UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934.
For the year ended December 31, 1999.
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Commission file number 333-81455
Ryder Vehicle Lease Trust 1999-A
(Exact name of registrant as specified in its charter)
Delaware 52-7000600
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3600 NW 82nd Avenue, Miami, Florida 33166
(Address of principal executive offices) (Zip Code)
(305) 500-3726
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None.
Securities registered pursuant to Section 12(g) of the Act: None.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.* Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
<PAGE>
State the aggregate market value of the voting stock held by non-affiliates of
the registrant. The aggregate market value shall be computed by reference to the
price at which the stock was sold, or the average bid and asked price of such
stock, as of a specific date within 60 days prior to the date of filing. (See
definition of affiliate in Rule 405, 17 C.F.R. 230.405): Not Applicable
Documents incorporated by reference: None.
* The registrant is an entity that has been organized specifically to issue
asset-backed securities. Various substantially similarly situated issuers have
been issued no-action letters (the "No-Action Letters") by the Commission with
respect to the application of certain of the reporting requirements pursuant to
Section 13 or 15(d) of the Act. This Form 10-K has been prepared based upon the
general guidance provided by such No-Action Letters. The registrant has not made
a request for a separate no-action letter.
<PAGE>
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security Holders
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder
Matters
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Item 8. Financial Statements and Supplementary Data
Item 9. Changes In And Disagreements With Accountants On Accounting And
Financial Disclosure
Item 10. Directors and Executive Officers of the Registrant.
Item 11. Executive Compensation.
PART III
Item 12. Security Ownership of Certain Beneficial Owners and Management
Item 13. Certain Relationships and Related Transactions
PART IV
Item 14. Exhibits and Reports on Form 8-K
Signatures
Supplemental Information To Be Furnished With Reports Filed Pursuant To Section
15(D) Of The Act By Registrants Which Have Not Registered Securities
Pursuant To Section 12 Of The Act
INDEX TO EXHIBITS
<PAGE>
PART I
ITEM 1. BUSINESS
Ryder Vehicle Lease Trust 1999-A (the "Trust"), a Delaware business trust, was
formed pursuant to a trust agreement dated as of June 21, 1999, as amended and
restated by an amended and restated trust agreement, dated as of October 1, 1999
(the "Trust Agreement"), between Ryder Funding LP and Chase Manhattan Bank
Delaware, a Delaware banking corporation, as owner trustee. The Trust was
organized under the Delaware Business Trust Act in connection with issuance of
the senior notes described below, and the related subordinated notes and
certificates issued by the Trust, and may only engage in such business as is
specifically authorized in accordance with the terms of the Trust Agreement. The
certificates represent undivided beneficial interests in the Trust, and the
senior notes and the subordinated notes represent obligations of, and are
secured by, the assets of the Trust pursuant to pursuant to an indenture, dated
as of October 1, 1999, between the Trust and U.S. Bank National Association, a
national banking association, as indenture trustee.
The Trust has registered under the Securities Act of 1933, as amended, and sold
the following senior notes:
<TABLE>
<CAPTION>
<S> <C> <C>
Security Description Original Principal Amount Interest Rate per Annum
Asset Backed Senior Notes, Class A-1 $28,000,000 6.165%
Asset Backed Senior Notes, Class A-2 $63,000,000 6.430%
Asset Backed Senior Notes, Class A-3 $54,000,000 6.680%
Asset Backed Senior Notes, Class A-4 $53,000,000 6.890%
Asset Backed Senior Notes, Class A-5 $84,900,000 7.130%
</TABLE>
The Trust generally applies the collected payments described below under "Item
2. Properties" to pay interest and principal on the senior notes, subordinated
notes and certificates issued by the Trust. The Trust prepares a payment date
certificate (i.e., a quarterly report to investors) for each three-month
collection period. The payment date certificate for the three-month period ended
December 31, 1999 was included in the Trust's Current Report on Form 8-K filed
with the Commission on January 26, 2000.
