SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 17, 1996
FORD CREDIT AUTO OWNER TRUST Series 1996-A
(Ford Credit Auto Receivables Two L.P. - Originator)
---------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-1245 38-3295857
- -------- --------- ----------
(State of other juris- (Commission File Number) (IRS Employer
diction of incorporation I.D. No.)
The American Road, Dearborn, Michigan 48121
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
<PAGE>
Item 5. Other Events
The Monthly Servicing Report relating to the Ford Credit Auto Owner
Trust Series 1996-A for the Collection Period ended November 30, 1996, is
attached hereto as Exhibit 19 and is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
EXHIBITS
Designation Description Method of
Filing
- ----------- ------------ ----------------
Exhibit 19 Ford Credit Auto Owner Filed with
Trust Series 1996-A this Report.
Servicing Report for the
Collection Period ended
November 30, 1996.
SIGNATURE
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 on the date indicated.
Ford Credit Auto Receivables Two L.P.
(Registrant)
By: Ford Credit Auto Receivables
Two, Inc., General Partner
Date: December 17, 1996 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19 Ford Credit Auto Owner
Trust Series 1996-A
Servicing Report for the
Collection Period ended
November 30, 1996.
FORD MOTOR CREDIT COMPANY
JUNE 1996-A OWNER TRUST
MONTHLY SERVICING REPORT
Collection Period Nov-96
Distribution Date 12/15/96
Total Portfolio 1,043,322,567.00
Total Securities 1,043,322,567.00
Class A-1 Notes 320,031,000.00
Class A-2 Notes 283,049,000.00
Class A-3 Notes 219,119,000.00
Class A-4 Notes 184,607,000.00
Class B Certificates 36,516,567.00
I. COLLECTIONS
Interest:
Interest Collections
Simple Interest 5,314,718.98
Pre Computed 2,834,884.93
Repurchased Loan Proceeds Related to Interest 0.00
(C2) Investment Earnings from Interest Shortfall Account
(C3) Investment Earnings from Prefunding Account
(C4) Investment Earnings from Yield Supplement Account
Total Interest Collections 8,149,603.91
Principal:
Principal Payments Received
Simple Interest 18,950,206.93
Pre Computed 9,513,471.14
Liquidation Proceeds 577,125.35
Repurchased Loan Proceeds Related to Principal 0.00
Recoveries from Prior Month Charge Off's 7,377.29
Other Refunds Related to Principal 0.00
Total Principal Collections 29,048,180.71
Aggregate Losses for Collection Period 1,752,715.69
Total Regular Principal Reduction 30,216,393.76
Total Collections 37,197,784.62
II. DISTRIBUTIONS
Total Interest Collections 8,149,603.91
Servicing Fee:
Servicing Fee Due 731,896.07
Per $1,000 of Original Balance 0.70
Servicing Fee Paid 731,896.07
Per $1,000 of Original Balance 0.70
Servicing Fee Shortfall 0.00
Per $1,000 of Original Balance 0.00
Interest:
Class A-1 Notes Monthly Interest
Class A-1 Notes Monthly Interest Due 689,417.66
Per $1,000 of Original Balance 2.15
Class A-1 Notes Monthly Interest Paid 689,417.66
Per $1,000 of Original Balance 2.15
Class A-1 Notes Monthly Interest Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-1 Notes Interest Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class A-1 Notes Int. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-2 Notes Monthly Interest
Class A-2 Notes Monthly Interest Due 1,486,007.25
Per $1,000 of Original Balance 5.25
Class A-2 Notes Monthly Interest Paid 1,486,007.25
Per $1,000 of Original Balance 5.25
Class A-2 Notes Monthly Interest Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-2 Notes Interest Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class A-2 Notes Int. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-3 Notes Monthly Interest
Class A-3 Notes Monthly Interest Due 1,186,894.58
Per $1,000 of Original Balance 5.42
Class A-3 Notes Monthly Interest Paid 1,186,894.58
Per $1,000 of Original Balance 5.42
Class A-3 Notes Monthly Interest Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-3 Notes Interest Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class A-3 Notes Int. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-4 Notes Monthly Interest
Class A-4 Notes Monthly Interest Due 1,038,414.38
Per $1,000 of Original Balance 5.63
Class A-4 Notes Monthly Interest Paid 1,038,414.38
Per $1,000 of Original Balance 5.63
Class A-4 Notes Monthly Interest Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-4 Notes Interest Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class A-4 Notes Int. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Total Note Interest
Total Note Interest Due 4,400,733.87
Per $1,000 of Original Balance 4.37
Total Note Interest Paid 4,400,733.87
Per $1,000 of Original Balance 4.37
Total Note Interest Shortfall 0.00
Per $1,000 of Original Balance 0.00
Total Note Interest Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Total Note Int. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class B Certificates Monthly Interest
Class B Certificates Monthly Interest Due 213,013.31
Per $1,000 of Original Balance 5.83
Class B Certificates Monthly Interest Paid 213,013.31
Per $1,000 of Original Balance 5.83
Class B Certificates Monthly Interest Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class B Certificates Interest Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class B Cert. Int. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Total Note and Certificate Interest Paid
Total Note and Certificate Interest Due 4,613,747.18
Total Note and Certificate Interest Paid 4,613,747.17
Total Note and Certificate Interest Shortfall 0.01
Total Note and Certificate Int. Carryover Shortfall 0.00
Change in Total Note & Cert. Int. Carryover Shortfall 0.00
Excess Interest after Note and Cert. Interest Payment 2,803,960.67
Net Losses/Liquidations Proceeds 1,168,213.05
Excess Interest Available for Turbo 1,635,747.62
Principal:
Noteholder's Principal Distribution Amounts
