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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 February 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 February 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/ P. D. Schwartz
P. D. Schwartz
Authorized Representative
Dated: February 22, 2000
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EXHIBIT INDEX
Exhibit
Number Exhibit
99(a) Monthly Servicer's Certificate to Trustee dated February 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
1. This Certificate relates to the Distribution Date February 17, 2000
occurring on
2. Series 1998-1 Information
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(a) The amount of Collected Funds with respect to the $25,470,536.84
Collection Period was equal to
(i) The Gross Cash Yield 19.779597%
(b) The amount of Available Funds with respect to the $25,470,536.84
Collection Period was equal to
(c) The Liquidated Receivables for the Collection $6,334,986.93
Period was equal to
(d) Net Liquidation Proceeds for the Collection Period $2,322,190.04
was equal to
(i) The annualized net default rate 8.917071%
(e) The principal balance of Series 1998-1 Receivables at
the beginning of the Collection Period was equal to $540,015,496.11
(f) The principal balance of Series 1998-1 Receivables on
the last day of the Collection Period was equal to $519,565,226.15
(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 $26,689,000.00
(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 $9,350,000.00
(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 $7,118,000.00
(j) The Base Servicing Fee paid on the Distribution Date $1,350,038.74
was equal to
(k) The Principal Distributable Amount for the $17,638,357.84
Distribution Date was equal to
(l) The Principal Amount Available for the Distribution $22,855,155.12
Date was equal to
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(m) The Aggregate Note Principal Balance was equal to $482,313,860.65
(n) The Aggregate Optimal Note Balance was equal to $464,675,502.81
(o) The Targeted Credit Enhancement Amount was equal to $71,440,218.60
(p) The Targeted Reserve Account Balance was equal to $16,550,495.25
(q) The Targeted Credit Enhancement Amount as a percentage of the Pool
Balance on the Distribution Date was equal to 13.750000%
(r) The Reserve Account Deposit Amount for the $0.00
Distribution Date
(s) The Maximum Reserve Account Deposit Amount for the $2,404,885.16
Distribution Date
(t) The Reserve Account Shortfall for the Distribution Date $0.00
(u) The amount on deposit in the Reserve Account after $16,550,495.25
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 equal to 3.185451%
(w) The Targeted Overcollateralization Amount was equal to $54,889,723.34
(x) The ending overcollateralization was equal to $54,889,723.34
(y) The ending overcollateralization as a percentage of the Pool
Balance on the Distribution Date was equal to 10.564549%
(z) The notional amount of the Interest Rate Cap was $223,832,000.00
equal to
(aa) Payments received under the Interest Rate Cap were $0.00
equal to
(ab) Libor Rate used in determining payments received under the
Interest Rate Cap was equal to 5.792500%
(ac) The Weighed Average Coupon (WAC) was equal to 19.626000%
(ad) The Weighed Average Remaining Maturity (WAM) was 42
equal to
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 - beginning of period $0.00
3. Accrual convention Actual/360
4. Days in Interest Period 30
5. Class A-1 interest due $0.00
6. Class A-1 interest paid $0.00
7. Class A Interest Carryover Shortfall with respect $0.00
to Class A-1
8. Class A-1 unpaid interest with respect to the $0.00
Distribution Date
C. Calculation of Class A-1 principal balance
1. Class A-1 principal balance - beginning of period $0.00
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 period $0.00
5. Class A Principal Carryover Shortfall with respect $0.00
to Class A-1
6. Class A-1 unpaid principal with respect to the $0.00
Distribution Date
7. Class A-1 Notes as a percentage of the Pool 0.000000%
Balance on the Distribution Date
8. Total Class A Notes as a percentage of the Pool 58.685451%
Balance on the Distribution Date
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(b) Class A-2
A. Information Regarding Distributions
1. Total distribution per $1,000 $166.73
2. Principal distribution per $1,000 $164.42
3. Interest distribution per $1,000 $2.31
B. Calculation of Class A-2 Interest
1. Class A-2 related Note Rate 5.5140000%
2. Class A-2 principal balance - beginning of period $27,170,378.16
3. Accrual convention Actual/360
4. Days in Interest Period 30
5. Class A-2 interest due $124,847.89
6. Class A-2 interest paid $124,847.89
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 $27,170,378.16
2. Class A-2 principal - amount due $8,878,642.06
3. Class A-2 principal - amount paid $8,878,642.06
4. Class A-2 principal balance - end of period $18,291,736.10
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 3.520585%
Balance on the Distribution Date
8. Total Class A Notes as a percentage of the Pool 58.685451%
Balance on the Distribution Date
(c) Class A-3
A. Information Regarding Distributions
1. Total distribution per $1,000 $5.20
