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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 April 17, 2000
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 April 17, 2000
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.
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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/ J. W. Blenke
J. W. Blenke
Authorized Representative
Dated: April 26, 2000
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EXHIBIT INDEX
Exhibit
Number Exhibit
99(a) Monthly Servicer's Certificate to Trustee dated April 17, 2000
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.
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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
<S> <C>
1. This Certificate relates to the April 17, 2000
Distribution Date occurring on
2. Series 1998-1 Information
(a) The amount of Collected Funds with $27,631,940.56
respect to the Collection Period was equal to
(i) The Gross Cash Yield
(b) The amount of Available Funds with $27,631,940.56
respect to the Collection Period was equal to
(c) The Liquidated Receivables for the $6,848,024.08
Collection Period was equal to
(d) Net Liquidation Proceeds for the $2,934,797.20
Collection Period was equal to
(i) The annualized net default rate 9.678962%
(e) The principal balance of Series 1998-1
Receivables at the beginning
of the Collection Period was equal to $496,952,556.68
(f) The principal balance of Series 1998-1
Receivables on the last day
of the Collection Period was equal to $473,373,039.96
(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 $20,914,000.00
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 $6,341,000.00
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
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Collection Period with respect to such $4,578,000.00
Distribution Date was equal to
(j) The Base Servicing Fee paid on the $1,242,381.39
Distribution Date was equal to
(k) The Principal Distributable Amount for $20,337,333.17
the Distribution Date was equal to
(l) The Principal Amount Available for the $25,153,188.22
Distribution Date was equal to
(m) The Aggregate Note Principal Balance was $445,172,075.39
equal to
(n) The Aggregate Optimal Note Balance was $424,834,742.22
equal to
(o) The Targeted Credit Enhancement Amount $65,088,792.99
was equal to
(p) The Targeted Reserve Account Balance was $16,550,495.25
equal to
(q) The Targeted Credit Enhancement Amount as
a percentage of the Pool
Balance on the Distribution Date was 13.750000%
equal to
(r) The Reserve Account Deposit Amount for $0.00
the Distribution Date
(s) The Maximum Reserve Account Deposit $1,573,671.50
Amount for the Distribution Date
(t) The Reserve Account Shortfall for the $0.00
Distribution Date
(u) The amount on deposit in the Reserve $16,550,495.25
Account after distributions was equal to
(v) The amount on deposit in the Reserve
Account as a percentage of the Pool
Balance on the Distribution Date was 3.496290%
equal to
(w) The Targeted Overcollateralization Amount $48,538,297.74
was equal to
(x) The ending overcollateralization was $48,538,297.74
equal to
(y) The ending overcollateralization as a
percentage of the Pool Balance on the
Distribution Date was equal to 10.253710%
(z) The notional amount of the Interest Rate $223,832,000.00
Cap was equal to
(aa) Payments received under the Interest $0.00
Rate Cap were equal to
(ab) Libor Rate used in determining payments
received under the Interest Rate Cap was
equal to 6.035000%
(ac) The Weighed Average Coupon (WAC) was 19.582000%
equal to
(ad) The Weighed Average Remaining Maturity 40
(WAM) was equal to
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3. Noteholder Information
(a) Class A-1
A. Information Regarding Distributions
B. Calculation of Class A-1 Interest 0.000000%
1. Class A-1 related Note Rate 5.330000%
2. Class A-1 principal balance - $0.00
beginning of period
3. Accrual convention Actual/360
4. Days in Interest Period 31
5. Class A-1 interest due $0.00
6. Class A-1 interest paid $0.00
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-1
8. Class A-1 unpaid interest with respect $0.00
to the Distribution Date
C. Calculation of Class A-1 principal balance
1. Class A-1 principal balance - beginning $0.00
of period
2. Class A-1 principal - amount due $0.00
3. Class A-1 principal - amount paid $0.00
