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Previous: HONDA AUTO RECEIVABLES 1999-1 OWNER TRUST, 8-K, 1999-10-27 |
Next: HONDA AUTO RECEIVABLES 1999-1 OWNER TRUST, 10-K, 1999-10-27 |
<PAGE>
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
June 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 333-30037
Honda Auto Receivables 1999-1 Owner 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
<PAGE>
Item 5. Other Events
On May 15, June 15 and July 15, the Principal and
interest collected during the preceding calendar quarter, 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 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 First Quarter of 2000
(b) Reports on Form 8K
Reports Date
The month of Apr. 1999 (May.15, 1999)
The month of May. 1999 (Jun.15, 1999)
The month of Jun. 1999 (Jul.15, 1999)
<PAGE>
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
(Registrant)
By:
/s/ John Weisickle
John Weisickle, Vice President/ Finance
<PAGE>
AMERICAN HONDA FINANCE CORPORATION
QUARTERLY SERVICER REPORT -- Honda Auto Receivables 1999-1 Owner Trust
04/01/99 through 06/30/99
<TABLE>
<CAPTION>
I. ORIGINAL DEAL PARAMETER INPUTS
<S> <C> <C>
(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
(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 $662,215,914.54
(B) Total Securities Balance $662,215,914.54
(C) Cumulative Note and Certificate Pool Factor 0.9077572
(D) Class A-1 Notes
(i) Class A-1 Notes Balance $112,132,162.85
(ii) Class A-1 Notes Pool Factor 0.6249563
(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
(i) Reserve Account $5,471,308.14
(ii) Yield Supplement Account $9,649,655.66
(iii) Payahead Account $1,330,752.58
(iv) Advances Outstanding $445,521.81
(K) Portfolio Summary as of End of Prior Month
(i) Weighted Average Coupon (WAC) 7.01%
(ii) Weighted Average Remaining Maturity (WAM) 45.23 months
(iii) Number of Receivables 56,844
III. QUARTERLY INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $9,425,566.48
(ii) Prepayments in Full $4,429,099.08
(iii) Prepayments in Full due to Repurchases $0.00
(B) Precomputed Contracts Total Collections $16,271,846.83
(C) Precomputed Interest Receivables Interest (B-A((i)+(ii)+(iii))) $2,417,181.27
(D) Simple Interest Receivables Principal $0.00
(i) Principal Collections 49,382,910.13
(ii) Prepayments in Full $0.00
(iii) Repurchased Receivables Related to Principal $0.00
(E) Simple Interest Receivables Interest
(i) Simple Interest Collections $8,698,537.56
(F) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances $560,656.91
(ii) Current Advance Amount $587,599.86
(G) Interest Advance for simple Interest - Net $0.00
(H) Payahead Account
(i) Payments Applied $919,021.44
(ii) Additional Payaheads $974,741.80
(I) Portfolio Summary as of End of Quarter
(i) Weighted Average Coupon (WAC) 6.99%
(ii) Weighted Average Remaining Maturity (WAM) 42.65 months
(iii) Remaining Number of Receivables 53,905
<S> <C> <C>
# Units Dollar Amount
(J) Delinquent Receivables
(i) 30-59 Days Delinquent 310 0.58% $3,606,494.00 0.60%
(ii) 60-89 Days Delinquent 45 0.08% $539,546.00 0.09%
(ii) 90 Days or More Delinquent 15 0.03% $244,800.00 0.04%
(K) Vehicles Repossessed During Collectio 28 0.05% $407,623.35 0.07%
(L) Total Accumulated Repossessed Vehicle 52 0.10% $712,889.62 0.12%
<S> <C>
