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): March 15, 1999
(February 28, 1999)
FRANKLIN RECEIVABLES LLC
(FRANKLIN AUTO TRUST 1998-1)
(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 February 28, 1999 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 February 28, 1999
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: March 18, 1999 /s/ Jennifer J. Bolt
JENNIFER J. BOLT
President
Exhibits
Exhibit 19 - Franklin Auto Trust 1998-1 Monthly Servicing Report for the
Collection Period ending February 28, 1999.
Franklin Auto Trust 1998-1
Monthly Servicing Report
Collection Period: February 1999
Distribution Date: March 15, 1999
Number of Days in Distribution Period: 30
<TABLE>
<CAPTION>
Section I. Original Deal Parameters
A. Original Portfolio Principle Weighted Average
Number of Principal Coupon Original Term Remaining Term Seasoning
Contracts Balance (WAC) (Months) (Months) (Months)
-------------------------------------------------------------------------------------------
<S> <C> <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
Principal Legal 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
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous
Distribution Date
A. Portfolio Principle Weighted Average
Number of Principal Coupon Original Term Remaining Term Seasoning
Contracts Balance (WAC) (Months) (Months) (Months)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime Loans 6,520 64,113,807.91 9.70% 62.72 41.75 20.98
ii. Non-Prime Loans 4,705 36,925,567.46 14.02% 63.28 36.88 26.41
iii. Sub-Prime Loans 849 5,653,923.34 18.91% 58.68 37.02 21.66
iv. Total Loans 12,074 106,693,298.71 11.68% 62.70 39.81 22.89
</TABLE>
B. Bonds Outstanding
Principal Unpaid Interest
Balance Shortfall Amount
---------------------------------
i. Class A-1 Notes 84,299,298.71 0.00
ii. Class A-2 Notes 22,394,000.00 0.00
C. Spread Account
i. Spread Account Cash Balance 2,627,890.00
ii. Payment Provider Commitment 3,773,707.92
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
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous
Distribution Date
E. Delinquencies in Period
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance
<S> <C> <C> <C> <C> <C> <C>
i. Prime 271,354.68 72,371.70 19,596.33 40,289.67 78,380.81 24,167.57
ii. Non-Prime 815,939.23 123,192.01 96,225.58 45,138.48 124,288.54 108,307.59
iii. Sub-Prime 128,723.98 30,268.10 20,979.93 54,982.04 77,843.38 23,620.41
iv. Total Portfolio 1,216,017.89 225,831.81 136,801.84 140,410.19 280,512.73 156,095.57
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts
i. Prime 36 8 2 3 6 2
ii. Non-Prime 121 19 11 4 15 11
iii. Sub-Prime 23 6 3 6 11 3
iv. Total Portfolio 180 33 16 13 32 16
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance as a
% of End-of-Month Balance
i. Prime 0.42% 0.11% 0.03% 0.06% 0.12% 0.04%
ii. Non-Prime 2.21% 0.33% 0.26% 0.12% 0.34% 0.29%
iii. Sub-Prime 2.28% 0.54% 0.37% 0.97% 1.38% 0.42%
iv. Total Portfolio 1.14% 0.21% 0.13% 0.13% 0.26% 0.15%
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts as a
% of Previous Number
i. Prime 0.55% 0.12% 0.03% 0.05% 0.09% 0.03%
ii. Non-Prime 2.57% 0.40% 0.23% 0.09% 0.32% 0.23%
iii. Sub-Prime 2.71% 0.71% 0.35% 0.71% 1.30% 0.35%
iv. Total Portfolio 1.49% 0.27% 0.13% 0.11% 0.27% 0.13%
</TABLE>
<TABLE>
<CAPTION>
Section III. Collection Period Activity and
Current Status
A. Portfolio Principle Weighted Average
Number of Principal Coupon Original Term Remaining Term Seasoning
Contracts Balance (WAC) (Months) (Months) (Months)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime 6,373 61,390,915.80 9.70% 62.76 41.04 21.72
ii. Non-Prime 4,597 35,165,475.99 14.06% 63.35 36.40 26.95
iii. Sub-Prime 823 5,354,143.22 18.98% 58.71 36.57 22.14
iv. Total Portfolio 11,793 101,910,535.01 11.69% 62.75 39.20 23.55
</TABLE>
<TABLE>
<CAPTION>
B. Delinquencies in Period
