OneMain Direct Auto Receivables Trust 2021-1
Monthly Servicer Report
Collection Period | |
Beginning Date | 02/01/2024 |
End Date | 02/29/2024 |
Payment Date | 03/14/2024 |
Transaction Month | 29 |
30/360 Days | 30 |
ORIGINAL DEAL PARAMETERS
Note Balance | % of Note Prin Bal | Interest Rate | Stated Maturity Date | |
Class A Notes | 773,685,000.00 | 77.37% | 0.87% | July 14, 2028 |
Class B Notes | 128,947,000.00 | 12.89% | 1.26% | July 14, 2028 |
Class C Notes | 68,421,000.00 | 6.84% | 1.42% | July 14, 2028 |
Class D Notes | 28,947,000.00 | 2.89% | 1.62% | November 14, 2030 |
Aggregate Note Principal Balance | ||||
1,000,000,000.00 | 100.00% | |||
Overcollateralization Amount | 52,633,704.99 | |||
Initial Loan Principal Balance: | ||||
1,052,633,704.99 | ||||
NOTE BALANCE
Beginning of Period | End of Period | |||||
Note Balance | Note Factor | Note Balance | Note Factor | Change | ||
Class A Notes | 590,022,970.10 | 0.76261 | 549,025,586.09 | 0.70962 | 40,997,384.01 | |
Class B Notes | 128,947,000.00 | 1.00000 | 128,947,000.00 | 1.00000 | 0.00 | |
Class C Notes | 68,421,000.00 | 1.00000 | 68,421,000.00 | 1.00000 | 0.00 | |
Class D Notes | 28,947,000.00 | 1.00000 | 28,947,000.00 | 1.00000 | 0.00 | |
Aggregate Note Principal Balance | 816,337,970.10 | 0.81634 | 775,340,586.09 | 0.77534 | 40,997,384.01 | |
Page 1
OneMain Direct Auto Receivables Trust 2021-1
Monthly Servicer Report
Collection Period | |
Beginning Date | 02/01/2024 |
End Date | 02/29/2024 |
Payment Date | 03/14/2024 |
Transaction Month | 29 |
30/360 Days | 30 |
LOAN PRINCIPAL BALANCE
Beginning Adjusted Loan Principal Balance
Principal Collections (Scheduled Principal and Prepayments)
Charged-Off Loans
Other Customer Charges Net Increase / (Decrease)
Terminated Loans
Renewal Loan Replacements
Additional Loans (other than Renewal Loans)
Exchanged Loans
Replacement Loans
Excluded Loans
Optional Reassignment Loans
Repurchased Loans
Ending Adjusted Loan Principal Balance/Loan Action Date Loan Principal Balance
POOL INFORMATION | Beginning of Period | End of Period |
Weighted Avg. Coupon (WAC) | 20.15% | 20.11% |
Weighted Avg. FICO* | 621 | 621 |
Weighted Avg. Loan Remaining Term (WALRT) | 41 | 40 |
Weighted Avg. Loan to Value | 139.61% | 139.69% |
Adjusted Loan Principal Balance | 874,988,684.81 | 831,605,209.67 |
Number of Loans | 68,047 | 65,483 |
Additional Loan** Information for the Payment Date on 3/14/2024: | ||
Weighted Avg. Coupon (WAC) | N/A | |
Weighted Avg. FICO* | N/A | |
Weighted Avg. Loan to Value | N/A | |
Loan Principal Balance | N/A | |
Number of Loans | N/A |
*FICO scores determined at time of origination
**Contains Additional Loans including Renewal Loans and Replacement Loans
874,988,684.81
(28,381,768.15)
(3,137,338.17)
151,916.80
(11,665,967.06)
0.00
0.00
0.00
0.00
0.00
0.00
(350,318.56)
831,605,209.67
Page 2
OneMain Direct Auto Receivables Trust 2021-1
Monthly Servicer Report
Collection Period | |
Beginning Date | 02/01/2024 |
End Date | 02/29/2024 |
Payment Date | 03/14/2024 |
Transaction Month | 29 |
30/360 Days | 30 |
AVAILABLE FUNDS
Principal: | ||
Principal Collections | 28,381,768.15 | |
Other Customer Charges Net Increase / (Decrease) | (151,916.80) | |
Repurchased Contract Proceeds Related to Principal | 350,318.56 | |
Recoveries/Liquidation Proceeds | 369,252.05 | |
Total Principal Collections | 28,949,421.96 | |
Interest: | ||
Interest Collections | 14,189,839.86 | |
Interest on Repurchase Principal | - | |
Total Interest Collections | ||
14,189,839.86 | ||
Collections Used/Sent for Renewals | - | |
Collections Used for Proposed Loans | - | |
Collections Used for Servicing Fee | (1,458,314.47) | |
Total Collections Used | (1,458,314.47) | |
Collection Account Interest | 137,843.88 | |
Principal Distribution Account Interest | 39,553.36 | |
Reserve Account Interest | 20,265.00 | |
Reserve Draw Account | 5,263,168.52 | |
Principal Distribution Account Draw Amount | - | |
Total Collections | 47,141,778.11 | |
Page 3
OneMain Direct Auto Receivables Trust 2021-1