<PAGE>
ITEM 2. PROPERTIES
The assets of the Trust principally consist of the following:
o a 99% beneficial interest in special units of beneficial interest
(collectively, the "SUBI"), which evidences a beneficial interest in
certain vehicle and lease assets of Ryder Truck Rental LT ("Origination
Trust");
o the right to payments under the SUBI from certain sales proceeds on
deposit in a SUBI collection account and a residual value surplus
account and investment earnings (net of losses and investment expenses)
on amounts on deposit in the SUBI collection account and the residual
value surplus account;
o the rights of the Trust under a program operating lease; and
o other rights as conveyed by the trust agreement;
all as described more fully in the registration statement for the senior notes
(File No. 333-81455, declared effective on November 2, 1999).
The assets of the Origination Trust principally consist of full service
operating leases ("Leases") assigned to the Origination Trust by Ryder Truck
Rental, Inc. ("RTR"), the commercial trucks, highway tractors and trailers
leased under those Leases ("Vehicles") and certain payments under the Leases and
proceeds from the sale of Vehicles.
The primary business purpose of the Origination Trust is to acquire from or at
the direction of RTR, and serve as record holder of title to, the Leases and
Vehicles, in order to facilitate the titling of the vehicles in conjunction with
asset-backed securities transactions.
The Trust receives payments on the program operating lease in an amount
generally equal to payments made on or for those Leases and Vehicles represented
by the SUBI in each three-month collection period. The Trust generally applies
these collected payments to pay interest and principal on the senior notes,
subordinated notes and certificates, in accordance with their terms.
ITEM 3. LEGAL PROCEEDINGS
As of December 31, 1999, there were no material legal proceedings with respect
to the Trust or the Origination Trust.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
<PAGE>
Part II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The Trust does not issue common shares or stock. The Depository Trust Company is
registered holder of all of the Trust's senior notes. Ryder Funding LP is the
registered holder of all of the Trust's subordinated notes and 1% of the
certificates. The remaining certificates have been issued in a transaction not
involving any public offering. To the best knowledge of the registrant, there is
no established public trading market for the certificates.
ITEM 6. SELECTED FINANCIAL DATA
Not applicable. See Item 14 "Exhibits" for financial information related to the
Trust.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
Not applicable. See Item 14 "Exhibits" for financial information related to the
Trust.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable. See Item 14 "Exhibits" for financial information related to the
Trust.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Not applicable.
ITEM 11. EXECUTIVE COMPENSATION.
Not applicable.
<PAGE>
PART III
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Ryder Funding LP is the beneficial holder of all of the Trust's subordinated
notes and 1% of its certificates. The remaining certificates have been issued in
a transaction not involving any public offering. The following entities own more
than 5% of the specified class of the Trust's senior notes. These positions are
held through participation accounts at the Depository Trust Company ("DTC"). The
administrative agent for the Trust has not been advised that any such DTC
participants are beneficial owners.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Title of Class Name and Address of Owner Principal Amount Percent of Class
Senior Notes, Class A-1: Boston Safe Deposit Trust Co. $20,000,000 71%
Three Mellon Bank Center
Pittsburgh, PA 15259
Chase Manhattan Bank $8,000,000 29%
4 New York Plaza
New York, NY 10004
Senior Notes, Class A-2: AllFirst Bank $10,000,000 16%
110 So. Paca Street
Baltimore, MD 21201
Bankers Trust Company $4,800,000 8%
648 Grassmere Park Drive
Nashville, TN 37211
Bank One $10,000,000 16%
Trust Company, N.A.
1900 Polaris Parkway
Columbus, OH 43240
Boston Safe Deposit and $9,800,000 16%
Trust Company
Three Mellon Bank Center
Pittsburgh, PA 15259
Chase Manhattan Bank $6,600,000 10%
4 New York Plaza
New York, NY 10004
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Senior Notes, Class A-2: Merrill Lynch, Pierce Fenner $1,000,000 1%
