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
(Date of earliest event reported) September 30, 1999
FORD CREDIT AUTO LOAN MASTER TRUST,
SERIES 1994-1, 1995-1, 1996-1, 1996-2 AND 1997-1
Delaware 0-21686 38-2973806
- -------- -------------------------------- ----------
State or (Commission File Number) IRS Employer
other juris- I.D. Number
diction of
incorporation
(FORD CREDIT AUTO RECEIVABLES CORPORATION - ORIGINATOR)
-------------------------------------------------------
(Exact name of registrant as specified in its charter)
The American Road, Dearborn, Michigan 48121
- ------------------------------------- -----
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
<PAGE>
ITEM 5. Other Events
The Monthly Servicing Report relating to the Ford Credit Auto Loan Master
Trust, Series 1994-1, 1995-1, 1996-1, 1996-2 and 1997-1 for the Collection
Period ended September 30, 1999, provided to The Chase Manhattan Bank,
formerly Chemical Bank, as trustee, is attached hereto as Exhibit 19 and is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
EXHIBITS
DESIGNATION DESCRIPTION METHOD OF FILING
- ----------- ----------- ----------------
Exhibit 19 Ford Credit Auto Loan Master Filed with
Trust, Series 1994-1, 1995-1 this Report.
1996-1, 1996-2 and 1997-1
Servicing Report for the
Collection Period ended
September 30, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on the date indicated.
Ford Credit Auto Loan Master Trust,
Series 1994-1, 1995-1, 1996-1, 1996-2 and 1997-1
(Registrant)
Date: October 13, 1999 By: /s/Richard P. Conrad
---------------------
Richard P. Conrad
Assistant Secretary of Ford
Credit Auto Receivables
Corporation, originator of Trust
<PAGE>
EXHIBIT INDEX
Designation Description
- ----------- -------------------------------------
Exhibit 19 Ford Credit Auto Loan Master Trust
Series 1994-1, 1995-1, 1996-1,
1996-2 and 1997-1 Servicing Report
for the Collection Period ended
September 30, 1999.
EXHIBIT 19
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Principal Receivables FCARC Investor
------------------- -------------------
Beginning Principal Receivables $2,441,728,382.08 $3,510,000,000.00
Current Floating Allocation Pct. 41.02553452% 58.97446548%
Total Adj. Principal Collections $1,478,684,211.36 $2,125,617,910.65
Principal Default Amounts $0.00 $0.00
As a Percentage of Collections 0.00000000% 0.00000000%
Monthly Principal Amortized $0.00
Ending Principal Receivables $2,925,964,850.36 $3,510,000,000.00
New Floating Allocation Pct. 45.46272266% 54.53727734%
Interest Collections FCARC Investor
------------------- -------------------
Total Interest Collections $19,639,821.42 $28,232,367.56
-----------------------------------------------------------------------------
Early Amortization Triggered? Yes No
--- --
1. Breach of covenants or agreements made in the x
PSA and uncured for 45 days
2. Breach of any representation or warranty made x
in the PSA and uncured for 60 days
3. Bankruptcy, insolvency or receivership of FMCC, x
FCARC, or Ford
4. FCARC is an investment company within the x
meaning of the ICA of 1940
5. Failure of FCARC to convey Receivables pursuant x
to the PSA
6. Available Subordinated Amount has been reduced x
to less than the Required Subordinated Amount
7. Servicer Default has occurred x
8. Average monthly payment rate for past three x
periods is less than 20%
9. Used vehicle percentage exceeds 10% for two x
collection periods
10. Interest rate swap is terminated in accordance x
with its terms
11. Outstanding principal amount of the certificates x
is not repaid by the expected payment date
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Principal Receivables Trust Total
-------------------
Beginning Principal Receivables $5,951,728,382.08
Current Floating Allocation Percentage 100.00000000%
