07/23/2024 | Press release | Distributed by Public on 07/23/2024 14:41
SERVICER'S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-1 Owner Trust |
Collection Period: June 1, 2024 through June 30, 2024 |
Deal Age |
17 |
Determination Date: 07/16/2024 |
Actual/360 Days |
31 |
Record Date: 07/21/2024 |
30/360 Days |
30 |
Payment Date: 07/22/2024 |
ORIGINAL DEAL PARAMETERS
Dollar Amount |
Number of Receivables |
||
Total Portfolio Balance |
$ |
1,619,423,906.70 |
72,684 |
Accrual Basis |
Dollar Amount |
% of Pool |
Interest Rate |
Final Scheduled |
||||
Class A-1 Notes |
Actual/360 |
$ |
361,600,000.00 |
22.33 |
% |
5.016 |
% |
February 21, 2024 |
Class A-2 Notes |
30/360 |
$ |
576,200,000.00 |
35.58 |
% |
5.220 |
% |
October 21, 2025 |
Class A-3 Notes |
30/360 |
$ |
504,200,000.00 |
31.13 |
% |
5.040 |
% |
April 21, 2027 |
Class A-4 Notes |
30/360 |
$ |
136,950,000.00 |
8.46 |
% |
4.970 |
% |
June 21, 2029 |
Certificates |
30/360 |
$ |
40,473,906.70 |
2.50 |
% |
0.000 |
% |
|
Total Securities Balance |
$ |
1,619,423,906.70 |
||||||
Total Note Balance |
$ |
1,578,950,000.00 |
||||||
Reserve Account Initial Deposit |
$ |
4,048,559.77 |
||||||
Yield Supplement Account Deposit |
$ |
177,574,724.98 |
COLLECTIONS
Interest Collections |
||
Simple Interest Collections |
$ |
2,247,708.58 |
Interest Related to Repurchased Receivables |
$ |
0.00 |
Interest Advance for simple Interest - Net * |
$ |
0.00 |
Total Interest Collections |
$ |
2,247,708.58 |
* Advances are reimbursed (including non-recoverable advances of $0.00): |
(i) from subsequent payments, liquidation proceeds and servicer repurchase payments in respect of the related obligor, and |
(ii) to the extent amounts in clause (i) are insufficient, generally from interest (with respect to interest advances). |
Principal Collections |
||
Principal Collections |
$ |
27,942,641.81 |
Prepayments in Full |
$ |
9,832,118.95 |
Liquidation Proceeds |
$ |
206,991.72 |
Principal Related to Repurchased Receivables |
$ |
0.00 |
Recoveries from Prior Month Charge Offs |
$ |
92,861.85 |
Total Principal Collections |
$ |
38,074,614.33 |
Total Interest and Principal Collections |
$ |
40,322,322.91 |
Yield Supplement Deposit |
$ |
4,744,973.05 |
Collection Account Investment Earnings |
$ |
0.00 |
Total Available Amount |
$ |
45,067,295.96 |
SERVICER'S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-1 Owner Trust |
Collection Period: June 1, 2024 through June 30, 2024 |
Deal Age |
17 |
Determination Date: 07/16/2024 |
Actual/360 Days |
31 |
Record Date: 07/21/2024 |
30/360 Days |
30 |
Payment Date: 07/22/2024 |
DISTRIBUTIONS
Note Percentage |
100.00 |
% |
||||||
Certificate Percentage |
0.00 |
% |
Amount Due |
Amount Paid |
Shortfall |
|||
Total Servicing Fee |
1.00 |
% |
$ |
735,154.42 |
$ |
735,154.42 |
$ |
0.00 |
Trustee Fees |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
||
Asset Representations Reviewer Fees (Accrued & Unpaid) |
$ |
0.00 |
||||||
Interest - Class A-1 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
||
Interest - Class A-2 Notes |
$ |
872,442.10 |
$ |
872,442.10 |
$ |
0.00 |
||
Interest - Class A-3 Notes |
$ |
2,117,640.00 |
$ |
2,117,640.00 |
$ |
0.00 |
||
Interest - Class A-4 Notes |
$ |
567,201.25 |
$ |
567,201.25 |
$ |
0.00 |
||
Total Monthly Interest |
$ |
3,557,283.35 |
$ |
3,557,283.35 |
$ |
0.00 |
||
Principal - Class A-1 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
||
Principal - Class A-2 Notes |
$ |
38,204,091.72 |
$ |
38,204,091.72 |
$ |
0.00 |
||
Principal - Class A-3 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
||
Principal - Class A-4 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
||
Total Monthly Principal |
$ |
38,204,091.72 |
$ |
38,204,091.72 |
$ |
0.00 |
||
Interest - Certificates |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
