EX-99 2 d800239dex99.htm EX-99 EX-99

Exhibit 99.1

CRVNA 2021-N1 Servicer Report

 

  Distribution Date:    3/10/2023             
  Collection Period:      2/1/2023        Through          2/28/2023                      
  Accrual Period:    2/10/2023        Through          3/9/2023     

 

    Principal Balance Rollforward of Receivables and Additional Collection Activity          
          Principal                        Unit
Reconciliation		     Principal
Reconciliation		  

(1)

         Beginning Pool Balance              (1 )      12,747       179,270,704.52  

(2)

         Collateral Pledged (Subsequent Receivables Acquired in Collection Period)       (2 )      0       0.00  

(3)

         Collateral Takeout & Unwinds              (3 )      0       0.00  

(4)

         Principal Collections              (4 )     

(5)

           Total collections allocable to principal & Units Paid in Full       (5 )      136       4,096,102.17  

(6)

           Purchased Receivables & receivables purchased pursuant to section 6.1       (6 )      0       0.00  

(7)

         Charged-Off Losses (Gross)              (7 )     

(8)

           Charged-off Losses (system current period)       (8 )      134       2,013,463.24  
                     

 

 

    

 

 

  

(9)

         Ending Pool Balance              (9 )      12,477       173,161,139.11  
                     

 

 

    

 

 

  
      Interest, Fees and Recoveries             

(10)

         Collections allocable to interest              (10 )        2,780,566.10  

(11)

         Collections from Recoveries (prior charge-offs)            (11 )        1,243,740.24  

(12)

         All other amounts and fees received and not allocable to principal       (12 )        43,206.91  
                  

 

 

  

(13)

         Total non-Principal Collections              (13 )        4,067,513.25  

(14)

       Original Pool Balance as of Cutoff Date              (14 )        400,000,003.21  

(15)

       The Pool Factor as of the close of business on the last day set forth above {(9)/(14)}         (15 )        43.29 % 
    Overcollateralization & Principal Calculations               

(16)

       Overcollateralization in Dollars                   (16 )      6,926,445.56  

(17)

       Overcollateralization Target Amount (Greater of {4% * (9)} or {1.5% * (14)}           (17 )      6,926,445.56  

(18)

       Beginning of Period AAA through B Note Balance {sum of (24:29)}            (18 )        172,099,876.34  

(19)

         Ending Collateral Balance {(9)}              (19 )      173,161,139.11    

(20)

         OC Target Amount {(17)}              (20 )      6,926,445.56    
                

 

 

    

(21)

         Required ProForma Note Balance              (21 )        166,234,693.55  
                       

 

 

  

(22)

       Excess                   (22 )        5,865,182.79  

(23)

       Total amount allocated to principal                   (23 )      5,865,182.79  
          Class     Orig Balance     BOM Note
Bal.		      Target
Subordination %		     Target
Subordination
Amount		      Target
Balance		     Senior Target
Balance		     Principal
Allocated		     EOM Note
Bal.		     Note Factor  

(24)

       Class A       185,400,000.00       47,506,736.70        69.50 %      120,346,991.68        45,887,701.86       0.00       1,619,034.83       45,887,701.86       24.75 % 

(25)

       Class B       53,600,000.00       16,582,540.17        60.25 %      104,329,586.31        16,017,405.37       45,887,701.86       565,134.80       16,017,405.37       29.88 % 

(26)

       Class C       58,200,000.00       20,616,131.02        48.75 %      84,416,055.32        19,913,531.00       61,905,107.23       702,600.02       19,913,531.00       34.22 % 

(27)

       Class D       40,400,000.00       24,994,468.45        42.00 %      72,727,678.43        11,688,376.89       81,818,638.23       2,978,413.14       22,016,055.32       54.50 % 

(28)

       Class E       34,400,000.00       34,400,000.00        18.75 %      32,467,713.58        34,400,000.00       93,507,015.12       0.00       34,400,000.00       100.00 % 

