Capital One Prime Auto Receivables Trust 2023-2
12/16/2024 | Press release | Distributed by Public on 12/16/2024 10:47
Asset Backed Issuer Distribution Report (Form 10 D)
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2
Statement to Securityholders
Determination Date: December 11, 2024
| Payment Date | 12/16/2024 |
| Collection Period Start | 11/1/2024 |
| Collection Period End | 11/30/2024 |
| Interest Period Start | 11/15/2024 |
| Interest Period End | 12/15/2024 |
| 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 | $ | 102,885,661.52 | $ | 13,383,111.37 | $ | 89,502,550.15 | 0.410788 | Oct-26 |
| Class A-2b Notes | $ | 102,885,661.52 | $ | 13,383,111.37 | $ | 89,502,550.15 | 0.410788 | 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 | $ | 698,561,323.04 | $ | 26,766,222.74 | $ | 671,795,100.30 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 761,285,586.92 | $ | 731,946,911.69 | 0.595577 |
| YSOC Amount | $ | 59,904,055.59 | $ | 57,331,603.10 | |
| Adjusted Pool Balance | $ | 701,381,531.33 | $ | 674,615,308.59 | |
| 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 | $ | 102,885,661.52 | 5.91000% | 30/360 | $ | 506,711.88 |
| Class A-2b Notes | $ | 102,885,661.52 | 5.39563% | ACT/360 | $ | 478,031.16 |
| 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 | $ | 698,561,323.04 | $ | 3,341,257.88 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 761,285,586.92 | $ | 731,946,911.69 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 701,381,531.33 | $ | 674,615,308.59 |
| Number of Receivables Outstanding | 41,178 | 40,502 | ||
| Weighted Average Contract Rate | 5.15 | % | 5.16 | % |
| Weighted Average Remaining Term (months) | 43.5 | 42.5 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 3,299,225.75 |
| Principal Collections | $ | 29,002,291.00 |
| Liquidation Proceeds | $ | 120,670.75 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 32,422,187.50 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 32,422,187.50 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 634,404.66 | $ | 634,404.66 | $ | - | $ | - | $ | 31,787,782.84 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 31,787,782.84 |
| Interest - Class A-2a Notes | $ | 506,711.88 | $ | 506,711.88 | $ | - | $ | - | $ | 31,281,070.96 |
| Interest - Class A-2b Notes | $ | 478,031.16 | $ | 478,031.16 | $ | - | $ | - | $ | 30,803,039.80 |
| Interest - Class A-3 Notes | $ | 1,919,436.00 | $ | 1,919,436.00 | $ | - | $ | - | $ | 28,883,603.80 |
| Interest - Class A-4 Notes | $ | 302,402.33 | $ | 302,402.33 | $ | - | $ | - | $ | 28,581,201.47 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 28,581,201.47 |
| Interest - Class B Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 28,536,309.30 |
| Second Allocation of Principal | $ | 1,406,014.45 | $ | 1,406,014.45 | $ | - | $ | - | $ | 27,130,294.85 |
| Interest - Class C Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 27,085,402.68 |
| Third Allocation of Principal | $ | 11,270,000.00 | $ | 11,270,000.00 | $ | - | $ | - | $ | 15,815,402.68 |
| Interest - Class D Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 15,770,510.51 |
| Fourth Allocation of Principal | $ | 11,270,000.00 | $ | 11,270,000.00 | $ | - | $ | - | $ | 4,500,510.51 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 4,500,510.51 |
| Regular Principal Distribution Amount | $ | 2,820,208.29 | $ | 2,820,208.29 | $ | - | $ | - | $ | 1,680,302.22 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,680,302.22 |
| Remaining Funds to Certificates | $ | 1,680,302.22 | $ | 1,680,302.22 | $ | - | $ | - | $ | - |
| Total | $ | 32,422,187.50 | $ | 32,422,187.50 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 59,904,055.59 |
| Increase/(Decrease) | $ | (2,572,452.49) |
| Ending YSOC Amount | $ | 57,331,603.10 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 701,381,531.33 | $ | 674,615,308.59 |
| Note Balance | $ | 698,561,323.04 | $ | 671,795,100.30 |
| 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) | 0.05% | 35 | $ | 336,384.23 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.02% | 78 | $ | 120,670.75 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 215,713.48 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | 0.21 | % | ||
| Second Preceding Collection Period | 0.16 | % | ||
| Preceding Collection Period | 0.14 | % | ||
| Current Collection Period | 0.35 | % | ||
| Four-Month Average Net Loss Ratio | 0.21 | % | ||
| Cumulative Net Losses for All Periods | $ | 1,866,992.31 | ||
| Cumulative Net Loss Ratio | 0.15 | % | ||
|
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 | 0.21% | 72 | $ | 1,513,569.34 |
| 60-89 Days Delinquent | 0.07% | 21 | $ | 490,842.84 |
| 90-119 Days Delinquent | 0.01% | 4 | $ | 81,804.75 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.29% | 97 | $ | 2,086,216.93 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 1 | $ | 15,455.04 | |
| Total Repossessed Inventory | 7 | $ | 159,949.95 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 25 | $ | 572,647.59 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.08 | % | ||
| Second Preceding Collection Period | 0.09 | % | ||
| Preceding Collection Period | 0.08 | % | ||
| Current Collection Period | 0.08 | % | ||
| 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 November 2024.
| Month-End Balance | # of Receivables | |||
| ($MM) | (%) | (#) | (%) | |
| Total Extensions | 0.68 | 0.09% | 33 | 0.08% |