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) May 31, 1999
FORD CREDIT AUTO OWNER TRUST 1999-A and
FORD CREDIT AUTO OWNER TRUST 1999-B
(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 and Ford Credit Auto Owner Trust 1999-B for the Collection Period ended
May 31, 1999, are attached hereto as Exhibit 19 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 1999-A this Report.
Servicing Report for the
Collection Period ended May 31, 1999.
Exhibit 19.2 Ford Credit Auto Owner Filed with
Trust 1999-B this Report.
Servicing Report for the
Collection Period ended
May 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: June 8, 1999 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19.1 Ford Credit Auto Owner
Trust 1999-A
Servicing Report for the
Collection Period ended March 31, 1999.
Exhibit 19.2 Ford Credit Auto Owner
Trust 1999-B
Servicing Report for the
Collection Period ended May 31, 1999.
Exhibit 19.1
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1999-A
Monthly Servicing Report
Collection Period May, 1999
Distribution Date 6/15/99
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 $ 10,250,872.92
Repurchased Loan Proceeds Related to Interest 15,877.58
Total Simple Interest Receivables Interest 10,266,750.50
Pre Computed Receivables Interest Collections 580,313.61
Total Interest Collections 10,847,064.11
Servicer Advances:
Simple Interest Servicer Advances $ 2,143,894.76
Precomputed Servicer Advances - Principal 179,048.66
Precomputed Servicer Advances - Interest 43,277.64
Total Servicer Advances 2,366,221.06
Principal:
'Simple Interest Receivables Principal
Principal Collections $ 34,052,794.15
Prepayments in Full 20,565,694.53
Repurchased Loan Proceeds Related to Principal 1,052,318.63
Other Refunds Related to Principal 18,144.66
Total Simple Interest Receivables Principal 55,688,951.97
Pre Computed Receivables Principal
Principal Collections $ 2,530,323.19
Prepayments in Full 1,409,719.89
Prepayments in Full Due to Administrative Repurchases 31,882.71
Payahead Draws 151,004.21
Total Pre Computed Receivables Principal 4,122,930.00
Liquidation Proceeds 473,349.15
Recoveries from Prior Month Charge-Offs 2,505.15
Total Principal Collections 60,287,736.27
Principal Losses for Collection Period 869,273.53
Total Regular Principal Reduction 60,860,204.16
Total Collections $ 73,501,021.44
Amount
Per $1,000
of Original
II. DISTRIBUTIONS Amount Principal
Total Collections $ 73,501,021.44 $ 36.71
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 73,501,021.44 36.71
Servicing Fee:
Servicing Fee Due $ 1,455,890.16 $ 0.73
Servicing Fee Paid 1,455,890.16 0.73
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 $ 1,087,101.39 $ 3.67
Class A-2 Notes Monthly Interest Paid 1,087,101.39 3.67
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 $ 7,245,265.40 $ 3.77
Total Note Monthly Interest Paid 7,245,265.40 3.77
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 $ 7,720,238.80 $ 3.86
Total Note and Cert. Mthly Int. Paid 7,720,238.80 3.86
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 $ 64,324,892.48
Principal:
Principal Distribution Amounts
First Priority Distribution Amount $ 0.00 $ 0.00
Second Priority Distribution Amount 0.00 0.00
Regular Principal Distribution Amount 265,180,816.89 132.46
Principal Distribution Amount 265,180,816.89 132.46
Principal Distribution Amounts Paid
Class A-1 Notes Monthly Principal Paid $ 0.00 $ 0.00
Class A-2 Notes Monthly Principal Paid 64,324,892.48 217.31
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 64,324,892.48 33.44
Class C Cert. Monthly Principal Paid $ 0.00 $ 0.00
Class D Cert. Monthly Principal Paid 0.00 0.00
Total Monthly Principal Paid 64,324,892.48 32.13
Collections Released to Servicer $ 0.00
Total Available for Distribution $ 73,501,021.44
