Capital One Prime Auto Receivables Trust 2023-2
03/17/2025 | Press release | Distributed by Public on 03/17/2025 09:24
Asset-Backed Issuer Distribution Report (Form 10-D)
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2
Statement to Securityholders
Determination Date: March 12, 2025
| Payment Date | 3/17/2025 | ||||
| Collection Period Start | 2/1/2025 | ||||
| Collection Period End | 2/28/2025 | ||||
| Interest Period Start | 2/18/2025 | ||||
| Interest Period End | 3/16/2025 | ||||
| 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 | $ | 61,882,716.34 | $ | 12,475,548.12 | $ | 49,407,168.22 | 0.226763 | Oct-26 | |||||||||
| Class A-2b Notes | $ | 61,882,716.34 | $ | 12,475,548.12 | $ | 49,407,168.22 | 0.226763 | 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 | $ | 616,555,432.68 | $ | 24,951,096.24 | $ | 591,604,336.44 | |||||||||||
| Beginning Balance | Ending Balance | Pool Factor | |||||||||||||||
| Net Pool Balance | $ | 671,714,523.38 | $ | 644,344,414.34 | 0.524296 | ||||||||||||
| YSOC Amount | $ | 52,338,882.41 | $ | 49,919,869.61 | |||||||||||||
| Adjusted Pool Balance | $ | 619,375,640.97 | $ | 594,424,544.73 | |||||||||||||
| 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 | $ | 61,882,716.34 | 5.91000% | 30/360 | $ | 304,772.38 | |||||||||||
| Class A-2b Notes | $ | 61,882,716.34 | 4.92864% | ACT/360 | $ | 228,748.22 | |||||||||||
| 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 | $ | 616,555,432.68 | $ | 2,890,035.44 | |||||||||||||
II. COLLATERAL POOL BALANCE
| Beginning of Period | End of Period | |||||||
| Net Pool Balance | $ | 671,714,523.38 | $ | 644,344,414.34 | ||||
| Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 619,375,640.97 | $ | 594,424,544.73 | ||||
| Number of Receivables Outstanding | 38,954 | 38,206 | ||||||
| Weighted Average Contract Rate | 5.16 | % | 5.16 | % | ||||
| Weighted Average Remaining Term (months) | 40.7 | 39.7 | ||||||
III. FUNDS AVAILABLE FOR DISTRIBUTION
| Available Funds: | |||||
| a. Collections | |||||
| Interest Collections | $ | 2,868,503.23 | |||
| Principal Collections | $ | 27,272,467.27 | |||
| Liquidation Proceeds | $ | 237,434.17 | |||
| b. Repurchase Price | $ | - | |||
| c. Optional Purchase Price | $ | - | |||
| d. Reserve Account Excess Amount | $ | - | |||
| Total Available Funds | $ | 30,378,404.67 | |||
| Reserve Account Draw Amount | $ | - | |||
| Total Funds Available for Distribution | $ | 30,378,404.67 | |||
IV. DISTRIBUTION
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | |||||||||||||
| Servicing Fee | $ | 559,762.10 | $ | 559,762.10 | $ | - | $ | - | $ | 29,818,642.57 | |||||||
| Interest - Class A-1 Notes | $ | - | $ | - | $ | - | $ | - | $ | 29,818,642.57 | |||||||
| Interest - Class A-2a Notes | $ | 304,772.38 | $ | 304,772.38 | $ | - | $ | - | $ | 29,513,870.19 | |||||||
| Interest - Class A-2b Notes | $ | 228,748.22 | $ | 228,748.22 | $ | - | $ | - | $ | 29,285,121.97 | |||||||
| Interest - Class A-3 Notes | $ | 1,919,436.00 | $ | 1,919,436.00 | $ | - | $ | - | $ | 27,365,685.97 | |||||||
| Interest - Class A-4 Notes | $ | 302,402.33 | $ | 302,402.33 | $ | - | $ | - | $ | 27,063,283.64 | |||||||
| First Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 27,063,283.64 | |||||||
| Interest - Class B Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 27,018,391.47 | |||||||
| Second Allocation of Principal | $ | - | $ | - | $ | - | $ | - | $ | 27,018,391.47 | |||||||
| Interest - Class C Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 26,973,499.30 | |||||||
