<PAGE> 1
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 December 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
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits
99(a) Monthly Servicer's Certificate to Trustee dated December 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: December 23, 1999
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EXHIBIT INDEX
Exhibit
Number Exhibit
99(a) Monthly Servicer's Certificate to Trustee dated December 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.
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<CAPTION>
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 December 17, 1999
occurring on
5. Series 1999-1 Information
<S> <C>
(a) The amount of Collected Funds with respect to the $33,671,204.95
Collection Period was equal to
(b) The amount of Available Funds with respect to the $33,671,204.95
Collection Period was equal to
(c) The Liquidated Receivables for the Collection Period was $9,923,043.53
equal to
(d) Net Liquidation Proceeds for the Collection Period was $4,059,702.40
equal to
(i) The annualized net default rate 8.229071%
(e) The principal balance of Series 1999-1 Receivables at the beginning
of the Collection Period was equal to $855,018,684.70
(f) The principal balance of Series 1999-1 Receivables on the last day
of the Collection Period was equal to $828,710,961.76
(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 Distribution
Date was equal to $35,577,000.00
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(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 Distribution
Date was equal to $14,102,000.00
(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
Distribution Date was equal to $9,396,000.00
(j) The Base Servicing Fee paid on the Distribution Date was $2,137,546.71
equal to
(k) The Principal Distributable Amount for the Distribution $17,231,558.53
Date was equal to
(l) The Principal Amount Available for the Distribution Date $30,566,189.03
was equal to
(m) The Aggregate Note Principal Balance is equal to $560,037,238.48
(n) The Aggregate Optimal Note Principal Balance is equal to $542,805,679.95
(o) The Targeted Overcollateralization Amount is equal to $285,905,281.81
(p) The Targeted Credit Enhancement Amount is equal to $310,766,610.66
(q) The Targeted Reserve Account Balance is equal to $24,861,328.85
(r) The Reserve Account Deposit Amount for the Distribution Date $0.00
(s) The Maximum Reserve Account Deposit Amount for the $4,258,466.09
Distribution Date
(t) The Reserve Account Shortfall for the Distribution Date $0.00
(u) The amount on deposit in the Reserve Account after $24,861,328.85
distributions is equal to
(v) The Weighed Average Coupon (WAC) was equal to 19.541000%
(w) The Weighed Average Remaining Maturity (WAM) was equal to 53
6. Noteholder Information
(a) Class A-1
(i) The Class A Interest Distributable Amount with $190,442.05
respect to Class A-1 was equal to
(ii) The Class A-1 interest paid on the Distribution $190,442.05
Date was equal to
(iii) The Class A Interest Carryover Shortfall with $0.00
respect to Class A-1 was equal to
(iv) The Class A-1 unpaid interest with respect to the $0.00
Distribution Date was equal to
(v) The Class A-1 aggregate principal amount at the beginning of the
Distribution Date was equal to $44,757,238.48
(vi) The Class A-1 aggregate principal amount at the end of the
Distribution Date was equal to $27,525,679.95
(vii) The Class A Principal Distributable Amount with $17,231,558.53
respect to Class A-1 was equal to
(viii) The Class A-1 principal distribution was equal to $17,231,558.53
(ix) The Class A Principal Carryover Shortfall with $0.00
respect to Class A-1 was equal to
(x) The Class A-1 unpaid principal with respect to the $0.00
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 3.321505%
(xi) The ending Class A-1 Notes as a percentage of the 5.071001%
Notes outstanding on the Distribution Date was equal to
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(b) Class A-2
(i) The Class A Interest Distributable Amount with $858,898.48
respect to Class A-2 was equal to
(ii) The Class A-2 interest paid on the Distribution $858,898.48
Date was equal to
(iii) The Class A Interest Carryover Shortfall with $858,898.48
respect to Class A-2 was equal to
(iv) The Class A-2 unpaid interest with respect to the $0.00
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 with $0.00
respect to Class A-2 was equal to
(viii) The Class A-2 principal distribution was equal to $0.00
(ix) The Class A Principal Carryover Shortfall with $0.00
respect to Class A-2 was equal to
(x) The Class A-2 unpaid principal with respect to the $0.00
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 21.747027%
(xi) The ending Class A-2 Notes as a percentage of the Notes outstanding
on the Distribution Date was equal to 33.201569%
(c) Class A-3
(i) The Class A Interest Distributable Amount with $822,952.75
respect to Class A-3 was equal to
(ii) The Class A-3 interest paid on the Distribution $822,952.75
Date was equal to
(iii) The Class A Interest Carryover Shortfall with $0.00
respect to Class A-3 was equal to
(iv) The Class A-3 unpaid interest with respect to the $0.00
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 with $0.00
respect to Class A-3 was equal to
(viii) The Class A-3 principal distribution was equal to $0.00
(ix) The Class A Principal Carryover Shortfall with $0.00
respect to Class A-3 was equal to
(x) The Class A-3 unpaid principal with respect to the $0.00
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 18.825623%
(xi) The ending Class A-3 Notes as a percentage of the Notes outstanding
on the Distribution Date was equal to 28.741409%
(d) Class A-4
(i) The Class A Interest Distributable Amount with $992,235.42
respect to Class A-4 was equal to
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(ii) The Class A-4 interest paid on the Distribution $992,235.42
Date was equal to
(iii) The Class A Interest Carryover Shortfall with $0.00
respect to Class A-4 was equal to
(iv) The Class A-4 unpaid interest with respect to the $0.00
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 with $0.00
respect to Class A-4 was equal to
(viii) The Class A-4 principal distribution was equal to $0.00
(ix) The Class A Principal Carryover Shortfall with $0.00
respect to Class A-4 was equal to
(x) The Class A-4 unpaid principal with respect to the $0.00
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 21.605844%
(xi) The ending Class A-4 Notes as a percentage of the Notes outstanding
on the Distribution Date was equal to 32.986022%
7. Overcollateralization
(i) The ending overcollateralization was equal to $285,905,281.81
(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 default; if applicable, insert "None".
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 December 16, 1999
HOUSEHOLD FINANCE CORPORATION
as Servicer
By:
Name: Steven H. Smith
Title: Servicing Officer
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<TABLE>
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period 11/30/99
Distribution Date 12/17/99
CLASS A-1 NOTEHOLDER'S STATEMENT
<S> <C>
A. Information Regarding Distributions
1. Total distribution per $1,000 118.5170107
2. Principal distribution per $1,000 117.2214866
3. Interest distribution per $1,000 1.2955241
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 period $44,757,238.48
3. Accrual convention Actual/360
4. Days in Interest Period 30
5. Class A-1 interest due $190,442.05
6. Class A-1 interest paid $190,442.05
7. Class A Interest Carryover Shortfall with respect to $0.00
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 $44,757,238.48
2. Class A-1 principal - amount due $17,231,558.53
3. Class A-1 principal - amount paid $17,231,558.53
4. Class A-1 principal balance - end of period $27,525,679.95
5. Class A Principal Carryover Shortfall with respect to $0.00
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 Balance on 3.321505%
the Distribution Date
7. Class A-1 Notes as a percentage of the total Notes 5.071001%
outstanding on the Distribution Date
D. Performance of Trust
1. Available Funds for Distribution Date $33,671,204.95
2. Delinquent Balances
(a) 1-29 Days Delinquent $35,577,000.00
% Of Receivables 4.293053%
(b) 30-59 Days Delinquent $14,102,000.00
% Of Receivables 1.701679%
(c) 60+ Days Delinquent $9,396,000.00
% Of Receivables 1.133809%
3. Aggregate losses for Collection Period less Net $5,863,341.13
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $2,137,546.71
5. Pool Balance on the Accounting Date $828,710,961.76
6. Reserve Account
(a) Targeted Reserve Account Balance $24,861,328.85
(b) Amount on deposit in the Reserve Account $24,861,328.85
7. (a) Weighted Average Coupon (WAC) 19.54%
(b) Weighted Average Remaining Maturity (WAM) 53
</TABLE>
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<TABLE>
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period 11/30/99
Distribution Date 12/17/99
CLASS A-2 NOTEHOLDER'S STATEMENT
<S> <C>
A. Information Regarding Distributions
1. Total distribution per $1,000 4.765833333
2. Principal distribution per $1,000 0.000000000
3. Interest distribution per $1,000 4.765833333
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 period $180,220,000.00
3. Accrual convention Actual/360
4. Days in Interest Period 30
5. Class A-2 interest due $858,898.48
6. Class A-2 interest paid $858,898.48
7. Class A Interest Carryover Shortfall with respect to $0.00
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 respect to $0.00
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 Balance on 21.7470274%
the Distribution Date
9. Class A-1 and A-2 Notes as a percentage of the Pool 25.0685329%
Balance on the Distribution Date
D. Performance of Trust
1. Available Funds For Distribution Date $33,671,204.95
2. Delinquent Balances
(a) 1-29 Days Delinquent $35,577,000.00
% Of Receivables 4.293053%
(b) 30-59 Days Delinquent $14,102,000.00
% Of Receivables 1.701679%
(c) 60+ Days Delinquent $9,396,000.00
% Of Receivables 1.133809%
3. Aggregate losses for Collection Period less Net $5,863,341.13
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $2,137,546.71
5. Pool Balance on the Accounting Date $828,710,961.76
6. Reserve Account
(a) Targeted Reserve Account Balance $24,861,328.85
(b) Amount on deposit in the Reserve Account $24,861,328.85
7. (a) Weighted Average Coupon (WAC) 19.5410000%
(b) Weighted Average Remaining Maturity (WAM) 53
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<TABLE>
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period 11/30/99
Distribution Date 12/17/99
CLASS A-3 NOTEHOLDER'S STATEMENT
<S> <C>
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 period $156,010,000.00
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 respect to $0.00
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 respect to $0.00
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 Balance on 18.825623%
the Distribution Date
9. Class A-1, A-2 and A-3 Notes as a percentage of the 43.894156%
Pool Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $33,671,204.95
2. Delinquent Balances
(a) 1-29 Days Delinquent $35,577,000.00
% Of Receivables 4.29%
(b) 30-59 Days Delinquent $14,102,000.00
% Of Receivables 1.70%
(c) 60+ Days Delinquent $9,396,000.00
% Of Receivables 1.13%
3. Aggregate losses for Collection Period less Net $5,863,341.13
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $2,137,546.71
5. Pool Balance on the Accounting Date $828,710,961.76
6. Reserve Account
(a) Targeted Reserve Account Balance $24,861,328.85
(b) Amount on deposit in the Reserve Account $24,861,328.85
7. (a) Weighted Average Coupon (WAC) 19.541000%
(b) Weighted Average Remaining Maturity (WAM) 53
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<TABLE>
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period 36494
Distribution Date 36511
CLASS A-4 NOTEHOLDER'S STATEMENT
<S> <C>
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 period $179,050,000.00
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 respect to $0.00
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 respect to $0.00
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 Balance on 21.605844%
the Distribution Date
9. Class A-1, A-2, A-3 and A-4 Notes as a percentage of 65.500000%
the Pool Balance on the Distribution Date
D. Performance of Trust
1. Collected Funds $33,671,204.95
2. Delinquent Balances
(a) 1-29 Days Delinquent $35,577,000.00
% Of Receivables 4.29%
(b) 30-59 Days Delinquent $14,102,000.00
% Of Receivables 1.70%
(c) 60+ Days Delinquent $9,396,000.00
% Of Receivables 1.13%
3. Aggregate losses for Collection Period less Net $5,863,341.13
Liquidation Proceeds
4. Base Servicing Fee paid on the Distribution Date $2,137,546.71
5. Pool Balance on the Accounting Date $828,710,961.76
6. Reserve Account
(a) Targeted Reserve Account Balance $24,861,328.85
(b) Amount on deposit in the Reserve Account $24,861,328.85
7. (a) Weighted Average Coupon (WAC) 19.541000%
(b) Weighted Average Remaining Maturity (WAM) 53
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