Exhibit 99.1
SERVICER’S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-2 Owner Trust |
||||||||
Collection Period: February 1, 2024 through February 29, 2024 |
||||||||
|
|
|
|
|
|
|
|
|
Deal Age |
|
10 |
Determination Date: 03/11/2024 |
Actual/360 Days |
|
29 |
Record Date: 03/14/2024 |
30/360 Days |
|
30 |
Payment Date: 03/15/2024 |
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 |
|
$ |
3,796,927.82 |
|
|
|
|
|
|
|
||
Interest Related to Repurchased Receivables |
|
$ |
0.00 |
|
|
|
|
|
|
|
||
Interest Advance for simple Interest - Net * |
|
$ |
0.00 |
|
|
|
|
|
|
|
||
Total Interest Collections |
|
$ |
3,796,927.82 |
|
|
|
|
|
|
|
||
* 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 |
|
$ |
31,001,038.66 |
|
|
|
|
|
|
|
||
Prepayments in Full |
|
$ |
11,935,929.14 |
|
|
|
|
|
|
|
||
Liquidation Proceeds |
|
$ |
206,258.02 |
|
|
|
|
|
|
|
||
Principal Related to Repurchased Receivables |
|
$ |
0.00 |
|
|
|
|
|
|
|
||
Recoveries from Prior Month Charge Offs |
|
$ |
82,696.61 |
|
|
|
|
|
|
|
||
Total Principal Collections |
|
$ |
43,225,922.43 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest and Principal Collections |
|
$ |
47,022,850.25 |
|
|
|
|
|
|
|
||
Yield Supplement Deposit |
|
$ |
5,873,525.06 |
|
|
|
|
|
|
|
||
Collection Account Investment Earnings |
|
$ |
0.00 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Available Amount |
|
|
|
$ |
52,896,375.31 |
|
|
|
|
|
|
|
SERVICER’S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-2 Owner Trust |
||||||||
Collection Period: February 1, 2024 through February 29, 2024 |
||||||||
|
|
|
|
|
|
|
|
|
Deal Age |
|
10 |
Determination Date: 03/11/2024 |
Actual/360 Days |
|
29 |
Record Date: 03/14/2024 |
30/360 Days |
|
30 |
Payment Date: 03/15/2024 |
DISTRIBUTIONS
Note Percentage |
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||
Certificate Percentage |
|
|
0.00 |
% |
|
|
|
Amount Due |
|
|
Amount Paid |
|
|
Shortfall |
|
|||
Total Servicing Fee |
|
|
1.00 |
% |
|
|
|
$ |
995,200.03 |
|
|
$ |
995,200.03 |
|
|
$ |
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 |
|
|
|
|
|
|
$ |
2,530,301.59 |
|
|
$ |
2,530,301.59 |
|
|
$ |
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 |
|
|
|
|
|
|
$ |
4,962,822.99 |
|
|
$ |
4,962,822.99 |
|
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Principal - Class A-1 Notes |
|
|
|
|
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
Principal - Class A-2 Notes |
|
|
|
|
|
|
$ |
43,490,144.91 |
|
|
$ |
43,490,144.91 |
|
|
$ |
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 |
|
|
|
|
|
|
$ |
43,490,144.91 |
|
|
$ |
43,490,144.91 |
|
|
$ |
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 |
|
$ |
3,448,207.38 |
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
3,448,207.38 |
|
Noteholder/Certificateholder Distributions |
|
Fee |
|
|
Interest |
|
|
Interest |
|
|
Principal |
|
|
Principal |
|
|
Amount |
|
||||||
Servicing Fee |
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
995,200.03 |
|
||||
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 |
|
|
|
|
$ |
4.11 |
|
|
$ |
0.00 |
|
|
$ |
70.66 |
|
|
$ |
0.00 |
|
|
$ |
46,020,446.50 |
|
|
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: February 1, 2024 through February 29, 2024 |
||||||||
|
|
|
|
|
|
|
|
|
Deal Age |
|
10 |
Determination Date: 03/11/2024 |
Actual/360 Days |
|
29 |
Record Date: 03/14/2024 |
30/360 Days |
|
30 |
Payment Date: 03/15/2024 |
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 |
|
|
$ |
561,249,890.05 |
|
|
|
0.9118897 |
|
|
$ |
517,759,745.14 |
|
|
|
0.8412292 |
|
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 |
|
|
|
|
|
|
|
$ |
1,194,240,040.87 |
|
|
|
0.7374355 |
|
|
$ |
1,150,749,895.96 |
|
|
|
0.7105806 |
|
||
Total Notes |
|
|
|
|
|
|
|
$ |
1,153,737,890.05 |
|
|
|
0.7307004 |
|
|
$ |
1,110,247,745.14 |
|
|
|
0.7031566 |
|
||
Portfolio Information |
|
Original |
|
|
Prior Month |
|
|
Current Month |
|
|||
Weighted Average Coupon (WAC) |
|
|
3.78 |
% |
|
|
3.81 |
% |
|
|
3.81 |
% |
Weighted Average Remaining Maturity (WAM) |
|
|
51.61 |
|
|
|
42.94 |
|
|
|
