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 July 19, 1999
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I, SERIES 1998-1
(Exact name of registrant as specified in its charter)
HOUSEHOLD FINANCE CORPORATION
(Master Servicer of the Trust)
(Exact name as specified in Master Servicer's charter)
Not
Delaware 333-59837 Applicable
(State or other juris- (Commission File Numbers) (IRS Employer
diction of incorpora- Identification
tion of Master Servicer) Number of
Registrant)
2700 Sanders Road, Prospect Heights, Illinois 60070
(Address of principal executive offices of (Zip Code)
Master Servicer)
Master Servicer's telephone number, including area code847/564-5000
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits
99(a) Monthly Servicer's Certificate to Trustee dated July 19, 1999
pursuant to Section 4.9 of the amended and restated Master
Sale and Servicing Agreement dated as of November 1, 1998 (the
"Sale and Servicing Agreement") among Household Automobile
Revolving Trust I, as Issuer, Household Auto Receivables
Corporation, as Seller, Household Finance Corporation, as
Master Servicer, and The Chase Manhattan Bank, as Trustee,
with respect to the Class A and B Notes, Series 1998-1.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Master Servicer has duly caused this report to be signed on behalf of the
undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Master Servicer of and on behalf of the
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I,
SERIES 1998-1
(Registrant)
By: /s/ P. D. Schwartz
P. D. Schwartz
Authorized Representative
Dated: July 23, 1999
-3-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Master Servicer has duly caused this report to be signed on behalf of the
undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Master Servicer of and on behalf of the
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I,
SERIES 1998-1
(Registrant)
By:
P. D. Schwartz
Authorized Representative
Dated: July 23, 1999
-3-
EXHIBIT INDEX
Exhibit
Number Exhibit
99(a) Monthly Servicer's Certificate to Trustee dated July 19, 1999
pursuant to Section 4.9 of the amended and restated Master Sale and
Servicing Agreement dated as of November 1, 1998 (the "Sale and
Servicing Agreement") among Household Automobile Revolving Trust I,
as Issuer, Household Auto Receivables Corporation, as Seller,
Household Finance Corporation, as Master Servicer, and The Chase
Manhattan Bank, as Trustee, with respect to the Class A and B
Notes, Series 1998-1.
U:\WP\HFS088\8K\AUTO.8K
-4-
MASTER SERVICER'S CERTIFICATE
(Delivered pursuant to Section 4.9
of the Master Sale and Servicing Agreement)
HOUSEHOLD FINANCE CORPORATION,
Master Servicer
HOUSEHOLD AUTO RECEIVABLES CORPORATION
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
Class A, B-1, B-2 and C Notes, Series 1998-1
The undersigned, a duly authorized representative of Household
Finance
Corporation, as Master Servicer (the "Servicer"), pursuant to the
amended and restated
Master Sale and Servicing Agreement, dated as of November 1, 1998,
by and among the
Servicer, Household Automobile Revolving Trust I, as Issuer (the
"Issuer"), Household Auto
Receivables Corporation, as Seller (the "Seller"), The Chase
Manhattan Bank, as Indenture
Trustee (the "Indenture Trustee") and Wilmington Trust Company, as
Owner Trustee, does
hereby certify with respect to the information set forth below as
follows:
1. Capitalized terms used in this Certificate shall have the
respective meanings set forth
in the Master Sale and Servicing Agreement and Series 1998-1
Supplement, dated as of
November 1, 1998, by and among the Servicer, Issuer, Seller,
Indenture Trustee and
Wilmington Trust Company, as Owner Trustee.
