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) January 13, 1998
FORD CREDIT AUTO OWNER TRUST Series 1997-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 1997-B for the Collection Period ended December 31, 1997, 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 1997-B this Report.
Servicing Report for the
Collection Period ended
December 31, 1997.
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: January 13, 1998 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19 Ford Credit Auto Owner
Trust Series 1997-7
Servicing Report for the
Collection Period ended
December 31, 1997.
FORD MOTOR CREDIT COMPANY
OCTOBER 1997-B OWNER TRUST
MONTHLY SERVICING REPORT
Collection Period Dec-97
Distribution Date 1/15/98
Total Portfolio 1,700,006,978.96
Total Securities 1,700,006,978.96
Class A-1 Notes 490,000,000.00
Class A-2 Notes 388,000,000.00
Class A-3 Notes 514,000,000.00
Class A-4 Notes 189,004,978.96
Class A-5 Notes 93,501,000.00
Class C Certificates 25,501,000.00
I. COLLECTIONS
Interest Collections
Simple Interest 8,822,640.88
Pre Computed 5,208,853.38
Repurchased Loan Proceeds Related to Interest 0.00
Total Interest Collections 14,031,494.26
Servicer Advances
Simple Interest Servicer Advances 163,692.33
Reimbursement of Previous Simple Interest Servicer Ad 0.00
Precomputed Servicer Advances 300,933.71
Reimbursement of Previous Precomputed Servicer Advan 0.00
Total Servicer Advances (Reimbursements) 464,626.04
Principal Payments Received
Simple Interest 32,370,333.88
Pre Computed 19,489,933.61
Liquidation Proceeds 388,453.88
Repurchased Loan Proceeds Related to Principal 0.00
Recoveries from Prior Month Charge Off's 6,220.34
Other Refunds Related to Principal 0.00
Total Principal Collections 52,254,941.71
Aggregate Losses for Collection Period 983,653.82
Total Regular Principal Reduction 52,843,921.31
Total Collections 66,751,062.01
II. DISTRIBUTIONS
Total Collections 66,751,062.01
Reserve Account Release 0.00
Reserve Account Draw 0.00
Total Available For Distribution 66,751,062.01
Servicing Fee:
Servicing Fee Due 1,330,187.41
Per $1,000 of Original Balance 0.78
Servicing Fee Paid 1,330,187.41
Per $1,000 of Original Balance 0.78
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 1,836,857.01
Per $1,000 of Original Balance 3.75
Class A-1 Notes Monthly Interest Paid 1,836,857.01
Per $1,000 of Original Balance 3.75
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 1,923,833.33
Per $1,000 of Original Balance 4.96
Class A-2 Notes Monthly Interest Paid 1,923,833.33
Per $1,000 of Original Balance 4.96
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 2,591,416.67
Per $1,000 of Original Balance 5.04
Class A-3 Notes Monthly Interest Paid 2,591,416.67
Per $1,000 of Original Balance 5.04
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 968,650.52
Per $1,000 of Original Balance 5.13
Class A-4 Notes Monthly Interest Paid 968,650.52
Per $1,000 of Original Balance 5.13
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 498,672.00
Per $1,000 of Original Balance 5.33
Class B Notes Monthly Interest Paid 498,672.00
Per $1,000 of Original Balance 5.33
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 7,819,429.53
Per $1,000 of Original Balance 4.67
Total Note Interest Paid 7,819,429.53
Per $1,000 of Original Balance 4.67
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 141,318.04
Per $1,000 of Original Balance 5.54
Class C Certificates Monthly Interest Paid 141,318.04
Per $1,000 of Original Balance 5.54
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 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 7,960,747.57
Total Note and Certificate Interest Paid 7,960,747.57
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
Third Priority Distribution Amount 57,460,127.03
Per $1,000 of Original Balance 33.80
Total Principal Distribution Amount 57,460,127.03
Per $1,000 of Original Balance 33.80
Class A-1 Notes Monthly Principal
Class A-1 Notes Monthly Principal Paid 57,460,127.03
Per $1,000 of Original Balance 117.27
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 57,460,127.03
Per $1,000 of Original Balance 34.31
Class C Certificates Monthly Principal
Class C 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 57,460,127.03
Total Collections Distributed 66,751,062.01
Total Distributions 66,751,062.01
III. POOL BALANCES AND PORTFOLIO INFORMATION
Ending
Balances and Principal Factors:
Aggregate Balance of Notes 1,498,153,066.93
Note Pool Factor 0.8946836
Class A-1 Notes Balance 313,647,087.97
Class A-1 Notes Pool Factor 0.6400961
Class A-2 Notes Balance 388,000,000.00
Class A-2 Notes Pool Factor 1.0000000
Class A-3 Notes Balance 514,000,000.00
Class A-3 Notes Pool Factor 1.0000000
Class A-4 Notes Balance 189,004,978.96
Class A-4 Notes Pool Factor 1.0000000
Class B Notes Balance 93501000.00
Class B Notes Pool Factor 1.0000000
Class C Certificates Balance 25,501,000.00
Class C Certificate Pool Factor 1.0000000
Total Note and Cert. Balance 1,523,654,066.93
Portfolio Information:
Weighted Average Coupon (WAC) 10.93 %
Weighted Average Remaining Maturity (WAM) 44.67
Remaining Number of Receivables 124,883.00
Portfolio Receivable Balance 1,543,380,971.85
IV. OVERCOLLATERALIZATION INFORMATION
Minimum Required Class A Overcollateralization Amount 80,750,332.00
Actual Class A Overcollateralization Amount 138,728,904.92
Minimum Required Class B Overcollateralization Amount 8,500,035.00
Actual Class B Overcollateralization Amount 45,227,904.92
Specified Overcollateralization Amount 45,811,104.57
Specified Credit Enhancement Amount 79,811,244.66
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance 34,000,140.09
Specified Reserve Account Balance 34,000,140.09
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 34,000,140.09
Reserve Account Deposits Made 0.00
Ending Reserve Account Balance 34,000,140.09
Change in Reserve Account Balance 0.00
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds 388,453.88
Recoveries from Prior Month Charge Off's 6,220.34
Aggregate Net Losses for Collection Period 983,653.82
Charge-off Rate for Collection Period (annualized) 0.45 %
Cumulative Net Losses for all Periods 716,375.67
Delinquent Receivables:
31-60 Days Delinquent 21,990,920.11
61-90 Days Delinquent 2,709,174.18
91-120 Days Delinquent 1,045,086.18
120+ Days Delinquent 20,545.68
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