42.04 |
|
Weighted Average Original Maturity (WAOM) |
|
|
63.16 |
|
|
|
|
|
|
|
||
Remaining Number of Receivables |
|
|
69,210 |
|
|
|
61,065 |
|
|
|
60,080 |
|
Portfolio Receivable Balance |
|
$ |
1,619,450,150.82 |
|
|
$ |
1,194,240,040.87 |
|
|
$ |
1,150,749,895.96 |
|
DELINQUENCY AND NET LOSS ACTIVITY
Net Loss and Delinquency Account Activity |
|
|
|
|
|
Amount |
|
|
Gross Principal Balance on Defaulted Receivables |
|
|
|
|
|
$ |
553,177.11 |
|
Liquidation Proceeds |
|
|
|
|
|
$ |
206,258.02 |
|
Recoveries on Previously Defaulted Contracts |
|
|
|
|
|
$ |
82,696.61 |
|
Aggregate Net Losses for Collection Period |
|
|
|
|
|
$ |
264,222.48 |
|
Net Loss Rate for Collection Period's Average Balance (annualized) |
|
|
|
|
0.27 |
% |
||
Cumulative Net Losses for all Periods |
|
|
|
|
|
$ |
1,737,553.92 |
|
Delinquent Receivables |
|
# Units |
|
|
% Unit |
|
|
Dollar Amount |
|
|
% Dollar |
|
||||
31-60 Days Delinquent |
|
|
275 |
|
|
|
0.46 |
% |
|
$ |
5,973,337.96 |
|
|
|
0.52 |
% |
61-90 Days Delinquent |
|
|
64 |
|
|
|
0.11 |
% |
|
$ |
1,452,453.15 |
|
|
|
0.13 |
% |
91-120 Days Delinquent |
|
|
23 |
|
|
|
0.04 |
% |
|
$ |
398,438.45 |
|
|
|
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 |
|
|
24 |
|
|
|
0.04 |
% |
|
$ |
516,162.64 |
|
|
|
0.04 |
% |
Total Accumulated Repossessed Vehicles in Inventory |
|
|
40 |
|
|
|
0.07 |
% |
|
$ |
887,401.37 |
|
|
|
0.08 |
% |
Page 3
SERVICER’S CERTIFICATE
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 2023-2 Owner Trust |
||||||||
Collection Period: February 1, 2024 through February 29, 2024 |
||||||||
|
|
|
|
|
|
|
|
|
Deal Age |
|
10 |
Determination Date: 03/11/2024 |
Actual/360 Days |
|
29 |
Record Date: 03/14/2024 |
30/360 Days |
|
30 |
Payment Date: 03/15/2024 |
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 |
|
|
|
|
|
|
0.20 |
% |
Second Preceding Collection Period |
|
|
|
|
|
|
0.22 |
% |
Preceding Collection Period |
|
|
|
|
|
|
0.30 |
% |
Current Collection Period |
|
|
|
|
|
|
0.27 |
% |
Four Month Average |
|
|
|
|
|
|
0.25 |
% |
Ratio of Number of Contracts Delinquent 61 Days or More to the Outstanding Number of Receivables (includes repossessions in inventory) |
|
|
|
|||||
Second Preceding Collection Period |
|
|
|
|
|
|
0.24 |
% |
Preceding Collection Period |
|
|
|
|
|
|
0.23 |
% |
Current Collection Period |
|
|
|
|
|
|
0.21 |
% |
Three Month Average |
|
|
|
|
|
|
0.23 |
% |
Delinquency Trigger |
|
4.80% |
|
Delinquency Percentage exceeds Delinquency Trigger: |
|
No |
||
Delinquency Percentage - |
|
0.16% |
|
|
|
|
|
|
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 |
|
|
$ |
553,177.11 |
|
|
|
126 |
|
|
$ |
3,173,701.95 |
|
|
Liquidation Proceeds and Recoveries |
|
33 |
|
|
$ |
288,939.41 |
|
|
|
101 |
|
|
$ |
1,431,416.99 |
|
|
Net Loss Amount |
|
21 |
|
|
$ |
264,237.70 |
|
|
|
126 |
|
|
$ |
1,742,284.96 |
|
|
Net Loss % of Average |
|
|
|
|
0.27 |
% |
|
|
|
|
|
|
||||
Cumulative Net Loss % |
|
|
|
|
|
|
|
|
|
|
0.11 |
% |
||||
Average Net Loss of |
|
|
|
|
|
|
|
|
|
$ |
13,827.66 |
|
||||
CREDIT ENHANCEMENT
Reconciliation of Reserve Account |
|
|
|
|
Reconciliation of Yield Supplement Account |
|
||||
Beginning Reserve Account Balance |
|
$ |
4,048,625.38 |
|
|
Beginning Yield Supplement |
|
$ |
94,743,183.42 |
|
Investment Earnings |
|
$ |
13,720.08 |
|
|
Investment Earnings |
|
$ |
330,046.40 |
|
Excess Interest Deposited into the Reserve Account |
|
$ |
0.00 |
|
|
Additional Yield Supplement Amounts |
|
$ |
0.00 |
|
Investment Withdrawal to Seller |
|
$ |
(13,720.08 |
) |
|
Yield Supplement Withdrawal Amount |
|
$ |
5,873,525.06 |
|
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 |
|
$ |
89,199,704.76 |
|
|
|
|
|
|
|
|
|
|
||
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: February 1, 2024 through February 29, 2024 |
||||||||
|
|
|
|
|
|
|
|
|
Deal Age |
|
10 |
Determination Date: 03/11/2024 |
Actual/360 Days |
|
29 |
Record Date: 03/14/2024 |
30/360 Days |
|
30 |
Payment Date: 03/15/2024 |
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 |
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|
Page 5