<PAGE> 1
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 December 17, 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
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits
99(a) Monthly Servicer's Certificate to Trustee dated December 17,
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.
- 2 -
<PAGE>
<PAGE> 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: /s/ P. D. Schwartz
P. D. Schwartz
Authorized Representative
Dated: December 23, 1999
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<PAGE> 4
EXHIBIT INDEX
Exhibit
Number Exhibit
99(a) Monthly Servicer's Certificate to Trustee dated December 17, 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.
-4-
<PAGE> 1
<TABLE>
<CAPTION>
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 December 17, 1999
occurring on
5. Series 1998-1 Information
<S> <C>
(a) The amount of Collected Funds with respect to the $27,018,869.32
Collection Period was equal to
(i) The Gross Cash Yield 18.2586%
(b) The amount of Available Funds with respect to the 27,037,205.83
Collection Period was equal to
(c) The Liquidated Receivables for the Collection Period 7,699,621.78
was equal to
(d) Net Liquidation Proceeds for the Collection Period was 2,996,249.82
equal to
(i) The annualized net default rate 9.6958%
(e) The principal balance of Series 1998-1 Receivables
at the beginning of the Collection Period was equal to 582,110,006.42
(f) The principal balance of Series 1998-1 Receivables on
the last day of the Collection Period was equal to 559,479,711.25
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<PAGE> 2
(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 was equal to 29,247,000.00
(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 was equal to 11,120,000.00
(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 was equal to 6,691,000.00
(j) The Base Servicing Fee paid on the Distribution Date 1,455,275.02
was equal to
(k) The Principal Distributable Amount for the 20,197,538.44
Distribution Date was equal to
(l) The Principal Amount Available for the Distribution 24,181,870.19
Date was equal to
(m) The Aggregate Note Principal Balance is equal to 519,533,180.73
(n) The Aggregate Optimal Note Balance is equal to 499,335,642.29
(o) The Targeted Overcollateralization Amount is equal to 60,144,068.96
(p) The Targeted Credit Enhancement Amount is equal to 76,928,460.30
(q) The Targeted Reserve Account Balance is equal to 16,784,391.34
(r) The Reserve Account Deposit Amount for the Distribution Date 0.00
(s) The Maximum Reserve Account Deposit Amount for the 1,551,575.02
Distribution Date
(t) The Reserve Account Shortfall for the Distribution Date 0.00
(u) The amount on deposit in the Reserve Account after 16,784,391.34
distributions is equal to
(v) The notional amount of the Interest Rate Cap was equal to223,832,000.00
(w) Payments received under the Interest Rate Cap were 0.00
equal to
(x) Libor Rate used in determining payments received under
the Interest Rate Cap was equal to 5.458750%
6. Noteholder Information
(a) Class A-1
(i) The Class A Interest Distributable Amount with 0.00
respect to Class A-1 was equal to
(ii) The Class A-1 interest paid on the Distribution 0.00
Date 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 0.00
the Distribution Date was equal to
(v) The Class A-1 aggregate principal amount at the beginning
of the Distribution Date was equal to 0.00
<PAGE>
<PAGE> 3
(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 0.00
with respect to Class A-1 was equal to
(viii) The Class A-1 principal distribution was equal to 0.00
(ix) The ending Class A-1 Notes as a percentage of the Pool
Pool Balance on the Distribution Date was equal to 0.00000%
(x) The ending Class A Notes as a percentage of the Pool
Balance on the Distribution Date was equal to 58.500000%
(b) Class A-2
(i) The Class A Interest Distributable Amount with 213,018.86
respect to Class A-2 was equal to
(ii) The Class A-2 interest paid on the Distribution 213,018.86
Date 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 0.00
the Distribution Date was equal to
(v) The Class A-2 aggregate principal amount at the
beginning of the Distribution Date was equal to 46,358,838.65
(vi) The Class A-2 aggregate principal amount at the end of the
