USAA FEDERAL SAVINGS BANK, 10-K, 2000-04-28

USAA FEDERAL SAVINGS BANK
10-K, 2000-04-28
ASSET-BACKED SECURITIES

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K

(Mark One)

( X ) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, 1999.

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.

Commission file number 333-81385

USAA AUTO LOAN GRANTOR TRUST 1999-1 (Issuer)
USAA FEDERAL SAVINGS BANK (Originator of the Trust)
(Exact name of registrant as specified in its charter)

UNITED STATES 74-6479249
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

10750 McDermott Freeway, San Antonio, Texas 78288
(Address of principal executive offices) (Zip Code)

(210) 498-7479
(Registrant's telephone number,
including area code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No

USAA Auto Loan Grantor Trust 1999-1 had less than 300 certificates outstanding
as of December 30, 1999. These certificates represent the Class A and Class B
of certificates of USAA Auto Loan Grantor Trust 1999-1.

The registrant is filing this Annual Report on Form 10-K in a reduced
disclosure format pursuant to a no-action letter received from the Securities
and Exchange Commission dated December 23, 1993.

<PAGE>

USAA AUTO LOAN GRANTOR TRUST 1999-1
USAA FEDERAL SAVINGS BANK

PART I

ITEM 2. PROPERTIES

USAA Auto Loan Grantor Trust 1999-1 (the Trust) was formed pursuant to a
Pooling and Servicing Agreement dated as of July 1, 1999 between USAA Federal
Savings Bank as Seller and Servicer, and Bank of New York, as Trustee.

The Trust was established solely for the purpose of acquiring the fixed
rate simple interest motor vehicle installment loans and related collateral
(the Receivables), issuing its 6.10% Automobile Loan Pass-Through
Certificates, Class A, and 6.67% Automobile Loan Pass-Through Certificates,
Class B (the Certificates), and engaging in related transactions.

The property of the Trust consists of the Receivables described above. A
summary of Receivable activity and delinquency information follows
(unaudited):

Units ($ in 000's)

Original Receivables outstanding, 50,458 $699,376,130.00
July 1, 1999
Prepayments 4,999 $130,440,187.76
Repossessions 106 $ 1,554,577.71
Receivables outstanding, 45,353 $567,381,364.53
December 31, 1999

Delinquent Receivables as of December 31, 1999:

Units ($ in 000's)

31-60 days 259 $3,247,730.18
61-90 days 41 $ 650,974.45
91 days or more 19 $ 298,979.01
Total 319 $4,197,683.64

Losses on repossessions for the period ending December 31, 1999 were
approximately $1,554,577.71 on 106 Receivables.

ITEM 3. LEGAL PROCEEDINGS

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

<PAGE>

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

As of December 31, 1999, there were 32 direct and indirect
participants in The Depository Trust Company holding positions in the
Certificates. The principal markets in which the Certificates are traded are
the U.S. domestic capital markets.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

None.

PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 10-K

Exhibit "A" - Aggregate Statement

Exhibit "B" - Accountant's Annual Report

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

USAA FEDERAL SAVINGS BANK
(Registrant)

/s/ MICHAEL J. BROKER
---------------------------------------------
By: MICHAEL J. BROKER
(Duly Authorized Officer of
USAA Federal Savings Bank, as Servicer,
on behalf of the Trust)

<PAGE>

EXHIBIT "A"

AGGREGATE REPORT

Page 1
USAA Auto Loan Grantor Trust 1999-1
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

Collection Period # Beginning Date 07/01/99 08/01/99 09/01/99
Collection Period # End Date 07/31/99 08/31/99 09/30/99
Distribution Date 08/16/99 09/15/99 10/15/99

<S> <C> <C> <C>
I. Available Amount in the Certificate Account
A. Credits
1. Payments from Obligors Applied to Collection Period

a. Principal Payments $22,901,329.00 $23,714,162.69 $21,938,137.06
b. Interest Payments $4,813,202.57 $4,862,756.38 $4,613,861.60
c. Total (a+b) $27,714,531.57 $28,576,919.07 $26,551,998.66
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $23,669.35 $63,686.98 $57,070.39
b. Interest Payments $72.96 $123.81 $222.28
c. Total (a+b) $23,742.31 $63,810.79 $57,292.67
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $0.00 $15,395.44 $3,715.32
b. Principal Balance of Defaulted Receivable $9,976.55 $256,246.44 $235,494.45
c. Net Principal loss $9,976.55 $240,851.00 $231,779.13
4. Advance by Servicer $77,521.78 $96,854.32 $97,285.74
5. Investment Earnings on Certificate Account (as of month end) $6,531.64 $104,309.69 $103,853.62
6. Overpayment from Obligors $0.00 $0.00 $0.00
7. Net Adjustments
a. to Interest Collections $0.00 $0.00 $0.00
b. to Principal Collections $0.00 $0.00 $0.00
8. Total Credits (sum 1 through 7) $27,822,327.30 $28,857,289.31 $26,814,146.01
B. Debits
1. Overpayment from Obligors $0.00 $0.00 $0.00
2. Total Debits $0.00 $0.00 $0.00
C. Total Collections (A-B) $27,822,327.30 $28,857,289.31 $26,814,146.01
1. Available Interest Collections $4,897,328.95 $5,064,044.20 $4,815,223.24
2. Available Principal Collections $22,924,998.35 $23,793,245.11 $21,998,922.77
II. Receivable Pool Balance
A. Original Principal Pool Balance $699,376,130.44 $699,376,130.44 $699,376,130.44
B. Principal Pool Balance as of the Beginning of the Collection Period $699,376,130.44 $676,441,155.54 $652,407,059.43
C. Principal Pool Balance as of the End of the Collection Period $676,441,155.54 $652,407,059.43 $630,176,357.53

III. Certificate Principal Balances For the Collection Period
A. Class A Certificates
1. Beginning Class A Balance $673,149,000.00 $651,074,086.66 $627,941,269.15
2. Ending Class A Balance $651,074,086.66 $627,941,269.15 $606,544,218.57
B. Class B Certificates
1. Beginning Class B Balance $26,227,130.44 $25,367,068.88 $24,465,790.28
2. Ending Class B Balance $25,367,068.88 $24,465,790.28 $23,632,138.96
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $5,245,321.00 $5,245,321.00 $5,245,321.00
B. Beginning Reserve Account Balance $5,245,321.00 $5,982,240.08 $6,713,585.32
C. Ending Reserve Account Balance $5,982,240.08 $6,713,585.32 $7,328,478.76
V. Summary of Cash Disbursements
A. Available Collections $27,822,327.30 $28,857,289.31 $26,814,146.01
B. Withdrawals from Reserve Account $0.00 $0.00 $0.00
C. Total Available Collections $27,822,327.30 $28,857,289.31 $26,814,146.01
D. Reimbursement of Advance $0.00 $77,521.78 $96,854.32
E. Payment of Servicing Fee $582,813.44 $563,700.96 $543,672.55
F. Interest paid to Class A Certificates $3,421,840.75 $3,309,626.61 $3,192,034.78
G. Interest paid to Class B Certificates $145,779.13 $140,998.62 $135,989.02
H. Principal paid to Class A Certificates $22,074,913.34 $23,132,817.51 $21,397,050.58
I. Principal paid to Class B Certificates $860,061.56 $901,278.60 $833,651.32
J. Remaining Available Collections $736,919.08 $731,345.23 $614,893.44
K. Deposit from Remaining Available Collections to fund Reserve Account $736,919.08 $731,345.23 $614,893.44
L. Remaining Available Collections Released to Seller $0.00 ($0.00) ($0.00)

(Table continued)

Collection Period # Beginning Date 10/01/99 11/01/99 12/01/99
Collection Period # End Date 10/31/99 11/30/99 12/31/99
Distribution Date 11/15/99 12/15/99 01/15/00

<S> <C> <C> <C>
I. Available Amount in the Certificate Account
A. Credits
1. Payments from Obligors Applied to Collection Period
a. Principal Payments $21,233,073.17 $20,142,706.21 $20,222,690.95
b. Interest Payments $4,318,485.88 $4,245,809.56 $4,015,731.14
c. Total (a+b) $25,551,559.05 $24,388,515.77 $24,238,422.09
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $43,789.27 $75,307.16 $24,565.97
b. Interest Payments $223.32 $557.44 $155.05
c. Total (a+b) $44,012.59 $75,864.60 $24,721.02
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $79,121.48 $73,164.48 $132,379.30
b. Principal Balance of Defaulted Receivable $328,095.32 $291,927.75 $432,837.20
c. Net Principal loss $248,973.84 $218,763.27 $300,457.90
4. Advance by Servicer $98,661.68 $171,654.37 $129,152.72
5. Investment Earnings on Certificate Account (as of month end) $99,935.95 $91,580.63 $91,804.88
6. Overpayment from Obligors $0.00 $0.00 $0.00
7. Net Adjustments
a. to Interest Collections $0.00 $0.00 $0.00
b. to Principal Collections $0.00 $0.00 $0.00
8. Total Credits (sum 1 through 7) $25,873,290.75 $24,800,779.85 $24,616,480.01
B. Debits
1. Overpayment from Obligors $0.00 $0.00 $0.00
2. Total Debits $0.00 $0.00 $0.00
C. Total Collections (A-B) $25,873,290.75 $24,800,779.85 $24,616,480.01
1. Available Interest Collections $4,517,306.83 $4,509,602.00 $4,236,843.79
2. Available Principal Collections $21,355,983.92 $20,291,177.85 $20,379,636.22
II. Receivable Pool Balance
A. Original Principal Pool Balance $699,376,130.44 $699,376,130.44 $699,376,130.44
B. Principal Pool Balance as of the Beginning of the Collection Period $630,176,357.53 $608,571,399.77 $588,061,458.65
C. Principal Pool Balance as of the End of the Collection Period $608,571,399.77 $588,061,458.65 $567,381,364.53