Monthly Servicer Report
Collection Period | |
Beginning Date | 02/01/2024 |
End Date | 02/29/2024 |
Payment Date | 03/14/2024 |
Transaction Month | 29 |
30/360 Days | 30 |
DISTRIBUTIONS
Calculated Amount | Amount Paid | Shortfall | Carryover Shortfal | Remaining Available Funds | ||
Indenture Trustee/ Owner Trustee/ Depositor Loan Trustee/ Issuer Loan Trustee | 416.67 | 416.67 | - | - | 47,141,361.44 | |
Servicing Fee | 2.00% | - | - | - | - | 47,141,361.44 |
Class A Monthly Interest Amount | 427,766.65 | 427,766.65 | - | - | 46,713,594.79 | |
First Priority Principal Payment | - | - | - | - | 46,713,594.79 | |
Class B Montly Interest Amount | 135,394.35 | 135,394.35 | - | - | 46,578,200.44 | |
Second Priority Principal Payment | - | - | - | - | 46,578,200.44 | |
Class C Monthly Interest Amount | 80,964.85 | 80,964.85 | - | - | 46,497,235.59 | |
Third Priority Principal Payment | - | - | - | - | 46,497,235.59 | |
Class D Monthly Interest Amount | 39,078.45 | 39,078.45 | - | - | 46,458,157.14 | |
Fourth Priority Principal Payment | - | - | - | - | 46,458,157.14 | |
Required Reserve Account Amount | 5,263,168.52 | 5,263,168.52 | - | - | 41,194,988.62 | |
Advances made by the Servicer (aggregate unpaid balance) | - | - | - | - | 41,194,988.62 | |
Regular Principal Payment Amount | 29,331,416.95 | 29,331,416.95 | - | - | 11,863,571.67 | |
Additional Transaction Participant Fees | - | - | - | - | 11,863,571.67 | |
Additional Indeminified Amounts | - | - | - | - | 11,863,571.67 | |
Advances that remain unpaid after giving effect to distributions above | - | - | - | - | 11,863,571.67 | |
Residual Released to the Depositor | 11,863,571.67 | 11,863,571.67 | - | - | - | |
Reserve Account Deposit to increase Reserve Account Required Amount | - | - | - | - | - | |
Purchase of Additional Loans to increase Required Overcollateralization Amount | - | - | - | - | - | |
Total | 47,141,778.11 |
Page 4
OneMain Direct Auto Receivables Trust 2021-1
Monthly Servicer Report
Collection Period | |
Beginning Date | 02/01/2024 |
End Date | 02/29/2024 |
Payment Date | 03/14/2024 |
Transaction Month | 29 |
30/360 Days | 30 |
RESERVE ACCOUNT
Beginning Period Reserve Account Amount | 5,263,168.52 |
Reserve Draw Amount | (5,263,168.52) |
Reserve Deposit Amount | 5,263,168.52 |
Ending Period Reserve Account Amount | 5,263,168.52 |
Change in Reserve Account Balance | - |
Required Reserve Account Amount | 5,263,168.52 |
PRINCIPAL DISTRIBUTION ACCOUNT
Beginning Period Distribution Account Amount | - |
Principal Distribution Draw Amount | 11,665,967.06 |
Ending Principal Distribution Amount Prior to Payment Waterfall | 11,665,967.06 |
Principal Distribution Deposit Amount | 29,331,416.95 |
Distribution to Noteholders (except during Revolving Period) | |
Class A Noteholders | (40,997,384.01) |
Class B Noteholders | - |
Class C Noteholders | - |
Class D Noteholders | - |
Purchase of Loans on Payment Date | - |
Ending Period Principal Distribution Account Amount | - |
Change in Principal Distribution Account Amount | - |
Page 5
OneMain Direct Auto Receivables Trust 2021-1
Monthly Servicer Report
Collection Period | |
Beginning Date | 02/01/2024 |
End Date | 02/29/2024 |
Payment Date | 03/14/2024 |
Transaction Month | 29 |
30/360 Days | 30 |
OVERCOLLATERALIZATION
Beginning of Period Overcollateralization | 58,650,714.71 |
Adjusted Loan Principal Balance | 831,605,209.67 |
Minimum Overcollateralization Amount | 10,526,337.05 |
Target Overcollateralization Amount | 56,264,623.58 |
Target Note Balance needed for Target Overcollateralization | 775,340,586.09 |
Amortization Period: | |
Target Principal Payment to Notes for Target Overcollateralization | 40,997,384.01 |
Regular Principal Payment Amount Due | (40,997,384.01) |
Regular Principal Payment Amount Paid | (40,997,384.01) |
Shortfall | Overcollateralization Deficiency Amount | - |
End of Period Overcollateralization | 56,264,623.58 |
Overcollateralization Event | NO |
Page 6