(continued) & Smith Safekeeping
4 Corporate Place
Corporate Park 287
Piscataway, NJ 08855
Northern Trust Company $5,700,000 9%
801 S. Canal C-IN
Chicago, IL 60607
State Street Bank & $15,100,000 24%
Trust Company
1776 Heritage Dr.
No. Quincy, MA 02171
Senior Notes, Class A-3: The Bank of New York $12,450,000 23%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Boston Safe Deposit & $600,000 1%
Trust Company
Three Mellon Bank Center
Pittsburgh, PA 15259
Chase Mahattan Bank $16,000,000 29%
4 New York Plaza
New York, NY 10004
Citibank, N.A. $1,975,000 4%
P.O. Box 30576
Tampa, FL 33630-3576
Comerica Bank $225,000 <1%
Cap. Chg. proxy
7CBB/MC 3530
Detroit, MI 60607
Fleet National Bank $3,000,000 6%
2nd Floor NYROTO2B
Rochester, NY 14638
Northern Trust Company $3,750,000 7%
801 S. Canal C-IN
Chicago, IL 60607
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Senior Notes, Class A-3: PNC Bank $2,450,000 5%
(continued) National Association
1600 Market Street
Philadelphia, PA 19103
State Street Bank & $13,175,000 24%
Trust Company
1776 Heritage Dr.
No. Quincy, MA 02171
Wilmington Trust Company $375,000 1%
1100 North Market Street
Wilmington, DE 19890-0001
Senior Notes, Class A-4: Bank of New York $21,535,000 40%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company $1,475,000 3%
648 Grassmere Park Drive
Nashville, Tn 37211
Boston Safe Deposit & $6,700,000 13%
Trust Company
Three Mellon Bank Center
Pittsburgh, PA 15259
Chase Manhattan Bank $3,000,000 6%
4 New York Plaza
New York, NY 10004
Citibank, N.A. $10,000,000 19%
P.O. Box 30576
Tampa, FL 33630-3576
First Union National Bank $1,000,000 2%
201 College Street
Charlotte, NC 28288
Investors Bank & $205,000 <1%
Trust Company
200 Claredon Street
Boston, MA 02116
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Senior Notes, Class A-4: M&I Marshall & Ilsley Bank $600,000 1%
(continued) 1000 North Water Street
Milwaukee, WI 53202
Northwest Bank Minnesota $460,000 1%
National Association
733 Marquette Avenue
Minneapolis, MN 55479-0056
Northern Trust Company $4,925,000 9%
801 S. Canal C-IN
Chicago, IL 60607
State Street Bank & $2,075,000 4%
Trust Company
1776 Heritage Dr
No. Quincy, MA 02171
U.S. Bank $325,000 1%
National Association
601 Second Avenue South
Minneapolis, MN 55402
Wilmington Trust Company $700,000 1%
1100 North Market Street
Wilmington, DE 19890-0001
Senior Notes, Class A-5: The Bank of New York $2,300,000 3%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company $4,350,000 5%
648 Grassmere Park Drive
Nashville, TN 37211
The Bank of NewYork/ $20,000,000 24%
First Union Safekeeping
16 Wall Street
New York, NY 10005
Boston Safe Deposit & $800,000 <1%
Trust Company
Mellon Bank Center
Pittsburgh, PA 15259
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Senior Notes, Class A-5: Brown Brothers $9,500,000 11%
(continued) Harriman & Co.
63 Wall Street
New York, NY 10005
Chase Bank of Texas, N..A. $50,000 <1%
P.O. Box 2558
Houston, TX 77252-8009
Chase Manhattan Bank $14,825,000 17%
4 New York Plaza
New York, NY 10004
Citibank, N.A. $23,000,000 27%
P.O Box 30576
Tampa, FL 33630-3576
Deseret Trust Company $2,500,000 3%
P.O. Box 11558
Salt Lake City, UT 84147
Investors Bank & $1,125,000 1%
Trust Company
200 Claredon Street
Boston, MA 02116
Norwest Bank Minnesota $625,000 <1%
National Association
733 Marquette Avenue
Minneapolis, MN 55479-0056
Northern Trust Company $4,425,000 5%
801 S. Canal C-IN
Chicago, IL 60607
PNC Bank, $400,000 <1%
` National Association
1600 Market Street
Philadelphia, PA 19103
Prudential Securities $1,000,000 1%
Incorporated
51 Mercedes Way
Edgewood, NY 11717
</TABLE>
<PAGE>
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
There were no transactions of the type described in Regulation S-K, Item
404(a)(3) between the Trust and any 5% beneficial owner of the senior notes.
