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) June 30, 1999
FORD CREDIT AUTO OWNER TRUST 1999-A,
FORD CREDIT AUTO OWNER TRUST 1999-B AND
FORD CREDIT AUTO OWNER TRUST 1999-C
(Ford Credit Auto Receivables Two L.P. - Originator)
---------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-63551 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 Reports relating to the Ford Credit Auto Owner Trust
1999-A, Ford Credit Auto Owner Trust 1999-B and Ford Credit Auto Owner Trust
1999-B for the Collection Period ended July 31, 1999, are attached hereto as
Exhibit 19.1, Exhibit 19.2 and Exhibit 19.3 and incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
EXHIBITS
Designation Description Method of
Filing
- ----------- ------------ ----------------
Exhibit 19.1 Ford Credit Auto Owner Filed with
Trust Series 1999-A this Report.
Servicing Report for the
Collection Period ended July 31, 1999.
Exhibit 19.2 Ford Credit Auto Owner Filed with
Trust Series 1999-B this Report.
Servicing Report for the
Collection Period ended July 31, 1999.
Exhibit 19.3 Ford Credit Auto Owner Filed with
Trust Series 1999-C this Report.
Servicing Report for the
Collection Period ended July 31, 1999
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 17, 1999 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19.1 Ford Credit Auto Owner
Trust Series 1999-A
Servicing Report for the
Collection Period ended June 30, 1999.
Exhibit 19.2 Ford Credit Auto Owner
Trust Series 1999-B
Servicing Report for the
Collection Period ended June 30, 1999.
Exhibit 19.3 Ford Credit Auto Owner
Trust Series 1999-C
Servicing Report for the
Collection Period ended July 31, 1999.
EXHIBIT 19.1
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1999-A
Monthly Servicing Report
Collection Period July, 1999
Distribution Date 8/16/99
Dollar Amount
Total Portfolio $ 2,010,021,480.46
Total Securities 2,001,970,000.00
Class A-1 Notes 250,000,000.00
Class A-2 Notes 296,000,000.00
Class A-3 Notes 495,000,000.00
Class A-4 Notes 313,767,000.00
Class A-5 Notes 250,000,000.00
Class A-6 Notes 250,000,000.00
Class B Notes 68,695,000.00
Class C Certificates 39,254,000.00
Class D Certificates 39,254,000.00
I. COLLECTIONS
Interest:
Simple Interest Receivables Interest
Interest Collections $ 9,862,778.17
Repurchased Loan Proceeds Related to Interest 8,306.57
Total Simple Interest Receivables Interest 9,871,084.74
Pre Computed Receivables Interest Collections 535,246.57
Total Interest Collections 10,406,331.31
Servicer Advances:
Simple Interest Servicer Advances $ 1,672,294.56
Precomputed Servicer Advances - Principal 118,977.38
Precomputed Servicer Advances - Interest 28,102.63
Total Servicer Advances 1,819,374.57
Principal:
'Simple Interest Receivables Principal
Principal Collections $ 33,579,292.56
Prepayments in Full 22,966,303.70
Repurchased Loan Proceeds Related to Principal 784,108.66
Other Refunds Related to Principal 10,386.45
Total Simple Interest Receivables Principal 57,340,091.37
Pre Computed Receivables Principal
Principal Collections $ 2,522,861.52
Prepayments in Full 1,409,045.44
Prepayments in Full Due to Administrative Repurchases 52,738.23
Payahead Draws 147,455.60
Total Pre Computed Receivables Principal 4,132,100.79
Liquidation Proceeds 402,454.63
Recoveries from Prior Month Charge-Offs 8,103.06
Total Principal Collections 61,882,749.85
Principal Losses for Collection Period 840,839.35
Total Regular Principal Reduction 62,432,008.89
Total Collections $ 74,108,455.73
Amount
Per $1,000
of Original
II. DISTRIBUTIONS Amount Principal
Total Collections $ 74,108,455.73 $ 37.02
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 74,108,455.73 37.02
Servicing Fee:
Servicing Fee Due $ 1,349,456.56 $ 0.67
Servicing Fee Paid 1,349,456.56 0.67
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
Class A-1 Notes Monthly Interest Paid 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
Chg in Class A-1 Notes Int. Carryover Shortfall 0.00 0.00
Class A-2 Notes Monthly Interest
Class A-2 Notes Monthly Interest Due $ 591,314.66 $ 2.00
Class A-2 Notes Monthly Interest Paid 591,314.66 2.00
Class A-2 Notes Monthly Interest Shortfall 0.00 0.00
Class A-2 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-2 Notes Int. Carryover Shortfall 0.00 0.00
Class A-3 Notes Monthly Interest
Class A-3 Notes Monthly Interest Due $ 2,190,375.00 $ 4.43
Class A-3 Notes Monthly Interest Paid 2,190,375.00 4.43
Class A-3 Notes Monthly Interest Shortfall 0.00 0.00
Class A-3 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-3 Notes Int. Carryover Shortfall 0.00 0.00
Class A-4 Notes Monthly Interest
Class A-4 Notes Monthly Interest Due $ 1,388,418.98 $ 4.43
Class A-4 Notes Monthly Interest Paid 1,388,418.98 4.43
Class A-4 Notes Monthly Interest Shortfall 0.00 0.00
Class A-4 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-4 Notes Int. Carryover Shortfall 0.00 0.00
Class A-5 Notes Monthly Interest
Class A-5 Notes Monthly Interest Due $ 1,120,833.33 $ 4.48
Class A-5 Notes Monthly Interest Paid 1,120,833.33 4.48
Class A-5 Notes Monthly Interest Shortfall 0.00 0.00
Class A-5 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-5 Notes Int. Carryover Shortfall 0.00 0.00
Class A-6 Notes Monthly Interest
Class A-6 Notes Monthly Interest Due $ 1,127,083.33 $ 4.51
Class A-6 Notes Monthly Interest Paid 1,127,083.33 4.51
Class A-6 Notes Monthly Interest Shortfall 0.00 0.00
Class A-6 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-6 Notes Int. Carryover Shortfall 0.00 0.00
Class B Notes Monthly Interest
Class B Notes Monthly Interest Due $ 331,453.37 $ 4.82
Class B Notes Monthly Interest Paid 331,453.37 4.82
Class B Notes Monthly Interest Shortfall 0.00 0.00
Class B Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class B Notes Int. Carryover Shortfall 0.00 0.00
Total Note Monthly Interest
Total Note Monthly Interest Due $ 6,749,478.67 $ 3.51
Total Note Monthly Interest Paid 6,749,478.67 3.51
Total Note Monthly Interest Shortfall 0.00 0.00
Total Note Interest Carryover Shortfall 0.00 0.00
Chg in Total Note Int. Carryover Shortfall 0.00 0.00
Class C Certificates Monthly Interest
Class C Cert. Monthly Interest Due $ 213,280.07 $ 5.43
Class C Cert. Monthly Interest Paid 213,280.07 5.43
Class C Cert. Monthly Interest Shortfall 0.00 0.00
Class C Cert. Interest Carryover Shortfall 0.00 0.00
Chg in Class C Cert. Int. Carryover Shortfall 0.00 0.00
Class D Certificates Monthly Interest
Class D Cert. Monthly Interest Due $ 261,693.33 $ 6.67
Class D Cert. Monthly Interest Paid 261,693.33 6.67
Class D Cert. Monthly Interest Shortfall 0.00 0.00
Class D Cert. Interest Carryover Shortfall 0.00 0.00
Chg in Class D Cert. Int. Carryover Shortfall 0.00 0.00
Total Note and Certificate Monthly Interest
Total Note and Cert. Mthly Int. Due $ 7,224,452.07 $ 3.61
Total Note and Cert. Mthly Int. Paid 7,224,452.07 3.61
Total Note and Cert. Mthly Int. Shortfall 0.00 0.00
Total Note and Cert. Int. Carryover Shortfall 0.00 0.00
Change in Total Note and Certificate Interest
Carryover Shortfall $ 0.00 $ 0.00
Total Available for Principal Distribution $ 65,534,547.10
Principal:
Principal Distribution Amounts
First Priority Distribution Amount $ 0.00 $ 0.00
Second Priority Distribution Amount 0.00 0.00
Regular Principal Distribution Amount 130,719,000.13 65.30
Principal Distribution Amount 130,719,000.13 65.30
Principal Distribution Amounts Paid