2. Household Finance Corporation is, as of the date hereof, the
Servicer under the Master Sale and Servicing Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occurring on
July 19, 1999
5. Series 1998-1 Information
(a) The amount of Collected Funds with respect to the
$31,863,896.53
Collection Period was equal to
(i) The Gross Cash Yield
19.1877%
(b) The amount of Available Funds with respect to the
31,863,896.53
Collection Period was equal to
(c) The Liquidated Receivables for the Collection Period was
6,243,101.99
equal to
(d) Net Liquidation Proceeds for the Collection Period was
3,221,064.75
equal to
(i) The annualized net default rate
5.2257%
(e) The principal balance of Series 1998-1 Receivables at the
beginning
of the Collection Period was equal to
693,960,885.00
(f) The principal balance of Series 1998-1 Receivables on the last
day
of the Collection Period was equal to
670,442,352.07
(g) The aggregate outstanding balance of the Series 1998-1
Receivables which were one
payment (1-29 days) delinquent as of the close of business
on the last day of the
Collection Period with respect to such Distribution Date
27,008,000.00
was equal to
(h) The aggregate outstanding balance of the Series 1998-1
Receivables which were two
payments (30-59 days) delinquent as of the close of
business on the last day of the
Collection Period with respect to such Distribution Date
10,000,000.00
was equal to
(i) The aggregate outstanding balance of the Series 1998-1
Receivables which were three or
more payments (60+ days) delinquent as of the close of
business on the last day of the
Collection Period with respect to such Distribution Date
5,292,000.00
was equal to
(j) The Base Servicing Fee paid on the Distribution Date was
1,734,902.21
equal to
(k) The Principal Distributable Amount for the Distribution
20,990,290.64
Date was equal to
(l) The Principal Amount Available for the Distribution Date
28,476,209.30
was equal to
(m) The Aggregate Note Principal Balance is equal to
619,360,089.86
(n) The Aggregate Optimal Note Balance is equal to
598,369,799.22
(o) The Targeted Overcollateralization Amount is equal to
72,072,552.85
(p) The Targeted Credit Enhancement Amount is equal to
92,185,823.41
(q) The Targeted Reserve Account Balance is equal to
20,113,270.56
(r) The Reserve Account Deposit Amount for the Distribution Date
0.00
(s) The Maximum Reserve Account Deposit Amount for the
4,957,676.37
Distribution Date
(t) The Reserve Account Shortfall for the Distribution Date
0.00
(u) The amount on deposit in the Reserve Account after
20,113,270.56
distributions is equal to
(v) The notional amount of the Interest Rate Cap was equal to
223,832,000.00
(w) Payments received under the Interest Rate Cap were equal to
0.00
(x) Libor Rate used in determining payments received under the
Interest Rate Cap was equal to
5.000000%
6. Noteholder Information
(a) Class A-1
(i) The Class A Interest Distributable Amount with
15,181.06
respect to Class A-1 was equal to
(ii) The Class A-1 interest paid on the Distribution Date
15,181.06
was equal to
(iii)The Class A Interest Carryover Shortfall with
0.00
respect to Class A-1 was equal to
(iv) The Class A-1 unpaid interest with respect to the
0.00
Distribution Date was equal to
(v) The Class A-1 aggregate principal amount at the
beginning
of the Distribution Date was equal to
3,204,256.75
(vi) The Class A-1 aggregate principal amount at the end
of the Distribution Date was equal to
0.00
(vii)The Class A Principal Distributable Amount with
3,204,256.75
respect to Class A-1 was equal to
(viii)The Class A-1 principal distribution was equal to
3,204,256.75
(ix) The ending Class A-1 Notes as a percentage of the
Pool Balance on the Distribution Date was equal to
0.000000%
(x) The ending Class A Notes as a percentage of the Pool
Balance on the Distribution Date was equal to
53.524333%
(b) Class A-2
(i) The Class A Interest Distributable Amount with
264,672.00
respect to Class A-2 was equal to
(ii) The Class A-2 interest paid on the Distribution Date
264,672.00
was equal to
(iii)The Class A Interest Carryover Shortfall with
0.00
respect to Class A-2 was equal to
(iv) The Class A-2 unpaid interest with respect to the
0.00
Distribution Date was equal to
(v) The Class A-2 aggregate principal amount at the
beginning of the Distribution Date was equal to
54,000,000.00