Distribution Date was equal to 35,854,813.02
(vii) The Class A Principal Distributable Amount 10,504,025.63
with respect to Class A-2 was equal to
(viii) The Class A-2 principal distribution was equal to10,504,025.63
(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 0.00
the 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 6.408599%
(xii) The ending Class A Notes as a percentage of the Pool
Balance on the Distribution Date was equal to 58.500000%
(c) Class A-3
(i) The Class A Interest Distributable Amount with 704,126.04
respect to Class A-3 was equal to
(ii) The Class A-3 interest paid on the Distribution 704,126.04
Date 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 0.00
the 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 0.00
with respect to Class A-3 was equal to
<PAGE>
<PAGE> 4
(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 0.00
the 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 25.559461%
(xii) The ending Class A Notes as a percentage of the Pool
Balance on the Distribution Date was equal to 58.500000%
(d) Class A-4
(i) The Class A Interest Distributable Amount with 401,381.40
respect to Class A-4 was equal to
(ii) The Class A-4 interest paid on the Distribution 401,381.40
Date 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 0.00
the 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 0.00
with 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 0.00
the 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 14.447709%
(xii) The ending Class A Notes as a percentage of the Pool
Balance on the Distribution Date was equal to 58.500000%
(e) Class A-5
(i) The Class A Interest Distributable Amount with 331,200.72
respect to Class A-5 was equal to
(ii) The Class A-5 interest paid on the Distribution 331,200.72
Date 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 0.00
the Distribution Date was equal to
(v) The Class A-5 aggregate principal amount at the beginning
of the Distribution Date was equal to 70,343,515.10
(vi) The Class A-5 aggregate principal amount at the
end of the Distribution Date was equal to 67,608,818.06
(vii) The Class A-5 Principal Distributable Amount 2,734,697.04
was equal to
(viii) The Class A-5 principal distribution was 2,734,697.04
equal to
<PAGE>
<PAGE> 5
(ix) The Class A-5 Principal Carryover Shortfall was equal 0.00
(x) The Class A-5 unpaid principal with respect to 0.00
the 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 58.500000%
(f) Class B-1
(i) The Class B-1 Interest Distributable Amount was 366,729.30
equal to
(ii) The Class B-1 interest paid on the Distribution 366,729.30
Date was equal to
(iii) The Class B-1 Interest Carryover Shortfall was 0.00
equal to
(iv) The Class B-1 unpaid interest with respect to 0.00
the Distribution Date was equal to
(v) The Class B-1 aggregate principal amount at the beginning
of the Distribution Date was equal to 69,853,200.77
(vi) The Class B-1 aggregate principal amount at the end of the
Distribution Date was equal to 67,137,565.35
(vii) The Class B-1 Principal Distributable Amount 2,715,635.42
was equal to
(viii) The Class B-1 principal distribution was 2,715,635.42
equal to
(ix) The Class B-1 Principal Carryover Shortfall was equal to 0.00
(x) The Class B-1 unpaid principal with respect to 0.00
the 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 12.000000%
(xii) The ending Class A and B-1 Notes as a percentage of the Pool
Balance on the Distribution Date was equal to 70.500000%
(g) Class B-2
(i) The Class B-2 Interest Distributable Amount was equal 353,922.88
(ii) The Class B-2 interest paid on the Distribution 353,922.88
Date 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 0.00
the Distribution Date was equal to
(v) The Class B-2 aggregate principal amount at the beginning of
the Distribution Date was equal to 66,360,540.73
(vi) The Class B-2 aggregate principal amount at the end of the
Distribution Date was equal to 63,780,687.08
(vii) The Class B-2 Principal Distributable Amount 2,579,853.65
was equal to
(viii) The Class B-2 principal distribution was 2,579,853.65
equal to
(ix) The Class B-2 Principal Carryover Shortfall was equal to 0.00
(x) The Class B-2 unpaid principal with respect to 0.00
the 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 11.400000%
