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 16, 1998
ASSOCIATES HOME EQUITY LOAN TRUST 1998-1
(Exact name of registrant as specified in its charter)
Texas 333-3964904 75-2751093
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Associates Home Equity Receivables Corporation
250 East Carpenter Freeway
Irving, TX 75062
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (972) 652-4000
Item 5. Other Events
On March 16, 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 March 1, 1998 (the "Agreement"),
between Associates Home Equity Receivables Corp., as Seller and Associates
Home Equity Services, Inc., as Servicer, and The First National Bank of Chicago,
as Trustee (the "Trustee"), were distributed to holders ("Certificateholders")
of certificates representing undivided fractional interests in Associates Home
Equity Loan Trust 1988-1. 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 the Trustee's Statement was distributed
by the Trustee to the Certificateholders. A copy of the Servicer's Certificate
and the Trustee's Statement is being filed as Exhibit 20.1 and 20.2,
respectively to this Current Report on Form 8-K.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date March 16, 1998.
Principal Interest Ending Balance
See Exhibit 1.
B. No delinquency in payment under the Certificate
Guaranty Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable under
the Certificate Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the
Certificate Insurance Guaranty Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Servicer Certificate dated March 16, 1998.
ASSOCIATES HOME EQUITY SERVICES
MONTHLY SERVICING REPORT - 1998-1
Feb-98
Pass Through Original Ending
Rate Balance Pool Factor
Class A-1 6.620% 86440000 0.9399806
Class A-2 6.390% 13501000 1.0000000
Class A-3 6.380% 57029000 1.0000000
Class A-4 6.770% 21542000 1.0000000
Class A-5 6.640% 23489000 1.0000000
Class M-1 7.080% 12919000 1.0000000
Class M-2 7.310% 11157000 1.0000000
Class B 7.850% 8808000 1.0000000
6.668% 234885000 0.9789843
PRINCIPAL
Loan Count Class A-1 Class A-2 Class A-3
Original Pool Balance 3,492 86440000.00 13501000.00 57029000.00
Beginning Principal Balance 3,492 86440000.00 13501000.00 57029000.00
Beginning Pool Factor 1.0000000 1.0000000 1.0000000
Principal Collected 0 326648.58 0.00 0.00
Principal Pmts in Full 74 4366538.67 0.00 0.00
Liquidation Proceeds 0 0.00 0.00 0.00
Contract Repurchases 0 0.00 0.00 0.00
Defaulted Contracts 4 243094.83 0.00 0.00
Substitute Adjustment Amt 0.00 0.00 0.00
Ending Principal Balance 3,414 81503717.92 13501000.00 57029000.00
Ending Certificate Balance 81251919.51 13501000.00 57029000.00
Ending Pool Factor 0.9399806 1.0000000 1.0000000
Class M-1 Class M-2 Class B
Original Pool Balance 12919000.00 11157000.00 8808000.00
Beginning Pool Balance 12919000.00 11157000.00 8808000.00
Beginging Pool Factor 1.0000000 1.0000000 1.0000000
Principal Collected 0.00 0.00 0.00
Principal Payments in Full 0.00 0.00 0.00
Liquidation Proceeds 0.00 0.00 0.00
Contract Repurchases 0.00 0.00 0.00
Defaulted Contracts 0.00 0.00 0.00
Substitute Adjustment Amount 0.00 0.00 0.00
Ending Principal Balance 12919000.00 11157000.00 8808000.00
Ending Certificate Balance 12919000.00 11157000.00 8808000.00
Ending Pool Factor 1.0000000 1.0000000 1.0000000
INTEREST
Class A-1 Class A-2 Class A-3
Interest Distribution Required Amt 476860.67 71892.83 303204.18
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution 476860.67 71892.83 303204.18
Collected Interest Amount 698494.06 109097.27 460833.15
Excess Interest to Principal 221633.39 37204.45 157628.97
Class M-1 Class M-2 Class B
Interest Distribution Amount 76222.10 67964.72 57619.00
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution 76222.10 67964.72 57619.00
Collected Interest Amount 104394.32 90156.16 71174.64
Excess Interest for O/C 28172.22 22191.43 13555.64
