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 September 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
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits
99(a) Monthly Servicer's Certificate to Trustee dated September 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.
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: September 21, 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: September 21, 1999
-3-
EXHIBIT INDEX
Exhibit
Number Exhibit
99(a) Monthly Servicer's Certificate to Trustee dated September 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 Distribution Date September
17, 1999
occurring on
5. Series 1998-1 Information
(a) The amount of Collected Funds with respect to the
$28,928,473.03
Collection Period was equal to
(i) The Gross Cash Yield
18.9183%
(b) The amount of Available Funds with respect to the
28,928,473.03
Collection Period was equal to
(c) The Liquidated Receivables for the Collection
6,639,577.14
Period was equal to
(d) Net Liquidation Proceeds for the Collection Period
3,348,784.39
was equal to
(i) The annualized net default rate
6.0991%
(e) The principal balance of Series 1998-1 Receivables
at the beginning
of the Collection Period was equal to
647,465,033.47
(f) The principal balance of Series 1998-1 Receivables
on the last day
of the Collection Period was equal to
625,731,344.63
(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
32,307,000.00
Distribution Date 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
11,115,000.00
Distribution Date 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
5,845,000.00
Distribution Date was equal to
(j) The Base Servicing Fee paid on the Distribution Date
1,618,662.58
was equal to
(k) The Principal Distributable Amount for the
19,397,317.29
Distribution Date was equal to
(l) The Principal Amount Available for the Distribution
25,739,818.97
Date was equal to
(m) The Aggregate Note Principal Balance is equal to
577,862,542.37
(n) The Aggregate Optimal Note Balance is equal to
558,465,225.08
(o) The Targeted Overcollateralization Amount is equal
67,266,119.55
to
(p) The Targeted Credit Enhancement Amount is equal to
86,038,059.89
(q) The Targeted Reserve Account Balance is equal to
18,771,940.34
(r) The Reserve Account Deposit Amount for the
0.00
Distribution Date
(s) The Maximum Reserve Account Deposit Amount for the
4,006,130.13
Distribution Date
(t) The Reserve Account Shortfall for the Distribution
0.00
Date
(u) The amount on deposit in the Reserve Account after
18,771,940.34
distributions is equal to
(v) The notional amount of the Interest Rate Cap was
223,832,000.00
equal to
(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
5.276250%
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
0.00
Distribution Date was equal to
(iii) The Class A Interest Carryover Shortfall
0.00
with 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
(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
0.00
equal to
(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
56.485394%
(b) Class A-2
(i) The Class A Interest Distributable Amount with
256,401.00
respect to Class A-2 was equal to
(ii) The Class A-2 interest paid on the
256,401.00
Distribution Date was equal to
(iii) The Class A Interest Carryover Shortfall
0.00
with 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
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
0.00
with respect to Class A-2 was equal to
(viii) The Class A-2 principal distribution was
0.00
equal to
(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
8.629902%
(xii) The ending Class A Notes as a percentage of
the Pool Balance on the Distribution
Date was equal to
56.485394%
(c) Class A-3
(i) The Class A Interest Distributable Amount with
705,124.06
respect to Class A-3 was equal to
(ii) The Class A-3 interest paid on the
705,124.06
Distribution Date was equal to
(iii) The Class A Interest Carryover Shortfall
0.00
with 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
(viii) The Class A-3 principal distribution was
0.00
equal to
(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
22.853258%
(xii) The ending Class A Notes as a percentage of
the Pool Balance on the Distribution
Date was equal to
56.485394%
(d) Class A-4
(i) The Class A Interest Distributable Amount with
402,057.81
respect to Class A-4 was equal to
(ii) The Class A-4 interest paid on the
402,057.81
Distribution Date was equal to
(iii) The Class A Interest Carryover Shortfall
0.00
with 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
0.00
equal to
(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
12.918004%
(xii) The ending Class A Notes as a percentage of