(xii) The ending Class A, B-1 and B-2 Notes as a percentage of the
Pool Balance on the Distribution Date was equal to81.900000%
<PAGE>
<PAGE> 6
(g) Class C
(i) The Class C Interest Distributable Amount was equal to 231,752.55
(ii) The Class C interest paid on the Distribution 231,752.55
Date 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 42,785,085.47
(vi) The Class C aggregate principal amount at the end of the
Distribution Date was equal to 41,121,758.78
(vii) The Class C Principal Distributable Amount was 1,663,326.69
equal to
(viii) The Class C principal distribution was equal to 1,663,326.69
(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 to89.250000%
(h) Overcollateralization
(i) The ending overcollateralization was equal to 60,144,068.96
(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 December 16, 1999
HOUSEHOLD FINANCE CORPORATION
as Servicer
By:
Name: Steven H. Smith
Title: Servicing Officer
</TABLE>
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<TABLE>
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 11/30/99
Distribution Date 12/17/99
CLASS A-2 NOTEHOLDER'S STATEMENT
<S> <C>
A. Information Regarding Distributions
1. Total distribution per $1,000 198.4637869
2. Principal distribution per $1,000 194.5189932
3. Interest distribution per $1,000 3.944793704
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 $46,358,838.65
3. Accrual convention Actual/360
4. Days in Interest Period 30
5. Class A-2 interest due $213,018.86
6. Class A-2 interest paid $213,018.86
7. Class A Interest Carryover Shortfall with respect $0.00
to 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 $46,358,838.65
2. Class A-2 principal - amount due $10,504,025.63
3. Class A-2 principal - amount paid $10,504,025.63
4. Class A-2 principal balance - end of period $35,854,813.02
5. Class A Principal Carryover Shortfall with respect $0.00
to 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 6.408599%
on the Distribution Date
8. Total Class A Notes as a percentage of the Pool 58.500000%
Balance on the Distribution Date
D. Performance of Trust
1. Available Funds For Distribution Date $27,037,205.83
2. Delinquent Balances
(a) 1-29 Days Delinquent $29,247,000.00
% Of Receivables 5.227535%
(b) 30-59 Days Delinquent $11,120,000.00
% Of Receivables 1.987561%
(c) 60+ Days Delinquent $6,691,000.00
% Of Receivables 1.195933%
3. Aggregate losses for Collection Period less Net $4,703,371.96
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $1,455,275.02
5. Pool Balance on the Accounting Date $559,479,711.25
6. Reserve Account
(a) Targeted Reserve Account Balance $16,784,391.34
(b) Amount on deposit in the Reserve Account $16,784,391.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap $223,832,000.00
(b) Current Libor 5.458750%
(c) Cap Rate 6.250000%
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 30
(g) Payments received under the Interest Rate Cap 0
8. (a) Weighted Average Coupon (WAC) 19.624000%
(b) Weighted Average Remaining Maturity (WAM) 44
</TABLE>
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<TABLE>
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 11/30/99
Distribution Date 12/17/99
CLASS A-3 NOTEHOLDER'S STATEMENT
<S> <C>
A. Information Regarding Distributions
1. Total distribution per $1,000 4.923958322
2. Principal distribution per $1,000 0
3. Interest distribution per $1,000 4.923958322
B. Calculation of Class A-3 Interest
1. Calculation of Class A-3 Note Rate
(a) Libor 5.458750%
(b) Spread 0.450000%
(c) Class A-3 related Note Rate 5.908750%
2. Class A-3 principal balance - beginning of period $143,000,000.00
3. Accrual convention Actual/360
4. Days in Interest Period 30
5. Class A-3 interest due $704,126.04
6. Class A-3 interest paid $704,126.04
7. Class A Interest Carryover Shortfall with respect $0.00
to 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 $0.00
to 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 25.559461%
on the Distribution Date
8. Total Class A Notes as a percentage of the Pool 58.500000%
Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $27,037,205.83
2. Delinquent Balances
(a) 1-29 Days Delinquent $29,247,000.00
% Of Receivables 5.227535%
(b) 30-59 Days Delinquent $11,120,000.00
