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): December 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 December 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 November 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 December 15, 1998.
ASSOCIATES HOME EQUITY SERVICES
MONTHLY SERVICING REPORT - 1998-1
Nov-98
Pass Through Original Ending
Rate Balance Pool Factor
Class A-1 6.620% 86,440,000 0.1881384
Class A-2 6.390% 13,501,000 1.0000000
Class A-3 6.380% 57,029,000 1.0000000
Class A-4 6.770% 21,542,000 1.0000000
Class A-5 6.640% 23,489,000 1.0000000
Class M-1 7.080% 12,919,000 1.0000000
Class M-2 7.310% 11,157,000 1.0000000
Class B 7.850% 8,808,000 1.0000000
6.668% 234,885,000 0.7012269
PRINCIPAL
Loan Count Class A-1 Class A-2 Class A-3
Original Pool Balance 3,492 86,440,000 13,501,000 57,029,000
36.80% 5.75% 24.28%
Beginning Certificate Balance 21052449.97 13501000.00 57029000.00
Beginning Pool Factor 0.2435499 1.0000000 1.0000000
Beginning Principal Balance 2,661 25750149.97 13501000.00 57029000.00
Principal Collected 0 $220,960.22 $0.00 $0.00
Principal Payments in Full 72 4568809.86 $0.00 $0.00
Liquidation Proceeds 0 $0.00 $0.00 $0.00
Optional Purchases by Servicer 0 $0.00 $0.00 $0.00
Defaulted Contracts 0 $0.00 $0.00 $0.00
Substitute Adjustment Amount $0.00 $0.00 $0.00
Ending Principal Balance 2,589 20960379.89 13501000.00 57029000.00
Ending Certificate Balance 16262679.89 13501000.00 57029000.00
Ending Pool Factor 0.1881384 1.0000000 1.0000000
Class A-4 Class A-5 Class M-1
Original Pool Balance 21542000.00 23489000.00 12919000.00
9.17% 10.00% 5.50%
Beginning Certificate Balance 21542000.00 23489000.00 12919000.00
Beginning Pool Factor 1.0000000 1.0000000 1.0000000
Beginning Principal Balance 21542000.00 23489000.00 12919000.00
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
Optional Purchases by Servicer $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 21542000.00 23489000.00 12919000.00
Ending Certificate Balance 21542000.00 23489000.00 12919000.00
Ending Pool Factor 1.0000000 1.0000000 1.0000000
Class M-2 Class B Total
Original Pool Balance 11157000.00 8808000.00 234885000.00
4.75% 3.75% 100.00%
Beginning Certificate Balance 11157000.00 8808000.00 169497449.97
Beginning Pool Factor 1.0000000 1.0000000 0.7216189
Beginning Pool Balance 11157000.00 8808000.00 174195149.97
Principal Collected $0.00 $0.00 $220,960.22
Principal Payments in Full $0.00 $0.00 4568809.86
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 11157000.00 8808000.00 169405379.89
Ending Certificate Balance 11157000.00 8808000.00 164707679.89
Ending Pool Factor 1.0000000 1.0000000 0.7012269
INTEREST
Class A-1 Class A-2 Class A-3
Interest Distribution Required Amount 116,139.35 71,892.83 303,204.18
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution $116,139.35 $71,892.83 $303,204.18
Collected Interest Amount $486,379.10 $75,967.19 $320,889.79
Excess Interest to Principal $370,239.75 $4,074.36 $17,685.61
Class A-4 Class A-5 Class M-1
Interest Distribution Required Amount 121,532.78 129,972.47 76,222.10
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution $121,532.78 $129,972.47 $76,222.10