the Pool Balance on the Distribution
Date was equal to
56.485394%
(e) Class A-5
(i) The Class A Interest Distributable Amount with
368,385.50
respect to Class A-5 was equal to
(ii) The Class A-5 interest paid on the
368,385.50
Distribution Date was equal to
(iii) The Class A Interest Carryover Shortfall
0.00
with 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
78,241,167.23
(vi) The Class A-5 aggregate principal amount at
the end of the Distribution Date
was equal to
75,614,818.17
(vii) The Class A-5 Principal Distributable Amount
2,626,349.06
was equal to
(viii) The Class A-5 principal distribution was
2,626,349.06
equal to
(ix) The Class A-5 Principal Carryover Shortfall
0.00
was equal
(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
56.485394%
(f) Class B-1
(i) The Class B-1 Interest Distributable Amount
521,340.75
was equal to
(ii) The Class B-1 interest paid on the
521,340.75
Distribution Date was equal to
(iii) The Class B-1 Interest Carryover Shortfall
0.00
was 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
99,303,000.00
(vi) The Class B-1 aggregate principal amount at
the end of the Distribution Date
was equal to
87,693,779.79
(vii) The Class B-1 Principal Distributable Amount
11,609,220.21
was equal to
(viii) The Class B-1 principal distribution was
11,609,220.21
equal to
(ix) The Class B-1 Principal Carryover Shortfall
0.00
was equal
(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
14.014606%
(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
399,454.37
was equal to
(ii) The Class B-2 interest paid on the
399,454.37
Distribution Date was equal to
(iii) The Class B-2 Interest Carryover Shortfall
0.00
was equal to
(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
74,897,695.18
(vi) The Class B-2 aggregate principal amount at
the end of the Distribution Date
was equal to
71,333,373.29
(vii) The Class B-2 Principal Distributable Amount
3,564,321.89
was equal to
(viii) The Class B-2 principal distribution was
3,564,321.89
equal to
(ix) The Class B-2 Principal Carryover Shortfall
0.00
was equal
(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 to
81.900000%
(g) Class C
(i) The Class C Interest Distributable Amount was
257,772.02
equal to
(ii) The Class C interest paid on the Distribution
257,772.02
Date was equal to
(iii) The Class C Interest Carryover Shortfall was
0.00
equal to
(iv) The Class C unpaid interest with respect to
0.00
the Distribution Date was equal to
(v) The Class C aggregate principal amount at the
beginning of the Distribution Date
was equal to
47,588,679.96
(vi) The Class C aggregate principal amount at the
end of the Distribution Date
was equal to
45,991,253.83
(vii) The Class C Principal Distributable Amount
1,597,426.13
was equal to
(viii) The Class C principal distribution was
1,597,426.13
equal to
(ix) The Class C Principal Carryover Shortfall was
0.00
equal
(x) The Class C unpaid principal with respect to
0.00
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
7.350000%
(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
67,266,119.55
(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
None
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
September 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
08/31/99
Distribution Date
09/17/99
CLASS A-2 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
4.748166667
2. Principal distribution per $1,000
0
3. Interest distribution per $1,000
4.748166667
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
31
5. Class A-2 interest due
$256,401.00
6. Class A-2 interest paid
$256,401.00
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
$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
$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
8.629902%
Balance on the Distribution Date
8. Total Class A Notes as a percentage of the Pool
56.485394%
Balance on the Distribution Date
D. Performance of Trust
1. Available Funds For Distribution Date
$28,928,473.03
2. Delinquent Balances
(a) 1-29 Days Delinquent
$32,307,000.00
% Of Receivables
5.163078%
(b) 30-59 Days Delinquent
$11,115,000.00
% Of Receivables
1.776321%
(c) 60+ Days Delinquent
$5,845,000.00
% Of Receivables
0.934107%
3. Aggregate losses for Collection Period less Net
$3,290,792.75
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$1,618,662.58
(b) Base Servicing Fee paid for the
Distribution Date per $1,000
5. Pool Balance on the Accounting Date
$625,731,344.63
6. Reserve Account
(a) Targeted Reserve Account Balance
$18,771,940.34
(b) Amount on deposit in the Reserve Account
$18,771,940.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate
$223,832,000.00
Cap
(b) Current Libor
