Form 10-D Honda Auto Receivables For: Dec 31

January 21, 2022 1:01 PM EST

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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 distribution period from December 1, 2021  through  December 31, 2021

 

333-228592-01

(Commission File Number of issuing entity)

0001765556

(Central Index Key Number of issuing entity)

Honda Auto Receivables 2019-1 Owner Trust

(Exact name of issuing entity as specified in its charter)

333-228592

(Commission File Number of depositor)

0000890975

(Central Index Key Number of depositor)

American Honda Receivables LLC

(Exact name of depositor as specified in its charter)

0000864270

(Central Index Key Number of sponsor)

American Honda Finance Corporation

(Exact name of sponsor as specified in its charter)

Glenn Yamamoto, Phone: (310) 972-2511

(Name and telephone number, including area code, of the person to contact in connection with this filing)

 

Delaware

83-6636442

(State or other jurisdiction of organization

of the issuing entity)

(I.R.S Employer Identification No.)

 

 

c/o American Honda Receivables LLC

 

1919 Torrance Boulevard

 

Torrance, CA

90501

(Address of principal executive offices of the issuing entity)

(Zip Code)

(310) 972-2511

(Telephone number, including area code)

 

 

 

Registered/reporting pursuant to (check one)

 

Name of exchange

Title of Class

 

Section 12(b)

 

Section 12(g)

 

Section 15(d)

 

(If Section 12(b))

Class A-1

 

 

 

 

Class A-2

 

 

 

 

Class A-3

 

 

 

 

Class A-4

 

 

 

 

 

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.

Distribution and pool performance information with respect to the receivables that comprise the assets of the Honda Auto Receivables 2019-1 Owner Trust is set forth in the Servicer’s Certificate and Monthly Servicer Report for the January 18, 2022 distribution date, attached as Exhibit 99.1.

The securitizer reports that, with respect to the receivables that comprise the assets of the Honda Auto Receivables 2019-1 Owner Trust, there is no activity to report as no receivables were the subject of a demand to repurchase or replace for breach of a representation and warranty for the distribution period December 1, 2021  through  December 31, 2021. The securitizer filed its most recent Form ABS-15G on January 29, 2021. The CIK number of the securitizer is 0000864270.

Item 1A. Asset-Level Information.

Incorporated by reference into this Form 10-D is the asset level data included in Exhibit 102 to the Form ABS-EE filed by the issuing entity on the date hereof (the “ABS-EE”).

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 by reference into this Form 10-D.

Item 1B. Asset-Representation Reviewer and Investor Communication Information.

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. Submission of Matters to a Vote of Security Holders.

None

Item 6. Significant Obligors 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.

None

Item 10. Exhibits.

(a)

The Following is a list of documents filed as part of this Report on Form 10-D

Exhibit 99.1 – Servicer’s Certificate and Monthly Servicer Report

Exhibit 102 – Asset Data File (Incorporated by reference to Exhibit 102 to Form ABS-EE filed by the issuing entity)

Exhibit 103 – Asset Related Document (Incorporated by reference to Exhibit 103 to Form ABS-EE filed by the issuing entity)

(b)

The exhibits required to be filed by the Registrant pursuant to Item 601 of Regulation S-K (17 CFR 229.601) are listed above

-2-


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 hereunto duly authorized.

 

Honda Auto Receivables 2019-1 Owner Trust

 

By: American Honda Finance Corporation, as Servicer

 

 

 

By:

 

/s/ Paul C. Honda

 

 

Paul C. Honda

 

 

Vice President–Finance & Administration and Assistant Secretary

 

Date: January 21, 2022

-3-

 

 

Exhibit 99.1

SERVICER’S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2019-1 Owner Trust

Collection Period:  December 1, 2021  through  December 31, 2021

 

Deal Age

 

35

Determination Date:  01/13/2022

Actual/360 Days

 

29

Record Date:  01/17/2022

30/360 Days

 

30

Payment Date:  01/18/2022

 

