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 March 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
<PAGE>
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits
99(a) Monthly Servicer's Certificate to Trustee dated
March 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.
<PAGE>
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: March 18, 1999
-3-<PAGE>
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: March 18, 1999
-3-
<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit
99(a) Monthly Servicer's Certificate to Trustee dated March 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.
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 March 17, 1999
Distribution Date occurring on
5. Series 1998-1 Information
(a) The amount of Collected Funds with $
respect to the Collection Period was equal 29,833,564.14
to
(i) The Gross Cash Yield 18.2596%
(b) The amount of Available Funds with $
respect to the Collection Period was equal 29,857,161.10
to
(c) The Liquidated Receivables for the $
Collection Period was equal to 4,080,698.54
(d) Net Liquidation Proceeds for the $
Collection Period was equal to 1,877,525.14
(i) The annualized net default rate 0.1538%
(e) The principal balance of Series 1998-1
Receivables at the beginning
of the Collection Period was equal $
to 785,580,394.50
(f) The principal balance of Series 1998-1
Receivables on the last day
of the Collection Period was equal $
to 765,690,057.62
(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 26,313,000.00
(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 10,727,000.00
(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 6,475,000.00
(j) The Base Servicing Fee paid on the $
Distribution Date was equal to 684,471.64
(k) The Principal Distributable Amount for $
the Distribution Date was equal to 26,297,696.01
(l) The Principal Amount Available for the $
Distribution Date was equal to 26,297,696.01
(m) The Aggregate Note Principal Balance is $
equal to 716,354,767.34
(n) The Aggregate Optimal Note Balance is $
equal to 683,378,376.43
(o) The Targeted Overcollateralization $
Amount is equal to 82,311,681.19
(p) The Targeted Credit Enhancement Amount $
is equal to 105,282,382.92
(q) The Targeted Reserve Account Balance is $
equal to 22,970,701.73
(r) The Reserve Account Deposit Amount for $
the Distribution Date -
(s) The Maximum Reserve Account Deposit $
Amount for the Distribution Date 6,407,359.13
(t) The Reserve Account Shortfall for the $
Distribution Date -
(u) The amount on deposit in the Reserve $
Account after distributions is equal to 22,970,701.73
(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 -
(x) Libor Rate used in determining payments
received under the Interest Rate Cap was
equal to 4.937810%
6. Noteholder Information
(a) Class A-1
(i) The Class A Interest $
Distributable Amount with respect to Class A- 369,482.68
1 was equal to
(ii) The Class A-1 interest paid on $
the Distribution Date was equal to 369,482.68
(iii) The Class A Interest Carryover $
Shortfall with respect to Class A-1 was -
equal to
(iv) The Class A-1 unpaid interest $
with respect to the Distribution Date was -
equal to
(v) The Class A-1 aggregate principal
amount at the beginning of the Distribution
Date
was equal to $
89,127,421.49
(vi) The Class A-1 aggregate
principal amount at the end of the
Distribution Date
was equal to $
65,233,319.65
(vii) The Class A Principal $
Distributable Amount with respect to Class A- 23,894,101.84
1 was equal to
(viii) The Class A-1 principal $
distribution was equal to 23,894,101.84
(ix) The ending Class A-1 Notes as a
percentage of the Pool Balance on the
Distribution
Date was equal to 8.519546%
(x) The ending Class A Notes as a
percentage of the Pool Balance on the
Distribution
Date was equal to 56.888955%
(b) Class A-2
(i) The Class A Interest $
Distributable Amount with respect to Class A- 231,588.00
2 was equal to
(ii) The Class A-2 interest paid on $
the Distribution Date was equal to 231,588.00
(iii) The Class A Interest Carryover $
Shortfall with respect to Class A-2 was -
equal to
(iv) The Class A-2 unpaid interest $
with respect to the 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 respect to Class A- -
2 was equal to
(viii) The Class A-2 principal $
distribution was equal to -
(ix) The Class A Principal Carryover $
Shortfall with respect to Class A-2 was -
equal to
(x) The Class A-2 unpaid principal $
with respect to 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 7.052462%
(xii) The ending Class A Notes as a
percentage of the Pool Balance on the
Distribution
Date was equal to 56.888955%
(c) Class A-3
(i) The Class A Interest $
Distributable Amount with respect to Class A- 599,244.20
3 was equal to
(ii) The Class A-3 interest paid on $
