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): April 15, 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 April 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 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 April 15, 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 April 15, 1998.
ASSOCIATES HOME EQUITY SERVICES
MONTHLY SERVICING REPORT - 1998-1
Mar-98
Pass Through Original Ending
Rate Balance Pool Factor
Class A-1 6.620% 86,440,000 0.8292
Class A-2 6.390% 13,501,000 1.0000
Class A-3 6.380% 57,029,000 1.0000
Class A-4 6.770% 21,542,000 1.0000
Class A-5 6.640% 23,489,000 1.0000
Class M-1 7.080% 12,919,000 1.0000
Class M-2 7.310% 11,157,000 1.0000
Class B 7.850% 8,808,000 1.0000
6.668% 234,885,000 0.9421
PRINCIPAL Loan
Count Class A-1 Class A-2 Class A-3
Original Pool Balance 3,492 86,440,000.00 13501000.00 57029000.00
Beginning Certificate Balance 81,251,919.51 13501000.00 57029000.00
Beginning Pool Factor 0.9399806 1.0000000 1.0000000
Beginning Principal Balance 3,414 81,503,717.92 13501000.00 57029000.00
Principal Collected 0 $439,641.82 $0.00 $0.00
Principal Payments in Full 105 8478205.62 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) * ($243,094.83) $0.00 $0.00
Substitute Adjustment Amount $0.00 $0.00 $0.00
Ending Principal Balance 3,313 72,828,965.31 13501000.00 57029000.00
Ending Certificate Balance 71,674,522.90 13501000.00 57029000.00
Ending Pool Factor 0.8291824 1.0000000 1.0000000
Class M-1 Class M-2 Class B
Original Pool Balance 12,919,000.00 11157000.00 8808000.00
Beginning Certificate Balance 12,919,000.00 11157000.00 8808000.00
Beginning Pool Factor 1.0000000 1.0000000 1.0000000
Beginning Pool Balance 12,919,000.00 11157000.00 8808000.00
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 12,919,000.00 11157000.00 8808000.00
Ending Certificate Balance 12,919,000.00 11157000.00 8808000.00
Ending Pool Factor 1.0000000 1.0000000 1.0000000
*These accounts were represented as defaulted in error in February 1998.
They have been corrected to reflect payments in full.
Class A-4 Class A-5 Total
Original Pool Balance 21542000.00 23489000.00 234885000.00
Beginning Certificate Balance 21542000.00 23489000.00 229696919.51
Beginning Pool Factor 1.0000000 1.0000000 1.0000000
Beginning Principal Balance 21542000.00 23489000.00 229948717.92
Principal Collected $0.00 $0.00 $439,641.82
Principal Payments in Full 0.00 0.00 $8,478,205.62
Liquidation Proceeds $0.00 $0.00 $0.00
Contract Repurchases $0.00 $0.00 $0.00
Defaulted Contracts $0.00 $0.00 ($243,094.83)
Substitute Adjustment Amount $0.00 $0.00 $0.00
Ending Principal Balance 21542000.00 23489000.00 221273965.31
Ending Certificate Balance 21542000.00 23489000.00 220119522.90
Ending Pool Factor 1.0000000 1.0000000 0.9420523
INTEREST
Class A-1 Class A-2 Class A-3
Interest Distribution Required Amount 448,239.76 71,892.83 303,204.18
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution $448,239.76 $71,892.83 $303,204.18
Collected Interest Amount $747,799.38 $116,798.23 $493,362.46
Excess Interest to Principal $299,559.62 $44,905.40 $190,158.28
Class M-1 Class M-2 Class B
Interest Distribution Amount 76,222.10 67,964.73 57,619.00
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution $76,222.10 $67,964.73 $57,619.00
Collected Interest Amount $111,763.31 $96,520.10 $76,198.72
Excess Interest for O/C $35,541.21 $28,555.37 $18,579.72
Class A-4 Class A-5 Total
Interest Distribution Required Amount 121,532.78 129,972.47 1,276,647.85
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution $121,532.78 $129,972.47 $1,276,647.85
Collected Interest Amount $186,361.57 $203,205.22 $2,032,008.99
Excess Interest to Principal $64,828.79 $73,232.75 $755,361.14
DISTRIBUTIONS
Class A-1 Class A-2 Class A-3
Principal Distribution Amount 8,674,752.61 $0.00 $0.00
Extra Principal Distribution (O/C) 902,644.00 0.00 0.00
Interest Distribution 448,239.76 71,892.83 303,204.18
Total Distribution 10,025,636.37 71,892.83 303,204.18
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 76,222.10 67,964.73 57,619.00
Total Distribution $76,222.10 $67,964.73 $57,619.00
Class A-4 Class A-5 Total
Principal Distribution Amount $0.00 $0.00 8,674,752.61
Extra Principal Distribution (O/C) 0.00 0.00 902,644.00
Interest Distribution 121,532.78 129,972.47 1,276,647.85
Total Distribution 121,532.78 129,972.47 10,854,044.46
SERVICING FEES 0.50% $95,811.97
LATE FEES $7,776.97
