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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 February 17, 2000
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 February 17,
2000 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: February 22, 2000
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EXHIBIT INDEX
Exhibit
Number Exhibit
99(a) Monthly Servicer's Certificate to Trustee dated February 17, 2000
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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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
1. This Certificate relates to the Distribution Date occurring on February 17, 2000
2. Series 1999-1 Information
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(a) The amount of Collected Funds with respect to the Collection $33,367,196.95
Period was equal to
(i) The Gross Cash Yield 20.161904%
(b) The amount of Available Funds with respect to the Collection $33,367,196.95
Period was equal to
(c) The Liquidated Receivables for the Collection Period was equal to $8,546,260.56
(d) Net Liquidation Proceeds for the Collection Period was equal to $3,529,846.57
(i) The annualized net default rate 7.4818880%
(e) The principal balance of Series 1999-1 Receivables at the $804,569,222.18
beginning of the Collection Period was equal to
(f) The principal balance of Series 1999-1 Receivables on the $779,636,096.29
last day of the Collection Period was equal to
(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 $34,595,000.00
(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 $12,698,000.00
(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 $9,982,000.00
(j) The Base Servicing Fee paid on the Distribution Date was equal to $2,011,423.06
(k) The Principal Distributable Amount for the Distribution Date was $16,331,197.46
equal to
(l) The Principal Amount Available for the Distribution Date was $30,501,368.28
equal to
(m) The Aggregate Note Principal Balance was equal to $526,992,840.53
(n) The Aggregate Optimal Note Principal Balance was equal to $510,661,643.07
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(o) The Targeted Credit Enhancement Amount was equal to $292,363,536.11
(p) The Targeted Credit Enhancement Amount as a percentage of the Pool Balance
on the Distribution Date was equal to 37.5000000%
(q) The Targeted Reserve Account Balance was equal to $23,389,082.89
(r) The Reserve Account Deposit Amount for the Distribution Date $0.00
(s) The Maximum Reserve Acct Deposit Amount for the Distribution Date $5,568,242.39
(t) The Reserve Account Shortfall for the Distribution Date $0.00
(u) The amount on deposit in the Reserve Account after distributions $23,389,082.89
was equal to
(v) The amount on deposit in the Reserve Account as a percentage of 3.000000%
the Pool Balance on the Distribution Date was equal to
(w) The Targeted Overcollateralization Amount was equal to $268,974,453.22
(x) The ending overcollateralization was equal to $268,974,453.22
(y) The ending overcollateralization as a percentage of the Pool Balance
on the Distribution Date was equal to 34.5000000%
(z) The Weighed Average Coupon (WAC) was equal to 19.5420000%
(aa) The Weighed Average Remaining Maturity (WAM) was equal to 51
3. Noteholder Information
(a) Class A-1
A. Information Regarding Distributions
1. Total Distribution per $1,000 $80.018222
2. Principal Distribution per $1,000 $79.679187
3. Interest Distribution per $1,000 $ 0.339035
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 $11,712,840.53
3. Accrual convention Actual/360
4. Days in Interest Period
30
5. Class A-1 interest due $49,838.14
6. Class A-1 interest paid $49,838.14
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 $11,712,840.53
2. Class A-1 principal - amount due $11,712,840.53
3. Class A-1 principal - amount paid $11,712,840.53
4. Class A-1 principal balance - end of period $0.00
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 total Notes outstanding on 0.000000%
the Distribution Date
8. Class A-1 Notes as a percentage of the Pool Balance on the 0.000000%
Distribution Date
(b) Class A-2
A. Information Regarding Distributions
1. Total Distribution per $1,000 $30.392051
2. Principal Distribution per $1,000 $25.626218
3. Interest Distribution per $1,000 $ 4.765833
B. Calculation of Class A-2 Interest Due
1. Class A-2 related Note Rate 5.719000%
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 Class A-2 $0.00
8. Class A-2 unpaid interest with respect to the Distribution Date $0.00
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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 $4,618,356.93
3. Class A-2 principal - amount paid $4,618,356.93
4. Class A-2 principal balance - end of period $175,601,643.07
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 total Notes outstanding on 34.387083%
the Distribution Date
8. Class A-2 Notes as a percentage of the Pool Balance on the 22.523539%
Distribution Date
9. Class A-1 and A-2 Notes as a percentage of the Pool Balance on the 22.523539%
Distribution Date
(c) Class A-3
A. Information Regarding Distributions
1. Total Distribution per $1,000 $5.275000
2. Principal Distribution per $1,000 $0.000000
3. Interest Distribution per $1,000 $5.275000
B. Calculation of Class A-3 Interest Due
1. Class A-3 related Note Rate 6.330000%
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 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 total Notes outstanding on 30.550562%
the Distribution Date
8. Class A-3 Notes as a percentage of the Pool Balance on the 20.010618%
Distribution Date
9. Class A-1, A-2 and A-3 Notes as a percentage of the Pool Balance on 42.534157%
the Distribution Date
(d) Class A-4
A. Information Regarding Distributions
1. Total Distribution per $1,000 $5.541667
2. Principal Distribution per $1,000 $0.000000
3. Interest Distribution per $1,000 $5.541667
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 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
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 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 total Notes outstanding on 35.062355%
the Distribution Date
8. Class A-4 Notes as a percentage of the Pool Balance on the 22.965843%
Distribution Date
9. Class A-1, A-2, A-3 and A-4 Notes as a percentage of the Pool 65.500000%
Balance on the Distribution Date
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