Form 10-D Hyundai Auto Receivables For: May 31

 

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

May 1, 2022 to May 31, 2022

 

Commission File Number of issuing entity: 333-229037-09

Central Index Key Number of issuing entity: 0001888347

 

HYUNDAI AUTO RECEIVABLES TRUST 2021-C

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

 

Commission File Number of depositor: 333-229037

Central Index Key Number of depositor: 0001260125

 

HYUNDAI ABS FUNDING, LLC

(Exact name of depositor as specified in its charter)

 

Central Index Key Number of sponsor: 0001541028

 

HYUNDAI CAPITAL AMERICA

(Exact name of sponsor as specified in its charter)

 

Charley Changmin Yoon

(949) 732-2825

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

 

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

 

33-0978453

(I.R.S. Employer Identification No. of the depositor)

 

3161 MICHELSON DRIVE, SUITE 1900

IRVINE, CALIFORNIA 92612

(Address of principal executive offices of the issuing entity)

 

(949) 732-2697

(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))
Asset Backed Notes, Class A-1	¨	¨	x
Asset Backed Notes, Class A-2-A	¨	¨	x
Asset Backed Notes, Class A-2-B	¨	¨	x
Asset Backed Notes, Class A-3	¨	¨	x
Asset Backed Notes, Class A-4	¨	¨	x
Asset Backed Notes, Class B	¨	¨	x
Asset Backed Notes, Class C	¨	¨	x

 

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 x 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 Hyundai Auto Receivables Trust 2021-C (the “Issuing Entity”) is set forth in the Monthly Servicer’s Report attached as Exhibit 99.1.

 

No assets securitized by Hyundai Capital America (the “Securitizer”) and held by Hyundai Auto Receivables Trust 2021-C were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from May 1, 2022 to May 31, 2022. Please refer to the Form ABS-15G filed by the Securitizer on February 10, 2021 for additional information.  The CIK number of the Securitizer is 0001541028.

 

Item 1A. Asset-Level Information.

 

The asset-level information with respect to the receivables that comprise the assets of the Issuing Entity is set forth in Exhibit 102 to the Form ABS-EE filed by the Issuing Entity on June 29, 2022 (the “Form ABS-EE”) and is incorporated by reference into this report on Form 10-D. The additional asset-level information or explanatory language for the receivables that comprise the assets of the Issuing Entity is set forth in Exhibit 103 to the Form ABS-EE and is also incorporated by reference into this report on Form 10-D.

 

PART II – OTHER INFORMATION

 

Item 10. Exhibits.

 

99.1

Monthly Servicer’s Report for the period from May 1, 2022 to May 31, 2022.

 

102

Asset Data File (incorporated by reference to Exhibit 102 to the Form ABS-EE filed by the Issuing Entity on June 29, 2022)

 

103

Asset Related Document (incorporated by reference to Exhibit 103 to the Form ABS-EE filed by the Issuing Entity on June 29, 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: June 30, 2022	HYUNDAI ABS FUNDING, LLC (Depositor)
	By:	/s/ Charley Changmin Yoon
		Name:	Charley Changmin Yoon
		Title:	President and Secretary

 

 

Exhibit 99.1

 

Hyundai Auto Receivables Trust 2021-C
Monthly Servicing Report
Collection Period						May 2022
Distribution Date						06/15/22
Transaction Month						7
30/360 Days						30
Actual/360 Days						30

 

I.  ORIGINAL DEAL PARAMETERS
Cut off Date:		October 4, 2021
Closing Date:		November 17, 2021

 

				Dollars				Units				WAC				WARM
Original Pool Balance:				$	1,577,990,687.37				63,367			3.33%				58.83
Original Adj. Pool Balance:				$	1,535,309,741.31
					Amount				% of Pool			Note Rate						Final Payment Date
Class A-1 Notes		Fixed		$	290,000,000.00				18.378	%		0.12071	%					November 15, 2022
Class A-2-A Notes		Fixed		$	399,500,000.00				25.317	%		0.36000	%					October 15, 2024
Class A-2-B Notes		Floating		$	100,000,000.00				6.337	%		SOFR + 0.20	%					October 15, 2024
Class A-3 Notes		Fixed		$	494,500,000.00				31.337	%		0.74000	%					May 15, 2026
Class A-4 Notes		Fixed		$	139,230,000.00				8.823	%		1.03000	%					December 15, 2027
Class B Notes		Fixed		$	27,640,000.00				1.752	%		1.49000	%					December 15, 2027
Class C Notes		Fixed		$	46,060,000.00				2.919	%		1.66000	%					June 15, 2028
Total Securities				$	1,496,930,000.00				94.863	%
Overcollateralization				$	38,379,741.31				2.432	%
YSOA				$	42,680,946.06				2.705	%
Total Original Pool Balance				$	1,577,990,687.37				100.00	%