EXTENSION FEES $0.00
MONTHLY ADVANCE INTEREST
Beginning Monthly Advance Amount $407,233.65
Monthly Amount Advanced ($21,415.22)
Ending Monthly Advance Amount $385,818.43
DELINQUENCY INFORMATION Delinq. Percent
Days Delinquent Number Actual Balance of Principal Balance
31-59 14 1,037,269.27 0.46877%
60-89 5 348,913.94 0.15768%
90 or more 1 77,879.98 0.03520%
Total Delinquent 20 1,464,063.19 0.66165%
Incl. Repo Inventory 20 1,464,063.19 0.66165%
Cumulative Cumulative
REPOSSESSION INFORMATION Units Balance
Number Actual Balance 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
Number Actual 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 Prin Bal of Subordinate Certs. 32884000.00
Ending Overcollateralization Amount 1154442.41
x 34038442.41
Total Ending Principal Balance y 221273965.31
Senior Enhancement Percentage x/y 15.38%
Senior Specified Enhancement % 32.00% Enhancement > Required
Stepdown Determined by Calculation 03/16/2001
DETERMINATION OF TARGETED OVERCOLLATERALIZATION
AMOUNT
Prior to Stepdown Date? Yes
Target Overcollateralization Amount 2.00%
Calculation:
The Lesser x or y below
The Greater of the following
2% of Original Pool Prin Balance x1 4,697,700.00
4% of Current Pool Prin Balance x2 8,850,958.61
x = (x) 8,850,958.61
y = (y) 1,174,425.00
The Lesser of x or y 1,174,425.00
Required Overcollateralization Amt 4,697,700.00
Current Overcollateralization Amt 1,154,442.41
Overcollateralization Release Amount None
LOSS TRIGGER EVENT
Loss Trigger Event Test 1.30%
Cum. Realized Losses as % of Original 0.00%
Loss Trigger Event? No
DETERMINATION OF TRIGGER EVENT
6 Mo. Roll. Avg of 60+ Day Delinq (x)
1/2 the Senior Enhancement % (y) 7.69%
If x > y, Trigger Event No
Weighted Average Maturity
Weighted Average Loan Rate
ASSOCIATES HOME EQUITY SERVICES
MONTHLY SERVICING REPORT - 1998-1
Mar-98
1. Principal Interest
Distributable Distributable
Amount Amount
Class A-1 $110.7982 ( $9,577,396.61 ) $5.1856 ( $448,239.76 )
Class A-2 $0.0000 ( $0.00 ) $5.3250 ( $71,892.83 )
Class A-3 $0.0000 ( $0.00 ) $5.3167 ( $303,204.18 )
Class A-4 $0.0000 ( $0.00 ) $5.6417 ( $121,532.78 )
Class A-5 $0.0000 ( $0.00 ) $5.5333 ( $129,972.47 )
Class M-1 $0.0000 ( $0.00 ) $5.9000 ( $76,222.10 )
Class M-2 $0.0000 ( $0.00 ) $6.0917 ( $67,964.73 )
Class B-1 $0.0000 ( $0.00 ) $6.5417 ( $57,619.00 )
2. Liquidation Loss Amount None
Liquidation Loss Interest Amount None
Unpaid Liquidation Loss Interest Shortfall None
Unpaid Certificate Principal Shortfall None
3. Certificate Principal Balances after distribution on 15-Apr-98
Initial Cert Ending Cert Pool
Principal Balance Principal Balance Factor
Class A-1 $86,440,000.00 $71,674,522.90 $0.829182
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 $220,119,522.90 $0.937137
4. Adjusted Certificate Principal Balance after allocation of
Liquidation Loss Amounts on 04/15/98 :
Principal
Balance
Class M-1 $12,919,000.00
Class M-2 $11,157,000.00
Class B $8,808,000.00
5. Delinquent Contracts
Actual
Days Delinquent Number Balance Percentage
31-59 14 $1,037,269.27 0.46877%
60-89 5 $348,913.94 0.15768%
90 or more 1 $77,879.98 0.03520%
Total Delinquent 20 $1,464,063.19 0.66165%
Memo: Including Repo Inventory 20 $1,464,063.19 0.66165%
Number of Actual
6. Repossession Information Units Balance
BOP Repossessions 0 $0.00
Plus Repossessions In Month 0 $0.00
Less Liquidations 0 $0.00
EOP Repossessions 0 $0.00
7. Fees Paid to the Servicer
Servicing Fees $95,811.97
Late Fees 7,776.97
Extension Fees 0.00
Associates Home Equity Loan Trust 1998-1
Trustee Payment Reconciliation
03/31/98
AVAILABLE FUNDS PAYMENTS BY THE TRUSTEE
Principal Received $8,917,847.44 Class A-1 Principal 8,674,752.61
Defaulted Principal ($243,094.83) Extra Principal Distribution 902,644.00
Collected Interest 2,032,008.99
Advanced Interest (21,415.22) Class A-1 Interest 448,239.76
Extension Fees 0.00 Class A-2 Interest 71,892.83
Late Charges 7,776.97 Class A-3 Interest 303,204.18
Class A-4 Interest 121,532.78
Total Available Funds $10,693,123.35 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 1,276,647.85
Certificate Payments 10,854,044.46
Net Payment to Trustee 10,854,044.46
Memo: Reconciliation
Plus: Defaulted Principal (243,094.83)
Plus: Class R Dist 0.00
Plus: Advanced Interest (21,415.22)
Plus: Servicer Fee 95,811.97
Plus: Late/Extension Fees 7,776.97
Total Available Funds 10,693,123.35
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: March 31, 1998