Collected Interest Amount $121,212.15 $132,167.50 $72,692.41
Excess Interest to Principal ($320.63) $2,195.03 ($3,529.69)
Class M-2 Class B Total
Interest Distribution Amount 67,964.73 57,619.00 944,547.44
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution $67,964.73 $57,619.00 $944,547.44
Collected Interest Amount $62,778.02 $49,560.70 1321646.87
Excess Interest for Overcollateralization ($5,186.71) ($8,058.30)$377,099.43
Net Available for Overcollateralization* $304,518.12
Remaining Overcollateralization Requirement $0.00
Excess Interest Retained by Servicer $304,518.12
DISTRIBUTIONS
Class A-1 Class A-2 Class A-3
Principal Distribution Amount 4,789,770.08 $0.00 $0.00
Extra Principal Distribution (O/C) 0.00 0.00 0.00
Interest Distribution 116,139.35 71,892.83 303,204.18
Total Distribution 4,905,909.43 $71,892.83 $303,204.18
Class A-4 Class A-5 Class M-1
Principal Distribution Amount $0.00 $0.00 $0.00
Extra Principal Distribution (O/C) 0.00 0.00 0.00
Interest Distribution 121,532.78 129,972.47 76,222.10
Total Distribution $121,532.78 $129,972.47 $76,222.10
Class M-2 Class B Total
Principal Distribution Amount $0.00 $0.00 4789770.08
Extra Principal Distribution (O/C) 0.00 0.00 0.00
Interest Distribution 67,964.73 57,619.00 944,547.44
Total Distribution $67,964.73 $57,619.00 5734317.52
SERVICING FEES 0.50% $72,581.31 $0.00
LATE FEES $5,699.80 $0.00
EXTENSION FEES $0.00 $607,270.41
MONTHLY ADVANCE INTEREST
Beginning Monthly Advance Amount $527,328.26
Monthly Amount Advanced $79,942.15
Ending Monthly Advance Amount $607,270.41
* Net of Service Fee and Defaulted Principal
DELINQUENCY INFORMATION Actual Delinq. Percent
Days Delinquent Number Balance of Principal Balance
31-59 65 4,219,616.49 2.49084%
60-89 13 763,222.87 0.45053%
90 or more 25 1,243,521.88 0.73405%
Total Delinquent 103 6,226,361.24 3.67542%
Incl. Repo Inventory 105 6,322,533.57 3.73219%
Cumulative Cumulative
REPOSSESSION INFORMATION Actual Units Balance
Number Balance To Date To Date
BOP Repossessions 1 $43,172.33
Plus Repossessions In Month 1 53,000.00 1 53,000.00
Less Liquidations 0 0.00 0 0.00
EOP Repossessions 2 $96,172.33 1 $53,000.00
REPURCHASES
Number Actual Balance
Contracts Repurchased for Replacement 0 $0.00
Eligible Substitute Contracts 0 0.00
Difference Paid by Servicer 0 $0.00
LOSSES
Nov-98
Units Dollars
Realized Losses 0 $0.00
Cumulative Realized Losses 3 $33,815.97 0.014397%
Loss Expenses 0.00 $0.00
Cumulative Loss Expenses 0.00 $422.00
Class R Distribution $0.00
DETERMINATION OF STEPDOWN DATE
The Later to occur of Mar-2001 Date not reached
OR
Ending Principal Balance of Subordinate Certs. 32884000.00
Ending Overcollateralization Amount 4697700.00
(x) 37581700.00
Total Ending Principal Balance (y) 169405379.89
Senior Enhancement Percentage (x)/(y) 22.18%
Senior Specified Enhancement Percentage 32.00%
Enhancement Less Than 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 the Original Pool Principal Balance (x1) 4,697,700.00
4% of the Current Pool Principal Balance (x2) 6,776,215.20
x = (x) 6,776,215.20
y = (y) 1,174,425.00
The Lesser of x or y 1,174,425.00
Required Overcollateralization Amount 4,697,700.00
Current Overcollateralization Amount 4,697,700.00
