EX-99.1 2 d404985dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

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KPMG LLP

Suite 1500

550 South Hope Street

Los Angeles, CA 90071-2629

Independent Accountants’ Agreed-Upon Procedures Report

Prestige Financial Services, Inc. (the “Company”)

J.P. Morgan Securities LLC

Wells Fargo Securities, LLC

(together, the “Specified Parties”)

Re: Prestige Auto Receivables Trust 2023-1 – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled “230331 PART 2023-1 RA $294 pool 2.xlsx” provided by the Company on April 5, 2023, containing information on 15,854 retail installment sale contracts and security agreements secured by new and used automobiles, vans, and light duty trucks (collectively, the “Receivables”) as of March 31, 2023 (the “Data File”), which we were informed are intended to be included as collateral in the offering by Prestige Auto Receivables Trust 2023-1. The Company is responsible for the specified attributes identified by the Company in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

 

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The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.

 

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The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.

 

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The term “reporting threshold” means that dollar amounts, percentages, and dates were within $1.00, 0.1%, and one (1) month, respectively.

 

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The term “Title Document” means a scanned image of one of the title documents listed in Exhibit A, which the Company informed us are acceptable forms of Title Document.

 

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The term “Acceptable Company Names” means the acceptable company names listed in Exhibit A, which the Company informed us are acceptable names for the Company that can appear in the Title Documents as the Lien Holder, Owner, Security Interest Holder, or Secured Party.

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

 

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The term “Receivable File” means the following documents: Installment Sale Contract, Title Document, Post Funding Correspondence, Modification Agreement, and/or screenshots from the Company’s servicing system (the “Servicing System”). The Receivable File, provided to us by the Company, was represented to be a scanned image of the original Receivable File. We make no representation regarding the validity or accuracy of these documents or the execution of these documents by the borrower.

 

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The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, or methodology, as described in Exhibit C.

 

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The term “Provided Information” means the Acceptable Company Names, Receivable File, and Instructions.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

 

A.

We randomly selected a sample of 100 Receivables from the Data File (the “Selected Receivables”). A listing of the Selected Receivables is attached hereto as Exhibit B. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Receivables we were instructed to randomly select from the Data File.

 

B.

For each Selected Receivable, we compared or recomputed the specified attributes in the Data File listed below to or using the corresponding information included in the Receivable File, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Receivable File or the inability to agree the indicated information from the Data File to the Receivable File for each of the attributes identified, utilizing the Instructions, as applicable, constituted an exception. The Receivable File information is listed in the order of priority.

 

Attribute

   

Receivable File / Instructions

Account Number    Servicing System
Borrower Last Name    Installment Sale Contract or Servicing System, and Instructions
Original Amount Financed    Installment Sale Contract
Original Interest Rate    Installment Sale Contract, Post Funding Correspondence
Current Interest Rate    Servicing System
Original Term    Installment Sale Contract, Modification Agreement, and Instructions
Payment Amount    Installment Sale Contract, Modification Agreement, Post Funding Correspondence
Obligor State    Installment Sale Contract, Servicing System
Vehicle Make    Installment Sale Contract and Instructions
Model Year    Installment Sale Contract
New/Used Vehicle    Installment Sale Contract
Vehicle Identification Number (“VIN”)    Installment Sale Contract

We found such information to be in agreement, except as listed in Exhibit D.

 

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C.

For each Selected Receivable, we observed the presence of the following in the Receivable File:

 

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Title Document; we were instructed by the Company to observe that one of the Acceptable Company Names appeared on the Title Document as the Lien Holder, Owner, Security Interest Holder, or Secured Party.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Receivables, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Receivables to stated underwriting or credit extension guidelines, standards, criteria, or other requirements, (ii) the value of collateral securing any such Receivables being securitized, (iii) the compliance of the originator of the Receivables with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Receivables that would be material to the likelihood that the issuer of the asset-backed securities will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties, but may have access to this report as required by law or regulation.