Class A-1 Notes Monthly Principal Paid $ 0.00 $ 0.00
Class A-2 Notes Monthly Principal Paid 65,534,547.10 221.40
Class A-3 Notes Monthly Principal Paid 0.00 0.00
Class A-4 Notes Monthly Principal Paid 0.00 0.00
Class A-5 Notes Monthly Principal Paid 0.00 0.00
Class A-6 Notes Monthly Principal Paid 0.00 0.00
Class B Notes Monthly Principal Paid 0.00 0.00
Total Note Principal Paid 65,534,547.10 34.07
Class C Cert. Monthly Principal Paid $ 0.00 $ 0.00
Class D Cert. Monthly Principal Paid 0.00 0.00
Total Monthly Principal Paid 65,534,547.10 32.74
Collections Released to Servicer $ 0.00
Total Available for Distribution $ 74,108,455.73
Total Distributions (incl. Servicing Fee) $ 74,108,455.73
III. POOL BALANCE AND PORTFOLIO INFORMATION
Balances and Pool Factors: Beginning Ending
Aggregate Balance of Notes $ 1,508,181,000.13 $ 1,442,646,453.03
Note Pool Factor 0.7840971 0.7500260
Class A-1 Notes Balance 0.00 0.00
Class A-1 Notes Pool Factor 0.0000000 0.0000000
Class A-2 Notes Balance 130,719,000.13 65,184,453.03
Class A-2 Notes Pool Factor 0.4416182 0.2202177
Class A-3 Notes Balance 495,000,000.00 495,000,000.00
Class A-3 Notes Pool Factor 1.0000000 1.0000000
Class A-4 Notes Balance 313,767,000.00 313,767,000.00
Class A-4 Notes Pool Factor 1.0000000 1.0000000
Class A-5 Notes Balance 250,000,000.00 250,000,000.00
Class A-5 Notes Pool Factor 1.0000000 1.0000000
Class A-6 Notes Balance 250,000,000.00 250,000,000.00
Class A-6 Notes Pool Factor 1.0000000 1.0000000
Class B Notes Balance 68,695,000.00 68,695,000.00
Class B Notes Pool Factor 1.0000000 1.0000000
Class C Certificates Balance 39,254,000.00 39,254,000.00
Class C Certificates Pool Factor 1.0000000 1.0000000
Class D Certificates Balance 39,254,000.00 39,254,000.00
Class D Certificates Pool Factor 1.0000000 1.0000000
Total Note and Cert. Balance 1,586,689,000.13 1,521,154,453.03
Portfolio Information:
Wtd Average Coupon (WAC) 8.93% 8.93%
Wtd Average Remaining Maturity (WAM) 42.00 41.12
Remaining Number of Receivables 129,813 127,144
Portfolio Receivable Balance $ 1,619,347,876.16 $ 1,556,915,867.27
IV. OVERCOLLATERALIZATION INFORMATION
Specified Overcollateralization Amount $ 5,519,051.27
Specified Credit Enhancement Amount 15,569,158.67
Yield Supplement Overcollateralization Amount 34,281,874.97
Target Level of Overcollateralization 39,800,926.24
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance $ 10,050,107.40
Specified Reserve Account Balance 10,050,107.40
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 10,050,107.40
Reserve Account Deposits Made 0.00
Ending Reserve Account Balance 10,050,107.40
Change in Reserve Account Balance 0.00
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds $ 402,454.63
Recoveries from Prior Month Charge-Offs 8,103.06
Total Losses for Collection Period 941,326.43
Charge-off Rate for Collection Period (annualized) 0.39%
Cumulative Net Losses for all Periods 1,783,127.69
Delinquent Receivables:
31-60 Days Delinquent $ 8,628,739.30
61-90 Days Delinquent 1,054,472.17
91-120 Days Delinquent 162,210.62
Over 120 Days Delinquent 187,413.05
Repossesion Inventory $ 1,545,740.20
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.3243%
Preceding Collection Period 0.3868%
Current Collection Period 0.4011%
Three Month Average 0.3707%
Ratio of 60+ Delinquent Contracts to Outstanding Receivables
Second Preceding Collection Period 0.0430%
Preceding Collection Period 0.0532%
Current Collection Period 0.0731%
Three Month Average 0.0564%
Exhibit 19.2
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1999-B
Monthly Servicing Report
Collection Period July, 1999
Distribution Date 8/16/99
Dollar Amount
Total Portfolio $ 3,300,007,013.35
Total Securities 3,211,800,000.00
