<PAGE>
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 (Date of earliest event reported):
December 15, 1999
HONDA AUTO LEASE TRUST 1999-A
(Exact name of registrant specified in its charter)
DELAWARE 333-72303 33-0846301
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation of
organization)
HONDA TITLING C L.P.
HONDA TITLING D L.P.
700 VAN NESS AVENUE
TORRANCE, CA 90501
- ------------------------------------------------- -------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 781-6146
6148
<PAGE>
Item 5. Other Events
On December 15, 1999, the Principal and Interest collected during the
preceding calendar month, net of certain adjustments as provided for in the
1999-A Securitization Trust Agreement dated as of July 1, 1999 (the
"Agreement"), between Honda Titling C L.P. and Honda Titling D L.P., as
Transferors, and U.S. Bank National Association, as Owner Trustee, Wilmington
Trust Company, as Delaware Owner Trustee, and Bank of New York, as Indenture
Trustee, (together the "Trustees") were distributed to holders of Notes
("Noteholders") and certificates ("Certificateholders") representing special
units of beneficial interest ("SUBI'S") in the Honda Auto Lease Trust 1999-A
Auto Lease Asset-Backed Notes and Certificates. In accordance with the
Agreement, the Servicer's Certificate, as defined in the Agreement, was
furnished to the Indenture Trustees for distribution to the Noteholders and
Certificateholders, and as such, was distributed by the Indenture Trustees to
the Noteholders and Certificateholders. A copy of the Servicer's Certificate is
being filed as Exhibit 20 to this Current Report on Form 8-k.
Item 7 (c). Exhibits 20
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Honda Auto Lease Trust 1999-A
By: American Honda Finance Corporation, as Servicer
By:
/s/ John I. Weisickle
John I. Weisickle, Vice President, Finance
<PAGE>
AMERICAN HONDA FINANCE CORPORATION
Servicer's Certificate - Honda Auto Lease Trust 1999-A
Distribution Date of December 15, 1999 for the Collection Period of
November 1, 1999 through November 30, 1999
<TABLE>
<S> <C>
POOL DATA - ORIGINAL DEAL PARAMETERS
- ------------------------------------
Aggregate Net Investment Value (ANIV) 3,300,158,606.28
Servicer Advance -
Servicer Payahead 7,383,934.30
Number of Contracts 172,598
Weighted Average Lease Rate (Discounted) 9.05%
Weighted Average Lease Rate 6.29%
Weighted Average Remaining Term 30.48
Servicing Fee Percentage (annual) 1.00%
POOL DATA - CURRENT MONTH
- -------------------------
Aggregate Net Investment Value 3,026,534,485.25
Number of Current Contracts 165,658
Weighted Average Lease Rate (Discounted) 9.04%
Weighted Average Lease Rate 6.28%
Weighted Average Remaining Term 25.50
- ---------------------------------------------------------------------------------------------------------------
RESERVE FUND:
Initial Deposit Amount 115,274,540.12
Specified Reserve Fund Percentage (if Tests i, ii and iii are satisfied) 5.50%
Specified Reserve Fund Amount (if Tests i, ii and iii are satisfied) 181,145,705.90
Specified Reserve Fund Percentage (if Tests i, ii and iii are not satisfied) 6.50%
Specified Reserve Fund Amount (if Tests i, ii and iii are not satisfied) 214,081,288.79
Beginning Balance 141,285,273.09
Net Investment Income Retained 597,756.53
Excess Reserve Amount Released -
Deposit Amount 5,346,486.83
Withdrawal Amount -
Ending Balance 147,229,516.45
Specified Reserve Fund Balance 181,145,705.90
Net Investment Income 597,756.53
Cumulative Withdrawal Amount -
- ---------------------------------------------------------------------------------------------------------------
