0001104659-24-073831.txt : 20240621 0001104659-24-073831.hdr.sgml : 20240621 20240621120903 ACCESSION NUMBER: 0001104659-24-073831 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240531 0001260125 0001541028 FILED AS OF DATE: 20240621 DATE AS OF CHANGE: 20240621 ABS ASSET CLASS: Auto loans FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hyundai Auto Receivables Trust 2022-A CENTRAL INDEX KEY: 0001913196 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-261719-01 FILM NUMBER: 241059093 BUSINESS ADDRESS: STREET 1: 3161 MICHELSON DRIVE STREET 2: SUITE 1900 CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 949-732-2697 MAIL ADDRESS: STREET 1: 3161 MICHELSON DRIVE STREET 2: SUITE 1900 CITY: IRVINE STATE: CA ZIP: 92612 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HYUNDAI ABS FUNDING LLC CENTRAL INDEX KEY: 0001260125 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 330978455 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-108087 FILM NUMBER: 241059094 BUSINESS ADDRESS: STREET 1: 3161 MICHELSON DRIVE STREET 2: SUITE 1900 CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 949-732-2697 MAIL ADDRESS: STREET 1: 3161 MICHELSON DRIVE STREET 2: SUITE 1900 CITY: IRVINE STATE: CA ZIP: 92612 FORMER COMPANY: FORMER CONFORMED NAME: HYUNDAI ABS FUNDING CORP DATE OF NAME CHANGE: 20030815 10-D 1 tm2415842d20_10d.htm FORM 10-D

 

 

 

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, 2024 to May 31, 2024

 

Commission File Number of issuing entity: 333-261719-01

Central Index Key Number of issuing entity: 0001913196

 

HYUNDAI AUTO RECEIVABLES TRUST 2022-A

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

 

Commission File Number of depositor: 333-261719

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 ¨ ¨ ¨  
Asset Backed Notes, Class C ¨ ¨ ¨  

 

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 2022-A (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 2022-A were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from May 1, 2024 to May 31, 2024. 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 20, 2024 (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.

 

99.1Monthly Servicer’s Report for the period from May 1, 2024 to May 31, 2024.

 

102Asset Data File (incorporated by reference to Exhibit 102 to the Form ABS-EE filed by the Issuing Entity on June 20, 2024)

 

103Asset Related Document (incorporated by reference to Exhibit 103 to the Form ABS-EE filed by the Issuing Entity on June 20, 2024)

 

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 thereunto duly authorized.

 

Dated: June 21, 2024 HYUNDAI ABS FUNDING, LLC (Depositor)
   
   
  By: /s/ Charley Changmin Yoon
    Name: Charley Changmin Yoon
    Title: President and Secretary

 

S-1

 

 EX-99.1 2 tm2415842d20_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Hyundai Auto Receivables Trust 2022-A
Monthly Servicing Report
                                             
Collection Period       May 2024  
Distribution Date       06/17/24  
Transaction Month       27  
30/360 Days       30  
Actual/360 Days       33  

 

I.  ORIGINAL DEAL PARAMETERS
                                             
Cut off Date:     February 2, 2022                                  
Closing Date:     March 16, 2022                                  
                                             
        Dollars     Units     WAC     WARM          
Original Pool Balance:     $ 1,583,031,004.06       64,842       3.40 %   57.73          
Original Adj. Pool Balance:     $ 1,503,552,585.34                                  
                                             
        Amount     % of Pool     Note Rate             Final Payment Date  
   Class A-1 Notes Fixed     $ 284,400,000.00       17.966 %   0.72421 %           March 15, 2023  
   Class A-2-A Notes Fixed     $ 424,000,000.00       26.784 %   1.81000 %           February 18, 2025  
   Class A-2-B Notes Floating     $ 95,000,000.00       6.001 %   SOFR + 0.63 %           February 18, 2025  
   Class A-3 Notes Fixed     $ 484,200,000.00       30.587 %   2.22000 %           October 15, 2026  
   Class A-4 Notes Fixed     $ 106,200,000.00       6.709 %   2.35000 %           April 17, 2028  
   Class B Notes Fixed     $ 27,100,000.00       1.712 %   2.62000 %           April 17, 2028  
   Class C Notes Fixed     $ 45,100,000.00       2.849 %     2.97000 %           October 16, 2028  
Total Securities     $ 1,466,000,000.00       92.607 %                        
                                             