Class A-1 Notes 476,000,000.00
Class A-2 Notes 350,000,000.00
Class A-3 Notes 1,039,000,000.00
Class A-4 Notes 610,650,000.00
Class A-5 Notes 250,000,000.00
Class A-6 Notes 250,000,000.00
Class B Notes 110,200,000.00
Class C Certificates 62,975,000.00
Class D Certificates 62,975,000.00
I. COLLECTIONS
Interest:
Simple Interest Receivables Interest
Interest Collections $ 15,386,361.91
Repurchased Loan Proceeds Related to Interest 16,218.57
Total Simple Interest Receivables Interest 15,402,580.48
Pre Computed Receivables Interest Collections 598,075.59
Total Interest Collections 16,000,656.07
Servicer Advances:
Simple Interest Servicer Advances $ 2,473,283.46
Precomputed Servicer Advances - Principal 148,603.45
Precomputed Servicer Advances - Interest 28,603.84
Total Servicer Advances 2,650,490.75
Principal:
'Simple Interest Receivables Principal
Principal Collections $ 65,782,915.60
Prepayments in Full 36,871,285.17
Repurchased Loan Proceeds Related to Principal 1,296,969.46
Other Refunds Related to Principal 17,560.15
Total Simple Interest Receivables Principal 103,968,730.38
Pre Computed Receivables Principal
Principal Collections $ 3,400,766.11
Prepayments in Full 1,950,366.31
Prepayments in Full Due to Administrative Repurchases 13,767.75
Payahead Draws 213,161.60
Total Pre Computed Receivables Principal 5,578,061.77
Liquidation Proceeds 141,305.41
Recoveries from Prior Month Charge-Offs 200.00
Total Principal Collections 109,688,297.56
Principal Losses for Collection Period 253,636.56
Total Regular Principal Reduction 109,949,032.16
Total Collections $ 128,339,444.38
Amount
Per $1,000
of Original
II. DISTRIBUTIONS Amount Principal
Total Collections $ 128,339,444.38 $ 39.96
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 128,339,444.38 39.96
Servicing Fee:
Servicing Fee Due $ 2,568,420.91 $ 0.80
Servicing Fee Paid 2,568,420.91 0.80
Servicing Fee Shortfall 0.00 0.00
Interest:
Class A-1 Notes Monthly Interest
Class A-1 Notes Monthly Interest Due $ 1,101,226.04 $ 2.31
Class A-1 Notes Monthly Interest Paid 1,101,226.04 2.31
Class A-1 Notes Monthly Interest Shortfall 0.00 0.00
Class A-1 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-1 Notes Int. Carryover Shortfall 0.00 0.00
Class A-2 Notes Monthly Interest
Class A-2 Notes Monthly Interest Due $ 1,591,022.22 $ 4.55
Class A-2 Notes Monthly Interest Paid 1,591,022.22 4.55
Class A-2 Notes Monthly Interest Shortfall 0.00 0.00
Class A-2 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-2 Notes Int. Carryover Shortfall 0.00 0.00
Class A-3 Notes Monthly Interest
Class A-3 Notes Monthly Interest Due $ 4,736,108.33 $ 4.56
Class A-3 Notes Monthly Interest Paid 4,736,108.33 4.56
Class A-3 Notes Monthly Interest Shortfall 0.00 0.00
Class A-3 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-3 Notes Int. Carryover Shortfall 0.00 0.00
Class A-4 Notes Monthly Interest
Class A-4 Notes Monthly Interest Due $ 2,951,475.00 $ 4.83
Class A-4 Notes Monthly Interest Paid 2,951,475.00 4.83
Class A-4 Notes Monthly Interest Shortfall 0.00 0.00
Class A-4 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-4 Notes Int. Carryover Shortfall 0.00 0.00
Class A-5 Notes Monthly Interest
Class A-5 Notes Monthly Interest Due $ 1,231,250.00 $ 4.93
Class A-5 Notes Monthly Interest Paid 1,231,250.00 4.93
Class A-5 Notes Monthly Interest Shortfall 0.00 0.00
Class A-5 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-5 Notes Int. Carryover Shortfall 0.00 0.00
Class A-6 Notes Monthly Interest
Class A-6 Notes Monthly Interest Due $ 1,247,916.67 $ 4.99
Class A-6 Notes Monthly Interest Paid 1,247,916.67 4.99
Class A-6 Notes Monthly Interest Shortfall 0.00 0.00
