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) January 31, 1999
FORD CREDIT AUTO OWNER TRUST Series 1999-A
(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 Report relating to the Ford Credit Auto Owner
Trust Series 1999-A for the Collection Period ended January 31, 1999, 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 1999-A this Report.
Servicing Report for the
Collection Period ended
January 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: February 17, 1999 By:/s/R. P. Conrad
---------------------------------
Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -----------
Exhibit 19 Ford Credit Auto Owner
Trust Series 1999-A
Servicing Report for the
Collection Period ended
January 31, 1999.
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1999-A
Monthly Servicing Report
Collection Period January, 1999
Distribution Date 2/16/99
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 $ 11,846,738.10
Repurchased Loan Proceeds Related to Interest 4,496.99
Total Simple Interest Receivables Interest 11,851,235.09
Pre Computed Receivables Interest Collections 694,781.91
Total Interest Collections 12,546,017.00
Servicer Advances:
Simple Interest Servicer Advances $ 2,374,359.73
Precomputed Servicer Advances - Principal 216,875.93
Precomputed Servicer Advances - Interest 59,174.51
Total Servicer Advances 2,650,410.17
Principal:
'Simple Interest Receivables Principal
Principal Collections $ 35,685,587.70
Prepayments in Full 19,541,440.32
Repurchased Loan Proceeds Related to Principal 1,682,515.78
Other Refunds Related to Principal 23,258.03
Total Simple Interest Receivables Principal 56,932,801.83
Pre Computed Receivables Principal
Principal Collections $ 2,708,797.96
Prepayments in Full 1,167,452.77
Prepayments in Full Due to Administrative Repurchases 10,130.64
Payahead Draws 170,733.39
Total Pre Computed Receivables Principal 4,057,114.76
Liquidation Proceeds 204.45
Recoveries from Prior Month Charge-Offs 0.00
Total Principal Collections 60,990,121.04
Principal Losses for Collection Period (52,833.28)
Total Regular Principal Reduction 61,153,959.24
Total Collections $ 75,676,107.33
Amount
Per $1,000
of Original
II. DISTRIBUTIONS Amount Principal
Total Collections $ 75,676,107.33 $ 37.80
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 75,676,107.33 37.80
Servicing Fee:
Servicing Fee Due $ 1,675,017.90 $ 0.84
Servicing Fee Paid 1,675,017.90 0.84
Servicing Fee Shortfall 0.00 0.00
Interest:
Class A-1 Notes Monthly Interest
Class A-1 Notes Monthly Interest Due $ 904,583.33 $ 3.62
Class A-1 Notes Monthly Interest Paid 904,583.33 3.62
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 $ 1,087,915.11 $ 3.68
Class A-2 Notes Monthly Interest Paid 1,087,915.11 3.68
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 $ 1,752,300.00 $ 3.54
Class A-3 Notes Monthly Interest Paid 1,752,300.00 3.54
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 $ 1,110,735.18 $ 3.54
Class A-4 Notes Monthly Interest Paid 1,110,735.18 3.54
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 $ 896,666.67 $ 3.59
Class A-5 Notes Monthly Interest Paid 896,666.67 3.59
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 $ 901,666.67 $ 3.61
Class A-6 Notes Monthly Interest Paid 901,666.67 3.61
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 $ 265,162.70 $ 3.86
Class B Notes Monthly Interest Paid 265,162.70 3.86
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 $ 6,919,029.66 $ 3.60
Total Note Monthly Interest Paid 6,919,029.66 3.60
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 $ 170,624.05 $ 4.35
Class C Cert. Monthly Interest Paid 170,624.05 4.35
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 $ 209,354.67 $ 5.33
Class D Cert. Monthly Interest Paid 209,354.67 5.33
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 $ 7,299,008.38 $ 3.65
Total Note and Cert. Mthly Int. Paid 7,299,008.38 3.65
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 $ 66,702,081.05
Principal:
Principal Distribution Amounts
First Priority Distribution Amount $ 0.00 $ 0.00
Second Priority Distribution Amount 19,918,867.66 9.95
Regular Principal Distribution Amount 526,081,132.34 262.78
Principal Distribution Amount 546,000,000.00 272.73
Principal Distribution Amounts Paid
Class A-1 Notes Monthly Principal Paid $ 66,702,081.05 $ 266.81
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 66,702,081.05 34.68
Class C Cert. Monthly Principal Paid $ 0.00 $ 0.00
Class D Cert. Monthly Principal Paid 0.00 0.00
Total Monthly Principal Paid 66,702,081.05 33.32
Collections Released to Servicer $ 0.00
Total Available for Distribution $ 75,676,107.33
Total Distributions (incl. Servicing Fee) $ 75,676,107.33
III. POOL BALANCE AND PORTFOLIO INFORMATION
Balances and Pool Factors: Beginning Ending
Aggregate Balance of Notes $ 1,923,462,000.00 $ 1,856,759,918.95
Note Pool Factor 1.0000000 0.9653219
Class A-1 Notes Balance 250,000,000.00 183,297,918.95
Class A-1 Notes Pool Factor 1.0000000 0.7331917
Class A-2 Notes Balance 296,000,000.00 296,000,000.00
Class A-2 Notes Pool Factor 1.0000000 1.0000000
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 2,001,970,000.00 1,935,267,918.95
Portfolio Information:
Wtd Average Coupon (WAC) 8.93% 8.93%
Wtd Average Remaining Maturity (WAM) 47.30 46.41
Remaining Number of Receivables 145,188 143,051
Portfolio Receivable Balance $ 2,010,021,480.46 $ 1,948,867,521.22
IV. OVERCOLLATERALIZATION INFORMATION
Specified Overcollateralization Amount $ 9,438,567.81
Specified Credit Enhancement Amount 19,488,675.21
Yield Supplement Overcollateralization Amount 45,324,388.88
Target Level of Overcollateralization 54,762,956.69
V. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance $ 0.00
Specified Reserve Account Balance 10,050,107.40
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 0.00
Reserve Account Deposits Made 10,050,107.40
Ending Reserve Account Balance 10,050,107.40
Change in Reserve Account Balance 10,050,107.40
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Liquidated Contracts:
Liquidation Proceeds $ 204.45
Recoveries from Prior Month Charge-Offs 0.00
Total Losses for Collection Period (52,592.24)
Charge-off Rate for Collection Period (annualized) -0.03%
Cumulative Net Losses for all Periods
Delinquent Receivables:
31-60 Days Delinquent $ 636,339.06
61-90 Days Delinquent 37,046.87
91-120 Days Delinquent 0.00
Over 120 Days Delinquent 0.00
Repossesion Inventory $ 70,112.85
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.0000%
Preceding Collection Period 0.0000%
Current Collection Period -0.0320%
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 0.0021%
Three Month Average 0.0000%