% Of Receivables 1.987561%
(c) 60+ Days Delinquent $6,691,000.00
% Of Receivables 1.195933%
3. Aggregate losses for Collection Period less Net $4,703,371.96
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $1,455,275.02
5. Pool Balance on the Accounting Date $559,479,711.25
6. Reserve Account
(a) Targeted Reserve Account Balance $16,784,391.34
(b) Amount on deposit in the Reserve Account $16,784,391.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap $223,832,000.00
(b) Current Libor 5.458750%
(c) Cap Rate 6.250000%
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 30
(g) Payments received under the Interest Rate Cap $0.00
8. (a) Weighted Average Coupon (WAC) 19.624000%
(b) Weighted Average Remaining Maturity (WAM) 44
</TABLE>
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<PAGE> 9
<TABLE>
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 11/30/99
Distribution Date 12/17/99
CLASS A-4 NOTEHOLDER'S STATEMENT
<S> <C>
A. Information Regarding Distributions
1. Total distribution per $1,000 4.965625
2. Principal distribution per $1,000 0
3. Interest distribution per $1,000 4.965625
B. Calculation of Class A-4 Interest
1. Calculation of Class A-4 related Note Rate
(a) Libor 5.458750%
(b) Spread 0.500000%
(c) Class A-4 related Note Rate 5.958750%
2. Class A-4 principal balance - beginning of period $80,832,000.00
3. Accrual convention Actual/360
4. Days in Interest Period 30
5. Class A-4 interest due $401,381.40
6. Class A-4 interest paid $401,381.40
7. Class A Interest Carryover Shortfall with respect $0.00
to 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 $0.00
to 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 14.447709%
on the Distribution Date
8. Total Class A Notes as a percentage of the Pool 58.500000%
Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $27,037,205.83
2. Delinquent Balances
(a) 1-29 Days Delinquent $29,247,000.00
% Of Receivables 5.227535%
(b) 30-59 Days Delinquent $11,120,000.00
% Of Receivables 1.987561%
(c) 60+ Days Delinquent $6,691,000.00
% Of Receivables 1.195933%
3. Aggregate losses for Collection Period less Net $4,703,371.96
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $1,455,275.02
5. Pool Balance on the Accounting Date $559,479,711.25
6. Reserve Account
(a) Targeted Reserve Account Balance $16,784,391.34
(b) Amount on deposit in the Reserve Account $16,784,391.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap $223,832,000.00
(b) Current Libor 5.458750%
(c) Cap Rate 6.250000%
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 30
(g) Payments received under the Interest Rate Cap 0
8. (a) Weighted Average Coupon (WAC) 19.624000%
(b) Weighted Average Remaining Maturity (WAM) 44
</TABLE>
<PAGE>
<PAGE> 10
<TABLE>
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 11/30/99
Distribution Date 12/17/99
CLASS A-5 NOTEHOLDER'S STATEMENT
<S> <C>
A. Information Regarding Distributions
1. Total distribution per $1,000 30.65897757
2. Principal distribution per $1,000 27.34697037
3. Interest distribution per $1,000 3.3120072
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 $70,343,515.10
3. Accrual convention 30/360
4. Days in Interest Period
5. Class A-5 interest due $331,200.72
6. Class A-5 interest paid $331,200.72
7. Class A Interest Carryover Shortfall with respect $0.00
to 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 $70,343,515.10
2. Class A-5 principal - amount due $2,734,697.04
3. Class A-5 principal - amount paid $2,734,697.04
4. Class A-5 principal balance - end of period $67,608,818.06
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 12.084231%
on the Distribution Date
8. Total Class A Notes as a percentage of the Pool 58.500000%
Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $27,037,205.83
2. Delinquent Balances
(a) 1-29 Days Delinquent $29,247,000.00
% Of Receivables 5.227535%
(b) 30-59 Days Delinquent $11,120,000.00
% Of Receivables 1.987561%
(c) 60+ Days Delinquent $6,691,000.00
% Of Receivables 1.195933%
3. Aggregate losses for Collection Period less Net $4,703,371.96
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $1,455,275.02
5. Pool Balance on the Accounting Date $559,479,711.25
6. Reserve Account
(a) Targeted Reserve Account Balance $16,784,391.34
