Form 10-D Fifth Third Auto Trust For: Apr 30
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E-mailUNITED 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 distribution period from
April 1, 2022 to April 30, 2022
Commission File Number of issuing entity:
333-211395-02
Central Index Key Number of issuing entity:
0001772608
Fifth Third Auto Trust 2019-1
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor:
333-211395
Central Index Key Number of depositor:
0001405332
Fifth Third Holdings Funding, LLC
(Exact name of depositor as specified in its charter)
Central Index Key Number of sponsor:
0000035528
Fifth Third Bank, National Association
(Exact name of sponsor as specified in its charter)
Nathan Steuber 513-534-7020
(Name and telephone number, including area code, of the person to contact in connection with this filing)
| Delaware | 83-6820477 | |||||||||||||
| (State or other jurisdiction of incorporation or organization of the issuing entity) | (I.R.S. Employer Identification No.) | |||||||||||||
| c/o Fifth Third Holdings Funding, LLC | ||||||||||||||
| 6111 North River Road | ||||||||||||||
| Rosemont, Illinois | 60018 | |||||||||||||
(Address of principal executive offices of issuing entity) | (Zip Code) | |||||||||||||
| (847) 354-7341 | ||||||||||||||
| (Telephone number, including area code) | ||||||||||||||
| N/A | ||||||||||||||
| (Former name, former address, if changed since last report) | ||||||||||||||
| Registered/reporting pursuant to (check one) | ||||||||||||||
Title of Class | Section 12(b) | Section 12(g) | Section 15(d) | Name of exchange (If Section 12(b)) | ||||||||||
| Class A-1 Notes | ☒ | _______________ | ||||||||||||
| Class A-2-A Notes | ☒ | _______________ | ||||||||||||
| Class A-2-B Notes | ☒ | _______________ | ||||||||||||
| Class A-3 Notes | ☒ | _______________ | ||||||||||||
| Class A-4 Notes | ☒ | _______________ | ||||||||||||
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 ☐
2
PART I – DISTRIBUTION INFORMATION
ITEM 1 – Distribution and Pool Performance Information.
Distribution and pool performance information with respect to the receivables that comprise the assets of the Fifth Third Auto Trust 2019-1 as of the May 12, 2022 determination date are attached as Exhibit 99.1.
No assets securitized by Fifth Third Bank, National Association were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period April 1, 2022 to April 30, 2022.
Fifth Third Bank, National Association filed its most recent Form ABS 15G on January 31, 2022. The CIK number of Fifth Third Bank, National Association is 0000035528.
ITEM 1A – Asset-Level Information.
ABS Asset Data File (filed as Exhibit 102 to the registrant’s Form ABS-EE filed on May 26, 2022 under Commission File No. 333-211395-02).
ABS Asset Related Document (filed as Exhibit 103 to the registrant’s Form ABS-EE filed on May 26, 2022 under Commission File No. 333-211395-02).
ITEM 1B – Asset Representations Reviewer and Investor Communication.
Inapplicable.
3
PART II – OTHER INFORMATION
ITEM 2 – Legal Proceedings.
Nothing to report.
ITEM 3 – Sales of Securities and Use of Proceeds.
Nothing to report.
ITEM 4 – Defaults Upon Senior Securities.
Nothing to report.
ITEM 5 – Submission of Matters to a Vote of Security Holders.
Nothing to report.
ITEM 6 – Significant Obligors of Pool Assets.
Nothing to report.
ITEM 7 – Change in Sponsor Interest in the Securities.
Nothing to report.
ITEM 8 – Significant Enhancement Provider Information.
Inapplicable.
ITEM 9 – Other Information.
Nothing to report.
ITEM 10 – Exhibits.
(a)The following is a list of documents filed as part of this Report on Form 10-D:
Exhibit 99.1 Monthly Distribution and Pool Performance Report
Exhibit 102 ABS Asset Data File
(b)The exhibits required to be filed by the registrant pursuant to Item 601 of Regulation S-K are listed above.
4
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.