(29)

       Class F       28,000,000.00       28,000,000.00        0.00 %      0.00        28,000,000.00       127,907,015.12       0.00       28,000,000.00       100.00 % 
    Reserve Account Reconciliation             
    (a)       Reserve Account Rollforward                  

(30)

       Specified Reserve Account Amount {(14) * 1.25%}              (30 )      5,000,000.00  

(31)

       Aggregate Note Balance after all distributions {sum of (24:29)}              (31 )      166,234,693.55  

(32)

       Specified Reserve Amount {Lesser of (30),(31)}                (32 )      5,000,000.00  

(33)

       Beginning of Period Reserve Account Balance                (33 )      5,000,000.00  

(34)

         Amount withdrawn from the Reserve Account              (34 )      0.00  

(35)

         Amount deposited to the Reserve Account              (35 )      0.00  
                       

 

 

  

(36)

       Ending Reserve Account Balance                   (36 )      5,000,000.00  
    Performance Data for the Collection Period               
    Loss Data                    
    (a)       Gross Losses                    

(37)

       Aggregate Gross Charged-Off Receivables losses as of the last day of the previous Collection Period         (37 )      42,739,238.33  

(38)

       Gross Charged-Off Receivables losses occurring in current Collection Period {(8)}           (38 )      2,013,463.24  
                       

 

 

  

(39)

       Aggregate Gross Charged-Off Receivables losses as of the last day of the current Collection Period         (39 )      44,752,701.57  
    (b)       Liquidation Proceeds                    

(40)

       The aggregate amount of Liquidation Proceeds as of the last day of the previous Collection Period         (40 )      17,101,334.52  

(41)

       Gross Liquidation Proceeds occurring in the current Collection Period {(11)}           (41 )      1,243,740.24  

(42)

       Less Liquidation Expenses incurred in the current Collection Period              (42 )      (89,020.64 ) 
                       

 

 

  

(43)

       The aggregate amount of Liquidation Proceeds as of the last day of the current Collection Period         (43 )      18,256,054.12  
    (c)       Net Losses                    

(44)

       The aggregate amount of Net Charged-Off Receivables losses as of the last day of the previous Collection Period       (44 )      25,637,903.81  

(45)

       Net Charged-Off Receivables losses occurring in current Collection Period {(38)-(41)+(42)}           (45 )      858,743.64  
                       

 

 

  

(46)

       The aggregate amount of Net Charged-Off Receivables losses as of the last day of the current Collection Period       (46 )      26,496,647.45  
    (d)       Historical Net Loss Data                  
                                                      Average
Principal
Balance		     Net Loss
Amount		     Net Loss
Percentage		  
      Net Losses in Third Preceding Collection Period            194,763,389       1,050,020       0.54 % 
      Net Losses in Second Preceding Collection Period            188,100,731       1,997,524       1.06 % 
      Net Losses in First Preceding Collection Period            181,928,940       602,655       0.33 % 
      Net Losses in Current Collection Period            176,215,922       858,744       0.49 % 
    Delinquency Data                    
    (a)      
 The number of Receivables and the aggregate principal balance for which Obligors are delinquent as of the last day of the
Collection Period		  
 		    
                             Current Collection Period                     24  
                                                      Delinquency
Bucket		     No. of
Receivables		     Principal
Balance		  

(47)

                     (47 )      31-60       1,347       20,277,359.42  

(48)

                     (48 )      61-90       793       12,499,781.56  

(49)

                     (49 )      91-120       182       2,715,155.74  
                     

 

 

    

 

 

  

(50)

            (50 )     
 Total
Delinquencies		  
 		     2,322       35,492,296.72  
                     

 

 

    

 

 

  

(51)

       Receivables greater than 60 days delinquent at end of Collection Period          (51 )          8.79 % 

(52)

       Delinquency Trigger Rate (based on Current Collection Period)          (52 )          29.00 % 
    Statistical Data                    
    (e)      Pool Statistics in the Collection Period                        Original     Prev. Month     Current  