(vi) The Class A-2 aggregate principal amount at the end
of the Distribution Date
was equal to
54,000,000.00
(vii) The Class A Principal Distributable Amount with
0.00
respect to Class A-2 was equal to
(viii) The Class A-2 principal distribution was equal to
0.00
(ix) The Class A Principal Carryover Shortfall with
0.00
respect to Class A-2 was equal to
(x) The Class A-2 unpaid principal with respect to the
0.00
Distribution Date was equal to
(xi) The ending Class A-2 Notes as a percentage of the
Pool Balance on the Distribution Date was equal to
8.054384%
(xii) The ending Class A Notes as a percentage of the
Pool Balance on the Distribution Date was equal to
53.524333%
(c) Class A-3
(i) The Class A Interest Distributable Amount with
692,755.56
respect to Class A-3 was equal to
(ii) The Class A-3 interest paid on the Distribution Date
692,755.56
was equal to
(iii)The Class A Interest Carryover Shortfall with
0.00
respect to Class A-3 was equal to
(iv) The Class A-3 unpaid interest with respect to the
0.00
Distribution Date was equal to
(v) The Class A-3 aggregate principal amount at the
beginning of the Distribution Date was equal to
143,000,000.00
(vi) The Class A-3 aggregate principal amount at the end
of the Distribution Date was equal to
143,000,000.00
(vii)The Class A Principal Distributable Amount with
0.00
respect to Class A-3 was equal to
(viii)The Class A-3 principal distribution was equal to
0.00
(ix) The Class A Principal Carryover Shortfall with
0.00
respect to Class A-3 was equal to
(x) The Class A-3 unpaid principal with respect to the
0.00
Distribution Date was equal to
(xi) The ending Class A-3 Notes as a percentage of the
Pool Balance on the Distribution
Date was equal to
21.329201%
(xii) The ending Class A Notes as a percentage of the
Pool Balance on the Distribution Date was equal to
53.524333%
(d) Class A-4
(i) The Class A Interest Distributable Amount with
395,178.67
respect to Class A-4 was equal to
(ii) The Class A-4 interest paid on the Distribution Date
395,178.67
was equal to
(iii) The Class A Interest Carryover Shortfall with
0.00
respect to Class A-4 was equal to
(iv) The Class A-4 unpaid interest with respect to the
0.00
Distribution Date was equal to
(v) The Class A-4 aggregate principal amount at the
beginning of the Distribution Date was equal to
80,832,000.00
(vi) The Class A-4 aggregate principal amount at the end
of the Distribution Date was equal to
80,832,000.00
(vii) The Class A Principal Distributable Amount with
0.00
respect to Class A-4 was equal to
(viii) The Class A-4 principal distribution was equal to
0.00
(ix) The Class A Principal Carryover Shortfall with
0.00
respect to Class A-4 was equal to
(x) The Class A-4 unpaid principal with respect to the
0.00
Distribution Date was equal to
(xi) The ending Class A-4 Notes as a percentage of the
Pool Balance on the Distribution Date was equal to
12.056518%
(xii) The ending Class A Notes as a percentage of the
Pool Balance on the Distribution Date was equal to
53.524333%
(e) Class A-5
(i) The Class A Interest Distributable Amount with
394,840.05
respect to Class A-5 was equal to
(ii) The Class A-5 interest paid on the Distribution Date
394,840.05
was equal to
(iii) The Class A Interest Carryover Shortfall with
0.00
respect to Class A-5 was equal to
(iv) The Class A-5 unpaid interest with respect to the
0.00
Distribution Date was equal to
(v) The Class A-5 aggregate principal amount at the
beginning of the Distribution Date was equal to
83,859,833.12
(vi) The Class A-5 aggregate principal amount at the end
of the Distribution Date was equal to
81,017,799.38
(vii) The Class A-5 Principal Distributable Amount was
2,842,033.74
equal to
(viii) The Class A-5 principal distribution was equal to
2,842,033.74
(ix) The Class A-5 Principal Carryover Shortfall was equal
0.00
(x) The Class A-5 unpaid principal with respect to the
0.00
Distribution Date was equal to
(xi) The ending Class A-5 Notes as a percentage of the
Pool Balance on the Distribution Date was equal to
12.084231%
(xii) The ending Class A Notes as a percentage of the
Pool Balance on the Distribution Date was equal to
53.524333%
(f) Class B-1
(i) The Class B-1 Interest Distributable Amount was equal to
521,340.75
(ii) The Class B-1 interest paid on the Distribution Date
521,340.75
was equal to
(iii) The Class B-1 Interest Carryover Shortfall was equal
