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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended
September 30, 1999
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period
from to
Commission File Number 333-18095
Honda Auto Receivables 1997-A Grantor Trust
(Exact name of registrant as specified in its charter)
California 33-0526079
(State or other jurisdiction of incorporation) (I.R.S. Employer
identification No.)
700 Van Ness Avenue
Torrance, CA 90501
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310)781-4100
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section13 or 15(d) of the securities Exchange Act.
of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
X Yes No
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Item 5. Other Events
On August 15, September 15 and October 15, the Principal and
interest collected during the preceding calendar quarter, net of certain
adjustments as provided for in the Pooling and Servicing Agreement dated
as of July 1, 1997 (the "Agreement"), between American Honda
Receivable Corporation, as Seller, American Honda Finance Corporation,
as Servicer, and The Bank of Tokyo-Mitsubishi Trust Co., as
Trustee (the "Trustee"), were distributed to holders ("Certificateholders") of
certificates representing undivided fractional interests in Honda Auto
Receivables 1997-A Grantor Trust. In accordance with the Agreement,
the Servicer's Certificate, as defined in the Agreement, was furnished to
the Trustee for the benefit of the Certificateholders and, as such,
was distributed by the Trustee to the Certificateholders. A copy of the
Servicer's Certificate is being filed as Exhibit 99 to this Quarterly Report
on Form 10-Q.
Item 6 (c). Exhibits and Reports on Form 8-K
(a) Exhibit 99
Servicer's Certificate for
The Second Quarter of 2000
(b) Reports on Form 8K
Reports Date
The month of Jul. 1999 (Aug.15, 1999)
The month of Aug. 1999 (Sep.15, 1999)
The month of Sep. 1999 (Oct.15, 1999)
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SIGNATURES
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 hereunto duly authorized.
Honda Auto Receivables 1997-A Grantor Trust
By: American Honda Finance Corporation, as Servicer
(Registrant)
By:
/s/ John Weisickle
John Weisickle, Vice President/ Finance
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AMERICAN HONDA FINANCE CORPORATION
QUARTERLY SERVICER REPORT -- Honda Auto Receivables 1997-A Grantor Trust
July 1, through September 30, 1999
<S> <C> <C> <C> <C>
A. ORIGINAL DEAL PARAMETER INPUTS
(A) Original Total Portfolio $1,080,049,608.67
(B) Class A Certificate Ownership Interest of the Trust 93.75%
(C) Original Class A Certificate Balance $1,012,546,508.13
(D) Class A Certificate Rate 5.85%
(E) Original Class B Certificate Balance $67,503,100.54
(F) Class B Certificate Rate 5.85%
(G) Servicing Fee Rate 1.00%
(H) Original Weighted Average Coupon (WAC) 7.59%
(I) Original Weighted Average Remaining Term (WAM) 42.14 months
(J) Number of Contracts 90,365
(K) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage 0.15%
(ii) Reserve Fund Initial Deposit $1,620,074.41
(iii) Specified Reserve Fund Balance Percent 0.75%
(iv) Specified Reserve Fund Balance $8,100,372.07
(v) Reserve Fund Floor Percent 1.50%
(vi) Reserve Fund Floor Amount $16,200,744.13
(vii) Reserve Fund Floor Trigger Amount $324,014,882.40
(L) Original Yield Supplement Deposit $11,931,514.53
(M) Original Letter of Credit Amount $84,000,000.00
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Outstanding $302,866,825.77
(B) Total Portfolio Pool Factor 0.2804194
(C) Class A Certificate Balance $283,937,649.16
(D) Class A Principal Factor 0.2804194
(E) Class B Certificate Balance $18,929,176.61