Class A-6 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-6 Notes Int. Carryover Shortfall 0.00 0.00
Class B Notes Monthly Interest
Class B Notes Monthly Interest Due $ 565,693.33 $ 5.13
Class B Notes Monthly Interest Paid 565,693.33 5.13
Class B Notes Monthly Interest Shortfall 0.00 0.00
Class B Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class B Notes Int. Carryover Shortfall 0.00 0.00
Total Note Monthly Interest
Total Note Monthly Interest Due $ 13,424,691.59 $ 4.35
Total Note Monthly Interest Paid 13,424,691.59 4.35
Total Note Monthly Interest Shortfall 0.00 0.00
Total Note Interest Carryover Shortfall 0.00 0.00
Chg in Total Note Int. Carryover Shortfall 0.00 0.00
Class C Certificates Monthly Interest
Class C Cert. Monthly Interest Due $ 348,986.46 $ 5.54
Class C Cert. Monthly Interest Paid 348,986.46 5.54
Class C Cert. Monthly Interest Shortfall 0.00 0.00
Class C Cert. Interest Carryover Shortfall 0.00 0.00
Chg in Class C Cert. Int. Carryover Shortfall 0.00 0.00
Class D Certificates Monthly Interest
Class D Cert. Monthly Interest Due $ 419,833.33 $ 6.67
Class D Cert. Monthly Interest Paid 419,833.33 6.67
Class D Cert. Monthly Interest Shortfall 0.00 0.00
Class D Cert. Interest Carryover Shortfall 0.00 0.00
Chg in Class D Cert. Int. Carryover Shortfall 0.00 0.00
Total Note and Certificate Monthly Interest
Total Note and Cert. Mthly Int. Due $ 14,193,511.38 $ 4.42
Total Note and Cert. Mthly Int. Paid 14,193,511.38 4.42
Total Note and Cert. Mthly Int. Shortfall 0.00 0.00
Total Note and Cert. Int. Carryover Shortfall 0.00 0.00
Change in Total Note and Certificate Interest
Carryover Shortfall $ 0.00 $ 0.00
Total Available for Principal Distribution $ 111,577,512.09
Principal:
Principal Distribution Amounts
First Priority Distribution Amount $ 0.00 $ 0.00
Second Priority Distribution Amount 18,290,758.36 5.69
Regular Principal Distribution Amount 580,580,132.87 180.76
Principal Distribution Amount 598,870,891.23 186.46
Principal Distribution Amounts Paid
Class A-1 Notes Monthly Principal Paid $ 111,577,512.09 $ 234.41
Class A-2 Notes Monthly Principal Paid 0.00 0.00
Class A-3 Notes Monthly Principal Paid 0.00 0.00
Class A-4 Notes Monthly Principal Paid 0.00 0.00
Class A-5 Notes Monthly Principal Paid 0.00 0.00
Class A-6 Notes Monthly Principal Paid 0.00 0.00
Class B Notes Monthly Principal Paid 0.00 0.00
Total Note Principal Paid 111,577,512.09 36.16
Class C Cert. Monthly Principal Paid $ 0.00 $ 0.00
Class D Cert. Monthly Principal Paid 0.00 0.00
Total Monthly Principal Paid 111,577,512.09 34.74
Collections Released to Servicer $ 0.00
Total Available for Distribution $ 128,339,444.38
Total Distributions (incl. Servicing Fee) $ 128,339,444.38
III. POOL BALANCE AND PORTFOLIO INFORMATION
Balances and Pool Factors: Beginning Ending
Aggregate Balance of Notes $ 2,858,720,891.23 $ 2,747,143,379.14
Note Pool Factor 0.9263966 0.8902388
Class A-1 Notes Balance 248,870,891.23 137,293,379.14
Class A-1 Notes Pool Factor 0.5228380 0.2884315
Class A-2 Notes Balance 350,000,000.00 350,000,000.00
Class A-2 Notes Pool Factor 1.0000000 1.0000000
Class A-3 Notes Balance 1,039,000,000.00 1,039,000,000.00
Class A-3 Notes Pool Factor 1.0000000 1.0000000
Class A-4 Notes Balance 610,650,000.00 610,650,000.00
Class A-4 Notes Pool Factor 1.0000000 1.0000000
Class A-5 Notes Balance 250,000,000.00 250,000,000.00
Class A-5 Notes Pool Factor 1.0000000 1.0000000
Class A-6 Notes Balance 250,000,000.00 250,000,000.00
Class A-6 Notes Pool Factor 1.0000000 1.0000000
Class B Notes Balance 110,200,000.00 110,200,000.00
Class B Notes Pool Factor 1.0000000 1.0000000
Class C Certificates Balance 62,975,000.00 62,975,000.00
Class C Certificates Pool Factor 1.0000000 1.0000000
