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 8, 1997
FORD CREDIT AUTO OWNER TRUST Series 1997-B
(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
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(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 1997-B for the Collection Period ended November 30, 1997, 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 1997-B this Report.
Servicing Report for the
Collection Period ended
November 30, 1997.
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 8, 1997 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19 Ford Credit Auto Owner
Trust Series 1997-7
Servicing Report for the
Collection Period ended
November 30, 1997.
FORD MOTOR CREDIT COMPANY
OCTOBER 1997-B OWNER TRUST
MONTHLY SERVICING REPORT
Collection Period Nov-97
Distribution Date 12/15/97
Total Portfolio 1,700,006,978.96
Total Securities 1,700,006,978.96
Class A-1 Notes 490,000,000.00
Class A-2 Notes 388,000,000.00
Class A-3 Notes 514,000,000.00
Class A-4 Notes 189,004,978.96
Class A-5 Notes 93,501,000.00
Class C Certificates 25,501,000.00
I. COLLECTIONS
Interest Collections
Simple Interest 8,311,587.79
Pre Computed 4,144,232.33
Repurchased Loan Proceeds Related to Interest 0.00
Total Interest Collections 12,455,820.12
Servicer Advances
Simple Interest Servicer Advances 924,540.45
Reimbursement of Previous Simple Interest Servicer Ad 0.00
Precomputed Servicer Advances 1,588,465.64
Reimbursement of Previous Precomputed Servicer Advan 0.00
Total Servicer Advances (Reimbursements) 2,513,006.09
Principal Payments Received
Simple Interest 28,780,673.22
Pre Computed 19,202,674.65
Liquidation Proceeds 136,611.84
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 48,119,959.71
Aggregate Losses for Collection Period 262,711.76
Total Regular Principal Reduction 48,246,059.63
Total Collections 63,088,785.92
II. DISTRIBUTIONS
Total Collections 63,088,785.92
Reserve Account Release 0.00
Reserve Account Draw 0.00
Total Available For Distribution 63,088,785.92
Servicing Fee:
Servicing Fee Due 1,370,392.46
Per $1,000 of Original Balance 0.81
Servicing Fee Paid 1,370,392.46
Per $1,000 of Original Balance 0.81
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 1,899,150.68
Per $1,000 of Original Balance 3.88
Class A-1 Notes Monthly Interest Paid 1,899,150.68
Per $1,000 of Original Balance 3.88
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 1,923,833.33
Per $1,000 of Original Balance 4.96
Class A-2 Notes Monthly Interest Paid 1,923,833.33
Per $1,000 of Original Balance 4.96
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 2,591,416.67
Per $1,000 of Original Balance 5.04
Class A-3 Notes Monthly Interest Paid 2,591,416.67
Per $1,000 of Original Balance 5.04
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 968,650.52
Per $1,000 of Original Balance 5.13
Class A-4 Notes Monthly Interest Paid 968,650.52
Per $1,000 of Original Balance 5.13
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
Class B Notes Monthly Interest
Class B Notes Monthly Interest Due 498,672.00
Per $1,000 of Original Balance 5.33
Class B Notes Monthly Interest Paid 498,672.00
Per $1,000 of Original Balance 5.33
Class B Notes Monthly Interest Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class B Notes Interest Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class B Notes Int. Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Total Note Interest
Total Note Interest Due 7,881,723.20
Per $1,000 of Original Balance 4.71
Total Note Interest Paid 7,881,723.20
Per $1,000 of Original Balance 4.71
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 C Certificates Monthly Interest
Class C Certificates Monthly Interest Due 141,318.04
Per $1,000 of Original Balance 5.54
Class C Certificates Monthly Interest Paid 141,318.04
Per $1,000 of Original Balance 5.54
Class C Certificates Monthly Interest Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class C Certificates Interest Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class C 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 8,023,041.24
Total Note and Certificate Interest Paid 8,023,041.24
Total Note and Certificate Interest Shortfall 0.00
Total Note and Certificate Int. Carryover Shortfall 0.00
Change in Total Note & Cert. Int. Carryover Shortfall 0.00
Principal:
Principal Distribution Amounts
First Priority Distribution Amount 0.00
Per $1,000 of Original Balance 0.00
Second Priority Distribution Amount 0.00
Per $1,000 of Original Balance 0.00
Third Priority Distribution Amount 53,695,352.22
Per $1,000 of Original Balance 31.59
Total Principal Distribution Amount 53,695,352.22
Per $1,000 of Original Balance 31.59
Class A-1 Notes Monthly Principal
Class A-1 Notes Monthly Principal Paid 53,695,352.22
Per $1,000 of Original Balance 109.58
Class A-2 Notes Monthly Principal
Class A-2 Notes Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Class A-3 Notes Monthly Principal
Class A-3 Notes Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Class A-4 Notes Monthly Principal
Class A-4 Notes Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Class B Notes Monthly Principal
Class B Notes Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Total Note Principal
Total Note Principal Paid 53,695,352.22
Per $1,000 of Original Balance 32.07
Class C Certificates Monthly Principal
Class C Certificates Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Total Note and Certificate Principal Paid
Total Note and Certificate Principal Paid 53,695,352.22
Total Collections Distributed 63,088,785.92
Total Distributions 63,088,785.92
III. POOL BALANCES AND PORTFOLIO INFORMATION
Ending
Balances and Principal Factors:
Aggregate Balance of Notes 1,555,613,193.96
Note Pool Factor 0.9289983
Class A-1 Notes Balance 371,107,215.00
Class A-1 Notes Pool Factor 0.7573617
Class A-2 Notes Balance 388,000,000.00
Class A-2 Notes Pool Factor 1.0000000
Class A-3 Notes Balance 514,000,000.00
Class A-3 Notes Pool Factor 1.0000000
Class A-4 Notes Balance 189,004,978.96
Class A-4 Notes Pool Factor 1.0000000
Class B Notes Balance 93501000.00
Class B Notes Pool Factor 1.0000000
Class C Certificates Balance 25,501,000.00
Class C Certificate Pool Factor 1.0000000
Total Note and Cert. Balance 1,581,114,193.96
Portfolio Information:
Weighted Average Coupon (WAC) 10.92 %
Weighted Average Remaining Maturity (WAM) 45.57
Remaining Number of Receivables 126,732.00
Portfolio Receivable Balance 1,596,224,893.16
IV. OVERCOLLATERALIZATION INFORMATION
Minimum Required Class A Overcollateralization Amount 80,750,332.00
Actual Class A Overcollateralization Amount 134,112,699.20
Minimum Required Class B Overcollateralization Amount 8,500,035.00
Actual Class B Overcollateralization Amount 40,611,699.20
Specified Overcollateralization Amount 48,223,407.55
Specified Credit Enhancement Amount 82,223,547.64
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance 34,000,140.09
Specified Reserve Account Balance 34,000,140.09
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 34,000,140.09
Reserve Account Deposits Made 0.00
Ending Reserve Account Balance 34,000,140.09
Change in Reserve Account Balance 0.00
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds 136,611.84
Recoveries from Prior Month Charge Off's 0.00
Aggregate Net Losses for Collection Period 262,711.76
Charge-off Rate for Collection Period (annualized) 0.09 %
Cumulative Net Losses for all Periods 127,396.07
Delinquent Receivables:
31-60 Days Delinquent 16,340,141.81
61-90 Days Delinquent 2,062,527.91
91-120 Days Delinquent 51,459.21
120+ Days Delinquent 35,075.04
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
