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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) : July 15, 1998
SSB Vehicle Securities Inc.
Hyundai Auto Receivables Trust 1998-A
(Exact name of registrant as specified in its charter)
Delaware 333-41949-01 Pending
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
7 World Trade Center
New York, New York 10048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 783-7000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 7
This report consists of 7
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibit is being filed pursuant to "no-action"
positions taken by the Securities and Exchange Commission with respect to
alternative means of satisfying the Registrant's reporting obligations under the
Securities Exchange Act of 1934, as amended, with respect to the Registrant's
Hyundai Auto Receivables Trust 1998-A (the "Trust"). The Trust was formed
pursuant to an Amended and Restated Trust Agreement dated April 1, 1998, between
SSB Vehicle Securities Inc., as depositor, and Wilmington Trust Company, as
owner trustee. On July 15, 1998, Hyundai Motor Finance Company (seller and
servicer) distributed the Monthly Securityholders' Statement for the July 15,
1998, Distribution Date (the "Monthly Report") to the holders of securities
issued by the Trust. Specific information with respect to the distributions is
filed as Exhibit 99.1. No other reportable transactions or matters have occurred
during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibits are filed as part of this report:
Monthly Securityholders' Statement for the July 15, 1998,
Distribution Date filed as Exhibit 99.1 hereto.
Page 2 of 7
<PAGE>
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 hereunto duly authorized.
SSB VEHICLE SECURITIES INC.
Date: July 24, 1998 By: /s/ Ted Yarbrough
Ted Yarbrough
Assistant Vice President
Page 3 of 7
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Securityholders' Statement for 5
the July 15, 1998, Distribution Date
Page 4 of 7
<PAGE>
Exhibit 99.1
Monthly Securityholders' Statement on July 15, 1998
Page 5 of 7
<PAGE>
<TABLE>
=================================================================================================================================
Hyundai Auto Receivables Trust 1998-A
=================================================================================================================================
<S> <C> <C>
$220,000,000 5.90% Asset Backed Notes, Class A-1
$80,150,000 6.05% Asset Backed Notes, Class A-2
Exhibit 99.1: Monthly Report
For the Distribution Date: July 15, 1998
I. Funds Available for Distribution
A. Collections on Receivables
i. Principal Payments $9,295,457.94
ii. Purchased Receivables 0.00
iii.Cram Down Losses 0.00
iv. Principal Balance of Liquidated Receivables 1,570,504.62
v. Withdrawal from Pre-Funding Account 44,159.87
vi. Liquidation Proceeds 6,509.23
---------------
TOTAL PRINCIPAL COLLECTIONS $10,916,631.66
vii.Interest Payments $3,481,728.80
viiiInterest on Purchased Receibables 0.00
---------------
TOTAL INTEREST COLLECTIONS $3,481,728.80
ix. Late Fees, Extension Fees and Other Fees $6,553.57
x. Late Fees, Extension Fees and Other Fees on Purchased Receivables 0.00
---------------
xi. TOTAL FEE COLLECTIONS $6,553.57
---------------
xii.TOTAL COLLECTIONS $14,404,914.03
---------------
B. Other Sources
i. Reserve Account Release $563,421.50
ii. Draw on Insurance Policy 0.00
iii.Withdrawal from Yield Maintenance Account 0.00
iv. Withdrawal from Capitalized Interest Account 116,421.78
v. Reinvestment Income on Trust Account 300,866.25
---------------
TOTAL OTHER SOURCES $980,709.53
===============
TOTAL FUNDS AVAILABLE FOR DISTRIBUTION $15,385,623.56
===============
II. Distributions
A. Fees Per $1,000 Initial Receivables
i. Indenture Trustee $0.00000 $0.00
ii. Owner Trustee 0.00000 0.00
iii.Custodian 0.00000 0.00
iv. Senior Servicing Fee 1.15638 345,127.33
v. Subordinated Servicing Fee 1.15638 345,127.33
vi. Insurance Premium 0.00000 0.00
---------------
TOTAL FEES $690,254.66
B. Noteholders'Interest Per $1,000 Original Principal Amount Total
i. Class A-1 Monthly Interest Distributable Amount $4.47770 $985,094.13
