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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):
March 15, 1998
Honda Auto Receivables 1997-B Grantor Trust
(Exact name of registrant
specified in its charter)
California 333-35413 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
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Item 5. Other Events
On March 15, 1998, the Principal and interest collected during the
preceding calendar month, net of certain adjustments as provided for in
the Pooling and Servicing Agreement dated as of October 1, 1997 (the
"Agreement"), between American Honda Receivable Corporation, as
Seller, American Honda Finance Corporation, as Servicer, and
Bank of Tokyo-Mitsubishi Trust Company of New York, as Trustee
(the "Trustee"), were distributed to holders ("Certificateholders") of
certificates representing undivided fractional interests in Honda Auto
Receivables 1997-B 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 20 to this Current Report
on Form 8-K.
Item 7 (c). Exhibits 20
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1933, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Honda Auto Receivables 1997-B Grantor Trust
By: American Honda Finance Corporation, as Servicer
By:
/s/ John Weisickle
John Weisickle, Vice President / Finance
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AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 1997-B Grantor Trust
February 1, through February 28, 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 $769,023,865.08
(B) Total Portfolio Pool Factor
(C) Class A Certificate Balance $722,882,433.18
(D) Class A Principal Factor
(E) Class B Certificate Balance $46,141,431.90
(F) Reserve Fund Balance $6,783,074.23
(G) Outstanding Interest Advance $1,536,441.70
(H) Payahead Account Balance $3,235,791.10
(I) Cumulative Net Losses for All Prior Periods 292,113.91
(J) Weighted Average Coupon of Remaining Portfolio (WAC) 7.69%
(K) Weighted Average Remaining Term of Remaining Portfolio (WAM) 40.89 months
(L) Number of Contracts 77,033
(M) Yield Supplement Balance $6,866,354.20
(N) Letter of Credit Amount $64,753,824.72
C. INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $6,167,931.38
(ii) Prepayments in Full $1,969,868.16
(iii) Prepayments in Full Due to Repurchases $0.00
(B) Precomputed Contracts Total Collections $9,476,137.88
(C) Simple Interest Contracts
(i) Collected Principal $21,253,907.24
(ii) Collected Interest $3,489,339.06
(iii) Repurchased Receivables Principal $0.00
(iv) Repurchased Receivables Interest $0.00
(D) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances $436,863.22
(ii) Current Advance Amount $656,904.97
(E) Interest Advance for Simple Interest - Net (If positive, Addi $0.00
(F) Payahead Account
(i) Payments Applied $653,638.19
(ii) Additional Payaheads $418,627.87
(G) Weighted Average Coupon of Remaining Portfolio (WAC) 7.70%
(H) Weighted Average Remaining Maturity of Remaining Portfolio (W 40.25 months
(I) Remaining Number of Contracts 75,133
(J) Delinquent Contracts Contract Amount
(i) 31-60 Days Delinquent 588 0.78% $6,253,830 0.85%
(ii) 61-90 Days Delinquent 93 0.12% 1,039,138 0.14%
(iii) Over 90 Days Delinquent 34 0.05% 448,933 0.06%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income -- Paid to Servicer 0.00
(B) Reserve Fund Investment Income -- Paid to Seller 29,687.07
(C) Investment Income on Yield Supplement Balance 33,522.16
(D) Aggregate Net Losses for Collection Period 304,856.67
(E) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables 601,826.75
(ii) Net Liquidation Proceeds Received During the Collection 284,948.41
(iii) Recoveries on Previously Liquidated Contracts 12,021.67
(F) Number of Vehicles Repossessed During the Collection Period 56
EXHIBIT 99
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AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 1997-B Grantor Trust
February 1, through February 28, 1998
<S> <C> <C> <C> <C>
I. COLLECTIONS
(A) Principal Payments Received (Excluding Repurchases) (C(A)i+ii $29,391,706.78
(B) Interest Payments Received (C(B) - (C(A)i+ii+iii + C(ii) - D( 5,047,719.15
(C) Aggregate Net Liquidation Proceeds Received (D(D)ii+iii) 296,970.08
(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) $34,736,396.01
(G) Net Simple Interest Advance Amount (C(E)) 0.00