   Overcollateralization     $ 37,552,585.34       2.372 %                      
   YSOA     $ 79,478,418.72       5.021 %                        
Total Original Pool Balance     $ 1,583,031,004.06       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     $ -       -     $ -       -     $ -  
   Class A-2-B Notes     $ -       -     $ -       -     $ -  
   Class A-3 Notes     $ 331,777,922.96       0.6852084     $ 304,340,568.68       0.6285431     $ 27,437,354.28  
   Class A-4 Notes     $ 106,200,000.00       1.0000000     $ 106,200,000.00       1.0000000     $ -  
   Class B Notes     $ 27,100,000.00       1.0000000     $ 27,100,000.00       1.0000000     $ -  
   Class C Notes     $ 45,100,000.00       1.0000000     $ 45,100,000.00       1.0000000     $ -  
Total Securities     $ 510,177,922.96       0.3480068     $ 482,740,568.68       0.3292910     $ 27,437,354.28  
                                             
Weighted Avg. Coupon (WAC)     3.42 %           3.43 %              
Weighted Avg. Remaining Maturity (WARM)     32.46               31.56                  
Pool Receivables Balance     $ 577,493,713.53             $ 548,618,826.90                  
Remaining Number of Receivables     43,231               42,399                  
                                             
Adjusted Pool Balance      $ 555,284,500.52             $ 527,847,146.24                  
                                             
                                             
III.  COLLECTIONS
                                             
Principal:
     Principal Collections     $ 28,065,497.31  
     Repurchased Contract Proceeds Related to Principal     $ -  
     Recoveries/Liquidation Proceeds     $ 502,006.15  
Total Principal Collections     $ 28,567,503.46  
                                             
Interest:
     Interest Collections     $ 1,679,582.39  
     Late Fees & Other Charges     $ 68,771.17  
     Interest on Repurchase Principal     $ -  
Total Interest Collections     $ 1,748,353.56  
                                             
Collection Account Interest     $ 123,589.20  
Reserve Account Interest     $ 16,551.30  
Servicer Advances     $ -  
                                             
Total Collections     $ 30,455,997.52  

 

2022A Report1 of 4 

 

Hyundai Auto Receivables Trust 2022-A
Monthly Servicing Report
                                             
Collection Period       May 2024  
Distribution Date       06/17/24  
Transaction Month       27  
30/360 Days       30  
Actual/360 Days       33  

 

IV.  DISTRIBUTIONS
                                             
     Total Collections     $ 30,455,997.52  
     Reserve Account Release     $ -  
     Reserve Account Draw     $ -  
Total Available for Distribution     $ 30,455,997.52  
        Amount Due     Interest Pymt Due
but unpaid from prior
periods		     Amount Paid                  
1.  Servicing Fee @1.00%:
     Servicing Fee Due 1.00 % $ 481,244.76     $ -     $ 481,244.76               481,244.76  
     Collection & Reserve Account Interest     $ 140,140.50  
     Late Fees & Other Charges     $ 68,771.17  
Total due to Servicer     $ 690,156.43  
                                             
2.  Class A Noteholders Interest:
     Class A-1 Notes     $ -             $ -                  
     Class A-2-A Notes     $ -             $ -                  
     Class A-2-B Notes     $ -             $ -                  
     Class A-3 Notes      $ 613,789.16             $ 613,789.16                  
     Class A-4 Notes     $ 207,975.00             $ 207,975.00                  
                                             
          Total Class A interest:     $ 821,764.16             $ 821,764.16               821,764.16  
                                             
3.  First Priority Principal Distribution:     $ 0.00             $ 0.00               0.00  
                                             
4.   Class B Noteholders Interest:     $ 59,168.33             $ 59,168.33               59,168.33  
                                             
5.  Second Priority Principal Distribution:     $ 0.00             $ -               0.00  
                                             
6.   Class C Noteholders Interest:     $ 111,622.50             $ 111,622.50               111,622.50  
                                             
          Available Funds Remaining:     $ 28,773,286.10  
                                             
7.   Regular Principal Distribution Amount:       27,437,354.28  
                                             
        Distributable Amount             Paid Amount                  
     Class A-1 Notes     $ -                  
     Class A-2-A Notes      $ -                  
     Class A-2-B Notes      $ -                  
     Class A-3 Notes      $ 27,437,354.28                  
     Class A-4 Notes     $ -                  
          Class A Notes Total:     $ 27,437,354.28             $ 27,437,354.28                  
          Class B Notes Total:     $ -             $ -                  
          Class C Notes Total:     $ -             $ -                  
               Total Noteholders Principal     $ 27,437,354.28             $ 27,437,354.28                  
                                             
