Capital One Prime Auto Receivables Trust 2024-1
05/15/2025 | Press release | Distributed by Public on 05/15/2025 13:16
Asset-Backed Issuer Distribution Report (Form 10-D)
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2024-1
Statement to Securityholders
Determination Date: May 12, 2025
| Payment Date | 5/15/2025 | ||||
| Collection Period Start | 4/1/2025 | ||||
| Collection Period End | 4/30/2025 | ||||
| Interest Period Start | 4/15/2025 | ||||
| Interest Period End | 5/14/2025 | ||||
| Cut-Off Date Net Pool Balance | $ | 1,116,124,822.45 | |||
| Cut-Off Date Adjusted Pool Balance | $ | 1,085,195,990.01 | |||
I. DEAL SUMMARY
|
Beginning Note Balance |
Principal Payment | Ending Note Balance | Note Factor | Final Scheduled Payment Date | |||||||||||||
| Class A-1 Notes | $ | - | $ | - | $ | - | - | Dec-25 | |||||||||
| Class A-2a Notes | $ | 302,938,238.40 | $ | 27,694,110.53 | $ | 275,244,127.87 | 0.874346 | Oct-27 | |||||||||
| Class A-2b Notes | $ | 75,830,791.57 | $ | 6,932,325.00 | $ | 68,898,466.57 | 0.874346 | Oct-27 | |||||||||
| Class A-3 Notes | $ | 393,600,000.00 | $ | - | $ | 393,600,000.00 | 1.000000 | Jul-29 | |||||||||
| Class A-4 Notes | $ | 65,440,000.00 | $ | - | $ | 65,440,000.00 | 1.000000 | Jan-30 | |||||||||
| Class B Notes | $ | 10,850,000.00 | $ | - | $ | 10,850,000.00 | 1.000000 | Feb-30 | |||||||||
| Class C Notes | $ | 10,850,000.00 | $ | - | $ | 10,850,000.00 | 1.000000 | Apr-30 | |||||||||
| Class D Notes | $ | 10,850,000.00 | $ | - | $ | 10,850,000.00 | 1.000000 | Jan-31 | |||||||||
| Total Notes | $ | 870,359,029.97 | $ | 34,626,435.53 | $ | 835,732,594.44 | |||||||||||
| Beginning Balance | Ending Balance | Pool Factor | |||||||||||||||
| Net Pool Balance | $ | 898,232,863.33 | $ | 862,692,671.24 | 0.772936 | ||||||||||||
| YSOC Amount | $ | 25,160,843.38 | $ | 24,247,086.82 | |||||||||||||
| Adjusted Pool Balance | $ | 873,072,019.95 | $ | 838,445,584.42 | |||||||||||||
| Overcollateralization Amount (Adjusted Pool Balance - Note Balance) | $ | 2,712,989.98 | $ | 2,712,989.98 | |||||||||||||
| Reserve Account Balance | $ | 2,712,989.98 | $ | 2,712,989.98 | |||||||||||||
|
Beginning Note Balance |
Interest Rate | Accrual Methodology | Interest Payment | ||||||||||||||
| Class A-1 Notes | $ | - | 4.62200% | ACT/360 | $ | - | |||||||||||
| Class A-2a Notes | $ | 302,938,238.40 | 4.61000% | 30/360 | $ | 1,163,787.73 | |||||||||||
| Class A-2b Notes | $ | 75,830,791.57 | 4.66471% | ACT/360 | $ | 294,773.88 | |||||||||||
| Class A-3 Notes | $ | 393,600,000.00 | 4.62000% | 30/360 | $ | 1,515,360.00 | |||||||||||
| Class A-4 Notes | $ | 65,440,000.00 | 4.66000% | 30/360 | $ | 254,125.33 | |||||||||||
| Class B Notes | $ | 10,850,000.00 | 4.89000% | 30/360 | $ | 44,213.75 | |||||||||||
| Class C Notes | $ | 10,850,000.00 | 5.09000% | 30/360 | $ | 46,022.08 | |||||||||||
| Class D Notes | $ | 10,850,000.00 | 5.43000% | 30/360 | $ | 49,096.25 | |||||||||||
| Total Notes | $ | 870,359,029.97 | $ | 3,367,379.02 | |||||||||||||
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||||||
| Net Pool Balance | $ | 898,232,863.33 | $ | 862,692,671.24 | ||||
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 873,072,019.95 | $ | 838,445,584.42 | ||||
| Number of Receivables Outstanding | 44,318 | 43,357 | ||||||
| Weighted Average Contract Rate | 7.56 | % | 7.56 | % | ||||
| Weighted Average Remaining Term (months) | 50.7 | 49.7 | ||||||
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | |||||
| a. Collections | |||||
| Interest Collections | $ | 5,651,683.94 | |||
| Principal Collections | $ | 35,411,204.24 | |||
| Liquidation Proceeds | $ | 175,192.50 | |||
| b. Repurchase Price | $ | - | |||
| c. Optional Purchase Price | $ | - | |||
| d. Reserve Account Excess Amount | $ | - | |||
| Total Available Funds | $ | 41,238,080.68 | |||
| Reserve Account Draw Amount | $ | - | |||
| Total Funds Available for Distribution | $ | 41,238,080.68 | |||
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | |||||||||||||
| Servicing Fee | $ | 748,527.39 | $ | 748,527.39 | $ | - | $ | - | $ | 40,489,553.29 | |||||||
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 40,489,553.29 | |||||||
| Interest - Class A-2a Notes | $ | 1,163,787.73 | $ | 1,163,787.73 | $ | - | $ | - | $ | 39,325,765.56 | |||||||
| Interest - Class A-2b Notes | $ | 294,773.88 | $ | 294,773.88 | $ | - | $ | - | $ | 39,030,991.68 | |||||||
| Interest - Class A-3 Notes | $ | 1,515,360.00 | $ | 1,515,360.00 | $ | - | $ | - | $ | 37,515,631.68 | |||||||
| Interest - Class A-4 Notes | $ | 254,125.33 | $ | 254,125.33 | $ | - | $ | - | $ | 37,261,506.35 | |||||||
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 37,261,506.35 | |||||||
| Interest - Class B Notes | $ | 44,213.75 | $ | 44,213.75 | $ | - | $ | - | $ | 37,217,292.60 | |||||||
| Second Allocation of Principal | $ | 10,213,445.55 | $ | 10,213,445.55 | $ | - | $ | - | $ | 27,003,847.05 | |||||||
| Interest - Class C Notes | $ | 46,022.08 | $ | 46,022.08 | $ | - | $ | - | $ | 26,957,824.97 | |||||||
| Third Allocation of Principal | $ | 10,850,000.00 | $ | 10,850,000.00 | $ | - | $ | - | $ | 16,107,824.97 | |||||||
| Interest - Class D Notes | $ | 49,096.25 | $ | 49,096.25 | $ | - | $ | - | $ | 16,058,728.72 | |||||||
| Fourth Allocation of Principal | $ | 10,850,000.00 | $ | 10,850,000.00 | $ | - | $ | - | $ | 5,208,728.72 | |||||||
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 5,208,728.72 | |||||||
| Regular Principal Distribution Amount | $ | 2,712,989.98 | $ | 2,712,989.98 | $ | - | $ | - | $ | 2,495,738.74 | |||||||
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 2,495,738.74 | |||||||
| Remaining Funds to Certificates | $ | 2,495,738.74 | $ | 2,495,738.74 | $ | - | $ | - | $ | - | |||||||
| Total | $ | 41,238,080.68 | $ | 41,238,080.68 | $ | - | $ | - | |||||||||
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | |||||
| Beginning Period YSOC Amount | $ | 25,160,843.38 | |||
| Increase/(Decrease) | $ | (913,756.56) | |||
| Ending YSOC Amount | $ | 24,247,086.82 | |||
| Overcollateralization: | Beginning of Period | End of Period | ||||||
| Adjusted Pool Balance | $ | 873,072,019.95 | $ | 838,445,584.42 | ||||
| Note Balance | $ | 870,359,029.97 | $ | 835,732,594.44 | ||||
| Overcollateralization (Adjusted Pool Balance - Note Balance) | $ | 2,712,989.98 | $ | 2,712,989.98 | ||||
| Target Overcollateralization Amount | $ | 2,712,989.98 | $ | 2,712,989.98 | ||||
| Overcollateralization Shortfall | $ | - | $ | - | ||||
VI. RESERVE ACCOUNT
| Specified Reserve Account Balance | $ | 2,712,989.98 | |||
| Beginning Reserve Account Balance | $ | 2,712,989.98 | |||
| Reserve Account Deposit Amount | $ | - | |||
| Reserve Account Draw Amount | $ | - | |||
| Reserve Account Excess Amount | $ | - | |||
| Ending Reserve Account Balance | $ | 2,712,989.98 | |||
VII. NET LOSS AND DELINQUENT RECEIVABLES
| Net Loss: | % of EOP Net Pool Balance | # of Receivables | Amount | ||||||||
| Defaulted Receivables during Collection Period (Principal Balance) | 0.01% | 18 | $ | 128,987.85 | |||||||
|
Liquidation Proceeds of Defaulted Receivables1
|
0.02% | 66 | $ | 175,192.50 | |||||||
| Monthly Net Losses (Liquidation Proceeds) | $ | (46,204.65) | |||||||||
| Net Losses as % of Average Pool Balance (annualized) | |||||||||||
| Third Preceding Collection Period | 0.25 | % | |||||||||
| Second Preceding Collection Period | 0.33 | % | |||||||||
| Preceding Collection Period | 0.18 | % | |||||||||
| Current Collection Period | (0.06) | % | |||||||||
| Four-Month Average Net Loss Ratio | 0.17 | % | |||||||||
| Cumulative Net Losses for All Periods | $ | 898,643.99 | |||||||||
| Cumulative Net Loss Ratio | 0.08 | % | |||||||||
|
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 | 0.08% | 30 | $ | 665,459.59 | |||||||
| 60-89 Days Delinquent | 0.02% | 6 | $ | 214,546.29 | |||||||
| 90-119 Days Delinquent | 0.00% | 1 | $ | 7,637.89 | |||||||
| 120+ Days Delinquent | 0.00% | 0 | $ | - | |||||||
| Total Delinquent Receivables | 0.10% | 37 | $ | 887,643.77 | |||||||
| Repossession Inventory: | # of Receivables | Principal Balance | |||||||||
| Repossessed in the Current Collection Period | 3 | $ | 63,312.98 | ||||||||
| Total Repossessed Inventory | 7 | $ | 183,355.31 | ||||||||
| 60+ Delinquency Percentage: | # of Receivables | Amount | |||||||||
| 60+ Day Delinquent Receivables | 7 | $ | 222,184.18 | ||||||||
| 60+ Delinquencies as % of EOP Net Pool Balance | |||||||||||
| Third Preceding Collection Period | 0.03 | % | |||||||||
| Second Preceding Collection Period | 0.01 | % | |||||||||
| Preceding Collection Period | 0.01 | % | |||||||||
| Current Collection Period | 0.03 | % | |||||||||
| 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 April 2025.
| Month-End Balance | # of Receivables | |||||||||||||
| ($MM) | (%) | (#) | (%) | |||||||||||
| Total Extensions | 0.32 | 0.04% | 15 | 0.03% | ||||||||||
Capital One Prime Auto Receivables Trust 2024-1 published this content on May 15, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on May 15, 2025 at 19:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]