Form 10-D Capital One Prime Auto For: Apr 30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER
Distribution Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the monthly reporting period from April 1, 2022 to April 30, 2022
Commission File Number of issuing entity: 333-226529-02
Central Index Key Number of issuing entity: 0001786041
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2019-2
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor: 333-226529
Central Index Key Number of depositor: 0001133438
CAPITAL ONE AUTO RECEIVABLES, LLC
(Exact name of depositor as specified in its charter)
Central Index Key Number of sponsor: 0000047288
CAPITAL ONE, NATIONAL ASSOCIATION
(Exact name of sponsor as specified in its charter)
Eric Bauder
Senior Director, Capital Markets
703-720-3148
Delaware
(State of jurisdiction of incorporation or organization of the issuing entity)
84-6602668
(I.R.S. Employer Identification No.)
c/o Capital One Auto Receivables, LLC 1600 Capital One Drive Room 27907B McLean, Virginia (Address of principal executive offices) | 22102 (zip code) |
703-720-3148
(Telephone number, including area code)
Each class of Notes to which this report on Form 10-D relates is subject to the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934. The title of each class of Notes to which this report on Form 10-D relates is set forth in Exhibit 99.1 hereto.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
PART I - DISTRIBUTION INFORMATION
ITEM 1 - Distribution and Pool Performance Information.
Response to Item 1 is set forth in Exhibit 99.1.
ITEM 1A -Asset-Level Information.
The asset-level data for the asset pool of the issuing entity included in Exhibit 102 to the Form ABS-EE filed by the issuing entity with the U.S. Securities and Exchange Commission on May 16, 2022 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference.
The additional asset-level information or explanatory language for the asset pool of the issuing entity included in Exhibit 103 to the Form ABS-EE is also incorporated into this Form 10-D by reference.
ITEM 1B - Asset Representations Reviewer and Investor Communication.
None.
PART II - OTHER INFORMATION
ITEM 2 - Legal Proceedings.
None.
ITEM 3 - Sales of Securities and Use of Proceeds.
None.
ITEM 4 - Defaults Upon Senior Securities.
None.
ITEM 5 - [Reserved]
ITEM 6 - Significant Obliger's of Pool Assets.
None.
ITEM 7 - Change in Sponsor Interest in the Securities.
None.
ITEM 8 - Significant Enhancement Provider Information.
None.
ITEM 9 - Other Information.
Repurchases and Replacements
No assets securitized by Capital One, National Association ("CONA") and held by the issuing entity were the subject of a demand to repurchase or replace for breach of the representations and warranties during the monthly reporting period from April 1, 2022 to April 30, 2022. Please refer to the Form ABS-15G filed by the depositor on February 10th, 2022 for additional information. The CIK number of the depositor is 0001133438.
Credit Risk Retention Rules
On September 18th, 2019 (the "Closing Date"), CONA (either directly or through one or more wholly-owned special purposes subsidiaries of CONA) retained 5% of each class of Notes and the Certificates issued by Capital One Prime Auto Receivables Trust 2019-2 (collectively, the “Retained Interest”) in order to enable compliance by affected institutional investors with certain provisions of Regulation (EU) 2017/2402 of December 12, 2017, together with any guidance published and regulatory technical and implementing standards adopted in relation thereto (collectively, the “EU Retention Rules”), as in effect and applicable on the Closing Date. As of the last day of the period covered by this report CONA (either directly or through one or more wholly-owned special purposes subsidiaries of CONA) continues to retain the Retained Interest for purposes of the EU Retention Rules.
CONA has not hedged or otherwise mitigated (and has not permitted the depositor or any of its affiliates to hedge or otherwise mitigate) its credit risk under or associated with the Retained Interest, or sold, transferred or otherwise surrendered all or part of the rights, benefits or obligations arising from the Retained Interest, except, in each case, as permitted under those EU Retention Rules.