to 0.00
(iv) The Class B-1 unpaid interest with respect to the
0.00
Distribution Date was equal to
(v) The Class B-1 aggregate principal amount at the
beginning of
the Distribution Date was equal to
99,303,000.00
(vi) The Class B-1 aggregate principal amount at the end
of the Distribution Date was equal to
99,303,000.00
(vii) The Class B-1 Principal Distributable Amount was equal
to 0.00
(viii) The Class B-1 principal distribution was equal to
0.00
(ix) The Class B-1 Principal Carryover Shortfall was equal
0.00
(x) The Class B-1 unpaid principal with respect to the
0.00
Distribution Date was equal to
(xi) The ending Class B-1 Notes as a percentage of the Pool
Balance on the Distribution Date was equal to
14.811564%
(xii) The ending Class A and B-1 Notes as a percentage of
the
Pool Balance on the Distribution Date was equal to
68.335898%
(g) Class B-2
(i) The Class B-2 Interest Distributable Amount was equal to
503,136.00
(ii) The Class B-2 interest paid on the Distribution Date
503,136.00
was equal to
(iii) The Class B-2 Interest Carryover Shortfall was equal
to 0.00
(iv) The Class B-2 unpaid interest with respect to the
0.00
Distribution Date was equal to
(v) The Class B-2 aggregate principal amount at the
beginning of the Distribution Date was equal to
94,338,000.00
(vi) The Class B-2 aggregate principal amount at the end
of the Distribution Date was equal to
90,939,486.97
(vii) The Class B-2 Principal Distributable Amount was equal
to 3,398,513.03
(viii) The Class B-2 principal distribution was equal to
3,398,513.03
(ix) The Class B-2 Principal Carryover Shortfall was equal
0.00
(x) The Class B-2 unpaid principal with respect to the
0.00
Distribution Date was equal to
(xi) The ending Class B-2 Notes as a percentage of the Pool
Balance on the Distribution Date was equal to
13.564102%
(xii) The ending Class A, B-1 and B-2 Notes as a percentage
of the
Pool Balance on the Distribution Date was equal to
81.900000%
(g) Class C
(i) The Class C Interest Distributable Amount was equal to
329,457.92
(ii) The Class C interest paid on the Distribution Date
329,457.92
was equal to
(iii) The Class C Interest Carryover Shortfall was equal to
0.00
(iv) The Class C unpaid interest with respect to the
0.00
Distribution Date was equal to
(v) The Class C aggregate principal amount at the beginning
of
the Distribution Date was equal to
60,823,000.00
(vi) The Class C aggregate principal amount at the end of
the
Distribution Date was equal to
49,277,512.88
(vii) The Class C Principal Distributable Amount was equal
to 11,545,487.12
(viii) The Class C principal distribution was equal to
11,545,487.12
(ix) The Class C Principal Carryover Shortfall was equal to
0.00
(x) The Class C unpaid principal with respect to the
0.00
Distribution Date was equal to
(xi) The ending Class C Notes as a percentage of the Pool
Balance
on the Distribution Date was equal to
7.350000%
(xii) The ending Class A, B-1, B-2 and C Notes as a
percentage of the
Pool Balance on the Distribution Date was equal to
89.250000%
(h) Overcollateralization
(i) The ending overcollateralization was equal to
72,072,552.85
(ii) The ending overcollateralization as a percentage of the
Pool
Balance on the Distribution Date was equal to
10.750000%
7. As of the date hereof, to the best knowledge of the
undersigned, the Servicer
has performed in all material respects all its obligations
under the Master
Sale and Servicing Agreement through the Collection Period
with respect to
such Distribution Date or, if there has been a default in
the performance
of any such obligation, has set forth in detail (i) the
nature of such
default, (ii) the action taken by the Seller and Servicer,
if any, to
remedy such default and (iii) the current status of each
such default;
if applicable, insert "None".
None
8. As of the date hereof, to the best knowledge of the
undersigned, no lien has
been placed on any of the Series 1998-1 Receivables other
than pursuant
to the Basic Documents (or if there is a lien, such lien
consists of:
______________________).
9. The amounts specified to be deposited into and withdrawn from
the Collection
Account, as well as the amounts specified to be paid to the
Issuer,
the Servicer, the Noteholders and the Certficateholder are
all in accordance
with the requirements of the Master Sale and Servicing
Agreement.