||
Principal - Certificates |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
Available to Deposit |
Reserve Deposit |
Reserve Draw |
Excess Released |
Released to Seller |
||||||
Reserve Account Deposit |
$ |
2,570,766.47 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
2,570,766.47 |
Noteholder/Certificateholder Distributions |
Fee |
Interest |
Interest |
Principal |
Principal |
Amount |
||||
Servicing Fee |
$ |
0.45 |
$ |
735,154.42 |
||||||
Trustee Fees |
$ |
0.00 |
||||||||
Asset Representation Reviewer Fees |
$ |
0.00 |
||||||||
Class A-1 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
Class A-2 Notes |
$ |
1.51 |
$ |
0.00 |
$ |
66.30 |
$ |
0.00 |
$ |
39,076,533.82 |
Class A-3 Notes |
$ |
4.20 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
2,117,640.00 |
Class A-4 Notes |
$ |
4.14 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
567,201.25 |
Certificates |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
Page 2
SERVICER'S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-1 Owner Trust |
Collection Period: June 1, 2024 through June 30, 2024 |
Deal Age |
17 |
Determination Date: 07/16/2024 |
Actual/360 Days |
31 |
Record Date: 07/21/2024 |
30/360 Days |
30 |
Payment Date: 07/22/2024 |
POOL DATA
Proceeding Month |
||||||||||
Carryover Shortfall |
Beginning of Period |
End of Period |
||||||||
Interest |
Principal |
Balance |
Note Factor |
Balance |
Note Factor |
|||||
Class A-1 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
0.0000000 |
$ |
0.00 |
0.0000000 |
Class A-2 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
200,561,402.57 |
0.3480760 |
$ |
162,357,310.85 |
0.2817725 |
Class A-3 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
504,200,000.00 |
1.0000000 |
$ |
504,200,000.00 |
1.0000000 |
Class A-4 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
136,950,000.00 |
1.0000000 |
$ |
136,950,000.00 |
1.0000000 |
Certificates |
$ |
0.00 |
$ |
0.00 |
$ |
40,473,906.70 |
1.0000000 |
$ |
40,473,906.70 |
1.0000000 |
Total Securities |
$ |
882,185,309.27 |
0.5447526 |
$ |
843,981,217.55 |
0.5211614 |
||||
Total Notes |
$ |
841,711,402.57 |
0.5330830 |
$ |
803,507,310.85 |
0.5088871 |
Portfolio Information |
Original |
Prior Month |
Current Month |
|||
Weighted Average Coupon (WAC) |
3.06 |
% |
3.14 |
% |
3.15 |
% |
Weighted Average Remaining Maturity (WAM) |
49.64 |
34.85 |
34.01 |
|||
Weighted Average Original Maturity (WAOM) |
62.62 |
|||||
Remaining Number of Receivables |
72,684 |
57,749 |
56,838 |
|||
Portfolio Receivable Balance |
$ |
1,619,423,906.70 |
$ |
882,185,309.27 |
$ |
843,981,217.55 |
DELINQUENCY AND NET LOSS ACTIVITY
Net Loss and Delinquency Account Activity |
Amount |
|
Gross Principal Balance on Defaulted Receivables |
$ |
429,330.96 |
Liquidation Proceeds |
$ |
206,991.72 |
Recoveries on Previously Defaulted Contracts |
$ |
92,861.85 |
Aggregate Net Losses for Collection Period |
$ |
129,477.39 |
Net Loss Rate for Collection Period's Average Balance (annualized) |
0.18 |
% |
Cumulative Net Losses for all Periods |
$ |
2,414,841.94 |
Delinquent Receivables |
# Units |
% Unit |
Dollar Amount |
% Dollar |
|||
31-60 Days Delinquent |
268 |
0.47 |
% |
$ |
5,533,773.20 |
0.66 |
% |
61-90 Days Delinquent |
47 |
0.08 |
% |
$ |
1,073,105.52 |
0.13 |
% |
91-120 Days Delinquent |
18 |
0.03 |
% |
$ |
345,355.05 |
0.04 |
% |
121 Days or More Delinquent |
0 |
0.00 |
% |
$ |
0.00 |
0.00 |
% |
Repossession Activity |
# Units |
% Unit |
Dollar Amount |
% Dollar |
|||
Vehicles Repossessed During Collection Period |
16 |
0.03 |
% |
$ |
406,188.62 |
0.05 |
% |
Total Accumulated Repossessed Vehicles in Inventory |
36 |
0.06 |
% |
$ |
833,412.25 |
0.10 |
% |
Page 3
SERVICER'S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-1 Owner Trust |
