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

September 1, 2021 to September 30, 2021

 

Commission File Number of issuing entity: 333-229037-04

Central Index Key Number of issuing entity: 0001816571

 

HYUNDAI AUTO RECEIVABLES TRUST 2020-B

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

 

Commission File Number of depositor: 333-229037

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

¨

¨

x

  
         
Asset Backed Notes, Class A-3

¨

¨

x

  
         
Asset Backed Notes, Class A-4

¨

¨

x

  
         
Asset Backed Notes, Class B ¨ ¨ x  
         
Asset Backed Notes, Class C ¨ ¨ x  

 

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 þ 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 2020-B (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 2020-B were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from September 1, 2021 to September 30, 2021. Please refer to the Form ABS-15G filed by the Securitizer on February 5, 2020 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 October 25, 2021 (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 September 1, 2021 to September 30, 2021.

 

102Asset Data File (incorporated by reference to Exhibit 102 to the Form ABS-EE filed by the Issuing Entity on October 25, 2021)

 

103Asset Related Document (incorporated by reference to Exhibit 103 to the Form ABS-EE filed by the Issuing Entity on October 25, 2021)

 

3 

 

 

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: October 26, 2021 HYUNDAI ABS FUNDING, LLC (Depositor)

 

By:/s/ Charley Changmin Yoon
  Name:Charley Changmin Yoon
  Title:President and Secretary

 

S-1 

 

 

Exhibit 99.1

 

Hyundai Auto Receivables Trust 2020-B        
Monthly Servicing Report          
             
Collection Period           September 2021
Distribution Date           10/15/21
Transaction Month                  15
30/360 Days           30
Actual/360 Days           30

 

I.  ORIGINAL DEAL PARAMETERS                                  
                                       
Cut off Date:       June 15, 2020                              
Closing Date:       July 22, 2020                              
                                       
        Dollars       Units     WAC       WARM        
Original Pool Balance:        $ 1,194,414,188.47       62,743     4.35 %     53.62        
Original Adj. Pool Balance:    $ 1,185,325,133.39                              
                                       
        Amount       % of Pool      Note Rate             Final Payment Date  
   Class A-1 Notes   Fixed    $ 262,400,000.00       21.969 %   0.27088 %           July 15, 2021  
   Class A-2 Notes   Fixed    $ 380,000,000.00       31.815 %   0.38000 %           March 15, 2023  
   Class A-3 Notes   Fixed    $ 380,000,000.00       31.815 %   0.48000 %           December 16, 2024  
   Class A-4 Notes   Fixed    $ 76,390,000.00       6.396 %   0.62000 %           December 15, 2025  
   Class B Notes   Fixed    $ 21,340,000.00       1.787 %   0.94000 %           December 15, 2025  
   Class C Notes   Fixed    $ 35,560,000.00       2.977 %   1.60000 %           December 15, 2026  
Total Securities        $ 1,155,690,000.00       96.758 %                    
                                       
   Overcollateralization        $ 29,635,133.39       2.481 %                    
   YSOA        $ 9,089,055.08       0.761 %                    
Total Original Pool Balance    $ 1,194,414,188.47       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 Notes        $ 107,669,307.85                  0.2833403      $ 76,252,521.95       0.2006645     $ 31,416,785.90  
   Class A-3 Notes        $ 380,000,000.00                  1.0000000      $ 380,000,000.00       1.0000000     $ -  
   Class A-4 Notes        $ 76,390,000.00                  1.0000000      $ 76,390,000.00       1.0000000     $ -  
   Class B Notes        $ 21,340,000.00                  1.0000000      $  21,340,000.00       1.0000000     $ -  
   Class C Notes        $ 35,560,000.00                  1.0000000      $ 35,560,000.00       1.0000000     $ -  
Total Securities        $ 620,959,307.85                  0.5373061      $ 589,542,521.95       0.5101217     $ 31,416,785.90  
                                       