5.276250%
(c) Cap Rate
6.250000%
(d) Excess NA
(e) Day convention
Actual/360
(f) Days in Interest Period
31
(g) Payments received under the Interest Rate
0
Cap
8. (a) Weighted Average Coupon (WAC)
19.681000%
(b) Weighted Average Remaining Maturity (WAM)
46
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
08/31/99
Distribution Date
09/17/99
CLASS A-3 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
4.9309375
2. Principal distribution per $1,000
0
3. Interest distribution per $1,000
4.9309375
B. Calculation of Class A-3 Interest
1. Calculation of Class A-3 Note Rate
(a) Libor
5.276250%
(b) Spread
0.450000%
(c) Class A-3 related Note Rate
5.726250%
2. Class A-3 principal balance - beginning of
$143,000,000.00
period
3. Accrual convention
Actual/360
4. Days in Interest Period
31
5. Class A-3 interest due
$705,124.06
6. Class A-3 interest paid
$705,124.06
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
22.853258%
Balance on the Distribution Date
8. Total Class A Notes as a percentage of the Pool
56.485394%
Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds
$28,928,473.03
2. Delinquent Balances
(a) 1-29 Days Delinquent
$32,307,000.00
% Of Receivables
5.163078%
(b) 30-59 Days Delinquent
$11,115,000.00
% Of Receivables
1.776321%
(c) 60+ Days Delinquent
$5,845,000.00
% Of Receivables
0.934107%
3. Aggregate losses for Collection Period less Net
$3,290,792.75
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$1,618,662.58
(b) Base Servicing Fee paid for the
Distribution Date per $1,000
5. Pool Balance on the Accounting Date
$625,731,344.63
6. Reserve Account
(a) Targeted Reserve Account Balance
$18,771,940.34
(b) Amount on deposit in the Reserve Account
$18,771,940.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate
$223,832,000.00
Cap
(b) Current Libor
5.276250%
(c) Cap Rate
6.250000%
(d) Excess NA
(e) Day convention
Actual/360
(f) Days in Interest Period
31
(g) Payments received under the Interest Rate
$0.00
Cap
8. (a) Weighted Average Coupon (WAC)
19.681000%
(b) Weighted Average Remaining Maturity (WAM)
46
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
08/31/99
Distribution Date
09/17/99
CLASS A-4 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
4.973993056
2. Principal distribution per $1,000
0
3. Interest distribution per $1,000
4.973993056
B. Calculation of Class A-4 Interest
1. Calculation of Class A-4 related Note Rate
(a) Libor
5.276250%
(b) Spread
0.500000%
(c) Class A-4 related Note Rate
5.776250%
2. Class A-4 principal balance - beginning of
$80,832,000.00
period
3. Accrual convention
Actual/360
4. Days in Interest Period
31
5. Class A-4 interest due
$402,057.81
6. Class A-4 interest paid
$402,057.81
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
12.918004%
Balance on the Distribution Date
8. Total Class A Notes as a percentage of the Pool
56.485394%
Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds
$28,928,473.03
2. Delinquent Balances
(a) 1-29 Days Delinquent
$32,307,000.00
% Of Receivables
5.163078%
(b) 30-59 Days Delinquent
$11,115,000.00
% Of Receivables
1.776321%
(c) 60+ Days Delinquent
$5,845,000.00
% Of Receivables
0.934107%
3. Aggregate losses for Collection Period less Net
$3,290,792.75
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$1,618,662.58
(b) Base Servicing Fee paid for the
Distribution Date per $1,000
5. Pool Balance on the Accounting Date
$625,731,344.63
6. Reserve Account
(a) Targeted Reserve Account Balance
$18,771,940.34
(b) Amount on deposit in the Reserve Account
$18,771,940.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate
$223,832,000.00
Cap
(b) Current Libor
5.276250%
(c) Cap Rate
6.250000%
(d) Excess NA
(e) Day convention
Actual/360
(f) Days in Interest Period
31
(g) Payments received under the Interest Rate
0
Cap
8. (a) Weighted Average Coupon (WAC)
19.681000%
(b) Weighted Average Remaining Maturity (WAM)
46
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
08/31/99
Distribution Date
09/17/99
CLASS A-5 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
29.94734557
2. Principal distribution per $1,000
26.26349062
3. Interest distribution per $1,000
3.683854957
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
$78,241,167.23
3. Accrual convention 30/360
4. Days in Interest Period
4. Class A-5 interest due
$368,385.50
5. Class A-5 interest paid
$368,385.50
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
$78,241,167.23
2. Class A-5 principal - amount due
$2,626,349.06
3. Class A-5 principal - amount paid
$2,626,349.06
4. Class A-5 principal balance - end of period
$75,614,818.17
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
12.084231%