PART IV
ITEM 14. EXHIBITS AND REPORTS ON FORM 8-K
The following exhibits are filed with this report:
99.5 Annual Officer's Certificate
99.6 Summary of Quarterly Reports to Investors
Note: On an annual basis, an Accountants' Report is prepared that relates to
compliance with the requirements of the Administration Agreement. Such report is
not being filed because the distribution of such report is restricted to the
parties to the Administration Agreement, the Senior Noteholders and the Senior
Note Owners. A copy of the report will be provided to the Securities and
Exchange Commission upon request, at which time the registrant will request
confidential treatment of the report. Senior Noteholders and Senior Note Owners
may request a copy of the report in writing directly from the indenture Trustee
or the Owner Trustee, as the case may be, at the related Corporate Trust Office.
Current Reports on Form 8-K filed by the registrant during the last quarter of
1999:
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
RYDER VEHICLE LEASE TRUST 1999-A
(Registrant)
Date: March 10, 2000 /S/ W. DANIEL SUSIK
-------------------------------------
W. Daniel Susik
Vice President and Treasurer
Ryder Truck Rental, Inc.
(Duly Authorized Officer of the
Administrator on behalf of the Trust)
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT
The registrant has not sent an annual report or proxy material to its security
holders. The registrant will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibit
99.5 Annual Officer's Certificate
99.6 Summary of Quarterly Reports to Investors
EXHIBIT 99.5
RYDER TRUCK RENTAL, INC.
(a Florida Corporation)
ANNUAL OFFICER'S CERTIFICATE OF ADMINISTRATIVE AGENT
I, W. Daniel Susik, the duly elected Vice President & Treasurer of
Ryder Truck Rental, Inc., a Florida corporation (the "Company"), as
Administrative Agent, do hereby certify, pursuant to SECTION 2.12 of the 1999-A
Administration Supplement dated as of October 1, 1999 to the Basic
Administration Agreement, that I have made or supervised a review of the
activities of the Administrative Agent during the period from the creation of
the 1999-A SUBI through December 31, 1999, with a view to determining whether
during such period an Administrative Agent Default has occurred and, to the best
of my knowledge, no such Administrative Agent Default has occurred under the
Administration Agreement.
Capitalized terms used herein that are not otherwise defined shall have
the meanings ascribed thereto in that certain second amended and restated trust
agreement, dated as of February 1, 1998 (the "Origination Trust Agreement"),
among Ryder Truck Rental I LP and Ryder Truck Rental II LP, as grantors and
initial beneficiaries, the Company, as administrative agent, RTRT, Inc., as
trustee, Delaware Trust Capital Management, Inc., as Delaware trustee, and U.S.
Bank National Association, as trust agent, as supplemented by that certain
1999-A Origination Trust Supplement thereto, dated as of October 1, 1999, among
the parties to the Origination Trust Agreement, and in the Basic Administration
Agreement dated as of February 1, 1998, among Ryder Truck Rental I LP and Ryder
Truck Rental II LP, the Company, as administrative agent and maintenance
provider and Ryder Truck Rental LT, as supplemented by that certain 1999-A
supplement thereto, dated as of October 1, 1999, among the parties to the Basic
Administration Agreement.
IN WITNESS WHEREOF, I have hereunto signed my name as of this 9th day
of March, 2000.
/s/ W. Daniel Susik
-----------------------
W. Daniel Susik
Vice President & Treasurer
Ryder Truck Rental, Inc.
EXHIBIT 99.6
- --------------------------------------------------------------------------------
Ryder Vehicle Lease Trust 1999-A
SUMMARY OF QUARTERLY REPORTS TO INVESTORS
- --------------------------------------------------------------------------------
The undersigned officer certifies on behalf of Ryder Truck Rental,
Inc., as Administrative Agent under the Administration Agreement among
Ryder Truck Rental LT, Ryder Truck Rental I LP, Ryder Truck Rental II
LP and Ryder Truck Rental, Inc., dated as of February 1, 1998, as
supplemented by that certain 1999-A Administration Supplement dated as
of October 1, 1999, that the following is an accurate summary of
information set forth in quarterly reports to investors that have been
supplied with respect to periods in the year ended December 31, 1999,
pursuant to Sections 8.03 and 8.04(e) of the Indenture, dated as of
October 1, 1999 (the "Indenture"), between Ryder Vehicle Lease Trust
1999-A, as Issuer, and U.S. Bank National Association, as Trustee, and
Section 5.02 of the Amended and Restated Trust Agreement, dated as of
October 1, 1999, between Chase Manhattan Bank Delaware, as Owner
Trustee and Ryder Funding LP. Capitalized terms used in this
Certificate have been defined in the Indenture.
