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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, 1998
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 333-35413
Honda Auto Receivables 1997-B Grantor 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 ]
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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 1997-B
Grantor Trust as of March 31, 1998 :
<S> <C> <C>
1. Delinquent Contracts: ($000's)
Contracts Amount
a. 30 - 59 Days Delinquent 563 $6,021
b. 60 - 89 Days Delinquent 82 $853
c. 90 Days or More Delinquen 27 $326
2. Delinquent Ratio: ($000's)
a. Delinquent Balances $7,200
b. Total Pool Balance $703,708
c. Delinquency Ratio 1.02%
3. Aggregate Net Losses: ($000's)
a. Cumulative Net Losses $1,029
b. Original Portfolio $904,410
c. Aggregate Loss Ratio 0.11%
Item 2.Properties
N/A
Item 3.Legal Proceedings
N/A
Item 4.Submission of Matters to a Vote of Security Holders
N/A
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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 1997-B Grantor 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 10.Directors and Executive Officers of the Registrant
N/A
Item 11.Executive Compensation
N/A
Item 12.Security Ownership of Certain Beneficial Owners
and Management
N/A
Item 13.Certain 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 October 1, 1997
among American Honda Receivables Corp., as Seller, American
Honda Finance Corporation, as Server, and Bank of Tokyo-Mitsubishi Trust
Company of New York, as Trustee.
(b) Reports
Reports Date
Form 10Q The 1st Qtr. of 1997 (Aug.15, 1997)
The 2nd Qtr. of 1997 (Nov.15, 1997)
The 3rd Qtr. of 1997 (Feb.15, 1997)
Form 8K The month of Jan. 1998 (Feb.15, 1998)
The month of Feb. 1998 (Mar.15, 1998)
The month of Mar. 1998 (Apr.15, 1998)
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 1997-B 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
Annual Statement to Certificateholder --1997-B
April 1, 1997 through March 31, 1998
<S> <C> <C> <C> <C>
A. ORIGINAL DEAL PARAMETER INPUTS
(A) Original Total Portfolio $904,409,897.00
(B) Class A Certificate Ownership Interest of the Trust 94.00%
(C) Original Class A Certificate Balance $850,145,000.00
(D) Class A Certificate Rate 5.95%
(E) Original Class B Certificate Balance $54,264,897.00
(F) Class B Certificate Rate 5.95%
(G) Servicing Fee Rate 1.00%
(H) Original Weighted Average Coupon (WAC) 7.66%
(I) Original Weighted Average Remaining Term (WAM) 43.73 months
(J) Number of Contracts 83,274
(K) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage 0.75%
(ii) Reserve Fund Initial Deposit $6,783,074.23
(iii) Specified Reserve Fund Balance Percent 0.75%
(iv) Specified Reserve Fund Balance $6,783,074.23
(v) Reserve Fund Floor Percent 1.50%
(vi) Reserve Fund Floor Amount $13,566,148.46
(vii) Reserve Fund Floor Trigger Amount $271,322,969.12
(L) Original Yield Supplement Deposit $9,291,930.03
(M) Original Letter of Credit Amount $70,000,000.00
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Outstanding $904,409,897.00
(B) Total Portfolio Pool Factor 1.0000000
(C) Class A Certificate Balance $850,145,000.00
(D) Class A Principal Factor 1.0000000
(E) Class B Certificate Balance $54,264,897.00
(F) Reserve Fund Balance $6,783,074.23
(G) Outstanding Interest Advance $1,404,110.70
(H) Payahead Account Balance $3,749,880.95
(I) Cumulative Net Losses for All Prior Periods 0.00
(J) Weighted Average Coupon of Remaining Portfolio (WAC) 7.66%
(K) Weighted Average Remaining Term of Remaining Portfolio (WAM) 43.73 months
(L) Number of Contracts 83,274
(M) Yield Supplement Balance $9,291,930.03
(N) Letter of Credit Amount $70,000,000.00
C. INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections 38,950,623.03
(ii) Prepayments in Full 15,824,769.81
(iii) Prepayments in Full Due to Repurchases $0.00
(B) Precomputed Contracts Total Collections $62,242,377.07
(C) Simple Interest Contracts
(i) Collected Principal 143,782,029.48
(ii) Collected Interest $23,450,574.35
(iii) Repurchased Receivables Principal $0.00
(iv) Repurchased Receivables Interest $0.00
(D) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances $2,761,994.68
(ii) Current Advance Amount $2,720,854.87
(E) Interest Advance for Simple Interest - Net (If positive, Addition $0.00
(F) Payahead Account
(i) Payments Applied $3,301,996.23
(ii) Additional Payaheads $2,402,030.33
(G) Weighted Average Coupon of Remaining Portfolio (WAC) 7.71%
(H) Weighted Average Remaining Maturity of Remaining Portfolio (WAM) 39.59 months
(I) Remaining Number of Contracts 72,264
(J) Delinquent Contracts Contracts Amount
(i) 31-60 Days Delinquent 563 0.78% $6,020,561 0.86%
(ii) 61-90 Days Delinquent 82 0.11% 852,847 0.12%
(iii) Over 90 Days Delinquent 27 0.04% 326,335 0.05%
D. INPUTS DERIVED FROM OTHER SOURCES
0
(A) Collection Account Investment Income -- Paid to Servicer 0.00
(B) Reserve Fund Investment Income -- Paid to Seller 128,756.40
(C) Investment Income on Yield Supplement Balance 152,316.48