ORIGINAL DEAL PARAMETERS

 

 

 

 

Dollar Amount

 

 

 

 

Number of Receivables

 

 

 

Total Portfolio Balance

 

 

 

$

1,400,006,654.62

 

 

 

 

 

70,183

 

 

 

 

 

 

Accrual Basis

 

Dollar Amount

 

 

% of Pool

 

 

Interest Rate

 

 

Final Scheduled

Maturity Date

Class A-1 Notes

 

Actual/360

 

$

342,000,000.00

 

 

 

24.43

%

 

 

2.584

%

 

March 18, 2020

Class A-2 Notes

 

30/360

 

$

465,000,000.00

 

 

 

33.21

%

 

 

2.750

%

 

September 20, 2021

Class A-3 Notes

 

30/360

 

$

452,000,000.00

 

 

 

32.29

%

 

 

2.830

%

 

March 20, 2023

Class A-4 Notes

 

30/360

 

$

106,006,000.00

 

 

 

7.57

%

 

 

2.900

%

 

June 18, 2024

Certificates

 

30/360

 

$

35,000,654.62

 

 

 

2.50

%

 

 

0.000

%

 

 

Total Securities Balance

 

 

 

$

1,400,006,654.62

 

 

 

 

 

 

 

 

 

 

 

Total Note Balance

 

 

 

$

1,365,006,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserve Account Initial Deposit

 

 

 

$

3,500,016.64

 

 

 

 

 

 

 

 

 

 

 

Yield Supplement Account Deposit

 

 

 

$

119,972,107.76

 

 

 

 

 

 

 

 

 

 

 

 

COLLECTIONS

Interest Collections

 

 

 

 

 

 

 

 

 

 

 

 

    Simple Interest Collections

 

$

442,266.64

 

 

 

 

 

 

 

    Interest Related to Repurchased Receivables

 

$

0.00

 

 

 

 

 

 

 

    Interest Advance for simple Interest - Net *

 

$

0.00

 

 

 

 

 

 

 

    Total Interest Collections

 

$

442,266.64

 

 

 

 

 

 

 

 

 

 

* Advances are reimbursed (including non-recoverable advances of $0.00):

(i) from subsequent payments, liquidation proceeds and servicer repurchase payments in respect of the related obligor, and

(ii) to the extent amounts in clause (i) are insufficient, generally from interest (with respect to interest advances).

 

Principal Collections

 

 

 

 

 

 

 

 

 

 

 

 

    Principal Collections

 

$

15,377,343.21

 

 

 

 

 

 

 

    Prepayments in Full

 

$

4,123,206.27

 

 

 

 

 

 

 

    Liquidation Proceeds

 

$

100.05

 

 

 

 

 

 

 

    Principal Related to Repurchased Receivables

 

$

0.00

 

 

 

 

 

 

 

    Recoveries from Prior Month Charge Offs

 

$

68,862.14

 

 

 

 

 

 

 

    Total Principal Collections

 

$

19,569,511.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest and Principal Collections

 

$

20,011,778.31

 

 

 

 

 

 

 

Yield Supplement Deposit

 

$

1,021,811.09

 

 

 

 

 

 

 

Collection Account Investment Earnings

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Amount

 

 

 

$

21,033,589.40

 

 

 

 

 

 

 

 

 

 

 


 

 

SERVICER’S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2019-1 Owner Trust

Collection Period:  December 1, 2021  through  December 31, 2021

 

Deal Age

 

35

Determination Date:  01/13/2022

Actual/360 Days

 

29

Record Date:  01/17/2022

30/360 Days

 

30

Payment Date:  01/18/2022

 

DISTRIBUTIONS

Note Percentage

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificate Percentage

 

 

0.00

%

 

 

 

Amount Due

 

 

Amount Paid

 

 

Shortfall

 

Total Servicing Fee

 

 

1.00

%

 

 

 

$

204,959.04

 

 

$

204,959.04

 

 

$

0.00

 

