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
(November 1, 1998)
FRANKLIN RECEIVABLES LLC
(Exact name of registrant as specified in its charter)
.... DELAWARE ................. 333-56869....... 94-3301790
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
47 WEST 200 SOUTH, SUITE 500, SALT LAKE CITY, UTAH ........ 84101...
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code..(801) 238-6700
-------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
The Monthly Servicing Report relating to the Franklin Auto Trust 1998-1 for
the Collection Period ended November 30, 1998 is attached hereto as Exhibit 19
and is incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c)Exhibits
Exhibit 19 - Franklin Auto Trust 1998-1 Monthly Servicing Report for the
Collection Period ending November 30, 1998.
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 on the date indicated.
FRANKLIN RECEIVABLES LLC
(Registrant)
By: Franklin Capital Corp.
Date: December 17, 1998 /s/ Jennifer J. Bolt
JENNIFER J. BOLT
President
Exhibits
Exhibit 19 - Franklin Auto Trust 1998-1 Monthly Servicing Report for
the Collection Period ending November 30, 1998.
Franklin Auto Trust 1998-1
Monthly Servicing Report
Collection Period: November 1998
Distribution Date: December 15,1998
Number of Days in Distribution Period: 30
<TABLE>
<CAPTION>
Section I. Original Deal Parameters
A. Original Portfolio
Number of Principal Coupon Original Remaining Seasoning
Contracts Balance (WAC) Term Term
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Prime 7,160 78,430,885.03 9.68% 62.45 45.10 17.36
ii. Non-Prime 5,194 45,967,290.63 13.83% 63.18 39.53 23.65
iii. Sub-Prime 924 6,996,314.98 18.77% 58.47 39.66 18.81
iv. Total Portfolio 13,278 131,394,490.64 11.62% 62.49 42.86 19.63
</TABLE>
B. Bonds Issued
Original Legal
Principal Final
Balance Coupon Maturity CUSIP
----------------------------------------------------
ii. Class A-1 Notes 109,000,000.00 5.50% 1/15/02 35242RAA2
ii. Class A-2 Notes 22,394,000.00 5.65% 1/15/06 35242RAB0
C. Spread Account
i. Initial Cash Deposit 1,313,945.00
ii. Spread Account Floor Amount 2,627,890.00
iii.Specified Spread Account Amount 6% of Outstanding Pool Balance
iv. Maximum Spread Account Amount 12% of Outstanding Pool Balance
v. Initial Payment Provider Commitment 6,569,725.00
Section II. Deal Status as of Previous
Distribution Date
Collection Period: September 1998
Distribution Date:
<TABLE>
<CAPTION>
A. Portfolio
Principal Weighted Average
----------------------------------------------
Number of Principal Coupon (WAC) Original Term Remaining Seasoning
Contracts Balance Term
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Prime Loans 6,926 72,520,095.98 9.69% 62.55 43.63 18.91
ii. Non-Prime Loans 5,000 42,056,335.72 13.90% 63.22 38.34 24.88
iii.Sub-Prime Loans 892 6,428,412.30 18.85% 58.57 38.47 20.10
iv. Total Loans 12,818 121,004,844.00 11.64% 62.57 41.52 21.05
</TABLE>
B. Bonds Outstanding
Unpaid
Principal Interest
Balance Shortfall
Amount
------------------------------------
i. Class A-1 Notes 98,610,844.00 0.00
ii. Class A-2 Notes 22,394,000.00 0.00
C. Spread Account
2,361,940.84
i. Spread Account Cash Balance 4,898,349.80
ii. Payment Provider Commitment
D. Shortfall Amounts
i Base Servicing Fee Shortfall 0.00
ii. Surety Fee Shortfall 0.00
iii.Unreimbursed Surety Draws 0.00
iv. Unreimbursed Insurer Optional Deposit 0.00
v. Excess Servicing Fee Shortfall 0.00
Section II. Deal Status as of Previous
Distribution Date
<TABLE>
<CAPTION>
E. Delinquencies in Period Charge
Principal Balance 30-59 60-89 90-119 120+ Repo in Offs
Days Days Days Days Inventory in Period
