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) July 11, 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 June 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
June 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: July 11, 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
June 30, 1996.
FORD MOTOR CREDIT COMPANY
JUNE 1996-A OWNER TRUST
MONTHLY SERVICING REPORT
Collection Period Jun-96
Distribution Date 7/15/96
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 6,314,359.68
Pre Computed 3,302,075.54
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 9,616,435.22
Principal:
Principal Payments Received
Simple Interest 21,673,201.14
Pre Computed 10,331,473.98
Liquidation Proceeds 13,361.29
Repurchased Loan Proceeds Related to Principal 0.00
Recoveries from Prior Month Charge Off's 0.00
Other Refunds Related to Principal 0.00
Total Principal Collections 32,018,036.41
Aggregate Losses for Collection Period 34,726.07
Total Regular Principal Reduction 32,039,401.19
Total Collections 41,634,471.63
II. DISTRIBUTIONS
Total Interest Collections 9,616,435.22
Servicing Fee:
Servicing Fee Due 869,435.47
Per $1,000 of Original Balance 0.83
Servicing Fee Paid 869,435.47
Per $1,000 of Original Balance 0.83
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 1,260,122.06
Per $1,000 of Original Balance 3.94
Class A-1 Notes Monthly Interest Paid 1,260,122.06
Per $1,000 of Original Balance 3.94
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 1,238,339.38
Per $1,000 of Original Balance 4.38
Class A-2 Notes Monthly Interest Paid 1,238,339.38
Per $1,000 of Original Balance 4.38
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 989,078.82
Per $1,000 of Original Balance 4.51
Class A-3 Notes Monthly Interest Paid 989,078.82
Per $1,000 of Original Balance 4.51
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 865,345.31
Per $1,000 of Original Balance 4.69
Class A-4 Notes Monthly Interest Paid 865,345.31
Per $1,000 of Original Balance 4.69
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 4,352,885.57
Per $1,000 of Original Balance 4.32
Total Note Interest Paid 4,352,885.57
Per $1,000 of Original Balance 4.32
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 177,511.09
Per $1,000 of Original Balance 4.86
Class B Certificates Monthly Interest Paid 177,511.09
Per $1,000 of Original Balance 4.86
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 4,530,396.66
Total Note and Certificate Interest Paid 4,530,396.66
Total Note and Certificate Interest Shortfall 0.00
Total Note and Certificate Int. Carryover Shortfall 0.00
Change in Total Note & Cert. Int. Carryover Shortfa 0.00
Excess Interest after Note and Cert. Interest Payment 4,216,603.09
Net Losses/Liquidations Proceeds 21,364.78
Excess Interest Available for Turbo 4,195,238.31
Principal:
Noteholder's Principal Distribution Amounts
Noteholder's Regular Principal Distribution Amount 32,039,401.19
Per $1,000 of Original Balance 31.82
Noteholder's Accelerated Prin. Distribution Amount 4,195,238.31
Per $1,000 of Original Balance 4.17
Noteholder's Total Principal Distribution Amount 36,234,639.50
Per $1,000 of Original Balance 35.99
Class A-1 Notes Monthly Principal
Class A-1 Notes Monthly Principal Due 36,234,639.50
Per $1,000 of Original Balance 113.22
Class A-1 Notes Monthly Principal Paid 36,234,639.50
Per $1,000 of Original Balance 113.22
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 36,234,639.50
Per $1,000 of Original Balance 35.99
Total Note Principal Paid 36,234,639.50
Per $1,000 of Original Balance 35.99
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 36,234,639.50
Total Note and Certificate Principal Paid 36,234,639.50
Total Note and Certificate Principal Shortfall 0.00
Total Note and Certificate Prin. Carryover Shortfal 0.00
Change in Total Note & Cert. Prin. Carryover Shortf 0.00
Total Collections 41,634,471.63
Total Distributions 40,765,036.16
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 970,571,360.50
Note Pool Factor 0.9640103
Class A-1 Notes Balance 283,796,360.50
Class A-1 Notes Pool Factor 0.8867777
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 1,007,087,927.50
Portfolio Information:
Weighted Average Coupon (WAC) 11.09 %
Weighted Average Remaining Maturity (WAM) 48.82
Remaining Number of Receivables 78,966.00
Portfolio Receivable Balance 1,011,283,165.81
Overcollateralization Information
Overcollateralization 4,195,238.31
Overcollateralization Percent 0.42 %
Equity Information
Equity 36,516,567.00
Equity Percent 3.63 %
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 30,256,354.44
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 30,256,354.44
Reserve Account Required Amount 30,256,354.44
Reserve Account Release to Servicer 0.00
Ending Reserve Account Balance 30,256,354.44
Change in Reserve Account Balance 0.00
V. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds 13,361.29
Recoveries from Prior Month Charge Off's 0.00
Aggregate Net Losses for Collection Period 34,726.07
Charge-off Rate for Collection Period (annualized) 0.01 %
Cumulative Net Losses for all Periods 21,364.78
Delinquent Receivables:
31-60 Days Delinquent 9,529,433.07
61-90 Days Delinquent 69,436.43
91-120 Days Delinquent 0.00
120+ Days Delinquent 0.00
VI. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.00
Preceding Collection Period 0.00
Current Collection Period 0.00
Three Month Average 0.00
Ratio of 60+ Delinquent Contracts to Outstanding Receivables
Second Preceding Collection Period 0.00
Preceding Collection Period 0.00
Current Collection Period 0.00
Three Month Average 0.00