| Third Allocation of Principal | $ | 10,860,887.95 | $ | 10,860,887.95 | $ | - | $ | - | $ | 16,112,611.35 | |||||||
| Interest - Class D Notes | $ | 44,892.17 | $ | 44,892.17 | $ | - | $ | - | $ | 16,067,719.18 | |||||||
| Fourth Allocation of Principal | $ | 11,270,000.00 | $ | 11,270,000.00 | $ | - | $ | - | $ | 4,797,719.18 | |||||||
| Reserve Account Deposit Amount | $ | - | $ | - | $ | - | $ | - | $ | 4,797,719.18 | |||||||
| Regular Principal Distribution Amount | $ | 2,820,208.29 | $ | 2,820,208.29 | $ | - | $ | - | $ | 1,977,510.89 | |||||||
| Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | - | $ | - | $ | - | $ | - | $ | 1,977,510.89 | |||||||
| Remaining Funds to Certificates | $ | 1,977,510.89 | $ | 1,977,510.89 | $ | - | $ | - | $ | - | |||||||
| Total | $ | 30,378,404.67 | $ | 30,378,404.67 | $ | - | $ | - | |||||||||
V. OVERCOLLATERALIZATION INFORMATION
| Yield Supplement Overcollateralization Amount: | |||||
| Beginning Period YSOC Amount | $ | 52,338,882.41 | |||
| Increase/(Decrease) | $ | (2,419,012.80) | |||
| Ending YSOC Amount | $ | 49,919,869.61 | |||
| Overcollateralization: | Beginning of Period | End of Period | ||||||
| Adjusted Pool Balance | $ | 619,375,640.97 | $ | 594,424,544.73 | ||||
| Note Balance | $ | 616,555,432.68 | $ | 591,604,336.44 | ||||
| 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) | 0.02% | 10 | $ | 97,641.77 | |||||||
|
Liquidation Proceeds of Defaulted Receivables1
|
0.04% | 113 | $ | 237,434.17 | |||||||
| Monthly Net Losses (Liquidation Proceeds) | $ | (139,792.40) | |||||||||
| Net Losses as % of Average Pool Balance (annualized) | |||||||||||
| Third Preceding Collection Period | 0.35 | % | |||||||||
| Second Preceding Collection Period | 0.39 | % | |||||||||
| Preceding Collection Period | 0.09 | % | |||||||||
| Current Collection Period | (0.25) | % | |||||||||
| Four-Month Average Net Loss Ratio | 0.14 | % | |||||||||
| Cumulative Net Losses for All Periods | $ | 2,011,536.61 | |||||||||
| Cumulative Net Loss Ratio | 0.16 | % | |||||||||
|
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 | 0.19% | 63 | $ | 1,224,079.81 | |||||||
| 60-89 Days Delinquent | 0.09% | 25 | $ | 609,058.52 | |||||||
| 90-119 Days Delinquent | 0.03% | 6 | $ | 173,963.17 | |||||||
| 120+ Days Delinquent | 0.00% | 0 | $ | - | |||||||
| Total Delinquent Receivables | 0.31% | 94 | $ | 2,007,101.50 | |||||||
| Repossession Inventory: | # of Receivables | Principal Balance | |||||||||
| Repossessed in the Current Collection Period | 6 | $ | 124,167.65 | ||||||||
| Total Repossessed Inventory | 7 | $ | 140,116.86 | ||||||||
| 60+ Delinquency Percentage: | # of Receivables | Amount | |||||||||
| 60+ Day Delinquent Receivables | 31 | $ | 783,021.69 | ||||||||
| 60+ Delinquencies as % of EOP Net Pool Balance | |||||||||||
| Third Preceding Collection Period | 0.08 | % | |||||||||
| Second Preceding Collection Period | 0.06 | % | |||||||||
| Preceding Collection Period | 0.09 | % | |||||||||
| Current Collection Period | 0.12 | % | |||||||||
| 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 February 2025.
| Month-End Balance | # of Receivables | |||||||||||||
| ($MM) | (%) | (#) | (%) | |||||||||||
| Total Extensions | 0.44 | 0.07% | 18 | 0.05% | ||||||||||
Capital One Prime Auto Receivables Trust 2023-2 published this content on March 17, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on March 17, 2025 at 15:24 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]