the Distribution Date was equal to 599,244.20
(iii) The Class A Interest Carryover $
Shortfall with respect to Class A-3 was -
equal to
(iv) The Class A-3 unpaid interest $
with respect to 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 with respect to Class A- -
3 was equal to
(viii) The Class A-3 principal $
distribution was equal to -
(ix) The Class A Principal Carryover $
Shortfall with respect to Class A-3 was -
equal to
(x) The Class A-3 unpaid principal $
with respect to 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 18.675964%
(xii) The ending Class A Notes as a
percentage of the Pool Balance on the
Distribution
Date was equal to 56.888955%
(d) Class A-4
(i) The Class A Interest $
Distributable Amount with respect to Class A- 341,871.49
4 was equal to
(ii) The Class A-4 interest paid on $
the Distribution Date was equal to 341,871.49
(iii) The Class A Interest Carryover $
Shortfall with respect to Class A-4 was -
equal to
(iv) The Class A-4 unpaid interest $
with respect to 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 with respect to Class A- -
4 was equal to
(viii) The Class A-4 principal $
distribution was equal to -
(ix) The Class A Principal Carryover $
Shortfall with respect to Class A-4 was -
equal to
(x) The Class A-4 unpaid principal $
with respect to 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 10.556752%
(xii) The ending Class A Notes as a
percentage of the Pool Balance on the
Distribution
Date was equal to 56.888955%
(e) Class A-5
(i) The Class A Interest $
Distributable Amount with respect to Class A- 446,968.42
5 was equal to
(ii) The Class A-5 interest paid on $
the Distribution Date was equal to 446,968.42
(iii) The Class A Interest Carryover $
Shortfall with respect to Class A-5 was -
equal to
(iv) The Class A-5 unpaid interest $
with respect to the Distribution Date was -
equal to
(v) The Class A-5 aggregate principal
amount at the beginning of the Distribution
Date
was equal to $
94,931,345.85
(vi) The Class A-5 aggregate
principal amount at the end of the
Distribution Date
was equal to $
92,527,751.69
(vii) The Class A-5 Principal $
Distributable Amount was equal to 2,403,594.16
(viii) The Class A-5 principal $
distribution was equal to 2,403,594.16
(ix) The Class A-5 Principal Carryover $
Shortfall was equal -
(x) The Class A-5 unpaid principal $
with respect to 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 56.888955%
(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 was equal to 521,340.75
(iii) The Class B-1 Interest $
Carryover Shortfall was equal to -
(iv) The Class B-1 unpaid interest $
with respect to the 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 -
(viii) The Class B-1 principal $
distribution was equal to -
(ix) The Class B-1 Principal Carryover $
Shortfall was equal -
(x) The Class B-1 unpaid principal $
with respect to 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 12.969086%
(xii) The ending Class A and B-1
Notes as a percentage of the Pool Balance on
the
Distribution Date was 69.858041%
equal to
(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 was equal to 503,136.00
(iii) The Class B-2 Interest $
Carryover Shortfall was equal to -
(iv) The Class B-2 unpaid interest $
with respect to the 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 $
94,338,000.00
(vii) The Class B-2 Principal $
Distributable Amount was equal to -
(viii) The Class B-2 principal $
distribution was equal to -
(ix) The Class B-2 Principal Carryover $
Shortfall was equal -
(x) The Class B-2 unpaid principal $
with respect to 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 12.320651%
(xii) The ending Class A, B-1 and B-2
Notes as a percentage of the Pool Balance on
the
Distribution Date was equal 82.178692%
to
(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 was equal to 329,457.92
(iii) The Class C Interest Carryover $
Shortfall was equal to -
(iv) The Class C unpaid interest with $
respect to the 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 $
60,823,000.00
(vii) The Class C Principal $
Distributable Amount was equal to -
(viii) The Class C principal $
distribution was equal to -
(ix) The Class C Principal Carryover $
Shortfall was equal -
(x) The Class C unpaid principal with $
respect to the 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 7.943554%
(xii) The ending Class A, B-1, B-2
and C Notes as a percentage of the Pool
Balance on the
Distribution Date was 90.122245%
equal to
(h) Overcollateralization
(i) The ending overcollateralization 75,632,986.28
was equal to
(ii) The ending overcollateralization
as a percentage of the Pool Balance on the
Distribution Date was equal to 9.877755%
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 None