/s/KPMG LLP

Los Angeles, California

April 19, 2023

 

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Exhibit A

Title Documents

 

Application for Certificate of Title    Notice of Lien

Application for Certificate of Title and Registration

Application for Certificate of Title with/without Registration

   

Notice of Security or Lien Filing

Notice of Security Interest Filing

Application for Certificate of Title for a Vehicle    Notification of Lien

Application for Noting of Lien, Duplicate Title, or Multipurpose

Use

    Receipt of Dealer Transaction
Application for Title and License    Record Lookup Results
Application for Title and Registration Statement of Vehicle Sale    Request Report
Application for Title and/or Registration    Termination Statement
Application for Vehicle Transaction(s)    Title Guaranty
Certificate of Title    Title & License Plate Application
Copy of Application for Registration    Title and Registration Receipt
Documentation from Department of State    Title Information
Electronic Title Copy    Title Lien Statement
Lien Holders Release Forms    Universal Title Application
Lien Receipt    Vehicle Title Application

Acceptable Company Names

 

PRESTIGE AUTO FINANCE CORP    PRESTIGE FINANCIAL SERICES INC
PFS PRESTIGE FINANCIAL SERVICES    PRESTIGE FINANCIAL SERVICES INC
PRESTIGE FINANCIAL    PRESTIGE FINANCIAL SERVICES, INC
PRESTIGE FINANCIAL S    PRESTIGE FINANCIAL SERVICES INC.
PRESTIGE FINANCIAL SERV    PRESTIGE FINANCIAL SERVICES, INC.
PRESTIGE FINANCIAL SERV INC    PRESTIGE FINANCIAL SERVICS
PRESTIGE FINANCIAL SERV.    PRESTIGE FINANCIAL SERVICS INC
PRESTIGE FINANCIAL SERVICE    PRESTIGE FINANCIAL SVS INC
PRESTIGE FINANCIAL SERVICE INC    PRESTIGE FINANCIAL SRVS INC
PRESTIGE FINANCIAL SERVICES    PRESTIGE FNCL SVCS
PRESTIGE FINANCIAL SERVICES IN    PRESTIGE FIN SVCES INC

Exhibit B

The Selected Receivables

 

Selected    Receivable    Selected    Receivable    Selected    Receivable

Receivable #

    Number    Receivable #    Number    Receivable #    Number

1

    20231001    34    20231034    67    20231067

2

    20231002    35    20231035    68    20231068

3

    20231003    36    20231036    69    20231069

4

    20231004    37    20231037    70    20231070

5

    20231005    38    20231038    71    20231071

6

    20231006    39    20231039    72    20231072

7

    20231007    40    20231040    73    20231073

8

    20231008    41    20231041    74    20231074

9

    20231009    42    20231042    75    20231075

10

    20231010    43    20231043    76    20231076

11

    20231011    44    20231044    77    20231077

12

    20231012    45    20231045    78    20231078

13

    20231013    46    20231046    79    20231079

14

    20231014    47    20231047    80    20231080

15

    20231015    48    20231048    81    20231081

16

    20231016    49    20231049    82    20231082

17

    20231017    50    20231050    83    20231083

18

    20231018    51    20231051    84    20231084

19

    20231019    52    20231052    85    20231085

20

    20231020    53    20231053    86    20231086

21

    20231021    54    20231054    87    20231087

22

    20231022    55    20231055    88    20231088

23

    20231023    56    20231056    89    20231089

24

    20231024    57    20231057    90    20231090

25

    20231025    58    20231058    91    20231091

26

    20231026    59    20231059    92    20231092

27

    20231027    60    20231060    93    20231093

28

    20231028    61    20231061    94    20231094

29

    20231029    62    20231062    95    20231095

30

    20231030    63    20231063    96    20231096

31

    20231031    64    20231064    97    20231097

32

    20231032    65    20231065    98    20231098

33

    20231033    66    20231066    99    20231099
            100    20231100

 

(*)

The Company has assigned a unique seven-digit Receivable Number to each Receivable in the Data File. The Receivable Numbers referred to in this Exhibit are not the actual Receivable Numbers.

Exhibit C

Instructions

 

Attribute

   

Instructions

Borrower Last Name    In the event the Borrower’s Last Name did not agree to the last name stated in the Installment Sale Contract or Servicing System, compare the Borrower’s Last Name to the co-borrower last name stated in the Installment Sale Contract or Servicing System.
Original Term    In the event the Original Term did not agree with the Installment Sale Contract, recompute as the number of months between the first payment due date in the Installment Sale Contract and the final payment due date in the Modification Agreement.
Vehicle Make    In the event the Vehicle Make stated in the Installment Sale Contract was “Hyun,” “Chevrol,” “Mercedes-B,” or “Mitsubis,” consider the Vehicle Make to be “Hyundai,” “Chevrolet,” “Mercedes-Benz,”or “Mitsubishi,” respectively.

Exhibit D

Exception List

 

Selected

Receivable #

    Receivable
Number		   

Attribute

   

Per Data File

   

Per Receivable

File

73    20231073    New/Used Vehicle    New    Used