III. Certificate Principal Balances For the Collection Period
A. Class A Certificates
1. Beginning Class A Balance $606,544,218.57 $585,749,446.73 $566,008,628.40
2. Ending Class A Balance $585,749,446.73 $566,008,628.40 $546,104,037.81
B. Class B Certificates
1. Beginning Class B Balance $23,632,138.96 $22,821,953.04 $22,052,830.25
2. Ending Class B Balance $22,821,953.04 $22,052,830.25 $21,277,326.72
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $5,245,321.00 $5,245,321.00 $5,245,321.00
B. Beginning Reserve Account Balance $7,328,478.76 $7,607,142.50 $7,350,768.23
C. Ending Reserve Account Balance $7,607,142.50 $7,350,768.23 $7,092,267.06
V. Summary of Cash Disbursements
A. Available Collections $25,873,290.75 $24,800,779.85 $24,616,480.01
B. Withdrawals from Reserve Account $0.00 $256,374.27 $258,501.17
C. Total Available Collections $25,873,290.75 $25,057,154.12 $24,874,981.18
D. Reimbursement of Advance $97,285.74 $98,661.68 $171,654.37
E. Payment of Servicing Fee $525,146.96 $507,142.83 $490,051.22
F. Interest paid to Class A Certificates $3,083,266.44 $2,977,559.69 $2,877,210.53
G. Interest paid to Class B Certificates $131,355.31 $126,852.02 $122,576.98
H. Principal paid to Class A Certificates $20,794,771.84 $19,740,818.33 $19,904,590.59
I. Principal paid to Class B Certificates $810,185.92 $769,122.79 $775,503.53
J. Remaining Available Collections $431,278.54 $836,996.78 $533,393.96
K. Deposit from Remaining Available Collections to fund Reserve Account $278,663.74 $0.00 $0.00
L. Remaining Available Collections Released to Seller $152,614.80 $836,996.78 $533,393.96

</TABLE>

Page 2
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

VI. Scheduled Monthly Interest Distribution
<S> <C> <C> <C>
A. Available Interest Collections $4,897,328.95 $5,064,044.20 $4,815,223.24

B. Reimbursement of Advance
1. Prior Advance Outstanding $0.00 $77,521.78 $96,854.32
2. Reimbursement of Prior Advance Outstanding from Interest
Collections $0.00 $77,521.78 $96,854.32
3. Remaining Prior Advance Outstanding $0.00 $0.00 $0.00
4. Reimbursement of Prior Advance Outstanding from Spread Account $0.00 $0.00 $0.00
5. Remaining Prior Advance Outstanding $0.00 $0.00 $0.00
6. Current Advance $77,521.78 $96,854.32 $97,285.74
7. Total Advance Outstanding for the Period $77,521.78 $96,854.32 $97,285.74

C. Total Reimbursement of Advance paid $0.00 $77,521.78 $96,854.32

D. Remaining Available Interest Collections $4,897,328.95 $4,986,522.42 $4,718,368.92

E. Servicing Fee
1. Current Servicing Fee Accrued $582,813.44 $563,700.96 $543,672.55
2. Unpaid Servicing Fees From Prior Collection Periods $0.00 $0.00 $0.00
3. Total Servicing Fee Due $582,813.44 $563,700.96 $543,672.55
4. Payment of Servicing Fee from Interest Collections $582,813.44 $563,700.96 $543,672.55
5. Payment of Servicing Fee from Reserve Account $0.00 $0.00 $0.00
6. This period unpaid Servicing Fee $0.00 $0.00 $0.00

F. Total Servicing Fee paid $582,813.44 $563,700.96 $543,672.55

G. Remaining Available Interest Collections $4,314,515.51 $4,422,821.46 $4,174,696.37

H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.10% 6.10% 6.10%
2. Class A Monthly Interest $3,421,840.75 $3,309,626.61 $3,192,034.78
3. Class A Interest Carryover Shortfall $0.00 $0.00 $0.00
4. Class A Interest on Interest Carryover Shortfall $0.00 $0.00 $0.00
5. Class A Interest Distributable Amount $3,421,840.75 $3,309,626.61 $3,192,034.78
6. Payment of Class A Interest Distributable Amount from
Interest Collections $3,421,840.75 $3,309,626.61 $3,192,034.78
7. Payment of Class A Interest Distributable Amount from
Spread Account $0.00 $0.00 $0.00
8. Payment of Class A Interest Distributable Amount from
Class B Percentage of Available Principal ($0.00) ($0.00) ($0.00)
9. This period Class A Interest Carryover Shortfall $0.00 $0.00 $0.00

I. Total Interest paid to Class A Certificates $3,421,840.75 $3,309,626.61 $3,192,034.78

J. Remaining Available Interest Collections $892,674.76 $1,113,194.85 $982,661.59

K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.67% 6.67% 6.67%
2. Class B Monthly Interest $145,779.13 $140,998.62 $135,989.02
3. Class B Interest Carryover Shortfall $0.00 $0.00 $0.00
4. Class B Interest on Interest Carryover Shortfall $0.00 $0.00 $0.00
5. Class B Interest Distributable Amount $145,779.13 $140,998.62 $135,989.02
6. Payment of Class B Interest Distributable Amount from
Interest Collections $145,779.13 $140,998.62 $135,989.02
7. Payment of Class B Interest Distributable Amount from
Spread Account $0.00 $0.00 $0.00
8. This period Class B Interest Carryover Shortfall $0.00 $0.00 $0.00

L. Total Interest paid to Class B Certificates $145,779.13 $140,998.62 $135,989.02

M. Remaining Available Interest Collections $746,895.63 $972,196.23 $846,672.57

(Table continued)

VI. Scheduled Monthly Interest Distribution
<S> <C> <C> <C>
A. Available Interest Collections $4,517,306.83 $4,509,602.00 $4,236,843.79

B. Reimbursement of Advance
1. Prior Advance Outstanding $97,285.74 $98,661.68 $171,654.37
2. Reimbursement of Prior Advance Outstanding from Interest
Collections $97,285.74 $98,661.68 $171,654.37
3. Remaining Prior Advance Outstanding $0.00 $0.00 $0.00
4. Reimbursement of Prior Advance Outstanding from Spread Account $0.00 $0.00 $0.00
5. Remaining Prior Advance Outstanding $0.00 $0.00 $0.00
6. Current Advance $98,661.68 $171,654.37 $129,152.72
7. Total Advance Outstanding for the Period $98,661.68 $171,654.37 $129,152.72

C. Total Reimbursement of Advance paid $97,285.74 $98,661.68 $171,654.37

D . Remaining Available Interest Collections $4,420,021.09 $4,410,940.32 $4,065,189.42

E. Servicing Fee
1. Current Servicing Fee Accrued $525,146.96 $507,142.83 $490,051.22
2. Unpaid Servicing Fees From Prior Collection Periods $0.00 $0.00 $0.00
3. Total Servicing Fee Due $525,146.96 $507,142.83 $490,051.22
4. Payment of Servicing Fee from Interest Collections $525,146.96 $507,142.83 $490,051.22
5. Payment of Servicing Fee from Reserve Account $0.00 $0.00 $0.00
6. This period unpaid Servicing Fee $0.00 $0.00 $0.00

F. Total Servicing Fee paid $525,146.96 $507,142.83 $490,051.22

G. Remaining Available Interest Collections $3,894,874.13 $3,903,797.49 $3,575,138.20

H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.10% 6.10% 6.10%
2. Class A Monthly Interest $3,083,266.44 $2,977,559.69 $2,877,210.53
3. Class A Interest Carryover Shortfall $0.00 $0.00 $0.00
4. Class A Interest on Interest Carryover Shortfall $0.00 $0.00 $0.00
5. Class A Interest Distributable Amount $3,083,266.44 $2,977,559.69 $2,877,210.53
6. Payment of Class A Interest Distributable Amount from
Interest Collections $3,083,266.44 $2,977,559.69 $2,877,210.53
7. Payment of Class A Interest Distributable Amount from
Spread Account $0.00 $0.00 $0.00
8. Payment of Class A Interest Distributable Amount from
Class B Percentage of Available Principal ($0.00) ($0.00) ($0.00)
9. This period Class A Interest Carryover Shortfall $0.00 $0.00 $0.00

I. Total Interest paid to Class A Certificates $3,083,266.44 $2,977,559.69 $2,877,210.53

J. Remaining Available Interest Collections $811,607.69 $926,237.80 $697,927.67

K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.67% 6.67% 6.67%
2. Class B Monthly Interest $131,355.31 $126,852.02 $122,576.98
3. Class B Interest Carryover Shortfall $0.00 $0.00 $0.00
4. Class B Interest on Interest Carryover Shortfall $0.00 $0.00 $0.00
5. Class B Interest Distributable Amount $131,355.31 $126,852.02 $122,576.98
6. Payment of Class B Interest Distributable Amount from
Interest Collections $131,355.31 $126,852.02 $122,576.98
7. Payment of Class B Interest Distributable Amount from
Spread Account $0.00 $0.00 $0.00
8. This period Class B Interest Carryover Shortfall $0.00 $0.00 $0.00

L. Total Interest paid to Class B Certificates $131,355.31 $126,852.02 $122,576.98

M. Remaining Available Interest Collections $680,252.38 $799,385.78 $575,350.69

</TABLE>

Page 3
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

<S> <C> <C> <C>
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $22,924,998.35 $23,793,245.11 $21,998,922.77
2. Net Principal Losses $9,976.55 $240,851.00 $231,779.13
3. Total (1 + 2) $22,934,974.90 $24,034,096.11 $22,230,701.90

B. Total Available Collections
1. Remaining Available Principal Collections $22,924,998.35 $23,793,245.11 $21,998,922.77
2. Remaining Available Interest Collections $746,895.63 $972,196.23 $846,672.57
3. Total (1 + 2) $23,671,893.98 $24,765,441.34 $22,845,595.34

