04/23/2024 | Press release | Distributed by Public on 04/23/2024 04:05
SERVICER'S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-2 Owner Trust |
Collection Period: March 1, 2024 through March 31, 2024 |
Deal Age |
11 |
Determination Date: 04/10/2024 |
Actual/360 Days |
31 |
Record Date: 04/14/2024 |
30/360 Days |
30 |
Payment Date: 04/15/2024 |
ORIGINAL DEAL PARAMETERS
Dollar Amount |
Number of Receivables |
||
Total Portfolio Balance |
$ |
1,619,450,150.82 |
69,210 |
Accrual Basis |
Dollar Amount |
% of Pool |
Interest Rate |
Final Scheduled |
||||
Class A-1 Notes |
Actual/360 |
$ |
370,980,000.00 |
22.91 |
% |
5.498 |
% |
June 17, 2024 |
Class A-2 Notes |
30/360 |
$ |
615,480,000.00 |
38.01 |
% |
5.410 |
% |
April 15, 2026 |
Class A-3 Notes |
30/360 |
$ |
495,480,000.00 |
30.60 |
% |
4.930 |
% |
November 15, 2027 |
Class A-4 Notes |
30/360 |
$ |
97,008,000.00 |
5.99 |
% |
4.910 |
% |
September 17, 2029 |
Certificates |
30/360 |
$ |
40,502,150.82 |
2.50 |
% |
0.000 |
% |
|
Total Securities Balance |
$ |
1,619,450,150.82 |
||||||
Total Note Balance |
$ |
1,578,948,000.00 |
||||||
Reserve Account Initial Deposit |
$ |
4,048,625.38 |
||||||
Yield Supplement Account Deposit |
$ |
158,798,513.18 |
COLLECTIONS
Interest Collections |
||
Simple Interest Collections |
$ |
3,501,755.96 |
Interest Related to Repurchased Receivables |
$ |
0.00 |
Interest Advance for simple Interest - Net * |
$ |
0.00 |
Total Interest Collections |
$ |
3,501,755.96 |
* 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 |
$ |
31,531,925.58 |
Prepayments in Full |
$ |
12,723,954.42 |
Liquidation Proceeds |
$ |
199,410.92 |
Principal Related to Repurchased Receivables |
$ |
0.00 |
Recoveries from Prior Month Charge Offs |
$ |
119,016.72 |
Total Principal Collections |
$ |
44,574,307.64 |
Total Interest and Principal Collections |
$ |
48,076,063.60 |
Yield Supplement Deposit |
$ |
5,852,398.32 |
Collection Account Investment Earnings |
$ |
0.00 |
Total Available Amount |
$ |
53,928,461.92 |
SERVICER'S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-2 Owner Trust |
Collection Period: March 1, 2024 through March 31, 2024 |
Deal Age |
11 |
Determination Date: 04/10/2024 |
Actual/360 Days |
31 |
Record Date: 04/14/2024 |
30/360 Days |
30 |
Payment Date: 04/15/2024 |
DISTRIBUTIONS
Note Percentage |
100.00 |
% |
||||||
Certificate Percentage |
0.00 |
% |
Amount Due |
Amount Paid |
Shortfall |
|||
Total Servicing Fee |
1.00 |
% |
$ |
958,958.25 |
$ |
958,958.25 |
$ |
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 |
$ |
2,334,233.52 |
$ |
2,334,233.52 |
$ |
0.00 |
||
Interest - Class A-3 Notes |
$ |
2,035,597.00 |
$ |
2,035,597.00 |
$ |
0.00 |
||
Interest - Class A-4 Notes |
$ |
396,924.40 |
$ |
396,924.40 |
$ |
0.00 |
||
Total Monthly Interest |
$ |
4,766,754.92 |
$ |
4,766,754.92 |
$ |
0.00 |
||
Principal - Class A-1 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
||
Principal - Class A-2 Notes |
$ |
44,692,669.19 |
$ |
44,692,669.19 |
$ |
0.00 |
||
Principal - Class A-3 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
||
Principal - Class A-4 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
||
Total Monthly Principal |
$ |
44,692,669.19 |
$ |
44,692,669.19 |
$ |
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 |
$ |
3,510,079.56 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
3,510,079.56 |
Noteholder/Certificateholder Distributions |
Fee |
Interest |
Interest |
Principal |
Principal |
Amount |
||||
Servicing Fee |
$ |
0.59 |
$ |
958,958.25 |
||||||
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 |
$ |
3.79 |
$ |
0.00 |
$ |
72.61 |
$ |
0.00 |
$ |
47,026,902.71 |
Class A-3 Notes |
$ |
4.11 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
2,035,597.00 |
Class A-4 Notes |
$ |
4.09 |
$ |
0.00 |
$ |
0.00 |
$ |
0.00 |
$ |
396,924.40 |
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 2023-2 Owner Trust |
Collection Period: March 1, 2024 through March 31, 2024 |
Deal Age |
11 |
Determination Date: 04/10/2024 |
Actual/360 Days |
31 |
Record Date: 04/14/2024 |
30/360 Days |
30 |
Payment Date: 04/15/2024 |
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 |
$ |
517,759,745.14 |
0.8412292 |
$ |
473,067,075.95 |
0.7686149 |