Class D Certificates Balance 62,975,000.00 62,975,000.00
Class D Certificates Pool Factor 1.0000000 1.0000000
Total Note and Cert. Balance 2,984,670,891.23 2,873,093,379.14
Portfolio Information:
Wtd Average Coupon (WAC) 7.17% 7.17%
Wtd Average Remaining Maturity (WAM) 42.88 41.99
Remaining Number of Receivables 238,958 235,040
Portfolio Receivable Balance $ 3,082,105,094.11 $ 2,972,156,061.95
IV. OVERCOLLATERALIZATION INFORMATION
Specified Overcollateralization Amount $ 13,221,525.55
Specified Credit Enhancement Amount 29,721,560.62
Yield Supplement Overcollateralization Amount 131,725,929.08
Target Level of Overcollateralization 144,947,454.63
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance $ 16,500,035.07
Specified Reserve Account Balance 16,500,035.07
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 16,500,035.07
Reserve Account Deposits Made 0.00
Ending Reserve Account Balance 16,500,035.07
Change in Reserve Account Balance 0.00
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds $ 141,305.41
Recoveries from Prior Month Charge-Offs 200.00
Total Losses for Collection Period 338,245.61
Charge-off Rate for Collection Period (annualized) 0.08%
Cumulative Net Losses for all Periods 431,151.16
Delinquent Receivables:
31-60 Days Delinquent $ 7,228,968.01
61-90 Days Delinquent 553,347.17
91-120 Days Delinquent 0.00
Over 120 Days Delinquent 0.00
Repossesion Inventory $ 512,750.54
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.0284%
Preceding Collection Period 0.0602%
Current Collection Period 0.0780%
Three Month Average 0.0555%
Ratio of 60+ Delinquent Contracts to Outstanding Receivables
Second Preceding Collection Period 0.0082%
Preceding Collection Period 0.0008%
Current Collection Period 0.0196%
Three Month Average 0.0095%
Exhibit 19.3
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1999-C
Monthly Servicing Report
Collection Period July, 1999
Distribution Date 8/16/99
Dollar Amount
Total Portfolio $ 3,299,999,864.04
Total Securities 3,189,915,000.00
Class A-1 Notes 250,000,000.00
Class A-2 Notes 588,000,000.00
Class A-3 Notes 990,000,000.00
Class A-4 Notes 627,366,000.00
Class A-5 Notes 250,000,000.00
Class A-6 Notes 250,000,000.00
Class B Notes 109,457,000.00
Class C Certificates 62,546,000.00
Class D Certificates 62,546,000.00
I. COLLECTIONS
Interest:
Simple Interest Receivables Interest
Interest Collections $ 16,287,412.14
Repurchased Loan Proceeds Related to Interest 4,466.92
Total Simple Interest Receivables Interest 16,291,879.06
Pre Computed Receivables Interest Collections 381,416.80
Total Interest Collections 16,673,295.86
Servicer Advances:
Simple Interest Servicer Advances $ 3,111,663.97
Precomputed Servicer Advances - Principal 128,057.40
Precomputed Servicer Advances - Interest 29,584.40
Total Servicer Advances 3,269,305.77
Principal:
'Simple Interest Receivables Principal
Principal Collections $ 66,628,220.51
Prepayments in Full 33,774,509.12
Repurchased Loan Proceeds Related to Principal 1,446,991.16
Other Refunds Related to Principal 22,263.41
Total Simple Interest Receivables Principal 101,871,984.20
Pre Computed Receivables Principal
Principal Collections $ 1,992,914.32
Prepayments in Full 1,000,632.37
Prepayments in Full Due to Administrative Repurchases 19,614.36
Payahead Draws 94,442.53
Total Pre Computed Receivables Principal 3,107,603.58
Liquidation Proceeds 89.55
Recoveries from Prior Month Charge-Offs 0.00
Total Principal Collections 104,979,677.33
Principal Losses for Collection Period 37,502.40
Total Regular Principal Reduction 105,145,147.58
Total Collections $ 124,922,278.96
Amount
Per $1,000
of Original
II. DISTRIBUTIONS Amount Principal
Total Collections $ 124,922,278.96 $ 39.16