C. Class A Percentage of Principal Distribution Amount 96.2500% 96.2500% 96.2500%

D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $673,149,000.00 $651,074,086.66 $627,941,269.15
2. Class A Monthly Principal $22,074,913.34 $23,132,817.51 $21,397,050.58
3. Class A Principal Carryover Shortfall $0.00 $0.00 $0.00
4. Total Class A Principal Distribution Amount $22,074,913.34 $23,132,817.51 $21,397,050.58
5. Payment of Class A Principal Distribution Amount from
Available Collections $22,074,913.34 $23,132,817.51 21,397,050.58
6. Payment of Class A Principal Distribution Amount from
Spread Account $0.00 $0.00 $0.00
7. Class A Principal Carryover Shortfall for the Period $0.00 $0.00 $0.00
8. Ending Class A Principal Balance $651,074,086.66 $627,941,269.15 $606,544,218.57

E. Total Principal paid to Class A Certificates $22,074,913.34 $23,132,817.51 $21,397,050.58

F. Remaining Available Collections $1,596,980.64 $1,632,623.83 $1,448,544.76

G. Class B Percentage of Principal Distribution Amount 3.7500% 3.7500% 3.7500%

H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $26,227,130.44 $25,367,068.88 $24,465,790.28
2. Class B Monthly Principal $860,061.56 $901,278.60 $833,651.32
3. Class B Percentage of Available Principal used to pay
Class A Interest ($0.00) ($0.00) ($0.00)
3. Class B Principal Carryover Shortfall $0.00 $0.00 $0.00
4. Total Class B Principal Distribution Amount $860,061.56 $901,278.60 $833,651.32
5. Payment of Class B Principal Distribution Amount from
Available Collections $860,061.56 $901,278.60 $833,651.32
6. Payment of Class B Principal Distribution Amount from
Spread Account $0.00 $0.00 $0.00
7. Class B Principal Carryover Shortfall for the Period $0.00 $0.00 $0.00
8. Ending Class B Principal Balance $25,367,068.88 $24,465,790.28 $23,632,138.96

I. Total Principal paid to Class B Certificates $860,061.56 $901,278.60 $833,651.32

J. Remaining Available Collections $736,919.08 $731,345.23 $614,893.44

(Table continued)

<S> <C> <C> <C>
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $21,355,983.92 $20,291,177.85 $20,379,636.22
2. Net Principal Losses $248,973.84 $218,763.27 $300,457.90
3. Total (1 + 2) $21,604,957.76 $20,509,941.12 $20,680,094.12

B. Total Available Collections
1. Remaining Available Principal Collections $21,355,983.92 $20,291,177.85 $20,379,636.22
2. Remaining Available Interest Collections $680,252.38 $799,385.78 $575,350.69
3. Total (1 + 2) $22,036,236.30 $21,090,563.63 $20,954,986.91

C. Class A Percentage of Principal Distribution Amount 96.2500% 96.2500% 96.2500%

D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $606,544,218.57 $585,749,446.73 $566,008,628.40
2. Class A Monthly Principal $20,794,771.84 $19,740,818.33 $19,904,590.59
3. Class A Principal Carryover Shortfall $0.00 $0.00 $0.00
4. Total Class A Principal Distribution Amount $20,794,771.84 $19,740,818.33 $19,904,590.59
5. Payment of Class A Principal Distribution Amount from
Available Collections $20,794,771.84 $19,740,818.33 $19,904,590.59
6. Payment of Class A Principal Distribution Amount from
Spread Account $0.00 $0.00 $0.00
7. Class A Principal Carryover Shortfall for the Period $0.00 $0.00 $0.00
8. Ending Class A Principal Balance $585,749,446.73 $566,008,628.40 $546,104,037.81

E. Total Principal paid to Class A Certificates $20,794,771.84 $19,740,818.33 $19,904,590.59

F. Remaining Available Collections $1,241,464.46 $1,349,745.30 $1,050,396.32

G. Class B Percentage of Principal Distribution Amount 3.7500% 3.7500% 3.7500%

H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $23,632,138.96 $22,821,953.04 $22,052,830.25
2. Class B Monthly Principal $810,185.92 $769,122.79 $775,503.53
3. Class B Percentage of Available Principal used to pay
Class A Interest ($0.00) ($0.00) ($0.00)
3. Class B Principal Carryover Shortfall $0.00 $0.00 $0.00
4. Total Class B Principal Distribution Amount $810,185.92 $769,122.79 $775,503.53
5. Payment of Class B Principal Distribution Amount from
Available Collections $810,185.92 $769,122.79 $775,503.53
6. Payment of Class B Principal Distribution Amount from
Spread Account $0.00 $0.00 $0.00
7. Class B Principal Carryover Shortfall for the Period $0.00 $0.00 $0.00
8. Ending Class B Principal Balance $22,821,953.04 $22,052,830.25 $21,277,326.72

I. Total Principal paid to Class B Certificates $810,185.92 $769,122.79 $775,503.53

J. Remaining Available Collections $431,278.54 $580,622.51 $274,892.79

</TABLE>

Page 4
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

<S> <C> <C>
VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.

1. Floor Amount = min(0.50% of Initial Pool Balance, Ending Pool Balance) $3,496,880.65 $3,496,880.65
2. Maximum Amount = 1.25% of Ending Pool Balance $8,455,514.44 $8,155,088.24
3. Reserve Account Amount (Max: 1.or 2.) $8,455,514.44 $8,155,088.24

B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage N/A N/A
2. Delinquency Percentage Trigger 0.85% 0.85%
3. Average Three Period Charge Off Rate N/A N/A
4. Charge Off Rate Trigger 0.85% 0.85%
5. Required Reserve Account Percentage Specified 2.50% 2.50%
6. Has trigger #1 or #3 been hit this collection period (Y=0, N=1) 1 1
7. Reserve Account Trigger Amount (if 1. > 2. or 3. > 4. then 2.50% of
Ending Pool Balance until 1. < 2 and 3. < 4. for six consecutive
collection periods else 0) $0.00 $0.00
C. Required Reserve Account Amount for Next Period (Max: A or B) $8,455,514.44 $8,155,088.24

D. Remaining Available Collections $736,919.08 $731,345.23

E. Reserve Account Activity
1. Beginning Reserve Account Balance $5,245,321.00 $5,982,240.08
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 $0.00
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 $0.00
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 $0.00
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 $0.00
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 $0.00
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 $0.00
8. Deposit from Remaining Available Collections to fund Reserve Account $736,919.08 $731,345.23
9. Withdrawal of funds in Reserve Account in Excess of Required Reserve
Account Balance $0.00 $0.00
10. Ending Reserve Account Balance $5,982,240.08 $6,713,585.32

(Table continued)

<S> <C> <C>
VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
1. Floor Amount = min(0.50% of Initial Pool Balance, Ending Pool Balance) $3,496,880.65 $3,496,880.65
2. Maximum Amount = 1.25% of Ending Pool Balance $7,877,204.47 $7,607,142.50
3. Reserve Account Amount (Max: 1.or 2.) $7,877,204.47 $7,607,142.50

B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage 0.08% 0.11%
2. Delinquency Percentage Trigger 0.85% 0.85%
3. Average Three Period Charge Off Rate 0.30% 0.45%
4. Charge Off Rate Trigger 0.85% 0.85%
5. Required Reserve Account Percentage Specified 2.50% 2.50%
6. Has trigger #1 or #3 been hit this collection period (Y=0, N=1) 1 1
7. Reserve Account Trigger Amount (if 1. > 2. or 3. > 4. then 2.50% of
Ending Pool Balance until 1. < 2 and 3. < 4. for six consecutive
collection periods else 0) $0.00 $0.00
C. Required Reserve Account Amount for Next Period (Max: A or B) $7,877,204.47 $7,607,142.50

D. Remaining Available Collections $614,893.44 $431,278.54

E. Reserve Account Activity
1. Beginning Reserve Account Balance $6,713,585.32 $7,328,478.76
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 $0.00
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 $0.00
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 $0.00
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 $0.00
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 $0.00
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 $0.00
8. Deposit from Remaining Available Collections to fund Reserve Account $614,893.44 $278,663.74
9. Withdrawal of funds in Reserve Account in Excess of Required Reserve
Account Balance $0.00 $0.00
10. Ending Reserve Account Balance $7,328,478.76 $7,607,142.50

VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
1. Floor Amount = min(0.50% of Initial Pool Balance, Ending Pool Balance) $3,496,880.65 $3,496,880.65
2. Maximum Amount = 1.25% of Ending Pool Balance $7,350,768.23 $7,092,267.06
3. Reserve Account Amount (Max: 1.or 2.) $7,350,768.23 $7,092,267.06

B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage 0.14% 0.15%
2. Delinquency Percentage Trigger 0.85% 0.85%
3. Average Three Period Charge Off Rate 0.45% 0.52%
4. Charge Off Rate Trigger 0.85% 0.85%
5. Required Reserve Account Percentage Specified 2.50% 2.50%
6. Has trigger #1 or #3 been hit this collection period (Y=0, N=1) 1 1
7. Reserve Account Trigger Amount (if 1. > 2. or 3. > 4. then 2.50% of
Ending Pool Balance until 1. < 2 and 3. < 4. for six consecutive
collection periods else 0) $0.00 $0.00
C. Required Reserve Account Amount for Next Period (Max: A or B) $7,350,768.23 $7,092,267.06

D. Remaining Available Collections $580,622.51 $274,892.79

E. Reserve Account Activity
1. Beginning Reserve Account Balance $7,607,142.50 $7,350,768.23
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 $0.00
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 $0.00
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 $0.00
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 $0.00
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 $0.00
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 $0.00
8. Deposit from Remaining Available Collections to fund Reserve Account $0.00 $0.00
9. Withdrawal of funds in Reserve Account in Excess of Required Reserve
Account Balance $256,374.27 $258,501.17
10. Ending Reserve Account Balance $7,350,768.23 $7,092,267.06

</TABLE>

Page 5
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

<S> <C> <C> <C>
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency Principal Principal Principal

31-60 days $1,709,989.82 $3,009,210.43 $2,121,179.88
61-90 days $111,091.80 $531,802.59 $609,383.37
91-120 days $10,654.80 $30,983.62 $217,468.50
Total $1,831,736.42 $3,571,996.64 $2,948,031.75