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Prime 175,293.82 17,586.65 0.00 0.00 18,962.67 13,987.31
ii Non-Prime 598,406.38 91,256.92 8,129.68 0.00 80,003.40 0.00
iii.Sub-Prime 97,539.12 41,501.49 0.00 0.00 25,906.80 0.00
iv. Total Portfolio 871,239.32 150,345.06 8,129.68 0.00 124,872.87 13,987.31
Number of Contracts Charge
30-59 60-89 90-119 120+ Repo in Offs
Days Days Days Days Inventory in Period
-------------------------------------------------------------------------------------
i. Prime 19 2 0 0 3 1
ii. Non-Prime 73 10 1 0 9 0
iii.Sub-Prime 17 6 0 0 4 0
iv. Total Portfolio 109 18 1 0 16 1
Principal Balance as a % of Previous Balance 30-59 60-89 90-119 120+ Repo in Offs
Days Days Days Days Inventory in Period
-------------------------------------------------------------------------------------
i. Prime 0.24% 0.02% 0.00% 0.00% 0.03% 0.02%
ii. Non-Prime 1.42% 0.22% 0.02% 0.00% 0.19% 0.00%
iii.Sub-Prime 1.52% 0.65% 0.00% 0.00% 0.40% 0.00%
iv. Total Portfolio 0.72% 0.12% 0.01% 0.00% 0.10% 0.01%
Number of Contracts as a % of Previous Balance 30-59 60-89 90-119 120+ Repo in Offs
Days Days Days Days Inventory in Period
-------------------------------------------------------------------------------------
i. Prime 0.27% 0.03% 0.00% 0.00% 0.04% 0.01%
ii. Non-Prime 1.46% 0.20% 0.02% 0.00% 0.18% 0.00%
iii.Sub-Prime 1.91% 0.67% 0.00% 0.00% 0.45% 0.00%
iv. Total Portfolio 0.85% 0.14% 0.01% 0.00% 0.12% 0.01%
Section III. Collection Period Activity and
Current Status
A. Portfolio
Principal Weighted Average
Number of Principal Coupon (WAC) Original Term Remaining Seasoning
Contracts Balance Term
-------------------------------------------------------------------------------------
i. Prime 6,779 69,528,304.90 9.69% 62.61 42.99 19.62
ii. Non-Prime 4,906 40,295,749.39 13.94% 63.23 37.81 25.42
iii.Sub-Prime 876 6,144,889.67 18.84% 58.61 37.95 20.66
iv. Total Portfolio 12,561 115,968,943.96 11.65% 62.61 40.92 21.69
B. Delinquencies in Period
Principal Balance 30-59 60-89 90-119 120+ Repo in Offs
Days Days Days Days Inventory in Period
-------------------------------------------------------------------------------------
i. Prime 179,134.97 88,711.54 17,586.65 0.00 97,140.65 21,852.36
ii. Non-Prime 653,303.74 223,929.49 67,064.06 0.00 156,967.13 43,257.68
iii.Sub-Prime 67,096.77 46,603.97 19,982.45 0.00 11,818.62 41,200.19
iv. Total Portfolio 899,535.48 359,245.00 104,633.16 0.00 265,926.40 106,310.23
Number of Contracts 30-59 60-89 90-119 120+ Repo in Offs
Days Days Days Days Inventory in Period
-------------------------------------------------------------------------------------
i. Prime 20 7 2 0 6 3
ii. Non-Prime 87 23 7 0 16 5
iii.Sub-Prime 13 6 2 0 2 7
iv. Total Portfolio 120 36 11 0 24 15
Principal Balance as a % of Current Balance 30-59 60-89 90-119 120+ Repo in Offs
Days Days Days Days Inventory in Period
-------------------------------------------------------------------------------------
i. Prime 0.26% 0.13% 0.03% 0.00% 0.14% 0.03%
ii. Non-Prime 1.62% 0.56% 0.17% 0.00% 0.39% 0.11%
iii.Sub-Prime 1.09% 0.76% 0.33% 0.00% 0.19% 0.67%
iv. Total Portfolio 0.78% 0.31% 0.09% 0.00% 0.23% 0.09%
Number of Contracts as a % of Current 30-59 60-89 90-119 120+ Repo in Offs
Balance Days Days Days Days Inventory in Period
-------------------------------------------------------------------------------------
i. Prime 0.30% 0.10% 0.03% 0.00% 0.09% 0.04%
ii. Non-Prime 1.77% 0.47% 0.14% 0.00% 0.33% 0.10%
iii.Sub-Prime 1.48% 0.68% 0.23% 0.00% 0.23% 0.80%
iv. Total Portfolio 0.96% 0.29% 0.09% 0.00% 0.19% 0.12%
</TABLE>
Section III. Collection Period Activity and
Current Status
C. Collections
i. Simple Interest Contracts
a. Interest Collections 639,717.08
