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Previous: HONDA AUTO RECEIVABLES 1999-1 OWNER TRUST, 8-K, 1999-09-15 |
Next: FRIEDE GOLDMAN INTERNATIONAL INC, 8-K, 1999-09-15 |
<PAGE>
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):
August 15, 1999
HONDA AUTO RECEIVABLES 1999-1 OWNER TRUST
(Exact name of registrant specified in its charter)
CALIFORNIA 333-30037 33-0526079
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
AMERICAN HONDA RECEIVABLES CORP.
700 VAN NESS AVENUE
TORRANCE, CA 90501
- ------------------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 781-4100
<PAGE>
Item 5. Other Events
On August 15, 1999, the Principal and interest collected during the
preceding calendar month, net of certain adjustments as provided for in the
Sale and Servicing Agreement dated as of January 1, 1999 (the "Agreement"),
between American Honda Receivable Corporation, as Seller, American Honda
Finance Corporation, as Servicer, and Trust and Bankers Trust Company, as
Indenture Trustee (the "Trustee"), were distributed to holders
("Certificateholders") of certificates representing undivided fractional
interests in Honda Auto Receivables 1999-1 Owner 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 20 to this Current Report on
Form 8-K.
Item 7 (c). Exhibits 20
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 1999-1 Owner Trust
By: American Honda Finance Corporation, as Servicer
By:
/s/ John Weisickle
- ----------------------------------------
John Weisickle, Vice President / Finance
<PAGE>
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 1999-1 Owner Trust
07/01/99 through 07/31/99
<TABLE>
<S><C> <C>
I. ORIGINAL DEAL PARAMETER INPUTS
(A) Total Portfolio Balance $729,507,751.69
(B) Total Securities Balance $729,507,751.69
(C) Class A-1 Notes
(i) Class A-1 Notes Balance $179,424,000.00
(ii) Class A-1 Notes Percentage (C(i)/IB) 24.60%
(iii) Class A-1 Notes Rate 4.974%
(iv) Class A-1 Notes Accrual Basis Actual/360
(D) Class A-2 Notes
(i) Class A-2 Notes Balance $195,000,000.00
(ii) Class A-2 Notes Percentage (D(i)/IB) 26.73%
(iii) Class A-2 Notes Rate 5.186%
(iv) Class A-2 Notes Accrual Basis Actual/360
(E) Class A-3 Notes
(i) Class A-3 Notes Balance $208,000,000.00
(ii) Class A-3 Notes Percentage (E(i)/B) 28.51%
(iii) Class A-3 Notes Rate 5.300%
(iv) Class A-3 Notes Accrual Basis 30/360
(F) Class A-4 Notes
(i) Class A-4 Notes Balance $110,608,000.00
(ii) Class A-4 Notes Percentage (E(i)/B) 15.16%
(iii) Class A-4 Notes Rate 5.350%
(iv) Class A-4 Notes Accrual Basis 30/360
(G) Certificates
(i) Certificates Balance $36,475,751.69
(ii) Certificates Percentage (G(i)/B) 5.00%
(iii) Certificates Rate 5.350%
(iv) Certificates Accrual Basis 30/360
(H) Servicing Fee Rate 1.00%
(I) Portfolio Summary
(i) Weighted Average Coupon (WAC) 7.03%
(ii) Weighted Average Original Maturity (WAOM) 53.38 months
(iii) Weighted Average Remaining Maturity (WAM) 47.86 months
(iv) Number of Receivables 58,899
(J) Reserve Account
(i) Reserve Account Initial Deposit Percentage 0.75%
(ii) Reserve Account Initial Deposit $5,471,308.14
(iii) Specified Reserve Account Balance (lesser of I(iii)(a or b or c) if 2.25%
loss and delinquency triggers not hit - otherwise greater of I(iii)(a or b or c))
(a) Percent of Original Securities Balance 0.75%
(b) Trigger Percent of Remaining Securities Balance 2.25%
(c) Remaining Securities Balance 100.00%
(K) Yield Supplement Account Deposit $11,124,729.26
II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Balance $597,650,558.20
(B) Total Securities Balance $597,650,558.20
(C) Cumulative Note and Certificate Pool Factor 0.8192518
(D) Class A-1 Notes
(i) Class A-1 Notes Balance $47,566,806.51
(ii) Class A-1 Notes Pool Factor 0.2651084
(iii) Class A-1 Notes Interest Carryover Shortfall $0.00
(iv) Class A-1 Notes Principal Carryover Shortfall $0.00
(E) Class A-2 Notes
(i) Class A-2 Notes Balance $195,000,000.00
(ii) Class A-2 Notes Pool Factor 1.0000000
