Hyundai Auto Receivables Trust 2023-B

04/26/2024 | Press release | Distributed by Public on 04/26/2024 10:46

Asset-Backed Issuer Distribution Report - Form 10-D

Hyundai Auto Receivables Trust 2023-B
Monthly Servicing Report
Collection Period March 2024
Distribution Date 04/15/24
Transaction Month 9
30/360 Days 30
Actual/360 Days 31
I. ORIGINAL DEAL PARAMETERS
Cut off Date: June 5, 2023
Closing Date: July 19, 2023
Dollars Units WAC WARM
Original Pool Balance: $ 1,865,299,382.15 75,796 4.96 % 57.01
Original Adj. Pool Balance: $ 1,696,724,160.74
Amount % of Pool Note Rate Final Payment Date
Class A-1 Notes Fixed $ 325,000,000.00 17.423 % 5.58100 % July 15, 2024
Class A-2-A Notes Fixed $ 443,040,000.00 23.752 % 5.77000 % May 15, 2026
Class A-2-B Notes Floating $ 150,000,000.00 8.042 % SOFR + 0.48 % May 15, 2026
Class A-3 Notes Fixed $ 559,640,000.00 30.003 % 5.48000 % April 17, 2028
Class A-4 Notes Fixed $ 95,120,000.00 5.099 % 5.31000 % August 15, 2029
Class B Notes Fixed $ 30,600,000.00 1.640 % 5.67000 % August 15, 2029
Class C Notes Fixed $ 50,900,000.00 2.729 % 5.84000 % February 15, 2030
Total Securities $ 1,654,300,000.00 88.688 %
Overcollateralization $ 42,424,160.74 2.274 %
YSOA $ 168,575,221.41 9.037 %
Total Original Pool Balance $ 1,865,299,382.15 100.00 %
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 $ 388,675,565.33 0.8772923 $ 354,762,178.41 0.8007453 $ 33,913,386.92
Class A-2-B Notes $ 131,593,839.83 0.8772923 $ 120,111,788.47 0.8007453 $ 11,482,051.37
Class A-3 Notes $ 559,640,000.00 1.0000000 $ 559,640,000.00 1.0000000 $ -
Class A-4 Notes $ 95,120,000.00 1.0000000 $ 95,120,000.00 1.0000000 $ -
Class B Notes $ 30,600,000.00 1.0000000 $ 30,600,000.00 1.0000000 $ -
Class C Notes $ 50,900,000.00 1.0000000 $ 50,900,000.00 1.0000000 $ -
Total Securities $ 1,256,529,405.17 0.7595535 $ 1,211,133,966.88 0.7321127 $ 45,395,438.29
Weighted Avg. Coupon (WAC) 5.05 % 5.06 %
Weighted Avg. Remaining Maturity (WARM) 49.34 48.36
Pool Receivables Balance $ 1,428,042,035.90 $ 1,377,725,023.88
Remaining Number of Receivables 68,506 67,438
Adjusted Pool Balance $ 1,307,431,129.99 $ 1,262,035,691.70
III. COLLECTIONS
Principal:
Principal Collections $ 48,698,532.00
Repurchased Contract Proceeds Related to Principal $ -
Recoveries/Liquidation Proceeds $ 526,730.59
Total Principal Collections $ 49,225,262.59
Interest:
Interest Collections $ 5,866,422.53
Late Fees & Other Charges $ 72,387.92
Interest on Repurchase Principal $ -
Total Interest Collections $ 5,938,810.45
Collection Account Interest $ 210,969.50
Reserve Account Interest $ 18,806.37
Servicer Advances $ -
Total Collections $ 55,393,848.91
2023B Report 1 of 4
Hyundai Auto Receivables Trust 2023-B
Monthly Servicing Report
Collection Period March 2024
Distribution Date 04/15/24
Transaction Month 9
30/360 Days 30
Actual/360 Days 31
IV. DISTRIBUTIONS
Total Collections $ 55,393,848.91
Reserve Account Release $ -
Reserve Account Draw $ -
Total Available for Distribution $ 55,393,848.91
Amount Due Interest Pymt Due
but unpaid from
prior periods 		Amount Paid
1. Servicing Fee @1.00%:
Servicing Fee Due 1.00 % $ 1,190,035.03 $ - $ 1,190,035.03 1,190,035.03
Collection & Reserve Account Interest $ 229,775.87
Late Fees & Other Charges $ 72,387.92
Total due to Servicer $ 1,492,198.82
2. Class A Noteholders Interest:
Class A-1 Notes $ - $ -
Class A-2-A Notes $ 1,868,881.68 $ 1,868,881.68
Class A-2-B Notes $ 657,084.01 $ 657,084.01
Class A-3 Notes $ 2,555,689.33 $ 2,555,689.33
Class A-4 Notes $ 420,906.00 $ 420,906.00
Total Class A interest: $ 5,502,561.02 $ 5,502,561.02 5,502,561.02
3. First Priority Principal Distribution: $ 0.00 $ 0.00 0.00
4. Class B Noteholders Interest: $ 144,585.00 $ 144,585.00 144,585.00
5. Second Priority Principal Distribution: $ 0.00 $ - 0.00
6. Class C Noteholders Interest: $ 247,713.33 $ 247,713.33 247,713.33
