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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 15,1996
Honda Auto Receivables 1994-A Grantor Trust
(Exact name of registrant
specified in its charter)
California 33-67204 33-0526079
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
American Honda Receivables Corp.
700 Van Ness Avenue
Torrance, CA 90501
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310)781-4100
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Item 5. Other Events
On July 15, 1996, the Principal and interest collected during the
preceding calendar month, net of certain adjustments as provided for in
the Pooling and Servicing Agreement dated as of February 1, 1994 (the
"Agreement"), between American Honda Receivable Corporation, as
Seller, American Honda Finance Corporation, as Servicer, and
The Mitsubishi Bank Trust Company of New York, as Trustee (the
"Trustee"), were distributed to holders ("Certificateholders") of
certificates representing undivided fractional interests in Honda Auto
Receivables 1994-A Grantor Trust. In accordance with the Agreement,
the Servicer's Certificate, as defined in the Agreement, was furnished to
the Trustee for the benefit of the Certificateholders and, as such, was
distributed by the Trustee to the Certificateholders. A copy of the
Servicer's Certificate is being filed as Exhibit 28 to this Current Report
on Form 8-K.
Item 7 (c). Exhibits 28
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SIGNATURES
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 hereunto duly authorized.
Honda Auto Receivables 1994-A Grantor Trust
By: American Honda Finance Corporation, as Servicer
By:
/s/ John Weisickle
John Weisickle, Vice President / Finance
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AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICING REPORT -- Honda Grantor Trust 1994-A
June 1, 1996 through June 30, 1996
<S> <C> <C> <C> <C>
A. ORIGINAL DEAL PARAMETER INPUTS
(A) Original Total Portfolio $435,814,748.61
(B) Class A Certificate Ownership Interest of the Trust 92.75%
(C) Original Class A Certificate Balance $404,218,179.34
(D) Class A Certificate Rate 4.80%
(E) Original Class B Certificate Balance $31,596,569.27
(F) Class B Certificate Rate 4.80%
(G) Servicing Fee Rate 1.00%
(H) Original Weighted Average Coupon (WAC) 9.44%
(I) Original Weighted Average Remaining Term (WAM) month
(J) Number of Contracts 41,400
(K) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage 0.15%
(ii) Reserve Fund Initial Deposit $653,722.00
(iii) Specified Reserve Fund Balance Percent 0.75%
(iv) Specified Reserve Fund Balance $3,268,611.00
(v) Floor Percent 1.50%
(vi) Floor Amount $6,537,221.00
(vii) Floor Trigger Amount $130,744,425.00
(L) Original Letter of Credit Amount 30,000,000.00
(M) Number of Contructs @2/1/94 (L.C.Reset Percentage Basis) 41,400
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Outstanding $114,302,262.85
(B) Total Portfolio Pool Factor 0.2622726
(C) Class A Certificate Balance $106,015,348.79
(D) Class A Principal Factor 0.2622726
(E) Class B Certificate Balance $8,286,914.06
(F) Reserve Fund Balance $6,537,221.00
(G) Outstanding Advance 1,442,379
(H) Payahead Account Balance 1,803,598
(I) Cumulative Net Losses for All Prior Periods 1,870,456
(J) Weighted Average Coupon of Remaining Portfolio (WAC) 9.02%
(K) Weighted Average Remaining Term of Remaining Portfolio (WAM) month
(L) Number of Contracts 20,524
(M) Letter of Credit Amount 14,872,464
C. INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $5,038,573.81
(ii) Prepayments in Full 2,013,908.37
(iii) Prepayments in Full Due to Repurchases 0.00
(B) Precomputed Contracts Total Collections 7,654,502.76
(C) Payment Advance
(i) Reimbursement of Previous Advances 345,967.26
(ii) Current Advance Amount $648,587.28
(D) Payahead Account
(i) Payments Applied 270,562.89
(ii) Additional Payaheads 226,590.19
(E) Weighted Average Coupon of Remaining Portfolio (WAC) 9.01%
(F) Weighted Average Remaining Maturity of Remaining Portfolio (WAM) 23.15 month
(G) Remaining Number of Contracts 19,871
(H) Delinquent Contracts
Contracts Amount
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(i) 30-59 Days Delinquent 1.84% $2,468,758 2.31%
(ii) 60-89 Days Delinquent 0.24% 0.24%
(iii) 90 Days or More Delinquent 0.10% 0.16%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income -- Paid to Servicer 0.00
(B) Reserve Fund Investment Income -- Paid to Seller 28,054.63
(C) Aggregate Net Losses for Collection Period 25,527.71
(D) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $157,914.95
(ii) Net Liquidation Proceeds Received During the Collection Per 88,965.79
(iii) Recoveries on Previously Liquidated Contracts 43,421.45
(E) Number of Vehicles Repossessed During the Collection Period 20
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AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICING REPORT -- Honda Grantor Trust 1994-A
June 1, 1996 through June 30, 1996