Total Adjusted Principal Collections $3,604,302,122.01
Payment Rate 60.56%
Principal Collections $3,272,197,266.55
Principal Collection Adjustments $329,795,128.90
Principal Collections for Status Dealer Accounts $2,309,726.56
Principal Default Amounts $0.00
As a Percentage of Collections 0.00000000%
Aggregate New Principal Receivables $4,088,538,590.29
Ending Principal Receivables $6,435,964,850.36
New Floating Allocation Percentage 100.00000000%
Interest Collections Trust Total
-------------------
Total Interest Collections $47,872,188.98
Interest Collections $47,858,309.37
Interest Collections for Status Dealer Accounts $13,879.61
Recoveries on Receivables Written Off $0.00
Monthly Yield 9.65%
Used Vehicle Principal Receivables Balance $112,563,383.12
1.75%
Status Dealer Accounts Trust Total
-------------------
Beginning Balance $3,892,302.35
Principal Collections $2,309,726.56
Principal Write Offs $0.00
Interest Collections $13,879.61
Ending Balance $1,582,575.79
Subordination and Participation Trust Total
-------------------
Incremental Subordinated Amount $0.00
Overconcentration Amount $0.00
Installment Amount $0.00
Other Ineligible Amounts $0.00
Available Subordinated Amount $390,000,000.00
Required Subordinated Amount $390,000,000.00
Required Participation 4.00% $140,400,000.00
Required Participation and Subordinated Amount $530,400,000.00
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Current Participation Amount $2,925,964,850.36
Current Participation Percentage 551.65%
Current Participation Shortfall $0.00
Available Seller Collections $1,498,324,032.78
Subordinated Draw Amount $0.00
Reserve Fund Deposit $0.00
Available Seller Collections to FCARC $1,498,324,032.78
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Series Allocations 1995-1
-------------------
Certificates $1,000,000,000.00
Current Floating Allocation Percentage 16.80184202%
Total Adjusted Principal collections $605,589,148.33
Principal Default Amounts $0.00
Total Interest Collections $8,043,409.56
Source and Use of Funds 1995-1
-------------------
Investor Interest Funding Account Balance $8,043,409.56
Investment and Net Swap Proceeds $0.00
Reserve Fund Balance $3,500,000.00
Total Investor Collections and Reserve Fund $11,543,409.56
Certificates Outstanding $1,000,000,000.00
Certificate Rate 6.5000%
Days in Interest Period 30
Current Interest Due $5,416,666.67
Net Trust Swap Receipts not req. to be paid $885,416.67
Prior months Swap Receipts payable this month $0.00
Current Interest Paid $4,531,250.00
Current Interest Shortfall $0.00
Additional Interest Due $0.00
Additional Interest Paid $0.00
Additional Interest Shortfall $0.00
Deferred Interest Due $0.00
Deferred Interest Paid $0.00
Deferred Interest Shortfall $0.00
Servicing Fees Due FMCC 1.00% $833,333.33
Servicing Fees Paid $833,333.33
Servicing Fees Shortfall $0.00
Deferred Servicing Fees Due FMCC $0.00
Deferred Servicing Fees Paid $0.00
Deferred Servicing Fees Shortfall $0.00
Reserve Fund Required Amount $3,500,000.00
Reserve Fund Deposit (Draw) Amount $0.00
Current Investor Default Amount Due $0.00
Current Investor Default Amount Paid $0.00
Current Investor Default Amount Shortfall $0.00
Deferred Investor Default Amount Due $0.00
Deferred Investor Default Amount Paid $0.00
Deferred Investor Default Amount Shortfall $0.00
Asset Composition Premium $0.00
Excess Servicing (Deficiency) Amount $2,678,826.23
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Subordination and Participation 1995-1
-------------------
Incremental Subordinated Amount $0.00
Available Subordinated Amount $111,111,111.11
Required Subordinated Amount $111,111,111.11
Required Participation 4.00% $40,000,000.00
Required Participation and Subordinated Amount $151,111,111.11
Subordinated Draw Amount $0.00