CREDIT LOSSES: Vehicle Count Amount
------------- --------------
Contracts Charged-off During the Collection Period 174
Discounted Principal Balance 3,225,819.42
Net Liquidation Proceeds for the Collection Period (2,525,138.16)
Recoveries - Previously Charged-off Contracts -
Aggregate Credit Losses for the Collection Period 700,681.26
Repossessions for the Collection Period 102
Cumulative Credit Losses for all Periods 1,238,814.95
RATIO OF NET CREDIT LOSSES TO THE AVERAGE ANIV BALANCE
FOR EACH COLLECTION PERIOD:
Second Preceding Collection Period 0.07%
First Preceding Collection Period 0.13%
Current Collection Period 0.28%
- ---------------------------------------------------------------------------------------------------------------
TEST (i) (CHARGE-OFF RATE TEST)
- -------------------------------
Three Month Average 0.16%
Charge-off Rate Test (Test satisfied if less than or = to 1.5%) Test Satisfied
- ---------------------------------------------------------------------------------------------------------------
Discounted
DELINQUENT CONTRACTS: Percent Accounts Percent Principal Balance
------- -------- ------- -----------------
31-60 Days Delinquent 0.68% 1,132 0.68% 20,557,001.73
61-90 Days Delinquent 0.12% 199 0.12% 3,713,970.70
Over 90 Days Delinquent 0.07% 114 0.07% 2,112,134.16
Total Delinquencies 1,445 26,383,106.59
RATIO OF NUMBER OF CONTRACTS DELINQUENT
MORE THAN 60 DAYS TO THE OUTSTANDING
NUMBER OF RECEIVABLES AS OF EACH COLLECTION
PERIOD (INCLUDES REPOSSESSIONS):
Second Preceding Collection Period 0.12%
First Preceding Collection Period 0.16%
Current Collection Period 0.19%
- ---------------------------------------------------------------------------------------------------------------
TEST (ii)(DELINQUENCY RATE TEST)
- ------------------------------
Three Month Average 0.16%
Delinquency Rate Test (Test satisfied if less than or = to 1.5%) Test Satisfied
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
Matured Lease Vehicle Inventory Sold 1 14,307.15
Net Liquidation Proceeds (15,255.89)
Net Residual Value (Gain) Loss (948.74)
Cumulative Residual Value (Gain) Loss all periods (1,987.50)
Average Average
Number Scheduled Sale Net Liquidation Residual
Sold Maturities Ratio Proceeds Value
MATURED VEHICLES SOLD FOR ------- ---------- ------ --------------- ----------
EACH COLLECTION PERIOD:
Second Preceding Collection Period 0 2 0.00% - -
First Preceding Collection Period 0 1 0.00% - -
Current Collection Period 1 4 25.00% 15,255.89 14,307.15
Three Month Average 5,085.30 4,769.05
---------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 106.63%
- ---------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
TEST (iii)(RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
- ------------------------------- -------------- ---------
a) Number of Vehicles Sold greater than 45% of Scheduled Maturities
and greater than or = to 500 Scheduled Maturities 25.00% Yes
b) 3 Month Average Matured Leased Vehicle Proceeds less than 75% of Average 106.63% Yes
Residual Values Residual Value Test (Test satisfied if tests a and b = Yes) Test Satisfied
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
Amount
SERVICER'S FEE DUE: ------------
Prior Cumulative Servicer's Fee Shortfall -
Servicer's Fee Due This Collection Period 2,556,293.91
Servicer's Fee Paid 2,556,293.91
Current Cumulative Servicer's Fee Shortfall -
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
ADVANCES AND PAYAHEADS: Amount
ADVANCES ------------
Prior Outstanding Servicer Advances 890,845.23