(F) Reserve Fund Balance $8,820,228.67
(G) Outstanding Interest Advance $906,942.30
(H) Payahead Account Balance $1,339,970.55
(I) Cumulative Net Losses for All Prior Periods 7,579,861.43
(J) Weighted Average Coupon of Remaining Portfolio (WAC) 8.03%
(K) Weighted Average Remaining Term of Remaining Portfolio (WAM) 23.24 months
(L) Number of Contracts 51,979
(M) Yield Supplement Balance $903,936.12
(N) Letter of Credit Amount $0.00
C. INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections 12,223,200.08
(ii) Prepayments in Full 4,287,835.54
(iii) Prepayments in Full Due to Repurchases 0.00
(B) Precomputed Contracts Total Collections 18,034,751.94
(C) Simple Interest Contracts
(i) Collected Principal 47,015,845.51
(ii) Collected Interest 4,120,069.99
(iii) Repurchased Receivables Principal 0.00
(iv) Repurchased Receivables Interest 0.00
(D) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances 837,824.02
(ii) Current Advance Amount 814,225.65
(E) Interest Advance for Simple Interest - Net (If positive, Addi
(F) Payahead Account
(i) Payments Applied 913,595.43
(ii) Additional Payaheads 747,575.72
(G) Weighted Average Coupon of Remaining Portfolio (WAC) 8.17%
(H) Weighted Average Remaining Maturity of Remaining Portfolio (W 21.29 months
(I) Remaining Number of Contracts 47,021
(J) Delinquent Contracts Contracts Amount
(i) 31-60 Days Delinquent 637 1.35% $4,415,064 1.85%
(ii) 61-90 Days Delinquent 98 0.21% 701,010 0.29%
(iii) Over 90 Days Delinquent 23 0.05% 162,772 0.07%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income -- Paid to Servicer 0.00
(B) Reserve Fund Investment Income -- Paid to Seller 107,947.35
(C) Investment Income on Yield Supplement Balance 12,722.37
(D) Aggregate Net Losses for Collection Period 14,346.01
(E) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables 565,401.94
(ii) Net Liquidation Proceeds Received During the Collection 233,573.16
(iii) Recoveries on Previously Liquidated Contracts 317,482.77
(F) Number of Vehicles Repossessed During the Collection Period 67
EXHIBIT 99
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AMERICAN HONDA FINANCE CORPORATION
QUARTERLY SERVICER REPORT -- Honda Auto Receivables 1997-A Grantor Trust
July 1, through September 30, 1999
<S> <C> <C> <C> <C>
I. COLLECTIONS
(A) Principal Payments Received (Excluding Repurchases) (C(A)i+ii $63,526,881.13
(B) Interest Payments Received (C(B) - (C(A)i+ii+iii + C(ii) - D( 5,620,187.94
(C) Aggregate Net Liquidation Proceeds Received (D(D)ii+iii) 551,055.93
(D) Principal on Repurchased Contracts (C(A)iii + C(C)iii) 0.00
(E) Interest on Repurchased Contracts (C(C)iv) 0.00
(F) Total Collections (A+B+C+D+E) $69,698,125.00
(G) Net Simple Interest Advance Amount (C(E)) $0.00
(H) Total Collections and Advances (F+G) $69,698,125.00
(I) Yield Supplement Deposit $379,963.64
(J) Total Available Amount (H+I) $70,078,088.64
II. DISTRIBUTIONS
(A) Principal Payments Received (Excluding Repurchases) (I(A)) $63,526,881.13
(B) Principal on Repurchased Contracts (I(D)) 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(D)i) 565,401.94
(D) Total Principal Reduction (A+B+C) $64,092,283.07
(E) Class A Distributable Amount
(i) Class A Quarterly Interest Payment (A(D)*B(C)) $3,848,948.86
(ii) Quarterly Principal to Class A (B(C)-(III(i)*A(B)) 60,086,515.38
(iii) Total Distributable Amount (i+ii) $63,935,464.24
(F) Class B Distributable Amount
(i) Class B Quarterly Interest Payment (A(F)*B(E)) $256,596.59
(ii) Quarterly Principal to Class B (II(D)-(E)ii) 4,005,767.69
(iii) Total Distributable Amount (i+ii) $4,262,364.28
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) $701,802.64
(ii) Class A Amount (II(E)iii) 63,935,464.24
(iii) Deposit to Reserve Fund (If Positive (IV(H)-(A))) 1,178,457.48