Weighted Avg. Coupon (WAC)   4.35 %           4.34 %              
Weighted Avg. Remaining Maturity (WARM)   41.56             40.77                
Pool Receivables Balance    $ 661,018,760.51              $  629,355,389.21                
Remaining Number of Receivables   47,248             45,940                
                                       
Adjusted Pool Balance        $ 656,519,061.85              $  625,102,275.95                
                                       
                                       
III.  COLLECTIONS                                      
                                       
Principal:                                      
     Principal Collections                                   $ 30,852,500.48  
     Repurchased Contract Proceeds Related to Principal                           $  -  
     Recoveries/Liquidation Proceeds                               $ 427,137.15  
Total Principal Collections                               $ 31,279,637.63  
                                       
Interest:                                      
     Interest Collections                                   $ 2,403,881.46  
     Late Fees & Other Charges                               $ 74,615.24  
     Interest on Repurchase Principal                               $ -  
Total Interest Collections                                   $ 2,478,496.70  
                                       
Collection Account Interest                               $    152.93  
Reserve Account Interest                               $ 59.40  
Servicer Advances                                   $ -  
                                       
Total Collections                                   $ 33,758,346.66  

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Hyundai Auto Receivables Trust 2020-B        
Monthly Servicing Report          
             
Collection Period           September 2021
Distribution Date           10/15/21
Transaction Month                   15
30/360 Days           30
Actual/360 Days           30

 

IV.  DISTRIBUTIONS     
      
     Total Collections  $  33,758,346.66  
     Reserve Account Release  $- 
     Reserve Account Draw  $- 
Total Available for Distribution  $  33,758,346.66  

  

       Amount Due   Interest Pymt Due
but unpaid from
prior periods		   Amount Paid         
1.  Servicing Fee @1.00%:                              
     Servicing Fee Due   1.00%  $550,848.97   $     -   $550,848.97         550,848.97 
     Collection Account Interest                           $152.93 
     Late Fees & Other Charges                           $74,615.24 
Total due to Servicer                           $625,617.14 
                               
2.  Class A Noteholders Interest:                              
     Class A-1 Notes       $-        $-           
     Class A-2 Notes       $34,095.28        $34,095.28           
     Class A-3 Notes       $152,000.00        $152,000.00           
     Class A-4 Notes       $39,468.17        $39,468.17           
                               
          Total Class A interest:       $225,563.45        $225,563.45         225,563.45 
                               
3.  First Priority Principal Distribution:   $-        $-         0.00 
                               
4.   Class B Noteholders Interest:       $16,716.33        $16,716.33         16,716.33 
                               
5.  Second Priority Principal Distribution:   $-        $-         0.00 
                               
6.   Class C Noteholders Interest:       $47,413.33        $47,413.33         47,413.33 
                               
          Available Funds Remaining:                           $32,843,036.41 
                               
7.   Regular Principal Distribution Amount:                        31,416,785.90 
                               
        Distributable Amount        Paid Amount           
     Class A-1 Notes                 $-           
     Class A-2 Notes                 $31,416,785.90           
     Class A-3 Notes                 $-           
     Class A-4 Notes                 $-           
          Class A Notes Total:       $31,416,785.90        $31,416,785.90           
          Class B Notes Total:       $-        $-           
          Class C Notes Total:       $-        $-           
               Total Noteholders Principal   $31,416,785.90        $31,416,785.90           
                               
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             1,426,250.51 
                               

 

V.  YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)     
      
Beginning Period Required Amount  $4,499,698.66 
Beginning Period Amount  $4,499,698.66 
Current Period Amortization  $246,585.40 
Ending Period Required Amount  $4,253,113.26 
Ending Period Amount  $4,253,113.26 
Next Distribution Date Required Amount  $4,015,542.69 

     

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Hyundai Auto Receivables Trust 2020-B        
Monthly Servicing Report          
             
Collection Period           September 2021
Distribution Date           10/15/21
Transaction Month                           15
30/360 Days           30
Actual/360 Days           30

  