Overcollateralization Release Amount None
LOSS TRIGGER EVENT
Loss Trigger Event Test for Current Period 1.30%
Cumulative Realized Loses as a Percentage of Original 0.014397%
Loss Trigger Event? No
DETERMINATION OF TRIGGER EVENT
6 Month Rolling Average of 60+ Day Delinquent (x) 0.82223%
1/2 the Senior Enhancement Percentage (y) 11.09%
If (x) is greater than or equal to (y), Trigger Event No
Weighted Average Maturity 219.156
Weighted Average Loan Rate 10.016%
ASSOCIATES HOME EQUITY SERVICES
MONTHLY SERVICING REPORT - 1998-1
Nov-98
1. Principal Interest
Distributable Distributable
Amount Amount
Class A-1 $55.411500 ( $4,789,770.08 ) 1.3436 (116,139.35 )
Class A-2 $0.000000 ( $0.00 ) 5.3250 ($71,892.83 )
Class A-3 $0.000000 ( $0.00 ) 5.3167 (303,204.18 )
Class A-4 $0.000000 ( $0.00 ) 5.6417 (121,532.78 )
Class A-5 $0.000000 ( $0.00 ) 5.5333 (129,972.47 )
Class M-1 $0.000000 ( $0.00 ) 5.9000 ($76,222.10 )
Class M-2 $0.000000 ( $0.00 ) 6.0917 ($67,964.73 )
Class B-1 $0.000000 ( $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 12/15/98
Initial CertificateEnding Certificate Pool
Principal Balance Principal Balance Factor
Class A-1 $86,440,000.00 $16,262,679.89 0.1881384
Class A-2 $13,501,000.00 $13,501,000.00 1.0000000
Class A-3 $57,029,000.00 $57,029,000.00 1.0000000
Class A-4 $21,542,000.00 $21,542,000.00 1.0000000
Class A-5 $23,489,000.00 $23,489,000.00 1.0000000
Class M-1 $12,919,000.00 $12,919,000.00 1.0000000
Class M-2 $11,157,000.00 $11,157,000.00 1.0000000
Class B-1 $8,808,000.00 $8,808,000.00 1.0000000
Pool Balance $234,885,000.00 $164,707,679.89 0.7012269
4. Adjusted Certificate Principal Balance after allocation of Liquidation Loss
Amounts on 12/15/98 :
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
Days Delinquent Number Actual Balance Percentage
31-59 65 $4,219,616.49 2.49084%
60-89 13 $763,222.87 0.45053%
90 or more 25 $1,243,521.88 0.73405%
Total Delinquent 103 $6,226,361.24 3.67542%
Memo: Including Repo Inventory 105 $6,322,533.57 3.73219%
Number of Actual
6. Repossession Information Units Balance
BOP Repossessions 1 $43,172.33
Plus Repossessions In Month 1 $53,000.00
Less Liquidations 0 $0.00
EOP Repossessions 2 $96,172.33
7. Fees Paid to the Servicer
Servicing Fees $72,581.31
Late Fees 5,699.80
Extension Fees 0.00
Associates Home Equity Loan Trust 1998-1
Trustee Payment Reconciliation
11/30/98
AVAILABLE FUNDS PAYMENTS BY THE TRUSTEE
Principal Received $4,789,770.08 Class A-1 Principal $4,789,770.08
Defaulted Principal $0.00 Extra Principal Distribution 0.00
Collected Interest 1,321,646.87
Advanced Interest 79,942.15 Class A-1 Interest 116,139.35
Extension Fees 0.00 Class A-2 Interest 71,892.83
Late Charges 5,699.80 Class A-3 Interest 303,204.18
Class A-4 Interest 121,532.78
Total Available Funds $6,197,058.90 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 $944,547.44
Certificate Payments $5,734,317.52
Net Payment to Trustee $5,734,317.52
Memo: Reconciliation
Plus: Defaulted Principal $0.00
Plus: Excess Interest $304,518.12
Plus: Advanced Interest $79,942.15
Plus: Servicer Fee 72,581.31
Plus: Late/Extension Fees 5,699.80
Total Available Funds $6,197,058.90
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: December 31, 1998