Trustee Fees

 

 

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

Asset Representations Reviewer Fees (Accrued & Unpaid)

 

 

 

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest - Class A-1 Notes

 

 

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

Interest - Class A-2 Notes

 

 

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

Interest - Class A-3 Notes

 

 

 

 

 

 

 

$

247,493.38

 

 

$

247,493.38

 

 

$

0.00

 

Interest - Class A-4 Notes

 

 

 

 

 

 

 

$

256,181.17

 

 

$

256,181.17

 

 

$

0.00

 

Total Monthly Interest

 

 

 

 

 

 

 

$

503,674.55

 

 

$

503,674.55

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal - Class A-1 Notes

 

 

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

Principal - Class A-2 Notes

 

 

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

Principal - Class A-3 Notes

 

 

 

 

 

 

 

$

19,513,924.58

 

 

$

19,513,924.58

 

 

$

0.00

 

Principal - Class A-4 Notes

 

 

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

Total Monthly Principal

 

 

 

 

 

 

 

$

19,513,924.58

 

 

$

19,513,924.58

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest - Certificates

 

 

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

Principal - Certificates

 

 

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

 

 

Available to Deposit

 

 

Reserve Deposit

 

 

Reserve Draw

 

 

Excess Released

 

 

Released to Seller

 

Reserve Account Deposit

 

$

811,031.23

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

$

811,031.23

 

 

 

 

Noteholder/Certificateholder Distributions

(Per $1000 of Original Principal Amount)

 

Fee

 

 

Interest

 

 

Interest

Shortfall

 

 

Principal

 

 

Principal

Shortfall

 

 

Amount

Distributed

 

Servicing Fee

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

204,959.04

 

Trustee Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

Asset Representation Reviewer Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

Class A-1 Notes

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

Class A-2 Notes

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

Class A-3 Notes

 

 

 

 

 

$

0.55

 

 

$

0.00

 

 

$

43.17

 

 

$

0.00

 

 

$

19,761,417.96

 

Class A-4 Notes

 

 

 

 

 

$

2.42

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

$

256,181.17

 

Certificates

 

 

 

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

 

 

 

 

 

 

 


Page 2

 


 

 

SERVICER’S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2019-1 Owner Trust

Collection Period:  December 1, 2021  through  December 31, 2021

 

Deal Age

 

35

Determination Date:  01/13/2022

Actual/360 Days

 

29

Record Date:  01/17/2022

30/360 Days

 

30

Payment Date:  01/18/2022

 

POOL DATA

 

Proceeding Month

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carryover Shortfall

 

 

Beginning of Period

 

 

End of Period

 

 

 

Interest

 

 

Principal

 

 

Balance

 

 

Note Factor

 

 

Balance

 

 

Note Factor

 

Class A-1 Notes

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

 

0.0000000

 

 

$

0.00

 

 

 

0.0000000

 

Class A-2 Notes

 

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

 

0.0000000

 

 

$

0.00

 

 

 

0.0000000

 

Class A-3 Notes

 

$

0.00

 

 

$

0.00

 

 

$

104,944,188.59

 

 

 

0.2321774

 

 

$

85,430,264.01

 

 

 

0.1890050

 

Class A-4 Notes

 

$

0.00

 

 

$

0.00

 

 

$

106,006,000.00

 

 

 

1.0000000

 

 

$

106,006,000.00

 

 

 

1.0000000

 

Certificates

 

$

0.00

 

 

$

0.00

 

 

$

35,000,654.62

 

 

 

1.0000000

 

 

$

35,000,654.62

 

 

 

1.0000000

 

Total Securities

 

 

 

 

 

 

 

 

 

$

245,950,843.21

 

 

 

0.1756783

 

 

$

226,436,918.63

 

 

 

0.1617399

 

Total Notes

 

 

 

 

 

 

 

 

 

$

210,950,188.59

 

 

 

0.1545416

 

 

$

191,436,264.01

 

 

 

0.1402457

 

 