4. Class A-1 principal balance - end of $0.00
period
5. Class A Principal Carryover Shortfall $0.00
with respect to Class A-1
6. Class A-1 unpaid principal with respect $0.00
to the Distribution Date
7. Class A-1 Notes as a percentage of the 0.000000%
Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage of 58.996290%
the Pool Balance on the Distribution Date
(b) Class A-2
A. Information Regarding Distributions
1. Total distribution per $1,000 $157.68
2. Principal distribution per $1,000 $156.93
3. Interest distribution per $1,000 $0.75
B. Calculation of Class A-2 Interest
1. Class A-2 related Note Rate 5.5140000%
2. Class A-2 principal balance - $8,474,271.66
beginning of period
3. Accrual convention Actual/360
4. Days in Interest Period 31
5. Class A-2 interest due $40,237.25
6. Class A-2 interest paid $40,237.25
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-2
8. Class A-2 unpaid interest with respect $0.00
to the Distribution Date
C. Calculation of Class A-2 principal balance
1. Class A-2 principal balance - beginning $8,474,271.66
of period
2. Class A-2 principal - amount due $8,474,271.66
3. Class A-2 principal - amount paid $8,474,271.66
4. Class A-2 principal balance - end of $0.00
period
5. Class A Principal Carryover Shortfall $0.00
with respect to Class A-2
6. Class A-2 unpaid principal with respect $0.00
to the Distribution Date
7. Class A-2 Notes as a percentage of the 0.000000%
Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage of 58.996290%
the Pool Balance on the Distribution Date
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(c) Class A-3
A. Information Regarding Distributions
1. Total distribution per $1,000 $17.91
2. Principal distribution per $1,000 $12.33
3. Interest distribution per $1,000 $5.58
B. Calculation of Class A-3 Interest
1. Calculation of Class A-3 Note Rate
(a) Libor 6.035000%
(b) Spread 0.450000%
(c) Class A-3 related Note Rate 6.485000%
2. Class A-3 principal balance - $143,000,000.00
beginning of period
3. Accrual convention Actual/360
4. Days in Interest Period 31
5. Class A-3 interest due $798,555.69
6. Class A-3 interest paid $798,555.69
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-3
8. Class A-3 unpaid interest with respect $0.00
to the Distribution Date
C. Calculation of Class A-3 principal balance
1. Class A-3 principal balance - beginning $143,000,000.00
of period
2. Class A-3 principal - amount due $1,762,956.96
3. Class A-3 principal - amount paid $1,762,956.96
4. Class A-3 principal balance - end of $141,237,043.04
period
5. Class A Principal Carryover Shortfall $0.00
with respect to Class A-3
6. Class A-3 unpaid principal with respect $0.00
to the Distribution Date
7. Class A-3 Notes as a percentage of the 29.836309%
Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage of 58.996290%
the Pool Balance on the Distribution Date
(d) Class A-4
A. Information Regarding Distributions
1. Total distribution per $1,000 $5.62736
2. Principal distribution per $1,000 $0.00000
3. Interest distribution per $1,000 $5.62736
B. Calculation of Class A-4 Interest
1. Calculation of Class A-4 related Note
Rate
(a) Libor 6.035000%
(b) Spread 0.500000%
(c) Class A-4 related Note Rate 6.535000%
2. Class A-4 principal balance - $80,832,000.00
beginning of period
3. Accrual convention Actual/360
4. Days in Interest Period 31
5. Class A-4 interest due $454,870.85
6. Class A-4 interest paid $454,870.85
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-4
8. Class A-4 unpaid interest with respect $0.00
to the Distribution Date
C. Calculation of Class A-4 principal balance
1. Class A-4 principal balance - beginning $80,832,000.00
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 respect $0.00
to the Distribution Date
7. Class A-4 Notes as a percentage of the 17.075751%
Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage of 58.996290%
the Pool Balance on the Distribution Date
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(e) Class A-5
A. Information Regarding Distributions
1. Total distribution per $1,000 $31.32152
2. Principal distribution per $1,000 $28.49403
3. Interest distribution per $1,000 $2.82749
B. Calculation of Class A-5 Interest
1. Class A-5 related Note Rate 5.650000%
2. Class A-5 principal balance - $60,052,892.55
beginning of period
3. Accrual convention 30/360
4. Days in Interest Period 31
4. Class A-5 interest due $282,749.04