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Certificate
this July 16, 1999
HOUSEHOLD FINANCE CORPORATION
as Servicer
By:
Name: Steven H. Smith
Title: Servicing Officer
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS A-1 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
23.09993401
2. Principal distribution per $1,000
22.99100773
3. Interest distribution per $1,000
0.108926285
B. Calculation of Class A-1 Interest
1. Class A-1 related Note Rate
5.330000%
2. Class A-1 principal balance - beginning of period
$3,204,256.75
3. Accrual convention
Actual/360
4. Days in Interest Period
32
5. Class A-1 interest due
$15,181.06
6. Class A-1 interest paid
$15,181.06
7. Class A Interest Carryover Shortfall with respect to
$0.00
Class A-1
8. Class A-1 unpaid interest with respect to the
$0.00
Distribution Date
C. Calculation of Class A-1 principal balance
1. Class A-1 principal balance - beginning of period
$3,204,256.75
2. Class A-1 principal - amount due
$3,204,256.75
3. Class A-1 principal - amount paid
$3,204,256.75
4. Class A-1 principal balance - end of period
$0.00
5. Class A Principal Carryover Shortfall with respect to
$0.00
Class A-1
6. Class A-1 unpaid principal with respect to the
$0.00
Distribution Date
7. Class A-1 Notes as a percentage of the Pool Balance on
0.000000%
the Distribution Date
8. Total Class A Notes as a percentage of the Pool Balance
53.524333%
on the Distribution Date
D. Performance of Trust
1. Available Funds for Distribution Date
$31,863,896.53
2. Delinquent Balances
(a) 1-29 Days Delinquent
$27,008,000.00
% Of Receivables
4.028385%
(b) 30-59 Days Delinquent
$10,000,000.00
% Of Receivables
1.491553%
(c) 60+ Days Delinquent
$5,292,000.00
% Of Receivables
0.789330%
3. Aggregate losses for Collection Period less Net
$3,022,037.24
Liquidation Proceeds
4. (a) Base Servicing Fee paid on the Distribution Date
$1,734,902.21
(b) Base Servicing Fee paid for the Distribution Date
224.825535%
per $1,000
5. Pool Balance on the Accounting Date
$670,442,352.07
6. Reserve Account
(a) Targeted Reserve Account Balance
$20,113,270.56
(b) Amount on deposit in the Reserve Account
$20,113,270.56
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap
$223,832,000.00
(b) Current Libor
5.000000%
(c) Cap Rate
6.250000%
(d) Excess
NA
(e) Day convention
Actual/360
(f) Days in Interest Period
32
(g) Payments received under the Interest Rate Cap
0
8. (a) Weighted Average Coupon (WAC)
19.693600%
(b) Weighted Average Remaining Maturity (WAM)
48
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS A-2 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
4.901333333
2. Principal distribution per $1,000
0
3. Interest distribution per $1,000
4.901333333
B. Calculation of Class A-2 Interest
1. Class A-2 related Note Rate
5.514000%
2. Class A-2 principal balance - beginning of period
$54,000,000.00
3. Accrual convention
Actual/360
4. Days in Interest Period
32
5. Class A-2 interest due
$264,672.00
6. Class A-2 interest paid
$264,672.00
7. Class A Interest Carryover Shortfall with respect to
$0.00
Class A-2
8. Class A-2 unpaid interest with respect to the
$0.00
Distribution Date
C. Calculation of Class A-2 principal balance
1. Class A-2 principal balance - beginning of period
$54,000,000.00
2. Class A-2 principal - amount due
$0.00
3. Class A-2 principal - amount paid
$0.00
4. Class A-2 principal balance - end of period
$54,000,000.00
5. Class A Principal Carryover Shortfall with respect to
$0.00
Class A-2
6. Class A-2 unpaid principal with respect to the
$0.00
Distribution Date
7. Class A-2 Notes as a percentage of the Pool Balance on
8.054384%
the Distribution Date
8. Total Class A Notes as a percentage of the Pool Balance
53.524333%
on the Distribution Date
D. Performance of Trust
1. Available Funds For Distribution Date
$31,863,896.53
2. Delinquent Balances
(a) 1-29 Days Delinquent
$27,008,000.00
% Of Receivables
4.028385%
(b) 30-59 Days Delinquent
$10,000,000.00
% Of Receivables
1.491553%
(c) 60+ Days Delinquent
$5,292,000.00
% Of Receivables
0.789330%
3. Aggregate losses for Collection Period less Net