(53)

       Weighted Average APR of the Receivables          (53 )      19.27 %      19.22 %      19.22 % 

(54)

       Weighted Average Remaining Term of the Receivables          (54 )      70.00       48.84       47.89  

(55)

       Weighted Average Original Term of the Receivables          (55 )      71.00       71.19       71.20  

(56)

       Average Principal Balance               (56 )      17,859.53       14,063.76       13,878.43  

(57)

       Net Losses in Period {(45)}               (57 )      0.00       602,654.50       858,743.64  

(58)

       Aggregate Realized Losses {(46)}               (58 )      0.00       25,637,903.81       26,496,647.45  

(59)

       Aggregate Realized Loss percentage {(58)/(14)}            (59 )      0.00 %      6.41 %      6.62 % 

(60)

       Number of Receivables at End of Collection Period          (60 )      22,397       12,747       12,477  
    Extension Data                    
    (f)      Collection Period Extension Data                                              

(61)

       Number of receivables extended in Collection Period (A)              (61 )      192  

(62)

       Principal Balance of receivables extended in Collection Period (B)              (62 )      2,995,964.22  

(63)

       Total number of receivables in Grantor Trust at beginning of Collection Period (C)           (63 )      12,747  

(64)

       Pool Balance as of the beginning of the Collection Period (D)              (64 )      179,270,704.52  

(65)

       Ratio of (A) over (C)                     (65 )      1.51 % 

(66)

       Ratio of (B) over (D)                     (66 )      1.67 % 

   Amounts Deposited into the Collection Account        
  

Available Principal

        

(67)

   

Collections allocable to principal {(5)}

      (67 )         4,096,102.17  

(68)

   

Current Period Liquidation Proceeds Gross of Servicer Liquidation Reimbursements {(11)}

      (68 )                      1,243,740.24  

(69)

   

Purchase Amount of Receivables (Purchased Receivables & receivables purchased pursuant to section 6.1)

      (69 )         0.00  

(70)

   

Purchase Amount for Collateral Takeout & Unwinds

      (70 )         0.00  
          

 

 

  

(71)

   

Total Collected Principal

      (71 )         5,339,842.41  
  

Collected Interest and Supplemental Servicing Fees

        

(72)

   

Collections allocable to interest {(10)}

      (72 )         2,780,566.10  

(73)

   

Collections allocable to Supplemental Servicing Fees {(12)}

      (73 )         43,206.91  
          

 

 

  

(74)

   

Total Collected Interest and Supplemental Servicing Fees

      (74 )         2,823,773.01  

(75)

   

Excess amount withdrawn from Reserve Account {(34)}

      (75 )         0.00  

(76)

   

Amount deposited to Collection Account

      (76 )         8,163,615.42  
          

 

 

  

     Calculation of Interest Distributable Amount            
           

Class

    BOM Note Bal.      Interest Carryover      Note Interest Rates     Days      Days Basis Rate            Calculated Interest  

(77)

       Class A      47,506,736.70        0        0.70 %      30        8.33 %         27,712.26  

(78)

       Class B      16,582,540.17        0        1.09 %      30        8.33 %         15,062.47  

(79)

       Class C      20,616,131.02        0        1.30 %      30        8.33 %         22,334.14  

(80)

       Class D      24,994,468.45        0        1.50 %      30        8.33 %         31,243.09  

(81)

       Class E      34,400,000.00        0        2.88 %      30        8.33 %         82,560.00  

(82)

       Class F      28,000,000.00        0        4.55 %      30        8.33 %         106,166.67  

 

     

Cash Distributions for Activity in Collection Period (Waterfall)

          
                          Pursuant to  
                          Paid per Indent 2.7(b)      Shortfall      Change from Prior Period  
        