Reserve Fund Deposit $0.00
Reserve Fund Balance $3,500,000.00
Controlled Distribution Amount $0.00
Principal Funding Account Balance $0.00
Excess Funding Account Balance $0.00
Principal Payment Amont $0.00
Pool Factor 1.000000000000
Interest Funding Account Balance $8,958,333.33
Interest Payment Date? N
Cum. Net Trust Swap Receipts not req. to be paid $1,875,000.01
Interest Payment Amount Due $0.00
Interest Payment Amount Paid $0.00
Interest Payment Amount Shortfall $0.00
Distributions to Holders of Certificates 1995-1
(per $1,000 denomination certificate) -------------------
Total Amount Distributed $0.00000000
Total Amount Allocable to Principal $0.00000000
Total Amount Allocable to Interest $0.00000000
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Series Allocations 1996-1
-------------------
Certificates $800,000,000.00
Current Floating Allocation Percentage 13.44147361%
Total Adjusted Principal collections $484,471,318.67
Principal Default Amounts $0.00
Total Interest Collections $6,434,727.65
Source and Use of Funds 1996-1
-------------------
Investor Interest Funding Account Balance $6,434,727.65
Investment and Net Swap Proceeds $0.00
Reserve Fund Balance $2,800,000.00
Total Investor Collections and Reserve Fund $9,234,727.65
Certificates Outstanding $800,000,000.00
Certificate Rate 5.5000%
Days in Interest Period 30
Current Interest Due $3,666,666.67
Net Trust Swap Receipts not req. to be paid $41,666.67
Prior months Swap Receipts payable this month $0.00
Current Interest Paid $3,625,000.00
Current Interest Shortfall $0.00
Additional Interest Due $0.00
Additional Interest Paid $0.00
Additional Interest Shortfall $0.00
Deferred Interest Due $0.00
Deferred Interest Paid $0.00
Deferred Interest Shortfall $0.00
Servicing Fees Due FMCC 1.00% $666,666.67
Servicing Fees Paid $666,666.67
Servicing Fees Shortfall $0.00
Deferred Servicing Fees Due FMCC $0.00
Deferred Servicing Fees Paid $0.00
Deferred Servicing Fees Shortfall $0.00
Reserve Fund Required Amount $2,800,000.00
Reserve Fund Deposit (Draw) Amount $0.00
Current Investor Default Amount Due $0.00
Current Investor Default Amount Paid $0.00
Current Investor Default Amount Shortfall $0.00
Deferred Investor Default Amount Due $0.00
Deferred Investor Default Amount Paid $0.00
Deferred Investor Default Amount Shortfall $0.00
Asset Composition Premium $0.00
Excess Servicing (Deficiency) Amount $2,143,060.98
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Subordination and Participation 1996-1
-------------------
Incremental Subordinated Amount $0.00
Available Subordinated Amount $88,888,888.89
Required Subordinated Amount $88,888,888.89
Required Participation 4.00% $32,000,000.00
Required Participation and Subordinated Amount $120,888,888.89
Subordinated Draw Amount $0.00
Reserve Fund Deposit $0.00
Reserve Fund Balance $2,800,000.00
Controlled Distribution Amount $0.00
Principal Funding Account Balance $0.00
Excess Funding Account Balance $0.00
Principal Payment Amont $0.00
Pool Factor 1.000000000000
Interest Funding Account Balance $7,166,666.67
Interest Payment Date? N
Cum. Net Trust Swap Receipts not req. to be paid $166,666.67
Interest Payment Amount Due $0.00
Interest Payment Amount Paid $0.00
Interest Payment Amount Shortfall $0.00
Distributions to Holders of Certificates 1996-1
(per $1,000 denomination certificate) -------------------
Total Amount Distributed $0.00000000
Total Amount Allocable to Principal $0.00000000
Total Amount Allocable to Interest $0.00000000
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Series Allocations 1996-2
-------------------
Certificates $960,000,000.00
Current Floating Allocation Percentage 16.12976834%
Total Adjusted Principal collections $581,365,582.40
Principal Default Amounts $0.00
Total Interest Collections $7,721,673.18
