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) March 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
June 30, 1999, are attached hereto as Exhibit 19.1 and Exhibit 19.2 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
June 30, 1999.
Exhibit 19.2 Ford Credit Auto Owner Filed with
Trust Series 1999-B this Report.
Servicing Report for the
Collection Period ended
June 30, 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: July 12, 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 19.1
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1999-A
Monthly Servicing Report
Collection Period June, 1999
Distribution Date 7/15/99
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 $ 9,698,651.67
Repurchased Loan Proceeds Related to Interest 14,465.87
Total Simple Interest Receivables Interest 9,713,117.54
Pre Computed Receivables Interest Collections 565,879.16
Total Interest Collections 10,278,996.70
Servicer Advances:
Simple Interest Servicer Advances $ 2,293,460.93
Precomputed Servicer Advances - Principal 105,656.96
Precomputed Servicer Advances - Interest 27,849.97
Total Servicer Advances 2,426,967.86
Principal:
'Simple Interest Receivables Principal
Principal Collections $ 35,626,672.95
Prepayments in Full 25,033,663.54
Repurchased Loan Proceeds Related to Principal 923,538.58
Other Refunds Related to Principal 12,798.30
Total Simple Interest Receivables Principal 61,596,673.37
Pre Computed Receivables Principal
Principal Collections $ 2,622,053.66
Prepayments in Full 1,522,744.53
Prepayments in Full Due to Administrative Repurchases 4,257.01
Payahead Draws 89,366.58
Total Pre Computed Receivables Principal 4,238,421.78
Liquidation Proceeds 479,741.78
Recoveries from Prior Month Charge-Offs 6,230.02
Total Principal Collections 66,321,066.95
Principal Losses for Collection Period 919,360.44
Total Regular Principal Reduction 66,860,112.55
Total Collections $ 79,027,031.51
Amount
Per $1,000
of Original
II. DISTRIBUTIONS Amount Principal
Total Collections $ 79,027,031.51 $ 39.47
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 79,027,031.51 39.47
Servicing Fee:
Servicing Fee Due $ 1,405,173.32 $ 0.70
Servicing Fee Paid 1,405,173.32 0.70
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 $ 851,796.50 $ 2.88
Class A-2 Notes Monthly Interest Paid 851,796.50 2.88
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 $ 7,009,960.51 $ 3.64
Total Note Monthly Interest Paid 7,009,960.51 3.64
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 $ 7,484,933.91 $ 3.74
Total Note and Cert. Mthly Int. Paid 7,484,933.91 3.74
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 $ 70,136,924.28
Principal:
Principal Distribution Amounts
First Priority Distribution Amount $ 0.00 $ 0.00
Second Priority Distribution Amount 0.00 0.00
Regular Principal Distribution Amount 200,855,924.41 100.33
Principal Distribution Amount 200,855,924.41 100.33
Principal Distribution Amounts Paid
Class A-1 Notes Monthly Principal Paid $ 0.00 $ 0.00
Class A-2 Notes Monthly Principal Paid 70,136,924.28 236.95
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 70,136,924.28 36.46
Class C Cert. Monthly Principal Paid $ 0.00 $ 0.00
Class D Cert. Monthly Principal Paid 0.00 0.00
Total Monthly Principal Paid 70,136,924.28 35.03
Collections Released to Servicer $ 0.00
Total Available for Distribution $ 79,027,031.51
Total Distributions (incl. Servicing Fee) $ 79,027,031.51
III. POOL BALANCE AND PORTFOLIO INFORMATION
Balances and Pool Factors: Beginning Ending
Aggregate Balance of Notes $ 1,578,317,924.41 $ 1,508,181,000.13
Note Pool Factor 0.8205610 0.7840971
Class A-1 Notes Balance 0.00 0.00
Class A-1 Notes Pool Factor 0.0000000 0.0000000
Class A-2 Notes Balance 200,855,924.41 130,719,000.13
Class A-2 Notes Pool Factor 0.6785673 0.4416182
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 1,656,825,924.41 1,586,689,000.13
Portfolio Information:
Wtd Average Coupon (WAC) 8.93% 8.93%
Wtd Average Remaining Maturity (WAM) 42.87 42.00
Remaining Number of Receivables 132,710 129,813
Portfolio Receivable Balance $ 1,686,207,988.71 $ 1,619,347,876.16
IV. OVERCOLLATERALIZATION INFORMATION
Specified Overcollateralization Amount $ 6,143,371.36
Specified Credit Enhancement Amount 16,193,478.76
Yield Supplement Overcollateralization Amount 36,019,978.24
Target Level of Overcollateralization 42,163,349.60
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 $ 479,741.78
Recoveries from Prior Month Charge-Offs 6,230.02
Total Losses for Collection Period 1,018,783.23
Charge-off Rate for Collection Period (annualized) 0.38%
Cumulative Net Losses for all Periods 1,252,358.95
Delinquent Receivables:
31-60 Days Delinquent $ 7,385,269.75
61-90 Days Delinquent 780,624.53
91-120 Days Delinquent 181,719.74
Over 120 Days Delinquent 145,817.90
Repossesion Inventory $ 996,311.45
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.1271%
Preceding Collection Period 0.3243%
Current Collection Period 0.3868%
Three Month Average 0.2794%