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 124,922,278.96 39.16
Servicing Fee:
Servicing Fee Due $ 2,749,999.89 $ 0.86
Servicing Fee Paid 2,749,999.89 0.86
Servicing Fee Shortfall 0.00 0.00
Interest:
Class A-1 Notes Monthly Interest
Class A-1 Notes Monthly Interest Due $ 643,625.00 $ 2.57
Class A-1 Notes Monthly Interest Paid 643,625.00 2.57
Class A-1 Notes Monthly Interest Shortfall 0.00 0.00
Class A-1 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-1 Notes Int. Carryover Shortfall 0.00 0.00
Class A-2 Notes Monthly Interest
Class A-2 Notes Monthly Interest Due $ 1,573,194.00 $ 2.68
Class A-2 Notes Monthly Interest Paid 1,573,194.00 2.68
Class A-2 Notes Monthly Interest Shortfall 0.00 0.00
Class A-2 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-2 Notes Int. Carryover Shortfall 0.00 0.00
Class A-3 Notes Monthly Interest
Class A-3 Notes Monthly Interest Due $ 2,538,800.00 $ 2.56
Class A-3 Notes Monthly Interest Paid 2,538,800.00 2.56
Class A-3 Notes Monthly Interest Shortfall 0.00 0.00
Class A-3 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-3 Notes Int. Carryover Shortfall 0.00 0.00
Class A-4 Notes Monthly Interest
Class A-4 Notes Monthly Interest Due $ 1,695,282.35 $ 2.70
Class A-4 Notes Monthly Interest Paid 1,695,282.35 2.70
Class A-4 Notes Monthly Interest Shortfall 0.00 0.00
Class A-4 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-4 Notes Int. Carryover Shortfall 0.00 0.00
Class A-5 Notes Monthly Interest
Class A-5 Notes Monthly Interest Due $ 688,888.89 $ 2.76
Class A-5 Notes Monthly Interest Paid 688,888.89 2.76
Class A-5 Notes Monthly Interest Shortfall 0.00 0.00
Class A-5 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-5 Notes Int. Carryover Shortfall 0.00 0.00
Class A-6 Notes Monthly Interest
Class A-6 Notes Monthly Interest Due $ 696,666.67 $ 2.79
Class A-6 Notes Monthly Interest Paid 696,666.67 2.79
Class A-6 Notes Monthly Interest Shortfall 0.00 0.00
Class A-6 Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class A-6 Notes Int. Carryover Shortfall 0.00 0.00
Class B Notes Monthly Interest
Class B Notes Monthly Interest Due $ 312,317.31 $ 2.85
Class B Notes Monthly Interest Paid 312,317.31 2.85
Class B Notes Monthly Interest Shortfall 0.00 0.00
Class B Notes Interest Carryover Shortfall 0.00 0.00
Chg in Class B Notes Int. Carryover Shortfall 0.00 0.00
Total Note Monthly Interest
Total Note Monthly Interest Due $ 8,148,774.22 $ 2.66
Total Note Monthly Interest Paid 8,148,774.22 2.66
Total Note Monthly Interest Shortfall 0.00 0.00
Total Note Interest Carryover Shortfall 0.00 0.00
Chg in Total Note Int. Carryover Shortfall 0.00 0.00
Class C Certificates Monthly Interest
Class C Cert. Monthly Interest Due $ 187,638.00 $ 3.00
Class C Cert. Monthly Interest Paid 187,638.00 3.00
Class C Cert. Monthly Interest Shortfall 0.00 0.00
Class C Cert. Interest Carryover Shortfall 0.00 0.00
Chg in Class C Cert. Int. Carryover Shortfall 0.00 0.00
Class D Certificates Monthly Interest
Class D Cert. Monthly Interest Due $ 222,385.78 $ 3.56
Class D Cert. Monthly Interest Paid 222,385.78 3.56
Class D Cert. Monthly Interest Shortfall 0.00 0.00
Class D Cert. Interest Carryover Shortfall 0.00 0.00
Chg in Class D Cert. Int. Carryover Shortfall 0.00 0.00
Total Note and Certificate Monthly Interest
Total Note and Cert. Mthly Int. Due $ 8,558,798.00 $ 2.68
Total Note and Cert. Mthly Int. Paid 8,558,798.00 2.68
Total Note and Cert. Mthly Int. Shortfall 0.00 0.00
Total Note and Cert. Int. Carryover Shortfall 0.00 0.00
Change in Total Note and Certificate Interest
Carryover Shortfall $ 0.00 $ 0.00
Total Available for Principal Distribution $ 113,613,481.07
Principal:
Principal Distribution Amounts
First Priority Distribution Amount $ 0.00 $ 0.00