of each such default; if applicable, insert
"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
March 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 02/28/99
Distribution Date 03/17/99
CLASS A-1 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 174.0947444
2. Principal distribution per $1,000 171.4436525
3. Interest distribution per $1,000 2.651091894
B. Calculation of Class A-1 Interest
1. Class A-1 related Note Rate 5.330000%
2. Class A-1 principal balance - $89,127,421.49
beginning of period
3. Accrual convention Actual/360
4. Days in Interest Period 28
5. Class A-1 interest due $369,482.68
6. Class A-1 interest paid $369,482.68
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-1
8. Class A-1 unpaid interest with $0.00
respect to the Distribution Date
C. Calculation of Class A-1 principal
balance
1. Class A-1 principal balance - $89,127,421.49
beginning of period
2. Class A-1 principal - amount due $23,894,101.84
3. Class A-1 principal - amount paid $23,894,101.84
4. Class A-1 principal balance - end of $65,233,319.65
period
5. Class A Principal Carryover Shortfall $0.00
with respect to Class A-1
6. Class A-1 unpaid principal with $0.00
respect to the Distribution Date
7. Class A-1 Notes as a percentage of 8.519546%
the Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage 56.888955%
of the Pool Balance on the Distribution Date
D. Performance of Trust
1. Available Funds for Distribution Date $29,857,161.10
2. Delinquent Balances
(a) 1-29 Days Delinquent $26,313,000.00
% Of Receivables 0.03436508
(b) 30-59 Days Delinquent $10,727,000.00
% Of Receivables 0.014009585
(c) 60+ Days Delinquent $6,475,000.00
% Of Receivables 0.008456424
3. Aggregate losses for Collection $2,203,173.40
Period less Net Liquidation Proceeds
4. (a) Base Servicing Fee paid on the $684,471.64
Distribution Date
(b) Base Servicing Fee paid for 87.129419%
the Distribution Date per $1,000
5. Pool Balance on the Accounting Date $765,690,057.62
6. Reserve Account
(a) Targeted Reserve Account $22,970,701.73
Balance
(b) Amount on deposit in the $22,970,701.73
Reserve Account
7. Payments received under the Interest
Rate Cap
(a) The notional amount of the $223,832,000.00
Interest Rate Cap
(b) Current Libor 4.937810%
(c) Cap Rate 0.0625
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 28
(g) Payments received under the 0
Interest Rate Cap
8. (a) Weighted Average Coupon (WAC) 0.197378373
(b) Weighted Average Remaining 51.59428881
Maturity (WAM)
#REF!
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 02/28/99
Distribution Date 03/17/99
CLASS A-2 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 4.288666667
2. Principal distribution per $1,000 0
3. Interest distribution per $1,000 4.288666667
B. Calculation of Class A-2 Interest
1. Class A-2 related Note Rate 5.514000%
2. Class A-2 principal balance - $54,000,000.00
beginning of period
3. Accrual convention Actual/360
4. Days in Interest Period 28
5. Class A-2 interest due $231,588.00
6. Class A-2 interest paid $231,588.00
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-2
8. Class A-2 unpaid interest with $0.00
respect to the Distribution Date
C. Calculation of Class A-2 principal
balance
1. Class A-2 principal balance - $54,000,000.00
beginning of period
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 $54,000,000.00
period
5. Class A Principal Carryover Shortfall $0.00
with respect to Class A-2
6. Class A-2 unpaid principal with $0.00
respect to the Distribution Date
7. Class A-2 Notes as a percentage of 7.052462%
the Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage 56.888955%
of the Pool Balance on the Distribution Date
D. Performance of Trust
1. Available Funds For Distribution Date $29,857,161.10
2. Delinquent Balances
(a) 1-29 Days Delinquent $26,313,000.00
% Of Receivables 0.03436508
(b) 30-59 Days Delinquent $10,727,000.00
% Of Receivables 0.014009585
(c) 60+ Days Delinquent $6,475,000.00
% Of Receivables 0.008456424
3. Aggregate losses for Collection $2,203,173.40
Period less Net Liquidation Proceeds
4. (a) Base Servicing Fee paid on the $684,471.64
Distribution Date
(b) Base Servicing Fee paid for 87.129419%
the Distribution Date per $1,000
5. Pool Balance on the Accounting Date $765,690,057.62
6. Reserve Account
(a) Targeted Reserve Account $22,970,701.73
Balance
(b) Amount on deposit in the $22,970,701.73
Reserve Account
7. Payments received under the Interest
Rate Cap
(a) The notional amount of the $223,832,000.00
Interest Rate Cap
(b) Current Libor 4.937810%
(c) Cap Rate 0.0625
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 28
(g) Payments received under the 0
Interest Rate Cap
8. (a) Weighted Average Coupon (WAC) 0.197378373
(b) Weighted Average Remaining 51.59428881
Maturity (WAM)
#REF!