$3,022,037.24
Liquidation Proceeds
4. (a) Base Servicing Fee paid on the Distribution Date
$1,734,902.21
(b) Base Servicing Fee paid for the Distribution Date
224.825535%
per $1,000
5. Pool Balance on the Accounting Date
$670,442,352.07
6. Reserve Account
(a) Targeted Reserve Account Balance
$20,113,270.56
(b) Amount on deposit in the Reserve Account
$20,113,270.56
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap
$223,832,000.00
(b) Current Libor
5.000000%
(c) Cap Rate
6.250000%
(d) Excess
NA
(e) Day convention
Actual/360
(f) Days in Interest Period
32
(g) Payments received under the Interest Rate Cap
0
8. (a) Weighted Average Coupon (WAC)
19.693600%
(b) Weighted Average Remaining Maturity (WAM)
48
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS A-3 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
4.844444444
2. Principal distribution per $1,000
0
3. Interest distribution per $1,000
4.844444444
B. Calculation of Class A-3 Interest
1. Calculation of Class A-3 Note Rate
(a) Libor
5.000000%
(b) Spread
0.450000%
(c) Class A-3 related Note Rate
5.450000%
2. Class A-3 principal balance - beginning of period
$143,000,000.00
3. Accrual convention
Actual/360
4. Days in Interest Period
32
5. Class A-3 interest due
$692,755.56
6. Class A-3 interest paid
$692,755.56
7. Class A Interest Carryover Shortfall with respect to
$0.00
Class A-3
8. Class A-3 unpaid interest with respect to the
$0.00
Distribution Date
C. Calculation of Class A-3 principal balance
1. Class A-3 principal balance - beginning of period
$143,000,000.00
2. Class A-3 principal - amount due
$0.00
3. Class A-3 principal - amount paid
$0.00
4. Class A-3 principal balance - end of period
$143,000,000.00
5. Class A Principal Carryover Shortfall with respect to
$0.00
Class A-3
6. Class A-3 unpaid principal with respect to the
$0.00
Distribution Date
7. Class A-3 Notes as a percentage of the Pool Balance on
21.329201%
the Distribution Date
8. Total Class A Notes as a percentage of the Pool Balance
53.524333%
on the Distribution Date
D. Performance of Trust
1. Collected Funds
$31,863,896.53
2. Delinquent Balances
(a) 1-29 Days Delinquent
$27,008,000.00
% Of Receivables
4.028385%
(b) 30-59 Days Delinquent
$10,000,000.00
% Of Receivables
1.491553%
(c) 60+ Days Delinquent
$5,292,000.00
% Of Receivables
0.789330%
3. Aggregate losses for Collection Period less Net
$3,022,037.24
Liquidation Proceeds
4. (a) Base Servicing Fee paid on the Distribution Date
$1,734,902.21
(b) Base Servicing Fee paid for the Distribution Date
224.825535%
per $1,000
5. Pool Balance on the Accounting Date
$670,442,352.07
6. Reserve Account
(a) Targeted Reserve Account Balance
$20,113,270.56
(b) Amount on deposit in the Reserve Account
$20,113,270.56
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap
$223,832,000.00
(b) Current Libor
5.000000%
(c) Cap Rate
6.250000%
(d) Excess
NA
(e) Day convention
Actual/360
(f) Days in Interest Period
32
(g) Payments received under the Interest Rate Cap
$0.00
8. (a) Weighted Average Coupon (WAC)
19.693600%
(b) Weighted Average Remaining Maturity (WAM)
48
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS A-4 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
4.888888889
2. Principal distribution per $1,000
0
3. Interest distribution per $1,000
4.888888889
B. Calculation of Class A-4 Interest
1. Calculation of Class A-4 related Note Rate
(a) Libor
5.000000%
(b) Spread
0.500000%
(c) Class A-4 related Note Rate
5.500000%
2. Class A-4 principal balance - beginning of period
$80,832,000.00
3. Accrual convention
Actual/360
4. Days in Interest Period
32
5. Class A-4 interest due
$395,178.67
6. Class A-4 interest paid
$395,178.67
7. Class A Interest Carryover Shortfall with respect to
$0.00
Class A-4
8. Class A-4 unpaid interest with respect to the
$0.00
Distribution Date
C. Calculation of Class A-4 principal balance
1. Class A-4 principal balance - beginning of period
$80,832,000.00
2. Class A-4 principal - amount due
$0.00
3. Class A-4 principal - amount paid
$0.00
4. Class A-4 principal balance - end of period
$80,832,000.00