(iv) Class B Amount (II(F)iii) 4,262,364.28
(v) Residual Release to Seller 0.00
(vi) Total Amount Distributed (i+ii+iii+iv+v) 70,078,088.64
(H) Amount of Draw from Reserve Fund (IV(B+C+D)) 0.00
(I) Sum of Draw from Reserve Fund and Total Available Amount (I(H 70,078,088.64
III. POOL BALANCES AND PORTFOLIO INFORMATION
Beginning End
of Period of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $302,866,825.77 $238,774,542.70
(ii) Total Pool Factor 0.2804194 0.2210774
(iii) Class A Certificate Bala $283,937,649.16 $223,851,133.78
(iv) Class A Principal Factor 0.2804194 0.2210774
(v) Class B Certificate Bala $18,929,176.61 $14,923,408.92
(B) Portfolio Information
(i) Weighted Average Coupon 8.03% 8.17%
(ii) Weighted Average Remaini 23.24 months 21.29 months
(iii) Remaining Number of Cont 51,979 47,021
(C) Outstanding Advance Amount $906,942.30 $883,343.93
(D) Outstanding Payahead Balance $1,339,970.55 $1,173,950.84
EXHIBIT 99
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AMERICAN HONDA FINANCE CORPORATION
QUARTERLY SERVICER REPORT -- Honda Auto Receivables 1997-A Grantor Trust
July 1, through September 30, 1999
<S> <C> <C> <C> <C>
IV. RECONCILIATION OF RESERVE FUND
(A) Beginning Reserve Fund Balance (B(F)) 8,820,228.67
(B) Draw for Class A Distributable Amount and Servicing Fee 0.00
(If Positive ((II(E)iii+(G)i)-I(H)))
(C) Draw for Class B Distributable Amount and Servicing Fee 0.00
(If Positive ((II(E)iii + II(F)(iii) + (G)i) - (I(H)+IV(B)))
(D) Amount Available for Deposit to the Reserve Fund 1,178,457.48
(If Positive (I(H) - (II(E)iii + II(F)(iii) + (G)i)))
(E) Reserve Fund Balance Prior to Release (IV(A-B-C+D)) $9,998,686.15
(F) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $16,200,744.13
(G) Reserve Fund Release to Seller $0.00
(If Positive (E-F))
(H) Ending Reserve Fund Balance (E-G) $9,998,686.15
V. YIELD SUPPLEMENT ACCOUNT DEPOSIT
(A) Beginning Yield Supplement Account Balance $903,936.12
(B) Investment Earnings 12,722.37
(C) Additional Yield Supplement Amounts 0.00
(D) Yield Supplement Deposit Amount 379,963.64
(E) Ending Yield Supplement Account Balance 536,694.85
(F) Release Amount Due Seller $57,137.80
(G) Ending Yield Supplement Account Balance to be Invested 479,557.04
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period (V(B)i-ii-iii) $14,346.01
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(D) $565,401.94
(ii) Net Liquidation Proceeds Received During the Collection 233,573.16
(iii) Recoveries on Previously Liquidated Contracts (D(D)iii) 317,482.77
(C) Cumulative Net Losses for all Periods (V(A)+B(H)) 7,594,207.44
(D) Delinquent and Repossessed Contracts
Contracts Amount
(i) 31-60 Days Delinquent 637 1.35% $4,415,064.00
(ii) 61-90 Days Delinquent 98 0.21% 701,010.00
(iii) Over 90 Days Delinquent 23 0.05% 162,772.00
(iv) Vehicles Repossessed Dur 67 0.13% 599,081.28
VII. TESTS FOR INCREASE IN RESERVE FUND BALANCE
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period.
(i) Second Preceeding Collection Period -0.08%
(ii) Preceeding Collection Period 0.00%
(iii) Current Collection Period 0.17%
(iv) Three Month Average (Avg(i,ii,iii)) 0.03%
(B) Ratio of Number of Contracts Delinquent 60 Days or More to the Outstanding
Number of Receivables as of Each Collection Period.
(i) Second Preceeding Collection Period 0.31%
(ii) Preceeding Collection Period 0.36%
(iii) Current Collection Period 0.36%
(iv) Three Month Average (Avg(i,ii,iii)) 0.34%
(C) Loss and Delinquency Trigger Indicator Trigger Was Not Hit
I hereby certify that the servicing report provided is true
and accurate to the best of my knowledge.
By:
/s/ John Weisickle
John Weisickle, Vice President / Finance
EXHIBIT 99
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