Delinquency Units Units Units

31-60 days 136 215 158
61-90 days 8 37 40
91-120 days 1 2 16
Total 145 254 214

B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency >=60 days $121,746.60 $562,786.21 $826,851.87
2. Portfolio Principal Ending Balance for Collection Period $676,441,155.54 $652,407,059.43 $630,176,357.53
3. Delinquency Percentage (1/2) 0.02% 0.09% 0.13%
4. Outstanding Principal Balance for Delinquency >=90 days $10,654.80 $30,983.62 $217,468.50
5. Portfolio Principal Ending Balance for Collection Period $676,441,155.54 $652,407,059.43 $630,176,357.53
6. Delinquency Percentage (4/5) 0.00% 0.00% 0.03%

X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior N/A N/A 0.02%
B. Delinquency Ratio for Prior Collection Period N/A 0.02% 0.09%
C. Delinquency Ratio for Current Collection Period 0.02% 0.09% 0.13%
D. Average Delinquency Ratio ((sum A through C)/3) 0.01% 0.03% 0.08%

XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $0.00 $15,395.44 $3,715.32
2. Principal Balance of Defaulted Receivable $9,976.55 $256,246.44 $235,494.45
3. Average Pool Balance for Collection Period $687,908,642.99 $664,424,107.49 $641,291,708.48
4. Net Loss Ratio ((2- 1)/3) 0.02% 0.43% 0.43%

A. Net Loss Ratio for 2 Collection Periods Prior N/A N/A 0.02%
B. Net Loss Ratio for Prior Collection Period N/A 0.02% 0.43%
C. Net Loss Ratio for Current Collection Period 0.02% 0.43% 0.43%
D. Average Net Loss Ratio ((sum A through C)/3) 0.01% 0.15% 0.30%

Weighted Average Coupon 8.30% 8.29% 8.29%
Weighted Average Maturity 49.01 48.13 47.25

(table continued)

<S> <S> <C> <C>
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency Principal Principal Principal

31-60 days $2,186,869.02 $2,599,816.56 $3,247,730.18
61-90 days $447,455.74 $770,116.35 $650,974.45
91-120 days $306,331.20 $200,829.10 $298,979.01
Total $2,940,655.96 $3,570,762.01 $4,197,683.64

Delinquency Units Units Units
31-60 days 168 208 259
61-90 days 32 52 41
91-120 days 21 16 19
Total 221 276 319

B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency >=60 days $753,786.94 $970,945.45 $949,953.46
2. Portfolio Principal Ending Balance for Collection Period $608,571,399.77 $588,061,458.65 $567,381,364.53
3. Delinquency Percentage (1/2) 0.12% 0.17% 0.17%
4. Outstanding Principal Balance for Delinquency >=90 days $306,331.20 $200,829.10 $298,979.01
5. Portfolio Principal Ending Balance for Collection Period $608,571,399.77 $588,061,458.65 $567,381,364.53
6. Delinquency Percentage (4/5) 0.05% 0.03% 0.05%

X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior 0.09% 0.13% 0.12%
B. Delinquency Ratio for Prior Collection Period 0.13% 0.12% 0.17%
C. Delinquency Ratio for Current Collection Period 0.12% 0.17% 0.17%
D. Average Delinquency Ratio ((sum A through C)/3) 0.11% 0.14% 0.15%

XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $79,121.48 $73,164.48 $132,379.30
2. Principal Balance of Defaulted Receivable $328,095.32 $291,927.75 $432,837.20
3. Average Pool Balance for Collection Period $619,373,878.65 $598,316,429.21 $577,721,411.59
4. Net Loss Ratio ((2- 1)/3) 0.48% 0.44% 0.62%

A. Net Loss Ratio for 2 Collection Periods Prior 0.43% 0.43% 0.48%
B. Net Loss Ratio for Prior Collection Period 0.43% 0.48% 0.44%
C. Net Loss Ratio for Current Collection Period 0.48% 0.44% 0.62%
D. Average Net Loss Ratio ((sum A through C)/3) 0.45% 0.45% 0.52%

Weighted Average Coupon 8.29% 8.28% 8.28%
Weighted Average Maturity 46.38 45.5 44.63

</TABLE>

Page 6
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

On January 15, 2000, interest earned and principal paid of the underlying assets for the month of December 1999
were paid to you by the paying agent on behalf of Bank of New York, in its capacity as Trustee for the above
referenced issue. The following information is being provided pursuant to Section 14.8 of the Pooling and
Servicing Agreement, dated as of July 1, 1999. This payment per dollar current outstandings of your holdings
is allocated as follows:

<S> <C> <C> <C>
1) Class A Principal $22,074,913.34 $23,132,817.51 $21,397,050.58
Principal Factor 0.0327935 0.0355302 0.0340749

2) Class A Interest $3,421,840.75 $3,309,626.61 $3,192,034.78
Interest Factor 0.0050833 0.0050833 0.0050833
Total per each individual Class A Certificate $37.88 $39.28 $36.53

3) Class B Principal $860,061.56 $901,278.60 $833,651.32
Principal Factor 0.0327928 0.0355295 0.0340742

4) Class B Interest $145,779.13 $140,998.62 $135,989.02
Interest Factor 0.0055583 0.0055583 0.0055583
Total per each individual Class B Certificate $38.35 $39.74 $36.97

5) Fees and Compensation paid to Servicer
(a) Total $582,813.44 $563,700.96 $543,672.55
(b) Per individual Class A and Class B Certificate $0.83 $0.81 $0.78

6) The amount deposited into the Reserve Account $736,919.08 $731,345.23 $614,893.44

7) Aggregate Unreimbursed Advances
This Month $77,521.78 $96,854.32 $97,285.74
Previous Month $0.00 $0.00 $0.00
Change From Previous Month $77,521.78 $96,854.32 $97,285.74

8) (a) Pool Balance after this payment $676,441,155.54 $652,407,059.43 $630,176,357.53
(b) Pool Factor after this payment 0.9672065 0.9328415 0.9010550

9) (a) Available Reserve Account Amount $5,245,321.00 $5,982,240.08 $6,713,585.32
(b) Percent of Pool Balance 0.75% 0.88% 1.03%

10) Required Reserve Account Amount $8,455,514.44 $8,155,088.24 $7,877,204.47

(Table continued)

<C> <C> <C> <C>
1) Class A Principal $20,794,771.84 $19,740,818.33 $19,904,590.59
Principal Factor 0.0342840 0.0337018 0.0351666

2) Class A Interest $3,083,266.44 $2,977,559.69 $2,877,210.53
Interest Factor 0.0050833 0.0050833 0.0050833
Total per each individual Class A Certificate $35.47 $33.75 $33.84

3) Class B Principal $810,185.92 $769,122.79 $775,503.53
Principal Factor 0.0342832 0.0337010 0.0351657

4) Class B Interest $131,355.31 $126,852.02 $122,576.98
Interest Factor 0.0055583 0.0055583 0.0055583
Total per each individual Class B Certificate $35.90 $34.16 $34.24

5) Fees and Compensation paid to Servicer
(a) Total $525,146.96 $507,142.83 $490,051.22
(b) Per individual Class A and Class B Certificate $0.75 $0.73 $0.70

6) The amount deposited into the Reserve Account $278,663.74 $0.00 $0.00

7) Aggregate Unreimbursed Advances
This Month $98,661.68 $171,654.37 $129,152.72
Previous Month $0.00 $0.00 $0.00
Change From Previous Month $98,661.68 $171,654.37 $129,152.72

8) (a) Pool Balance after this payment $608,571,399.77 $588,061,458.65 $567,381,364.53
(b) Pool Factor after this payment 0.8701632 0.8408372 0.8112678

9) (a) Available Reserve Account Amount $7,328,478.76 $7,607,142.50 $7,350,768.23
(b) Percent of Pool Balance 1.16% 1.25% 1.25%

10) Required Reserve Account Amount $7,607,142.50 $7,350,768.23 $7,092,267.06

</TABLE>

<PAGE>

EXHIBIT "B"

ACCOUNTANT'S ANNUAL REPORT

January 31, 2000

The Board of Directors
USAA Federal Savings Bank

RE: USAA Auto Loan Grantor Trust 1999-1

We have applied certain agreed upon procedures, as discussed below, to the
servicing records of USAA Federal Savings Bank (the Bank) from January 1,
1999, to December 31, 1999, in accordance with the requirements of Section
13.11 of the Pooling and Servicing Agreement dated as of July 1, 1999, (the
Pooling Agreement) between USAA Federal Savings Bank, as Seller and Servicer,
and The Bank of New York, as Trustee. It is understood that this letter is
solely for the information and use of the management of the Bank, the Trustee,
and Cash Collateral Trustee, and the Rating Agencies in connection with the
Pooling Agreement and is not to be referred to or distributed (for any
purpose) to anyone else.

We are independent with respect to the Servicer and conform to the standards
of the profession as contained in the Code of Professional Conduct and
pronouncements of the American Institute of Certified Public Accountants, and
the Rules of Professional Conduct of the Texas Board of Public Accountancy.

Unless otherwise indicated, the following conventions have been adopted in
presenting our procedures and findings:

o the term "compared" means compared to and found to be in agreement with,
unless otherwise noted. Such compared amounts and percentages are deemed
to be in agreement if differences are, in our judgement, minor, or if
differences are attributable to rounding.

o the term "recomputed" means calculated and found the amount to be in
agreement with, unless otherwise noted. Such recomputed amounts and
percentages are deemed to be in agreement if differences are attributable
to rounding.

o capitalized terms herein are defined in the Pooling Agreement and are
used with the meaning set forth therein.

Our procedures and findings were as follows:

1. As described in items 2., 3., and 4. below, we have performed certain
procedures relating to the Servicer's accounting and reporting performed
in connection with the servicing of the Receivables under the Pooling
Agreement. Based on our procedures performed, we found no exceptions,
other than those which we believe to be immaterial to the Bank's
compliance with the Pooling Agreement. We are, however, noting below
certain other matters for your information.