5. Class A Principal Carryover Shortfall with respect to
$0.00
Class A-4
6. Class A-4 unpaid principal with respect to the
$0.00
Distribution Date
7. Class A-4 Notes as a percentage of the Pool Balance on
12.056518%
the Distribution Date
8. Total Class A Notes as a percentage of the Pool Balance
53.524333%
on the Distribution Date
D. Performance of Trust
1. Collected Funds
$31,863,896.53
2. Delinquent Balances
(a) 1-29 Days Delinquent
$27,008,000.00
% Of Receivables
4.028385%
(b) 30-59 Days Delinquent
$10,000,000.00
% Of Receivables
1.491553%
(c) 60+ Days Delinquent
$5,292,000.00
% Of Receivables
0.789330%
3. Aggregate losses for Collection Period less Net
$3,022,037.24
Liquidation Proceeds
4. (a) Base Servicing Fee paid on the Distribution Date
$1,734,902.21
(b) Base Servicing Fee paid for the Distribution Date
224.825535%
per $1,000
5. Pool Balance on the Accounting Date
$670,442,352.07
6. Reserve Account
(a) Targeted Reserve Account Balance
$20,113,270.56
(b) Amount on deposit in the Reserve Account
$20,113,270.56
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap
$223,832,000.00
(b) Current Libor
5.000000%
(c) Cap Rate
6.250000%
(d) Excess
NA
(e) Day convention
Actual/360
(f) Days in Interest Period
32
(g) Payments received under the Interest Rate Cap
0
8. (a) Weighted Average Coupon (WAC)
19.693600%
(b) Weighted Average Remaining Maturity (WAM)
48
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS A-5 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
32.36873784
2. Principal distribution per $1,000
28.42033736
3. Interest distribution per $1,000
3.948400476
B. Calculation of Class A-5 Interest
1. Class A-5 related Note Rate
5.650000%
2. Class A-5 principal balance - beginning of period
$83,859,833.12
3. Accrual convention
30/360
4. Days in Interest Period
32
5. Class A-5 interest due
$394,840.05
6. Class A-5 interest paid
$394,840.05
7. Class A Interest Carryover Shortfall with respect to
$0.00
Class A-5
8. Class A-5 unpaid interest with respect to the
$0.00
Distribution Date
C. Calculation of Class A-5 principal balance
1. Class A-5 principal balance - beginning of period
$83,859,833.12
2. Class A-5 principal - amount due
$2,842,033.74
3. Class A-5 principal - amount paid
$2,842,033.74
4. Class A-5 principal balance - end of period
$81,017,799.38
5. Class A-5 Principal Carryover Shortfall
$0.00
6. Class A-5 unpaid principal with respect to the
$0.00
Distribution Date
7. Class A-5 Notes as a percentage of the Pool Balance on
12.084231%
the Distribution Date
8. Total Class A Notes as a percentage of the Pool Balance
53.524333%
on the Distribution Date
D. Performance of Trust
1. Collected Funds
$31,863,896.53
2. Delinquent Balances
(a) 1-29 Days Delinquent
$27,008,000.00
% Of Receivables
4.028385%
(b) 30-59 Days Delinquent
$10,000,000.00
% Of Receivables
1.491553%
(c) 60+ Days Delinquent
$5,292,000.00
% Of Receivables
0.789330%
3. Aggregate losses for Collection Period less Net
$3,022,037.24
Liquidation Proceeds
4. (a) Base Servicing Fee paid on the Distribution Date
$1,734,902.21
(b) Base Servicing Fee paid for the Distribution Date
224.825535%
per $1,000
5. Pool Balance on the Accounting Date
$670,442,352.07
6. Reserve Account
(a) Targeted Reserve Account Balance
$20,113,270.56
(b) Amount on deposit in the Reserve Account
$20,113,270.56
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap
$223,832,000.00
(b) Current Libor
5.000000%
(c) Cap Rate
6.250000%
(d) Excess
NA
(e) Day convention
Actual/360
(f) Days in Interest Period
32
(g) Payments received under the Interest Rate Cap
0
8. (a) Weighted Average Coupon (WAC)
19.693600%
(b) Weighted Average Remaining Maturity (WAM)
48
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS B-1 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
5.250000
2. Principal distribution per $1,000
0.000000
3. Interest distribution per $1,000
5.250000
B. Calculation of Class B-1 Interest
1. Class B-1 related Note Rate
6.300000%
2. Class B-1 principal balance - beginning of period
$99,303,000.00
3. Accrual convention
30/360
4. Days in Interest Period
32
5. Class B-1 interest due
