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 AUTOMOTIVE TRUST III, SERIES 1999-1
(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 333-76439 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 June 1, 1999
(the "Sale and Servicing Agreement") among Household
Automotive Trust III, 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 Notes, Series 1999-1.
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 AUTOMOTIVE TRUST III,
SERIES 1999-1
(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 AUTOMOTIVE TRUST III,
SERIES 1999-1
(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 June 1, 1999 (the "Sale and
Servicing Agreement") among Household Automotive Trust III, 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 Notes,
Series 1999-1.
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 AUTOMOTIVE TRUST III
Class A Notes, Series 1999-1
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 June 1,
1999, by and among the
Servicer, Household Automotive Trust III, 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 1999-1 Supplement, dated as of
June 1, 1999, 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 1999-1 Information
(a) The amount of Collected Funds with respect to the
$31,930,667.42
Collection Period was equal to
(i) The Gross Cash Yield
(b) The amount of Available Funds with respect to the
$32,032,221.35
Collection Period was equal to
(c) The Liquidated Receivables for the Collection
$5,046,959.17
Period was equal to
(d) Net Liquidation Proceeds for the Collection Period
$2,615,676.81
was equal to
(i) The annualized net default rate
3.159733%
(e) The principal balance of Series 1999-1 Receivables
at the beginning
of the Collection Period was equal to
$923,349,908.60
(f) The principal balance of Series 1999-1 Receivables
on the last day
of the Collection Period was equal to
$903,492,809.76
(g) The aggregate outstanding balance of the Series
1999-1 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
$37,524,000.00
Distribution Date was equal to
(h) The aggregate outstanding balance of the Series
1999-1 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
$13,245,000.00
Distribution Date was equal to
(i) The aggregate outstanding balance of the Series
1999-1 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
$6,092,000.00
Distribution Date was equal to
(j) The Base Servicing Fee paid on the Distribution
$3,701,263.93
Date was equal to
(k) The Principal Distributable Amount for the
$13,006,399.74
Distribution Date was equal to
(l) The Principal Amount Available for the Distribution
$28,699,460.35
Date was equal to
(m) The Aggregate Note Principal Balance is equal to
$604,794,190.13
(n) The Aggregate Optimal Note Principal Balance is
$591,787,790.39
equal to
(o) The Targeted Overcollateralization Amount is equal
$311,705,019.37
to
(p) The Targeted Credit Enhancement Amount is equal to
$338,809,803.66
(q) The Targeted Reserve Account Balance is equal to
$27,104,784.29
(r) The Reserve Account Deposit Amount for the
$0.00
Distribution Date
(s) The Maximum Reserve Account Deposit Amount for the
$8,842,361.51
Distribution Date
(t) The Reserve Account Shortfall for the Distribution
$0.00
Date
(u) The amount on deposit in the Reserve Account after
$27,104,784.29
distributions is equal to
(v) The Weighed Average Coupon (WAC) was equal to
19.579000%
(w) The Weighed Average Remaining Maturity (WAM) was
56
equal to
6. Noteholder Information
(a) Class A-1
(i) The Class A Interest Distributable Amount
$393,578.97
with respect to Class A-1 was equal to
(ii) The Class A-1 interest paid on the
$393,578.97
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
$0.00
to the Distribution Date was equal to
(v) The Class A-1 aggregate principal amount at
the beginning of the Distribution Date
was equal to
$89,514,190.13
(vi) The Class A-1 aggregate principal amount at
the end of the Distribution Date
was equal to
$76,507,790.39
(vii) The Class A Principal Distributable Amount
$13,006,399.74
with respect to Class A-1 was equal to
(viii) The Class A-1 principal distribution was
$13,006,399.74
equal to
(ix) The Class A Principal Carryover Shortfall
$0.00
with respect to Class A-1 was equal to
(x) The Class A-1 unpaid principal with respect to
$0.00
the Distribution Date was equal to
(xii) The ending Class A-1 Notes as a percentage
of the Pool Balance on the Distribution
Date was equal to
8.468002%
(xi) The ending Class A-1 Notes as a percentage
12.928248%
of the Notes outstanding on the
Distribution Date was equal to
(b) Class A-2
(i) The Class A Interest Distributable Amount
$887,528.43
with respect to Class A-2 was equal to
(ii) The Class A-2 interest paid on the
$887,528.43
Distribution Date was equal to
(iii) The Class A Interest Carryover Shortfall
$887,528.43
with respect to Class A-2 was equal to
(iv) The Class A-2 unpaid interest with respect
$0.00
to the Distribution Date was equal to
(v) The Class A-2 aggregate principal amount at
the beginning of the Distribution Date
was equal to
$180,220,000.00
(vi) The Class A-2 aggregate principal amount at
the end of the Distribution Date
was equal to
$180,220,000.00
(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
$0.00
with 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
(xii) The ending Class A-2 Notes as a percentage
of the Pool Balance on the Distribution
Date was equal to
19.947032%
(xi) The ending Class A-2 Notes as a percentage
of the Notes outstanding on the
Distribution Date was equal to
30.453484%
(c) Class A-3
(i) The Class A Interest Distributable Amount
$822,952.75
with respect to Class A-3 was equal to
(ii) The Class A-3 interest paid on the
$822,952.75
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
$0.00
to the Distribution Date was equal to
(v) The Class A-3 aggregate principal amount at
the beginning of the Distribution Date
was equal to
$156,010,000.00
(vi) The Class A-3 aggregate principal amount at
the end of the Distribution Date
was equal to
$156,010,000.00
(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
$0.00
with 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
(xii) The ending Class A-3 Notes as a percentage
of the Pool Balance on the Distribution
Date was equal to
17.267431%
(xi) The ending Class A-3 Notes as a percentage
of the Notes outstanding on the
Distribution Date was equal to
26.362490%
(d) Class A-4
(i) The Class A Interest Distributable Amount
$992,235.42
with respect to Class A-4 was equal to
(ii) The Class A-4 interest paid on the
$992,235.42
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
$0.00
to the Distribution Date was equal to
(v) The Class A-4 aggregate principal amount at
the beginning of the Distribution Date
was equal to
$179,050,000.00
(vi) The Class A-4 aggregate principal amount at
the end of the Distribution Date
was equal to
$179,050,000.00
(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
$0.00
with 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
(xii) The ending Class A-4 Notes as a percentage
of the Pool Balance on the Distribution
Date was equal to
19.817535%
(xi) The ending Class A-4 Notes as a percentage
of the Notes outstanding on the
Distribution Date was equal to
30.255778%
7. Overcollateralization
(i) The ending overcollateralization was equal to
$311,705,019.37
(ii) The ending overcollateralization as a
percentage of the Pool Balance on the
Distribution Date was equal to
34.500000%
8. 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".
9. As of the date hereof, to the best knowledge of the
undersigned, no lien has been placed
on any of the Series 1999-1 Receivables other than
pursuant to the Basic Documents
(or if there is a lien, such lien consists of:
______________________).
10. 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 AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period
08/31/99
Distribution Date
09/17/99
CLASS A-1 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
91.15631779
2. Principal distribution per $1,000
88.4789098
3. Interest distribution per $1,000
2.6774080
B. Calculation of Class A-1 Interest Due
1. Class A-1 related Note Rate
5.106000%
2. Class A-1 principal balance - beginning of
$89,514,190.13
period
3. Accrual convention Actual/360
4. Days in Interest Period
31
5. Class A-1 interest due
$393,578.97
6. Class A-1 interest paid
$393,578.97
7. Class A Interest Carryover Shortfall with
$0.00
respect 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
$89,514,190.13
2. Class A-1 principal - amount due
$13,006,399.74
3. Class A-1 principal - amount paid
$13,006,399.74
4. Class A-1 principal balance - end of period
$76,507,790.39
5. Class A Principal Carryover Shortfall with
$0.00
respect to Class A-1
6. Class A-1 unpaid principal with respect to the
$0.00
Distribution Date
8. Class A-1 Notes as a percentage of the Pool
8.468002%
Balance on the Distribution Date
7. Class A-1 Notes as a percentage of the total
12.928248%
Notes outstanding on the Distribution Date
D. Performance of Trust
1. Available Funds for Distribution Date
$32,032,221.35
2. Delinquent Balances
(a) 1-29 Days Delinquent
$37,524,000.00
% Of Receivables
4.153215%
(b) 30-59 Days Delinquent
$13,245,000.00
% Of Receivables
1.465977%
(c) 60+ Days Delinquent
$6,092,000.00
% Of Receivables
0.674272%
3. Aggregate losses for Collection Period less Net
$2,431,282.36
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$3,701,263.93
#REF!
#REF!
5. Pool Balance on the Accounting Date
$903,492,809.76
6. Reserve Account
(a) Targeted Reserve Account Balance
$27,104,784.29
(b) Amount on deposit in the Reserve Account
$27,104,784.29
7. (a) Weighted Average Coupon (WAC)
19.58%
(b) Weighted Average Remaining Maturity (WAM)
56
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
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
4.924694444
2. Principal distribution per $1,000
0.000000000
3. Interest distribution per $1,000
4.924694444
B. Calculation of Class A-2 Interest Due
1. Class A-2 related Note Rate
0.05719
2. Class A-2 principal balance - beginning of
$180,220,000.00
period
3. Accrual convention Actual/360
4. Days in Interest Period
31
5. Class A-2 interest due
$887,528.43
6. Class A-2 interest paid
$887,528.43
7. Class A Interest Carryover Shortfall with
$0.00
respect 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
$23,775,106.00
1. Class A-2 principal balance - beginning of period
$180,220,000.00
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
$180,220,000.00
5. Class A Principal Carryover Shortfall with
$0.00
respect to Class A-2
6. Class A-2 unpaid principal with respect to the
$0.00
Distribution Date
8. Class A-2 Notes as a percentage of the Pool
19.9470320%
Balance on the Distribution Date
9. Class A-1 and A-2 Notes as a percentage of the
28.4150341%
Pool Balance on the Distribution Date
D. Performance of Trust
1. Available Funds For Distribution Date
$32,032,221.35
2. Delinquent Balances
(a) 1-29 Days Delinquent
$37,524,000.00
% Of Receivables
4.153215%
(b) 30-59 Days Delinquent
$13,245,000.00
% Of Receivables
1.465977%
(c) 60+ Days Delinquent
$6,092,000.00
% Of Receivables
0.674272%
3. Aggregate losses for Collection Period less Net
$2,431,282.36
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$3,701,263.93
#REF!
#REF!
5. Pool Balance on the Accounting Date
$903,492,809.76
6. Reserve Account
(a) Targeted Reserve Account Balance
$27,104,784.29
(b) Amount on deposit in the Reserve Account
$27,104,784.29
7. (a) Weighted Average Coupon (WAC)
19.5790000%
(b) Weighted Average Remaining Maturity (WAM)
56
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
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
5.2750000
2. Principal distribution per $1,000
0.0000000
3. Interest distribution per $1,000
5.2750000
B. Calculation of Class A-3 Interest Due
1. Class A-3 related Note Rate
0.0633
2. Class A-3 principal balance - beginning of
$156,010,000.00
period
3. Accrual convention 30/360
4. Class A-3 interest due
$822,952.75
5. Class A-3 interest paid
$822,952.75
6. Class A Interest Carryover Shortfall with
$0.00
respect to Class A-3
7. 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
$156,010,000.00
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
$156,010,000.00
5. Class A Principal Carryover Shortfall with
$0.00
respect to Class A-3
6. Class A-3 unpaid principal with respect to the
$0.00
Distribution Date
8. Class A-3 Notes as a percentage of the Pool
17.267431%
Balance on the Distribution Date
9. Class A-1, A-2 and A-3 Notes as a percentage of
45.682465%
the Pool Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds
$32,032,221.35
2. Delinquent Balances
(a) 1-29 Days Delinquent
$37,524,000.00
% Of Receivables
4.15%
(b) 30-59 Days Delinquent
$13,245,000.00
% Of Receivables
1.47%
(c) 60+ Days Delinquent
$6,092,000.00
% Of Receivables
0.67%
3. Aggregate losses for Collection Period less Net
$2,431,282.36
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$3,701,263.93
5. Pool Balance on the Accounting Date
$903,492,809.76
6. Reserve Account
(a) Targeted Reserve Account Balance
$27,104,784.29
(b) Amount on deposit in the Reserve Account
$27,104,784.29
7. (a) Weighted Average Coupon (WAC)
19.579000%
(b) Weighted Average Remaining Maturity (WAM)
56
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period
36403
Distribution Date
36420
CLASS A-4 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
5.5416667
2. Principal distribution per $1,000
0.0000000
3. Interest distribution per $1,000
5.5416667
B. Calculation of Class A-4 Interest Due
1. Class A-4 related Note Rate
6.650000%
2. Class A-4 principal balance - beginning of
$179,050,000.00
period
3. Accrual convention 30/360
4. Class A-4 interest due
$992,235.42
5. Class A-4 interest paid
$992,235.42
6. Class A Interest Carryover Shortfall with
$0.00
respect to Class A-4
7. 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
$179,050,000.00
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
$179,050,000.00
5. Class A Principal Carryover Shortfall with
$0.00
respect to Class A-4
6. Class A-4 unpaid principal with respect to the
$0.00
Distribution Date
8. Class A-4 Notes as a percentage of the Pool
19.817535%
Balance on the Distribution Date
9. Class A-1, A-2, A-3 and A-4 Notes as a percentage
65.500000%
of the Pool Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds
$32,032,221.35
2. Delinquent Balances
(a) 1-29 Days Delinquent
$37,524,000.00
% Of Receivables
4.15%
(b) 30-59 Days Delinquent
$13,245,000.00
% Of Receivables
1.47%
(c) 60+ Days Delinquent
$6,092,000.00
% Of Receivables
0.67%
3. Aggregate losses for Collection Period less Net
$2,431,282.36
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date
$3,701,263.93
5. Pool Balance on the Accounting Date
$903,492,809.76
6. Reserve Account
(a) Targeted Reserve Account Balance
$27,104,784.29
(b) Amount on deposit in the Reserve Account
$27,104,784.29
7. (a) Weighted Average Coupon (WAC)
19.579000%
(b) Weighted Average Remaining Maturity (WAM)
56
