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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) : May 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 May 28, 1998, Hyundai Motor Finance Company (seller and
servicer) distributed the Monthly Securityholders' Statement for the May 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 May 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: May 28, 1998 By: /s/ Ted Yarbrough
Ted Yarbrough
Vice President
Page 3 of 7
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Securityholders' Statement for 5
the May 15, 1998, Distribution Date
Page 4 of 7
<PAGE>
Exhibit 99.1
Monthly Securityholders' Statement on May 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: May 15, 1998
I. Funds Available for Distribution
A. Collections on Receivables
i. Principal Payments $14,060,403.50
ii. Purchased Receivables 0.00
iii.Cram Down Losses 0.00
iv. Principal Balance of Liquidated Receivables 123,179.50
v. Withdrawal from Pre-Funding Account 0.00
vi. Liquidation Proceeds 1,626.33
---------------
TOTAL PRINCIPAL COLLECTIONS $14,185,209.33
vii.Interest Payments $5,118,695.89
viiiInterest on Purchased Receivables 0.00
---------------
TOTAL INTEREST COLLECTIONS $5,118,695.89
ix. Late Fees, Extension Fees and Other Fees $12,707.81
x. Late Fees, Extension Fees and Other Fees on Purchased Receivables 0.00
---------------
xi. TOTAL FEE COLLECTIONS $12,707.81
---------------
xii.TOTAL COLLECTIONS $19,316,613.03
---------------
B. Other Sources
i. Reserve Account Release $845,952.81
ii. Draw on Insurance Policy 0.00
iii.Withdrawal from Yield Maintenance Account 0.00
iv. Withdrawal from Capitalized Interest Account 162,369.85
v. Reinvestment Income on Trust Accounts 0.00
---------------
TOTAL OTHER SOURCES $1,008,322.66
===============
TOTAL FUNDS AVAILABLE FOR DISTRIBUTION $20,324,935.69
===============
II. Distributions
A. Fees Per $1,000
i. Indenture Trustee $0.00 $0.00
ii. Owner Trustee 0.00 0.00
iii.Custodian 0.00 0.00
iv. Senior Servicing Fee 373.07 373,068.20
v. Subordinated Servicing Fee 373.07 373,068.20
vi. Insurance Premium 0.00 0.00
---------------
TOTAL FEES $746,136.40
B. Noteholders' Interest Per $1,000 Total
i. Class A-1 Monthly Interest Distributable Amount $1,081.67 $1,081,666.67
ii. Class A-1 Interest Carryover Shortfall 0.00 0.00
iii.Class A-1 Interest Distributable Amount 1,081.67 1,081,666.67
iv. Class A-2 Monthly Interest Distributable Amount 404.09 404,089.58
v. Class A-2 Interest Carryover Shortfall 0.00 0.00
vi. Class A-2 Interest Distributable Amount 404.09 404,089.58
---------------
TOTAL NOTEHOLDERS' INTEREST DISTRIBUTIONS $1,485,756.25
C. Noteholders' Principal Per $1,000 Total
i. Class A-1 Monthly Principal Distributable Amount $12,339.72 $12,339,717.21
ii. Class A-1 Principal Carryover Shortfall 0.00 0.00
iii.Class A-1 Principal Distributable Amount 12,339.72 12,339,717.21
iv. Class A-2 Monthly Principal Distributable Amount 0.00 0.00
v. Class A-2 Principal Carryover Shortfall 0.00 0.00
vi. Class A-2 Principal Distributable Amount 0.00 0.00
---------------
TOTAL NOTEHOLDERS' PRINCIPAL DISTRIBUTIONS $12,339,717.21
D. Certificateholders' Allocations
i. Excess Interest, Fees and Other Collections $3,909,460.04
ii. Principal 1,843,865.79
---------------
TOTAL CERTIFICATEHOLDERS' DISTRIBUTIONS $5,753,325.83
===============
TOTAL DISTRIBUTIONS $20,324,935.69
===============
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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: May 15, 1998
III. Pool Balances and Portfolio Information
A. Balances and Principal Factors BOP EOP
---------------- ---------------
i. Total Pool Balance $345,000,000.00 $330,816,417.00
ii. Class A-1 Principal Balance 220,000,000.00 207,660,282.79
iii.Class A-2 Principal Balance 80,150,000.00 80,150,000.00
iv. Certificate Principal Balance 44,850,000.00 43,006,134.21
v. Total Pool Factor 100.00% 95.89%
vi. Class A-1 Factor 100.00% 94.39%
vii.Class A-2 Factor 100.00% 100.00%
viiiCertificate Factor 100.00% 95.89%
ix. Over-Collateralization Amount 44,850,000.00 43,006,134.21
x. Over-Collateralization Percentage 13.00% 13.00%
xi. Pool Weighted Average Coupon 14.92% 14.97%
xii.Pool Weighted Average Remaining Term 43.72 43.55
xiiiRemaining Number of Contracts 32,558 31,812
xiv.Contracts Matured/Liquidated 0 746
B. Reserve Account
i. BOP Reserve Account Required Amount $17,907,273.66
ii. BOP Reserve Account Balance 17,907,273.66
iii.Draws from the Reserve Account 0.00
iv. Reserve Account Release 845,952.81
v. EOP Reserve Account Required Amount 17,061,320.85
vi. EOP Reserve Account Balance 17,061,320.85
C. Net Loss Activity Contracts Amount
---------------- ---------------
i. BOP Cumulative Losses 0 $0.00
ii. Liquidation Proceeds from Actual Charge-offs 13 38,883.99
iii.Liquidation Proceeds from Delinquencies 5 13,311.61
iv. Liquidation Proceeds from Actual Repossession 6 70,983.90
v. Cram Down Losses 0 0.00
vi. Monthly Gross Liquidation Proceeds 24 123,179.50
vii.Recoveries - - 1,626.33
viiiMonthly Net Losses 24 121,553.17
ix. EOP Cumulative Losses 24 121,553.17
x. Total Contracts Extended 338 NA
xi. Vehicles in Repossession 14 155,732.14
D. Delinquencies Contracts Amount
---------------- ---------------
i. 30-59 Days Delinquent 1162 $12,577,322.06
ii. 60-89 Days Delinquent 233 2,549,913.90
iii.90-119 Days Delinquent 2 29,042.24
iv. 30 Days and Greater 1397 15,156,278.20
E. Performance Ratios
i. 30 Days and Greater Delinquencies 4.39% 5.33%
ii. Annualized Net Losses 0.96% 0.48%
iii.Cumulative Net Losses 0.08% 0.04%
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 0.00
===============
iii.EOP Pre-Funding Account Balance $46,545,439.07
===============
B. Capitalized Interest Account
i. BOP Capitalized Interest Account Balance $349,265.34
ii. Capitalized Interest Distribution Amount 0.00
===============
iii.EOP Capitalized Interest Account Balance $349,265.34
===============
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Page 7 of 7
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