$521,340.75
6. Class B-1 interest paid
$521,340.75
7. Class B-1 Interest Carryover Shortfall
$0.00
8. Class B-1 unpaid interest with respect to the
$0.00
Distribution Date
C. Calculation of Class B-1 principal balance
1. Class B-1 principal balance - beginning of period
$99,303,000.00
2. Class B-1 principal - amount due
$0.00
3. Class B-1 principal - amount paid
$0.00
4. Class B-1 principal balance - end of period
$99,303,000.00
5. Class B-1 Principal Carryover Shortfall
$0.00
6. Class B-1 unpaid principal with respect to the
$0.00
Distribution Date
7. Class B-1 Notes as a percentage of the Pool Balance on
14.811564%
the Distribution Date
8. Class A and B-1 Notes as a percentage of the Pool Balance
68.335898%
on the Distribution Date
D. Performance of Trust
1. Collected Funds
$31,863,896.53
2. Delinquent Balances
(a) 1-29 Days Delinquent
$27,008,000.00
% Of Receivables
4.028385%
(b) 30-59 Days Delinquent
$10,000,000.00
% Of Receivables
1.491553%
(c) 60+ Days Delinquent
$5,292,000.00
% Of Receivables
0.789330%
3. Aggregate losses for Collection Period less Net
$3,022,037.24
Liquidation Proceeds
4. (a) Base Servicing Fee paid on the Distribution Date
$1,734,902.21
(b) Base Servicing Fee paid for the Distribution Date
224.825535%
per $1,000
5. Pool Balance on the Accounting Date
$670,442,352.07
6. Reserve Account
(a) Targeted Reserve Account Balance
$20,113,270.56
(b) Amount on deposit in the Reserve Account
$20,113,270.56
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap
$223,832,000.00
(b) Current Libor
5.000000%
(c) Cap Rate
6.250000%
(d) Excess
NA
(e) Day convention
Actual/360
(f) Days in Interest Period
32
(g) Payments received under the Interest Rate Cap
0
8. (a) Weighted Average Coupon (WAC)
19.693600%
(b) Weighted Average Remaining Maturity (WAM)
48
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS B-2 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
41.35819113
2. Principal distribution per $1,000
36.02485779
3. Interest distribution per $1,000
5.333333333
B. Calculation of Class B-2 Interest
1. Class B-2 related Note Rate
6.400000%
2. Class B-2 principal balance - beginning of period
$94,338,000.00
3. Accrual convention
30/360
4. Days in Interest Period
32
4. Class B-2 interest due
$503,136.00
5. Class B-2 interest paid
$503,136.00
6. Class B-2 Interest Carryover Shortfall
$0.00
7. Class B-2 unpaid interest with respect to the
$0.00
Distribution Date
C. Calculation of Class B-2 principal balance
1. Class B-2 principal balance - beginning of period
$94,338,000.00
2. Class B-2 principal - amount due
$3,398,513.03
3. Class B-2 principal - amount paid
$3,398,513.03
4. Class B-2 principal balance - end of period
$90,939,486.97
5. Class B-2 Principal Carryover Shortfall
$0.00
6. Class B-2 unpaid principal with respect to the
$0.00
Distribution Date
7. Class B-1 Notes as a percentage of the Pool Balance on
13.564102%
the Distribution Date
8. Class A, B-1 and B-2 Notes as a percentage of the Pool
81.900000%
Balance on the Distribution Date
D. Performance of Trust
1. Available Funds For Distribution Date
$31,863,896.53
2. Delinquent Balances
(a) 1-29 Days Delinquent
$27,008,000.00
% Of Receivables
4.028385%
(b) 30-59 Days Delinquent
$10,000,000.00
% Of Receivables
1.491553%
(c) 60+ Days Delinquent
$5,292,000.00
% Of Receivables
0.789330%
3. Aggregate losses for Collection Period less Net
$3,022,037.24
Liquidation Proceeds
4. (a) Base Servicing Fee paid on the Distribution Date
$1,734,902.21
(b) Base Servicing Fee paid for the Distribution Date
224.825535%
per $1,000
5. Pool Balance on the Accounting Date
$670,442,352.07
6. Reserve Account
(a) Targeted Reserve Account Balance
$20,113,270.56
(b) Amount on deposit in the Reserve Account
$20,113,270.56
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap
$223,832,000.00
(b) Current Libor
5.000000%
(c) Cap Rate
6.250000%
(d) Excess
NA
(e) Day convention
Actual/360
(f) Days in Interest Period
32
(g) Payments received under the Interest Rate Cap
0
8. (a) Weighted Average Coupon (WAC)
19.693600%
(b) Weighted Average Remaining Maturity (WAM)
48