(iii) Class A-2 Notes Interest Carryover Shortfall $0.00
(iv) Class A-2 Notes Principal Carryover Shortfall $0.00
(F) Class A-3 Notes
(i) Class A-3 Notes Balance $208,000,000.00
(ii) Class A-3 Notes Pool Factor 1.0000000
(iii) Class A-3 Notes Interest Carryover Shortfall $0.00
(iv) Class A-3 Notes Principal Carryover Shortfall $0.00
(G) Class A-4 Notes
(i) Class A-4 Notes Balance $110,608,000.00
(ii) Class A-4 Notes Pool Factor 1.0000000
(iii) Class A-4 Notes Interest Carryover Shortfall $0.00
(iv) Class A-4 Notes Principal Carryover Shortfall $0.00
(H) Certificates
(i) Certificates Balance $36,475,751.69
(ii) Certificates Pool Factor 1.0000000
(iii) Certificates Interest Carryover Shortfall $0.00
(iv) Certificates Principal Carryover Shortfall $0.00
(I) Servicing Fee
(i) Servicing Fee Shortfall $0.00
(J) End of Prior Month Account Balances
</TABLE>
<PAGE>
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 1999-1 Owner Trust
07/01/99 through 07/31/99
<TABLE>
<S><C> <C>
(i) Reserve Account $5,471,308.14
(ii) Yield Supplement Account $8,286,158.23
(iii) Payahead Account $1,386,472.94
(iv) Advances Outstanding $472,464.76
(K) Portfolio Summary as of End of Prior Month
(i) Weighted Average Coupon (WAC) 6.99%
(ii) Weighted Average Remaining Maturity (WAM) 42.65 months
(iii) Number of Receivables 53,905
III. MONTHLY INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $3,017,670.85
(ii) Prepayments in Full $1,460,955.19
(iii) Prepayments in Full due to Repurchases $0.00
(B) Precomputed Contracts Total Collections $5,207,974.57
(C) Precomputed Interest Receivables Interest (B-A((i)+(ii)+(iii))) $729,348.53
(D) Simple Interest Receivables Principal
(i) Principal Collections 16,278,758.36
(ii) Prepayments in Full $0.00
(iii) Repurchased Receivables Related to Principal $0.00
(E) Simple Interest Receivables Interest
(i) Simple Interest Collections $2,700,914.00
(F) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances $184,953.81
(ii) Current Advance Amount $185,650.52
(G) Interest Advance for simple Interest - Net $0.00
(H) Payahead Account
(i) Payments Applied $273,876.65
(ii) Additional Payaheads $304,858.16
(I) Portfolio Summary as of End of Month
(i) Weighted Average Coupon (WAC) 6.99%
(ii) Weighted Average Remaining Maturity (WAM) 41.79 months
(iii) Remaining Number of Receivables 52,866
(J) Delinquent Receivables # Unit Dollar Amount
--------------------- ---------------------------------
(i) 30-59 Days Delinquent 356 0.67% $4,360,197.00 0.76%
(ii) 60-89 Days Delinquent 57 0.11% $605,133.00 0.10%
(ii) 90 Days or More Delinquent 19 0.04% $183,263.00 0.03%
(K) Vehicles Repossessed During Collection Period 32 0.06% $476,753.57 0.08%
(L) Total Accumulated Repossessed Vehicles in Inventory 55 0.10% $774,399.86 0.13%
IV. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income $0.00
(B) Reserve Account Investment Income $21,903.34
(C) Yield Supplement Account Investment Income $33,172.02
(D) Trust Fees Expense $0.00
(E) Aggregate Net Losses for Collection Period $262,377.17
(F) Liquidated Receivables Information
(i) Gross Principal Balance on Liquidated Receivables 564,318.53
(ii) Liquidation Proceeds 292,158.98
(ii) Recoveries from Prior Month Charge Offs $9,782.38
(G) Days in Accrual Period 32
(H) Deal age 7
MONTHLY COLLECTIONS
V. INTEREST COLLECTIONS
(A) Total Interest Collections (III(C+E(i)+G) $3,430,959.24
VI. PRINCIPAL COLLECTIONS
(A) Principal Payments Received (III(A((i)+(ii))+(D(i)+(ii))) $20,757,384.40
(B) Liquidation Proceeds (IV(H(i))) 292,158.98
(C) Repurchased Loan Proceeds Related to Principal (III(A(iii)+D(iii))) 0.00
(D) Recoveries from Prior Month Charge Offs (IV(H(ii))) 9,782.38
---------------
(E) Total Principal Collections (A+B+C+D) $21,059,325.76
VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS (V(C)+VI(E)) $24,490,285.00
VIII. YIELD SUPPLEMENT DEPOSIT $423,188.45
IX. TOTAL AVAILABLE AMOUNT (VII+VIII) $24,913,473.45