CONA has not changed the manner in which it retains the Retained Interest, except in accordance with those EU Retention Rules.
ITEM 10 - Exhibits.
(a) Documents filed as part of this report:
Exhibit 99.1: Servicer’s Monthly Securityholder Report.
(b) Exhibits required by this Form and Item 601 of Regulation S-K:
Exhibit 102: Asset Data File (incorporated by reference to Exhibit 102 to Form ABS-EE filed by the issuing entity on May 16, 2022).
Exhibit 103: Asset Related Document (incorporated by reference to Exhibit 103 to Form ABS-EE filed by the issuing entity on May 16, 2022).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: May 16, 2022
Capital One Prime Auto Receivables Trust 2019-2 | |||||
(Issuing Entity) | |||||
By: | Capital One, National Association | ||||
(Servicer, not in its individual capacity but | |||||
solely as servicer on behalf of the Issuing Entity) | |||||
By: | /s/ Jeremy Potts | ||||
Name: | Jeremy Potts | ||||
Title: | Vice President, Assistant Controller |
Exhibit 99.1
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2019-2
Statement to Securityholders
Determination Date: May 11, 2022
Payment Date | 5/16/2022 | ||||
Collection Period Start | 4/1/2022 | ||||
Collection Period End | 4/30/2022 | ||||
Interest Period Start | 4/15/2022 | ||||
Interest Period End | 5/15/2022 |
Cut-Off Date Net Pool Balance | $ | 1,410,746,433.50 | |||
Cut-Off Date Adjusted Pool Balance | $ | 1,410,746,433.50 |
I. DEAL SUMMARY
Beginning Note Balance | Principal Payment | Ending Note Balance | Note Factor | Final Scheduled Payment Date | |||||||||||||
Class A-1 Notes | $ | — | $ | — | $ | — | — | Sep-20 | |||||||||
Class A-2 Notes | $ | — | $ | — | $ | — | — | Sep-22 | |||||||||
Class A-3 Notes | $ | 160,893,713.40 | $ | 20,244,010.38 | $ | 140,649,703.02 | 0.306426 | May-24 | |||||||||
Class A-4 Notes | $ | 124,422,000.00 | $ | — | $ | 124,422,000.00 | 1.000000 | Feb-25 | |||||||||
Class B Notes | $ | 14,108,000.00 | $ | — | $ | 14,108,000.00 | 1.000000 | Mar-25 | |||||||||
Class C Notes | $ | 14,108,000.00 | $ | — | $ | 14,108,000.00 | 1.000000 | Apr-25 | |||||||||
Class D Notes | $ | 14,108,000.00 | $ | — | $ | 14,108,000.00 | 1.000000 | Jan-26 | |||||||||
Total Notes | $ | 327,639,713.40 | $ | 20,244,010.38 | $ | 307,395,703.02 |
Beginning Balance | Ending Balance | Pool Factor | |||||||||||||||
Net Pool Balance | $ | 331,166,579.48 | $ | 310,922,569.10 | 0.220396 | ||||||||||||
YSOC Amount | N/A | N/A | |||||||||||||||
Adjusted Pool Balance | $ | 331,166,579.48 | $ | 310,922,569.10 | |||||||||||||
Overcollateralization Amount (Adjusted Pool Balance - Note Balance) | $ | 3,526,866.08 | $ | 3,526,866.08 | |||||||||||||
Reserve Account Balance | $ | 3,526,866.08 | $ | 3,526,866.08 |
Beginning Note Balance | Interest Rate | Accrual Methodology | Interest Payment | ||||||||||||||
Class A-1 Notes | $ | — | 2.13163% | ACT/360 | $ | — | |||||||||||
Class A-2 Notes | $ | — | 2.06000% | 30/360 | $ | — | |||||||||||