| FIFTH THIRD HOLDINGS FUNDING, LLC | ||||||||
| (Depositor) | ||||||||
Dated: May 26, 2022 | By: /s/ Bryan Preston | |||||||
| Name: Bryan Preston | ||||||||
| Title: President | ||||||||
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Exhibit 99.1
FIFTH THIRD AUTO TRUST 2019-1
Statement to Securityholders
Determination Date: May 12, 2022
| DATES | ||||||||||||||
| Collection Period | 36 | |||||||||||||
| Collection Period Beginning Date | 4/1/2022 | |||||||||||||
| Collection Period Ending Date | 4/30/2022 | |||||||||||||
| Payment Date | 5/16/2022 | |||||||||||||
| LIBOR Determination Date | N/A | |||||||||||||
| LIBOR Rate | N/A | |||||||||||||
| I. DEAL SUMMARY | Ratio | Beginning Period Balance | Principal Distribution Amount | Ending Period Balance | ||||||||||
| Class A-1 Notes | 0.0 | % | $0.00 | $0.00 | $0.00 | |||||||||
| Class A-2-A Notes | 0.0 | % | $0.00 | $0.00 | $0.00 | |||||||||
| Class A-2-B Notes | 0.0 | % | $0.00 | $0.00 | $0.00 | |||||||||
| Class A-3 Notes | 7.9 | % | $50,575,836.97 | $16,542,730.64 | $34,033,106.33 | |||||||||
| Class A-4 Notes | 100.0 | % | $139,700,000.00 | $0.00 | $139,700,000.00 | |||||||||
| Total Securities | 12.7 | % | $190,275,836.97 | $16,542,730.64 | $173,733,106.33 | |||||||||
| Overcollateralization | $72,393,322.31 | $0.00 | $72,393,322.31 | |||||||||||
| Reserve Account Balance | $3,583,827.84 | $0.00 | $3,583,827.84 | |||||||||||
| Net Pool Balance | 17.2 | % | $262,669,159.28 | $16,542,730.64 | $246,126,428.64 | |||||||||
| Coupon Rate | Beginning Period Balance | Interest Distribution Amount | ||||||||||||
| Class A-1 Notes | 2.576% | $0.00 | $0.00 | |||||||||||
| Class A-2-A Notes | 2.660% | $0.00 | $0.00 | |||||||||||
| Class A-2-B Notes | N/A | $0.00 | $0.00 | |||||||||||
| Class A-3 Notes | 2.640% | $50,575,836.97 | $111,266.84 | |||||||||||
| Class A-4 Notes | 2.690% | $139,700,000.00 | $313,160.83 | |||||||||||
| $190,275,836.97 | $424,427.67 | |||||||||||||
| II. AVAILABLE FUNDS | ||||||||||||||
| Interest Collections | $1,322,917.27 | |||||||||||||
| Repurchased Interest Collections | $0.00 | |||||||||||||
| Principal Collections | $16,310,195.56 | |||||||||||||
| Repurchased Principal Collections | $0.00 | |||||||||||||
| Liquidation Proceeds | $212,638.81 | |||||||||||||
| Liquidation Expenses* | $9,904.08 | |||||||||||||
| Investment Earnings (Collections Acct. remitted to servicer) | $1,080.27 | |||||||||||||
| Investment Earnings (Reserve Acct. remitted to servicer) | $240.08 | |||||||||||||
| Total Collections | $17,837,167.91 | |||||||||||||
| Reserve Account Draw Amount | $0.00 | |||||||||||||
| Total Available Funds | $17,837,167.91 | |||||||||||||
| *Liquidation Expenses incurred and associated with the liquidation process do not always occur in the same period of the actual collateral liquidation (i.e. servicer repossession costs can be incurred in periods prior to the eventual sale of a repossessed vehicle). | ||||||||||||||
FIFTH THIRD AUTO TRUST 2019-1
Statement to Securityholders
Determination Date: May 12, 2022
| III. DISTRIBUTIONS | Amount Due | Amount Paid | Shortfall | |||||||||||
| Servicing Fees | $220,211.32 | $220,211.32 | $0.00 | |||||||||||
| Class A-1 Notes | $0.00 | $0.00 | $0.00 | |||||||||||
| Class A-2-A Notes | $0.00 | $0.00 | $0.00 | |||||||||||
| Class A-2-B Notes | $0.00 | $0.00 | $0.00 | |||||||||||
| Class A-3 Notes | $111,266.84 | $111,266.84 | $0.00 | |||||||||||
| Class A-4 Notes | $313,160.83 | $313,160.83 | $0.00 | |||||||||||
| First Allocation of Principal | $0.00 | $0.00 | $0.00 | |||||||||||
| Reserve Account Deposit | $0.00 | $0.00 | $0.00 | |||||||||||
| Regular Principal Distribution Amount | $16,542,730.64 | $16,542,730.64 | $0.00 | |||||||||||
| Accrued and Unpaid Fees to Owner Trustee | $0.00 | $0.00 | $0.00 | |||||||||||
| Accrued and Unpaid Fees to Indenture Trustee | $0.00 | $0.00 | $0.00 | |||||||||||
| Remaining Funds to Residual Certificateholder | $649,798.28 | $649,798.28 | $0.00 | |||||||||||