Second Priority Distribution Amount 35,235,670.05 11.05
Regular Principal Distribution Amount 802,764,329.95 251.66
Principal Distribution Amount 838,000,000.00 262.70
Principal Distribution Amounts Paid
Class A-1 Notes Monthly Principal Paid $ 113,613,481.07 $ 454.45
Class A-2 Notes Monthly Principal Paid 0.00 0.00
Class A-3 Notes Monthly Principal Paid 0.00 0.00
Class A-4 Notes Monthly Principal Paid 0.00 0.00
Class A-5 Notes Monthly Principal Paid 0.00 0.00
Class A-6 Notes Monthly Principal Paid 0.00 0.00
Class B Notes Monthly Principal Paid 0.00 0.00
Total Note Principal Paid 113,613,481.07 37.07
Class C Cert. Monthly Principal Paid $ 0.00 $ 0.00
Class D Cert. Monthly Principal Paid 0.00 0.00
Total Monthly Principal Paid 113,613,481.07 35.62
Collections Released to Servicer $ 0.00
Total Available for Distribution $ 124,922,278.96
Total Distributions (incl. Servicing Fee) $ 124,922,278.96
III. POOL BALANCE AND PORTFOLIO INFORMATION
Balances and Pool Factors: Beginning Ending
Aggregate Balance of Notes $ 3,064,823,000.00 $ 2,951,209,518.93
Note Pool Factor 1.0000000 0.9629298
Class A-1 Notes Balance 250,000,000.00 136,386,518.93
Class A-1 Notes Pool Factor 1.0000000 0.5455461
Class A-2 Notes Balance 588,000,000.00 588,000,000.00
Class A-2 Notes Pool Factor 1.0000000 1.0000000
Class A-3 Notes Balance 990,000,000.00 990,000,000.00
Class A-3 Notes Pool Factor 1.0000000 1.0000000
Class A-4 Notes Balance 627,366,000.00 627,366,000.00
Class A-4 Notes Pool Factor 1.0000000 1.0000000
Class A-5 Notes Balance 250,000,000.00 250,000,000.00
Class A-5 Notes Pool Factor 1.0000000 1.0000000
Class A-6 Notes Balance 250,000,000.00 250,000,000.00
Class A-6 Notes Pool Factor 1.0000000 1.0000000
Class B Notes Balance 109,457,000.00 109,457,000.00
Class B Notes Pool Factor 1.0000000 1.0000000
Class C Certificates Balance 62,546,000.00 62,546,000.00
Class C Certificates Pool Factor 1.0000000 1.0000000
Class D Certificates Balance 62,546,000.00 62,546,000.00
Class D Certificates Pool Factor 1.0000000 1.0000000
Total Note and Cert. Balance 3,189,915,000.00 3,076,301,518.93
Portfolio Information:
Wtd Average Coupon (WAC) 7.19% 7.19%
Wtd Average Remaining Maturity (WAM) 45.12 44.21
Remaining Number of Receivables 242,591 239,230
Portfolio Receivable Balance $ 3,299,999,864.04 $ 3,194,854,716.46
IV. OVERCOLLATERALIZATION INFORMATION
Specified Overcollateralization Amount $ 15,448,547.84
Specified Credit Enhancement Amount 31,948,547.16
Yield Supplement Overcollateralization Amount 165,267,386.51
Target Level of Overcollateralization 180,715,934.35
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance $ 0.00
Specified Reserve Account Balance 16,499,999.32
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 0.00
Reserve Account Deposits Made 16,499,999.32
Ending Reserve Account Balance 16,499,999.32
Change in Reserve Account Balance 16,499,999.32
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds $ 89.55
Recoveries from Prior Month Charge-Offs 0.00
Total Losses for Collection Period 37,635.54
Charge-off Rate for Collection Period (annualized) 0.01%
Cumulative Net Losses for all Periods 37,545.99
Delinquent Receivables:
31-60 Days Delinquent $ 462,979.38
61-90 Days Delinquent 0.00
91-120 Days Delinquent 0.00
Over 120 Days Delinquent 0.00
Repossesion Inventory $ 61,727.56
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.0000%
Preceding Collection Period 0.0000%
Current Collection Period 0.0139%
Three Month Average 0.0000%
Ratio of 60+ Delinquent Contracts to Outstanding Receivables
Second Preceding Collection Period 0.0000%
Preceding Collection Period 0.0000%
Current Collection Period 0.0000%
Three Month Average 0.0000%