IV. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income $0.00
(B) Reserve Account Investment Income $62,749.99
(C) Yield Supplement Account Investment Income $105,292.13
(D) Trust Fees Expense $0.00
(E) Aggregate Net Losses for Collection Period $494,321.63
(F) Liquidated Receivables Information
(i) Gross Principal Balance on Liquidated Receivables $1,327,780.65
(ii) Liquidation Proceeds 772,015.44
(ii) Recoveries from Prior Month Charge Offs $61,443.58
(G) Days in Accrual Period 91
(H) Deal age 6
</TABLE>
QUARTERLY COLLECTIONS
<TABLE>
<CAPTION>
<S> <C>
V. INTEREST COLLECTIONS
(A) Total Interest Collections (III(C+E(i)+G) $11,142,661.78
VI. PRINCIPAL COLLECTIONS
(A) Principal Payments Received (III(A((i)+(ii))+(D(i)+(ii))) $63,237,575.69
(B) Liquidation Proceeds (IV(H(i))) 772,015.44
(C) Repurchased Loan Proceeds Related to Principal (III(A(iii)+D(iii))) 0.00
(D) Recoveries from Prior Month Charge Offs (IV(H(ii))) 61,443.58
(E) Total Principal Collections (A+B+C+D) $64,071,034.71
VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS (V(C)+VI(E)) $75,213,696.49
VIII. YIELD SUPPLEMENT DEPOSIT $1,363,497.43
IX. TOTAL AVAILABLE AMOUNT (VII+VIII) $76,577,193.92
</TABLE>
QUARTERLY DISTRIBUTIONS
<TABLE>
<CAPTION>
<S> <C>
X. FEE DISTRIBUTIONS
(A) Servicing Fee
(i) Servicing Fee Due (I(H)/12)(II(B))+(II(H)(i)) $1,603,223.81
(ii) Servicing Fee Paid $1,603,223.81
(iii) Servicing Fee Shortfall $0.00
(B) Reserve Account Investment Income (IV(B)) $62,749.99
(C) Yield Supplement Account Investment Income (IV(C)) $105,292.13
(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 $1,152,567.68
(b) Class A-1 Notes Interest Paid $1,152,567.68
(c) Class A-1 Notes Interest Shortfall $0.00
(ii) Class A-2 Notes
(a) Class A-2 Notes Interest Due $2,556,265.83
(b) Class A-2 Notes Interest Paid $2,556,265.83
(c) Class A-2 Notes Interest Shortfall 0.00
(iii) Class A-3 Notes
(a) Class A-3 Notes Interest Due $2,756,000.00
(b) Class A-3 Notes Interest Paid $2,756,000.00
(c) Class A-3 Notes Interest Shortfall 0.00
(iv) Class A-4 Notes
(a) Class A-4 Notes Interest Due $1,479,382.00
(b) Class A-4 Notes Interest Paid $1,479,382.00
(c) Class A-4 Notes Interest Shortfall 0.00
(v) Total Note Interest
(a) Total Note Interest Due $7,944,215.51
(b) Total Note Interest Paid $7,944,215.51
(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)) 67,029,754.60
(B) Principal
(i) Noteholders' Principal Distribution Amounts 64,565,356.34
(ii) Class A-1 Notes Principal
(a) Class A-1 Notes Principal Due $64,565,356.34
(b) Class A-1 Notes Principal Paid $64,565,356.34
(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 $64,565,356.34
(b) Total Notes Principal Paid 64,565,356.34
(c) Total Notes Principal Shortfall $0.00
(d) Reserve Fund drawn $0.00
XII. RESERVE FUND DEPOSIT
Amount available for deposit into reserve fund 2,464,398.26
Amount deposited into reservc fund $0.00
Excess fund available to Cerificateholders $2,464,398.26
XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS
(A) Interest
(i) Certificates Interest Due 487,863.18
(ii) Certificates Quarterly Interest Paid 487,863.18
(iii) Certificates Quarterly 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 $1,976,535.08
</TABLE>
DISTRIBUTIONS SUMMARY
<TABLE>
<S> <C>
(A) Total Collections $76,577,193.92
(B) Service Fee $1,603,223.81
(C) Class A1 Amount $65,717,924.02