5. Class A-5 interest paid $282,749.04
7. Class A Interest Carryover Shortfall $0.00
with respect to Class A-5
8. Class A-5 unpaid interest with respect $0.00
to the Distribution Date
C. Calculation of Class A-5 principal balance
1. Class A-5 principal balance - beginning $60,052,892.55
of period
2. Class A-5 principal - amount due $2,849,403.16
3. Class A-5 principal - amount paid $2,849,403.16
4. Class A-5 principal balance - end of $57,203,489.39
period
5. Class A-5 Principal Carryover Shortfall $0.00
6. Class A-5 unpaid principal with respect $0.00
to the Distribution Date
7. Class A-5 Notes as a percentage of the 12.084231%
Pool Balance on the Distribution Date
8. Total Class A Notes as a percentage of 58.996290%
the Pool Balance on the Distribution Date
(f) Class B-1
A. Information Regarding Distributions
1. Total distribution per $1,000 $31.64680
2. Principal distribution per $1,000 $28.49402
3. Interest distribution per $1,000 $3.15278
B. Calculation of Class B-1 Interest
1. Class B-1 related Note Rate 6.300000%
2. Class B-1 principal balance - $59,634,306.80
beginning of period
3. Accrual convention 30/360
4. Days in Interest Period 31
4. Class B-1 interest due $313,080.11
5. Class B-1 interest paid $313,080.11
6. Class B-1 Interest Carryover Shortfall $0.00
7. Class B-1 unpaid interest with respect $0.00
to the Distribution Date
C. Calculation of Class B-1 principal balance
1. Class B-1 principal balance - beginning $59,634,306.80
of period
2. Class B-1 principal - amount due $2,829,542.01
3. Class B-1 principal - amount paid $2,829,542.01
4. Class B-1 principal balance - end of $56,804,764.79
period
5. Class B-1 Principal Carryover Shortfall $0.00
6. Class B-1 unpaid principal with respect ($0.00)
to the Distribution Date
7. Class B-1 Notes as a percentage of the 12.000000%
Pool Balance on the Distribution Date
8. Class A and B-1 Notes as a percentage 70.996290%
of the Pool Balance on the Distribution Date
(g) Class B-2
A. Information Regarding Distributions
1. Total distribution per $1,000 $31.69679
2. Principal distribution per $1,000 $28.49398
3. Interest distribution per $1,000 $3.20281
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B. Calculation of Class B-2 Interest
1. Class B-2 related Note Rate 6.400000%
2. Class B-2 principal balance - $56,652,591.46
beginning of period
3. Accrual convention 30/360
4. Days in Interest Period 31
4. Class B-2 interest due $302,147.15
5. Class B-2 interest paid $302,147.15
6. Class B-2 Interest Carryover Shortfall $0.00
7. Class B-2 unpaid interest with respect $0.00
to the Distribution Date
C. Calculation of Class B-2 principal balance
1. Class B-2 principal balance - beginning $56,652,591.46
of period
2. Class B-2 principal - amount due $2,688,064.90
3. Class B-2 principal - amount paid $2,688,064.90
4. Class B-2 principal balance - end of $53,964,526.56
period
5. Class B-2 Principal Carryover Shortfall $0.00
6. Class B-2 unpaid principal with respect $0.00
to the Distribution Date
7. Class B-2 Notes as a percentage of the 11.400000%
Pool Balance on the Distribution Date
8. Class A and B Notes as a percentage of 82.396290%
the Pool Balance on the Distribution Date
(h) Class C
A. Information Regarding Distributions
1. Total distribution per $1,000 $31.74693
2. Principal distribution per $1,000 $28.49406
3. Interest distribution per $1,000 $3.25287
B. Calculation of Class C Interest
1. Class C related Note Rate 6.500000%
2. Class C principal balance - beginning $36,526,012.92
of period
3. Accrual convention 30/360
4. Days in Interest Period 31
4. Class C interest due $197,849.24
5. Class C interest paid $197,849.24
6. Class C Interest Carryover Shortfall $0.00
7. Class C unpaid interest with respect $0.00
to the Distribution Date
C. Calculation of Class C principal balance
1. Class C principal balance - beginning $36,526,012.92
of period
2. Class C principal - amount due $1,733,094.48
3. Class C principal - amount paid $1,733,094.48
4. Class C principal balance - end of $34,792,918.44
period
5. Class C Principal Carryover Shortfall $0.00
6. Class C unpaid principal with respect $0.00
to the Distribution Date
7. Class C Notes as a percentage of the 7.350000%
Pool Balance on the Distribution Date
8. Class A, B and C Notes as a percentage 89.746290%
of the Pool Balance on the Distribution Date
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