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) November 12, 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
- ---------------------------------------- ----------
(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 October 31, 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
October 31, 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: November 12, 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
October 31, 1997.
FORD MOTOR CREDIT COMPANY
OCTOBER 1997-B OWNER TRUST
MONTHLY SERVICING REPORT
Collection Period Oct-97
Distribution Date 11/15/97
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:
Interest Collections
Simple Interest 9,549,806.76
Pre Computed 5,921,537.09
Repurchased Loan Proceeds Related to Interest 0.00
Total Interest Collections 15,471,343.85
Principal:
Principal Payments Received
Simple Interest 35,095,984.34
Pre Computed 20,433,598.77
Liquidation Proceeds 0.00
Repurchased Loan Proceeds Related to Principal 5,146.91
Recoveries from Prior Month Charge Off's 0.00
Other Refunds Related to Principal 0.00
Total Principal Collections 55,534,730.02
Aggregate Losses for Collection Period 1,296.15
Total Regular Principal Reduction 55,536,026.17
Total Collections 71,006,073.87
II. DISTRIBUTIONS
Total Collections 71,006,073.87
Reserve Account Release 0.00
Reserve Account Draw 0.00
Total Available For Distribution 71,006,073.87
Servicing Fee:
Servicing Fee Due 1,416,672.48
Per $1,000 of Original Balance 0.83
Servicing Fee Paid 1,416,672.48
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 1,330,023.33
Per $1,000 of Original Balance 2.71
Class A-1 Notes Monthly Interest Paid 1,330,023.33
Per $1,000 of Original Balance 2.71
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 961,916.67
Per $1,000 of Original Balance 2.48
Class A-2 Notes Monthly Interest Paid 961,916.67
Per $1,000 of Original Balance 2.48
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 1,295,708.33
Per $1,000 of Original Balance 2.52
Class A-3 Notes Monthly Interest Paid 1,295,708.33
Per $1,000 of Original Balance 2.52
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 484,325.26
Per $1,000 of Original Balance 2.56
Class A-4 Notes Monthly Interest Paid 484,325.26
Per $1,000 of Original Balance 2.56
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 249,336.00
Per $1,000 of Original Balance 2.67
Class B Notes Monthly Interest Paid 249,336.00
Per $1,000 of Original Balance 2.67
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 4,321,309.59
Per $1,000 of Original Balance 2.58
Total Note Interest Paid 4,321,309.59
Per $1,000 of Original Balance 2.58
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 70,659.02
Per $1,000 of Original Balance 2.77
Class C Certificates Monthly Interest Paid 70,659.02
Per $1,000 of Original Balance 2.77
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 4,391,968.61
Total Note and Certificate Interest Paid 4,391,968.61
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 65,197,432.78
Per $1,000 of Original Balance 38.35
Total Principal Distribution Amount 65,197,432.78
Per $1,000 of Original Balance 38.35
Class A-1 Notes Monthly Principal
Class A-1 Notes Monthly Principal Paid 65,197,432.78
Per $1,000 of Original Balance 133.06
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 65,197,432.78
Per $1,000 of Original Balance 38.94
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 65,197,432.78
Total Collections Distributed 71,006,073.87
Total Distributions 71,006,073.87
III. POOL BALANCES AND PORTFOLIO INFORMATION
Ending
Balances and Principal Factors:
Aggregate Balance of Notes 1,609,308,546.18
Note Pool Factor 0.9610647
Class A-1 Notes Balance 424,802,567.22
Class A-1 Notes Pool Factor 0.8669440
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 1,634,809,546.18
Portfolio Information:
Weighted Average Coupon (WAC) 10.92 %
Weighted Average Remaining Maturity (WAM) 46.41
Remaining Number of Receivables 128,410.00
Portfolio Receivable Balance 1,644,470,952.79
IV. OVERCOLLATERALIZATION INFORMATION
Minimum Required Class A Overcollateralization Amount 80,750,332.00
Actual Class A Overcollateralization Amount 128,663,406.61
Minimum Required Class B Overcollateralization Amount 8,500,035.00
Actual Class B Overcollateralization Amount 35,162,406.61
Specified Overcollateralization Amount 51,000,208.86
Specified Credit Enhancement Amount 85,000,348.95
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 0.00
Recoveries from Prior Month Charge Off's 0.00
Aggregate Net Losses for Collection Period 1,296.15
Charge-off Rate for Collection Period (annualized) 0.00 %
Cumulative Net Losses for all Periods 1,296.15
Delinquent Receivables:
31-60 Days Delinquent 12,411,811.34
61-90 Days Delinquent 133,843.04
91-120 Days Delinquent 35,410.60
120+ Days Delinquent 0.00
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