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       1,335,931.82  
                                             
                                             
V.  YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)
                                             
Beginning Period Required Amount     $ 22,209,213.01  
Beginning Period Amount     $ 22,209,213.01  
Current Period Amortization     $ 1,437,532.35  
Ending Period Required Amount     $ 20,771,680.66  
Ending Period Amount     $ 20,771,680.66  
Next Distribution Date Required Amount     $ 19,385,463.61  

 

2022A Report2 of 4 

 

Hyundai Auto Receivables Trust 2022-A
Monthly Servicing Report
                                             
Collection Period       May 2024  
Distribution Date       06/17/24  
Transaction Month       27  
30/360 Days       30  
Actual/360 Days       33  

 

VI.  RESERVE ACCOUNT
                                             
Reserve Percentage of Initial Adjusted Pool Balance       0.25 %
Beginning Period Required Amount      $ 3,758,881.46  
Beginning Period Amount     $ 3,758,881.46  
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)     $ 3,758,881.46  
Ending Period Amount     $ 3,758,881.46  
                                             
                                             
VII.  OVERCOLLATERALIZATION
                                             
Overcollateralization Target     3.00 %                              
Overcollateralization Floor     3.00 %                              
                        Beginning     Ending     Target  
Overcollateralization Amount     $ 45,106,577.56     $ 45,106,577.56     $ 45,106,577.56  
Overcollateralization as a % of Original Adjusted Pool     3.00 %   3.00 %   3.00 %
Overcollateralization as a % of Current Adjusted Pool     8.12 %   8.55 %   8.55 %
                                             
                                             
VIII.  DELINQUENCY AND NET LOSS ACTIVITY
                                             
Delinquent Receivables     Units Percent     Units     Dollars Percent     Amount  
     Current     98.51 %   41,767       97.79 % $ 536,471,075.62  
     30 - 60 Days     1.21 %   513       1.81 % $ 9,937,134.89  
     61 - 90 Days     0.24 %   101       0.35 % $ 1,911,346.89  
     91-120 Days     0.04 %   16       0.05 % $ 286,151.09  
     121 + Days     0.00 %   2       0.00 % $ 13,118.41  
     Total     42,399             $ 548,618,826.90  
                                             
Delinquent Receivables 30+ Days Past Due
     Current Period     1.49 %   632       2.21 % $ 12,147,751.28  
     1st Preceding Collection Period     1.42 %   616       2.14 % $ 12,341,410.28  
     2nd Preceding Collection Period     1.49 %   656       2.21 % $ 13,381,991.22  
     3rd Preceding Collection Period     1.38 %   621       2.05 % $ 13,045,956.21  
     Four-Month Average     1.45 %             2.15 %        
                                             
Ratio of 61+ Delinquency Receivables Balance to EOP Pool Balance     0.40 %      
    Delinquency Percentage exceeds Delinquency Trigger of 9.6% (Y/N)     No          
                                             
Repossession in Current Period     29             $ 688,171.16  
Repossession Inventory     66             $ 1,541,517.31  
                                             
Current Charge-Offs
     Gross Principal of Charge-Offs     $ 809,389.32  
     Recoveries     $ (502,006.15 )
     Net Loss     $ 307,383.17  
                                             
Ratio of Current Net Loss to Beginning Pool Balance (annualized)       0.64 %
                                             
Average Pool Balance for Current Period     $ 563,056,270.22  
                                             
Ratio of Current Net Loss to Average Pool Balance (annualized)
      Current Period       0.66 %
      1st Preceding Collection Period       0.23 %
      2nd Preceding Collection Period       0.70 %
      3rd Preceding Collection Period       0.24 %
      Four-Month Average       0.46 %
                                             
Cumulative Charge-Offs     Change in units from
prior period		     Cumulative Units     Cumulative Amount  
     Gross Principal of Charge-Offs     47       1,086     $ 22,661,029.96  
     Recoveries     51       810     $ (10,648,424.92 )
     Net Loss     $ 12,012,605.04  
Cumulative Net Loss as a % of Initial Pool Balance       0.76 %
                                             
Net Loss for Receivables that have experienced a Net Loss *     41       954     $ 12,012,605.04  
Average Net Loss for Receivables that have experienced a Net Loss     $ 12,591.83  
                                             
Principal Balance of Extensions     $ 2,518,701.85  
Number of Extensions       126  
                                             
* 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.

 

2022A Report3 of 4 

 

Hyundai Auto Receivables Trust 2022-A
Monthly Servicing Report
                                             
Collection Period       May 2024  
Distribution Date       06/17/24  
Transaction Month       27  
30/360 Days       30  
Actual/360 Days       33  

 

                                             
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.

 

2022A Report4 of 4