837,214.88 | $ | - | $ | - | $ | - |
| Total | $ | 33,449,151.49 | $ | 33,449,151.49 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 75,644,056.29 |
| Increase/(Decrease) | $ | (3,208,739.66) |
| Ending YSOC Amount | $ | 72,435,316.63 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 794,387,280.68 | $ | 766,774,425.85 |
| Note Balance | $ | 790,996,079.30 | $ | 763,383,224.47 |
| Overcollateralization (Adjusted Pool Balance - Note Balance) | $ | 3,391,201.38 | $ | 3,391,201.38 |
| Target Overcollateralization Amount | $ | 3,391,201.38 | $ | 3,391,201.38 |
| Overcollateralization Shortfall | $ | - | $ | - |
VI. RESERVE ACCOUNT
| Specified Reserve Account Balance | $ | 3,391,201.38 |
| Beginning Reserve Account Balance | $ | 3,391,201.38 |
| Reserve Account Deposit Amount | $ | - |
| Reserve Account Draw Amount | $ | - |
| Reserve Account Excess Amount | $ | - |
| Ending Reserve Account Balance | $ | 3,391,201.38 |
VII. NET LOSS AND DELINQUENT RECEIVABLES
| Net Loss: | % of EOP Net Pool Balance | # of Receivables | Amount | |
| Defaulted Receivables during Collection Period (Principal Balance) | 0.03% | 22 | $ | 270,052.43 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.02% | 104 | $ | 151,390.45 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 118,661.98 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | 0.15 | % | ||
| Second Preceding Collection Period | 0.01 | % | ||
| Preceding Collection Period | 0.11 | % | ||
| Current Collection Period | 0.17 | % | ||
| Four-Month Average Net Loss Ratio | 0.11 | % | ||
| Cumulative Net Losses for All Periods | $ | 3,213,667.20 | ||
| Cumulative Net Loss Ratio | 0.21 | % | ||
|
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 | 0.28% | 108 | $ | 2,373,836.19 |
| 60-89 Days Delinquent | 0.11% | 38 | $ | 938,349.56 |
| 90-119 Days Delinquent | 0.04% | 12 | $ | 309,980.00 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.43% | 158 | $ | 3,622,165.75 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 5 | $ | 106,213.30 | |
| Total Repossessed Inventory | 5 | $ | 106,213.30 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 50 | $ | 1,248,329.56 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.11 | % | ||
| Second Preceding Collection Period | 0.13 | % | ||
| Preceding Collection Period | 0.11 | % | ||
| Current Collection Period | 0.15 | % | ||
| 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 June 2024.
| Month-End Balance | # of Receivables | |||
| ($MM) | (%) | (#) | (%) | |
| Total Extensions | 0.54 | 0.06% | 23 | 0.05% |