<TABLE>
<CAPTION>
<S> <C> <C>
(i) SUBI Collections from Cutoff Date (October 1, 1999) through
December 31, 1999 $14,064,471.26
Amounts allocable to the 99% 1999-A SUBI Certificate $13,923,826.55
Amounts allocable to the 1% 1999-A SUBI Certificate $140,644.71
(ii) Available Funds
(i) 99% of SUBI Collections $13,923,826.55
(ii) Advances $73,872.70
(iii) 99% of the Residual Value Surplus Draw Amount $0.00
(iv) The Optional Purchase Price $0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
(iii) Interest accrued on the Class A Notes from Closing Date (November 17,
1999) through December 31, 1999
Class A-1 $302,085.00
Dollar Amount per $1,000 of original principal balance $10.79
Class A-2 $663,897.50
Dollar Amount per $1,000 of original principal balance $10.54
Class A-3 $591,180.00
Dollar Amount per $1,000 of original principal balance $10.95
Class A-4 $598,473.06
Dollar Amount per $1,000 of original principal balance $11.29
Class A-5 $992,080.08
Dollar Amount per $1,000 of original principal balance $11.69
(iv) Interest accrued on the Subordinated Notes from Closing Date through
December 31, 1999 $164,346.03
Dollar Amount per $1,000 of original principal balance of
the Subordinated Notes $12.62
(v) Interest on the Aggregate Certificate Balance of the Trust Certificates
from Closing Date through December 31, 1999 $137,029.18
Transferor Trust Certificate Amount $1,370.29
Dollar Amount per $1,000 of original principal balance
of the Transferor Trust Certificate $12.62
Other Trust Certificates Amount $135,658.89
Dollar Amount per $1,000 of original principal balance
of the Other Trust Certificates $12.62
(vi) Outstanding Amounts as of the day immediately preceding the Payment
Date
Class A Notes
Class A-1 $28,000,000.00
Dollar Amount per $1,000 of original principal balance $1,000.00
Class A-2 $63,000,000.00
Dollar Amount per $1,000 of original principal balance $1,000.00
Class A-3 $54,000,000.00
Dollar Amount per $1,000 of original principal balance $1,000.00
Class A-4 $53,000,000.00
Dollar Amount per $1,000 of original principal balance $1,000.00
Class A-5 $84,900,000.00
Dollar Amount per $1,000 of original principal balance $1,000.00
Subordinated Notes $13,023,238.00
Dollar Amount per $1,000 of original principal balance $1,000.00
Aggregate Certificate Balance of the Trust Certificates $10,858,575.00
Dollar Amount per $1,000 of original principal balance $1,000.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
(vii) SUBI Collections
Deposited into the Note Distribution Account $3,147,715.64
Class A-1 $302,085.00
Class A-2 $663,897.50
Class A-3 $591,180.00
Class A-4 $598,473.06
Class A-5 $992,080.08
Deposited into the Certificate Distribution Account $137,029.18
(viii) (A) Reserve Fund Balance as of the previous Payment Date $9,970,408.92
Reserve Fund Requirement (constant) $9,970,408.92
Reserve Fund at the beginning of the Collection Period $9,970,408.92
Reserve Fund at the end of the Collection Period $8,154,363.51
(B) Reserve Fund Deposit Amount $164,346.03
(C) Reserve Fund Draw Amount $1,980,391.44
(D) Reserve Fund Balance after all withdrawals and deposits in
respect of the Payment Date $8,154,363.51
(E) Change in the Reserve Fund Balance from the prior Payment
Date ($1,816,045.41)
(ix) Class A Notes Distribution Amount
Class A-1 $12,195,583.95
Dollar Amount per $1,000 of original principal balance $435.56
Class A-1 Portion Allocable to Interest $302,085.00
Dollar Amount per $1,000 of original principal balance $10.79
Class A-2 $663,897.50
Dollar Amount per $1,000 of original principal balance $10.54
Class A-2 Portion Allocable to Interest $663,897.50
Dollar Amount per $1,000 of original principal balance $10.54
Class A-3 $591,180.00
Dollar Amount per $1,000 of original principal balance $10.95
Class A-3 Portion Allocable to Interest $591,180.00
Dollar Amount per $1,000 of original principal balance $10.95
Class A-4 $598,473.06
Dollar Amount per $1,000 of original principal balance $11.29
Class A-4 Portion Allocable to Interest $598,473.06