(b) Amount on deposit in the Reserve Account $16,784,391.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap $223,832,000.00
(b) Current Libor 5.458750%
(c) Cap Rate 6.250000%
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 30
(g) Payments received under the Interest Rate Cap 0
8. (a) Weighted Average Coupon (WAC) 19.624000%
(b) Weighted Average Remaining Maturity (WAM) 44
</TABLE>
<PAGE>
<PAGE> 11
<TABLE>
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 11/30/99
Distribution Date 12/17/99
CLASS B-1 NOTEHOLDER'S STATEMENT
<S> <C>
A. Information Regarding Distributions
1. Total distribution per $1,000 31.039996
2. Principal distribution per $1,000 27.346963
3. Interest distribution per $1,000 3.693033
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 $69,853,200.77
3. Accrual convention 30/360
4. Days in Interest Period
4. Class B-1 interest due $366,729.30
5. Class B-1 interest paid $366,729.30
6. Class B-1 Interest Carryover Shortfall $0.00
7. 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 $69,853,200.77
2. Class B-1 principal - amount due $2,715,635.42
3. Class B-1 principal - amount paid $2,715,635.42
4. Class B-1 principal balance - end of period $67,137,565.35
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 12.000000%
on the Distribution Date
8. Class A and B-1 Notes as a percentage of the Pool 70.500000%
Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $27,037,205.83
2. Delinquent Balances
(a) 1-29 Days Delinquent $29,247,000.00
% Of Receivables 5.227535%
(b) 30-59 Days Delinquent $11,120,000.00
% Of Receivables 1.987561%
(c) 60+ Days Delinquent $6,691,000.00
% Of Receivables 1.195933%
3. Aggregate losses for Collection Period less Net $4,703,371.96
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $1,455,275.02
5. Pool Balance on the Accounting Date $559,479,711.25
6. Reserve Account
(a) Targeted Reserve Account Balance $16,784,391.34
(b) Amount on deposit in the Reserve Account $16,784,391.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap $223,832,000.00
(b) Current Libor 5.458750%
(c) Cap Rate 6.250000%
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 30
(g) Payments received under the Interest Rate Cap 0
8. (a) Weighted Average Coupon (WAC) 19.624000%
(b) Weighted Average Remaining Maturity (WAM) 44
</TABLE>
<PAGE>
<PAGE> 12
<TABLE>
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 11/30/99
Distribution Date 12/17/99
CLASS B-2 NOTEHOLDER'S STATEMENT
<S> <C>
A. Information Regarding Distributions
1. Total distribution per $1,000 31.09856611
2. Principal distribution per $1,000 27.34691905
3. Interest distribution per $1,000 3.751647056
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 $66,360,540.73
3. Accrual convention 30/360
4. Days in Interest Period
5. Class B-2 interest due $353,922.88
6. Class B-2 interest paid $353,922.88
7. Class B-2 Interest Carryover Shortfall $0.00
8. 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 $66,360,540.73
2. Class B-2 principal - amount due $2,579,853.65
3. Class B-2 principal - amount paid $2,579,853.65
4. Class B-2 principal balance - end of period $63,780,687.08
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 11.400000%
on the Distribution Date
8. Class A, B-1 and B-2 Notes as a percentage of the 81.900000%
Pool Balance on the Distribution Date
D. Performance of Trust
1. Available Funds For Distribution Date $27,037,205.83
2. Delinquent Balances
(a) 1-29 Days Delinquent $29,247,000.00
% Of Receivables 5.227535%
(b) 30-59 Days Delinquent $11,120,000.00
% Of Receivables 1.987561%
(c) 60+ Days Delinquent $6,691,000.00
% Of Receivables 1.195933%
3. Aggregate losses for Collection Period less Net $4,703,371.96
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $1,455,275.02
5. Pool Balance on the Accounting Date $559,479,711.25
6. Reserve Account
(a) Targeted Reserve Account Balance $16,784,391.34
(b) Amount on deposit in the Reserve Account $16,784,391.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate Cap $223,832,000.00
(b) Current Libor 5.458750%
(c) Cap Rate 6.250000%
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 30
(g) Payments received under the Interest Rate Cap 0
8. (a) Weighted Average Coupon (WAC) 19.624000%
(b) Weighted Average Remaining Maturity (WAM) 44
</TABLE>
