<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended March 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
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 of incorporation) (IRS 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
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange
on which registered
None None
Securities registered pursuant to section 12(g) of the Act:
None
(Title of class)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 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.
YES X NO
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive
proxy or 'information statements incorporated by reference in Part III
of this Form 10-K or any amendment to this Form 10-K. [ X ]
<TABLE>
<CAPTION>
PART I
Item 1.Business
The following tables set forth the number and aggregate principal
amount of delinquent receivables, the delinquency rates, and
aggregate net losses of the Honda Auto Receivables 1999-1
Owner Trust as of March 31, 1999 :
<S> <C> <C>
1. Delinquent Contracts: ($000's)
Contracts Amount
a. 30 - 59 Days Delinquent 266 3,229
b. 60 - 89 Days Delinquent 32 370
c. 90 Days or More Delinquen 7 70
2. Delinquent Ratio: ($000's)
a. Delinquent Balances $3,669
b. Total Pool Balance $662,216
c. Delinquency Ratio 0.55%
3. Aggregate Net Losses: ($000's)
a. Cumulative Net Losses $120
b. Original Portfolio $729,508
c. Aggregate Loss Ratio 0.02%
Item 2.Properties
N/A
Item 3.Legal Proceedings
N/A
Item 4.Submission of Matters to a Vote of Security Holders
N/A
<CAPTION>
PART II
Item 5.Market For Registrant's Common Equity and Related Stockholder Matters
All holders of records of the Class A Certificates issued by Honda Auto
Receivables 1999-1 Owner Trust (except for American Honda
Receivables Corp.) are registered through the nominee of Cede & Co.
Item 6.Selected Financial Data
N/A
Item 7.Management's Discussion and Analysis of
Financial Condition and Results of Operations
N/A
Item 8.Financial Statements and Supplementary Data
N/A
Item 9.Changes In and Disagreements with Accountants
on Accounting and Financial Disclosure
N/A
PART III
Item 10Directors and Executive Officers of the Registrant
N/A
Item 11Executive Compensation
N/A
Item 12Security Ownership of Certain Beneficial Owners
and Management
N/A
Item 13Certain Relationships and Related Transactions
N/A
PART IV
Item14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibit No. 99
Description
Annual Statement to Certificateholders pursuant to Section 14.09 of
the Standard Terms and Conditions dated as of January 1, 1999
among American Honda Receivables Corp., as Seller, American
Honda Finance Corporation, as Servicer, and Trust and Bankers Trust
Company, as Trustee.
(b) Reports
Reports Date
Form 10QThe 1st Qtr. of 1999 N/A
The 2nd Qtr. of 1999 N/A
The 3rd Qtr. of 1999 N/A
Form 8K The month of Jan. 1999 (Feb.15, 1999)
The month of Feb. 1999 (Mar.15, 1999)
The month of Mar. 1999 (Apr.15, 1999)
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Honda Auto Receivables 1999-1 Owner Trust
By: American Honda Finance Corporation, as Servicer
(Registrant)
By:
/s/ John Weisickle
John Weisickle, Vice President/ Finance
</TABLE>
<PAGE>
AMERICAN HONDA FINANCE CORPORATION
Annual Statement to Certificateholder --1999-1
01/01/99 through 03/31/99
<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 $729,507,751.69
(B) Total Securities Balance $729,507,751.69
(C) Cumulative Note and Certificate Pool Factor 1.0000000
(D) Class A-1 Notes
(i) Class A-1 Notes Balance $179,424,000.00
(ii) Class A-1 Notes Pool Factor 1.0000000
(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 $11,124,729.26
(iii) Payahead Account $981,038.99
(iv) Advances Outstanding $439,560.12
(K) Portfolio Summary as of End of Prior Month
(i) Weighted Average Coupon (WAC) 7.03%
(ii) Weighted Average Remaining Maturity (WAM) 47.86 months
(iii) Number of Receivables 58,899
III. ANNUAL INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $9,845,878.48