Total Distributions (incl. Servicing Fee) $ 73,501,021.44
III. POOL BALANCE AND PORTFOLIO INFORMATION
Balances and Pool Factors: Beginning Ending
Aggregate Balance of Notes $ 1,642,642,816.89 $ 1,578,317,924.41
Note Pool Factor 0.8540033 0.8205610
Class A-1 Notes Balance 0.00 0.00
Class A-1 Notes Pool Factor 0.0000000 0.0000000
Class A-2 Notes Balance 265,180,816.89 200,855,924.41
Class A-2 Notes Pool Factor 0.8958811 0.6785673
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 1,721,150,816.89 1,656,825,924.41
Portfolio Information:
Wtd Average Coupon (WAC) 8.92% 8.93%
Wtd Average Remaining Maturity (WAM) 43.75 42.87
Remaining Number of Receivables 135,156 132,710
Portfolio Receivable Balance $ 1,747,068,192.87 $ 1,686,207,988.71
IV. OVERCOLLATERALIZATION INFORMATION
Specified Overcollateralization Amount $ 6,811,972.49
Specified Credit Enhancement Amount 16,862,079.89
Yield Supplement Overcollateralization Amount 37,799,560.15
Target Level of Overcollateralization 44,611,532.64
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 $ 473,349.15
Recoveries from Prior Month Charge-Offs 2,505.15
Total Losses for Collection Period 939,786.84
Charge-off Rate for Collection Period (annualized) 0.32%
Cumulative Net Losses for all Periods 719,547.52
Delinquent Receivables:
31-60 Days Delinquent $ 8,467,781.18
61-90 Days Delinquent 631,181.18
91-120 Days Delinquent 109,069.11
Over 120 Days Delinquent 87,403.84
Repossesion Inventory $ 924,994.93
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.0766%
Preceding Collection Period 0.1271%
Current Collection Period 0.3243%
Three Month Average 0.1760%
Ratio of 60+ Delinquent Contracts to Outstanding Receivables
Second Preceding Collection Period 0.0218%
Preceding Collection Period 0.0289%
Current Collection Period 0.0430%
Three Month Average 0.0312%
Exhibit 19.2
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1999-B
Monthly Servicing Report
Collection Period May, 1999
Distribution Date 6/15/99
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 $ 15,416,193.29
Repurchased Loan Proceeds Related to Interest 4,999.21
Total Simple Interest Receivables Interest 15,421,192.50
Pre Computed Receivables Interest Collections 635,332.38
Total Interest Collections 16,056,524.88
Servicer Advances:
Simple Interest Servicer Advances $ 3,625,901.05
Precomputed Servicer Advances - Principal 351,121.20
Precomputed Servicer Advances - Interest 70,879.42
Total Servicer Advances 4,047,901.67
Principal:
'Simple Interest Receivables Principal
Principal Collections $ 62,748,052.20
Prepayments in Full 31,501,359.59
Repurchased Loan Proceeds Related to Principal 1,208,075.86
Other Refunds Related to Principal 24,315.35
Total Simple Interest Receivables Principal 95,481,803.00
Pre Computed Receivables Principal
Principal Collections $ 3,340,073.65
Prepayments in Full 3,470,321.90
Prepayments in Full Due to Administrative Repurchases 8,244.58
Payahead Draws 191,488.80
Total Pre Computed Receivables Principal 7,010,128.93
Liquidation Proceeds 656.61
Recoveries from Prior Month Charge-Offs 0.00
Total Principal Collections 102,492,588.54
Principal Losses for Collection Period 77,366.25
Total Regular Principal Reduction 102,920,419.38
Total Collections $ 122,597,015.09
Amount
Per $1,000
of Original
II. DISTRIBUTIONS Amount Principal
Total Collections $ 122,597,015.09 $ 38.17
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 122,597,015.09 38.17
Servicing Fee:
Servicing Fee Due $ 2,750,005.84 $ 0.86
Servicing Fee Paid 2,750,005.84 0.86
Servicing Fee Shortfall 0.00 0.00
Interest:
Class A-1 Notes Monthly Interest
Class A-1 Notes Monthly Interest Due $ 1,316,404.44 $ 2.77
Class A-1 Notes Monthly Interest Paid 1,316,404.44 2.77
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 $ 994,388.89 $ 2.84
Class A-2 Notes Monthly Interest Paid 994,388.89 2.84