Net Advance/(Recovery) This Period 233,249.97
Nonrecoverable Prior Advances (119,970.93)
Current Outstanding Servicer Advances 1,004,124.27
PAYAHEAD ACCOUNT
Prior Outstanding Payahead Balance 5,891,214.11
Net Allocation/(Collections) of Advanced Payments This Period (973,965.15)
Current Outstanding Payahead Balance 6,865,179.26
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Securities Class A1 Class A2 Class A3
Total Balance (99.8%) Balance Balance Balance
-------------- --------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
COLLECTIONS:
INTEREST
Scheduled Interest Collections 22,703,491.28 22,658,084.30
Interest Related to Prepayments
in Full 299,577.52 298,978.36
Interest Related to Full Term and
Over Term Payoffs 2,021.72 2,017.68
Interest Related to Reallocation
Payments 151.95 151.65
Excess Liquidation Proceeds - -
Available Principal 23,005,242.47 22,959,231.99
PRINCIPAL
Scheduled Principal Collections 28,895,281.00 28,837,490.44
Prepayments in Full 8,764,245.07 8,746,716.58
Full Term and Over Term Payoffs 97,938.02 97,742.14
Reallocation Payment 20,611.73 20,570.51
Net Liquidation Proceeds 2,540,394.05 2,535,313.26
Recoveries - -
Available Principal 40,318,469.87 40,237,832.93
Withdrawal from Reserve Fund -
Total of Sources for Distribution 63,323,712.34
DISTRIBUTIONS:
INTEREST
Transferor Interest 40,897.90
Capped Trustee Fees - -
Class A Interest 14,316,313.84 14,316,313.84 673,355.50 1,762,500.00 2,033,333.33
Class A Interest Carryover
Shortfalls - - - - -
Class B Interest 365,750.00 365,750.00
Class B Interest Carryover
Shortfalls - -
Class C Interest 379,500.00 379,500.00
Class C Interest Carryover
Shortfalls - -
Capped Contingent and Excess
Liability Premiums - -
Capped Origination Trust
Administrative Expenses - -
Other Capped Trustee Fees - -
Servicer's Fee 2,556,293.91 2,551,181.32
Unpaid Servicer's Fees Related
to Prior Collection Periods - -
Reserve Fund Deposit 5,346,486.83 5,346,486.83
Certificate Interest - -
Certificate Interest Carryover
Shortfall - -
Class A Covered Loss Amount - - - - -
Class A Note Principal Loss
Amount/Class A Note Principal
Carryover Shortfall - - - - -
Class B Covered and Uncovered
Loss Amount - -
Class C Covered and Uncovered
Loss Amount - -
Class B Note Principal Loss
Carryover Shortfall - -
Class C Note Principal Loss
Carryover Shortfall - -
Class B Note Interest on Principal
Loss Carryover Shortfall - -
Class C Note Interest on Principal
Loss Carryover Shortfall - -
Certificate Principal Loss
Amount/Certificate Principal
Carryover Shortfall - -
Uncapped Administrative Expenses
(paid to the Trustees) - -
Excess Interest to Transferor - -
TOTAL DISTRIBUTIONS
OF INTEREST 23,005,242.47 22,959,231.99 673,355.50 1,762,500.00 2,033,333.33
PRINCIPAL
Transferor Principal 80,636.94
Principal Distribution to A-1,
A-2, A-3 and A-4 Notes 40,237,832.93 40,237,832.93 40,237,832.93 - -
Principal Distribution to A-5,
B and C Notes - -
Principal Distribution to
Certificates - -
TOTAL DISTRIBUTIONS OF
PRINCIPAL 40,318,469.87 40,237,832.93 40,237,832.93 - -
NOTE/CERTIFICATE INTEREST CARRYOVER
SHORTFALLS
Beginning Balance 4,386,882.91 - - -
Current Period Increase (Decrease) 1,255,837.71 - - -
Ending Balance 5,642,720.62 - - -
NOTES/CERTIFICATE PRINCIPAL
LOSS AMOUNT
Beginning Balance 540,832.78 539,751.11 - - -
Current Period Increase (Decrease) 702,842.30 701,436.62 - - -
Ending Balance 1,243,675.08 1,241,187.73 - - -
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class A4 Class A5 Class B Class C Certificate Transfer Interest
Balance Balance Balance Balance Balance Balance
