Capital One Prime Auto Receivables Trust 2022-1
07/15/2024 | Press release | Distributed by Public on 07/15/2024 10:22
Asset Backed Issuer Distribution Report Form 10 D
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2022-1
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 | $ | 2,025,808,403.15 |
| Cut-Off Date Adjusted Pool Balance | $ | 1,899,077,623.74 |
I. DEAL SUMMARY
|
Beginning Note Balance |
Principal Payment | Ending Note Balance | Note Factor | Final Scheduled Payment Date | ||||
| Class A-1 Notes | $ | - | $ | - | $ | - | - | May-23 |
| Class A-2 Notes | $ | - | $ | - | $ | - | - | Jun-25 |
| Class A-3 Notes | $ | 550,817,921.90 | $ | 33,737,274.33 | $ | 517,080,647.57 | 0.779687 | Apr-27 |
| Class A-4 Notes | $ | 150,730,000.00 | $ | - | $ | 150,730,000.00 | 1.000000 | Sep-27 |
| Class B Notes | $ | 18,990,000.00 | $ | - | $ | 18,990,000.00 | 1.000000 | Oct-27 |
| Class C Notes | $ | 18,990,000.00 | $ | - | $ | 18,990,000.00 | 1.000000 | Dec-27 |
| Class D Notes | $ | 18,980,000.00 | $ | - | $ | 18,980,000.00 | 1.000000 | Sep-28 |
| Total Notes | $ | 758,507,921.90 | $ | 33,737,274.33 | $ | 724,770,647.57 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 808,190,285.04 | $ | 772,094,121.91 | 0.381129 |
| YSOC Amount | $ | 44,934,669.08 | $ | 42,575,780.28 | |
| Adjusted Pool Balance | $ | 763,255,615.96 | $ | 729,518,341.63 | |
| Overcollateralization Amount (Adjusted Pool Balance - Note Balance) | $ | 4,747,694.06 | $ | 4,747,694.06 | |
| Reserve Account Balance | $ | 4,747,694.06 | $ | 4,747,694.06 |
|
Beginning Note Balance |
Interest Rate | Accrual Methodology | Interest Payment | |||
| Class A-1 Notes | $ | - | 1.40500% | ACT/360 | $ | - |
| Class A-2 Notes | $ | - | 2.71000% | 30/360 | $ | - |
| Class A-3 Notes | $ | 550,817,921.90 | 3.17000% | 30/360 | $ | 1,455,077.34 |
| Class A-4 Notes | $ | 150,730,000.00 | 3.32000% | 30/360 | $ | 417,019.67 |
| Class B Notes | $ | 18,990,000.00 | 3.59000% | 30/360 | $ | 56,811.75 |
| Class C Notes | $ | 18,990,000.00 | 3.93000% | 30/360 | $ | 62,192.25 |
| Class D Notes | $ | 18,980,000.00 | 4.43000% | 30/360 | $ | 70,067.83 |
| Total Notes | $ | 758,507,921.90 | $ | 2,061,168.84 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 808,190,285.04 | $ | 772,094,121.91 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 763,255,615.96 | $ | 729,518,341.63 |
| Number of Receivables Outstanding | 59,803 | 58,655 | ||
| Weighted Average Contract Rate | 3.60 | % | 3.60 | % |
| Weighted Average Remaining Term (months) | 36.1 | 35.1 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 2,354,298.89 |
| Principal Collections | $ | 35,804,619.88 |
| Liquidation Proceeds | $ | 177,973.91 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 38,336,892.68 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 38,336,892.68 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 673,491.90 | $ | 673,491.90 | $ | - | $ | - | $ | 37,663,400.78 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 37,663,400.78 |
| Interest - Class A-2 Notes | $ | - | $ | - | $ | - | $ | - | $ | 37,663,400.78 |
| Interest - Class A-3 Notes | $ | 1,455,077.34 | $ | 1,455,077.34 | $ | - | $ | - | $ | 36,208,323.44 |
| Interest - Class A-4 Notes | $ | 417,019.67 | $ | 417,019.67 | $ | - | $ | - | $ | 35,791,303.77 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 35,791,303.77 |
| Interest - Class B Notes | $ | 56,811.75 | $ | 56,811.75 | $ | - | $ | - | $ | 35,734,492.02 |
| Second Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 35,734,492.02 |
| Interest - Class C Notes | $ | 62,192.25 | $ | 62,192.25 | $ | - | $ | - | $ | 35,672,299.77 |
| Third Allocation of Principal | $ | 10,009,580.27 | $ | 10,009,580.27 | $ | - | $ | - | $ | 25,662,719.50 |
| Interest - Class D Notes | $ | 70,067.83 | $ | 70,067.83 | $ | - | $ | - | $ | 25,592,651.67 |
| Fourth Allocation of Principal | $ | 18,980,000.00 | $ | 18,980,000.00 | $ | - | $ | - | $ | 6,612,651.67 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 6,612,651.67 |
| Regular Principal Distribution Amount | $ | 4,747,694.06 | $ | 4,747,694.06 | $ | - | $ | - | $ | 1,864,957.61 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,864,957.61 |
| Remaining Funds to Certificates | $ | 1,864,957.61 | $ | 1,864,957.61 | $ | - | $ | - | $ | - |
| Total | $ | 38,336,892.68 | $ | 38,336,892.68 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 44,934,669.08 |
| Increase/(Decrease) | $ | (2,358,888.80) |
| Ending YSOC Amount | $ | 42,575,780.28 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 763,255,615.96 | $ | 729,518,341.63 |
| Note Balance | $ | 758,507,921.90 | $ | 724,770,647.57 |
| Overcollateralization (Adjusted Pool Balance - Note Balance) | $ | 4,747,694.06 | $ | 4,747,694.06 |
| Target Overcollateralization Amount | $ | 4,747,694.06 | $ | 4,747,694.06 |
| Overcollateralization Shortfall | $ | - | $ | - |
VI. RESERVE ACCOUNT
| Specified Reserve Account Balance | $ | 4,747,694.06 |
| Beginning Reserve Account Balance | $ | 4,747,694.06 |
| Reserve Account Deposit Amount | $ | - |
| Reserve Account Draw Amount | $ | - |
| Reserve Account Excess Amount | $ | - |
| Ending Reserve Account Balance | $ | 4,747,694.06 |
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% | 27 | $ | 291,543.25 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.02% | 146 | $ | 177,973.91 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 113,569.34 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | (0.10) | % | ||
| Second Preceding Collection Period | 0.12 | % | ||
| Preceding Collection Period | 0.27 | % | ||
| Current Collection Period | 0.17 | % | ||
| Four-Month Average Net Loss Ratio | 0.12 | % | ||
| Cumulative Net Losses for All Periods | $ | 4,156,461.00 | ||
| 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 | 0.35% | 164 | $ | 2,666,616.92 |
| 60-89 Days Delinquent | 0.13% | 58 | $ | 990,874.68 |
| 90-119 Days Delinquent | 0.05% | 16 | $ | 350,149.83 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.52% | 238 | $ | 4,007,641.43 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 10 | $ | 174,074.87 | |
| Total Repossessed Inventory | 17 | $ | 343,499.35 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 74 | $ | 1,341,024.51 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.13 | % | ||
| Second Preceding Collection Period | 0.14 | % | ||
| Preceding Collection Period | 0.16 | % | ||
| Current Collection Period | 0.17 | % | ||
| 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 | 0.39 | 0.05% | 22 | 0.04% |