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) December 31, 1998
FORD CREDIT AUTO OWNER TRUST Series 1998-C
(Ford Credit Auto Receivables Two L.P. - Originator)
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(Exact name of registrant as specified in its charter)
Delaware 333-1245 38-3295857
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(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-C for the Collection Period ended December 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-C this Report.
Servicing Report for the
Collection Period ended
December 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: January 13, 1999 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19 Ford Credit Auto Owner
Trust Series 1998-C
Servicing Report for the
Collection Period ended
December 31, 1998.
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1998-C
Monthly Servicing Report
Collection Period December, 1998
Distribution Date 1/15/99
Dollar Amount
Total Portfolio 2,300,021,862.20
Total Securities 2,346,000,000.00
Class A-1 Notes 300,000,000.00
Class A-2 Notes 300,000,000.00
Class A-3 Notes 650,000,000.00
Class A-4 Notes 712,000,000.00
Class A-5 Notes 200,000,000.00
Class B Notes 92,000,000.00
Class C Certificates 46,000,000.00
Class D Certificates 46,000,000.00
I. COLLECTIONS
Interest:
Simple Interest Receivables Interest
Interest Collections $ 11,008,011.82
Repurchased Loan Proceeds Related to Interest 36,115.20
Total Simple Interest Receivables Interest 11,044,127.02
Pre Computed Receivables Interest Collections 2,150,072.80
Total Interest Collections 13,194,199.82
Servicer Advances:
Simple Interest Servicer Advances $ 4,435,837.69
Precomputed Servicer Advances - Principal 988,699.77
Precomputed Servicer Advances - Interest 360,776.66
Total Servicer Advances 5,785,314.12
Principal:
Simple Interest Receivables Principal
Principal Collections $ 28,775,724.13
Prepayments in Full 21,525,738.91
Repurchased Loan Proceeds Related to Principal 1,512,461.59
Other Refunds Related to Principal 21,583.64
Total Simple Interest Receivables Principal 51,835,508.27
Pre Computed Receivables Principal
Principal Collections $ 6,638,123.90
Prepayments in Full 4,360,342.98
Prepayments in Full Due to Administrative Repurchases 80,998.14
Payahead Draws 397,184.91
Total Pre Computed Receivables Principal 11,476,649.93
Liquidation Proceeds 1,106,447.32
Recoveries from Prior Month Charge-Offs 8,081.16
Total Principal Collections 64,426,686.68
Principal Losses for Collection Period 2,258,757.53
Total Regular Principal Reduction 66,559,615.50
Total Collections $ 83,406,200.62
Amt per
$1,000 of
Original
II. DISTRIBUTIONS Amount Principal
Total Collections $83,406,200.62 $ 35.55
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 83,406,200.62 35.55
Servicing Fee:
Servicing Fee Due $ 1,612,606.65 $ 0.69
Servicing Fee Paid 1,612,606.65 0.69
Servicing Fee Shortfall 0.00 0.00
Interest:
Class A-1 Notes Monthly Interest
Class A-1 Notes Monthly Interest Due $ 0.00 $ 0.00
0.00 0.00
Class A-1 Notes Monthly Interest Shortfall 0.00 0.00
Class A-1 Notes Interest Carryover Shortfall 0.00 0.00
Change in Class A-1 Int Carryover Shortfall 0.00 0.00
Class A-2 Notes Monthly Interest
Class A-2 Notes Monthly Interest Due $ 958,700.33 $ 3.20
Class A-2 Notes Monthly Interest Paid 958,700.33 3.20