(ii) Prepayments in Full $3,953,838.41
(iii) Prepayments in Full due to Repurchases $0.00
(B) Precomputed Contracts Total Collections $16,619,331.26
(C) Precomputed Interest Receivables Interest (B-A((i)+(ii)+(iii))) $2,819,614.37
(D) Simple Interest Receivables Principal $0
(i) Principal Collections 53,330,461.53
(ii) Prepayments in Full $0.00
(iii) Repurchased Receivables Related to Principal $0.00
(E) Simple Interest Receivables Interest
(i) Simple Interest Collections $9,720,733.52
(F) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances $564,101.72
(ii) Current Advance Amount $570,063.41
(G) Interest Advance for simple Interest - Net $0.00
(H) Payahead Account
(i) Payments Applied $475,850.32
(ii) Additional Payaheads $825,563.91
(I) Portfolio Summary as of End of Annual
(i) Weighted Average Coupon (WAC) 7.01%
(ii) Weighted Average Remaining Maturity (WAM) 45.23 months
(iii) Remaining Number of Receivables 56,844
<S> <C> <C> <C> <C>
# Units Dollar Amount
(J) Delinquent Receivables
(i) 30-59 Days Delinquent 266 0.47% $3,228,737.00 0.49%
(ii) 60-89 Days Delinquent 32 0.06% $369,786.00 0.06%
(ii) 90 Days or More Delinquent 7 0.01% $70,121.00 0.01%
(K) Vehicles Repossessed During Collectio 29 0.05% $407,890.58 0.06%
(L) Total Accumulated Repossessed Vehicle 45 0.08% $660,172.56 0.10%
<S> <C>
IV. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income $0.00
(B) Reserve Account Investment Income $50,246.06
(C) Yield Supplement Account Investment Income $96,842.90
(D) Trust Fees Expense $0.00
(E) Aggregate Net Losses for Collection Period $120,345.35
(F) Liquidated Receivables Information
(i) Gross Principal Balance on Liquidated Receivables $161,658.73
(ii) Liquidation Proceeds 39,567.29
(ii) Recoveries from Prior Month Charge Offs $1,746.09
(G) Days in Accrual Period 77
(H) Deal age 3
</TABLE>
ANNUAL COLLECTIONS
<TABLE>
<CAPTION>
<S> <C>
V. INTEREST COLLECTIONS
(A) Total Interest Collections (III(C+E(i)+G) $12,546,309.58
VI. PRINCIPAL COLLECTIONS
(A) Principal Payments Received (III(A((i)+(ii))+(D(i)+(ii))) $67,130,178.42
(B) Liquidation Proceeds (IV(H(i))) 39,567.29
(C) Repurchased Loan Proceeds Related to Principal (III(A(iii)+D(iii))) 0.00
(D) Recoveries from Prior Charge Offs (IV(H(ii))) 1,746.09
(E) Total Principal Collections (A+B+C+D) $67,171,491.80
VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS (V(C)+VI(E)) $79,717,801.38
VIII. YIELD SUPPLEMENT DEPOSIT $1,475,073.60
IX. TOTAL AVAILABLE AMOUNT (VII+VIII) $81,192,874.98
</TABLE>
ANNUAL DISTRIBUTIONS
<TABLE>
<CAPTION>
<S> <C>
X. FEE DISTRIBUTIONS
(A) Servicing Fee
(i) Servicing Fee Due (I(H)/12)(II(B))+(II(H)(i)) $1,768,756.64
(ii) Servicing Fee Paid $1,768,756.64
(iii) Servicing Fee Shortfall $0.00
(B) Reserve Account Investment Income (IV(B)) $50,246.06
(C) Yield Supplement Account Investment Income (IV(C)) $96,842.90
(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 $1,638,628.28
(b) Class A-1 Notes Interest Paid $1,638,628.28
(c) Class A-1 Notes Interest Shortfall $0.00
(ii) Class A-2 Notes
(a) Class A-2 Notes Interest Due $2,162,994.17
(b) Class A-2 Notes Interest Paid $2,162,994.17
(c) Class A-2 Notes Interest Shortfall 0.00
(iii) Class A-3 Notes
(a) Class A-3 Notes Interest Due $2,388,533.33
(b) Class A-3 Notes Interest Paid $2,388,533.33
(c) Class A-3 Notes Interest Shortfall 0.00
(iv) Class A-4 Notes
(a) Class A-4 Notes Interest Due $1,282,131.07
(b) Class A-4 Notes Interest Paid $1,282,131.07
(c) Class A-4 Notes Interest Shortfall 0.00
(v) Total Note Interest
(a) Total Note Interest Due $7,472,286.85
(b) Total Note Interest Paid $7,472,286.85
(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)) 71,951,831.49
(B) Principal
(i) Noteholders' Principal Distribution Amounts 67,291,837.15
(ii) Class A-1 Notes Principal
(a) Class A-1 Notes Principal Due $67,291,837.15
(b) Class A-1 Notes Principal Paid $67,291,837.15
(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 $67,291,837.15