VI.  RESERVE ACCOUNT      
       
Reserve Percentage of Initial Adjusted Pool Balance   1.00 %
Beginning Period Required Amount    $ 11,853,251.33  
Beginning Period Amount    $  11,853,251.33  
Current Period Release to Collection Account    $  -  
Current Period Deposit    $ -  
Current Period Release to Depositor    $  -  
Ending Period Required Amount (1.00% of APB of cut-off date)    $ 11,853,251.33  
Ending Period Amount    $ 11,853,251.33  

  

VII.  OVERCOLLATERALIZATION                                      
                                         
Overcollateralization Target   3.00 %                                
Overcollateralization Floor   3.00 %                                
                      Beginning       Ending       Target  
Overcollateralization Amount                 $ 35,559,754.00     $ 35,559,754.00     $ 35,559,754.00  
Overcollateralization as a % of Original Adjusted Pool                   3.00 %     3.00 %     3.00 %
Overcollateralization as a % of Current Adjusted Pool                   5.42 %     5.69 %     5.69 %
                                         
                                         
VIII.  DELINQUENCY AND NET LOSS ACTIVITY                                  
                                         
Delinquent Receivables             Units Percent       Units       Dollars Percent       Amount  
     Current             98.76 %     45,371       98.28 %   $ 618,555,750.30  
     30 - 60 Days             0.94 %     431       1.31 %   $ 8,261,177.62  
     61 - 90 Days             0.24 %     112       0.32 %   $ 1,986,046.27  
     91-120 Days             0.06 %     26       0.09 %   $ 552,415.02  
     121 + Days             0.00 %     0       0.00 %   $ -  
     Total                     45,940             $ 629,355,389.21  
                                         
Delinquent Receivables 30+ Days Past Due                                      
     Current Period             1.24 %     569       1.72 %   $ 10,799,638.91  
     1st Preceding Collection Period           1.15 %     543       1.53 %   $ 10,124,099.79  
     2nd Preceding Collection Period           1.08 %     524       1.42 %   $ 9,871,350.88  
     3rd Preceding Collection Period           1.00 %     500       1.34 %   $ 9,820,073.09  
     Four-Month Average             1.12 %             1.50 %        
                                         
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                   27             $ 503,920.64  
Repossession Inventory                     52             $ 1,034,218.38  
                                         
Current Charge-Offs                                        
     Gross Principal of Charge-Offs                                 $ 810,870.82  
     Recoveries                                   $ (427,137.15 )
     Net Loss                                   $ 383,733.67  
                                         
Ratio of Current Net Loss to Beginning Pool Balance (annualized)                               0.70 %
                                         
Average Pool Balance for Current Period                                 $ 645,187,074.86  
                                         
Ratio of Current Net Loss to Average Pool Balance (annualized)                                  
      Current Period                                     0.71 %
      1st Preceding Collection Period                                   0.53 %
      2nd Preceding Collection Period                                   0.15 %
      3rd Preceding Collection Period                                   0.17 %
      Four-Month Average                                     0.39 %
                                         
Cumulative Charge-Offs                     Change in units from
prior period		       Cumulative Units       Cumulative Amount  
     Gross Principal of Charge-Offs                   61       697     $ 10,575,108.03  
     Recoveries                     43       461     $ (4,792,664.04 )
     Net Loss                                    $ 5,782,443.99  
Cumulative Net Loss as a % of Initial Pool Balance                                   0.48 %
                                         
Net Loss for Receivables that have experienced a Net Loss *               55       609      $  5,782,443.99  
Average Net Loss for Receivables that have experienced a Net Loss                              $  9,494.98  
                                         
Principal Balance of Extensions                                  $ 2,723,586.34  
Number of Extensions                                     131  

  

* 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.

 

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Hyundai Auto Receivables Trust 2020-B        
Monthly Servicing Report          
             
Collection Period           September 2021
Distribution Date           10/15/21
Transaction Month                        15
30/360 Days           30
Actual/360 Days           30

 

IX.  CREDIT RISK RETENTION INFORMATION

 

There were no material changes in the retained interest in the transaction.

               

 

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