Total Deposited to Collection Account

        8,163,615.42        0.00        5.2 % 
        

Supplemental Servicing Fees

        30,045.91        0.00        19.7 % 
        

Unpaid Supplemental Servicing Fees from prior Distribution Date

        0.00        0.00        0.0 % 
        

Servicer Liquidation Reimbursements

        89,020.64        0.00        16.6 % 
        

Unpaid Servicer Liquidation Reimbursements from prior Distribution Date

        0.00        0.00        0.0 % 
        

Available Funds

        8,044,548.87        0.00        5.0 % 
             

 

 

     

 

 

     

 

 

  
           1   

Serv. Strip Amount to Pay Servicing Fee (Excess Distributed to Class XS Notes)

      2.50 %      373,480.63        0.00        -2.9 % 
        

Servicing Fee Payable from Servicing Strip Amount

      1.40 %      209,149.16        0.00        -2.9 % 
        

Servicing Strip Amount distributed to Class XS Notes

      1.10 %      164,331.48        0.00        -2.9 % 
        

Unpaid Serv. Strip Amount to Pay Servicing Fee (Excess Distributed to Class XS Notes)

        0.00        0.00        0.0 % 
      2   

Indemnity amounts due to Backup Servicer as successor servicer

        0.00        0.00        0.0 % 
        

Fees due to:

           
        

Indenture Trustee

        1,500.00        0.00        0.0 % 
        

Owner Trustee

        0.00        0.00        0.0 % 
        

Grantor Trust Trustee

        0.00        0.00        0.0 % 
        

Administrator

        83.33        0.00        0.0 % 
        

Regulatory Filing Fees

        0.00        0.00        -100.0 % 
        

Collateral Custodian

        1,120.14        0.00        -6.2 % 
        

Asset Representations Reviewer

        5,000.00        0.00        0.0 % 
        

Rating Agency

        13,005.00        0.00        0.0 % 
      3   

Backup Servicer Fee

        2,750.00        0.00        0.0 % 
      4   

Class A Interest Distributable Amount

        27,712.26        0.00        -2.9 % 
      5   

First Priority PDA

        0.00        0.00        0.0 % 
      6   

Class B Interest Distributable Amount

        15,062.47        0.00        -2.9 % 
      7   

Second Priority PDA

        0.00        0.00        0.0 % 
      8   

Class C Interest Distributable Amount

        22,334.14        0.00        -2.9 % 
      9   

Third Priority PDA

        0.00        0.00        0.0 % 
      10   

Class D Interest Distributable Amount

        31,243.09        0.00        -9.4 % 
      11   

Fourth Priority PDA

        0.00        0.00        0.0 % 
      12   

Class E Interest Distributable Amount

        82,560.00        0.00        0.0 % 
      13   

Fifth Priority PDA

        0.00        0.00        0.0 % 
      14   

Class F Interest Distributable Amount

 

     106,166.67        0.00        0.0 % 
      15   

Sixth Priority PDA

        0.00        0.00        0.0 % 
      16   

Reserve Account (amount required to fund Reserve Account to required amount)

        0.00        0.00        0.0 % 
      17   

Regular PDA (other than Class XS Notes)

        5,865,182.79        0.00        14.9 % 
      18   

Unpaid indemnity amounts due to Backup Servicer as successor servicer

        0.00        0.00        0.0 % 
        

Unpaid Fees due to:

           
        

Indenture Trustee

        0.00        0.00        0.0 % 
        

Owner Trustee

        0.00        0.00        0.0 % 
        

Grantor Trust Trustee

        0.00        0.00        0.0 % 
        

Administrator

        0.00        0.00        0.0 % 
        

Collateral Custodian

        0.00        0.00        0.0 % 
        

Asset Representations Reviewer

        0.00        0.00        0.0 % 
        

Rating Agency

        0.00        0.00        0.0 % 
        

Backup Servicer

        0.00        0.00        0.0 % 
      19   

To holders of the certificates, any remaining amounts

        1,497,348.34        0.00        -19.9 %