(H) Total Collections and Advances (F+G) 34,736,396.01
(I) Yield Supplement Deposit 441,336.02
(J) Total Available Amount (H+I) 35,177,732.03
II. DISTRIBUTIONS
(A) Principal Payments Received (Excluding Repurchases) (I(A)) $29,391,706.78
(B) Principal on Repurchased Contracts (I(D)) 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(D)i) 601,826.75
(D) Total Principal Reduction (A+B+C) $29,993,533.53
(E) Class A Distributable Amount
(i) Class A Quarterly Interest Payment (A(D)*B(C)) $3,584,292.06
(ii) Quarterly Principal to Class A (B(C)-(III(i)*A(B)) 28,193,921.52
(iii) Total Distributable Amount (i+ii) $31,778,213.58
(F) Class B Distributable Amount
(i) Class B Quarterly Interest Payment (A(F)*B(E)) $228,784.60
(ii) Quarterly Principal to Class B (II(D)-(E)ii) 1,799,612.01
(iii) Total Distributable Amount (i+ii) $2,028,396.61
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) $640,853.22
(ii) Class A Amount (II(E)iii) 31,778,213.58
(iii) Deposit to Reserve Fund (If Positive (IV(H)-(A))) 0.00
(iv) Class B Amount (II(F)iii) 2,028,396.61
(v) Residual Release to Seller 730,268.62
(vi) Total Amount Distributed (i+ii+iii+iv+v) 35,177,732.03
(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 35,177,732.03
III. POOL BALANCES AND PORTFOLIO INFORMATION
Beginning End
of Period of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $769,023,865.08 $739,030,331.55
(ii) Total Pool Factor 0.8503046 0.8171409
(iii) Class A Certificate Bala $722,882,433.18 $694,688,511.66
(iv) Class A Principal Factor 0.8503049 0.8171412
(v) Class B Certificate Bala $46,141,431.90 $44,341,819.89
(B) Portfolio Information
(i) Weighted Average Coupon 7.69% 7.70%
(ii) Weighted Average Remaini 40.89 months 40.25 months
(iii) Remaining Number of Cont 77,033 75,133
(C) Outstanding Advance Amount $1,536,441.70 $1,756,483.45
(D) Outstanding Payahead Balance $3,235,791.10 $3,000,780.78
EXHIBIT 99
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AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICER REPORT -- Honda Auto Receivables 1997-B Grantor Trust
February 1, through February 28, 1998
<S> <C> <C> <C> <C>
(A) Beginning Reserve Fund Balance (B(F))
(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 730,268.62
(If Positive (I(H) - (II(E)iii + II(F)(iii) + (G)i)))
(E) Reserve Fund Balance Prior to Release (IV(A-B-C+D)) $7,513,342.85
(F) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $6,783,074.23
(G) Reserve Fund Release to Seller $730,268.62
(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 $6,866,354.20
(B) Investment Earnings 33,522.16
(C) Additional Yield Supplement Amounts 0.00
(D) Yield Supplement Deposit Amount 441,336.02
(E) Ending Yield Supplement Account Balance 6,458,540.34
(F) Release Amount Due Seller $87,737.62
(G) Ending Yield Supplement Account Balance to be Invested 6,370,802.72
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period (V(B)i-ii-iii) $304,856.67
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(D) $601,826.75
(ii) Net Liquidation Proceeds Received During the Collection 284,948.41
(iii) Recoveries on Previously Liquidated Contracts (D(D)iii) 12,021.67
(C) Cumulative Net Losses for all Periods (V(A)+B(H)) 596,970.58
(D) Delinquent and Repossessed Contracts
Contracts 304856.67
(i) 31-60 Days Delinquent 588 0.78% $6,253,830.00
(ii) 61-90 Days Delinquent 93 0.12% 1,039,138.00
(iii) Over 90 Days Delinquent 34 0.05% 448,933.00
(iv) Vehicles Repossessed Dur 56 0.07% 813,288.20
(v) Total Accumulated Reposse 122 0.16%
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 0.13%
(ii) Preceeding Collection Period 0.30%
(iii) Current Collection Period 0.49%
(iv) Three Month Average (Avg(i,ii,iii)) 0.30%
(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 0.23%
(ii) Preceeding Collection Period 0.32%
(iii) Current Collection Period 0.33%
(iv) Three Month Average (Avg(i,ii,iii)) 0.29%
(C) Loss and Delinquency Trigger Indicator Trigger Was Not Hit
VII. LETTER OF CREDIT SUMMARY
(A) Original Letter ofCredit Amount (A(L)) $70,000,000.00
(B) Reset Percentage (# of contracts end of period / Original # o 90.22%
(C) Less Draws $0.00
(D) Balance End of Period ((VIII(A) * VIII(B) - VIII(C)) $63,156,687.56
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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