</TABLE>
<PAGE>
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 1999-1 Owner Trust
07/01/99 through 07/31/99
MONTHLY DISTRIBUTIONS
<TABLE>
<S><C> <C>
X. FEE DISTRIBUTIONS
(A) Servicing Fee
(i) Servicing Fee Due (I(H)/12)(II(B))+(II(H)(i)) $498,042.13
(ii) Servicing Fee Paid 498,042.13
---------------
(iii) Servicing Fee Shortfall $0.00
(B) Reserve Account Investment Income (IV(B)) $21,903.34
(C) Yield Supplement Account Investment Income (IV(C)) $33,172.02
(D) Trust Fees Expense (IV(D)) $0.00
XI. DISTRIBUTIONS TO NOTEHOLDERS
(A) Interest
(i) Class A-1 Notes
(a) Class A-1 Notes Interest Due $210,308.71
(b) Class A-1 Notes Interest Paid 210,308.71
---------------
(c) Class A-1 Notes Interest Shortfall $0.00
(ii) Class A-2 Notes
(a) Class A-2 Notes Interest Due $898,906.67
(b) Class A-2 Notes Interest Paid 898,906.67
---------------
(c) Class A-2 Notes Interest Shortfall $0.00
(iii) Class A-3 Notes
(a) Class A-3 Notes Interest Due $918,666.67
(b) Class A-3 Notes Interest Paid 918,666.67
---------------
(c) Class A-3 Notes Interest Shortfall $0.00
(iv) Class A-4 Notes
(a) Class A-4 Notes Interest Due $493,127.33
(b) Class A-4 Notes Interest Paid 493,127.33
---------------
(c) Class A-4 Notes Interest Shortfall $0.00
(v) Total Note Interest
(a) Total Note Interest Due $2,521,009.37
(b) Total Note Interest Paid 2,521,009.37
---------------
(c) Total Note Interest Shortfall $0.00
(d) Reserve Fund Withdrawn for Note Interest $0.00
Amount available for distributions after Fees & Interest (VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) $21,894,421.94
(B) Principal
(i) Noteholders' Principal Distribution Amounts $21,321,702.93
(ii) Class A-1 Notes Principal
(a) Class A-1 Notes Principal Due $21,321,702.93
(b) Class A-1 Notes Principal Paid 21,321,702.93
---------------
(c) Class A-1 Notes Principal Shortfall $0.00
(d) Reserve Fund drawn $0.00
(iii) Class A-2 Notes Principal
(a) Class A-2 Notes Principal Due $0.00
(b) Class A-2 Notes Principal Paid 0.00
---------------
(c) Class A-2 Notes Principal Shortfall $0.00
(d) Reserve Fund drawn $0.00
(iv) Class A-3 Notes Principal
(a) Class A-3 Notes Principal Due $0.00
(b) Class A-3 Notes Principal Paid 0.00
---------------
(c) Class A-3 Notes Principal Shortfall $0.00
(d) Reserve Fund drawn $0.00
(v) Class A-4 Notes Principal
(a) Class A-4 Notes Principal Due $0.00
(b) Class A-4 Notes Principal Paid 0.00
---------------
(c) Class A-4 Notes Principal Shortfall $0.00
(d) Reserve Fund drawn $0.00
(vi) Total Notes Principal
(a) Total Notes Principal Due $21,321,702.93
(b) Total Notes Principal Paid 21,321,702.93
---------------
(c) Total Notes Principal Shortfall $0.00
(d) Reserve Fund drawn $0.00
XII. RESERVE FUND DEPOSIT
Amount available for deposit into reserve fund $572,719.01
Amount deposited into reserve fund 0.00
---------------
Excess fund available to Cerificateholders 572,719.01
---------------
XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS
(A) Interest
(i) Certificates Interest Due $162,621.06
(ii) Certificates Monthly Interest Paid 162,621.06
---------------
(iii) Certificates Monthly Interest Shortfall $0.00
(B) Principal
(i) Certificates Principal Due $0.00
(ii) Certificates Principal Paid 0.00
---------------
(iii) Certificates Principal Shortfall $0.00
(C) Release to Seller $410,097.95
</TABLE>
<PAGE>
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 1999-1 Owner Trust
07/01/99 through 07/31/99
DISTRIBUTIONS SUMMARY
<TABLE>
<S> <C>
(A) Total Collections $24,913,473.45
(B) Service Fee $498,042.13
(C) Class A1 Amount $21,532,011.64
(D) Class A2 Amount $898,906.67
(E) Class A3 Amount $918,666.67
(F) Class A4 Amount $493,127.33
(G) Amount of Deposited into Reserve Account $0.00
(H) Certificateholders $162,621.06
(I) Release to seller $410,097.95
(J) Total amount distributed $24,913,473.45
(K) Amount of Draw from Reserve Account 0.00
PORTFOLIO AND SECURITY SUMMARY
Beginning End