 

II.  POOL BALANCE AND PORTFOLIO INFORMATION        

 

		Beginning of Period								Ending of Period								Change
		Balance				Note Factor				Balance				Note Factor
Class A-1 Notes		$	-				-			$	-				-			$	-
Class A-2-A Notes		$	383,337,320.24				0.9595427			$	350,209,431.23				0.8766194			$	33,127,889.01
Class A-2-B Notes		$	95,954,272.90				0.9595427			$	87,661,935.23				0.8766194			$	8,292,337.67
Class A-3 Notes		$	494,500,000.00				1.0000000			$	494,500,000.00				1.0000000			$	-
Class A-4 Notes		$	139,230,000.00				1.0000000			$	139,230,000.00				1.0000000			$	-
Class B Notes		$	27,640,000.00				1.0000000			$	27,640,000.00				1.0000000			$	-
Class C Notes		$	46,060,000.00				1.0000000			$	46,060,000.00				1.0000000			$	-
Total Securities		$	1,186,721,593.14				0.7927703			$	1,145,301,366.46				0.7651001			$	41,420,226.68
Weighted Avg. Coupon (WAC)			3.29	%							3.28	%
Weighted Avg. Remaining Maturity (WARM)			52.08								51.10
Pool Receivables Balance		$	1,265,807,132.05							$	1,223,082,012.32
Remaining Number of Receivables			57,482								56,626
Adjusted Pool Balance		$	1,232,780,885.38							$	1,191,360,658.70

 

III.  COLLECTIONS            

Principal:
Principal Collections		$	41,597,343.42
Repurchased Contract Proceeds Related to Principal		$	-
Recoveries/Liquidation Proceeds		$	281,585.59
Total Principal Collections		$	41,878,929.01
Interest:
Interest Collections		$	3,377,876.93
Late Fees & Other Charges		$	38,418.20
Interest on Repurchase Principal		$	-
Total Interest Collections		$	3,416,295.13
Collection Account Interest		$	16,442.76
Reserve Account Interest		$	1,687.12
Servicer Advances		$	-
Total Collections		$	45,313,354.02

 

 

Hyundai Auto Receivables Trust 2021-C
Monthly Servicing Report
Collection Period						May 2022
Distribution Date						06/15/22
Transaction Month						7
30/360 Days						30
Actual/360 Days						30

 

IV.  DISTRIBUTIONS
Total Collections		$	45,313,354.02
Reserve Account Release		$	-
Reserve Account Draw		$	-
Total Available for Distribution		$	45,313,354.02

 

						Amount Due				Interest Pymt Due but unpaid from prior periods				Amount Paid
1.  Servicing Fee @1.00%:
Servicing Fee Due			1.00	%		$	1,054,839.28			$	-			$	1,054,839.28				1,054,839.28
Collection Account Interest																		$	16,442.76
Late Fees & Other Charges																		$	38,418.20
Total due to Servicer																		$	1,109,700.24
2.  Class A Noteholders Interest:
Class A-1 Notes						$	-							$	-
Class A-2-A Notes						$	115,001.20							$	115,001.20
Class A-2-B Notes						$	47,875.58							$	47,875.58
Class A-3 Notes						$	304,941.67							$	304,941.67
Class A-4 Notes						$	119,505.75							$	119,505.75
Total Class A interest:						$	587,324.20							$	587,324.20				587,324.20
3.  First Priority Principal Distribution:						$	0.00							$	0.00				0.00
4.   Class B Noteholders Interest:						$	34,319.67							$	34,319.67				34,319.67
5.  Second Priority Principal Distribution:						$	0.00							$	-				0.00
6.   Class C Noteholders Interest:						$	63,716.33							$	63,716.33				63,716.33
Available Funds Remaining:																		$	43,518,293.58
7.   Regular Principal Distribution Amount:																			41,420,226.68
						Distributable Amount								Paid Amount
Class A-1 Notes														$	-
Class A-2-A Notes														$	33,127,889.01
Class A-2-B Notes														$	8,292,337.67
Class A-3 Notes														$	-
Class A-4 Notes														$	-
Class A Notes Total:						$	41,420,226.68							$	41,420,226.68
Class B Notes Total:						$	-							$	-
Class C Notes Total:						$	-							$	-
Total Noteholders Principal						$	41,420,226.68							$	41,420,226.68
8.  Required Deposit to Reserve Account																			0.00
9.  Trustee Expenses and Asset Representations Reviewer Expenses																			0.00
10.  Remaining Available Collections Released to Certificateholder																			2,098,066.90