ii. Class A-1 Interest Carryover Shortfall 0.00000 0.00
iii.Class A-1 Interest Distributable Amount 4.47770 985,094.13
iv. Class A-2 Monthly Interest Distributable Amount 5.04167 404,089.58
v. Class A-2 Interest Carryover Shortfall 0.00000 0.00
vi. Class A-2 Interest Distributable Amount 5.04167 404,089.58
---------------
TOTAL NOTEHOLDERS' INTEREST DISTRIBUTIONS $1,389,183.71
C. Noteholders'Principal Per $1,000 Original Principal Amount Total
i. Class A-1 Monthly Principal Distributable Amount $43.17067 $9,497,547.30
ii. Class A-1 Principal Carryover Shortfall 0.00000 0.00
iii.Class A-1 Principal Distributable Amount 43.17067 9,497,547.30
iv. Class A-2 Monthly Principal Distributable Amount 0.00000 0.00
v. Class A-2 Principal Carryover Shortfall 0.00000 0.00
vi. Class A-2 Principal Distributable Amount 0.00000 0.00
---------------
TOTAL NOTEHOLDERS' PRINCIPAL DISTRIBUTIONS $9,497,547.30
D. Certificateholders' Allocations
i. Excess Interest, Fees and Other Collections $2,396,062.76
ii. Principal 1,412,575.13
---------------
TOTAL CERTIFICATEHOLDERS' DISTRIBUTIONS $3,808,637.89
===============
TOTAL DISTRIBUTIONS $15,385,623.56
===============
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Page 6 of 7
<PAGE>
Hyundai Auto Receivables Trust 1998-A
$220,000,000 5.90% Asset Backed Notes, Class A-1
$80,150,000 6.05% Asset Backed Notes, Class A-2
Exhibit 99.1: Monthly Report
For the Distribution Date: July 15, 1998
III. Pool Balances and Portfolio Information
A. Balances and Principal Factors BOP EOP
---------------- ---------------
i. Total Pool Balance $322,423,134.66 $311,513,012.23
ii. Class A-1 Principal Balance 200,358,127.15 190,860,579.85
iii.Class A-2 Principal Balance 80,150,000.00 80,150,000.00
iv. Certificate Principal Balance 41,915,007.51 40,502,432.38
v. Total Pool Factor 95.89% 90.29%
vi. Class A-1 Factor 94.39% 86.75%
vii.Class A-2 Factor 100.00% 100.00%
viiiCertificate Factor 95.89% 90.31%
ix. Over-Collateralization Amount 41,915,007.51 40,502,432.38
x. Over-Collateralization Percentage 13.00% 13.00%
xi. Pool Weighted Average Coupon 14.99% 15.02%
xii.Pool Weighted Average Remaining Term 42.91 42.23
xiiiRemaining Number of Contracts 31,334 30,743
xiv.Contracts Matured/Liquidated 478 591
B. Reserve Account
i. BOP Reserve Account Required Amount $16,566,111.75
ii. BOP Reserve Account Balance 16,566,111.75
iii.Draws from the Reserve Account 0.00
iv. Reserve Account Release 563,421.50
v. EOP Reserve Account Required Amount 16,002,690.25
vi. EOP Reserve Account Balance 16,002,690.25
C. Net Loss Activity Contracts Amount
---------------- ---------------
i. BOP Cumulative Losses 53 $301,864.53
ii. Liquidation Proceeds from Actual Charge-Offs 25 74,025.58
iii.Liquidation Proceeds from Delinquencies 108 1,169,759.60
iv. Liquidation Proceeds from Actual Repossession 31 326,719.44
v. Cram Down Losses 0 0.00
vi. Monthly Gross Liquidation Proceeds 164 1,570,504.62
vii.Recoveries - - 6,509.23
viiiMonthly Net Liquidation Losses 164 1,563,995.39
ix. EOP Cumulative Losses 217 1,865,859.92
x. Total Contracts Extended 414 2,940,953.24
xi. Vehicles in Repossession 102 1,202,519.07
D. Delinquencies Contracts Amount
---------------- ---------------
i. 30-59 Days Delinquent 1564 $16,102,985.32
ii. 60-89 Days Delinquent 469 5,045,413.30
iii.90-119 Days Delinquent 223 2,445,444.99
iv. 30 Days and Greater 2256 23,593,843.61
E. Performance Ratios Contracts Amount
---------------- ---------------
i. 30 Days and Greater Delinquencies 7.24% 8.72%
ii. Annualized Net Losses 2.82% 2.80%
iii.Cumulative Net Losses 0.67% 0.63%
IV. Pre-Funding
A. Pre-Funding Account
i. BOP Pre-Funding Account Balance $46,545,439.07
ii. Take-down from the Pre-Funding Account 46,545,439.07
===============
iii.EOP Pre-Funding Account Balance $0.00
===============
B. Capitalized Interest Account
i. BOP Capitalized Interest Account Balance $116,421.78
ii. Capitalized Interest Distribution Amount 116,421.78
===============
iii.EOP Capitalized Interest Account Balance $0.00
===============
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Page 7 of 7
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