| $17,837,167.91 | $17,837,167.91 | $0.00 | ||||||||||||
| Principal Payment: | ||||||||||||||
| First Allocation of Principal | $0.00 | |||||||||||||
| Regular Principal Distribution Amount | $16,542,730.64 | |||||||||||||
| Total | $16,542,730.64 | |||||||||||||
| IV. POOL INFORMATION | ||||||||||||||
| Pool Balance | $246,126,428.64 | |||||||||||||
| Number of Receivables Outstanding | 29,158 | |||||||||||||
| Weighted Average Contract Rate | 6.105 | % | ||||||||||||
| Weighted Average Remaining Term (mos) | 27.47 | |||||||||||||
| V. OVERCOLLATERALIZATION INFORMATION | ||||||||||||||
| Specified Reserve Account Balance | $3,583,827.84 | |||||||||||||
| Initial Target Credit Enhancement Overcollateralization Amount | $72,393,322.31 | |||||||||||||
| Target Credit Enhancement Overcollateralization Amount | $72,393,322.31 | |||||||||||||
| Beginning Period Overcollateralization Amount | $72,393,322.31 | |||||||||||||
| Ending Period Overcollateralization Amount | $72,393,322.31 | |||||||||||||
| Overcollateralization Shortfall | $0.00 | |||||||||||||
| VI. RESERVE ACCOUNT RECONCILIATION | ||||||||||||||
| Specified Reserve Account Balance | $3,583,827.84 | |||||||||||||
| Beginning Reserve Account Balance | $3,583,827.84 | |||||||||||||
| Reserve Account Deposits Made | $0.00 | |||||||||||||
| Reserve Account Draws | $0.00 | |||||||||||||
| Ending Reserve Account Balance | $3,583,827.84 | |||||||||||||
FIFTH THIRD AUTO TRUST 2019-1
Statement to Securityholders
Determination Date: May 12, 2022
| VII. LOSS & DELINQUENCY INFORMATION | ||||||||||||||
| Amount | # of Receivables | |||||||||||||
| Defaulted Receivables | $112,471.08 | 3 | ||||||||||||
| Realized Losses for Collection Period | $112,471.08 | 3 | ||||||||||||
| CHG Off Recoveries for Collection Period | $92,574.81 | 53 | ||||||||||||
| Net Loss for Collection Period | $19,896.27 | |||||||||||||
| Net Loss as % of Ending Pool Balance | 0.008 | % | ||||||||||||
| Net Loss % for 1 Period Prior | 0.038 | % | ||||||||||||
| Net Loss % for 2 Periods Prior | 0.006 | % | ||||||||||||
| Net Loss % for 3 Periods Prior | 0.044 | % | ||||||||||||
| Four-Month Average Net Loss % | 0.024 | % | ||||||||||||
| Cumulative Losses (net of recoveries) for All Collection Periods | $7,156,865.32 | |||||||||||||
| Cumulative Losses (net of recoveries) as a % of Initial Pool Balance | 0.499 | % | ||||||||||||
| # of Receivables | Amount | |||||||||||||
| Receivables 30 - 59 Days Delinquent | 230 | $2,935,781.90 | ||||||||||||
| As % of Ending Pool Balance | 1.193 | % | ||||||||||||
| Receivables 60 - 89 Days Delinquent | 76 | $1,025,833.25 | ||||||||||||
| As % of Ending Pool Balance | 0.417 | % | ||||||||||||
| Receivables 90 - 119 Days Delinquent | 32 | $421,498.22 | ||||||||||||
| As % of Ending Pool Balance | 0.171 | % | ||||||||||||
| Receivables 120 - 150 Days Delinquent | 2 | $36,573.50 | ||||||||||||
| As % of Ending Pool Balance | 0.015 | % | ||||||||||||
| Receivables 150+ Days Delinquent | 9 | $95,475.54 | ||||||||||||
| As % of Ending Pool Balance | 0.039 | % | ||||||||||||
| Total Delinquencies | 349 | $4,515,162.41 | ||||||||||||
| As % of Ending Pool Balance | 1.834 | % | ||||||||||||
| Total Repossessions | 8 | $33,881.15 | ||||||||||||
| Total Repossessions Life-to-Date | 802 | $12,108,077.60 | ||||||||||||
| Total 30+ Day Delinquencies | 349 | $4,515,162.41 | ||||||||||||
| As % of Ending Pool Balance | 1.834 | % | ||||||||||||
| Total 30+ Day Delinquencies % 1 Period Prior | 1.746 | % | ||||||||||||
| Total 30+ Day Delinquencies % 2 Periods Prior | 1.792 | % | ||||||||||||
| Total 30+ Day Delinquencies % 3 Periods Prior | 1.915 | % | ||||||||||||
| Four-Month Average Total 30+ Day Delinquency % | 1.822 | % | ||||||||||||
| 60-Day Delinquency Percentage | 0.642 | % | ||||||||||||
| Delinquency Trigger Percentage | 5.280 | % | ||||||||||||
| Delinquency Trigger occurred in current Collection Period? | NO | |||||||||||||
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