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) February 28, 1998
FORD CREDIT AUTO OWNER TRUST Series 1998-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 1998-A for the Collection Period ended February 28, 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-A this Report.
Servicing Report for the
Collection Period ended
February 28, 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: May 6, 1998 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19 Ford Credit Auto Owner
Trust Series 1998-A
Servicing Report for the
Collection Period ended
February 28, 1998.
FORD MOTOR CREDIT COMPANY
FEBRUARY 1998-A OWNER TRUST
MONTHLY SERVICING REPORT
Collection Period Feb-98
Distribution Date 3/15/98
Total Portfolio 2,300,012,263.69
Total Securities 2,346,000,000.00
Class A-1 Notes 647,000,000.00
Class A-2 Notes 535,000,000.00
Class A-3 Notes 691,500,000.00
Class A-4 Notes 300,000,000.00
Class B Notes 80,500,000.00
Class C Certificates 46,000,000.00
Class D Certificates 46,000,000.00
I. COLLECTIONS
Interest Collections
Simple Interest 15,056,374.92
Pre Computed 4,475,745.40
Repurchased Loan Proceeds Related to Interest 0.00
Total Interest Collections 19,532,120.32
Servicer Advances
Simple Interest Servicer Advances 716,981.87
Reimbursement of Previous Simple Interest Servicer Ad 0.00
Precomputed Servicer Advances 1,065,004.68
Reimbursement of Previous Precomputed Servicer Advan 0.00
Total Servicer Advances (Reimbursements) 1,781,986.55
Principal Payments Received
Simple Interest 51,897,165.21
Pre Computed 16,380,806.75
Liquidation Proceeds 0.00
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 68,277,971.96
Aggregate Losses for Collection Period 71,261.16
Total Regular Principal Reduction 68,389,233.12
Total Collections 89,592,078.83
II. DISTRIBUTIONS
Total Collections 89,592,078.83
Reserve Account Release 0.00
Reserve Account Draw 0.00
Total Available For Distribution 89,592,078.83
Servicing Fee:
Servicing Fee Due 1,916,676.89
Per $1,000 of Original Balance 0.82
Servicing Fee Paid 1,916,676.89
Per $1,000 of Original Balance 0.82
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 1,793,807.50
Per $1,000 of Original Balance 2.77
Class A-1 Notes Monthly Interest Paid 1,793,807.50
Per $1,000 of Original Balance 2.77
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 1,581,222.22
Per $1,000 of Original Balance 2.96
Class A-2 Notes Monthly Interest Paid 1,581,222.22
Per $1,000 of Original Balance 2.96
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 2,062,014.58
Per $1,000 of Original Balance 2.98
Class A-3 Notes Monthly Interest Paid 2,062,014.58
Per $1,000 of Original Balance 2.98
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 902,500.00
Per $1,000 of Original Balance 3.01
Class A-4 Notes Monthly Interest Paid 902,500.00
Per $1,000 of Original Balance 3.01
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 150,522.22
Per $1,000 of Original Balance 3.27
Class B Notes Monthly Interest Paid 150,522.22
Per $1,000 of Original Balance 3.27
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 6,924,942.21
Per $1,000 of Original Balance 2.95
Total Note Interest Paid 6,924,942.21
Per $1,000 of Original Balance 2.95
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 150,522.22
Per $1,000 of Original Balance 3.27
Class C Certificates Monthly Interest Paid 150,522.22
Per $1,000 of Original Balance 3.27
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 Certificates Int. Carryover Shortfa 0.00
Per $1,000 of Original Balance 0.00
Class D Certificates Monthly Interest
Class D Certificates Monthly Interest Due 182,083.33
Per $1,000 of Original Balance 3.96
Class D Certificates Monthly Interest Paid 182,083.33
Per $1,000 of Original Balance 3.96
Class D Certificates Monthly Interest Shortfall 0.00
Per $1,000 of Original Balance 0.00
Class D Certificates Interest Carryover Shortfall 0.00
Per $1,000 of Original Balance 0.00
Change in Class D 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 6,924,942.21
Total Note and Certificate Interest Paid 6,924,942.21
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
Regular Principal Distribution Amount 80,750,459.72
Per $1,000 of Original Balance 34.42
Total Principal Distribution Amount 80,750,459.72
Per $1,000 of Original Balance 34.42
Class A-1 Notes Monthly Principal
Class A-1 Notes Monthly Principal Paid 80,750,459.72
Per $1,000 of Original Balance 124.81
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 80,750,459.72
Per $1,000 of Original Balance 34.42
Class C Certificates Monthly Principal
Class C Certificates Monthly Principal Paid 0.00
Per $1,000 of Original Balance 0.00
Class D Certificates Monthly Principal
Class D 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 80,750,459.72
Total Available for Distribution 89,592,078.83
Total Distributions 89,592,078.83
III. POOL BALANCES AND PORTFOLIO INFORMATION
Ending
Balances and Principal Factors:
Aggregate Balance of Notes 2,173,249,540.28
Note Pool Factor 0.9641746
Class A-1 Notes Balance 566,249,540.28
Class A-1 Notes Pool Factor 0.8751925
Class A-2 Notes Balance 535,000,000.00
Class A-2 Notes Pool Factor 1.0000000
Class A-3 Notes Balance 691,500,000.00
Class A-3 Notes Pool Factor 1.0000000
Class A-4 Notes Balance 300,000,000.00
Class A-4 Notes Pool Factor 1.0000000
Class B Notes Balance 80500000.00
Class B Notes Pool Factor 1.0000000
Class C Certificates Balance 46,000,000.00
Class C Certificates Pool Factor 1.0000000
Class D Certificates Balance 46000000.00
Class D Certificate Pool Factor 1.00
Total Note and Cert. Balance 2,265,249,540.28
Portfolio Information:
Weighted Average Coupon (WAC) 11.11 %
Weighted Average Remaining Maturity (WAM) 47.49
Remaining Number of Receivables 168,381.00
Portfolio Receivable Balance 2,231,663,030.57
IV. OVERCOLLATERALIZATION INFORMATION
Actual Class A Overcollateralization Amount 138,913,490.29
Actual Class B Overcollateralization Amount 58,413,490.29
Actual Class C Overcollateralization Amount 12,413,490.29
Actual Class D Overcollateralization Amount (33,586,509.71)
Specified Overcollateralization Amount 11,500,061.32
Specified Credit Enhancement Amount 23,000,122.64
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance 11,500,061.32
Specified Reserve Account Balance 11,500,061.32
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 11,500,061.32
Reserve Account Deposits Made 0.00
Ending Reserve Account Balance 11,500,061.32
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 71,261.16
Charge-off Rate for Collection Period (annualized) 0.04 %
Cumulative Net Losses for all Periods 71,261.16
Delinquent Receivables:
31-60 Days Delinquent 16,513,643.08
61-90 Days Delinquent 114,506.21
91-120 Days Delinquent 60,881.11
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