Source and Use of Funds 1996-2
-------------------
Investor Interest Funding Account Balance $7,721,673.18
Investment and Net Swap Proceeds $0.00
Reserve Fund Balance $3,360,000.00
Total Investor Collections and Reserve Fund $11,081,673.18
Certificates Outstanding $960,000,000.00
Certificate Rate 5.5825%
Days in Interest Period 30
Current Interest Due $4,466,000.00
Net Trust Swap Receipts not req. to be paid $116,000.00
Prior months Swap Receipts payable this month $0.00
Current Interest Paid $4,350,000.00
Current Interest Shortfall $0.00
Additional Interest Due $0.00
Additional Interest Paid $0.00
Additional Interest Shortfall $0.00
Deferred Interest Due $0.00
Deferred Interest Paid $0.00
Deferred Interest Shortfall $0.00
Servicing Fees Due FMCC 1.00% $800,000.00
Servicing Fees Paid $800,000.00
Servicing Fees Shortfall $0.00
Deferred Servicing Fees Due FMCC $0.00
Deferred Servicing Fees Paid $0.00
Deferred Servicing Fees Shortfall $0.00
Reserve Fund Required Amount $3,360,000.00
Reserve Fund Deposit (Draw) Amount $0.00
Current Investor Default Amount Due $0.00
Current Investor Default Amount Paid $0.00
Current Investor Default Amount Shortfall $0.00
Deferred Investor Default Amount Due $0.00
Deferred Investor Default Amount Paid $0.00
Deferred Investor Default Amount Shortfall $0.00
Asset Composition Premium $0.00
Excess Servicing (Deficiency) Amount $2,571,673.18
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Subordination and Participation 1996-2
-------------------
Incremental Subordinated Amount $0.00
Available Subordinated Amount $106,666,666.67
Required Subordinated Amount $106,666,666.67
Required Participation 4.00% $38,400,000.00
Required Participation and Subordinated Amount $145,066,666.67
Subordinated Draw Amount $0.00
Reserve Fund Deposit $0.00
Reserve Fund Balance $3,360,000.00
Controlled Distribution Amount $0.00
Principal Funding Account Balance $0.00
Excess Funding Account Balance $0.00
Principal Payment Amont $0.00
Pool Factor 1.000000000000
Interest Funding Account Balance $8,600,000.00
Interest Payment Date? N
Cum. Net Trust Swap Receipts not req. to be paid $332,000.00
Interest Payment Amount Due $0.00
Interest Payment Amount Paid $0.00
Interest Payment Amount Shortfall $0.00
Distributions to Holders of Certificates 1996-2
(per $1,000 denomination certificate) -------------------
Total Amount Distributed $0.00000000
Total Amount Allocable to Principal $0.00000000
Total Amount Allocable to Interest $0.00000000
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Series Allocations 1997-1
-------------------
Certificates $750,000,000.00
Current Floating Allocation Percentage 12.60138151%
Total Adjusted Principal collections $454,191,861.25
Principal Default Amounts $0.00
Total Interest Collections $6,032,557.17
Source and Use of Funds 1997-1
-------------------
Investor Interest Funding Account Balance $6,032,557.17
Investment and Net Swap Proceeds $172,916.67
Reserve Fund Balance $2,625,000.00
Total Investor Collections and Reserve Fund $8,830,473.84
Certificates Outstanding $750,000,000.00
Certificate Rate 5.4000%
Days in Interest Period 30
Current Interest Due $3,375,000.00
Net Trust Swap Receipts not req. to be paid $0.00
Prior months Swap Receipts payable this month $196,354.17
Current Interest Paid $3,571,354.17
Current Interest Shortfall $0.00
Additional Interest Due $0.00
Additional Interest Paid $0.00
Additional Interest Shortfall $0.00
Deferred Interest Due $0.00
Deferred Interest Paid $0.00
Deferred Interest Shortfall $0.00
Servicing Fees Due FMCC 1.00% $625,000.00
Servicing Fees Paid $625,000.00
Servicing Fees Shortfall $0.00
Deferred Servicing Fees Due FMCC $0.00
Deferred Servicing Fees Paid $0.00
Deferred Servicing Fees Shortfall $0.00
Reserve Fund Required Amount $2,625,000.00