Class A-3 Notes | $ | 160,893,713.40 | 1.92000% | 30/360 | $ | 257,429.94 | |||||||||||
Class A-4 Notes | $ | 124,422,000.00 | 1.96000% | 30/360 | $ | 203,222.60 | |||||||||||
Class B Notes | $ | 14,108,000.00 | 2.16000% | 30/360 | $ | 25,394.40 | |||||||||||
Class C Notes | $ | 14,108,000.00 | 2.36000% | 30/360 | $ | 27,745.73 | |||||||||||
Class D Notes | $ | 14,108,000.00 | 2.69000% | 30/360 | $ | 31,625.43 | |||||||||||
Total Notes | $ | 327,639,713.40 | $ | 545,418.10 |
II. COLLATERAL POOL BALANCE
Beginning of Period | End of Period | |||||||
Net Pool Balance | $ | 331,166,579.48 | $ | 310,922,569.10 | ||||
Adjusted Pool Balance (Net Pool Balance - YSOC Amount) | $ | 331,166,579.48 | $ | 310,922,569.10 | ||||
Number of Receivable Outstanding | 35,105 | 34,154 | ||||||
Weight Average Contract Rate | 4.71 | % | 4.72 | % | ||||
Weighted Average Remaining Term (months) | 30 | 29 |
III. FUNDS AVAILABLE FOR DISTRIBUTION
Available Funds: | |||||
a. Collections | |||||
Interest Collections | $ | 1,324,638.63 | |||
Principal Collections | $ | 20,153,486.08 | |||
Liquidation Proceeds | $ | 67,059.10 | |||
b. Repurchase Price | $ | — | |||
c. Optional Purchase Price | $ | — | |||
d. Reserve Account Excess Amount | $ | — | |||
Total Available Funds | $ | 21,545,183.81 | |||
Reserve Account Draw Amount | $ | — | |||
Total Funds Available for Distribution | $ | 21,545,183.81 |
IV. DISTRIBUTION
Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | |||||||||||||
Servicing Fee | $ | 275,972.15 | $ | 275,972.15 | $ | — | $ | — | $ | 21,269,211.66 | |||||||
Interest - Class A-1 Notes | $ | — | $ | — | $ | — | $ | — | $ | 21,269,211.66 | |||||||
Interest - Class A-2 Notes | $ | — | $ | — | $ | — | $ | — | $ | 21,269,211.66 | |||||||
Interest - Class A-3 Notes | $ | 257,429.94 | $ | 257,429.94 | $ | — | $ | — | $ | 21,011,781.72 | |||||||
Interest - Class A-4 Notes | $ | 203,222.60 | $ | 203,222.60 | $ | — | $ | — | $ | 20,808,559.12 | |||||||
First Allocation of Principal | $ | — | $ | — | $ | — | $ | — | $ | 20,808,559.12 | |||||||
Interest - Class B Notes | $ | 25,394.40 | $ | 25,394.40 | $ | — | $ | — | $ | 20,783,164.72 | |||||||
Second Allocation of Principal | $ | — | $ | — | $ | — | $ | — | $ | 20,783,164.72 | |||||||
Interest - Class C Notes | $ | 27,745.73 | $ | 27,745.73 | $ | — | $ | — | $ | 20,755,418.99 | |||||||
Third Allocation of Principal | $ | 2,609,144.30 | $ | 2,609,144.30 | $ | — | $ | — | $ | 18,146,274.69 | |||||||
Interest - Class D Notes | $ | 31,625.43 | $ | 31,625.43 | $ | — | $ | — | $ | 18,114,649.26 | |||||||
Fourth Allocation of Principal | $ | 14,108,000.00 | $ | 14,108,000.00 | $ | — | $ | — | $ | 4,006,649.26 | |||||||
Reserve Account Deposit Amount | $ | — | $ | — | $ | — | $ | — | $ | 4,006,649.26 | |||||||
Regular Principal Distribution Amount | $ | 3,526,866.08 | $ | 3,526,866.08 | $ | — | $ | — | $ | 479,783.18 | |||||||
Owner Trustee, Indenture Trustee, and ARR Fees & Expenses | $ | — | $ | — | $ | — | $ | — | $ | 479,783.18 | |||||||
