SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) September 30, 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 September 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-A this Report.
Servicing Report for the
Collection Period ended
September 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: October 9, 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
September 30, 1998.
FORD MOTOR CREDIT COMPANY
FEBRUARY 1998-A OWNER TRUST
MONTHLY SERVICING REPORT
Collection Period Sep-98
Distribution Date 10/15/98
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 12,222,712.19
Pre Computed 3,814,818.54
Repurchased Loan Proceeds Related to Interest 0.00
Total Interest Collections 16,037,530.73
Servicer Advances
Simple Interest Servicer Advances 167,338.15
Reimbursement of Previous Simple Interest Servicer Ad 0.00
Precomputed Servicer Advances 373,501.73
Reimbursement of Previous Precomputed Servicer Advan 0.00
Total Servicer Advances (Reimbursements) 540,839.88
Principal Payments Received
Simple Interest 47,252,690.53
Pre Computed 18,947,273.41
Liquidation Proceeds 731,640.06
Repurchased Loan Proceeds Related to Principal 3,901.44
Recoveries from Prior Month Charge Off's 83,586.17
Other Refunds Related to Principal 0.00
Total Principal Collections 67,019,091.61
Aggregate Losses for Collection Period 2,503,787.89
Total Regular Principal Reduction 68,707,653.27
Total Collections 83,597,462.22
II. DISTRIBUTIONS
Total Collections 83,597,462.22
Reserve Account Release 0.00
Reserve Account Draw 0.00
Total Available For Distribution 83,597,462.22
Servicing Fee:
Servicing Fee Due 1,488,736.21
Per $1,000 of Original Balance 0.63
Servicing Fee Paid 1,488,736.21
Per $1,000 of Original Balance 0.63
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 385,223.89
Per $1,000 of Original Balance 0.60
Class A-1 Notes Monthly Interest Paid 385,223.89
Per $1,000 of Original Balance 0.60
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 2,496,666.67
Per $1,000 of Original Balance 4.67
Class A-2 Notes Monthly Interest Paid 2,496,666.67
Per $1,000 of Original Balance 4.67
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 3,255,812.50
Per $1,000 of Original Balance 4.71
Class A-3 Notes Monthly Interest Paid 3,255,812.50
Per $1,000 of Original Balance 4.71
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 1,425,000.00
Per $1,000 of Original Balance 4.75
Class A-4 Notes Monthly Interest Paid 1,425,000.00
Per $1,000 of Original Balance 4.75
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 399,145.83
Per $1,000 of Original Balance 4.96
Class B Notes Monthly Interest Paid 399,145.83
Per $1,000 of Original Balance 4.96
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 7,961,848.89
Per $1,000 of Original Balance 3.53
Total Note Interest Paid 7,961,848.89
Per $1,000 of Original Balance 3.53
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 237,666.67
Per $1,000 of Original Balance 5.17
Class C Certificates Monthly Interest Paid 237,666.67
Per $1,000 of Original Balance 5.17
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 287,500.00
Per $1,000 of Original Balance 6.25
Class D Certificates Monthly Interest Paid 287,500.00
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 8,487,015.56
Total Note and Certificate Interest Paid 8,487,015.56
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 73,621,710.46
Per $1,000 of Original Balance 31.38
Total Principal Distribution Amount 73,621,710.46
Per $1,000 of Original Balance 31.38
Class A-1 Notes Monthly Principal
Class A-1 Notes Monthly Principal Paid 73,621,710.46
Per $1,000 of Original Balance 113.79
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 73,621,710.46
Per $1,000 of Original Balance 32.01
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 73,621,710.46
Total Available for Distribution 83,597,462.22
Total Distributions 83,597,462.22
III. POOL BALANCES AND PORTFOLIO INFORMATION
Ending
Balances and Principal Factors:
Aggregate Balance of Notes 1,616,745,045.74
Note Pool Factor 0.7172782
Class A-1 Notes Balance 9,745,045.74
Class A-1 Notes Pool Factor 0.0150619
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 1,708,745,045.74
Portfolio Information:
Weighted Average Coupon (WAC) 11.12 %
Weighted Average Remaining Maturity (WAM) 41.34
Remaining Number of Receivables 146,978.00
Portfolio Receivable Balance 1,717,775,799.85
IV. OVERCOLLATERALIZATION INFORMATION
Actual Class A Overcollateralization Amount 181,530,754.11
Actual Class B Overcollateralization Amount 101,030,754.11
Actual Class C Overcollateralization Amount 55,030,754.11
Actual Class D Overcollateralization Amount 9,030,754.11
Specified Overcollateralization Amount 5,677,696.68
Specified Credit Enhancement Amount 17,177,758.00
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 731,640.06
Recoveries from Prior Month Charge Off's 83,586.17
Aggregate Net Losses for Collection Period 2,503,787.89
Charge-off Rate for Collection Period (annualized) 1.16 %
Cumulative Net Losses for all Periods 8,709,310.55
Delinquent Receivables:
31-60 Days Delinquent 27,893,580.79
61-90 Days Delinquent 4,381,798.90
91-120 Days Delinquent 1,465,753.24
120+ Days Delinquent 755,677.22
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.01
Preceding Collection Period 0.01
Current Collection Period 0.01
Three Month Average 0.01
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
