Capital One Prime Auto Receivables Trust 2023-1
01/15/2025 | Press release | Distributed by Public on 01/15/2025 11:42
Asset Backed Issuer Distribution Report (Form 10 D)
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-1
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 | $ | 1,495,738,191.10 |
| Cut-Off Date Adjusted Pool Balance | $ | 1,356,480,551.60 |
I. DEAL SUMMARY
|
Beginning Note Balance |
Principal Payment | Ending Note Balance | Note Factor | Final Scheduled Payment Date | ||||
| Class A-1 Notes | $ | - | $ | - | $ | - | - | Mar-24 |
| Class A-2 Notes | $ | 6,878,394.85 | $ | 6,878,394.85 | $ | - | - | May-26 |
| Class A-3 Notes | $ | 475,000,000.00 | $ | 19,870,214.77 | $ | 455,129,785.23 | 0.958168 | Feb-28 |
| Class A-4 Notes | $ | 98,700,000.00 | $ | - | $ | 98,700,000.00 | 1.000000 | Aug-28 |
| Class B Notes | $ | 13,560,000.00 | $ | - | $ | 13,560,000.00 | 1.000000 | Sep-28 |
| Class C Notes | $ | 13,560,000.00 | $ | - | $ | 13,560,000.00 | 1.000000 | Sep-28 |
| Class D Notes | $ | 13,560,000.00 | $ | - | $ | 13,560,000.00 | 1.000000 | May-29 |
| Total Notes | $ | 621,258,394.85 | $ | 26,748,609.62 | $ | 594,509,785.23 |
| Beginning Balance | Ending Balance | Pool Factor | |||
| Net Pool Balance | $ | 682,002,571.53 | $ | 652,434,284.64 | 0.436196 |
| YSOC Amount | $ | 57,352,975.30 | $ | 54,533,298.03 | |
| Adjusted Pool Balance | $ | 624,649,596.23 | $ | 597,900,986.61 | |
| Overcollateralization Amount (Adjusted Pool Balance - Note Balance) | $ | 3,391,201.38 | $ | 3,391,201.38 | |
| Reserve Account Balance | $ | 3,391,201.38 | $ | 3,391,201.38 |
|
Beginning Note Balance |
Interest Rate | Accrual Methodology | Interest Payment | |||
| Class A-1 Notes | $ | - | 4.90000% | ACT/360 | $ | - |
| Class A-2 Notes | $ | 6,878,394.85 | 5.20000% | 30/360 | $ | 29,806.38 |
| Class A-3 Notes | $ | 475,000,000.00 | 4.87000% | 30/360 | $ | 1,927,708.33 |
| Class A-4 Notes | $ | 98,700,000.00 | 4.76000% | 30/360 | $ | 391,510.00 |
| Class B Notes | $ | 13,560,000.00 | 5.07000% | 30/360 | $ | 57,291.00 |
| Class C Notes | $ | 13,560,000.00 | 5.36000% | 30/360 | $ | 60,568.00 |
| Class D Notes | $ | 13,560,000.00 | 6.34000% | 30/360 | $ | 71,642.00 |
| Total Notes | $ | 621,258,394.85 | $ | 2,538,525.71 |
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||
| Net Pool Balance | $ | 682,002,571.53 | $ | 652,434,284.64 |
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 624,649,596.23 | $ | 597,900,986.61 |
| Number of Receivables Outstanding | 42,549 | 41,762 | ||
| Weighted Average Contract Rate | 3.93 | % | 3.93 | % |
| Weighted Average Remaining Term (months) | 38.2 | 37.3 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | ||
| a. Collections | ||
| Interest Collections | $ | 2,198,638.37 |
| Principal Collections | $ | 29,195,111.18 |
| Liquidation Proceeds | $ | 160,878.52 |
| b. Repurchase Price | $ | - |
| c. Optional Purchase Price | $ | - |
| d. Reserve Account Excess Amount | $ | - |
| Total Available Funds | $ | 31,554,628.07 |
| Reserve Account Draw Amount | $ | - |
| Total Funds Available for Distribution | $ | 31,554,628.07 |
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Servicing Fee | $ | 568,335.48 | $ | 568,335.48 | $ | - | $ | - | $ | 30,986,292.59 |
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 30,986,292.59 |
| Interest - Class A-2 Notes | $ | 29,806.38 | $ | 29,806.38 | $ | - | $ | - | $ | 30,956,486.21 |
| Interest - Class A-3 Notes | $ | 1,927,708.33 | $ | 1,927,708.33 | $ | - | $ | - | $ | 29,028,777.88 |
| Interest - Class A-4 Notes | $ | 391,510.00 | $ | 391,510.00 | $ | - | $ | - | $ | 28,637,267.88 |