<S> <C> <C> <C> <C>
I. COLLECTIONS
(A) Principal Payments Received (C(A)i-iii) $7,052,482.18
(B) Interest Payments Received (C(B)-(C(A)i-iii)) 602,020.58
(C) Aggregate Net Liquidation Proceeds Received (D(D)ii+iii) 132,387.24
(D) Principal on Repurchased Contracts (C(A)iv) 0.00
(E) Total Collections (Amount deposited to Certificate Account) (A+B+ $7,786,890.00
II. DISTRIBUTIONS
(A) Principal Payments Received (I(A)) $7,052,482.18
(B) Principal on Repurchased Contracts (I(D)) 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(D)i) 157,914.95
(D) Total Principal Reduction (A+B+C) $7,210,397.13
(E) Class A Distributable Amount
(i) Class A Monthly Interest Payment (A(D)*B(C)) $424,061.40
(ii) Monthly Principal to Class A (II(D)*A(B)) $6,687,643.33
(iii) Total Distributable Amount (i+ii) $7,111,704.73
(F) Class B Distributable Amount
(i) Class B Monthly Interest Payment (A(F)*B(E)) $33,147.66
(ii) Monthly Principal to Class B (II(D)-(E)ii) 522,753.80
(iii) Total Class B Distributable Amount (i+ii) $555,901.46
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) $95,251.89
(ii) Class A Distributable Amount (II(E)iii) 7,111,704.73
(iii) Class B Distributable Amount (II(F)iii) 555,901.46
(iv) Deposit to Reserve Fund (If Positive (IV(G)-(A))) 0.00
(v) Residual Releases to Seller (IV(F)) 24,031.92
(vi) Total Amount Distributed (i+ii+iii+iv+v) $7,786,890.00
(H) Amount of Draw from Reserve Fund (IV(B)) $0.00
(I) Sum of Draw from Reserve Fund and Total Collection (I(E)+IV(B)) 7,786,890.00
III. POOL BALANCES AND PORTFOLIO INFORMATION
Beginning End
of Period of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $114,302,262.85 $107,091,865.72
(ii) Total Pool Factor 0.2622726 0.2457280
(iii) Class A Certificate Balance $106,015,348.79 $99,327,705.46
(iv) Class A Principal Factor 0.2622726 0.2457280
(v) Class B Certificate Balance $8,286,914.06 $7,764,160.26
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 9.02% 9.01%
(ii) Weighted Average Remaining Maturity 23.96 months 23.15 months
(iii) Remaining Number of Contracts 20,524 19,871
(C) Outstanding Interest Advance $1,442,378.96 $1,744,998.98
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AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICING REPORT -- Honda Grantor Trust 1994-A
June 1, 1996 through June 30, 1996
<S> <C> <C> <C> <C>
IV. RECONCILIATION OF RESERVE FUND
(A) Beginning Reserve Fund Balance (B(F)) $6,537,221.00
(B) Draw for Class A and Class B Distributable Amount (If Positive( 0.00
(i) Contribution from Seller to fund new floor amount per Article I of Pooling and Servicing Agreement
(C) Amount Available for Deposit to the Reserve Fund 24,031.92
(If Positive (I(E)-(II(E)iii+II(G)i+II(F)iii)))
(D) Reserve Fund Balance Prior to Release (IV(A-B+C)) $6,561,252.92
(E) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $6,537,221.00
(F) Residual Releases from Reserve Fund (If Positive (D-E)) 24,031.92
(G) Ending Reserve Fund Balance (D-F) 6,537,221.00
V. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(D)i) $157,914.95
(ii) Net Liquidation Proceeds Received During the Collection Per 88,965.79
(iii) Recoveries on Previously Liquidated Contracts (D(D)iii) 43,421.45
(B) Aggregate Net Losses for Collection Period (V(A)i-ii-iii) 25,527.71
(C) Cumulative Net Losses for all Periods (V(B)+B(I)) 1,895,983.55
(D) Delinquent and Repossessed Contracts
Contracts Amount
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(i) 30-59 Days Delinquent 365 1.84% $2,468,758.00 2.31%
(ii) 60-89 Days Delinquent 48 0.24% 259,725.00 0.24%
(iii) 90 Days or More Delinquent 20 0.10% 175,368.00 0.16%
(iv) Vehicles Repossessed During the Col 20 0.10% 157,700.21 0.15%
(v) Total Accumulated Repossessed and in 31 0.15% 0.22%
VI. TESTS FOR INCREASE IN RESERVE FUND BALANCE
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period.
(i) Second Preceeding Collection Period 0.05%
(ii) Preceeding Collection Period -0.20%
(iii) Current Collection Period 0.28%
(iv) Three Month Average (Avg(i,ii,iii)) 0.05%
(B) Ratio of Number of Contracts Delinquent 60 Days or More and Accumulated Repossessed in inventory
to the Outstanding Number of Receivables as of Each Collection Period.
(i) Second Preceeding Collection Period 0.34%
(ii) Preceeding Collection Period 0.41%
(iii) Current Collection Period 0.50%
(iv) Three Month Average (Avg(i,ii,iii)) 0.42%
(C) Loss and Delinquency Trigger Indicator Trigger Was Not Hit
VII. LETTER OF CREDIT SUMMARY
(A) Original Letter of Credit Amount (A(L)) 30,000,000.00
(B) Reset Percentage (# of conts end of perd/basis #) (III(B)iii) / ( 48.00%
(C) Less Draws -
(D) Balance End of Period (VII(A) * VII(B))-(VII(C)) 14,399,275.36
(E) L/C Bal as Percentage of Pool Bal at End of Period (VII(D) / III 13.4457%
I hereby certify that the servicing report provided
is true and accurate to the best of my knowledge.
/s/ John Weisickle
John Weisickle, Vice President / Finance
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