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 31, 1998
FORD CREDIT AUTO OWNER TRUST Series 1998-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 1998-B for the Collection Period ended July 31, 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-B this Report.
Servicing Report for the
Collection Period ended
July 31, 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: August 13, 1998 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19 Ford Credit Auto Owner
Trust Series 1998-B
Servicing Report for the
Collection Period ended
July 31, 1998.
FORD MOTOR CREDIT COMPANY
MAY 1998-B OWNER TRUST
MONTHLY SERVICING REPORT
Collection Period Jul-98
Distribution Date 8/15/98
Total Portfolio 3,000,017,934.92
Total Securities 3,060,000,000.00
Class A-1 Notes 750,000,000.00
Class A-2 Notes 1,000,000,000.00
Class A-3 Notes 785,000,000.00
Class A-4 Notes 300,000,000.00
Class B Notes 105,000,000.00
Class C Certificates 60,000,000.00
Class D Certificates 60,000,000.00
I. COLLECTIONS
Interest Collections
Simple Interest 20,665,735.39
Pre Computed 5,716,403.47
Repurchased Loan Proceeds Related to Interest 0.00
Total Interest Collections 26,382,138.86
Servicer Advances
Simple Interest Servicer Advances 0.00
Reimbursement of Previous Simple Interest Servicer Ad (735,939.77)
Precomputed Servicer Advances 0.00
Reimbursement of Previous Precomputed Servicer Advan (42,596.91)
Total Servicer Advances (Reimbursements) (778,536.68)
Principal Payments Received
Simple Interest 77,318,228.45
Pre Computed 26,715,910.12
Liquidation Proceeds 437,694.20
Repurchased Loan Proceeds Related to Principal 0.00
Recoveries from Prior Month Charge Off's 1,208.34
Other Refunds Related to Principal 0.00
Total Principal Collections 104,473,041.11
Aggregate Losses for Collection Period 1,192,655.97
Total Regular Principal Reduction 105,226,794.54
Total Collections 130,076,643.29
II. DISTRIBUTIONS
Total Collections 130,076,643.29
Reserve Account Release 0.00
Reserve Account Draw 0.00
Total Available For Distribution 130,076,643.29
Servicing Fee:
Servicing Fee Due 2,329,343.24
Per $1,000 of Original Balance 0.76
Servicing Fee Paid 2,329,343.24
Per $1,000 of Original Balance 0.76
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 2,672,234.88
Per $1,000 of Original Balance 3.56
Class A-1 Notes Monthly Interest Paid 2,672,234.88
Per $1,000 of Original Balance 3.56
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 4,833,333.33
Per $1,000 of Original Balance 4.83
Class A-2 Notes Monthly Interest Paid 4,833,333.33
Per $1,000 of Original Balance 4.83
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 3,826,875.00
Per $1,000 of Original Balance 4.88
Class A-3 Notes Monthly Interest Paid 3,826,875.00
Per $1,000 of Original Balance 4.88
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 1,475,000.00
Per $1,000 of Original Balance 4.92
Class A-4 Notes Monthly Interest Paid 1,475,000.00
Per $1,000 of Original Balance 4.92
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 538,125.00
Per $1,000 of Original Balance 5.13
Class B Notes Monthly Interest Paid 538,125.00
Per $1,000 of Original Balance 5.13
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 13,345,568.21
Per $1,000 of Original Balance 4.54
Total Note Interest Paid 13,345,568.21
Per $1,000 of Original Balance 4.54
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 320,000.00
Per $1,000 of Original Balance 5.33
Class C Certificates Monthly Interest Paid 320,000.00
Per $1,000 of Original Balance 5.33
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 375,000.00
Per $1,000 of Original Balance 6.25
Class D Certificates Monthly Interest Paid 375,000.00
Per $1,000 of Original Balance 6.25
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 14,040,568.21
Total Note and Certificate Interest Paid 14,040,568.21
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 19,189,495.18
Per $1,000 of Original Balance 6.27
Regular Principal Distribution Amount 94,517,236.66
Per $1,000 of Original Balance 30.89
Total Principal Distribution Amount 113,706,731.84
Per $1,000 of Original Balance 37.16
Class A-1 Notes Monthly Principal
Class A-1 Notes Monthly Principal Paid 113,706,731.84
Per $1,000 of Original Balance 151.61
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 113,706,731.84
Per $1,000 of Original Balance 37.90
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 113,706,731.84
Total Available for Distribution 130,076,643.29
Total Distributions 130,076,643.29
III. POOL BALANCES AND PORTFOLIO INFORMATION
Ending
Balances and Principal Factors:
Aggregate Balance of Notes 2,595,467,858.04
Note Pool Factor 0.8828122
Class A-1 Notes Balance 405,467,858.04
Class A-1 Notes Pool Factor 0.5406238
Class A-2 Notes Balance 1,000,000,000.00
Class A-2 Notes Pool Factor 1.0000000
Class A-3 Notes Balance 785,000,000.00
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 105000000.00
Class B Notes Pool Factor 1.0000000
Class C Certificates Balance 60,000,000.00
Class C Certificates Pool Factor 1.0000000
Class D Certificates Balance 60000000.00
Class D Certificate Pool Factor 1.00
Total Note and Cert. Balance 2,715,467,858.04
Portfolio Information:
Weighted Average Coupon (WAC) 11.01%
Weighted Average Remaining Maturity (WAM) 43.57
Remaining Number of Receivables 221,528.00
Portfolio Receivable Balance 2,689,985,094.70
IV. OVERCOLLATERALIZATION INFORMATION
Actual Class A Overcollateralization Amount 199,517,236.66
Actual Class B Overcollateralization Amount 94,517,236.66
Actual Class C Overcollateralization Amount 34,517,236.66
Actual Class D Overcollateralization Amount (25,482,763.34)
Specified Overcollateralization Amount 11,899,760.68
Specified Credit Enhancement Amount 26,899,850.95
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance 15,000,090.27
Specified Reserve Account Balance 15,000,090.27
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 15,000,090.27
Reserve Account Deposits Made 0.00
Ending Reserve Account Balance 15,000,090.27
Change in Reserve Account Balance 0.00
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds 437,694.20
Recoveries from Prior Month Charge Off's 1,208.34
Aggregate Net Losses for Collection Period 1,192,655.97
Charge-off Rate for Collection Period (annualized) 0.33%
Cumulative Net Losses for all Periods 1,065,630.19
Delinquent Receivables:
31-60 Days Delinquent 24,484,445.76
61-90 Days Delinquent 2,642,764.74
91-120 Days Delinquent 787,881.42
120+ Days Delinquent 22,855.38
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