Class A-3 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
495,480,000.00 |
1.0000000 |
$ |
495,480,000.00 |
1.0000000 |
Class A-4 Notes |
$ |
0.00 |
$ |
0.00 |
$ |
97,008,000.00 |
1.0000000 |
$ |
97,008,000.00 |
1.0000000 |
Certificates |
$ |
0.00 |
$ |
0.00 |
$ |
40,502,150.82 |
1.0000000 |
$ |
40,502,150.82 |
1.0000000 |
Total Securities |
$ |
1,150,749,895.96 |
0.7105806 |
$ |
1,106,057,226.77 |
0.6829832 |
||||
Total Notes |
$ |
1,110,247,745.14 |
0.7031566 |
$ |
1,065,555,075.95 |
0.6748513 |
Portfolio Information |
Original |
Prior Month |
Current Month |
|||
Weighted Average Coupon (WAC) |
3.78 |
% |
3.81 |
% |
3.82 |
% |
Weighted Average Remaining Maturity (WAM) |
51.61 |
42.04 |
41.14 |
|||
Weighted Average Original Maturity (WAOM) |
63.16 |
|||||
Remaining Number of Receivables |
69,210 |
60,080 |
59,000 |
|||
Portfolio Receivable Balance |
$ |
1,619,450,150.82 |
$ |
1,150,749,895.96 |
$ |
1,106,057,226.77 |
DELINQUENCY AND NET LOSS ACTIVITY
Net Loss and Delinquency Account Activity |
Amount |
|
Gross Principal Balance on Defaulted Receivables |
$ |
436,789.19 |
Liquidation Proceeds |
$ |
199,410.92 |
Recoveries on Previously Defaulted Contracts |
$ |
119,016.72 |
Aggregate Net Losses for Collection Period |
$ |
118,361.55 |
Net Loss Rate for Collection Period's Average Balance (annualized) |
0.13 |
% |
Cumulative Net Losses for all Periods |
$ |
1,855,915.47 |
Delinquent Receivables |
# Units |
% Unit |
Dollar Amount |
% Dollar |
|||
31-60 Days Delinquent |
260 |
0.44 |
% |
$ |
5,630,180.76 |
0.51 |
% |
61-90 Days Delinquent |
50 |
0.08 |
% |
$ |
1,060,232.45 |
0.10 |
% |
91-120 Days Delinquent |
23 |
0.04 |
% |
$ |
472,002.64 |
0.04 |
% |
121 Days or More Delinquent |
0 |
0.00 |
% |
$ |
0.00 |
0.00 |
% |
Repossession Activity |
# Units |
% Unit |
Dollar Amount |
% Dollar |
|||
Vehicles Repossessed During Collection Period |
17 |
0.03 |
% |
$ |
522,338.73 |
0.05 |
% |
Total Accumulated Repossessed Vehicles in Inventory |
42 |
0.07 |
% |
$ |
1,066,275.39 |
0.10 |
% |
Page 3
SERVICER'S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-2 Owner Trust |
Collection Period: March 1, 2024 through March 31, 2024 |
Deal Age |
11 |
Determination Date: 04/10/2024 |
Actual/360 Days |
31 |
Record Date: 04/14/2024 |
30/360 Days |
30 |
Payment Date: 04/15/2024 |
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 |
0.22 |
% |
Second Preceding Collection Period |
0.30 |
% |
Preceding Collection Period |
0.27 |
% |
Current Collection Period |
0.13 |
% |
Four Month Average |
0.23 |
% |
Ratio of Number of Contracts Delinquent 61 Days or More to the Outstanding Number of Receivables (includes repossessions in inventory) |
||
Second Preceding Collection Period |
0.23 |
% |
Preceding Collection Period |
0.21 |
% |
Current Collection Period |
0.19 |
% |
Three Month Average |
0.21 |
% |
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 |
21 |
$ |
414,331.29 |
146 |
$ |
3,565,711.37 |
Liquidation Proceeds and Recoveries |
29 |
$ |
294,254.01 |
120 |
$ |
1,703,349.13 |
Net Loss Amount |
21 |
$ |
120,077.28 |
146 |
$ |
1,862,362.24 |
Net Loss % of Average |
0.13 |
% |
||||
Cumulative Net Loss % |
0.11 |
% |
||||
Average Net Loss of |
$ |
12,755.91 |
CREDIT ENHANCEMENT
Reconciliation of Reserve Account |
Reconciliation of Yield Supplement Account |
|||||
Beginning Reserve Account Balance |
$ |
4,048,625.38 |
Beginning Yield Supplement |
$ |
89,199,704.76 |
|
Investment Earnings |
$ |
14,663.33 |
Investment Earnings |
$ |
331,513.78 |
|
Excess Interest Deposited into the Reserve Account |
$ |
0.00 |
Additional Yield Supplement Amounts |
$ |
0.00 |
|
Investment Withdrawal to Seller |
$ |
(14,663.33 |
) |
Yield Supplement Withdrawal Amount |
$ |
5,852,398.32 |
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 |
$ |
4,048,625.38 |
Ending Yield Supplement Account Balance |
$ |
83,678,820.22 |
|
Reserve Account Required Amount |
$ |
4,048,625.38 |
Page 4
SERVICER'S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-2 Owner Trust |
Collection Period: March 1, 2024 through March 31, 2024 |
Deal Age |
11 |
Determination Date: 04/10/2024 |
Actual/360 Days |
31 |
Record Date: 04/14/2024 |
30/360 Days |
30 |
Payment Date: 04/15/2024 |
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