Capital One Prime Auto Receivables Trust 2022-2
07/15/2024 | Press release | Distributed by Public on 07/15/2024 10:26
Asset Backed Issuer Distribution Report Form 10 D
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2022-2
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 | $ | 2,066,663,591.84 |
| Cut-Off Date Adjusted Pool Balance | $ | 1,899,113,714.12 |
I. DEAL SUMMARY
|
Beginning Note Balance |
Principal Payment | Ending Note Balance | Note Factor | Final Scheduled Payment Date | ||||
| Class A-1 Notes | $ | - | $ | - | $ | - | - | Aug-23 |
| Class A-2a Notes | $ | 10,447,770.97 | $ | 10,447,770.97 | $ | - | - | Sep-25 |
| Class A-2b Notes | $ | 2,250,508.22 | $ | 2,250,508.22 | $ | - | - | Sep-25 |
| Class A-3 Notes | $ | 631,800,000.00 | $ | 22,615,147.12 | $ | 609,184,852.88 | 0.964205 | May-27 |
| Class A-4 Notes | $ | 160,110,000.00 | $ | - | $ | 160,110,000.00 | 1.000000 | Dec-27 |
| Class B Notes | $ | 19,000,000.00 | $ | - | $ | 19,000,000.00 | 1.000000 | Jan-28 |
| Class C Notes | $ | 19,000,000.00 | $ | - | $ | 19,000,000.00 | 1.000000 | Feb-28 |
| Class D Notes | $ | 19,000,000.00 | $ | - | $ | 19,000,000.00 | 1.000000 | Nov-28 |
| Total Notes | $ | 861,608,279.19 | $ | 35,313,426.31 | $ | 826,294,852.88 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 934,765,647.11 | $ | 896,067,084.29 | 0.433581 |
| YSOC Amount | $ | 68,409,583.63 | $ | 65,024,447.12 | |
| Adjusted Pool Balance | $ | 866,356,063.48 | $ | 831,042,637.17 | |
| Overcollateralization Amount (Adjusted Pool Balance - Note Balance) | $ | 4,747,784.29 | $ | 4,747,784.29 | |
| Reserve Account Balance | $ | 4,747,784.29 | $ | 4,747,784.29 |
|
Beginning Note Balance |
Interest Rate | Accrual Methodology | Interest Payment | |||
| Class A-1 Notes | $ | - | 2.87200% | ACT/360 | $ | - |
| Class A-2a Notes | $ | 10,447,770.97 | 3.74000% | 30/360 | $ | 32,562.22 |
| Class A-2b Notes | $ | 2,250,508.22 | 5.98303% | ACT/360 | $ | 10,472.67 |
| Class A-3 Notes | $ | 631,800,000.00 | 3.66000% | 30/360 | $ | 1,926,990.00 |
| Class A-4 Notes | $ | 160,110,000.00 | 3.69000% | 30/360 | $ | 492,338.25 |
| Class B Notes | $ | 19,000,000.00 | 4.27000% | 30/360 | $ | 67,608.33 |
| Class C Notes | $ | 19,000,000.00 | 4.67000% | 30/360 | $ | 73,941.67 |
| Class D Notes | $ | 19,000,000.00 | 5.40000% | 30/360 | $ | 85,500.00 |
| Total Notes | $ | 861,608,279.19 | $ | 2,689,413.14 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 934,765,647.11 | $ | 896,067,084.29 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 866,356,063.48 | $ | 831,042,637.17 |
| Number of Receivables Outstanding | 63,744 | 62,587 | ||
| Weighted Average Contract Rate | 3.56 | % | 3.56 | % |
| Weighted Average Remaining Term (months) | 37.9 | 37.0 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 2,686,208.84 |
| Principal Collections | $ | 38,154,127.82 |
| Liquidation Proceeds | $ | 317,864.82 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 41,158,201.48 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 41,158,201.48 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 778,971.37 | $ | 778,971.37 | $ | - | $ | - | $ | 40,379,230.11 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 40,379,230.11 |
| Interest - Class A-2a Notes | $ | 32,562.22 | $ | 32,562.22 | $ | - | $ | - | $ | 40,346,667.89 |
| Interest - Class A-2b Notes | $ | 10,472.67 | $ | 10,472.67 | $ | - | $ | - | $ | 40,336,195.22 |
| Interest - Class A-3 Notes | $ | 1,926,990.00 | $ | 1,926,990.00 | $ | - | $ | - | $ | 38,409,205.22 |