2. We read the Pooling Agreement and the Servicer's Certificate, as
described in Exhibit D of the Pooling Agreement.

<PAGE>

The Board of Directors
USAA Federal Savings Bank
Page 2

3. In accordance with Section 13.11 of the Pooling Agreement, we have
reviewed the Servicer's procedures and records relating to the servicing
of the Receivables. As a result of this review, the only matter noted was
as follows:

A. Ten receivables out of the total pool of 46,197 receivables
outstanding at December 31, 1999, were noted to have received three
credit-related extensions since the loan's inception. No loans
exceeded the four month aggregate limitation for extensions. While
these extensions were made within the guidelines of the Bank's
credit policy, they did exceed the maximum of two credit-related
extensions provided for within Section 13.2 (c) of the Pooling
Agreement.

4. With respect to the Monthly Servicer Certificate Reports (Monthly
Reports) provided to the Trustee, the Paying Agent, the Rating Agencies,
the Cash Collateral Depositor and the Cash Collateral Trustee, we
obtained the Monthly Reports for July, August, September, October, and
November of 1999 (summary of Monthly Reports is attached as Exhibit I)
and performed the following procedures, which were applied as indicated
with respect to the letter symbols explained below:

A. We compared with and agreed to amounts appearing in the "ABS
History" report prepared by officials of the Bank.

B. We recomputed using the amounts or numbers included in the Monthly
Report and/or prior Monthly Reports using the formula as defined by
the Pooling Agreement.

C. We compared with and agreed to amounts included in the prior month's
Monthly Report.

D. We compared with and agreed to amounts appearing in the "Transaction
History Inquiry."

E. We compared with and agreed to amounts or percentages appearing in
the USAA Auto Loan Grantor Trust 1999-1 6.10% Automobile Loan
Pass-Through Certificates, Class A and 6.67% Automobile Loan
Pass-Through Certificates, Class B Prospectus dated July 22, 1999
(the "Prospectus").

F. We compared with and agreed to amounts or numbers appearing in the
"ABS Loans with Late Payments" and "ABS Loans Paid Ahead 60 or More
Days from Last Payment" reports prepared by officials of the Bank.

G. We inquired of officials of the Bank who represented this line
equals zero.

H. We compared with and agreed to amounts appearing in The Bank of New
York business checking account bank statement received by the Bank
from The Bank of New York.

<PAGE>

The Board of Directors
USAA Federal Savings Bank
Page 3

I. We compared line IV.A. to the amount per the Prospectus and noted
amount did not agree to the Monthly Reports for August, September,
October, and November by $1,337.00. The amount per the Prospectus is
$5,245,321.00. The errors effected no other line items. Client was
notified of the errors and the Monthly Reports were subsequently
corrected.

J. The data in this section was inadvertently omitted on the Monthly
Reports for July, August, and September. The proper percentages were
reviewed on the Prospectus and the Monthly Reports were subsequently
corrected.

It should be understood that we make no representation as to questions of
legal interpretation and that such procedures would not necessarily reveal any
material misstatements. Because the above procedures do not constitute an
audit made in accordance with generally accepted auditing standards, we do not
express an opinion on the items referred to above. Had we performed additional
procedures or had we performed an audit in accordance with generally accepted
auditing standards, other matters might have come to our attention that would
have been reported to you. This letter is related only to the items specified
above and does not extend to any financial statements or financial information
of USAA Federal Savings Bank and should not be associated with such financial
statements or financial information.

Very truly yours,

Collection Period # Beginning Date 07/01/99 08/01/99
Collection Period # End Date 07/31/99 08/31/99
Distribution Date 08/16/99 09/15/99

<S> <C> <C>
I. Available Amount in the Certificate Account Procedures Procedures
A. Credits Performed Performed
1. Payments from Obligors Applied to Collection Period

a. Principal Payments $22,901,329.00 A $23,714,162.69 A
b. Interest Payments $4,813,202.57 A $4,862,756.38 A
c. Total (a+b) $27,714,531.57 B $28,576,919.07 B
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $23,669.35 D $63,686.98 D
b. Interest Payments $72.96 D $123.81 D
c. Total (a+b) $23,742.31 B $63,810.79 B
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $0.00 D $15,395.44 D
b. Principal Balance of Defaulted Receivable $9,976.55 D $256,246.44 D
c. Net Principal loss $9,976.55 B $240,851.00 B
4. Advance by Servicer $77,521.78 F $96,854.32 F
5. Investment Earnings on Certificate Account (as of month end) $6,531.64 H $104,309.69 H
6. Overpayment from Obligors $0.00 G $0.00 G
7. Net Adjustments
a. to Interest Collections $0.00 G $0.00 G
b. to Principal Collections $0.00 G $0.00 G
8. Total Credits (sum 1 through 7) $27,822,327.30 B $28,857,289.31 B
B. Debits
1. Overpayment from Obligors $0.00 B $0.00 B
2. Total Debits $0.00 B $0.00 B
C. Total Collections (A-B) $27,822,327.30 B $28,857,289.31 B
1. Available Interest Collections $4,897,328.95 B $5,064,044.20 B
2. Available Principal Collections $22,924,998.35 B $23,793,245.11 B
II. Receivable Pool Balance
A. Original Principal Pool Balance $699,376,130.44 E $699,376,130.44 E
B. Principal Pool Balance as of the Beginning of the Collection Period $699,376,130.44 B $676,441,155.54 C
C. Principal Pool Balance as of the End of the Collection Period $676,441,155.54 B $652,407,059.43 B

III. Certificate Principal Balances For the Collection Period
A. Class A Certificates
1. Beginning Class A Balance $673,149,000.00 E $651,074,086.66 E
2. Ending Class A Balance $651,074,086.66 B $627,941,269.15 B
B. Class B Certificates
1. Beginning Class B Balance $26,227,130.44 E $25,367,068.88 E
2. Ending Class B Balance $25,367,068.88 B $24,465,790.28 B
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $5,245,321.00 E $5,246,658.00 I
B. Beginning Reserve Account Balance $5,245,321.00 B $5,982,240.08 C
C. Ending Reserve Account Balance $5,982,240.08 B $6,713,585.32 B
V. Summary of Cash Disbursements
A. Available Collections $27,822,327.30 B $28,857,289.31 B
B. Withdrawals from Reserve Account $0.00 B $0.00 B
C. Total Available Collections $27,822,327.30 B $28,857,289.31 B
D. Reimbursement of Advance $0.00 B $77,521.78 B
E. Payment of Servicing Fee $582,813.44 B $563,700.96 B
F. Interest paid to Class A Certificates $3,421,840.75 B $3,309,626.61 B
G. Interest paid to Class B Certificates $145,779.13 B $140,998.62 B
H. Principal paid to Class A Certificates $22,074,913.34 B $23,132,817.51 B
I. Principal paid to Class B Certificates $860,061.56 B $901,278.60 B
J. Remaining Available Collections $736,919.08 B $731,345.23 B
K. Deposit from Remaining Available Collections to fund Reserve Account $736,919.08 B $731,345.23 B
L. Remaining Available Collections Released to Seller $0.00 B ($0.00) B

(Table continued)

09/01/99 10/01/99
09/30/99 10/31/99
10/15/99 11/15/99

<S> <C> <C>
Procedures Procedures
I. Available Amount in the Certificate Account Performed Performed
A. Credits
1. Payments from Obligors Applied to Collection Period
a. Principal Payments $21,938,137.06 A $21,233,073.17 A
b. Interest Payments $4,613,861.60 A $4,318,485.88 A
c. Total (a+b) $26,551,998.66 B $25,551,559.05 B
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $57,070.39 D $43,789.27 D
b. Interest Payments $222.28 D $223.32 D
c. Total (a+b) $57,292.67 B $44,012.59 B
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $3,715.32 D $79,121.48 D
b. Principal Balance of Defaulted Receivable $235,494.45 D $328,095.32 D
c. Net Principal loss $231,779.13 B $248,973.84 B
4. Advance by Servicer $97,285.74 F $98,661.68 F
5. Investment Earnings on Certificate Account (as of month end) $103,853.62 H $99,935.95 H
6. Overpayment from Obligors $0.00 G $0.00 G
7. Net Adjustments
a. to Interest Collections $0.00 G $0.00 G
b. to Principal Collections $0.00 G $0.00 G
8. Total Credits (sum 1 through 7) $26,814,146.01 B $25,873,290.75 B
B. Debits
1. Overpayment from Obligors $0.00 B $0.00 B
2. Total Debits $0.00 B $0.00 B
C. Total Collections (A-B) $26,814,146.01 B $25,873,290.75 B
1. Available Interest Collections $4,815,223.24 B $4,517,306.83 B
2. Available Principal Collections $21,998,922.77 B $21,355,983.92 B
II. Receivable Pool Balance
A. Original Principal Pool Balance $699,376,130.44 E $699,376,130.44 E
B. Principal Pool Balance as of the Beginning of the Collection Period $652,407,059.43 C $630,176,357.53 C
C. Principal Pool Balance as of the End of the Collection Period $630,176,357.53 B $608,571,399.77 B