Portfolio Information

 

Original

 

 

Prior Month

 

 

Current Month

 

Weighted Average Coupon (WAC)

 

 

2.29

%

 

 

2.13

%

 

 

2.12

%

Weighted Average Remaining Maturity (WAM)

 

 

48.42

 

 

 

18.77

 

 

 

17.89

 

Weighted Average Original Maturity (WAOM)

 

 

61.22

 

 

 

 

 

 

 

 

 

Remaining Number of Receivables

 

 

70,183

 

 

 

33,304

 

 

 

32,190

 

Portfolio Receivable Balance

 

$

1,400,006,654.62

 

 

$

245,950,843.21

 

 

$

226,436,918.63

 

 

DELINQUENCY AND NET LOSS ACTIVITY

Net Loss and Delinquency Account Activity

 

 

 

 

 

Amount

 

Gross Principal Balance on Defaulted Receivables

 

 

 

 

 

$

13,375.10

 

Liquidation Proceeds

 

 

 

 

 

$

100.05

 

Recoveries on Previously Defaulted Contracts

 

 

 

 

 

$

68,862.14

 

Aggregate Net Losses for Collection Period

 

 

 

 

 

$

(55,587.09

)

       Net Loss Rate for Collection Period's Average Balance (annualized)

 

 

 

 

-0.28

%

Cumulative Net Losses for all Periods

 

 

 

 

 

$

1,678,952.77

 

 

Delinquent Receivables

 

# Units

 

 

% Unit

 

 

Dollar Amount

 

 

% Dollar

 

31-60 Days Delinquent

 

 

132

 

 

 

0.41

%

 

$

984,116.40

 

 

 

0.43

%

61-90 Days Delinquent

 

 

33

 

 

 

0.10

%

 

$

257,109.26

 

 

 

0.11

%

91-120 Days Delinquent

 

 

9

 

 

 

0.03

%

 

$

67,816.10

 

 

 

0.03

%

121 Days or More Delinquent

 

 

0

 

 

 

0.00

%

 

$

0.00

 

 

 

0.00

%

 

Repossession Activity

 

# Units

 

 

% Unit

 

 

Dollar Amount

 

 

% Dollar

 

Vehicles Repossessed During Collection Period

 

 

3

 

 

 

0.01

%

 

$

22,142.22

 

 

 

0.01

%

Total Accumulated Repossessed Vehicles in Inventory

 

 

5

 

 

 

0.02

%

 

$

46,741.01

 

 

 

0.02

%


Page 3

 


 

 

SERVICER’S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2019-1 Owner Trust

Collection Period:  December 1, 2021  through  December 31, 2021

 

Deal Age

 

35

Determination Date:  01/13/2022

Actual/360 Days

 

29

Record Date:  01/17/2022

30/360 Days

 

30

Payment Date:  01/18/2022

 

DELINQUENCY AND NET LOSS ACTIVITY

Net Loss and Delinquency Ratios

 

 

 

 

 

 

 

 

Ratio of Net Losses to the Pool Balance as of Each Collection Period

 

Third Preceding Collection Period

 

 

 

 

 

 

0.06

%

Second Preceding Collection Period

 

 

 

 

 

 

0.04

%

Preceding Collection Period

 

 

 

 

 

 

0.02

%

Current Collection Period

 

 

 

 

 

 

-0.28

%

Four Month Average

 

 

 

 

 

 

-0.04

%

Ratio of Number of Contracts Delinquent 61 Days or More to the Outstanding Number of Receivables (includes repossessions in inventory)

 

 

 

 

Second Preceding Collection Period

 

 

 

 

 

 

0.10

%

Preceding Collection Period

 

 

 

 

 

 

0.15

%

Current Collection Period

 

 

 

 

 

 

0.15

%

Three Month Average

 

 

 

 

 

 

0.13

%

 

Delinquency Trigger

 

4.80%

 

 

Delinquency Percentage exceeds Delinquency Trigger:

 

No

Delinquency Percentage -

 