------------ ------------- ------------ ------------- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
COLLECTIONS:
INTEREST
Scheduled Interest Collections 45,406.98
Interest Related to Prepayments
in Full 599.16
Interest Related to Full Term and
Over Term Payoffs 4.04
Interest Related to Reallocation
Payments 0.30
Excess Liquidation Proceeds -
Available Principal 46,010.48
PRINCIPAL
Scheduled Principal Collections 57,790.56
Prepayments in Full 17,528.49
Full Term and Over Term Payoffs 195.88
Reallocation Payment 41.22
Net Liquidation Proceeds 5,080.79
Recoveries -
Available Principal 80,636.94
Withdrawal from Reserve Fund
Total of Sources for Distribution
DISTRIBUTIONS:
INTEREST
Transferor Interest 40,897.90
Capped Trustee Fees
Class A Interest 5,375,000.00 4,472,125.00
Class A Interest Carryover
Shortfalls - -
Class B Interest 365,750.00
Class B Interest Carryover
Shortfalls -
Class C Interest 379,500.00
Class C Interest Carryover
Shortfalls -
Capped Contingent and Excess
Liability Premiums
Capped Origination Trust
Administrative Expenses
Other Capped Trustee Fees
Servicer's Fee 5,112.59
Unpaid Servicer's Fees Related
to Prior Collection Periods -
Reserve Fund Deposit
Certificate Interest -
Certificate Interest Carryover
Shortfall -
Class A Covered Loss Amount - -
Class A Note Principal Loss
Amount/Class A Note Principal
Carryover Shortfall - -
Class B Covered and Uncovered
Loss Amount -
Class C Covered and Uncovered
Loss Amount -
Class B Note Principal Loss
Carryover Shortfall -
Class C Note Principal Loss
Carryover Shortfall -
Class B Note Interest on Principal
Loss Carryover Shortfall -
Class C Note Interest on Principal
Loss Carryover Shortfall -
Certificate Principal Loss
Amount/Certificate Principal
Carryover Shortfall -
Uncapped Administrative Expenses
(paid to the Trustees)
Excess Interest to Transferor -
TOTAL DISTRIBUTIONS
OF INTEREST 5,375,000.00 4,472,125.00 365,750.00 379,500.00 - 46,010.48
PRINCIPAL
Transferor Principal 80,636.94
Principal Distribution to A-1,
A-2, A-3 and A-4 Notes -
Principal Distribution to A-5,
B and C Notes - - - -
Principal Distribution to
Certificates -
TOTAL DISTRIBUTIONS OF
PRINCIPAL - - - - - 80,636.94
NOTE/CERTIFICATE INTEREST CARRYOVER
SHORTFALLS
Beginning Balance - - - - 4,386,882.91
Current Period Increase (Decrease) - - - - 1,255,837.71
Ending Balance - - - - 5,642,720.62
NOTES/CERTIFICATE PRINCIPAL
LOSS AMOUNT
Beginning Balance - - - - 539,751.11 1,081.67
Current Period Increase (Decrease) - - - - 701,436.62 1,405.68
Ending Balance - - - - 1,241,187.73 2,487.35
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Securities Class A1 Class A2 Class A3
Total Balance (99.8%) Balance Balance Balance
-------------- --------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
TOTAL DISTRIBUTIONS TO
NOTEHOLDERS AND
CERTIFICATEHOLDERS
Interest Distributions 23,005,242.47 22,959,231.99 673,355.50 1,762,500.00 2,033,333.33
Principal Distributions 40,318,469.87 40,237,832.93 40,237,832.93 - -
Total Distributions 63,323,712.34 63,197,064.92 40,911,188.43 1,762,500.00 2,033,333.33
ORIGINAL DEAL PARAMETER
Aggregate Net Investment
Value (ANIV) 3,300,158,606.28
Initial Note/Certificate
Balance 3,293,558,289.00 380,000,000.00 360,000,000.00 400,000,000.00
Percent of ANIV 99.80% 11.51% 10.91% 12.12%
Class Allocation Percentage 12.89% 12.22% 13.57%
Note/Certificate Factor 1.00 1.00 1.00
Note/Certificate Rate 5.445% 5.875% 6.100%
Servicer Advance -
Servicer Payahead 7,383,934.30
Number of Contracts 172,598
Weighted Average Lease Rate 6.29%
Weighted Average Lease Rate
