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) May 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
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(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 May 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
May 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: June 11, 1998 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19 Ford Credit Auto Owner
Trust Series 1998-B
Servicing Report for the
Collection Period ended
May 31, 1998.
FORD MOTOR CREDIT COMPANY
MAY 1998-B OWNER TRUST
MONTHLY SERVICING REPORT
Collection Period May-98
Distribution Date 6/15/98
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 19,739,253.86
Pre Computed 5,386,864.39
Repurchased Loan Proceeds Related to Interest 0.00
Total Interest Collections 25,126,118.25
Servicer Advances
Simple Interest Servicer Advances 1,589,330.60
Reimbursement of Previous Simple Interest Servicer Ad 0.00
Precomputed Servicer Advances 830,823.78
Reimbursement of Previous Precomputed Servicer Advan 0.00
Total Servicer Advances (Reimbursements) 2,420,154.38
Principal Payments Received
Simple Interest 74,741,335.48
Pre Computed 22,708,949.07
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 97,450,284.55
Aggregate Losses for Collection Period 49,987.78
Total Regular Principal Reduction 97,500,272.33
Total Collections 124,996,557.18
II. DISTRIBUTIONS
Total Collections 124,996,557.18
Reserve Account Release 0.00
Reserve Account Draw 0.00
Total Available For Distribution 124,996,557.18
Servicing Fee:
Servicing Fee Due 2,500,014.95
Per $1,000 of Original Balance 0.82
Servicing Fee Paid 2,500,014.95
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 2,105,625.00
Per $1,000 of Original Balance 2.81
Class A-1 Notes Monthly Interest Paid 2,105,625.00
Per $1,000 of Original Balance 2.81
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 2,738,888.89
Per $1,000 of Original Balance 2.74
Class A-2 Notes Monthly Interest Paid 2,738,888.89
Per $1,000 of Original Balance 2.74
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 2,168,562.50
Per $1,000 of Original Balance 2.76
Class A-3 Notes Monthly Interest Paid 2,168,562.50
Per $1,000 of Original Balance 2.76
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 835,833.33
Per $1,000 of Original Balance 2.79
Class A-4 Notes Monthly Interest Paid 835,833.33
Per $1,000 of Original Balance 2.79
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 304,937.50
Per $1,000 of Original Balance 2.90
Class B Notes Monthly Interest Paid 304,937.50
Per $1,000 of Original Balance 2.90
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 8,153,847.22
Per $1,000 of Original Balance 2.77
Total Note Interest Paid 8,153,847.22
Per $1,000 of Original Balance 2.77
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 181,333.33
Per $1,000 of Original Balance 3.02
Class C Certificates Monthly Interest Paid 181,333.33
Per $1,000 of Original Balance 3.02
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 212,500.00
Per $1,000 of Original Balance 3.54
Class D Certificates Monthly Interest Paid 212,500.00
Per $1,000 of Original Balance 3.54
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 8,547,680.55
Total Note and Certificate Interest Paid 8,547,680.55
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 37,482,337.41
Per $1,000 of Original Balance 12.25
Regular Principal Distribution Amount 76,466,524.27
Per $1,000 of Original Balance 24.99
Total Principal Distribution Amount 113,948,861.68
Per $1,000 of Original Balance 37.24
Class A-1 Notes Monthly Principal
Class A-1 Notes Monthly Principal Paid 113,948,861.68
Per $1,000 of Original Balance 151.93
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 113,948,861.68
Per $1,000 of Original Balance 37.98
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 113,948,861.68
Total Available for Distribution 124,996,557.18
Total Distributions 124,996,557.18
III. POOL BALANCES AND PORTFOLIO INFORMATION
Ending
Balances and Principal Factors:
Aggregate Balance of Notes 2,826,051,138.32
Note Pool Factor 0.9612419
Class A-1 Notes Balance 636,051,138.32
Class A-1 Notes Pool Factor 0.8480682
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 2,946,051,138.32
Portfolio Information:
Weighted Average Coupon (WAC) 11.01 %
Weighted Average Remaining Maturity (WAM) 45.31
Remaining Number of Receivables 230,414.00
Portfolio Receivable Balance 2,902,517,662.59
IV. OVERCOLLATERALIZATION INFORMATION
Actual Class A Overcollateralization Amount 181,466,524.27
Actual Class B Overcollateralization Amount 76,466,524.27
Actual Class C Overcollateralization Amount 16,466,524.27
Actual Class D Overcollateralization Amount (43,533,475.73)
Specified Overcollateralization Amount 14,025,086.36
Specified Credit Enhancement Amount 29,025,176.63
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 0.00
Recoveries from Prior Month Charge Off's 0.00
Aggregate Net Losses for Collection Period 49,987.78
Charge-off Rate for Collection Period (annualized) 0.02 %
Cumulative Net Losses for all Periods 49,987.78
Delinquent Receivables:
31-60 Days Delinquent 18,722,183.96
61-90 Days Delinquent 44,734.08
91-120 Days Delinquent 0.00
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