| Interest - Class A-4 Notes | $ | 492,338.25 | $ | 492,338.25 | $ | - | $ | - | $ | 37,916,866.97 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 37,916,866.97 |
| Interest - Class B Notes | $ | 67,608.33 | $ | 67,608.33 | $ | - | $ | - | $ | 37,849,258.64 |
| Second Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 37,849,258.64 |
| Interest - Class C Notes | $ | 73,941.67 | $ | 73,941.67 | $ | - | $ | - | $ | 37,775,316.97 |
| Third Allocation of Principal | $ | 11,565,642.02 | $ | 11,565,642.02 | $ | - | $ | - | $ | 26,209,674.95 |
| Interest - Class D Notes | $ | 85,500.00 | $ | 85,500.00 | $ | - | $ | - | $ | 26,124,174.95 |
| Fourth Allocation of Principal | $ | 19,000,000.00 | $ | 19,000,000.00 | $ | - | $ | - | $ | 7,124,174.95 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 7,124,174.95 |
| Regular Principal Distribution Amount | $ | 4,747,784.29 | $ | 4,747,784.29 | $ | - | $ | - | $ | 2,376,390.66 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 2,376,390.66 |
| Remaining Funds to Certificates | $ | 2,376,390.66 | $ | 2,376,390.66 | $ | - | $ | - | $ | - |
| Total | $ | 41,158,201.48 | $ | 41,158,201.48 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 68,409,583.63 |
| Increase/(Decrease) | $ | (3,385,136.51) |
| Ending YSOC Amount | $ | 65,024,447.12 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 866,356,063.48 | $ | 831,042,637.17 |
| Note Balance | $ | 861,608,279.19 | $ | 826,294,852.88 |
| Overcollateralization (Adjusted Pool Balance - Note Balance) | $ | 4,747,784.29 | $ | 4,747,784.29 |
| Target Overcollateralization Amount | $ | 4,747,784.29 | $ | 4,747,784.29 |
| Overcollateralization Shortfall | $ | - | $ | - |
VI. RESERVE ACCOUNT
| Specified Reserve Account Balance | $ | 4,747,784.29 |
| Beginning Reserve Account Balance | $ | 4,747,784.29 |
| Reserve Account Deposit Amount | $ | - |
| Reserve Account Draw Amount | $ | - |
| Reserve Account Excess Amount | $ | - |
| Ending Reserve Account Balance | $ | 4,747,784.29 |
VII. NET LOSS AND DELINQUENT RECEIVABLES
| Net Loss: | % of EOP Net Pool Balance | # of Receivables | Amount | |
| Defaulted Receivables during Collection Period (Principal Balance) | 0.06% | 44 | $ | 544,435.00 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.04% | 153 | $ | 317,864.82 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 226,570.18 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | 0.21 | % | ||
| Second Preceding Collection Period | 0.35 | % | ||
| Preceding Collection Period | 0.15 | % | ||
| Current Collection Period | 0.30 | % | ||
| Four-Month Average Net Loss Ratio | 0.25 | % | ||
| Cumulative Net Losses for All Periods | $ | 4,686,499.27 | ||
| Cumulative Net Loss Ratio | 0.23 | % | ||
|
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 | 0.34% | 160 | $ | 3,041,093.11 |
| 60-89 Days Delinquent | 0.08% | 41 | $ | 742,177.42 |
| 90-119 Days Delinquent | 0.04% | 17 | $ | 327,191.99 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.46% | 218 | $ | 4,110,462.52 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 10 | $ | 172,440.37 | |
| Total Repossessed Inventory | 20 | $ | 375,565.44 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 58 | $ | 1,069,369.41 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.12 | % | ||
| Second Preceding Collection Period | 0.12 | % | ||
| Preceding Collection Period | 0.15 | % | ||
| Current Collection Period | 0.12 | % | ||
| 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 | 0.88 | 0.10% | 39 | 0.06% |