DISTRIBUTIONS
Class A-1 Class A-2 Class A-3
Principal Distribution Amount 4936282.08 0.00 0.00
Extra Principal Distribution (O/C) 251798.41 0.00 0.00
Interest Distribution 476860.67 71892.83 303204.18
Total Distribution 5664941.16 71892.83 303204.18
Class M-1 Class M-2 Class B
Principal Distribution Amount 0.00 0.00 0.00
Extra Principal Distribution (O/C) 0.00 0.00 0.00
Interest Distribution 76222.10 67964.72 57619.00
Total Distribution 76222.10 67964.72 57619.00
SERVICING FEES 0.50% 97868.75
LATE FEES 5061.84
EXTENSION FEES 0.00
MONTHLY ADVANCE INTEREST
Beginning Monthly Advance Amount 395804.14
Monthly Amount Advanced 11429.51
Ending Monthly Advance Amount 407233.65
DELINQUENCY INFORMATION Delinq. %
Days Delinq. Number Actual Balance of Prin Bal
31-59 18 1190356.52 0.51766%
60-89 2 146155.95 0.06356%
90 or more 0 0.00 0.00000%
Total Delinq. 20 1336512.47 0.58122%
Memo: Incl. Repo Inventory 20 1336512.47 0.58122%
Cumulative Cumulative
REPOSSESSION INFORMATION Units Balance
Num Actual Bal To Date To Date
BOP Repossessions 0 $0.00
Plus Repossessions In Month 0 0.00 0 0.00
Less Liquidations 0 0.00 0 0.00
EOP Repossessions 0 $0.00 0 $0.00
REPURCHASES Actual
Number Balance
Contracts Repurchased or Replaced $0.00 $0.00
Eligible Substitute Contracts 0 0.00
Difference Paid by Servicer 0 $0.00
LOSSES
Feb-98
Units Dollars
Realized Losses 0.00 $0.00
Cumulative Realized Losses 0.00 $0.00 0.00%
Loss Expenses 0.00 $0.00
Cumulative Loss Expenses 0.00 $0.00
Class R Distribution $0.00
DETERMINATION OF STEPDOWN DATE
The Later to occur of Mar-2001 Date not reached
OR
Ending Principal Balance of Subord. Certs 32884000.00
Ending O/C Amount 251798.41
(x) 33135798.41
Total Ending Principal Balance (y)229948717.92
Senior Enhancement Percentage x/y 14.41%
Senior Specified Enhancement Percentage 32% Enhancement < Required
Stepdown Determined by Calculation 03/16/2001
DETERMINATION OF TARGETED O/C AMT
Prior to Stepdown Date? Yes
Target O/C Amount 2.00%
Calculation:
The Lesser x or y below
The Greater of the following
2% of Original Pool Principal Balance (x1 4697700.00
4% of Current Pool Principal Balance (x2 9197948.72
x = (x) 9197948.72
y = (y) 1174425.00
The Lesser of x or y 1174425.00
Required O/C Amount 4697700.00
Current O/C Amount 251798.41
O/C Release Amount None
LOSS TRIGGER EVENT
Loss Trigger Event Test - Current Period 1.30%
Cumulative Realized Loses as % of Original 0.00%
Loss Trigger Event? No
DETERMINATION OF TRIGGER EVENT
6 Month Rolling Average of 60+ Day Delinquent (x)
1/2 the Senior Enhancement Percentage (y) 7.21%
If (x) is greater than (y), Trigger Event No
Remaining Original
Weighted Average Maturity 224.742 235.358
Weighted Average Loan Rate 10.045%
PRINCIPAL
Class A-4 Class A-5
Original Pool Balance 21542000.00 23489000.00
9.17% 10.00%
Beginning Principal Balance 21542000.00 23489000.00
Beginning Pool Factor 1.0000000 1.0000000
Principal Collected 0.00 0.00
Principal Pmts in Full 0.00 0.00
Liquidation Proceeds 0.00 0.00
Contract Repurchases 0.00 0.00
Defaulted Contracts 0.00 0.00
Substitute Adjustment Amt 0.00 0.00
Ending Principal Balance 21542000.00 23489000.00
Ending Certificate Balance 21542000.00 23489000.00
Ending Pool Factor 1.0000000 1.0000000
Total
Original Pool Balance 234885000.00
100.00%
Beginning Pool Balance 234885000.00
Beginging Pool Factor 1.0000000
Principal Collected 326648.58
Principal Payments in Full 4366538.67
Liquidation Proceeds 0.00
Contract Repurchases 0.00
Defaulted Contracts 243094.83
Substitute Adjustment Amount 0.00
Ending Principal Balance 229948717.92
Ending Certificate Balance 229696919.51
Ending Pool Factor 0.9789843
INTEREST
Class A-4 Class A-5
Interest Distribution Required Amt 121532.78 129972.47
Unpaid Interest Shortfall 0.00 0.00
Total Interest Distribution 121532.78 129972.47
Collected Interest Amount 174074.03 189807.11