(D) Class A2 Amount $2,556,265.83
(E) Class A3 Amount $2,756,000.00
(F) Class A4 Amount $1,479,382.00
(G) Amount of Deposited into Reserve Account $0.00
(H) Certificateholders $487,863.18
(I) Release to seller $1,976,535.08
(J) Total amount distributed $76,577,193.92
(K) Amount of Draw from Reserve Account $0.00
</TABLE>
PORTFOLIO AND SECURITY SUMMARY
<TABLE>
<CAPTION>
Beginning End
XIV. POOL BALANCES AND PORTFOLIO INFORMATION of Period of Period
<S> <C> <C>
(A) Balances and Principal Factors
(i) Aggregate Balance of Notes $625,740,162.85 $561,174,806.51
(ii) Note Pool Factor 0.9077572 0.8097387
(iii) Class A-1 Notes Balance 112,132,162.85 47,566,806.51
(iv) Class A-1 Notes Pool Factor 0.6249563 0.2651084
(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 662,215,914.54 597,650,558.20
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 7.01% 6.99%
(ii) Weighted Average Remaining Maturity (WAM) 45.23 months 42.65 months
(iii) Remaining Number of Receivables 56,844 53,905
(iv) Portfolio Receivable Balance $662,215,914.54 $597,650,558.20
(C) Outstanding Advance Amount $445,521.81 $472,464.76
(D) Outstanding Payahead Balance $1,330,752.58 $1,386,472.94
</TABLE>
SUMMARY OF ACCOUNTS
<TABLE>
<CAPTION>
XV. RECONCILIATION OF RESERVE ACCOUNT
<S> <C>
(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 2,464,398.26
(D) Reserve Account Balance Prior to Release 7,935,706.39
(E) Reserve Account Required Amount 5,471,308.14
(F) Final Reserve Account Required Amount 5,471,308.14
(G) Excess Reserve Account Amount 2,464,398.26
(H) Ending Reserve Account Balance 5,471,308.14
XVI. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT
(A) Beginning Yield Supplement Account Balance 9,649,655.66
(B) Investment Earnings 105,292.13
(C) Investment Earnings Withdraw 105,292.13
(D) Additional Yield Supplement Amounts 0.00
(E) Yield Supplement Deposit Amount 1,363,497.43
(F) Ending Yield Supplement Account Balance 8,286,158.23
<S> <C> <C> <C> <C>
XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Liquidation Proceeds $772,015.44
(ii) Recoveries on Previously Liquidated Contracts 61,443.58
(B) Aggregate Net Losses for Collection Period 494,321.63
(C) Net Loss Rate for Collection Period (annualized) 0.31%
(D) Cumulative Net Losses for all Periods 614,666.98
# Units Dollar Amount
(E) Delinquent Receivables
(i) 30-59 Days Delinquent 310 0.58% $3,606,494 0.60%
(ii) 60-89 Days Delinquent 45 0.08% $539,546.0 0.09%
(ii) 90 Days or More Delinquent 15 0.03% $244,800.0 0.04%
# Units Dollar Amount
XVIII. REPOSSESSION ACTIVITY
(A) Vehicles Repossessed During Collectio 28 0.05% $407,623.3 0.07%
(B) Total Accumulated Repossessed Vehicle 52 0.10% $712,889.6 0.12%
</TABLE>
<TABLE>
<S> <C>
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 0.44%
(ii) Preceding Collection Period 0.34%
(iii) Current Collection Period 0.16%
(iv) Three Month Average (Avg(i,ii,iii)) 0.31%
(B) Ratio of Balance of Contracts Delinquent 60 Days or More to the Outstanding Balance of Receivables.
(i) Second Preceding Collection Period 0.18%
(ii) Preceding Collection Period 0.17%
(iii) Current Collection Period 0.21%
(iv) Three Month Average (Avg(i,ii,iii)) 0.19%
(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.
By:
/s/ John Weisickle
John Weisickle, Vice President / Finance
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