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 28,637,267.88 |
| Interest - Class B Notes | $ | 57,291.00 | $ | 57,291.00 | $ | - | $ | - | $ | 28,579,976.88 |
| Second Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 28,579,976.88 |
| Interest - Class C Notes | $ | 60,568.00 | $ | 60,568.00 | $ | - | $ | - | $ | 28,519,408.88 |
| Third Allocation of Principal | $ | 9,797,408.24 | $ | 9,797,408.24 | $ | - | $ | - | $ | 18,722,000.64 |
| Interest - Class D Notes | $ | 71,642.00 | $ | 71,642.00 | $ | - | $ | - | $ | 18,650,358.64 |
| Fourth Allocation of Principal | $ | 13,560,000.00 | $ | 13,560,000.00 | $ | - | $ | - | $ | 5,090,358.64 |
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 5,090,358.64 |
| Regular Principal Distribution Amount | $ | 3,391,201.38 | $ | 3,391,201.38 | $ | - | $ | - | $ | 1,699,157.26 |
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,699,157.26 |
| Remaining Funds to Certificates | $ | 1,699,157.26 | $ | 1,699,157.26 | $ | - | $ | - | $ | - |
| Total | $ | 31,554,628.07 | $ | 31,554,628.07 | $ | - | $ | - |
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | ||
| Beginning Period YSOC Amount | $ | 57,352,975.30 |
| Increase/(Decrease) | $ | (2,819,677.27) |
| Ending YSOC Amount | $ | 54,533,298.03 |
| Overcollateralization: | Beginning of Period | End of Period | ||
| Adjusted Pool Balance | $ | 624,649,596.23 | $ | 597,900,986.61 |
| Note Balance | $ | 621,258,394.85 | $ | 594,509,785.23 |
| Overcollateralization (Adjusted Pool Balance - Note Balance) | $ | 3,391,201.38 | $ | 3,391,201.38 |
| Target Overcollateralization Amount | $ | 3,391,201.38 | $ | 3,391,201.38 |
| Overcollateralization Shortfall | $ | - | $ | - |
VI. RESERVE ACCOUNT
| Specified Reserve Account Balance | $ | 3,391,201.38 |
| Beginning Reserve Account Balance | $ | 3,391,201.38 |
| Reserve Account Deposit Amount | $ | - |
| Reserve Account Draw Amount | $ | - |
| Reserve Account Excess Amount | $ | - |
| Ending Reserve Account Balance | $ | 3,391,201.38 |
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% | 30 | $ | 373,175.71 |
|
Liquidation Proceeds of Defaulted Receivables1
|
0.02% | 159 | $ | 160,878.52 |
| Monthly Net Losses (Liquidation Proceeds) | $ | 212,297.19 | ||
| Net Losses as % of Average Pool Balance (annualized) | ||||
| Third Preceding Collection Period | 0.03 | % | ||
| Second Preceding Collection Period | 0.19 | % | ||
| Preceding Collection Period | 0.51 | % | ||
| Current Collection Period | 0.38 | % | ||
| Four-Month Average Net Loss Ratio | 0.28 | % | ||
| Cumulative Net Losses for All Periods | $ | 4,141,406.63 | ||
| Cumulative Net Loss Ratio | 0.28 | % | ||
|
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 | 0.40% | 125 | $ | 2,608,964.23 |
| 60-89 Days Delinquent | 0.13% | 41 | $ | 826,928.22 |
| 90-119 Days Delinquent | 0.08% | 21 | $ | 524,274.29 |
| 120+ Days Delinquent | 0.00% | 0 | $ | - |
| Total Delinquent Receivables | 0.61% | 187 | $ | 3,960,166.74 |
| Repossession Inventory: | # of Receivables | Principal Balance | ||
| Repossessed in the Current Collection Period | 9 | $ | 217,735.57 | |
| Total Repossessed Inventory | 17 | $ | 398,005.71 | |
| 60+ Delinquency Percentage: | # of Receivables | Amount | ||
| 60+ Day Delinquent Receivables | 62 | $ | 1,351,202.51 | |
| 60+ Delinquencies as % of EOP Net Pool Balance | ||||
| Third Preceding Collection Period | 0.16 | % | ||
| Second Preceding Collection Period | 0.18 | % | ||
| Preceding Collection Period | 0.19 | % | ||
| Current Collection Period | 0.21 | % | ||
| 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 | 0.94 | 0.14% | 46 | 0.11% |