III. Certificate Principal Balances For the Collection Period
A. Class A Certificates
1. Beginning Class A Balance $627,941,269.15 E $606,544,218.57 E
2. Ending Class A Balance $606,544,218.57 B $585,749,446.73 B
B. Class B Certificates
1. Beginning Class B Balance $24,465,790.28 E $23,632,138.96 E
2. Ending Class B Balance $23,632,138.96 B $22,821,953.04 B
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $5,246,658.00 I $5,246,658.00 I
B. Beginning Reserve Account Balance $6,713,585.32 C $7,328,478.76 C
C. Ending Reserve Account Balance $7,328,478.76 B $7,607,142.50 B
V. Summary of Cash Disbursements
A. Available Collections $26,814,146.01 B $25,873,290.75 B
B. Withdrawals from Reserve Account $0.00 B $0.00 B
C. Total Available Collections $26,814,146.01 B $25,873,290.75 B
D. Reimbursement of Advance $96,854.32 B $97,285.74 B
E. Payment of Servicing Fee $543,672.55 B $525,146.96 B
F. Interest paid to Class A Certificates $3,192,034.78 B $3,083,266.44 B
G. Interest paid to Class B Certificates $135,989.02 B $131,355.31 B
H. Principal paid to Class A Certificates $21,397,050.58 B $20,794,771.84 B
I. Principal paid to Class B Certificates $833,651.32 B $810,185.92 B
J. Remaining Available Collections $614,893.44 B $431,278.54 B
K. Deposit from Remaining Available Collections to fund Reserve Account $614,893.44 B $278,663.74 B
L. Remaining Available Collections Released to Seller ($0.00) B $152,614.80 B

(Table continued)

11/01/99
11/30/99
12/15/99

Procedures
I. Available Amount in the Certificate Account Performed
<S> <C> <C>
A. Credits
1. Payments from Obligors Applied to Collection Period
a. Principal Payments $20,142,706.21 A
b. Interest Payments $4,245,809.56 A
c. Total (a+b) $24,388,515.77 B
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $75,307.16 D
b. Interest Payments $557.44 D
c. Total (a+b) $75,864.60 B
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $73,164.48 D
b. Principal Balance of Defaulted Receivable $291,927.75 D
c. Net Principal loss $218,763.27 B
4. Advance by Servicer $171,654.37 F
5. Investment Earnings on Certificate Account (as of month end) $91,580.63 H
6. Overpayment from Obligors $0.00 G
7. Net Adjustments
a. to Interest Collections $0.00 G
b. to Principal Collections $0.00 G
8. Total Credits (sum 1 through 7) $24,800,779.85 B
B. Debits
1. Overpayment from Obligors $0.00 B
2. Total Debits $0.00 B
C. Total Collections (A-B) $24,800,779.85 B
1. Available Interest Collections $4,509,602.00 B
2. Available Principal Collections $20,291,177.85 B
II. Receivable Pool Balance
A. Original Principal Pool Balance $699,376,130.44 E
B. Principal Pool Balance as of the Beginning of the Collection Period $608,571,399.77 C
C. Principal Pool Balance as of the End of the Collection Period $588,061,458.65 B

III. Certificate Principal Balances For the Collection Period
A. Class A Certificates
1. Beginning Class A Balance $585,749,446.73 E
2. Ending Class A Balance $566,008,628.40 B
B . Class B Certificates
1. Beginning Class B Balance $22,821,953.04 E
2. Ending Class B Balance $22,052,830.25 B
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $5,246,658.00 I
B. Beginning Reserve Account Balance $7,607,142.50 C
C. Ending Reserve Account Balance $7,350,768.23 B
V. Summary of Cash Disbursements
A. Available Collections $24,800,779.85 B
B. Withdrawals from Reserve Account $256,374.27 B
C. Total Available Collections $25,057,154.12 B
D. Reimbursement of Advance $98,661.68 B
E. Payment of Servicing Fee $507,142.83 B
F. Interest paid to Class A Certificates $2,977,559.69 B
G. Interest paid to Class B Certificates $126,852.02 B
H. Principal paid to Class A Certificates $19,740,818.33 B
I. Principal paid to Class B Certificates $769,122.79 B
J. Remaining Available Collections $836,996.78 B
K. Deposit from Remaining Available Collections to fund Reserve Account $0.00 B
L. Remaining Available Collections Released to Seller $836,996.78 B

</TABLE>

Page 2
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

<S> <C> <C> <C> <C>
VI. Scheduled Monthly Interest Distribution
A. Available Interest Collections $4,897,328.95 B $5,064,044.20 B

B. Reimbursement of Advance
1. Prior Advance Outstanding $0.00 G $77,521.78 C
2. Reimbursement of Prior Advance Outstanding from Interest Collections $0.00 B $77,521.78 B
3. Remaining Prior Advance Outstanding $0.00 B $0.00 B
4. Reimbursement of Prior Advance Outstanding from Spread Account $0.00 B $0.00 B
5. Remaining Prior Advance Outstanding $0.00 B $0.00 B
6. Current Advance $77,521.78 B $96,854.32 B
7. Total Advance Outstanding for the Period $77,521.78 B $96,854.32 B

C. Total Reimbursement of Advance paid $0.00 B $77,521.78 B

D. Remaining Available Interest Collections $4,897,328.95 B $4,986,522.42 B

E. Servicing Fee
1. Current Servicing Fee Accrued $582,813.44 B $563,700.96 B
2. Unpaid Servicing Fees From Prior Collection Periods $0.00 G $0.00 C
3. Total Servicing Fee Due $582,813.44 B $563,700.96 B
4. Payment of Servicing Fee from Interest Collections $582,813.44 B $563,700.96 B
5. Payment of Servicing Fee from Reserve Account $0.00 B $0.00 B
6. This period unpaid Servicing Fee $0.00 B $0.00 B

F. Total Servicing Fee paid $582,813.44 B $563,700.96 B

G. Remaining Available Interest Collections $4,314,515.51 B $4,422,821.46 B

H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.10% E 6.10% E
2. Class A Monthly Interest $3,421,840.75 B $3,309,626.61 B
3. Class A Interest Carryover Shortfall $0.00 G $0.00 C
4. Class A Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class A Interest Distributable Amount $3,421,840.75 B $3,309,626.61 B
6. Payment of Class A Interest Distributable Amount from
Interest Collections $3,421,840.75 B $3,309,626.61 B
7. Payment of Class A Interest Distributable Amount from
Spread Account $0.00 B $0.00 B
8. Payment of Class A Interest Distributable Amount from
Class B Percentage of Available Principal ($0.00) B ($0.00) B
9. This period Class A Interest Carryover Shortfall $0.00 B $0.00 B

I. Total Interest paid to Class A Certificates $3,421,840.75 B $3,309,626.61 B

J. Remaining Available Interest Collections $892,674.76 B $1,113,194.85 B

K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.67% E 6.67% E
2. Class B Monthly Interest $145,779.13 B $140,998.62 B
3. Class B Interest Carryover Shortfall $0.00 G $0.00 C
4. Class B Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class B Interest Distributable Amount $145,779.13 B $140,998.62 B
6. Payment of Class B Interest Distributable Amount from
Interest Collections $145,779.13 B $140,998.62 B
7. Payment of Class B Interest Distributable Amount from
Spread Account $0.00 B $0.00 B
8. This period Class B Interest Carryover Shortfall $0.00 B $0.00 B

L. Total Interest paid to Class B Certificates $145,779.13 B $140,998.62 B

M. Remaining Available Interest Collections $746,895.63 B $972,196.23 B

(Table continued)

<S> <C> <C> <C> <C>
VI. Scheduled Monthly Interest Distribution
A. Available Interest Collections $4,815,223.24 B $4,517,306.83 B

B. Reimbursement of Advance
1. Prior Advance Outstanding $96,854.32 C $97,285.74 C
2. Reimbursement of Prior Advance Outstanding from Interest Collections $96,854.32 B $97,285.74 B
3. Remaining Prior Advance Outstanding $0.00 B $0.00 B
4. Reimbursement of Prior Advance Outstanding from Spread Account $0.00 B $0.00 B
5. Remaining Prior Advance Outstanding $0.00 B $0.00 B
6. Current Advance $97,285.74 B $98,661.68 B
7. Total Advance Outstanding for the Period $97,285.74 B $98,661.68 B

C. Total Reimbursement of Advance paid $96,854.32 B $97,285.74 B

D. Remaining Available Interest Collections $4,718,368.92 B $4,420,021.09 B

E. Servicing Fee
1. Current Servicing Fee Accrued $543,672.55 B $525,146.96 B
2. Unpaid Servicing Fees From Prior Collection Periods $0.00 C $0.00 C
3. Total Servicing Fee Due $543,672.55 B $525,146.96 B
4. Payment of Servicing Fee from Interest Collections $543,672.55 B $525,146.96 B
5. Payment of Servicing Fee from Reserve Account $0.00 B $0.00 B
6. This period unpaid Servicing Fee $0.00 B $0.00 B

F. Total Servicing Fee paid $543,672.55 B $525,146.96 B

G. Remaining Available Interest Collections $4,174,696.37 B $3,894,874.13 B

H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.10% E 6.10% E
2. Class A Monthly Interest $3,192,034.78 B $3,083,266.44 B
3. Class A Interest Carryover Shortfall $0.00 C $0.00 C
4. Class A Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class A Interest Distributable Amount $3,192,034.78 B $3,083,266.44 B
6. Payment of Class A Interest Distributable Amount from
Interest Collections $3,192,034.78 B $3,083,266.44 B
7. Payment of Class A Interest Distributable Amount from
Spread Account $0.00 B $0.00 B
8. Payment of Class A Interest Distributable Amount from
Class B Percentage of Available Principal ($0.00) B ($0.00) B
9. This period Class A Interest Carryover Shortfall $0.00 B $0.00 B

I. Total Interest paid to Class A Certificates $3,192,034.78 B $3,083,266.44 B

J. Remaining Available Interest Collections $982,661.59 B $811,607.69 B

K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.67% E 6.67% E
2. Class B Monthly Interest $135,989.02 B $131,355.31 B
3. Class B Interest Carryover Shortfall $0.00 C $0.00 C
4. Class B Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class B Interest Distributable Amount $135,989.02 B $131,355.31 B
6. Payment of Class B Interest Distributable Amount from
Interest Collections $135,989.02 B $131,355.31 B
7. Payment of Class B Interest Distributable Amount from
Spread Account $0.00 B $0.00 B
8. This period Class B Interest Carryover Shortfall $0.00 B $0.00 B

L. Total Interest paid to Class B Certificates $135,989.02 B $131,355.31 B

M. Remaining Available Interest Collections $846,672.57 B $680,252.38 B

(Table continued)