#REF!
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 02/28/99
Distribution Date 03/17/99
CLASS A-3 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 4.190518889
2. Principal distribution per $1,000 0
3. Interest distribution per $1,000 4.190518889
B. Calculation of Class A-3 Interest
1. Calculation of Class A-3 Note Rate
(a) Libor 4.937810%
(b) Spread 0.450000%
(c) Class A-3 related Note Rate 5.387810%
2. Class A-3 principal balance - $143,000,000.00
beginning of period
3. Accrual convention Actual/360
4. Days in Interest Period 28
5. Class A-3 interest due $599,244.20
6. Class A-3 interest paid $599,244.20
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-3
8. Class A-3 unpaid interest with $0.00
respect to the Distribution Date
C. Calculation of Class A-3 principal
balance
1. Class A-3 principal balance - $143,000,000.00
beginning of period
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 $143,000,000.00
period
5. Class A Principal Carryover Shortfall $0.00
with respect to Class A-3
6. Class A-3 unpaid principal with $0.00
respect to the Distribution Date
7. Class A-3 Notes as a percentage of 18.675964%
the Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage 56.888955%
of the Pool Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $29,857,161.10
2. Delinquent Balances
(a) 1-29 Days Delinquent $26,313,000.00
% Of Receivables 0.03436508
(b) 30-59 Days Delinquent $10,727,000.00
% Of Receivables 0.014009585
(c) 60+ Days Delinquent $6,475,000.00
% Of Receivables 0.008456424
3. Aggregate losses for Collection $2,203,173.40
Period less Net Liquidation Proceeds
4. (a) Base Servicing Fee paid on the $684,471.64
Distribution Date
(b) Base Servicing Fee paid for 87.129419%
the Distribution Date per $1,000
5. Pool Balance on the Accounting Date $765,690,057.62
6. Reserve Account
(a) Targeted Reserve Account $22,970,701.73
Balance
(b) Amount on deposit in the $22,970,701.73
Reserve Account
7. Payments received under the Interest
Rate Cap
(a) The notional amount of the $223,832,000.00
Interest Rate Cap
(b) Current Libor 4.937810%
(c) Cap Rate 0.0625
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 28
(g) Payments received under the $0.00
Interest Rate Cap
8. (a) Weighted Average Coupon (WAC) 0.197378373
(b) Weighted Average Remaining 51.59428881
Maturity (WAM)
#REF! #REF!
#REF! #REF!