Noteholder's Regular Principal Distribution Amount 30,216,393.76
Per $1,000 of Original Balance 30.01
Noteholder's Accelerated Prin. Distribution Amount 1,635,747.62
Per $1,000 of Original Balance 1.62
Noteholder's Total Principal Distribution Amount 31,852,141.38
Per $1,000 of Original Balance 31.64
Class A-1 Notes Monthly Principal
Class A-1 Notes Monthly Principal Due 31,852,141.38
Per $1,000 of Original Balance 99.53
Class A-1 Notes Monthly Principal Paid 31,852,141.38
Per $1,000 of Original Balance 99.53
Class A-1 Notes Monthly Principal Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-1 Notes Principal Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class A-1 Notes Prin. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-2 Notes Monthly Principal
Class A-2 Notes Monthly Principal Due 0.00
Per $1,000 of Original Balance 0.00
Class A-2 Notes Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Class A-2 Notes Monthly Principal Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-2 Notes Principal Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class A-2 Notes Prin. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-3 Notes Monthly Principal
Class A-3 Notes Monthly Principal Due 0.00
Per $1,000 of Original Balance 0.00
Class A-3 Notes Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Class A-3 Notes Monthly Principal Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-3 Notes Principal Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class A-3 Notes Prin. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-4 Notes Monthly Principal
Class A-4 Notes Monthly Principal Due 0.00
Per $1,000 of Original Balance 0.00
Class A-4 Notes Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Class A-4 Notes Monthly Principal Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class A-4 Notes Principal Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class A-4 Notes Prin. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Total Note Principal
Total Note Principal Due 31,852,141.38
Per $1,000 of Original Balance 31.64
Total Note Principal Paid 31,852,141.38
Per $1,000 of Original Balance 31.64
Total Note Principal Shortfall 0.00
Per $1,000 of Original Balance 0.00
Total Note Principal Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Total Note Prin. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class B Certificates Monthly Principal
Class B Certificates Monthly Principal Due 0.00
Per $1,000 of Original Balance 0.00
Class B Certificates Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Class B Certificates Monthly Principal Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class B Certificates Principal Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class B Cert. Prin. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Total Note and Certificate Principal Paid
Total Note and Certificate Principal Due 31,852,141.38
Total Note and Certificate Principal Paid 31,852,141.38
Total Note and Certificate Principal Shortfall 0.00
Total Note and Certificate Prin. Carryover Shortfall 0.00
Change in Total Note & Cert. Prin. Carryover Shortfal 0.00
Total Collections 37,197,784.62
Total Distributions 36,465,888.55
Amount of Draw from Reserve Account 0.00
Amount of Deposit into Reserve Account 0.00
III. POOL BALANCES AND PORTFOLIO INFORMATION
Ending
Balances and Principal Factors:
Aggregate Balance of Notes 796,124,631.73
Note Pool Factor 0.7907428
Class A-1 Notes Balance 109,349,631.73
Class A-1 Notes Pool Factor 0.3416845
Class A-2 Notes Balance 283,049,000.00
Class A-2 Notes Pool Factor 1.0000000
Class A-3 Notes Balance 219,119,000.00
Class A-3 Notes Pool Factor 1.0000000
Class A-4 Notes Balance 184,607,000.00
Class A-4 Notes Pool Factor 1.0000000
Class B Certificates Balance 36,516,567.00
Class B Certificate Pool Factor 1.0000000
Total Note and Cert. Balance 832,641,198.73
Portfolio Information:
Weighted Average Coupon (WAC) 11.07 %
Weighted Average Remaining Maturity (WAM) 44.39
Remaining Number of Receivables 71,951.00
Portfolio Receivable Balance 848,058,888.39
Overcollateralization Information
Overcollateralization 15,417,689.66
Overcollateralization Percent 1.85 %
Equity Information
Equity 36,516,567.00
Equity Percent 4.39 %
IV. RECONCILIATION OF PREFUNDING ACCOUNT
(A) Beginning of Month Prefunding Account Balance
(B) Principal Balance of Loans Purchased During the Period
(C) End of Month Prefunding Account Balance
IV. RECONCILIATION OF INTEREST SHORTFALL ACCOUNT
(A) Beginning of Month Interest Shortfall Account Balance
(B) Interest Shortfall Account Investment Earnings
(C) Required Interest Shortfall Account Balance
(D) Interest Shortfall Account Withdrawal
IV. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance 30,131,822.07
Draws:
Draw for Servicing Fee 0.00
Draw for Interest 0.00
Draw for Realized losses 0.00
Excess Interest Deposited into Reserve Account 0.00
Reserve Account Balance Prior to Release 30,131,822.07
Reserve Account Required Amount 26,985,254.76
Reserve Account Release to Servicer 3,146,567.31
Ending Reserve Account Balance 26,985,254.76
Change in Reserve Account Balance (3,146,567.31)
V. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds 577,125.35
Recoveries from Prior Month Charge Off's 7,377.29
Aggregate Net Losses for Collection Period 1,752,715.69
Charge-off Rate for Collection Period (annualized) 1.62 %
Cumulative Net Losses for all Periods 3,810,026.07
Delinquent Receivables:
31-60 Days Delinquent 16,428,164.73
61-90 Days Delinquent 2,825,140.84
91-120 Days Delinquent 1,004,147.87
120+ Days Delinquent 463,884.90
VI. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.01
Preceding Collection Period 0.01
Current Collection Period 0.02
Three Month Average 0.01
Ratio of 60+ Delinquent Contracts to Outstanding Receivables
Second Preceding Collection Period 0.00
Preceding Collection Period 0.00
Current Collection Period 0.01
Three Month Average 0.00
