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 30, 1998
FORD CREDIT AUTO OWNER TRUST Series 1998-C
(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 1998-C for the Collection Period ended November 30, 1998, 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 1998-C this Report.
Servicing Report for the
Collection Period ended
November 30, 1998.
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 16, 1998 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19 Ford Credit Auto Owner
Trust Series 1998-C
Servicing Report for the
Collection Period ended
November 30, 1998.
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1998-C
Monthly Servicing Report
Collection Period November, 1998
Distribution Date 12/15/98
Dollar Amount
Total Portfolio $2,300,021,862.20
Total Securities 2,346,000,000.00
Class A-1 Notes 300,000,000.00
Class A-2 Notes 300,000,000.00
Class A-3 Notes 650,000,000.00
Class A-4 Notes 712,000,000.00
Class A-5 Notes 200,000,000.00
Class B Notes 92,000,000.00
Class C Certificates 46,000,000.00
Class D Certificates 46,000,000.00
I. COLLECTIONS
Interest:
Simple Interest Receivables Interest
Interest Collections $ 13,097,021.05
Repurchased Loan Proceeds Related to Interest 20,731.15
Total Simple Interest Receivables Interest 13,117,752.20
Pre Computed Receivables Interest Collections 2,360,222.53
Total Interest Collections 15,477,974.73
Servicer Advances:
Simple Interest Servicer Advances $ 2,883,876.04
Precomputed Servicer Advances - Principal 765,565.05
Precomputed Servicer Advances - Interest 266,096.83
Total Servicer Advances 3,915,537.92
Principal:
Simple Interest Receivables Principal
Principal Collections $ 31,128,956.61
Prepayments in Full 22,818,648.38
Repurchased Loan Proceeds Related to Principal 1,465,427.08
Other Refunds Related to Principal 23,446.98
Total Simple Interest Receivables Principal 55,436,479.05
Pre Computed Receivables Principal
Principal Collections $ 6,886,352.78
Prepayments in Full 4,588,092.82
Prepayments in Full Due to Administrative Repurchases 94,948.88
Payahead Draws 403,476.92
Total Pre Computed Receivables Principal 11,972,871.40
Liquidation Proceeds 1,124,296.79
Recoveries from Prior Month Charge-Offs 1,680.99
Total Principal Collections 68,535,328.23
Principal Losses for Collection Period 2,072,178.10
Total Regular Principal Reduction 70,247,093.60
Total Collections $ 87,928,840.88
Amt per
$1,000 of
Original
II. DISTRIBUTIONS Amount Principal
Total Collections $87,928,840.88 $ 37.48
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 87,928,840.88 37.48
Servicing Fee:
Servicing Fee Due $ 1,671,145.89 $ 0.71
Servicing Fee Paid 1,671,145.89 0.71
Servicing Fee Shortfall 0.00 0.00
Interest:
Class A-1 Notes Monthly Interest
Class A-1 Notes Monthly Interest Due $ 0.00 $ 0.00
0.00 0.00
Class A-1 Notes Monthly Interest Shortfall 0.00 0.00
Class A-1 Notes Interest Carryover Shortfall 0.00 0.00
Change in Class A-1 Int Carryover Shortfall 0.00 0.00
Class A-2 Notes Monthly Interest
Class A-2 Notes Monthly Interest Due $ 1,246,182.80 $ 4.15
Class A-2 Notes Monthly Interest Paid 1,246,182.80 4.15
Class A-2 Notes Monthly Interest Shortfall 0.00 0.00
Class A-2 Notes Interest Carryover Shortfall 0.00 0.00
Change in Class A-2 Int Carryover Shortfall 0.00 0.00
Class A-3 Notes Monthly Interest
Class A-3 Notes Monthly Interest Due $ 3,103,750.00 $ 4.78
Class A-3 Notes Monthly Interest Paid 3,103,750.00 4.78
Class A-3 Notes Monthly Interest Shortfall 0.00 0.00
Class A-3 Notes Interest Carryover Shortfall 0.00 0.00
Change in Class A-3 Int Carryover Shortfall 0.00 0.00
Class A-4 Notes Monthly Interest
Class A-4 Notes Monthly Interest Due $ 3,447,266.67 $ 4.84
Class A-4 Notes Monthly Interest Paid 3,447,266.67 4.84
Class A-4 Notes Monthly Interest Shortfall 0.00 0.00
Class A-4 Notes Interest Carryover Shortfall 0.00 0.00
Change in Class A-4 Int Carryover Shortfall 0.00 0.00
Class A-5 Notes Monthly Interest
Class A-5 Notes Monthly Interest Due $ 976,666.67 $ 4.88
Class A-5 Notes Monthly Interest Paid 976,666.67 4.88
Class A-5 Notes Monthly Interest Shortfall 0.00 0.00
Class A-5 Notes Interest Carryover Shortfall 0.00 0.00
Change in Class A-5 Int Carryover Shortfall 0.00 0.00
Class B Notes Monthly Interest
Class B Notes Monthly Interest Due $ 464,600.00 $ 5.05
Class B Notes Monthly Interest Paid 464,600.00 5.05
Class B Notes Monthly Interest Shortfall 0.00 0.00
Class B Notes Interest Carryover Shortfall 0.00 0.00
Change in Class B Int Carryover Shortfall 0.00 0.00
Total Note Monthly Interest
Total Note Monthly Interest Due $ 9,238,466.14 $ 4.10
Total Note Monthly Interest Paid 9,238,466.14 4.10
Total Note Monthly Interest Shortfall 0.00 0.00
