Capital One Prime Auto Receivables Trust 2023-2
07/15/2024 | Press release | Distributed by Public on 07/15/2024 10:29
Asset Backed Issuer Distribution Report Form 10 D
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2
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 | $ | 1,228,970,492.55 |
| 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 | $ | 175,247,112.63 | $ | 14,130,153.43 | $ | 161,116,959.20 | 0.739476 | Oct-26 |
| Class A-2b Notes | $ | 175,247,112.64 | $ | 14,130,153.43 | $ | 161,116,959.21 | 0.739476 | 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 | $ | 843,284,225.27 | $ | 28,260,306.86 | $ | 815,023,918.41 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 919,607,129.34 | $ | 888,530,916.37 | 0.722988 |
| YSOC Amount | $ | 73,502,695.78 | $ | 70,686,789.67 | |
| Adjusted Pool Balance | $ | 846,104,433.56 | $ | 817,844,126.70 | |
| 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 | $ | 175,247,112.63 | 5.91000% | 30/360 | $ | 863,092.03 |
| Class A-2b Notes | $ | 175,247,112.64 | 5.92303% | ACT/360 | $ | 807,328.59 |
| 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 | $ | 843,284,225.27 | $ | 4,026,935.46 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 919,607,129.34 | $ | 888,530,916.37 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 846,104,433.56 | $ | 817,844,126.70 |
| Number of Receivables Outstanding | 44,701 | 44,054 | ||
| Weighted Average Contract Rate | 5.14 | % | 5.14 | % |
| Weighted Average Remaining Term (months) | 48.2 | 47.2 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 3,835,830.64 |
| Principal Collections | $ | 30,786,096.12 |
| Liquidation Proceeds | $ | 108,965.04 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 34,730,891.80 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 34,730,891.80 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 766,339.27 | $ | 766,339.27 | $ | - | $ | - | $ | 33,964,552.53 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 33,964,552.53 |
| Interest - Class A-2a Notes | $ | 863,092.03 | $ | 863,092.03 | $ | - | $ | - | $ | 33,101,460.50 |
| Interest - Class A-2b Notes | $ | 807,328.59 | $ | 807,328.59 | $ | - | $ | - | $ | 32,294,131.91 |
| Interest - Class A-3 Notes | $ | 1,919,436.00 | $ | 1,919,436.00 | $ | - | $ | - | $ | 30,374,695.91 |
| Interest - Class A-4 Notes | $ | 302,402.33 | $ | 302,402.33 | $ | - | $ | - | $ | 30,072,293.58 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 30,072,293.58 |
| Interest - Class B Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 30,027,401.41 |
| Second Allocation of Principal | $ | 2,900,098.57 | $ | 2,900,098.57 | $ | - | $ | - | $ | 27,127,302.84 |
| Interest - Class C Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 27,082,410.67 |
| Third Allocation of Principal | $ | 11,270,000.00 | $ | 11,270,000.00 | $ | - | $ | - | $ | 15,812,410.67 |
| Interest - Class D Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 15,767,518.50 |
| Fourth Allocation of Principal | $ | 11,270,000.00 | $ | 11,270,000.00 | $ | - | $ | - | $ | 4,497,518.50 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 4,497,518.50 |
| Regular Principal Distribution Amount | $ | 2,820,208.29 | $ | 2,820,208.29 | $ | - | $ | - | $ | 1,677,310.21 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,677,310.21 |
| Remaining Funds to Certificates | $ | 1,677,310.21 | $ | 1,677,310.21 | $ | - | $ | - | $ | - |
| Total | $ | 34,730,891.80 | $ | 34,730,891.80 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 73,502,695.78 |
| Increase/(Decrease) | $ | (2,815,906.11) |
| Ending YSOC Amount | $ | 70,686,789.67 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 846,104,433.56 | $ | 817,844,126.70 |
| Note Balance | $ | 843,284,225.27 | $ | 815,023,918.41 |
| 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) | 0.03% | 25 | $ | 290,116.85 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.01% | 65 | $ | 108,965.04 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 181,151.81 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | 0.11 | % | ||
| Second Preceding Collection Period | 0.06 | % | ||
| Preceding Collection Period | 0.23 | % | ||
| Current Collection Period | 0.24 | % | ||
| Four-Month Average Net Loss Ratio | 0.16 | % | ||
| Cumulative Net Losses for All Periods | $ | 1,302,426.24 | ||
| Cumulative Net Loss Ratio | 0.11 | % | ||
|
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 | 0.17% | 59 | $ | 1,492,596.10 |
| 60-89 Days Delinquent | 0.04% | 15 | $ | 398,771.64 |
| 90-119 Days Delinquent | 0.01% | 2 | $ | 54,160.95 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.22% | 76 | $ | 1,945,528.69 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 4 | $ | 104,496.42 | |
| Total Repossessed Inventory | 7 | $ | 207,443.52 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 17 | $ | 452,932.59 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.04 | % | ||
| Second Preceding Collection Period | 0.05 | % | ||
| Preceding Collection Period | 0.05 | % | ||
| Current Collection Period | 0.05 | % | ||
| 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 | 0.35 | 0.04% | 14 | 0.03% |