Collection Period: June 1, 2024 through June 30, 2024 |
Deal Age |
17 |
Determination Date: 07/16/2024 |
Actual/360 Days |
31 |
Record Date: 07/21/2024 |
30/360 Days |
30 |
Payment Date: 07/22/2024 |
DELINQUENCY AND NET LOSS ACTIVITY
Net Loss and Delinquency Ratios |
||
Ratio of Net Losses to the Pool Balance as of Each Collection Period |
||
Third Preceding Collection Period |
0.12 |
% |
Second Preceding Collection Period |
0.07 |
% |
Preceding Collection Period |
0.12 |
% |
Current Collection Period |
0.18 |
% |
Four Month Average |
0.12 |
% |
Ratio of Number of Contracts Delinquent 61 Days or More to the Outstanding Number of Receivables (includes repossessions in inventory) |
||
Second Preceding Collection Period |
0.18 |
% |
Preceding Collection Period |
0.19 |
% |
Current Collection Period |
0.18 |
% |
Three Month Average |
0.18 |
% |
Delinquency Trigger |
4.80% |
Delinquency Percentage exceeds Delinquency Trigger: |
No |
Delinquency Percentage - |
0.17% |
||
Receivables that are 61 days or more delinquent as a percentage of Current Outstanding Balance of Receivables |
LOSS AND CUMULATIVE LOSS INFORMATION
Current Month |
Cumulative |
|||||
For Assets Experiencing a Loss: |
Units |
Amount |
Units |
Amount |
||
Gross Principal |
18 |
$ |
411,814.67 |
226 |
$ |
5,529,920.23 |
Liquidation Proceeds and Recoveries |
37 |
$ |
282,200.76 |
199 |
$ |
3,096,423.75 |
Net Loss Amount |
18 |
$ |
129,613.91 |
226 |
$ |
2,433,496.48 |
Net Loss % of Average |
0.18 |
% |
||||
Cumulative Net Loss % |
0.15 |
% |
||||
Average Net Loss of |
$ |
10,767.68 |
CREDIT ENHANCEMENT
Reconciliation of Reserve Account |
Reconciliation of Yield Supplement Account |
|||||
Beginning Reserve Account Balance |
$ |
4,048,559.77 |
Beginning Yield Supplement |
$ |
65,217,246.31 |
|
Investment Earnings |
$ |
17,267.31 |
Investment Earnings |
$ |
291,525.18 |
|
Excess Interest Deposited into the Reserve Account |
$ |
0.00 |
Additional Yield Supplement Amounts |
$ |
0.00 |
|
Investment Withdrawal to Seller |
$ |
(17,267.31 |
) |
Yield Supplement Withdrawal Amount |
$ |
4,744,973.05 |
Release of Reserve to Collection Account |
$ |
0.00 |
Investment Earnings Withdraw |
$ |
0.00 |
|
Release of Reserve to Seller |
$ |
0.00 |
Release of Yield Supplement Account Balance to Seller |
$ |
0.00 |
|
Ending Reserve Account Balance |
$ |
4,048,559.77 |
Ending Yield Supplement Account Balance |
$ |
60,763,798.44 |
|
Reserve Account Required Amount |
$ |
4,048,559.77 |
Page 4
SERVICER'S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-1 Owner Trust |
Collection Period: June 1, 2024 through June 30, 2024 |
Deal Age |
17 |
Determination Date: 07/16/2024 |
Actual/360 Days |
31 |
Record Date: 07/21/2024 |
30/360 Days |
30 |
Payment Date: 07/22/2024 |
REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)
Is there any activity to report? |
No |
STATEMENT TO NOTEHOLDERS
Has there been a material change in practices with respect to charge-offs, collection and management of delinquent receivables, and the effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience? |
No |
Have there been any material modifications, extensions or waivers to receivables terms, fees, penalties or payments during the collection period? |
No |
Have there been any material breaches of representations, warranties or covenants contained in the receivables? |
No |
Has there been an issuance of notes or other securities backed by the receivables? |
No |
Has there been a material change in the underwriting, origination or acquisition of receivables? |
No |
SERVICER CERTIFICATION
I hereby certify that the servicing report provided is true and accurate to the best of my knowledge. |
/s/ Paul C. Honda |
Paul C. Honda |
Vice President-Finance & Administration and Assistant Secretary |
Page 5