Excess Interest to Principal 52541.25 59834.65
Total
Interest Distribution Amount 1305268.75
Unpaid Interest Shortfall 0.00
Total Interest Distribution 1305268.75
Collected Interest Amount 1898030.74
Excess Interest for O/C 592761.99
DISTRIBUTIONS
Class A-4 Class A-5
Principal Distribution Amount 0.00 0.00
Extra Principal Distribution (O/C) 0.00 0.00
Interest Distribution 121532.78 129972.47
Total Distribution 121532.78 129972.47
Total
Principal Distribution Amount 4936282.08
Extra Principal Distribution (O/C) 251798.41
Interest Distribution 1305268.75
Total Distribution 6493349.24
ASSOCIATES HOME EQUITY SERVICES
MONTHLY SERVICING REPORT - 1998-1
Feb-98
1. Principal Interest
Distributable Distributable
Amount Amount
Class A-1 $60.019441 ( $5,188,080.49 ) $5.516667 ( 476860.67 )
Class A-2 $0.000000 ( $0.00 ) $5.325000 ( 71892.83 )
Class A-3 $0.000000 ( $0.00 ) $5.316667 ( 303204.18 )
Class A-4 $0.000000 ( $0.00 ) $5.641667 ( 121532.78 )
Class A-5 $0.000000 ( $0.00 ) $5.533333 ( 129972.47 )
Class M-1 $0.000000 ( $0.00 ) $5.900000 ( 76222.10 )
Class M-2 $0.000000 ( $0.00 ) $6.091667 ( 67964.72 )
Class B-1 $0.000000 ( $0.00 ) $6.541667 ( 57619.00 )
2. Liquidation Loss Amount None
Liquidation Loss Interest Amount None
Unpaid Liquidation Loss Interest Shortfall None
Unpaid Certificate Principal Shortfall None
3. Certificate Principal Balance after distribution on 03/16/98
Initial Cert Ending Certificate Pool
Principal Balance Principal Balance Factor
Class A-1 $86,440,000.00 $81,251,919.51 $0.939981
Class A-2 $13,501,000.00 $13,501,000.00 $1.000000
Class A-3 $57,029,000.00 $57,029,000.00 $1.000000
Class A-4 $21,542,000.00 $21,542,000.00 $1.000000
Class A-5 $23,489,000.00 $23,489,000.00 $1.000000
Class M-1 $12,919,000.00 $12,919,000.00 $1.000000
Class M-2 $11,157,000.00 $11,157,000.00 $1.000000
Class B-1 $8,808,000.00 $8,808,000.00 $1.000000
Pool Balance$234,885,000.00 $229,696,919.51 $0.977912
4. Adjusted Certificate Principal Balance after allocation of
Liquidation Loss Amounts on 03/16/98 :
Principal
Balance
Class M-1 12919000.00
Class M-2 11157000.00
Class B 8808000.00
5. Delinquent Contracts
Actual
Days Delinquent Number Balance Percentage
31-59 18 1,190,356.52 0.51766%
60-89 2 146,155.95 0.06356%
90 or more 0 0.00 0.00000%
Total Delinquent 20 1,336,512.47 0.58122%
Including Repo Inventory 20 1,336,512.47 0.58122%
Number of Actual
6. Repossession Information Units Balance
BOP Repossessions 0 $0.00
Plus Repos In Month 0 $0.00
Less Liquidations 0 $0.00
EOP Repossessions 0 $0.00
7. Fees Paid to the Servicer
Servicing Fees $97,868.75
Late Fees 5,061.84
Extension Fees 0.00
Associates Home Equity Loan Trust 1998-1
Trustee Payment Reconciliation
02/28/98
AVAILABLE FUNDS PAYMENTS BY THE TRUSTEE
Principal Received $4,693,187.25 Class A-1 Principal $4,936,282.08
Defaulted Principal $243,094.83 Extra Principal Distribution 251,798.41
Collected Interest 1,898,030.74
Advanced Interest 407,233.65 Class A-1 Interest 476,860.67
Extension Fees 0.00 Class A-2 Interest 71,892.83
Late Charges 5,061.84 Class A-3 Interest 303,204.18
Class A-4 Interest 121,532.78
Total Available Funds$7,246,608.31 Class A-5 Interest 129,972.47
Class M-1 Interest 76,222.10
Class M-2 Interest 67,964.73
Class B Interest 57,619.00
Total Interest $1,305,268.76
Certificate Payments $6,493,349.25
Net Payment to Trustee $6,493,349.25
Memo: Reconciliation
Plus: Defaulted Principal $243,094.83
Plus: Class R Dist $0.00
Plus: Advanced Interest $407,233.65
Plus: Servicer Fee 97,868.75
Plus: Late/Extension Fees 5,061.84
Total Available Funds $7,246,608.32
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 thereunto duly authorized.
Associates Home Equity Loan Trust 1998-1
By: ASSOCIATES HOME EQUITY SERVICES, INC., as Servicer
/s/ Marvin T. Runyon
Name: Marvin T. Runyon, III
Title: Senior Vice President
Dated: February 28, 1997