(D) Aggregate Net Losses for Collection Period 1,028,988.18
(E) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables 2,144,788.73
(ii) Net Liquidation Proceeds Received During the Collection Per 1,059,107.66
(iii) Recoveries on Previously Liquidated Contracts 56,692.89
(F) Number of Vehicles Repossessed During the Collection Period 253
EXHIBIT 99
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AMERICAN HONDA FINANCE CORPORATION
Annual Statement to Certificateholder --1997-B
April 1, 1997 through March 31, 1998
<S> <C> <C> <C> <C>
I. COLLECTIONS
(A) Principal Payments Received (Excluding Repurchases) (C(A)i+ii + C $198,557,422.32
(B) Interest Payments Received (C(B) - (C(A)i+ii+iii + C(ii) - D(i) + 30,876,418.77
(C) Aggregate Net Liquidation Proceeds Received (D(D)ii+iii) 1,115,800.55
(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) 230,549,641.64
(G) Net Simple Interest Advance Amount (C(E)) 0.00
(H) Total Collections and Advances (F+G) 230,549,641.64
(I) Yield Supplement Deposit 2,764,665.34
(J) Total Available Amount (H+I) 233,314,306.98
II. DISTRIBUTIONS
(A) Principal Payments Received (Excluding Repurchases) (I(A)) $198,557,422.32
(B) Principal on Repurchased Contracts (I(D)) 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(D)i) 2,144,788.73
(D) Total Principal Reduction (A+B+C) $200,702,211.05
(E) Class A Distributable Amount
(i) Class A Annual Interest Payment (A(D)*B(C)) 22,904,519.13
(ii) Annual Principal to Class A (B(C)-(III(i)*A(B)) 188,659,775.21
(iii) Total Distributable Amount (i+ii) $211,564,294.34
(F) Class B Distributable Amount
(i) Class B Annual Interest Payment (A(F)*B(E)) 1,461,992.18
(ii) Annual Principal to Class B (II(D)-(E)ii) 12,042,435.84
(iii) Total Distributable Amount (i+ii) $13,504,428.02
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) 4,095,211.99
(ii) Class A Amount (II(E)iii) 211,564,294.34
(iii) Deposit to Reserve Fund (If Positive (IV(H)-(A))) 0.00
(iv) Class B Amount (II(F)iii) 13,504,428.02
(v) Residual Release to Seller 4,150,372.63
(vi) Total Amount Distributed (i+ii+iii+iv+v) 233,314,306.98
(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)+II 233,314,306.98
III. POOL BALANCES AND PORTFOLIO INFORMATION
Beginning End
of Period of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $904,409,897.00 $703,707,685.95
(ii) Total Pool Factor 1.0000000 0.7780849
(iii) Class A Certificate Balance $850,145,000.00 $661,485,224.79
(iv) Class A Principal Factor 1.0000000 0.7780852
(v) Class B Certificate Balance $54,264,897.00 $42,222,461.16
(B) Portfolio Information
(i) Weighted Average Coupon (WAC 7.66% 7.71%
(ii) Weighted Average Remaining M 43.73 months 39.59 months
(iii) Remaining Number of Contract 83,274 72,264
(C) Outstanding Advance Amount $1,404,110.70 $1,362,970.89
(D) Outstanding Payahead Balance $3,749,880.95 $2,849,915.05
EXHIBIT 99
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AMERICAN HONDA FINANCE CORPORATION
Annual Statement to Certificateholder --1997-B
April 1, 1997 through March 31, 1998
<S> <C> <C> <C> <C>
(A) Beginning Reserve Fund Balance (B(F)) 6,783,074.23
(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 4,150,372.63
(If Positive (I(H) - (II(E)iii + II(F)(iii) + (G)i)))
(E) Reserve Fund Balance Prior to Release (IV(A-B-C+D)) $10,933,446.86
(F) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $6,783,074.23
(G) Reserve Fund Release to Seller $4,150,372.63
(If Positive (E-F))
(H) Ending Reserve Fund Balance (E-G) $6,783,074.23
V. YIELD SUPPLEMENT ACCOUNT DEPOSIT
(A) Beginning Yield Supplement Account Balance $9,291,930.03
(B) Investment Earnings 152,316.48
(C) Additional Yield Supplement Amounts 0.00
(D) Yield Supplement Deposit Amount 2,764,665.34
(E) Ending Yield Supplement Account Balance 6,679,581.17
(F) Release Amount Due Seller 789,742.13
(G) Ending Yield Supplement Account Balance to be Invested 5,889,839.04
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period (V(B)i-ii-iii) $1,028,988.18
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(D)i) 2,144,788.73
(ii) Net Liquidation Proceeds Received During the Collection Per 1,059,107.66
(iii) Recoveries on Previously Liquidated Contracts (D(D)iii) 56,692.89
(C) Cumulative Net Losses for all Periods (V(A)+B(H)) 1,028,988.18
(D) Delinquent and Repossessed Contracts
Contracts Amount
(i) 31-60 Days Delinquent 563 0.78% $6,020,561.00 0.86%
(ii) 61-90 Days Delinquent 82 0.11% 852,847.00 0.12%
(iii) Over 90 Days Delinquent 27 0.04% 326,335.00 0.05%
(iv) Vehicles Repossessed During 253 0.30% 3,525,321.77
VI. 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 0.30%
(ii) Preceeding Collection Period 0.49%
(iii) Current Collection Period 0.72%
(iv) Three Month Average (Avg(i,ii,iii)) 0.50%
(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 0.32%
(ii) Preceeding Collection Period 0.33%
(iii) Current Collection Period 0.29%
(iv) Three Month Average (Avg(i,ii,iii)) 0.31%
(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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