XIV. POOL BALANCES AND PORTFOLIO INFORMATION of Period of Period
------------- ---------------
(A) Balances and Principal Factors
(i) Aggregate Balance of Notes $561,174,806.51 $539,853,103.58
(ii) Note Pool Factor 0.8192518 0.7789728
(iii) Class A-1 Notes Balance 47,566,806.51 26,245,103.58
(iv) Class A-1 Notes Pool Factor 0.2651084 0.1462742
(v) Class A-2 Notes Balance 195,000,000.00 195,000,000.00
(vi) Class A-2 Notes Pool Factor 1.0000000 1.0000000
(vii) Class A-3 Notes Balance 208,000,000.00 208,000,000.00
(viii) Class A-3 Notes Pool Factor 1.0000000 1.0000000
(ix) Class A-4 Notes Balance 110,608,000.00 110,608,000.00
(x) Class A-4 Notes Pool Factor 1.0000000 1.0000000
(xi) Certificates Balance 36,475,751.69 36,475,751.69
(xii) Certificates Pool Factor 1.0000000 1.0000000
(xiii) Total Principal Balance of Notes and Certificates 597,650,558.20 576,328,855.27
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 6.99% 6.99%
(ii) Weighted Average Remaining Maturity (WAM) 42.65 months 41.79 months
(iii) Remaining Number of Receivables 53,905 52,866
(iv) Portfolio Receivable Balance $597,650,558.20 $576,328,855.27
(C) Outstanding Advance Amount $472,464.76 $473,161.47
(D) Outstanding Payahead Balance $1,386,472.94 $1,417,454.45
SUMMARY OF ACCOUNTS
XV. RECONCILIATION OF RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $5,471,308.14
(B) Draws 0.00
(i) Draw for Servicing Fee 0.00
(ii) Draw for Interest 0.00
(iii) Draw for Realized Losses 0.00
(C) Excess Interest Deposited into the Reserve Account 572,719.01
(D) Reserve Account Balance Prior to Release 6,044,027.15
(E) Reserve Account Required Amount 5,471,308.14
(F) Final Reserve Account Required Amount 5,471,308.14
(G) Excess Reserve Account Amount 572,719.01
(H) Ending Reserve Account Balance 5,471,308.14
XVI. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT
(A) Beginning Yield Supplement Account Balance 8,286,158.23
(B) Investment Earnings 33,172.02
(C) Investment Earnings Withdraw 33,172.02
(D) Additional Yield Supplement Amounts 0.00
(E) Yield Supplement Deposit Amount 423,188.45
---------------
(F) Ending Yield Supplement Account Balance 7,862,969.78
XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Liquidation Proceeds $292,158.98
(ii) Recoveries on Previously Liquidated Contracts 9,782.38
(B) Aggregate Net Losses for Collection Period 262,377.17
(C) Net Loss Rate for Collection Period (annualized) 0.54%
(D) Cumulative Net Losses for all Periods 877,044.15
(E) Delinquent Receivables # Units Dollar Amount
------------------ -----------------------------
(i) 30-59 Days Delinquent 356 0.67% $4,360,197.00 0.76%
(ii) 60-89 Days Delinquent 57 0.11% $605,133.00 0.10%
</TABLE>
<PAGE>
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 1999-1 Owner Trust
07/01/99 through 07/31/99
<TABLE>
<S> <C> <C> <C> <C> <C>
(ii) 90 Days or More Delinquent 19 0.04% $183,263.00 0.03%
XVIII. REPOSSESSION ACTIVITY # Units Dollar Amount
------------------ -----------------------------
(A) Vehicles Repossessed During Collection Period 32 0.06% $476,753.57 0.08%
(B) Total Accumulated Repossessed Vehicles in Inventory 55 0.10% $774,399.86 0.13%
XIX. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period
(i) Second Preceding Collection Period 0.34%
(ii) Preceding Collection Period 0.16%
(iii) Current Collection Period 0.54%
(iv) Three Month Average (Avg(i,ii,iii)) 0.34%
(B) Ratio of Balance of Contracts Delinquent 60 Days or More to the Outstanding Balance of Receivables.
(i) Second Preceding Collection Period 0.17%
(ii) Preceding Collection Period 0.21%
(iii) Current Collection Period 0.25%
(iv) Three Month Average (Avg(i,ii,iii)) 0.21%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit.
</TABLE>
I hereby certify that the servicing report provided is true
and accurate to the best of my knowledge.
/s/ John Weisickle
-------------------------
Mr. John Weisickle
Vice President / Finance
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