<S> <C> <C>
VI. Scheduled Monthly Interest Distribution
A. Available Interest Collections $4,509,602.00 B

B. Reimbursement of Advance
1. Prior Advance Outstanding $98,661.68 C
2. Reimbursement of Prior Advance Outstanding from Interest Collections $98,661.68 B
3. Remaining Prior Advance Outstanding $0.00 B
4. Reimbursement of Prior Advance Outstanding from Spread Account $0.00 B
5. Remaining Prior Advance Outstanding $0.00 B
6. Current Advance $171,654.37 B
7. Total Advance Outstanding for the Period $171,654.37 B

C. Total Reimbursement of Advance paid $98,661.68 B

D. Remaining Available Interest Collections $4,410,940.32 B

E. Servicing Fee
1. Current Servicing Fee Accrued $507,142.83 B
2. Unpaid Servicing Fees From Prior Collection Periods $0.00 C
3. Total Servicing Fee Due $507,142.83 B
4. Payment of Servicing Fee from Interest Collections $507,142.83 B
5. Payment of Servicing Fee from Reserve Account $0.00 B
6. This period unpaid Servicing Fee $0.00 B

F. Total Servicing Fee paid $507,142.83 B

G. Remaining Available Interest Collections $3,903,797.49 B

H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.10% E
2. Class A Monthly Interest $2,977,559.69 B
3. Class A Interest Carryover Shortfall $0.00 C
4. Class A Interest on Interest Carryover Shortfall $0.00 B
5. Class A Interest Distributable Amount $2,977,559.69 B
6. Payment of Class A Interest Distributable Amount from
Interest Collections $2,977,559.69 B
7. Payment of Class A Interest Distributable Amount from
Spread Account $0.00 B
8. Payment of Class A Interest Distributable Amount from
Class B Percentage of Available Principal ($0.00) B
9. This period Class A Interest Carryover Shortfall $0.00 B

I. Total Interest paid to Class A Certificates $2,977,559.69 B

J. Remaining Available Interest Collections $926,237.80 B

K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.67% E
2. Class B Monthly Interest $126,852.02 B
3. Class B Interest Carryover Shortfall $0.00 C
4. Class B Interest on Interest Carryover Shortfall $0.00 B
5. Class B Interest Distributable Amount $126,852.02 B
6. Payment of Class B Interest Distributable Amount from
Interest Collections $126,852.02 B
7. Payment of Class B Interest Distributable Amount from
Spread Account $0.00 B
8. This period Class B Interest Carryover Shortfall $0.00 B

L. Total Interest paid to Class B Certificates $126,852.02 B

M. Remaining Available Interest Collections $799,385.78 B

</TABLE>

Page 3
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

<S> <C> <C> <C> <C>
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $22,924,998.35 B $23,793,245.11 B
2. Net Principal Losses $9,976.55 B $240,851.00 B
3. Total (1 + 2) $22,934,974.90 B $24,034,096.11 B

B. Total Available Collections
1. Remaining Available Principal Collections $22,924,998.35 B $23,793,245.11 B
2. Remaining Available Interest Collections $746,895.63 B $972,196.23 B
3. Total (1 + 2) $23,671,893.98 B $24,765,441.34 B

C. Class A Percentage of Principal Distribution Amount 96.2500% E 96.2500% E

D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $673,149,000.00 E $651,074,086.66 B
2. Class A Monthly Principal $22,074,913.34 B $23,132,817.51 B
3. Class A Principal Carryover Shortfall $0.00 G $0.00 C
4. Total Class A Principal Distribution Amount $22,074,913.34 B $23,132,817.51 B
5. Payment of Class A Principal Distribution Amount from
Available Collections $22,074,913.34 B $23,132,817.51 B
6. Payment of Class A Principal Distribution Amount from
Spread Account $0.00 B $0.00 B
7. Class A Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class A Principal Balance $651,074,086.66 B $627,941,269.15 B

E. Total Principal paid to Class A Certificates $22,074,913.34 B $23,132,817.51 B

F. Remaining Available Collections $1,596,980.64 B $1,632,623.83 B

G. Class B Percentage of Principal Distribution Amount 3.7500% E 3.7500% E

H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $26,227,130.44 E $25,367,068.88 B
2. Class B Monthly Principal $860,061.56 B $901,278.60 B
3. Class B Percentage of Available Principal used to pay
Class A Interest ($0.00) B ($0.00) B
3. Class B Principal Carryover Shortfall $0.00 G $0.00 C
4. Total Class B Principal Distribution Amount $860,061.56 B $901,278.60 B
5. Payment of Class B Principal Distribution Amount from
Available Collections $860,061.56 B $901,278.60 B
6. Payment of Class B Principal Distribution Amount from
Spread Account $0.00 B $0.00 B
7. Class B Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class B Principal Balance $25,367,068.88 B $24,465,790.28 B

I. Total Principal paid to Class B Certificates $860,061.56 B $901,278.60 B

J. Remaining Available Collections $736,919.08 B $731,345.23 B

(Table continued)

<S> <C> <C> <C> <C>
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $21,998,922.77 B $21,355,983.92 B
2. Net Principal Losses $231,779.13 B $248,973.84 B
3. Total (1 + 2) $22,230,701.90 B $21,604,957.76 B

B. Total Available Collections
1. Remaining Available Principal Collections $21,998,922.77 B $21,355,983.92 B
2. Remaining Available Interest Collections $846,672.57 B $680,252.38 B
3. Total (1 + 2) $22,845,595.34 B $22,036,236.30 B

C. Class A Percentage of Principal Distribution Amount 96.2500% E 96.2500% E

D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $627,941,269.15 B $606,544,218.57 B
2. Class A Monthly Principal $21,397,050.58 B $20,794,771.84 B
3. Class A Principal Carryover Shortfall $0.00 C $0.00 C
4. Total Class A Principal Distribution Amount $21,397,050.58 B $20,794,771.84 B
5. Payment of Class A Principal Distribution Amount from
Available Collections $21,397,050.58 B $20,794,771.84 B
6. Payment of Class A Principal Distribution Amount from
Spread Account $0.00 B $0.00 B
7. Class A Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class A Principal Balance $606,544,218.57 B $585,749,446.73 B

E. Total Principal paid to Class A Certificates $21,397,050.58 B $20,794,771.84 B

F. Remaining Available Collections $1,448,544.76 B $1,241,464.46 B

G. Class B Percentage of Principal Distribution Amount 3.7500% E 3.7500% E

H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $24,465,790.28 B $23,632,138.96 B
2. Class B Monthly Principal $833,651.32 B $810,185.92 B
3. Class B Percentage of Available Principal used to pay
Class A Interest ($0.00) B ($0.00) B
3. Class B Principal Carryover Shortfall $0.00 C $0.00 C
4. Total Class B Principal Distribution Amount $833,651.32 B $810,185.92 B
5. Payment of Class B Principal Distribution Amount from
Available Collections $833,651.32 B $810,185.92 B
6. Payment of Class B Principal Distribution Amount from
Spread Account $0.00 B $0.00 B
7. Class B Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class B Principal Balance $23,632,138.96 B $22,821,953.04 B

I. Total Principal paid to Class B Certificates $833,651.32 B $810,185.92 B

J. Remaining Available Collections $614,893.44 B $431,278.54 B

(Table continued)

<S> <C> <C>
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $20,291,177.85 B
2. Net Principal Losses $218,763.27 B
3. Total (1 + 2) $20,509,941.12 B

B. Total Available Collections
1. Remaining Available Principal Collections $20,291,177.85 B
2. Remaining Available Interest Collections $799,385.78 B
3. Total (1 + 2) $21,090,563.63 B

C. Class A Percentage of Principal Distribution Amount 96.2500% E

D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $585,749,446.73 B
2. Class A Monthly Principal $19,740,818.33 B
3. Class A Principal Carryover Shortfall $0.00 C
4. Total Class A Principal Distribution Amount $19,740,818.33 B
5. Payment of Class A Principal Distribution Amount from
Available Collections $19,740,818.33 B
6. Payment of Class A Principal Distribution Amount from
Spread Account $0.00 B
7. Class A Principal Carryover Shortfall for the Period $0.00 B
8. Ending Class A Principal Balance $566,008,628.40 B

E. Total Principal paid to Class A Certificates $19,740,818.33 B

F. Remaining Available Collections $1,349,745.30 B

G. Class B Percentage of Principal Distribution Amount 3.7500% E

H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $22,821,953.04 B
2. Class B Monthly Principal $769,122.79 B
3. Class B Percentage of Available Principal used to pay
Class A Interest ($0.00) B
3. Class B Principal Carryover Shortfall $0.00 C
4. Total Class B Principal Distribution Amount $769,122.79 B
5. Payment of Class B Principal Distribution Amount from
Available Collections $769,122.79 B
6. Payment of Class B Principal Distribution Amount from
Spread Account $0.00 B
7. Class B Principal Carryover Shortfall for the Period $0.00 B
8. Ending Class B Principal Balance $22,052,830.25 B

I. Total Principal paid to Class B Certificates $769,122.79 B

J. Remaining Available Collections $580,622.51 B
</TABLE>

Page 4
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
<S> <C> <C> <C> <C> <C>
1. Floor Amount = min (0.50% of Initial Pool Balance, Ending
Pool Balance) $3,496,880.65 B $3,496,880.65 B
2. Maximum Amount = 1.25% of Ending Pool Balance $8,455,514.44 B $8,155,088.24 B
3. Reserve Account Amount (Max: 1.or 2.) $8,455,514.44 B $8,155,088.24 B

B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage N/A G N/A G
2. Delinquency Percentage Trigger 0.00% J 0.00% J
3. Average Three Period Charge Off Rate N/A G N/A G
4. Charge Off Rate Trigger 0.00% J 0.00% J
5. Required Reserve Account Percentage Specified 0.00% J 0.00% J
6. Has trigger #1 or #3 been hit this collection period
(Y=0, N=1) 1 1
7. Reserve Account Trigger Amount (if 1. > 2.
or 3. > 4. then 2.50% of Ending Pool Balance until $0.00 B $0.00 B
1. < 2 and 3. < 4. for six consecutive collection
periods else 0)
C. Required Reserve Account Amount for Next Period (Max: A or B) $8,455,514.44 B $8,155,088.24 B