OneMain Direct Auto Receivables Trust 2021-1
Monthly Servicer Report
Collection Period | |
Beginning Date | 02/01/2024 |
End Date | 02/29/2024 |
Payment Date | 03/14/2024 |
Transaction Month | 29 |
30/360 Days | 30 |
DELINQUENCY AND NET LOSS ACTIVITY
Number of Loans | Number of Loans % | Loan Prin Balance | Loan Prin Balance % | |||
Current (0 Days) | 57,908 | 88.43% | 731,111,223.40 | 87.92% | ||
One Payment Past Due (1-29 Days) | 5,282 | 8.07% | 71,022,676.11 | 8.54% | ||
Two Payments Past Due (30-59 Days) | 913 | 1.39% | 11,497,462.77 | 1.38% | ||
Three Payments Past Due (60-89 Days) | 444 | 0.68% | 5,812,650.07 | 0.70% | ||
Four thru Six Payments Past Due (90-179 Days) | 927 | 1.42% | 12,057,449.83 | 1.45% | ||
Seven or More Payments Past Due (180+) | 9 | 0.01% | 103,747.49 | 0.01% | ||
65,483 | 100.00% | 831,605,209.67 | 100.00% | |||
Charged-Offs Loans | ||||||
Current Period NET Charged-Off Loans | 2,768,086.12 | |||||
Beginning Adjusted Loan Principal Balance | 874,988,684.81 | |||||
Monthly Net Loss Percentage | 3.80% | |||||
Monthly Net Loss Percentage for 1st Preceding Collection Period | 3.61% | |||||
Monthly Net Loss Percentage for 2nd Preceding Collection Period | 3.86% | |||||
Three-month average Monthly Net Loss Percentage for Current Period | 3.75% | |||||
Three-month average Monthly Net Loss Percentage for 1st Preceding Collection Period | 3.30% | |||||
Three-month average Monthly Net Loss Percentage for 2nd Preceding Collection Period | 3.15% | |||||
Page 7
OneMain Direct Auto Receivables Trust 2021-1
Monthly Servicer Report
Collection Period | |
Beginning Date | 02/01/2024 |
End Date | 02/29/2024 |
Payment Date | 03/14/2024 |
Transaction Month | 29 |
30/360 Days | 30 |
REINVESTMENT CRITERIA EVENTS
Initial Pool | Current Pool | Limit | In Compliance | |
Top 3 Customer State | 25.90% | 28.00% | 40.00% | N/A |
Any Customer State (except for the top 3) | 6.97% | 7.59% | 15.00% | N/A |
Weighed Avg. Coupon (WAC) | 19.64% | 20.11% | 17.00% | N/A |
Weighed Average Loan Remaining Term | 47 | 40 | 60 | N/A |
Risk Level: | 0.15% | 0.21% | 2.00% | N/A |
Risk Level D | ||||
Risk Level D to (and including) C | 8.85% | 6.68% | 15.00% | N/A |
Risk Level D to (and including) B | 24.55% | 20.37% | 35.00% | N/A |
Risk Level D to (and including) A | 44.68% | 42.55% | 55.00% | N/A |
Risk Level D to (and including) P | 73.17% | 74.42% | 85.00% | N/A |
Risk Level D to (and including) S | 100.00% | 100.00% | 100.00% | N/A |
Overcollateralization Event | NO | |||
Reinvestment Criteria Event | NO | |||
Reinvestment Criteria Event for first Preceding Collection Period | NO | |||
Reinvestment Criteria Event for second Preceding Collection Period | NO | |||
12-Month Exchanged/Reserved Loans | - | - | 210,526,741.00 | N/A |
UPB of Replacement loans >= UPB of Exchanged loans | N/A | 95.00% | N/A |
Page 8
OneMain Direct Auto Receivables Trust 2021-1
Monthly Servicer Report
Collection Period | |
Beginning Date | 02/01/2024 |
End Date | 02/29/2024 |
Payment Date | 03/14/2024 |
Transaction Month | 29 |
30/360 Days | 30 |
EARLY AMORTIZATION EVENTS
Amount | Trigger Level | Amortization Event | |
3-Month Monthly Net Loss Trigger | 3.75% | 6.50% | N/A |
3-Month Reinvestment Criteria Event | N/A | ||
Servicer Default | N/A |
OMFC or one of its affiliates has retained as of the Closing Date a material net economic interest in the transaction in the form of the Class A Trust Certificates in an amount not less than 5% of the aggregate Loan Principal Balance of the Loans in accordance with paragraph (d) of Article 6(3) of each Securitization Regulation (collectively, the "Retention Requirements") and has not sold, hedged or otherwise mitigated its credit risk under or associated with the material net economic interest retained by it, except to the extent permitted in accordance with the Retention Requirements.
Page 9
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OneMain Holdings Inc. published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2024 15:28:06 UTC.