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance
<S> <C> <C> <C> <C> <C> <C>
i. Prime 86,940.96 62,529.02 30,702.82 15,634.81 19,917.91 66,804.51
ii. Non-Prime 603,163.93 131,591.50 96,766.67 45,948.47 133,052.55 86,344.37
iii. Sub-Prime 71,189.31 27,825.13 18,106.63 40,674.19 70,554.82 41,674.72
iv. Total Portfolio 761,294.20 221,945.65 145,576.12 102,257.47 223,525.28 194,823.60
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts
i. Prime 15 5 3 2 2 5
ii. Non-Prime 95 18 11 5 16 11
iii. Sub-Prime 14 4 3 5 10 5
iv. Total Portfolio 124 27 17 12 28 21
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance as a
% of Current Number
i. Prime 0.14% 0.10% 0.05% 0.03% 0.03% 0.11%
ii. Non-Prime 1.72% 0.37% 0.28% 0.13% 0.38% 0.25%
iii. Sub-Prime 1.33% 0.52% 0.34% 0.76% 1.32% 0.78%
iv. Total Portfolio 0.75% 0.22% 0.14% 0.10% 0.22% 0.19%
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts as a
% of Current Balance
i. Prime 0.24% 0.08% 0.05% 0.03% 0.03% 0.08%
ii. Non-Prime 2.07% 0.39% 0.24% 0.11% 0.35% 0.24%
iii. Sub-Prime 1.70% 0.49% 0.36% 0.61% 1.22% 0.61%
iv. Total Portfolio 1.05% 0.23% 0.14% 0.10% 0.24% 0.18%
</TABLE>
Section III. Collection Period Activity and
Current Status
C. Collections
i. Simple Interest Contracts
a. Interest Collections 661,088.57
b. Principal Collections 2,483,786.17
ii. Rule of 78's Contracts
a. Interest Collections 404,639.91
b. Principal Collections 2,104,153.93
iii. Net Liquidation Proceeds 100,858.05
iv. Post Disposition Recoveries 2,769.40
v. Rebates of Capitalized Insurance Premiums 0.00
vi. Repurchase Amounts
a. Interest 1.83
b. Principal 217.48
D. Payaheads
i Beginning Payahead Account Balance 317,324.50
ii. Deposit to Payahead Account
a. Principal & Interest Collections 84,924.50
iii. Withdrawal from Payahead Account
a. Principal & Interest Collections 82,287.59
iv. Net Change in Payahead Account
a. Principal & Interest Collections 2,637.11
v. Ending Payahead Account Balance 319,961.61
E. Total Available
i. Total Interest Collections 1,065,728.48
ii. Total Principal Collections 4,688,798.15
iii. Collected Funds 5,754,526.63
F. Month End Pool Balance
i. Beginning Pool Balance 106,693,298.71
ii. Principal Collections 4,688,798.15
iii. Realized and Cram-Down Losses 93,965.55
iv. Month End Pool Balance 101,910,535.01
Section IV. Distribution Calculations
A. Servicing Fee
i. Servicing Fee Rate
a. Prime Receivable @ 1.00% 53,428.17
b. Non-prime Receivables @ 1.50% 46,156.96
c. Sub-prime Receivables @ 2.00% 9,423.21
d. Total Servicing Fee 109,008.34
e. Total Receivables @ 1.25% 111,138.85
ii. Base Servicing Fee (less of id. and ie.) 109,008.34
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 61,923.26
viii.Supplemental Servicing Fee Shortfall 0.00
ix. Total Supplemental Servicing Fee 61,923.26
B. Surety Fee
i Surety Fee Rate 0.15%
ii. Base Surety Fee 13,336.66
iii. Previous Surety Fee Shortfall 0.00
iv. Total Surety Fee Due 13,336.66
<TABLE>
<CAPTION>
C. Bond Interest
Accrued
Bond Previous Interest on
Interest Number of Days Current Interest Interest Total Bond
Rate in Period Interest Shortfall Shortfall Interest Due
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Class A-1 Notes 5.50% 30 386,371.79 0.00 0.00 386,371.79
ii. Class A-2 Notes 5.65% 30 105,438.42 0.00 0.00 105,438.42
iii. Total 5.58% 30 491,810.20 0.00 0.00 491,810.20
</TABLE>
Section IV. Distribution Calculations
D. Bond Principal
i. Beginning Note Balance 106,693,298.71
ii. Current Pool Balance 101,910,535.01
iii. Principal Distributable Amount 4,782,763.70
E. Total Required Distributions 614,155.21
F. Total Available Funds 5,757,515.34
G. Required Distribution Shortfall 0.00
H. Cash Available in Spread Account 2,627,890.00
I. Reserve Account Draw 0.00
J. Payment Provider Commitment 3,773,707.92
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 5,757,515.34
Section V. Waterfall for Distributions