Total Note Interest Carryover Shortfall 0.00 0.00
Change in Total Note Int Carryover Shortfall 0.00 0.00
Class C Certificates Monthly Interest
Class C Certificates Monthly Interest Due $ 241,500.00 $ 5.25
Class C Certificates Monthly Interest Paid 241,500.00 5.25
Class C Certificates Monthly In Shortfall 0.00 0.00
Class C Certs Int Carryover Shortfall 0.00 0.00
Change in Class C Int Carryover Shortfall 0.00 0.00
Class D Certificates Monthly Interest
Class D Certificates Monthly Interest Due $ 295,166.67 $ 6.42
Class D Certificates Monthly Interest Paid 295,166.67 6.42
Class D Certificates Monthly Int Shortfall 0.00 0.00
Class D Certs Int Carryover Shortfall 0.00 0.00
Change in Class D Int Carryover Shortfall 0.00 0.00
Total Note and Certificate Monthly Interest
Total Note and Certs Monthly Int Due $ 9,775,132.81 $ 4.17
Total Note and Certs Monthly Int Paid 9,775,132.81 4.17
Total Note and Certs Monthly Int Shortfall 0.00 0.00
Total Note and Certs Int Carryover Shortfall 0.00 0.00
Change in Total Note and Certs Int
Carryover Shortfall $ 0.00 $ 0.00
Total Available for Principal Distribution $76,482,562.18
Principal:
Principal Distribution Amounts
First Priority Distribution Amount $ 0.00 $ 0.00
Second Priority Distribution Amount 0.00 0.00
Regular Principal Distribution Amount 272,836,956.46 116.30
Principal Distribution Amount 272,836,956.46 116.30
Principal Distribution Amounts Paid
Class A-1 Notes Monthly Principal Pd $ 0.00 $ 0.00
Class A-2 Notes Monthly Principal Pd 76,482,562.18 254.94
Class A-3 Notes Monthly Principal Pd 0.00 0.00
Class A-4 Notes Monthly Principal Pd 0.00 0.00
Class A-5 Notes Monthly Principal Pd 0.00 0.00
Class B Notes Monthly Principal Pd 0.00 0.00
Total Note Principal Pd 76,482,562.18 33.93
Class C Certs Monthly Principal Paid $ 0.00 $ 0.00
Class D Certs Monthly Principal Paid 0.00 0.00
Total Monthly Principal Paid 76,482,562.18 32.60
Collections Released to Servicer $ 0.00
Total Available for Distribution $ 87,928,840.88
Total Distributions (incl Servicing Fee) $ 87,928,840.88
III. POOL BALANCE AND PORTFOLIO INFORMATION
Balances and Pool Factors: Beginning Ending
Aggregate Balance of Notes 1,926,836,956.46 1,850,354,394.28
Note Pool Factor 0.8548522 0.8209203
Class A-1 Notes Balance 0.00 0.00
Class A-1 Notes Pool Factor 0.0000000 0.0000000
Class A-2 Notes Balance 272,836,956.46 196,354,394.28
Class A-2 Notes Pool Factor 0.9094565 0.6545146
Class A-3 Notes Balance 650,000,000.00 650,000,000.00
Class A-3 Notes Pool Factor 1.0000000 1.0000000
Class A-4 Notes Balance 712,000,000.00 712,000,000.00
Class A-4 Notes Pool Factor 1.0000000 1.0000000
Class A-5 Notes Balance 200,000,000.00 200,000,000.00
Class A-5 Notes Pool Factor 1.0000000 1.0000000
Class B Notes Balance 92,000,000.00 92,000,000.00
Class B Notes Pool Factor 1.0000000 1.0000000
Class C Certificates Balance 46,000,000.00 46,000,000.00
Class C Certificates Pool Factor 1.0000000 1.0000000
Class D Certificates Balance 46,000,000.00 46,000,000.00
Class D Certificates Pool Factor 1.0000000 1.0000000
Total Note and Certificate
Balance 2,018,836,956.46 1,942,354,394.28
Portfolio Information:
Weighted Average Coupon (WAC) 11.12% 11.12%
Weighted Average Remaining Maturity (WAM) 45.16 44.28
Remaining Number of Receivables 157,883 154,987
Portfolio Receivable Balance 2,005,375,068.12 1,935,127,974.52
IV. OVERCOLLATERALIZATION INFORMATION
Specified Overcollateralization Amount $ 7,851,170.44
Specified Credit Enhancement Amount 19,351,279.75
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance $ 11,500,109.31
Specified Reserve Account Balance 11,500,109.31
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 11,500,109.31
Reserve Account Deposits Made 0.00
Ending Reserve Account Balance 11,500,109.31
Change in Reserve Account Balance 0.00
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds $ 1,124,296.79
Recoveries from Prior Month Charge-Offs 1,680.99
Total Losses for Collection Period 2,163,711.31
Charge-off Rate for Collection Period (annualized) 0.62%
Cumulative Net Losses for all Periods 2,648,838.82
Delinquent Receivables:
31-60 Days Delinquent $ 33,945,527.37
61-90 Days Delinquent 3,246,461.73
91-120 Days Delinquent 530,293.57
Over 120 Days Delinquent 358,815.12
Repossesion Inventory $ 3,140,733.12
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.3820%
Preceding Collection Period 0.3898%
Current Collection Period 0.6331%
Three Month Average 0.4683%
Ratio of 60+ Delinquent Contracts to Outstanding Receivables
Second Preceding Collection Period 0.1750%
Preceding Collection Period 0.1317%
Current Collection Period 0.1774%
Three Month Average 0.1614%