(b) Total Notes Principal Paid 67,291,837.15
(c) Total Notes Principal Shortfall $0.00
(d) Reserve Fund drawn $0.00
XII. RESERVE FUND DEPOSIT
Amount available for deposit into reserve fund 4,659,994.34
Amount deposited into reservc fund $0.00
Excess fund available to Cerificateholders $4,659,994.34
XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS
(A) Interest
(i) Certificates Interest Due 428,235.46
(ii) Certificates Annual Interest Paid 428,235.46
(iii) Certificates Annual 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 $4,231,758.89
</TABLE>
DISTRIBUTIONS SUMMARY
<TABLE>
<CAPTION>
<S> <C>
(A) Total Collections $81,192,874.98
(B) Service Fee $1,768,756.64
(C) Class A1 Amount $68,930,465.43
(D) Class A2 Amount $2,162,994.17
(E) Class A3 Amount $2,388,533.33
(F) Class A4 Amount $1,282,131.07
(G) Amount of Deposited into Reserve Account $0.00
(H) Certificateholders $428,235.46
(I) Release to seller $4,231,758.89
(J) Total amount distributed $81,192,874.98
(K) Amount of Draw from Reserve Account $0.00
</TABLE>
PORTFOLIO AND SECURITY SUMMARY
<TABLE>
<CAPTION>
Beginning End
of Period of Period
<S> <C> <C>
XIV. POOL BALANCES AND PORTFOLIO INFORMATION
(A) Balances and Principal Factors
(i) Aggregate Balance of Notes $693,032,000.00 $625,740,162.85
(ii) Note Pool Factor 1.0000000 0.9029023
(iii) Class A-1 Notes Balance 179,424,000.00 112,132,162.85
(iv) Class A-1 Notes Pool Factor 1.0000000 0.6249563
(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 729,507,751.69 662,215,914.54
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 7.03% 7.01%
(ii) Weighted Average Remaining Maturity (WAM) 47.86 months 45.23 months
(iii) Remaining Number of Receivables 58,899 56,844
(iv) Portfolio Receivable Balance $729,507,751.69 $662,215,914.54
(C) Outstanding Advance Amount $439,560.12 $445,521.81
(D) Outstanding Payahead Balance $981,038.99 $1,330,752.58
</TABLE>
SUMMARY OF ACCOUNTS
<TABLE>
<CAPTION>
<S>
XV. RECONCILIATION OF RESERVE ACCOUNT <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 4,659,994.34
(D) Reserve Account Balance Prior to Release 10,131,302.48
(E) Reserve Account Required Amount 5,471,308.14
(F) Final Reserve Account Required Amount 5,471,308.14
(G) Excess Reserve Account Amount 4,659,994.34
(H) Ending Reserve Account Balance 5,471,308.14
XVI. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT
(A) Beginning Yield Supplement Account Balance 11,124,729.26
(B) Investment Earnings 96,842.90
(C) Investment Earnings Withdraw 96,842.90
(D) Additional Yield Supplement Amounts 0.00
(E) Yield Supplement Deposit Amount 1,475,073.60
(F) Ending Yield Supplement Account Balance 9,649,655.66
<S> <C> <C> <C> <C>
XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Liquidation Proceeds $39,567.29
(ii) Recoveries on Previously Liquidated Contracts 1,746.09
(B) Aggregate Net Losses for Collection Period 120,345.35
(C) Net Loss Rate for Collection Period (annualized) 0.07%
(D) Cumulative Net Losses for all Periods 120,345.35
# Units Dollar Amount
(E) Delinquent Receivables
(i) 30-59 Days Delinquent 266 0.47% 3,228,737.00 0.49%
(ii) 60-89 Days Delinquent 32 0.06% $369,786.00 0.06%
(ii) 90 Days or More Delinquent 7 0.01% $70,121.00 0.01%
# Units Dollar Amount
XVIII. REPOSSESSION ACTIVITY
(A) Vehicles Repossessed During Collectio 29 0.05% $407,890.5 0.06%
(B) Total Accumulated Repossessed Vehicle 45 0.08% $660,172.5 0.10%
</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 0.00%
(ii) Preceding Collection Period 0.10%
(iii) Current Collection Period 0.11%
(iv) Three Month Average (Avg(i,ii,iii)) 0.07%
(B) Ratio of Balance of Contracts Delinquent 60 Days or More to the Outstanding Balance of Receivables.
(i) Second Preceding Collection Period 0.02%
(ii) Preceding Collection Period 0.11%
(iii) Current Collection Period 0.15%
(iv) Three Month Average (Avg(i,ii,iii)) 0.09%
(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