Dollar Amount per $1,000 of original principal balance $11.29
Class A-5 $992,080.08
Dollar Amount per $1,000 of original principal balance $11.69
Class A-5 Portion Allocable to Interest $992,080.08
Dollar Amount per $1,000 of original principal balance $11.69
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Distribution Amount $137,029.18
Dollar Amount per $1,000 of original principal balance $12.62
Portion Allocable to Interest $137,029.18
Dollar Amount per $1,000 of original principal balance $12.62
(x) Principal Distributable Amount
Class A Notes
Class A-1 $11,893,498.95
Dollar Amount per $1,000 of original principal balance $424.77
Class A-2 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-3 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-4 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-5 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Subordinated Notes $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Trust Certificates $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Optimal Principal Distributable Amount
Class A Notes
Class A-1 $11,893,498.95
Dollar Amount per $1,000 of original principal balance $424.77
Class A-2 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-3 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-4 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-5 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Subordinated Notes $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Trust Certificates $0.00
Dollar Amount per $1,000 of original principal balance $0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Principal Shortfall Amount
Class A Notes
Class A-1 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-2 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-3 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-4 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Class A-5 $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Subordinated Notes $0.00
Dollar Amount per $1,000 of original principal balance $0.00
Trust Certificates $0.00
Dollar Amount per $1,000 of original principal balance $0.00
(xi) Class A-1 Note Factor 0.5752322
Class A-2 Note Factor 1.0000000
Class A-3 Note Factor 1.0000000
Class A-4 Note Factor 1.0000000
Class A-5 Note Factor 1.0000000
Subordinated Note Factor 1.0000000
Certificate Factor (does not include Transferor Trust Certificate) 1.0000000
(xii) Residual Value Losses $103.79
Residual Value Surplus $0.00
Amount on Deposit in the Residual Value Surplus Account $0.00
Residual Value Surplus Draw Amount included in Available Funds $0.00
Residual Value Surplus Draw Amount $0.00
(xiii) Special Event Purchases $0.00
Aggregate Securitization Value during the related Calendar Year $0.00
(xiv) Sales Proceeds Advances included in Available Funds $34,394.24
Financial Component Advances included in Available Funds $39,478.46
</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C>
(xv) Payment Date Advance Reimbursement for the Accrual Period
For Credit Losses $0.00
For Sales Proceeds Advances Outstanding for 9 or more months $0.00
(xvi) Amounts released to the Transferor
As Subordinated Noteholder $0.00
As Holder of the Transferor Trust Certificate $0.00
(xvii) Administration Fee $758,533.10
Any unpaid fees in respect of one or more prior Collection Periods $0.00
(xviii) Retained SUBI Certificate Distribution Amount $132,982.76
Retained SUBI Certificate Amount $140,644.71
Retained Administration Fee $7,661.95
(xix) Net Investment Earnings on the SUBI Collection and the Residual Value
Surplus Account $56,787.05
(xx) Net Investment Earnings on the Reserve Fund $66,245.16
(xxi) Amount distributable to the Transferor from the Residual Value Surplus
Account $0.00
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
on March 9, 2000.
Ryder Truck Rental, Inc. as Administrative Agent
By: /s/ W. Daniel Susik
-----------------------------------------------------
W. Daniel Susik
Vice President & Treasurer
Ryder Truck Rental, Inc.
(Duly Authorized Officer of the Administrative Agent)