b. Principal Collections 2,754,031.14
ii. Rule of 78's Contracts
a. Interest Collections 451,438.28
b. Principal Collections 2,175,558.67
iii. Less Pay Off Differential 58,111.17
iv Net Liquidation Proceeds 0.00
v. Post Disposition Recoveries 0.00
vi. Rebates of Capitalized Insurance Premiums
vii. Repurchase Amounts
a. Interest 0.00
b. Principal 0.00
D. Payaheads
i Beginning Payahead Account Balance 331,732.35
ii. Deposit to Payahead Account
a. Principal & Interest Collections 72,119.82
iii. Withdrawal from Payahead Account
a. Principal & Interest Collections 100,492.87
iv. Net Change in Payahead Account
a. Principal & Interest Collections -28,373.05
v. Ending Payahead Account Balance 303,359.30
E. Total Available
i. Total Interest Collections 1,091,155.36
ii. Total Principal Collections 4,987,700.98
iii. Collected Funds 6,078,856.34
F. Month End Pool Balance
i. Beginning Pool Balance 121,004,844.00
ii. Principal Collections 4,987,700.98
iii. Realized and Cram-Down Losses 48,199.06
iv. Month End Pool Balance 115,968,943.96
Section IV. Distribution Calculations
A. Servicing Fee
i. Servicing Fee Rate
a. Prime Receivable @ 1.00% 60,433.41
b. Non-prime Receivables @ 1.50% 52,570.42
c. Sub-prime Receivables @ 2.00% 10,714.02
d. Total Servicing Fee 123,717.85
e. Total Receivables @ 1.25% 126,046.71
ii. Base Servicing Fee (less of id. and ie.) 123,717.85
iii. Previous Servicing Fee Shortfall 0.00
iv. Excess Servicing Fee 0.00
v. Previous Excess Servicing Fee Shortfall 0.00
vi. Total Excess Servicing Fee 0.00
vii. Supplemental Servicing Fee 58,408.72
viii.Supplemental Servicing Fee Shortfall 0.00
ix. Total Supplemental Servicing Fee 58,408.72
B. Surety Fee
i. Surety Fee Rate .15%
ii. Base Surety Fee 15,125.61
iii. Previous Surety Fee Shortfall 0.00
iv. Total Surety Fee Due 15,125.61
<TABLE>
<CAPTION>
C. Bond Interest
Bond Number of Days Current Previous Accrued Total Bond
Interest in Interest Interest Interest on Interest Due
Rate Period Shortfall Interest
Shortfall
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Class A-1 Notes 5.50% 30 451,966.37 0.00 0.00 451,966.37
ii. Class A-2 Notes 5.65% 30 105,438.42 0.00 0.00 105,438.42
iii. Total 5.58% 30 557,404.79 0.00 0.00 557,404.79
</TABLE>
D. Bond Principal
i. Beginning Note Balance 121,004,844.00
ii. Current Pool Balance 115,968,943.96
iii. Principal Distributable Amount 5,035,900.04
E. Total Required Distributions 696,248.25
F. Total Available Funds 6,078,856.34
G. Required Distribution Shortfall 0.00
H. Cash Available in Spread Account 2,361,940.84
I. Reserve Account Draw 0.00
J. Payment Provider Commitment 4,898,349.80
K. Payment Provider Required Payment Amount 0.00
L. Surety Draw 0.00
M. Insurer Optional Deposit 0.00
N. Total Cash Available for Distributions 6,078,856.34
Section V. Waterfall for Distributions
A. Total Available Funds 6,078,856.34
<TABLE>
<CAPTION>
Amount Amount Shortfall Remaining
Due Paid Amount
Available
for Distribution
-----------------------------------------------------------------------
<S> <C> <C> <C>
B. Servicing Fee 123,717.85 123,717.85 0.00 5,955,138.49
C. Surety Fee 15,125.61 15,125.61 0.00 5,940,012.88
D. Note Interest 557,404.79 557,404.79 0.00 5,382,608.10
E. Principal Distributable Amount 5,035,900.04 5,035,900.04 0.00 346,708.06
F. Interest on Unreimbursed Surety Draws 0.00 0.00 0.00 346,708.06
G. Reimbursement of Previous Surety Draws
and Insurer Optional Deposits 0.00 0.00 0.00 346,708.06
H. Reserve Deposit 265,949.16 265,949.16 0.00 80,758.89
I. Excess Servicing Fee 0.00 0.00 0.00 80,758.89
J. Supplemental Servicing Fee
K. Deposit to Certificate Distribution
Account 80,758.89 80,758.89 0.00 $0.00
</TABLE>
<TABLE>
<CAPTION>
