Exhibit No.
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Description
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Exhibit 99.1
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Report of Independent Accountants on Applying Agreed-Upon Procedures, dated February 9, 2024.
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M&T Receivables Funding, LLC
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(Depositor)
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By:
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/s/ Richard Amdur
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Name:
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Richard Amdur
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Title:
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President
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The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for purposes of PwC performing the
procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages
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PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017
T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us
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Report of Independent Accountants on Applying Agreed Upon Procedures
MTBAT 2024-1
February 9, 2024
Page 2 of 6
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The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;
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The value of collateral securing such assets; and
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The compliance of the originator of the assets with federal, state, and local laws and regulations.
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The interpretation of Transaction documents (including, but not limited to, indenture agreements or offering documents) included in connection with our procedures;
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Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934;
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The reasonableness of any of the assumptions provided by the Responsible Party; and
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The adequacy of the sample size, as provided by the Specified Parties, nor do we draw any conclusions about the entire pool of collateral based on
the sample size and results of the procedures performed.
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I. |
Data, Information and Documents
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A. |
An Excel file (the “Data Tape”) containing certain attributes for 14,110 auto loan receivables as of November 30, 2023 (the “Preliminary Cut-off Date”). The Company represents the Data Tape contains
auto loan receivables originated or acquired by the Company through its partner channels (the “Group A” loans and the “Group B” loans, respectively).
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Read-only access to the Company’s servicing system, “Shaw”, on January 3, 2024 through January 11, 2024, and instructions on how to access certain data within Shaw for the payment and balance history
for each Sample Loan (the “Shaw Balance File”).
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An email summary of acceptable lienholder names for M&T Bank Corporation (the “Acceptable Lienholder Name”).
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D. |
The Company provided the following documents for each Sample Loan:
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Report of Independent Accountants on Applying Agreed Upon Procedures
MTBAT 2024-1
February 9, 2024
Page 3 of 6
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Retail installment sale contract (provided for Group A loans) with security interest clause and Truth-In-Lending disclosure statement; and promissory note and assignment/security agreement (provided for
Group B loans) (the “Contract”).
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Any correction notices to the information contained in the Contract and any modification agreement to the Contract, if any together with the Contract, the “Sample Loan File”).
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Signed credit application (the “Credit Application”).
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Any substitution of collateral agreement or transfer of equity agreement, and/or certificate of title, application for title, application for registration for motor vehicle, vehicle invoice report
(i.e., bill of sale or VELV screen from Mainframe application), M&T lienholder statement, or a screen from the Company’s VINTEK system (the “VINTEK Statement”), or a State Form (defined as 11 states that are termed as “not a title holding
state”: Arizona, Kansas, Kentucky, Maryland, Michigan, Minnesota, Montana, New York, Oklahoma, South Dakota and Wisconsin. “Not a title holding state” means that the title is sent to the owner and the lien holder receives a notice of lien, or
form RD-108 in the case of Michigan (as such, a “State Form”), (the “Certificate of Title”).
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II. |
Procedures Performed
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1. |
For each Sample Loan, we compared the following information from the respective field on the Data Tape to the corresponding information in the Sample Loan File applying the respective “Threshold and/or
Special Instructions” described below and noting exceptions if differences are greater than the threshold:
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Description
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Data Tape field
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Group A field
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Group B field
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Threshold and/or Special Instructions
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VIN
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VehicleID
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VIN
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First 8 digits only
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Original Amount Financed
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OriginationAmount
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Original Amount Financed
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Principal Sum
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Threshold: $10
For contracts that were originated in Indiana prior to December 5, 2022, Kentucky prior to February 6, 2023, or Ohio prior to March 6, 2023,
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Report of Independent Accountants on Applying Agreed Upon Procedures
MTBAT 2024-1
February 9, 2024
Page 4 of 6
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the borrower disclosure paragraph was used to determine the Original Amount Financed
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Original Term
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Term
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Number of payments
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APR
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CustomerInterestRate
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APR
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Rate
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For contracts that were originated in Indiana prior to December 5, 2022, Kentucky prior to February 6, 2023, or Ohio prior to March 6, 2023, the borrower disclosure paragraph was used to determine the
APR
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New/ Used
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NewUsed
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New or Used
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If the Model year is 10 years prior to the Preliminary Cut-off Date, then the vehicle was designated “Used” for the purposes of this procedure
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‘N’ in the Data Tape is equivalent to “New”
‘U’ in the Data Tape is equivalent to “Used”
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Billing Address State
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CustomerState
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State shown in the billing address
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Vehicle Year
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VehicleYear
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Year
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Year
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2. |
For each Sample Loan, we compared the current principal balance in the Shaw Balance File to the respective value in the Data Tape.
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3. |
For each Sample Loan, we observed:
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A signed retail installment contract or signed promissory note. We make no comment as to the authenticity or validity of the signature.
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A Truth-In-Lending disclosure statement.
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A signed Credit Application. We make no comment as to the authenticity or validity of the signature.
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A Certificate of Title and an “Acceptable Lienholder Name” listed as lienholder for Group A loans.
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An assignment/security agreement and an “Acceptable Lienholder Name” listed as assignee for Group B loans.
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Report of Independent Accountants on Applying Agreed Upon Procedures
MTBAT 2024-1
February 9, 2024
Page 5 of 6
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i) |
Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk;
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Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.
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Report of Independent Accountants on Applying Agreed Upon Procedures
MTBAT 2024-1
February 9, 2024
Page 6 of 6
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Sample Loan
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Procedure
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Data Tape Value
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Procedure Value
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99
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1 (New/Used)
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U
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New
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107
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1 (Model Year)
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2064
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1964
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end