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 $ 2,999,535.28 $ 2.89
Class A-3 Notes Monthly Interest Paid 2,999,535.28 2.89
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 $ 1,869,267.50 $ 3.06
Class A-4 Notes Monthly Interest Paid 1,869,267.50 3.06
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 $ 779,791.67 $ 3.12
Class A-5 Notes Monthly Interest Paid 779,791.67 3.12
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 $ 790,347.22 $ 3.16
Class A-6 Notes Monthly Interest Paid 790,347.22 3.16
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 $ 358,272.44 $ 3.25
Class B Notes Monthly Interest Paid 358,272.44 3.25
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 $ 9,108,007.44 $ 2.95
Total Note Monthly Interest Paid 9,108,007.44 2.95
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 $ 221,024.76 $ 3.51
Class C Cert. Monthly Interest Paid 221,024.76 3.51
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 $ 265,894.44 $ 4.22
Class D Cert. Monthly Interest Paid 265,894.44 4.22
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 $ 9,594,926.64 $ 2.99
Total Note and Cert. Mthly Int. Paid 9,594,926.64 2.99
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 $ 110,252,082.61
Principal:
Principal Distribution Amounts
First Priority Distribution Amount $ 0.00 $ 0.00
Second Priority Distribution Amount 33,311,199.01 10.37
Regular Principal Distribution Amount 792,688,800.99 246.81
Principal Distribution Amount 826,000,000.00 257.18
Principal Distribution Amounts Paid
Class A-1 Notes Monthly Principal Paid $ 110,252,082.61 $ 231.62
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 110,252,082.61 35.73
Class C Cert. Monthly Principal Paid $ 0.00 $ 0.00
Class D Cert. Monthly Principal Paid 0.00 0.00
Total Monthly Principal Paid 110,252,082.61 34.33
Collections Released to Servicer $ 0.00
Total Available for Distribution $ 122,597,015.09
Total Distributions (incl. Servicing Fee) $ 122,597,015.09
III. POOL BALANCE AND PORTFOLIO INFORMATION
Balances and Pool Factors: Beginning Ending
Aggregate Balance of Notes $ 3,085,850,000.00 $ 2,975,597,917.39
Note Pool Factor 1.0000000 0.9642717
Class A-1 Notes Balance 476,000,000.00 365,747,917.39
Class A-1 Notes Pool Factor 1.0000000 0.7683780
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 3,211,800,000.00 3,101,547,917.39
Portfolio Information:
Wtd Average Coupon (WAC) 7.17% 7.17%
Wtd Average Remaining Maturity (WAM) 44.69 43.78
Remaining Number of Receivables 246,373 242,973
Portfolio Receivable Balance $ 3,300,007,013.35 $ 3,197,086,593.97
IV. OVERCOLLATERALIZATION INFORMATION
Specified Overcollateralization Amount $ 15,470,830.87
Specified Credit Enhancement Amount 31,970,865.94
Yield Supplement Overcollateralization Amount 144,547,792.98
Target Level of Overcollateralization 160,018,623.85
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance $ 0.00
Specified Reserve Account Balance 16,500,035.07
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 0.00
Reserve Account Deposits Made 16,500,035.07
Ending Reserve Account Balance 16,500,035.07
Change in Reserve Account Balance 16,500,035.07
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds $ 656.61
Recoveries from Prior Month Charge-Offs 0.00
Total Losses for Collection Period 77,540.75
Charge-off Rate for Collection Period (annualized) 0.03%
Cumulative Net Losses for all Periods 76,884.14
Delinquent Receivables:
31-60 Days Delinquent $ 453,024.77
61-90 Days Delinquent 80,760.99
91-120 Days Delinquent 153,397.87
Over 120 Days Delinquent 30,882.48
Repossesion Inventory $ 89,616.25
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.0000%
Preceding Collection Period 0.0000%
Current Collection Period 0.0284%
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 0.0082%
Three Month Average 0.0000%