 

V.  YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)
Beginning Period Required Amount		$	33,026,246.67
Beginning Period Amount		$	33,026,246.67
Current Period Amortization		$	1,304,893.05
Ending Period Required Amount		$	31,721,353.62
Ending Period Amount		$	31,721,353.62
Next Distribution Date Required Amount		$	30,441,885.93

 

 

Hyundai Auto Receivables Trust 2021-C
Monthly Servicing Report
Collection Period						May 2022
Distribution Date						06/15/22
Transaction Month						7
30/360 Days						30
Actual/360 Days						30

VI.  RESERVE ACCOUNT
Reserve Percentage of Initial Adjusted Pool Balance			0.25	%
Beginning Period Required Amount		$	3,838,274.35
Beginning Period Amount		$	3,838,274.35
Current Period Release to Collection Account		$	-
Current Period Deposit		$	-
Current Period Release to Depositor		$	-
Ending Period Required Amount (0.25% of APB of cut-off date)		$	3,838,274.35
Ending Period Amount		$	3,838,274.35

 

VII.  OVERCOLLATERALIZATION
Overcollateralization Target			3.00	%
Overcollateralization Floor			3.00	%

 

		Beginning				Ending				Target
Overcollateralization Amount		$	46,059,292.24			$	46,059,292.24			$	46,059,292.24
Overcollateralization as a % of Original Adjusted Pool			3.00	%			3.00	%			3.00	%
Overcollateralization as a % of Current Adjusted Pool			3.74	%			3.87	%			3.87	%

 

 

VIII.  DELINQUENCY AND NET LOSS ACTIVITY
Delinquent Receivables			Units Percent				Units				Dollars Percent				Amount
Current			98.82	%			55,960				98.63	%		$	1,206,281,213.50
30 - 60 Days			0.91	%			513				1.05	%		$	12,876,999.64
61 - 90 Days			0.22	%			125				0.27	%		$	3,316,105.55
91-120 Days			0.05	%			28				0.05	%		$	607,693.63
121 + Days			0.00	%			0				0.00	%		$	-
Total							56,626							$	1,223,082,012.32
Delinquent Receivables 30+ Days Past Due
Current Period			1.18	%			666				1.37	%		$	16,800,798.82
1st Preceding Collection Period			0.90	%			516				1.04	%		$	13,132,813.45
2nd Preceding Collection Period			0.81	%			473				0.94	%		$	12,263,839.45
3rd Preceding Collection Period			0.81	%			479				0.91	%		$	12,398,124.91
Four-Month Average			0.92	%							1.07	%
Ratio of 61+ Delinquency Receivables Balance to EOP Pool Balance											0.32	%
Delinquency Percentage exceeds Delinquency Trigger of 9.6% (Y/N)											No
Repossession in Current Period							24							$	587,232.02
Repossession Inventory							43							$	1,160,624.48

 

Current Charge-Offs
Gross Principal of Charge-Offs		$	1,127,776.31
Recoveries		$	(281,585.59	)
Net Loss		$	846,190.72
Ratio of Current Net Loss to Beginning Pool Balance (annualized)			0.80	%
Average Pool Balance for Current Period		$	1,244,444,572.19
Ratio of Current Net Loss to Average Pool Balance (annualized)
Current Period			0.82	%
1st Preceding Collection Period			0.29	%
2nd Preceding Collection Period			0.25	%
3rd Preceding Collection Period			0.72	%
Four-Month Average			0.52	%

 

Cumulative Charge-Offs		Change in units from prior period				Cumulative Units				Cumulative Amount
Gross Principal of Charge-Offs			51				185			$	4,087,403.56
Recoveries			20				70			$	(1,111,247.83	)
Net Loss										$	2,976,155.73
Cumulative Net Loss as a % of Initial Pool Balance											0.19	%
Net Loss for Receivables that have experienced a Net Loss *			46				167			$	2,982,629.35
Average Net Loss for Receivables that have experienced a Net Loss										$	17,860.06
Principal Balance of Extensions										$	4,518,829.64
Number of Extensions											161

 

* Excludes receivables with recovered amounts equal to or in excess of principal charge-offs due to the recovery of assessments, such as interest and fees.

 

 

Hyundai Auto Receivables Trust 2021-C
Monthly Servicing Report
Collection Period						May 2022
Distribution Date						06/15/22
Transaction Month						7
30/360 Days						30
Actual/360 Days						30

 

IX.  CREDIT RISK RETENTION INFORMATION
There were no material changes in the retained interest in the transaction.
X.  SOFR INFORMATION
There were no SOFR Adjustment Conforming Changes during the reporting period.

 

 

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