0.14%

 

 

 

 

 

 

 

    Receivables that are 61 days or more delinquent as a percentage of Current Outstanding Balance of Receivables

 

 

LOSS AND CUMULATIVE LOSS INFORMATION

 

Current Month

 

 

Cumulative

 

For Assets Experiencing a Loss:

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

   Gross Principal

   on Defaulted Receivables

 

3

 

 

$

13,375.10

 

 

 

273

 

 

$

4,620,165.56

 

   Liquidation Proceeds and Recoveries

   on Defaulted Receivables

 

40

 

 

$

45,781.89

 

 

 

243

 

 

$

2,917,299.48

 

   Net Loss Amount

 

3

 

 

$

(32,406.79

)

 

 

273

 

 

$

1,702,866.08

 

   Net Loss % of Average

   Portfolio Balance (Annualized)

 

 

 

 

 

-0.16

%

 

 

 

 

 

 

 

 

   Cumulative Net Loss  %

   of Initial Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

0.12

%

   Average Net Loss of

   Assets Experiencing a Loss

 

 

 

 

 

 

 

 

 

 

 

 

$

6,237.60

 

CREDIT ENHANCEMENT

Reconciliation of Reserve Account

 

 

 

 

 

Reconciliation of Yield Supplement Account

 

Beginning Reserve Account Balance

 

$

3,500,016.64

 

 

Beginning Yield Supplement

Account Balance

 

$

8,531,154.58

 

Investment Earnings

 

$

30.14

 

 

Investment Earnings

 

$

77.95

 

Excess Interest Deposited into the Reserve Account

 

$

0.00

 

 

Additional Yield Supplement Amounts

 

$

0.00

 

Investment Withdrawal to Seller

 

$

(30.14

)

 

Yield Supplement Withdrawal Amount

 

$

1,021,811.09

 

Release of Reserve to Collection Account

 

$

0.00

 

 

Investment Earnings Withdraw

 

$

0.00

 

Release of Reserve to Seller

 

$

0.00

 

 

Release of Yield Supplement Account Balance to Seller

 

$

0.00

 

Ending Reserve Account Balance

 

$

3,500,016.64

 

 

Ending Yield Supplement Account Balance

 

$

7,509,421.44

 

 

 

 

 

 

 

 

 

 

 

 

Reserve Account Required Amount

 

$

3,500,016.64

 

 

 

 

 

 

 

Page 4

 


 

 

SERVICER’S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2019-1 Owner Trust

Collection Period:  December 1, 2021  through  December 31, 2021

 

Deal Age

 

35

Determination Date:  01/13/2022

Actual/360 Days

 

29

Record Date:  01/17/2022

30/360 Days

 

30

Payment Date:  01/18/2022

 

REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)

Is there any activity to report?

 

 

 

 

 

 

 

No

 

 

 

 

 

 

 

 

 

 

 

STATEMENT TO NOTEHOLDERS  

Has there been a material change in practices with respect to charge-offs, collection and management of delinquent receivables, and the effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience?

 

No

 

 

 

 

 

 

 

 

 

Have there been any material modifications, extensions or waivers to receivables terms, fees, penalties or payments during the collection period?

 

No

 

 

 

 

 

 

 

 

 

Have there been any material breaches of representations, warranties or covenants contained in the receivables?

 

 

 

No

 

 

 

 

 

 

 

 

 

Has there been an issuance of notes or other securities backed by the receivables?

 

 

 

No

 

 

 

 

 

 

 

 

 

Has there been a material change in the underwriting, origination or acquisition of receivables?

 

 

 

No

 

 

 

 

 

 

 

 

 

 

 

 

SERVICER CERTIFICATION

I hereby certify that the servicing report provided is true and accurate to the best of my knowledge.

 

 

 

/s/ Paul C. Honda

 

 

Paul C. Honda

 

 

Vice President-Finance & Administration and Assistant Secretary

 

 

 

 

 

Page 5

 



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