2. Principal distribution per $1,000 $0.00
3. Interest distribution per $1,000 $5.20
B. Calculation of Class A-3 Interest
1. Calculation of Class A-3 Note Rate
(a) Libor 5.792500%
(b) Spread 0.450000%
(c) Class A-3 related Note Rate 6.242500%
2. Class A-3 principal balance - beginning of $143,000,000.00
period
3. Accrual convention Actual/360
4. Days in Interest Period 30
5. Class A-3 interest due $743,897.92
6. Class A-3 interest paid $743,897.92
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 27.523012%
Balance on the Distribution Date
8. Total Class A Notes as a percentage of the Pool 58.685451%
Balance on the Distribution Date
(d) Class A-4
A. Information Regarding Distributions
1. Total distribution per $1,000 $5.24375
2. Principal distribution per $1,000 $0.00000
3. Interest distribution per $1,000 $5.24375
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B. Calculation of Class A-4 Interest
1. Calculation of Class A-4 related Note Rate
(a) Libor 5.792500%
(b) Spread 0.500000%
(c) Class A-4 related Note Rate 6.292500%
2. Class A-4 principal balance - beginning of $80,832,000.00
period
3. Accrual convention Actual/360
4. Days in Interest Period 30
5. Class A-4 interest due $423,862.80
6. Class A-4 interest paid $423,862.80
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 15.557623%
Balance on the Distribution Date
8. Total Class A Notes as a percentage of the Pool 58.685451%
Balance on the Distribution Date
(e) Class A-5
A. Information Regarding Distributions
1. Total distribution per $1,000 $27.78508
2. Principal distribution per $1,000 $24.71258
3. Interest distribution per $1,000 $3.07250
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 $65,256,717.43
3. Accrual convention 30/360
4. Days in Interest Period 30
4. Class A-5 interest due $307,250.38
5. Class A-5 interest paid $307,250.38
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 $65,256,717.43
2. Class A-5 principal - amount due $2,471,257.77
3. Class A-5 principal - amount paid $2,471,257.77
4. Class A-5 principal balance - end of period $62,785,459.66
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 58.685451%
Balance on the Distribution Date
(f) Class B-1
A. Information Regarding Distributions
1. Total distribution per $1,000 $28.13855
2. Principal distribution per $1,000 $24.71257
3. Interest distribution per $1,000 $3.42598
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 $64,801,859.54
3. Accrual convention 30/360
4. Days in Interest Period 30
4. Class B-1 interest due $340,209.76
5. Class B-1 interest paid $340,209.76
6. Class B-1 Interest Carryover Shortfall $0.00
7. Class B-1 unpaid interest with respect to the $0.00
Distribution Date
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C. Calculation of Class B-1 principal balance
1. Class B-1 principal balance - beginning of period $64,801,859.54
2. Class B-1 principal - amount due $2,454,032.40
3. Class B-1 principal - amount paid $2,454,032.40
4. Class B-1 principal balance - end of period $62,347,827.14
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 12.000000%
Balance on the Distribution Date
8. Class A and B-1 Notes as a percentage of the Pool 70.685451%
Balance on the Distribution Date
(g) Class B-2
A. Information Regarding Distributions
1. Total distribution per $1,000 $28.19288
2. Principal distribution per $1,000 $24.71253
3. Interest distribution per $1,000 $3.48035
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 $61,561,766.55
3. Accrual convention 30/360
4. Days in Interest Period 30
4. Class B-2 interest due $328,329.42
5. Class B-2 interest paid $328,329.42
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 $61,561,766.55
2. Class B-2 principal - amount due $2,331,330.77
3. Class B-2 principal - amount paid $2,331,330.77
4. Class B-2 principal balance - end of period $59,230,435.78
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-2 Notes as a percentage of the Pool 11.400000%
Balance on the Distribution Date
8. Class A and B Notes as a percentage of the Pool 82.085451%
Balance on the Distribution Date
(h) Class C
A. Information Regarding Distributions
1. Total distribution per $1,000 $28.24735
2. Principal distribution per $1,000 $24.71261
3. Interest distribution per $1,000 $3.53474
B. Calculation of Class C Interest
1. Class C related Note Rate 6.500000%
2. Class C principal balance - beginning of period $39,691,138.97
3. Accrual convention 30/360
4. Days in Interest Period 30
4. Class C interest due $214,993.67
5. Class C interest paid $214,993.67
6. Class C Interest Carryover Shortfall $0.00
7. Class C unpaid interest with respect to the $0.00
Distribution Date
C. Calculation of Class C principal balance
1. Class C principal balance - beginning of period $39,691,138.97
2. Class C principal - amount due $1,503,094.84
3. Class C principal - amount paid $1,503,094.84
4. Class C principal balance - end of period $38,188,044.13
5. Class C Principal Carryover Shortfall $0.00
6. Class C unpaid principal with respect to the $0.00
Distribution Date
7. Class C Notes as a percentage of the Pool Balance 7.350000%
on the Distribution Date
8. Class A, B and C Notes as a percentage of the Pool 89.435451%
Balance on the Distribution Date
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