Remaining Funds to Certificates | $ | 479,783.18 | $ | 479,783.18 | $ | — | $ | — | $ | — | |||||||
Total | $ | 21,545,183.81 | $ | 21,545,183.81 | $ | — | $ | — |
V. OVERCOLLATERALIZATION INFORMATION
Yield Supplement Overcollateralization Amount: | |||||
Beginning Period YSOC Amount | N/A | ||||
Increase/(Decrease) | N/A | ||||
Ending YSOC Amount | N/A |
Overcollateralization: | Beginning of Period | End of Period | ||||||
Adjusted Pool Balance | $ | 331,166,579.48 | $ | 310,922,569.10 | ||||
Note Balance | $ | 327,639,713.40 | $ | 307,395,703.02 | ||||
Overcollateralization (Adjusted Pool Balance - Note Balance) | $ | 3,526,866.08 | $ | 3,526,866.08 | ||||
Target Overcollateralization Amount | $ | 3,526,866.08 | $ | 3,526,866.08 | ||||
Overcollateralization Shortfall | $ | — | $ | — |
VI. RESERVE ACCOUNT
Specified Reserve Account Balance | $ | 3,526,866.08 | |||
Beginning Reserve Account Balance | $ | 3,526,866.08 | |||
Reserve Account Deposit Amount | $ | — | |||
Reserve Account Draw Amount | $ | — | |||
Reserve Account Excess Amount | $ | — | |||
Ending Reserve Account Balance | $ | 3,526,866.08 |
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% | 9 | $ | 90,524.30 | |||||||
Liquidation Proceeds of Defaulted Receivables1 | 0.02% | 99 | $ | 67,059.10 | |||||||
Monthly Net Losses (Liquidation Proceeds) | $ | 23,465.20 | |||||||||
Net Losses as % of Average Pool Balance (annualized) | |||||||||||
Third Preceding Collection Period | (0.12) | % | |||||||||
Second Preceding Collection Period | 0.05 | % | |||||||||
Preceding Collection Period | 0.09 | % | |||||||||
Current Collection Period | 0.09 | % | |||||||||
Four-Month Average Net Loss Ratio | 0.03 | % | |||||||||
Cumulative Net Losses for All Periods | $ | 2,177,427.32 | |||||||||
Cumulative Net Loss Ratio | 0.15 | % | |||||||||
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 | 0.29% | 71 | $ | 893,612.74 | |||||||
60-89 Days Delinquent | 0.10% | 25 | $ | 298,456.86 | |||||||
90-119 Days Delinquent | 0.01% | 3 | $ | 44,869.06 | |||||||
120+ Days Delinquent | 0.00% | 0 | $ | — | |||||||
Total Delinquent Receivables | 0.40% | 99 | $ | 1,236,938.66 | |||||||
Repossession Inventory: | # of Receivables | Principal Balance | |||||||||
Repossessed in the Current Collection Period | 4 | $ | 67,509.95 | ||||||||
Total Repossessed Inventory | 6 | $ | 87,746.99 | ||||||||
60+ Delinquency Percentage: | # of Receivables | Amount | |||||||||
60+ Day Delinquent Receivables | 28 | $ | 343,325.92 | ||||||||
60+ Delinquencies as % of EOP Net Pool Balance | |||||||||||
Third Preceding Collection Period | 0.14 | % | |||||||||
Second Preceding Collection Period | 0.14 | % | |||||||||
Preceding Collection Period | 0.09 | % | |||||||||
Current Collection Period | 0.11 | % | |||||||||
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 2022.
Month-End Balance | # of Receivables | |||||||||||||
($MM) | (%) | (#) | (%) | |||||||||||
Total Extensions | 0.18 | 0.06% | 15 | 0.04% |
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