Capital One Prime Auto Receivables Trust 2022-1
01/15/2025 | Press release | Distributed by Public on 01/15/2025 11:30
Asset Backed Issuer Distribution Report (Form 10 D)
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2022-1
Statement to Securityholders
Determination Date: January 10, 2025
| Payment Date | 1/15/2025 |
| Collection Period Start | 12/1/2024 |
| Collection Period End | 12/31/2024 |
| Interest Period Start | 12/16/2024 |
| Interest Period End | 1/14/2025 |
| Cut-Off Date Net Pool Balance | $ | 2,025,808,403.15 |
| Cut-Off Date Adjusted Pool Balance | $ | 1,899,077,623.74 |
I. DEAL SUMMARY
|
Beginning Note Balance |
Principal Payment | Ending Note Balance | Note Factor | Final Scheduled Payment Date | ||||
| Class A-1 Notes | $ | - | $ | - | $ | - | - | May-23 |
| Class A-2 Notes | $ | - | $ | - | $ | - | - | Jun-25 |
| Class A-3 Notes | $ | 355,910,158.83 | $ | 30,176,821.78 | $ | 325,733,337.05 | 0.491161 | Apr-27 |
| Class A-4 Notes | $ | 150,730,000.00 | $ | - | $ | 150,730,000.00 | 1.000000 | Sep-27 |
| Class B Notes | $ | 18,990,000.00 | $ | - | $ | 18,990,000.00 | 1.000000 | Oct-27 |
| Class C Notes | $ | 18,990,000.00 | $ | - | $ | 18,990,000.00 | 1.000000 | Dec-27 |
| Class D Notes | $ | 18,980,000.00 | $ | - | $ | 18,980,000.00 | 1.000000 | Sep-28 |
| Total Notes | $ | 563,600,158.83 | $ | 30,176,821.78 | $ | 533,423,337.05 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 600,070,869.30 | $ | 567,914,264.69 | 0.280340 |
| YSOC Amount | $ | 31,723,016.41 | $ | 29,743,233.58 | |
| Adjusted Pool Balance | $ | 568,347,852.89 | $ | 538,171,031.11 | |
| Overcollateralization Amount (Adjusted Pool Balance - Note Balance) | $ | 4,747,694.06 | $ | 4,747,694.06 | |
| Reserve Account Balance | $ | 4,747,694.06 | $ | 4,747,694.06 |
|
Beginning Note Balance |
Interest Rate | Accrual Methodology | Interest Payment | |||
| Class A-1 Notes | $ | - | 1.40500% | ACT/360 | $ | - |
| Class A-2 Notes | $ | - | 2.71000% | 30/360 | $ | - |
| Class A-3 Notes | $ | 355,910,158.83 | 3.17000% | 30/360 | $ | 940,196.00 |
| Class A-4 Notes | $ | 150,730,000.00 | 3.32000% | 30/360 | $ | 417,019.67 |
| Class B Notes | $ | 18,990,000.00 | 3.59000% | 30/360 | $ | 56,811.75 |
| Class C Notes | $ | 18,990,000.00 | 3.93000% | 30/360 | $ | 62,192.25 |
| Class D Notes | $ | 18,980,000.00 | 4.43000% | 30/360 | $ | 70,067.83 |
| Total Notes | $ | 563,600,158.83 | $ | 1,546,287.50 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 600,070,869.30 | $ | 567,914,264.69 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 568,347,852.89 | $ | 538,171,031.11 |
| Number of Receivables Outstanding | 52,825 | 51,634 | ||
| Weighted Average Contract Rate | 3.61 | % | 3.61 | % |
| Weighted Average Remaining Term (months) | 30.5 | 29.6 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 1,777,209.01 |
| Principal Collections | $ | 31,866,505.41 |
| Liquidation Proceeds | $ | 191,518.13 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 33,835,232.55 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 33,835,232.55 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 500,059.06 | $ | 500,059.06 | $ | - | $ | - | $ | 33,335,173.49 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 33,335,173.49 |
| Interest - Class A-2 Notes | $ | - | $ | - | $ | - | $ | - | $ | 33,335,173.49 |
| Interest - Class A-3 Notes | $ | 940,196.00 | $ | 940,196.00 | $ | - | $ | - | $ | 32,394,977.49 |
| Interest - Class A-4 Notes | $ | 417,019.67 | $ | 417,019.67 | $ | - | $ | - | $ | 31,977,957.82 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 31,977,957.82 |
| Interest - Class B Notes | $ | 56,811.75 | $ | 56,811.75 | $ | - | $ | - | $ | 31,921,146.07 |
| Second Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 31,921,146.07 |
| Interest - Class C Notes | $ | 62,192.25 | $ | 62,192.25 | $ | - | $ | - | $ | 31,858,953.82 |
| Third Allocation of Principal | $ | 6,449,127.72 | $ | 6,449,127.72 | $ | - | $ | - | $ | 25,409,826.10 |
| Interest - Class D Notes | $ | 70,067.83 | $ | 70,067.83 | $ | - | $ | - | $ | 25,339,758.27 |
| Fourth Allocation of Principal | $ | 18,980,000.00 | $ | 18,980,000.00 | $ | - | $ | - | $ | 6,359,758.27 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 6,359,758.27 |
| Regular Principal Distribution Amount | $ | 4,747,694.06 | $ | 4,747,694.06 | $ | - | $ | - | $ | 1,612,064.21 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,612,064.21 |
| Remaining Funds to Certificates | $ | 1,612,064.21 | $ | 1,612,064.21 | $ | - | $ | - | $ | - |
| Total | $ | 33,835,232.55 | $ | 33,835,232.55 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 31,723,016.41 |
| Increase/(Decrease) | $ | (1,979,782.83) |
| Ending YSOC Amount | $ | 29,743,233.58 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 568,347,852.89 | $ | 538,171,031.11 |
| Note Balance | $ | 563,600,158.83 | $ | 533,423,337.05 |
| Overcollateralization (Adjusted Pool Balance - Note Balance) | $ | 4,747,694.06 | $ | 4,747,694.06 |
| Target Overcollateralization Amount | $ | 4,747,694.06 | $ | 4,747,694.06 |
| Overcollateralization Shortfall | $ | - | $ | - |
VI. RESERVE ACCOUNT
| Specified Reserve Account Balance | $ | 4,747,694.06 |
| Beginning Reserve Account Balance | $ | 4,747,694.06 |
| Reserve Account Deposit Amount | $ | - |
| Reserve Account Draw Amount | $ | - |
| Reserve Account Excess Amount | $ | - |
| Ending Reserve Account Balance | $ | 4,747,694.06 |
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% | 24 | $ | 290,099.20 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.03% | 185 | $ | 191,518.13 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 98,581.07 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | 0.18 | % | ||
| Second Preceding Collection Period | 0.27 | % | ||
| Preceding Collection Period | 0.25 | % | ||
| Current Collection Period | 0.20 | % | ||
| Four-Month Average Net Loss Ratio | 0.22 | % | ||
| Cumulative Net Losses for All Periods | $ | 4,715,755.08 | ||
| 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 | 0.49% | 197 | $ | 2,804,844.49 |
| 60-89 Days Delinquent | 0.18% | 72 | $ | 1,050,508.19 |
| 90-119 Days Delinquent | 0.07% | 21 | $ | 383,132.55 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.75% | 290 | $ | 4,238,485.23 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 11 | $ | 178,105.47 | |
| Total Repossessed Inventory | 19 | $ | 359,313.88 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 93 | $ | 1,433,640.74 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.21 | % | ||
| Second Preceding Collection Period | 0.21 | % | ||
| Preceding Collection Period | 0.21 | % | ||
| Current Collection Period | 0.25 | % | ||
| 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 December 2024.
| Month-End Balance | # of Receivables | |||
| ($MM) | (%) | (#) | (%) | |
| Total Extensions | 0.95 | 0.17% | 62 | 0.12% |