Ratio of 60+ Delinquent Contracts to Outstanding Receivables
Second Preceding Collection Period 0.0289%
Preceding Collection Period 0.0430%
Current Collection Period 0.0532%
Three Month Average 0.0417%
Exhibit 19.2
Ford Motor Credit Company
Ford Credit Auto Owner Trust 1999-B
Monthly Servicing Report
Collection Period June, 1999
Distribution Date 7/15/99
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 $ 15,668,313.08
Repurchased Loan Proceeds Related to Interest 10,157.31
Total Simple Interest Receivables Interest 15,678,470.39
Pre Computed Receivables Interest Collections 634,540.94
Total Interest Collections 16,313,011.33
Servicer Advances:
Simple Interest Servicer Advances $ 2,820,801.99
Precomputed Servicer Advances - Principal 123,555.45
Precomputed Servicer Advances - Interest 30,817.22
Total Servicer Advances 2,975,174.66
Principal:
'Simple Interest Receivables Principal
Principal Collections $ 69,783,477.48
Prepayments in Full 36,718,044.48
Repurchased Loan Proceeds Related to Principal 1,396,008.02
Other Refunds Related to Principal 27,889.19
Total Simple Interest Receivables Principal 107,925,419.17
Pre Computed Receivables Principal
Principal Collections $ 3,572,874.28
Prepayments in Full 3,004,182.88
Prepayments in Full Due to Administrative Repurchases 47,091.72
Payahead Draws 120,557.42
Total Pre Computed Receivables Principal 6,744,706.30
Liquidation Proceeds 92,731.65
Recoveries from Prior Month Charge-Offs 312.61
Total Principal Collections 114,763,169.73
Principal Losses for Collection Period 187,818.94
Total Regular Principal Reduction 114,981,499.86
Total Collections $ 134,051,355.72
Amount
Per $1,000
of Original
II. DISTRIBUTIONS Amount Principal
Total Collections $ 134,051,355.72 $ 41.74
Reserve Account Release 0.00 0.00
Reserve Account Draw 0.00 0.00
Total Available for Distribution 134,051,355.72 41.74
Servicing Fee:
Servicing Fee Due $ 2,664,238.83 $ 0.83
Servicing Fee Paid 2,664,238.83 0.83
Servicing Fee Shortfall 0.00 0.00
Interest:
Class A-1 Notes Monthly Interest
Class A-1 Notes Monthly Interest Due $ 1,517,244.28 $ 3.19
Class A-1 Notes Monthly Interest Paid 1,517,244.28 3.19
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 $ 1,491,583.33 $ 4.26
Class A-2 Notes Monthly Interest Paid 1,491,583.33 4.26
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 $ 13,741,270.94 $ 4.45
Total Note Monthly Interest Paid 13,741,270.94 4.45
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 $ 14,510,090.73 $ 4.52
Total Note and Cert. Mthly Int. Paid 14,510,090.73 4.52
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 $ 116,877,026.16
Principal:
Principal Distribution Amounts
First Priority Distribution Amount $ 0.00 $ 0.00
Second Priority Distribution Amount 31,558,732.08 9.83
Regular Principal Distribution Amount 684,189,185.31 213.02
Principal Distribution Amount 715,747,917.39 222.85
Principal Distribution Amounts Paid
Class A-1 Notes Monthly Principal Paid $ 116,877,026.16 $ 245.54
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 116,877,026.16 37.88
Class C Cert. Monthly Principal Paid $ 0.00 $ 0.00
Class D Cert. Monthly Principal Paid 0.00 0.00
Total Monthly Principal Paid 116,877,026.16 36.39
Collections Released to Servicer $ 0.00
Total Available for Distribution $ 134,051,355.72
Total Distributions (incl. Servicing Fee) $ 134,051,355.72
III. POOL BALANCE AND PORTFOLIO INFORMATION
Balances and Pool Factors: Beginning Ending
Aggregate Balance of Notes $ 2,975,597,917.39 $ 2,858,720,891.23
Note Pool Factor 0.9642717 0.9263966
Class A-1 Notes Balance 365,747,917.39 248,870,891.23
Class A-1 Notes Pool Factor 0.7683780 0.5228380
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 3,101,547,917.39 2,984,670,891.23
Portfolio Information:
Wtd Average Coupon (WAC) 7.17% 7.17%
Wtd Average Remaining Maturity (WAM) 43.78 42.88
Remaining Number of Receivables 242,973 238,958
Portfolio Receivable Balance $ 3,197,086,593.97 $ 3,082,105,094.11
IV. OVERCOLLATERALIZATION INFORMATION
Specified Overcollateralization Amount $ 14,321,015.87
Specified Credit Enhancement Amount 30,821,050.94
Yield Supplement Overcollateralization Amount 138,065,908.80
Target Level of Overcollateralization 152,386,924.67
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 $ 92,731.65
Recoveries from Prior Month Charge-Offs 312.61
Total Losses for Collection Period 250,571.08
Charge-off Rate for Collection Period (annualized) 0.06%
Cumulative Net Losses for all Periods 234,410.96
Delinquent Receivables:
31-60 Days Delinquent $ 5,670,289.60
61-90 Days Delinquent 8,891.06
91-120 Days Delinquent 0.00
Over 120 Days Delinquent 15,041.96
Repossesion Inventory $ 257,808.80
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 0.0000%
Preceding Collection Period 0.0284%
Current Collection Period 0.0602%
Three Month Average 0.0000%
Ratio of 60+ Delinquent Contracts to Outstanding Receivables
Second Preceding Collection Period 0.0000%
Preceding Collection Period 0.0082%
Current Collection Period 0.0008%
Three Month Average 0.0000%