(Discounted) 9.05%
Weighted Average Remaining
Term 30.48
Servicing Fee Percentage 1.00%
POOL DATA PRIOR MONTH
Aggregate Net Investment
Value (ANIV) 3,067,552,687.64
Note/Certificate Balance 3,061,417,582.19 148,397,907.18 360,000,000.00 400,000,000.00
Percent of ANIV 99.80% 4.84% 11.74% 13.04%
Class Allocation Percentage 5.47% 13.26% 14.73%
Note/Certificate Factor 0.39 1.00 1.00
Servicer Advance 890,845.23
Servicer Payahead 5,891,214.11
Number of Contracts 166,327
Weighted Average Lease Rate 6.28%
Weighted Average Lease Rate
(Discounted) 9.04%
Weighted Average Remaining
Term 26.49
Servicing Fee Percentage 1.00%
Number of Days in the Accrual
Period 31 31 30
POOL DATA CURRENT MONTH
Aggregate Net Investment
Value (ANIV) 3,026,534,485.25
Note/Certificate Balance 3,020,481,416.21 108,160,074.25 360,000,000.00 400,000,000.00
Percent of ANIV 99.80% 3.57% 11.89% 13.22%
Class Allocation Percentage 4.04% 13.46% 14.95%
Note/Certificate Factor 0.28 1.00 1.00
Servicer Advance 1,004,124.27
Servicer Payahead 6,865,179.26
Number of Contracts 165,658
Weighted Average Lease Rate 6.28%
Weighted Average Lease Rate
(Discounted) 9.04%
Weighted Average Remaining
Term 25.50
Servicing Fee Percentage 1.00%
Number of Days in the Accrual
Period 30 30 30
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Transfer
Class A4 Class A5 Class B Class C Certificate Interest
Balance Balance Balance Balance Balance Balance
------------ ------------- ------------ ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
TOTAL DISTRIBUTIONS TO
NOTEHOLDERS AND
CERTIFICATEHOLDERS
Interest Distributions 5,375,000.00 4,472,125.00 365,750.00 379,500.00 - 46,010.48
Principal Distributions - - - - - 80,636.94
Total Distributions 5,375,000.00 4,472,125.00 365,750.00 379,500.00 - 126,647.42
ORIGINAL DEAL PARAMETER
Aggregate Net Investment
Value (ANIV)
Initial Note/Certificate
Balance 1,000,000,000.00 807,000,000.00 66,000,000.00 66,000,000.00 214,558,289.00 6,600,317.28
Percent of ANIV 30.30% 24.45% 2.00% 2.00% 6.50% 0.20%
Class Allocation Percentage 33.93% 27.38% 100.00% 100.00% 100.00%
Note/Certificate Factor 1.00 1.00 1.00 1.00 1.00
Note/Certificate Rate 6.450% 6.650% 6.650% 6.900% 6.900%
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Lease Rate
(Discounted)
Weighted Average Remaining
Term
Servicing Fee Percentage
POOL DATA PRIOR MONTH
Aggregate Net Investment
Value (ANIV)
Note/Certificate Balance 1,000,000,000.00 807,000,000.00 66,000,000.00 66,000,000.00 214,019,675.01 6,135,105.45
Percent of ANIV 32.60% 26.31% 2.15% 2.15% 6.98% 0.20%
Class Allocation Percentage 36.83% 29.72% 100.00% 100.00% 100.00%
Note/Certificate Factor 1.00 1.00 1.00 1.00 1.00
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Lease Rate
(Discounted)
Weighted Average Remaining
Term
Servicing Fee Percentage
Number of Days in the Accrual
Period 30 30 30 30 30
POOL DATA CURRENT MONTH
Aggregate Net Investment
Value (ANIV)
Note/Certificate Balance 1,000,000,000.00 807,000,000.00 66,000,000.00 66,000,000.00 213,321,341.96 6,053,069.04
Percent of ANIV 33.04% 26.66% 2.18% 2.18% 7.05% 0.20%
Class Allocation Percentage 37.38% 30.17% 100.00% 100.00% 100.00%
Note/Certificate Factor 1.00 1.00 1.00 1.00 0.99
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Lease Rate
(Discounted)
Weighted Average Remaining
Term
Servicing Fee Percentage
Number of Days in the Accrual
Period 30 30 30 30 30
</TABLE>
I hereby certify to the best of my knowledge that
the report provided is true and correct.
/s/ JOHN WEISICKLE
- --------------------------------------------
John Weisickle, Vice President Finance