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 02/28/99
Distribution Date 03/17/99
CLASS A-4 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 4.229407778
2. Principal distribution per $1,000 0
3. Interest distribution per $1,000 4.229407778
B. Calculation of Class A-4 Interest
1. Calculation of Class A-4 related
Note Rate
(a) Libor 4.937810%
(b) Spread 0.500000%
(c) Class A-4 related Note Rate 5.437810%
2. Class A-4 principal balance - $80,832,000.00
beginning of period
3. Accrual convention Actual/360
4. Days in Interest Period 28
5. Class A-4 interest due $341,871.49
6. Class A-4 interest paid $341,871.49
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-4
8. Class A-4 unpaid interest with $0.00
respect to the Distribution Date
C. Calculation of Class A-4 principal
balance
1. Class A-4 principal balance - $80,832,000.00
beginning of period
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 $80,832,000.00
period
5. Class A Principal Carryover Shortfall $0.00
with respect to Class A-4
6. Class A-4 unpaid principal with $0.00
respect to the Distribution Date
7. Class A-4 Notes as a percentage of 10.556752%
the Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage 56.888955%
of the Pool Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $29,857,161.10
2. Delinquent Balances
(a) 1-29 Days Delinquent $26,313,000.00
% Of Receivables 0.03436508
(b) 30-59 Days Delinquent $10,727,000.00
% Of Receivables 0.014009585
(c) 60+ Days Delinquent $6,475,000.00
% Of Receivables 0.008456424
3. Aggregate losses for Collection $2,203,173.40
Period less Net Liquidation Proceeds
4. (a) Base Servicing Fee paid on the $684,471.64
Distribution Date
(b) Base Servicing Fee paid for 87.129419%
the Distribution Date per $1,000
5. Pool Balance on the Accounting Date $765,690,057.62
6. Reserve Account
(a) Targeted Reserve Account $22,970,701.73
Balance
(b) Amount on deposit in the $22,970,701.73
Reserve Account
7. Payments received under the Interest
Rate Cap
(a) The notional amount of the $223,832,000.00
Interest Rate Cap
(b) Current Libor 4.937810%
(c) Cap Rate 0.0625
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 28
(g) Payments received under the 0
Interest Rate Cap
8. (a) Weighted Average Coupon (WAC) 19.737837%
(b) Weighted Average Remaining 5159.428881%
Maturity (WAM)
#REF!
#REF!
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 02/28/99
Distribution Date 03/17/99
CLASS A-5 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 28.50562581
2. Principal distribution per $1,000 24.03594161
3. Interest distribution per $1,000 4.469684201
B. Calculation of Class A-5 Interest
1. Class A-5 related Note Rate 5.650000%
2. Class A-5 principal balance - $94,931,345.85
beginning of period
3. Accrual convention 30/360
4. Days in Interest Period
4. Class A-5 interest due $446,968.42
5. Class A-5 interest paid $446,968.42
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-5
8. Class A-5 unpaid interest with $0.00
respect to the Distribution Date
C. Calculation of Class A-5 principal
balance
1. Class A-5 principal balance - $94,931,345.85
beginning of period
2. Class A-5 principal - amount due $2,403,594.16
3. Class A-5 principal - amount paid $2,403,594.16
4. Class A-5 principal balance - end of $92,527,751.69
period
5. Class A-5 Principal Carryover $0.00
Shortfall
6. Class A-5 unpaid principal with $0.00
respect to the Distribution Date
7. Class A-5 Notes as a percentage of 12.084231%
the Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage 56.888955%
of the Pool Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $29,857,161.10
2. Delinquent Balances
(a) 1-29 Days Delinquent $26,313,000.00
% Of Receivables 0.03436508
(b) 30-59 Days Delinquent $10,727,000.00
% Of Receivables 0.014009585
(c) 60+ Days Delinquent $6,475,000.00
% Of Receivables 0.008456424
3. Aggregate losses for Collection $2,203,173.40
Period less Net Liquidation Proceeds
4. (a) Base Servicing Fee paid on the $684,471.64
Distribution Date
(b) Base Servicing Fee paid for 87.129419%
the Distribution Date per $1,000
5. Pool Balance on the Accounting Date $765,690,057.62
6. Reserve Account
(a) Targeted Reserve Account $22,970,701.73
Balance
(b) Amount on deposit in the $22,970,701.73
Reserve Account
7. Payments received under the Interest
Rate Cap
(a) The notional amount of the $223,832,000.00
Interest Rate Cap
(b) Current Libor 4.937810%
(c) Cap Rate 0.0625
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 28
(g) Payments received under the 0
Interest Rate Cap
8. (a) Weighted Average Coupon (WAC) 19.737837%
(b) Weighted Average Remaining 5159.428881%
Maturity (WAM)
#REF!