Reserve Fund Deposit (Draw) Amount $0.00
Current Investor Default Amount Due $0.00
Current Investor Default Amount Paid $0.00
Current Investor Default Amount Shortfall $0.00
Deferred Investor Default Amount Due $0.00
Deferred Investor Default Amount Paid $0.00
Deferred Investor Default Amount Shortfall $0.00
Asset Composition Premium $0.00
Excess Servicing (Deficiency) Amount $2,009,119.67
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Subordination and Participation 1997-1
-------------------
Incremental Subordinated Amount $0.00
Available Subordinated Amount $83,333,333.33
Required Subordinated Amount $83,333,333.33
Required Participation 4.00% $30,000,000.00
Required Participation and Subordinated Amount $113,333,333.33
Subordinated Draw Amount $0.00
Reserve Fund Deposit $0.00
Reserve Fund Balance $2,625,000.00
Controlled Distribution Amount $0.00
Principal Funding Account Balance $0.00
Excess Funding Account Balance $0.00
Principal Payment Amont $0.00
Pool Factor 1.000000000000
Interest Funding Account Balance $10,350,000.00
Interest Payment Date? Y
Cum. Net Trust Swap Receipts not req. to be paid $0.00
Interest Payment Amount Due $10,350,000.00
Interest Payment Amount Paid $10,350,000.00
Interest Payment Amount Shortfall $0.00
Distributions to Holders of Certificates 1997-1
(per $1,000 denomination certificate) -------------------
Total Amount Distributed $13.80000000
Total Amount Allocable to Principal $0.00000000
Total Amount Allocable to Interest $13.80000000
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Series Allocations
Certificates
Current Floating Allocation Percentage
Total Adjusted Principal collections
Principal Default Amounts
Total Interest Collections
Source and Use of Funds
Investor Interest Funding Account Balance
Investment and Net Swap Proceeds
Reserve Fund Balance
Total Investor Collections and Reserve Fund
Certificates Outstanding
Certificate Rate
Days in Interest Period
Current Interest Due
Net Trust Swap Receipts not req. to be paid
Prior months Swap Receipts payable this month
Current Interest Paid
Current Interest Shortfall
Additional Interest Due
Additional Interest Paid
Additional Interest Shortfall
Deferred Interest Due
Deferred Interest Paid
Deferred Interest Shortfall
Servicing Fees Due FMCC 1.00%
Servicing Fees Paid
Servicing Fees Shortfall
Deferred Servicing Fees Due FMCC
Deferred Servicing Fees Paid
Deferred Servicing Fees Shortfall
Reserve Fund Required Amount
Reserve Fund Deposit (Draw) Amount
Current Investor Default Amount Due
Current Investor Default Amount Paid
Current Investor Default Amount Shortfall
Deferred Investor Default Amount Due
Deferred Investor Default Amount Paid
Deferred Investor Default Amount Shortfall
Asset Composition Premium
Excess Servicing (Deficiency) Amount
Ford Credit Auto Loan Master Trust
Ford Motor Credit Company Asset Backed Certificates 10/01/99 01:01 pm
Investor Reporting System v2.7 Monthly Statement 09/99 Activity
----------------------------------------------------------------------------
Subordination and Participation
Incremental Subordinated Amount
Available Subordinated Amount
Required Subordinated Amount
Required Participation 4.00%
Required Participation and Subordinated Amount
Subordinated Draw Amount
Reserve Fund Deposit
Reserve Fund Balance
Controlled Distribution Amount
Principal Funding Account Balance
Excess Funding Account Balance
Principal Payment Amont
Pool Factor
Interest Funding Account Balance
Interest Payment Date?
Cum. Net Trust Swap Receipts not req. to be paid
Interest Payment Amount Due
Interest Payment Amount Paid
Interest Payment Amount Shortfall
Distributions to Holders of Certificates
(per $1,000 denomination certificate)
Total Amount Distributed
Total Amount Allocable to Principal
Total Amount Allocable to Interest