Section VI. Bond Reconciliation
Beginning Principal Paid Ending Interest Due Interest Paid Interest
Balance Balance Shortfall
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A. Class A-1 Notes 98,610,844.00 5,035,900.04 93,574,943.96 451,966.37 451,966.37 0.00
B. Class A-2 Notes 22,394,000.00 0.00 22,394,000.00 105,438.42 105,438.42 0.00
C. Total 121,004,844.00 5,035,900.04 115,968,943.96 557,404.79 557,404.79 0.00
</TABLE>
Section VI. Spread Account Reconciliation
A. Net Yield Calculations
i. Current Month 3.67%
ii. Previous Month 5.11%
iii. Second Previous Month 4.36%
iv. Three-Month Average 4.39%
v. Previous Three Month Average 0.00%
vi. Second Previous Three Month Average 0.00%
B. Has Net Yield Trigger Event Occurred and
Is It Continuing? NO
C. Has Spread Account Deposit Event Occurred
(clauses (i) through (iv) or (iv))? NO
D. Has Spread Account Deposit Event Occurred
(clause (v))? NO
E. Cash Required to be on Deposit in Spread
Account 2,627,890.00
F. Combined Spread Account and Payment
Provider Commitment Required 6,958,136.64
<TABLE>
<CAPTION>
D. Allocations, Deposits and Reductions of the Spread
Account and the Payment Provider Commitment
Amount Cash on Payment
Deposit in Provider
Spread Account Commitment
------------------------------------------------------
<S> <C> <C>
i. Beginning Balance 0.00 2,361,940.84 4,898,349.80
ii. Deposit of Payment Provider Commitment into Spread Account upon
Spread Account Deposit Event (i-iv or vi) 0.00 2,361,940.84 4,898,349.80
iii. Deposit of Payment Provider Commitment into Spread Account upon
Spread Account Deposit Event (v) 0.00 2,361,940.84 4,898,349.80
iv. Deposit to Spread Account from Waterfall 265,949.16 2,627,890.00 4,898,349.80
v. Deposit to Spread Account from Supplemental Servicing Fee 0.00 2,627,890.00 4,898,349.80
vi. Deposit to Spread Account from Excess Servicing Fee 0.00 2,627,890.00 4,898,349.80
vii. Release from Spread Account when Net Yield Trigger Event Has Not
Occurred or Has Been Deemed Cured 0.00 2,627,890.00 4,898,349.80
viii. Release from Spread Account when Net Yield Trigger Event Has 0.00
Occurred and Has Not Been Deemed Cured 0.00 2,627,890.00 4,898,349.80
ix. Reduction of Payment Provider Commitment when Net Yield Trigger Event
Not Occurred or Deemed Cured 568,103.17 2,627,890.00 4,330,246.64
x. Withdrawal from Spread Account and/or Payment Provider Commitment for
Insurer Optional Deposit 0.00 2,627,890.00 4,330,246.64
xi Reduction of Payment Provider Commitment when Net Yield Trigger Event
Has Occurred and Not Deemed Cured 0.00 2,627,890.00 4,330,246.64
</TABLE>
Section VII. Surety Bond Reconciliation
A. Previously Unreimbursed Surety Bond Draws 0.00
B. Interest Rate on Outstanding Draws (PRIME + 1% 8.75%
C. Current Interest Accrued on Previously
Outstanding Draws 0.00
D. Interest Paid on Unreimbursed Surety Draws 0.00
E. New Surety Bond Draws 0.00
F. Reimbursement of Previous Surety Draws 0.00
G. Unreimbursed Surety Draws 0.00
H. Previous Unreimbursed Insurer Optional
Deposits 0.00
I. New Insurer Optional Deposit 0.00
J. Reimbursement of Previous Insurer
Optional Deposits 0.00
K. Unreimbursed Insurer Optional Deposits 0.00
Section VIII. Historical Portfolio Performance
Previous Current
Period Current Period
Cumulative Period Prepayment
Charge Offs Charge-Offs Speed
--------------------------------------------------
i. Prime 13,987.31 21,852.36 1.5572%
ii. Non-Prime 0.00 43,257.68 1.3983%
iii.Sub-Prime 0.00 41,200.19 1.6845%
iv. Total Portfolio 13,987.31 106,310.23 1.5551%
/s/ Harold E. Miller /s/ Ronald L. Burrows
- -------------------------- -----------------------
Harold E. Miller, Jr. Ronald L. Burrows
Executive V.P., C.O.O Vice President