Available Funds Remaining: $ 48,006,790.74
7. Regular Principal Distribution Amount: 45,395,438.29
Distributable Amount Paid Amount
Class A-1 Notes $ -
Class A-2-A Notes $ 33,913,386.92
Class A-2-B Notes $ 11,482,051.37
Class A-3 Notes $ -
Class A-4 Notes $ -
Class A Notes Total: $ 45,395,438.29 $ 45,395,438.29
Class B Notes Total: $ - $ -
Class C Notes Total: $ - $ -
Total Noteholders Principal $ 45,395,438.29 $ 45,395,438.29
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 2,611,352.45
V. YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)
Beginning Period Required Amount $ 120,610,905.91
Beginning Period Amount $ 120,610,905.91
Current Period Amortization $ 4,921,573.73
Ending Period Required Amount $ 115,689,332.18
Ending Period Amount $ 115,689,332.18
Next Distribution Date Required Amount $ 110,874,144.64
2023B Report 2 of 4
Hyundai Auto Receivables Trust 2023-B
Monthly Servicing Report
Collection Period March 2024
Distribution Date 04/15/24
Transaction Month 9
30/360 Days 30
Actual/360 Days 31
VI. RESERVE ACCOUNT
Reserve Percentage of Initial Adjusted Pool Balance 0.25 %
Beginning Period Required Amount $ 4,241,810.40
Beginning Period Amount $ 4,241,810.40
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) $ 4,241,810.40
Ending Period Amount $ 4,241,810.40
VII. OVERCOLLATERALIZATION
Overcollateralization Target 3.00 %
Overcollateralization Floor 3.00 %
Beginning Ending Target
Overcollateralization Amount $ 50,901,724.82 $ 50,901,724.82 $ 50,901,724.82
Overcollateralization as a % of Original Adjusted Pool 3.00 % 3.00 % 3.00 %
Overcollateralization as a % of Current Adjusted Pool 3.89 % 4.03 % 4.03 %
VIII. DELINQUENCY AND NET LOSS ACTIVITY
Delinquent Receivables Units Percent Units Dollars Percent Amount
Current 98.92 % 66,712 98.71 % $ 1,360,010,088.64
30 - 60 Days 0.87 % 584 1.03 % $ 14,123,088.16
61 - 90 Days 0.16 % 110 0.20 % $ 2,754,550.64
91-120 Days 0.05 % 32 0.06 % $ 837,296.44
121 + Days 0.00 % 0 0.00 % $ -
Total 67,438 $ 1,377,725,023.88
Delinquent Receivables 30+ Days Past Due
Current Period 1.08 % 726 1.29 % $ 17,714,935.24
1st Preceding Collection Period 1.11 % 757 1.35 % $ 19,310,023.80
2nd Preceding Collection Period 1.24 % 861 1.47 % $ 21,662,467.36
3rd Preceding Collection Period 1.24 % 872 1.43 % $ 21,739,085.69
Four-Month Average 1.17 % 1.38 %
Ratio of 61+ Delinquency Receivables Balance to EOP Pool Balance 0.26 %
Delinquency Percentage exceeds Delinquency Trigger of 9.6% (Y/N) No
Repossession in Current Period 55 $ 1,617,836.86
Repossession Inventory 97 $ 2,746,097.42
Current Charge-Offs
Gross Principal of Charge-Offs $ 1,618,480.02
Recoveries $ (526,730.59 )
Net Loss $ 1,091,749.43
Ratio of Current Net Loss to Beginning Pool Balance (annualized) 0.92 %
Average Pool Balance for Current Period $ 1,402,883,529.89
Ratio of Current Net Loss to Average Pool Balance (annualized)
Current Period 0.93 %
1st Preceding Collection Period 0.44 %
2nd Preceding Collection Period 0.83 %
3rd Preceding Collection Period 1.01 %
Four-Month Average 0.80 %
Cumulative Charge-Offs Change in units from
prior period 		Cumulative Units Cumulative Amount
Gross Principal of Charge-Offs 75 424 $ 9,821,466.98
Recoveries 36 235 $ (2,612,036.49 )
Net Loss $ 7,209,430.49
Cumulative Net Loss as a % of Initial Pool Balance 0.39 %
Net Loss for Receivables that have experienced a Net Loss * 72 402 $ 7,209,430.49
Average Net Loss for Receivables that have experienced a Net Loss $ 17,933.91
Principal Balance of Extensions $ 4,686,164.15
Number of Extensions 178
* 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.
2023B Report 3 of 4
Hyundai Auto Receivables Trust 2023-B
Monthly Servicing Report
Collection Period March 2024
Distribution Date 04/15/24
Transaction Month 9
30/360 Days 30
Actual/360 Days 31
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.
2023B Report 4 of 4