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 02/28/99
Distribution Date 03/17/99
CLASS B-1 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 5.25
2. Principal distribution per $1,000 0
3. Interest distribution per $1,000 5.25
B. Calculation of Class B-1 Interest
1. Class B-1 related Note Rate 0.063
2. Class B-1 principal balance - $99,303,000.00
beginning of period
3. Accrual convention 30/360
4. Days in Interest Period
4. Class B-1 interest due $521,340.75
5. Class B-1 interest paid $521,340.75
6. Class B-1 Interest Carryover $0.00
Shortfall
7. Class B-1 unpaid interest with $0.00
respect to the Distribution Date
C. Calculation of Class B-1 principal
balance
1. Class B-1 principal balance - $99,303,000.00
beginning of period
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 $99,303,000.00
period
5. Class B-1 Principal Carryover $0.00
Shortfall
6. Class B-1 unpaid principal with $0.00
respect to the Distribution Date
7. Class B-1 Notes as a percentage of 12.969086%
the Pool Balance on the Distribution Date
8. Class A and B-1 Notes as a percentage 69.858041%
of the Pool Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $29,857,161.10
2. Delinquent Balances
(a) 1-29 Days Delinquent $26,313,000.00
% Of Receivables 0.03436508
(b) 30-59 Days Delinquent $10,727,000.00
% Of Receivables 0.014009585
(c) 60+ Days Delinquent $6,475,000.00
% Of Receivables 0.008456424
3. Aggregate losses for Collection $2,203,173.40
Period less Net Liquidation Proceeds
4. (a) Base Servicing Fee paid on the $684,471.64
Distribution Date
(b) Base Servicing Fee paid for 87.129419%
the Distribution Date per $1,000
5. Pool Balance on the Accounting Date $765,690,057.62
6. Reserve Account
(a) Targeted Reserve Account $22,970,701.73
Balance
(b) Amount on deposit in the $22,970,701.73
Reserve Account
7. Payments received under the Interest
Rate Cap
(a) The notional amount of the $223,832,000.00
Interest Rate Cap
(b) Current Libor 4.937810%
(c) Cap Rate 0.0625
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 28
(g) Payments received under the 0
Interest Rate Cap
8. (a) Weighted Average Coupon (WAC) 19.737837%
(b) Weighted Average Remaining 5159.428881%
Maturity (WAM)
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period 02/28/99
Distribution Date 03/17/99
CLASS B-2 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 5.333333333
2. Principal distribution per $1,000 0
3. Interest distribution per $1,000 5.333333333
B. Calculation of Class B-2 Interest
1. Class B-2 related Note Rate 0.064
2. Class B-2 principal balance - $94,338,000.00
beginning of period
3. Accrual convention 30/360
4. Days in Interest Period
4. Class B-2 interest due $503,136.00
5. Class B-2 interest paid $503,136.00
6. Class B-2 Interest Carryover $0.00
Shortfall
7. Class B-2 unpaid interest with $0.00
respect to the Distribution Date
C. Calculation of Class B-2 principal
balance
1. Class B-2 principal balance - $94,338,000.00
beginning of period
2. Class B-2 principal - amount due $0.00
3. Class B-2 principal - amount paid $0.00
4. Class B-2 principal balance - end of $94,338,000.00
period
5. Class B-2 Principal Carryover $0.00
Shortfall
6. Class B-2 unpaid principal with $0.00
respect to the Distribution Date
7. Class B-1 Notes as a percentage of 12.320651%
the Pool Balance on the Distribution Date
8. Class A, B-1 and B-2 Notes as a 82.178692%
percentage of the Pool Balance on the
Distribution Date
D. Performance of Trust
1. Available Funds For Distribution Date $29,857,161.10
2. Delinquent Balances
(a) 1-29 Days Delinquent $26,313,000.00
% Of Receivables 0.03436508
(b) 30-59 Days Delinquent $10,727,000.00
% Of Receivables 0.014009585
(c) 60+ Days Delinquent $6,475,000.00
% Of Receivables 0.008456424
3. Aggregate losses for Collection $2,203,173.40
Period less Net Liquidation Proceeds
4. (a) Base Servicing Fee paid on the $684,471.64
Distribution Date
(b) Base Servicing Fee paid for 87.129419%
the Distribution Date per $1,000
5. Pool Balance on the Accounting Date $765,690,057.62
6. Reserve Account
(a) Targeted Reserve Account $22,970,701.73
Balance
(b) Amount on deposit in the $22,970,701.73
Reserve Account
7. Payments received under the Interest
Rate Cap
(a) The notional amount of the $223,832,000.00
Interest Rate Cap
(b) Current Libor 4.937810%
(c) Cap Rate 6.250000%
(d) Excess NA
(e) Day convention Actual/360
(f) Days in Interest Period 28
(g) Payments received under the 0
Interest Rate Cap
8. (a) Weighted Average Coupon (WAC) 0.197378373
(b) Weighted Average Remaining 51.59428881
Maturity (WAM)
