Capital One Prime Auto Receivables Trust 2022-1
Capital One Prime Auto Receivables Trust 2022-1
15/10/2024 | Press release | Distributed by Public on 15/10/2024 16:00
Asset Backed Issuer Distribution Report Form 10 D
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2022-1
Statement to Securityholders
Determination Date: October 9, 2024
| Payment Date | 10/15/2024 |
| Collection Period Start | 9/1/2024 |
| Collection Period End | 9/30/2024 |
| Interest Period Start | 9/16/2024 |
| Interest Period End | 10/14/2024 |
| 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 | $ | 449,629,579.46 | $ | 31,426,056.53 | $ | 418,203,522.93 | 0.630594 | 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 | $ | 657,319,579.46 | $ | 31,426,056.53 | $ | 625,893,522.93 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 700,112,597.90 | $ | 666,515,646.38 | 0.329012 |
| YSOC Amount | $ | 38,045,324.38 | $ | 35,874,429.39 | |
| Adjusted Pool Balance | $ | 662,067,273.52 | $ | 630,641,216.99 | |
| 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 | $ | 449,629,579.46 | 3.17000% | 30/360 | $ | 1,187,771.47 |
| 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 | $ | 657,319,579.46 | $ | 1,793,862.97 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 700,112,597.90 | $ | 666,515,646.38 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 662,067,273.52 | $ | 630,641,216.99 |
| Number of Receivables Outstanding | 56,312 | 55,150 | ||
| Weighted Average Contract Rate | 3.60 | % | 3.60 | % |
| Weighted Average Remaining Term (months) | 33.3 | 32.4 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 2,091,707.54 |
| Principal Collections | $ | 33,299,614.55 |
| Liquidation Proceeds | $ | 196,089.42 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 35,587,411.51 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 35,587,411.51 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 583,427.16 | $ | 583,427.16 | $ | - | $ | - | $ | 35,003,984.35 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 35,003,984.35 |
| Interest - Class A-2 Notes | $ | - | $ | - | $ | - | $ | - | $ | 35,003,984.35 |
| Interest - Class A-3 Notes | $ | 1,187,771.47 | $ | 1,187,771.47 | $ | - | $ | - | $ | 33,816,212.88 |
| Interest - Class A-4 Notes | $ | 417,019.67 | $ | 417,019.67 | $ | - | $ | - | $ | 33,399,193.21 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 33,399,193.21 |
| Interest - Class B Notes | $ | 56,811.75 | $ | 56,811.75 | $ | - | $ | - | $ | 33,342,381.46 |
| Second Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 33,342,381.46 |
| Interest - Class C Notes | $ | 62,192.25 | $ | 62,192.25 | $ | - | $ | - | $ | 33,280,189.21 |
| Third Allocation of Principal | $ | 7,698,362.47 | $ | 7,698,362.47 | $ | - | $ | - | $ | 25,581,826.74 |
| Interest - Class D Notes | $ | 70,067.83 | $ | 70,067.83 | $ | - | $ | - | $ | 25,511,758.91 |
| Fourth Allocation of Principal | $ | 18,980,000.00 | $ | 18,980,000.00 | $ | - | $ | - | $ | 6,531,758.91 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 6,531,758.91 |
| Regular Principal Distribution Amount | $ | 4,747,694.06 | $ | 4,747,694.06 | $ | - | $ | - | $ | 1,784,064.85 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,784,064.85 |
| Remaining Funds to Certificates | $ | 1,784,064.85 | $ | 1,784,064.85 | $ | - | $ | - | $ | - |
| Total | $ | 35,587,411.51 | $ | 35,587,411.51 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 38,045,324.38 |
| Increase/(Decrease) | $ | (2,170,894.99) |
| Ending YSOC Amount | $ | 35,874,429.39 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 662,067,273.52 | $ | 630,641,216.99 |
| Note Balance | $ | 657,319,579.46 | $ | 625,893,522.93 |
| 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% | 29 | $ | 297,336.97 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.03% | 172 | $ | 196,089.42 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 101,247.55 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | 0.17 | % | ||
| Second Preceding Collection Period | 0.11 | % | ||
| Preceding Collection Period | 0.03 | % | ||
| Current Collection Period | 0.18 | % | ||
| Four-Month Average Net Loss Ratio | 0.12 | % | ||
| Cumulative Net Losses for All Periods | $ | 4,344,923.45 | ||
| 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 | 0.39% | 165 | $ | 2,585,356.28 |
| 60-89 Days Delinquent | 0.14% | 61 | $ | 948,673.24 |
| 90-119 Days Delinquent | 0.07% | 22 | $ | 442,026.53 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.60% | 248 | $ | 3,976,056.05 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 16 | $ | 284,986.96 | |
| Total Repossessed Inventory | 19 | $ | 361,675.64 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 83 | $ | 1,390,699.77 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.17 | % | ||
| Second Preceding Collection Period | 0.15 | % | ||
| Preceding Collection Period | 0.19 | % | ||
| Current Collection Period | 0.21 | % | ||
| 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 September 2024.
| Month-End Balance | # of Receivables | |||
| ($MM) | (%) | (#) | (%) | |
| Total Extensions | 1.05 | 0.16% | 68 | 0.12% |