Balance on the Distribution Date
8. Total Class A Notes as a percentage of the Pool
56.485394%
Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds
$28,928,473.03
2. Delinquent Balances
(a) 1-29 Days Delinquent
$32,307,000.00
% Of Receivables
5.163078%
(b) 30-59 Days Delinquent
$11,115,000.00
% Of Receivables
1.776321%
(c) 60+ Days Delinquent
$5,845,000.00
% Of Receivables
0.934107%
3. Aggregate losses for Collection Period less Net
$3,290,792.75
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$1,618,662.58
(b) Base Servicing Fee paid for the
Distribution Date per $1,000
5. Pool Balance on the Accounting Date
$625,731,344.63
6. Reserve Account
(a) Targeted Reserve Account Balance
$18,771,940.34
(b) Amount on deposit in the Reserve Account
$18,771,940.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate
$223,832,000.00
Cap
(b) Current Libor
5.276250%
(c) Cap Rate
6.250000%
(d) Excess NA
(e) Day convention
Actual/360
(f) Days in Interest Period
31
(g) Payments received under the Interest Rate
0
Cap
8. (a) Weighted Average Coupon (WAC)
19.681000%
(b) Weighted Average Remaining Maturity (WAM)
46
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
08/31/99
Distribution Date
09/17/99
CLASS B-1 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
122.157044
2. Principal distribution per $1,000
116.907044
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
4. Class B-1 interest due
$521,340.75
5. Class B-1 interest paid
$521,340.75
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
$99,303,000.00
2. Class B-1 principal - amount due
$11,609,220.21
3. Class B-1 principal - amount paid
$11,609,220.21
4. Class B-1 principal balance - end of period
$87,693,779.79
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
14.014606%
Balance 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
$28,928,473.03
2. Delinquent Balances
(a) 1-29 Days Delinquent
$32,307,000.00
% Of Receivables
5.163078%
(b) 30-59 Days Delinquent
$11,115,000.00
% Of Receivables
1.776321%
(c) 60+ Days Delinquent
$5,845,000.00
% Of Receivables
0.934107%
3. Aggregate losses for Collection Period less Net
$3,290,792.75
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$1,618,662.58
(b) Base Servicing Fee paid for the
Distribution Date per $1,000
5. Pool Balance on the Accounting Date
$625,731,344.63
6. Reserve Account
(a) Targeted Reserve Account Balance
$18,771,940.34
(b) Amount on deposit in the Reserve Account
$18,771,940.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate
$223,832,000.00
Cap
(b) Current Libor
5.276250%
(c) Cap Rate
6.250000%
(d) Excess NA
(e) Day convention
Actual/360
(f) Days in Interest Period
31
(g) Payments received under the Interest Rate
0
Cap
8. (a) Weighted Average Coupon (WAC)
19.681000%
(b) Weighted Average Remaining Maturity (WAM)
46
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I
SERIES 1998-1
Collection Period
08/31/99
Distribution Date
09/17/99
CLASS B-2 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
42.01675112
2. Principal distribution per $1,000
37.78246193
3. Interest distribution per $1,000
4.234289197
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
$74,897,695.18
3. Accrual convention 30/360
4. Days in Interest Period
4. Class B-2 interest due
$399,454.37
5. Class B-2 interest paid
$399,454.37
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
$74,897,695.18
2. Class B-2 principal - amount due
$3,564,321.89
3. Class B-2 principal - amount paid
$3,564,321.89
4. Class B-2 principal balance - end of period
$71,333,373.29
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
11.400000%
Balance 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
$28,928,473.03
2. Delinquent Balances
(a) 1-29 Days Delinquent
$32,307,000.00
% Of Receivables
5.163078%
(b) 30-59 Days Delinquent
$11,115,000.00
% Of Receivables
1.776321%
(c) 60+ Days Delinquent
$5,845,000.00
% Of Receivables
0.934107%
3. Aggregate losses for Collection Period less Net
$3,290,792.75
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$1,618,662.58
(b) Base Servicing Fee paid for the
Distribution Date per $1,000
5. Pool Balance on the Accounting Date
$625,731,344.63
6. Reserve Account
(a) Targeted Reserve Account Balance
$18,771,940.34
(b) Amount on deposit in the Reserve Account
$18,771,940.34
7. Payments received under the Interest Rate Cap
(a) The notional amount of the Interest Rate
$223,832,000.00
Cap
(b) Current Libor
5.276250%
(c) Cap Rate
6.250000%
(d) Excess NA
(e) Day convention
Actual/360
(f) Days in Interest Period
31
(g) Payments received under the Interest Rate
0
Cap
8. (a) Weighted Average Coupon (WAC)
19.681000%
(b) Weighted Average Remaining Maturity (WAM)
46