D. Remaining Available Collections $736,919.08 B $731,345.23 B

E. Reserve Account Activity
1. Beginning Reserve Account Balance $5,245,321.00 B $5,982,240.08 B
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 B $0.00 B
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 B $0.00 B
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 B $0.00 B
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 B $0.00 B
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 B $0.00 B
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 B $0.00 B
8. Deposit from Remaining Available Collections to fund
Reserve Account $736,919.08 B $731,345.23 B
9. Withdrawal of funds in Reserve Account in Excess of
Required Reserve Account Balance $0.00 B $0.00 B
10. Ending Reserve Account Balance $5,982,240.08 B $6,713,585.32 B

(Table continued)

VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
<S> <C> <C> <C> <C> <C>
1. Floor Amount = min(0.50% of Initial Pool Balance, Ending
Pool Balance) $3,496,880.65 B $3,496,880.65 B
2. Maximum Amount = 1.25% of Ending Pool Balance $7,877,204.47 B $7,607,142.50 B
3. Reserve Account Amount (Max: 1.or 2.) $7,877,204.47 B $7,607,142.50 B

B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage N/A G 0.11% G
2. Delinquency Percentage Trigger 0.00% J 0.85% E
3. Average Three Period Charge Off Rate N/A G 0.45% G
4. Charge Off Rate Trigger 0.00% J 0.85% E
5. Required Reserve Account Percentage Specified 0.00% J 2.50% E
6. Has trigger #1 or #3 been hit this collection period
(Y=0, N=1) 1 1
7. Reserve Account Trigger Amount (if 1. > 2.
or 3. > 4. then 2.50% of Ending Pool Balance until $0.00 B 0.00 B
1. < 2 and 3. < 4. for six consecutive collection
periods else 0)
C. Required Reserve Account Amount for Next Period (Max: A or B) $7,877,204.47 B $7,607,142.50 B

D. Remaining Available Collections $614,893.44 B $431,278.54 B

E. Reserve Account Activity
1. Beginning Reserve Account Balance $6,713,585.32 B $7,328,478.76 B
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 B $0.00 B
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 B $0.00 B
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 B $0.00 B
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 B $0.00 B
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 B $0.00 B
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 B $0.00 B
8. Deposit from Remaining Available Collections to fund
Reserve Account $614,893.44 B $278,663.74 B
9. Withdrawal of funds in Reserve Account in Excess of
Required Reserve Account Balance $0.00 B $0.00 B
10. Ending Reserve Account Balance $7,328,478.76 B $7,607,142.50 B

(Table continued)

VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
<S> <C> <C> <C>
1. Floor Amount = min(0.50% of Initial Pool Balance, Ending
Pool B Balance) $3,496,880.65 B
2. Maximum Amount = 1.25% of Ending Pool Balance $7,350,768.23 B
3. Reserve Account Amount (Max: 1.or 2.) $7,350,768.23 B

B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage 0.14% G
2. Delinquency Percentage Trigger 0.85% E
3. Average Three Period Charge Off Rate 0.45% G
4. Charge Off Rate Trigger 0.85% E
5. Required Reserve Account Percentage Specified 2.50% E
6. Has trigger #1 or #3 been hit this collection period
(Y=0, N=1) 1
7. Reserve Account Trigger Amount (if 1. > 2.
or 3. > 4. then 2.50% of Ending Pool Balance until 0.00 B
1. < 2 and 3. < 4. for six consecutive collection
periods else 0)
C. Required Reserve Account Amount for Next Period (Max: A or B) $7,350,768.23 B

D. Remaining Available Collections $580,622.51 B

E. Reserve Account Activity
1. Beginning Reserve Account Balance $7,607,142.50 B
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 B
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 B
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 B
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 B
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 B
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 B
8. Deposit from Remaining Available Collections to fund
Reserve Account $0.00 B
9. Withdrawal of funds in Reserve Account in Excess of
Required Reserve Account Balance $256,374.27
10. Ending Reserve Account Balance $7,350,768.23 B
</TABLE>

Page 5
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

<S> <C> <C> <C>
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency Principal Principal

31-60 days $1,709,989.82 F $3,009,210.43 F
61-90 days $111,091.80 F $531,802.59 F
91-120 days $10,654.80 F $30,983.62 F
Total $1,831,736.42 B $3,571,996.64 B

Delinquency Units Units
31-60 days 136 F 215 F
61-90 days 8 F 37 F
91-120 days 1 F 2 F
Total 145 B 254 B

B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency >=60 days $121,746.60 B $562,786.21 B
2. Portfolio Principal Ending Balance for Collection Period $676,441,155.54 B $652,407,059.43 B
3. Delinquency Percentage (1/2) 0.02% B 0.09% B
4. Outstanding Principal Balance for Delinquency >=90 days $10,654.80 B $30,983.62 B
5. Portfolio Principal Ending Balance for Collection Period $676,441,155.54 B $652,407,059.43 B
6. Delinquency Percentage (4/5) 0.00% B 0.00% B

X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior N/A N/A B
B. Delinquency Ratio for Prior Collection Period N/A 0.02% B
C. Delinquency Ratio for Current Collection Period 0.02% B 0.09% B
D. Average Delinquency Ratio ((sum A through C)/3) 0.01% B 0.03% B

XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $0.00 B $15,395.44 B
2. Principal Balance of Defaulted Receivable $9,976.55 B $256,246.44 B
3. Average Pool Balance for Collection Period $687,908,642.99 B $664,424,107.49 B
4. Net Loss Ratio ((2- 1)/3) 0.02% B 0.43% B

A. Net Loss Ratio for 2 Collection Periods Prior N/A N/A B
B. Net Loss Ratio for Prior Collection Period N/A 0.02% C
C. Net Loss Ratio for Current Collection Period 0.02% B 0.43% B
D. Average Net Loss Ratio ((sum A through C)/3) 0.01% B 0.15% B

(table continued)

<S> <C> <C> <C> <C>
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency Principal Principal

31-60 days $2,121,179.88 F $2,186,869.02 F
61-90 days $609,383.37 F $447,455.74 F
91-120 days $217,468.50 F $306,331.20 F
Total $2,948,031.75 B $2,940,655.96 B

Delinquency Units Units
31-60 days 158 F 168 F
61-90 days 40 F 32 F
91-120 days 16 F 21 F
Total 214 B 221 B

B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency >=60 days $826,851.87 B $753,786.94 B
2. Portfolio Principal Ending Balance for Collection Period $630,176,357.53 B $608,571,399.77 B
3. Delinquency Percentage (1/2) 0.13% B 0.12% B
4. Outstanding Principal Balance for Delinquency >=90 days $217,468.50 B $306,331.20 B
5. Portfolio Principal Ending Balance for Collection Period $630,176,357.53 B $608,571,399.77 B
6. Delinquency Percentage (4/5) 0.03% B 0.05% B

X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior 0.02% B 0.09% B
B. Delinquency Ratio for Prior Collection Period 0.09% B 0.13% B
C. Delinquency Ratio for Current Collection Period 0.13% B 0.12% B
D. Average Delinquency Ratio ((sum A through C)/3) 0.08% B 0.11% B

XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $3,715.32 B $79,121.48 B
2. Principal Balance of Defaulted Receivable $235,494.45 B $328,095.32 B
3. Average Pool Balance for Collection Period $641,291,708.48 B $619,373,878.65 B
4. Net Loss Ratio ((2- 1)/3) 0.43% B 0.48% B

A. Net Loss Ratio for 2 Collection Periods Prior 0.02% C 0.43% C
B. Net Loss Ratio for Prior Collection Period 0.43% C 0.43% C
C. Net Loss Ratio for Current Collection Period 0.43% B 0.48% B
D. Average Net Loss Ratio ((sum A through C)/3) 0.30% B 0.45% B

<table continued)

<S> <C> <C> <C>
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency Principal

31-60 days $2,599,816.56 F
61-90 days $770,116.35 F
91-120 days $200,829.10 F
Total $3,570,762.01 B

Delinquency Units
31-60 days 208 F
61-90 days 52 F
91-120 days 16 F
Total 276 B

B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency >=60 days $970,945.45 B
2. Portfolio Principal Ending Balance for Collection Period $ $588,061,458.65 B
3. Delinquency Percentage (1/2) 0.17% B
4. Outstanding Principal Balance for Delinquency >=90 days $200,829.10 B
5. Portfolio Principal Ending Balance for Collection Period $ $588,061,458.65 B
6. Delinquency Percentage (4/5) 0.03% B

X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior 0.13% B
B. Delinquency Ratio for Prior Collection Period 0.12% B
C. Delinquency Ratio for Current Collection Period 0.17% B
D. Average Delinquency Ratio ((sum A through C)/3) 0.14% B

XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $73,164.48 B
2. Principal Balance of Defaulted Receivable $291,927.75 B
3. Average Pool Balance for Collection Period $ $598,316,429.21 B
4. Net Loss Ratio ((2- 1)/3) 0.44% B

A. Net Loss Ratio for 2 Collection Periods Prior 0.43% C
B. Net Loss Ratio for Prior Collection Period 0.48% C
C. Net Loss Ratio for Current Collection Period 0.44% B
D. Average Net Loss Ratio ((sum A through C)/3) 0.45% B
</TABLE>

Page 6
$673,149,000.00 6.10% Automobile Loan Pass-Through Certificates, Class A
$26,227,130. 6.67% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT

On December 15, 1999, interest earned and principal paid of the underlying
assets for the month of November 1999 were paid to you by the paying agent on
behalf of Bank of New York, in its capacity as Trustee for the above
referenced issue. The following information is being provided pursuant to
Section 14.8 of the Pooling and Servicing Agreement, dated as of July 1, 1998.
This payment per dollar current outstandings of your holdings is allocated as
follows: