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 July 19, 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 July 19, 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: July 23, 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: July 23, 1999
-3-
EXHIBIT INDEX
Exhibit
Number Exhibit
99(a) Monthly Servicer's Certificate to Trustee dated July 19, 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 Automobile Revolving 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 occurring on
July 19, 1999
5. Series 1999-1 Information
(a) The amount of Collected Funds with respect to the Collection
Period was equal to $56,635,414.95
(i) The Gross Cash Yield
(b) The amount of Available Funds with respect to the Collection
Period was equal to $56,928,297.47
(c) The Liquidated Receivables for the Collection Period was
equal to $786,697.29
(d) Net Liquidation Proceeds for the Collection Period was equal
to $461,417.03
(i) The annualized net default rate
0.000000%
(e) The principal balance of Series 1999-1 Receivables at the
beginning
of the Collection Period was equal to
$966,830,520.51
(f) The principal balance of Series 1999-1 Receivables on the last
day
of the Collection Period was equal to
$940,199,226.19
(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 $26,099,000.00
(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 $7,587,000.00
(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 $347,000.000.00
(j) The Base Servicing Fee paid on the Distribution Date was equal
to $0.00
(k) The Principal Distributable Amount for the Distribution Date
was equal to $34,678,877.79
(l) The Principal Amount Available for the Distribution Date was
equal to $34,678,877.79
(m) The Aggregate Note Principal Balance is equal to
$662,280,000.00
(n) The Aggregate Optimal Note Principal Balance is equal to
$615,830,493.15
(o) The Targeted Overcollateralization Amount is equal to
$324,368,733.04
(p) The Targeted Credit Enhancement Amount is equal to
$352,574,709.82
(q) The Targeted Reserve Account Balance is equal to
$28,205,976.79
(r) The Reserve Account Deposit Amount for the Distribution Date
$18,494,048.87
(s) The Maximum Reserve Account Deposit Amount for the
Distribution Date $26,714,513.23
(t) The Reserve Account Shortfall for the Distribution Date
$18,494,048.87
(u) The amount on deposit in the Reserve Account after
distributions is equal to $28,205,976.79
(v) The Weighed Average Coupon (WAC) was equal to
19.719000%
(w) The Weighed Average Remaining Maturity (WAM) was equal to
59
6. Noteholder Information
(a) Class A-1
(i) The Class A Interest Distributable Amount with respect
to Class A-1 was equal to $688,033.50
(ii) The Class A-1 interest paid on the Distribution Date
was equal to $688,033.50
(iii) The Class A Interest Carryover Shortfall with respect
to Class A-1 was equal to $0.00
(iv) The Class A-1 unpaid interest with respect to the
Distribution Date was equal to $0.00
(v) The Class A-1 aggregate principal amount at the
beginning of the Distribution Date
was equal to
$147,000,000.00
(vi) The Class A-1 aggregate principal amount at the end of
the Distribution Date
was equal to
$112,321,122.21
(vii) The Class A Principal Distributable Amount with
respect to ClassA-1 was equal to$34,678,877.79
(viii) The Class A-1 principal distribution was equal to
$34,678,877.79
(ix) The Class A Principal Carryover Shortfall with respect
to Class A-1 was equal to $0.00
(x) The Class A-1 unpaid principal with respect to the
Distribution Date was equal to $0.00
(xi) The ending Class A-1 Notes as a percentage of the Pool
Balance on the Distribution
Date was equal to
11.946524%
(xii) The ending Class A-1 Notes as a percentage of the
Notes outstanding on the 17.896896%
Distribution Date was equal to
(b) Class A-2
(i) The Class A Interest Distributable Amount with respect
to Class A-2 was equal to $944,788.33
(ii) The Class A-2 interest paid on the Distribution Date
was equal to $944,788.33
(iii) The Class A Interest Carryover Shortfall with respect
to Class A-2 was equal to $944,788.33
(iv) The Class A-2 unpaid interest with respect to the
Distribution Date was equal to $0.00
(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
respect to Class A-2 was equal to $0.00
(viii) The Class A-2 principal distribution was equal to
$0.00
(ix) The Class A Principal Carryover Shortfall with respect
to Class A-2 was equal to $0.00
(x) The Class A-2 unpaid principal with respect to the
Distribution Date was equal to $0.00
(xi) The ending Class A-2 Notes as a percentage of the Pool
Balance on the Distribution
Date was equal to
19.168278%
(xii) The ending Class A-2 Notes as a percentage of the
Notes outstanding on the
Distribution Date was equal to
28.715691%
(c) Class A-3
(i) The Class A Interest Distributable Amount with respect
to Class A-3 was equal to $850,384.51
(ii) The Class A-3 interest paid on the Distribution Date
was equal to $850,384.51
(iii) The Class A Interest Carryover Shortfall with respect
to Class A-3 was equal to $0.00
(iv) The Class A-3 unpaid interest with respect to the
Distribution Date was equal to $0.00
(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
respect to Class A-3 was equal $0.00
to
(viii) The Class A-3 principal distribution was equal to
$0.00
(ix) The Class A Principal Carryover Shortfall with respect
to Class A-3 was equal to $0.00
(x) The Class A-3 unpaid principal with respect to the
Distribution Date was equal to $0.00
(xi) The ending Class A-3 Notes as a percentage of the Pool
Balance on the Distribution
Date was equal to
16.593292%
(xii) The ending Class A-3 Notes as a percentage of the
Notes outstanding on the
Distribution Date was equal to
24.858145%
(d) Class A-4
(i) The Class A Interest Distributable Amount with respect
to Class A-4 was equal to $1,025,309.93
(ii) The Class A-4 interest paid on the Distribution Date
was equal to $1,025,309.93
(iii) The Class A Interest Carryover Shortfall with respect
to Class A-4 was equal to $0.00
(iv) The Class A-4 unpaid interest with respect to the
Distribution Date was equal to $0.00
(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
respect to Class A-4 was equal $0.00
to
(viii) The Class A-4 principal distribution was equal to
$0.00
(ix) The Class A Principal Carryover Shortfall with respect
to Class A-4 was equal to $0.00
(x) The Class A-4 unpaid principal with respect to the
Distribution Date was equal to $0.00
(xi) The ending Class A-4 Notes as a percentage of the Pool
Balance on the Distribution
Date was equal to
19.043836%
(xii) The ending Class A-4 Notes as a percentage of the
Notes outstanding on the
Distribution Date was equal to
28.529267%
7. Overcollateralization
(i) The ending overcollateralization was equal to
$312,598,103.98
(ii) The ending overcollateralization as a percentage of
the Pool Balance on the
Distribution Date was equal to
33.248071%
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
July 16, 1999
HOUSEHOLD FINANCE CORPORATION
as Servicer
By:
Name: Steven H. Smith
Title: Servicing Officer
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS A-1 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
240.5912333
2. Principal distribution per $1,000
235.9107333
3. Interest distribution per $1,000
4.6805000
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
$147,000,000.00
3. Accrual convention
Actual/360
4. Days in Interest Period
33
5. Class A-1 interest due
$688,033.50
6. Class A-1 interest paid
$688,033.50
7. Class A Interest Carryover Shortfall with respect to Class
A-1 $0.00
8. Class A-1 unpaid interest with respect to the Distribution
Date $0.00
C. Calculation of Class A-1 principal balance
1. Class A-1 principal balance - beginning of period
$147,000,000.00
2. Class A-1 principal - amount due
$34,678,877.79
3. Class A-1 principal - amount paid
$34,678,877.79
4. Class A-1 principal balance - end of period
$112,321,122.2
5. Class A Principal Carryover Shortfall with respect to Class
A-1 $0.00
6. Class A-1 unpaid principal with respect to the Distribution
Date $0.00
7. Class A-1 Notes as a percentage of the Pool Balance on the
Distribution Date 11.946524%
8. Class A-1 Notes as a percentage of the total Notes
outstanding on the Distribution Date 17.896896%
D. Performance of Trust
1. Available Funds for Distribution Date
$56,928,297.47
2. Delinquent Balances
(a) 1-29 Days Delinquent
$26,099,000.00
% Of Receivables
2.775901%
(b) 30-59 Days Delinquent
$7,587,000.00
% Of Receivables
0.806957%
(c) 60+ Days Delinquent
$347,000.00
% Of Receivables
0.036907%
3. Aggregate losses for Collection Period less Net Liquidation
Proceeds $325,280.26
4. (a) Base Servicing Fee paid on the Distribution Date
$0.00
(b) Base Servicing Fee paid for the Distribution Date per
$1,000 0.000000%
5. Pool Balance on the Accounting Date
$940,199,226.19
6. Reserve Account
(a) Targeted Reserve Account Balance
$28,205,976.79
(b) Amount on deposit in the Reserve Account
$28,205,976.79
7. (a) Weighted Average Coupon (WAC)
19.72%
(b) Weighted Average Remaining Maturity (WAM)
59
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS A-2 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
5.242416667
2. Principal distribution per $1,000
0.000000000
3. Interest distribution per $1,000
5.242416667
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
33
5. Class A-2 interest due
$944,788.33
6. Class A-2 interest paid
$944,788.33
7. Class A Interest Carryover Shortfall with respect to Class
A-2 $0.00
8. Class A-2 unpaid interest with respect to the Distribution
Date $0.00
C. Calculation of Class A-2 principal balance
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 Class
A-2 $0.00
6. Class A-2 unpaid principal with respect to the Distribution
Date $0.00
7. Class A-2 Notes as a percentage of the Pool Balance on the
Distribution Date 19.1682778%
8. Class A-2 Notes as a percentage of the total Notes
outstanding on the Distribution Date 28.7156912%
D. Performance of Trust
1. Available Funds For Distribution Date
$56,928,297.47
2. Delinquent Balances
(a) 1-29 Days Delinquent
$26,099,000.00
% Of Receivables
2.775901%
(b) 30-59 Days Delinquent
$7,587,000.00
% Of Receivables
0.806957%
(c) 60+ Days Delinquent
$347,000.00
% Of Receivables
0.036907%
3. Aggregate losses for Collection Period less Net Liquidation
Proceeds $325,280.26
4. (a) Base Servicing Fee paid on the Distribution Date
$0.00
(b) Base Servicing Fee paid for the Distribution Date per
$1,000 $0.00
5. Pool Balance on the Accounting Date
$940,199,226.19
6. Reserve Account
(a) Targeted Reserve Account Balance
$28,205,976.79
(b) Amount on deposit in the Reserve Account
$28,205,976.79
7. (a) Weighted Average Coupon (WAC)
19.7190000%
(b) Weighted Average Remaining Maturity (WAM)
59
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period
06/30/99
Distribution Date
07/19/99
CLASS A-3 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
5.4508333
2. Principal distribution per $1,000
0.0000000
3. Interest distribution per $1,000
5.4508333
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
$850,384.51
5. Class A-3 interest paid
$850,384.51
6. Class A Interest Carryover Shortfall with respect to Class
A-3 $0.00
7. Class A-3 unpaid interest with respect to the Distribution
Date $0.00
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 Class
A-3 $0.00
6. Class A-3 unpaid principal with respect to the Distribution
Date $0.00
7. Class A-3 Notes as a percentage of the Pool Balance on the
Distribution Date 16.593292%
8. Class A-3 Notes as a percentage of the total Notes
outstanding on the Distribution Date 24.858145%
D. Performance of Trust
1. Collected Funds
$56,928,297.47
2. Delinquent Balances
(a) 1-29 Days Delinquent
$26,099,000.00
% Of Receivables
2.78%
(b) 30-59 Days Delinquent
$7,587,000.00
% Of Receivables
0.81%
(c) 60+ Days Delinquent
$347,000.00
% Of Receivables
0.04%
3. Aggregate losses for Collection Period less Net Liquidation
Proceeds $325,280.26
4. (a) Base Servicing Fee paid on the Distribution Date
$0.00
(b) Base Servicing Fee paid for the Distribution Date per
$1,000 $0.00
5. Pool Balance on the Accounting Date
$940,199,226.19
6. Reserve Account
(a) Targeted Reserve Account Balance
$28,205,976.79
(b) Amount on deposit in the Reserve Account
$28,205,976.79
7. (a) Weighted Average Coupon (WAC)
19.719000%
(b) Weighted Average Remaining Maturity (WAM)
59
HOUSEHOLD AUTOMOTIVE TRUST III
SERIES 1999-1
Collection Period
6/30/99
Distribution Date
7/19/99
CLASS A-4 NOTEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000
5.7263889
2. Principal distribution per $1,000
0.0000000
3. Interest distribution per $1,000
5.7263889
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
0
3. Accrual convention
30/360
4. Class A-4 interest due
$1,025,309.93
5. Class A-4 interest paid
$1,025,309.93
6. Class A Interest Carryover Shortfall with respect to Class
A-4 $0.00
7. Class A-4 unpaid interest with respect to the Distribution
Date $0.00
C. Calculation of Class A-4 principal balance
1. Class A-4 principal balance - beginning of period
$179,050,000.00
0
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
0
5. Class A Principal Carryover Shortfall with respect to Class
A-4 $0.00
6. Class A-4 unpaid principal with respect to the Distribution
Date $0.00
7. Class A-4 Notes as a percentage of the Pool Balance on the
Distribution Date 19.043836%
8. Class A-4 Notes as a percentage of the total Notes
outstanding on the Distribution Date 28.529267%
D. Performance of Trust
1. Collected Funds
$56,928,297.47
2. Delinquent Balances
(a) 1-29 Days Delinquent
$26,099,000.00
% Of Receivables
2.78%
(b) 30-59 Days Delinquent
$7,587,000.00
% Of Receivables
0.81%
(c) 60+ Days Delinquent
$347,000.00
% Of Receivables
0.04%
3. Aggregate losses for Collection Period less Net Liquidation
Proceeds $325,280.26
4. (a) Base Servicing Fee paid on the Distribution Date
$0.00
(b) Base Servicing Fee paid for the Distribution Date per
$1,000 $0.00
5. Pool Balance on the Accounting Date
$940,199,226.19
9
6. Reserve Account
(a) Targeted Reserve Account Balance
$28,205,976.79
(b) Amount on deposit in the Reserve Account
$28,205,976.79
7. (a) Weighted Average Coupon (WAC)
19.719000%
(b) Weighted Average Remaining Maturity (WAM)
59
