Capital One Prime Auto Receivables Trust 2023-2
10/15/2024 | Press release | Distributed by Public on 10/15/2024 10:14
Asset Backed Issuer Distribution Report Form 10 D
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2
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 | $ | 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 | $ | 130,995,887.51 | $ | 13,696,675.21 | $ | 117,299,212.30 | 0.538366 | Oct-26 |
| Class A-2b Notes | $ | 130,995,887.52 | $ | 13,696,675.21 | $ | 117,299,212.31 | 0.538366 | 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 | $ | 754,781,775.03 | $ | 27,393,350.42 | $ | 727,388,424.61 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 822,800,034.21 | $ | 792,735,043.19 | 0.645040 |
| YSOC Amount | $ | 65,198,050.89 | $ | 62,526,410.29 | |
| Adjusted Pool Balance | $ | 757,601,983.32 | $ | 730,208,632.90 | |
| 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 | $ | 130,995,887.51 | 5.91000% | 30/360 | $ | 645,154.75 |
| Class A-2b Notes | $ | 130,995,887.52 | 5.93207% | ACT/360 | $ | 625,978.51 |
| 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 | $ | 754,781,775.03 | $ | 3,627,648.10 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 822,800,034.21 | $ | 792,735,043.19 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 757,601,983.32 | $ | 730,208,632.90 |
| Number of Receivables Outstanding | 42,583 | 41,929 | ||
| Weighted Average Contract Rate | 5.14 | % | 5.15 | % |
| Weighted Average Remaining Term (months) | 45.4 | 44.4 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 3,527,396.27 |
| Principal Collections | $ | 29,827,690.08 |
| Liquidation Proceeds | $ | 131,642.02 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 33,486,728.37 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 33,486,728.37 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 685,666.70 | $ | 685,666.70 | $ | - | $ | - | $ | 32,801,061.67 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 32,801,061.67 |
| Interest - Class A-2a Notes | $ | 645,154.75 | $ | 645,154.75 | $ | - | $ | - | $ | 32,155,906.92 |
| Interest - Class A-2b Notes | $ | 625,978.51 | $ | 625,978.51 | $ | - | $ | - | $ | 31,529,928.41 |
| Interest - Class A-3 Notes | $ | 1,919,436.00 | $ | 1,919,436.00 | $ | - | $ | - | $ | 29,610,492.41 |
| Interest - Class A-4 Notes | $ | 302,402.33 | $ | 302,402.33 | $ | - | $ | - | $ | 29,308,090.08 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 29,308,090.08 |
| Interest - Class B Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 29,263,197.91 |
| Second Allocation of Principal | $ | 2,033,142.13 | $ | 2,033,142.13 | $ | - | $ | - | $ | 27,230,055.78 |
| Interest - Class C Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 27,185,163.61 |
| Third Allocation of Principal | $ | 11,270,000.00 | $ | 11,270,000.00 | $ | - | $ | - | $ | 15,915,163.61 |
| Interest - Class D Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 15,870,271.44 |
| Fourth Allocation of Principal | $ | 11,270,000.00 | $ | 11,270,000.00 | $ | - | $ | - | $ | 4,600,271.44 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 4,600,271.44 |
| Regular Principal Distribution Amount | $ | 2,820,208.29 | $ | 2,820,208.29 | $ | - | $ | - | $ | 1,780,063.15 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,780,063.15 |
| Remaining Funds to Certificates | $ | 1,780,063.15 | $ | 1,780,063.15 | $ | - | $ | - | $ | - |
| Total | $ | 33,486,728.37 | $ | 33,486,728.37 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 65,198,050.89 |
| Increase/(Decrease) | $ | (2,671,640.60) |
| Ending YSOC Amount | $ | 62,526,410.29 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 757,601,983.32 | $ | 730,208,632.90 |
| Note Balance | $ | 754,781,775.03 | $ | 727,388,424.61 |
| 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% | 24 | $ | 237,300.94 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.02% | 68 | $ | 131,642.02 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 105,658.92 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | 0.24 | % | ||
| Second Preceding Collection Period | 0.01 | % | ||
| Preceding Collection Period | 0.21 | % | ||
| Current Collection Period | 0.16 | % | ||
| Four-Month Average Net Loss Ratio | 0.15 | % | ||
| Cumulative Net Losses for All Periods | $ | 1,563,411.15 | ||
| Cumulative Net Loss Ratio | 0.13 | % | ||
|
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 | 0.16% | 54 | $ | 1,235,658.10 |
| 60-89 Days Delinquent | 0.06% | 19 | $ | 496,864.89 |
| 90-119 Days Delinquent | 0.02% | 7 | $ | 187,264.89 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.24% | 80 | $ | 1,919,787.88 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 4 | $ | 102,784.31 | |
| Total Repossessed Inventory | 9 | $ | 265,472.86 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 26 | $ | 684,129.78 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.05 | % | ||
| Second Preceding Collection Period | 0.08 | % | ||
| Preceding Collection Period | 0.08 | % | ||
| Current Collection Period | 0.09 | % | ||
| 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 | 0.34 | 0.04% | 15 | 0.04% |