A. Total Available Funds 5,757,515.34
<TABLE>
<CAPTION>
Remaining
Amount Amount Amount
Due Paid Shortfall Available for
Distribution
----------------------------------------------------------------
<S> <C> <C> <C> <C>
B. Servicing Fee 109,008.34 109,008.34 0.00 5,648,507.00
C. Surety Fee 13,336.66 13,336.66 0.00 5,635,170.34
D. Note Interest 491,810.20 491,810.20 0.00 5,143,360.14
E. Principal Distributable Amount 4,782,763.70 4,782,763.70 0.00 360,596.44
F. Interest on Unreimbursed Surety Draws 0.00 0.00 0.00 360,596.44
G. Reimbursement of Previous Surety Draws
and Insurer Optional Deposits 0.00 0.00 0.00 360,596.44
H. Reserve Deposit 0.00 0.00 0.00 360,596.44
I. Payment of Excess Servicing Fee 0.00 0.00 0.00 360,596.44
J. Deposit to Certificate Distribution Account 360,596.44 360,596.44 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Section VI. Bond Reconciliation
Beginning Principal Ending Interest Interest Interest
Balance Paid Balance Due Paid Shortfall
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A. Class A-1 Notes 84,299,298.71 4,782,763.70 79,516,535.01 386,371.79 386,371.79 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 106,693,298.71 4,782,763.70 101,910,535.01 491,810.20 491,810.20 0.00
</TABLE>
Section VII. Spread Account Reconciliation
A. Net Yield Calculations
i. Current Month 4.17%
ii. Previous Month 4.73%
iii. Second Previous Month 1.39%
iv. Three-Month Average 3.39%
v. Previous Three Month Average 3.22%
vi. Second Previous Three Month Average 3.37%
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 6,114,632.10
<TABLE>
<CAPTION>
D. Allocations, Deposits and Reductions of the Spread Cash on Payment
Account and the Payment Provider Commitment Deposit in Provider
Amount Due Amount Paid Spread Account Commitment
------------------------------------------------------------------
<S> <C> <C> <C> <C>
i. Beginning Balance 0.00 0.00 2,627,890.00 3,773,707.92
ii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (i-iv or vi) 0.00 0.00 2,627,890.00 3,773,707.92
iii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (v) 0.00 0.00 2,627,890.00 3,773,707.92
iv. Deposit to Spread Account from Waterfall 0.00 0.00 2,627,890.00 3,773,707.92
v. Deposit to Spread Account from Supplemental Servicing Fee 0.00 0.00 2,627,890.00 3,773,707.92
vi. Deposit to Spread Account from Excess Servicing Fee 0.00 0.00 2,627,890.00 3,773,707.92
vii. Release from Spread Account when Net Yield Trigger
Event Has Not Occurred or Has Been Deemed Cured 0.00 0.00 2,627,890.00 3,773,707.92
viii.Release from Spread Account when Net Yield Trigger
Event Has Occurred and Has Not Been Deemed Cured 0.00 0.00 2,627,890.00 3,773,707.92
ix. Reduction of Payment Provider Commitment when Net Yield
Trigger Event Not Occurred or Deemed Cured 0.00 286,965.82 2,627,890.00 3,486,742.10
x. Withdrawal from Spread Account and/or Payment Provider
Commitment for Insurer Optional Deposit 0.00 0.00 2,627,890.00 3,486,742.10
xi. Reduction of Payment Provider Commitment when Net Yield
Trigger Event Has Occurred and Not Deemed Cured 0.00 0.00 2,627,890.00 3,486,742.10
</TABLE>
Section VIII. 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
<TABLE>
<CAPTION>
Section IX. Historical Portfolio Performance
Previous Previous Current
Period Current Period Period Current Period
Cumulative Charge-Offs Cumulative Period Losses Prepayment
Charge Offs Losses Speed
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Prime 118,210.40 66,804.51 53,560.41 35,601.08 1.5016%
ii. Non-Prime 355,367.77 86,344.37 228,445.45 33,697.87 1.5307%
iii. Sub-Prime 84,803.05 41,674.72 52,860.87 21,897.20 1.9167%
iv. Total Portfolio 558,381.22 194,823.60 334,866.73 91,196.15 1.6437%
</TABLE>
- --------------------------- -------------------------------------
Harold E. Miller, Jr. Ronald L. Burrows
Executive V.P., C.O.O Vice President
