<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended
June 30, 1996
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period
from to
Commission File Number 33-67204
Honda Auto Receivables 1994-A Grantor Trust
(Exact name of registrant as specified in its charter)
California 33-0526079
(State or other jurisdiction of incorporation) (I.R.S. Employer
identification No.)
700 Van Ness Avenue
Torrance, CA 90501
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310)781-4100
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section13 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.
X Yes No
<PAGE>
Item 5. Other Events
On May 15, June 15 and July 15 , the Principal and
interest collected during the preceding calendar quarter, 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 99 to this Quarterly Report
on Form 10-Q.
Item 6 (c). Exhibits and Reports on Form 8-K
(a) Exhibit 99
Servicer's Certificate for
The First Quarter of 1997
(b) Reports on Form 8K
Reports Date
The month of Apr. 1996 (May 15, 1996)
The month of May. 1996 (June 15,1996)
The month of Jun. 1996 (July 15, 1996)
<PAGE>
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
(Registrant)
By:
/s/ John Weisickle
John Weisickle, Sr. Vice President/ Finance
<TABLE>
<CAPTION>
AMERICAN HONDA FINANCE CORPORATION
QUARTERLY SERVICER REPORT -- Honda Auto Receivables 1994-A Grantor Trust
April 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) 47.13 month
(J) Number of Contracts 41,400
(K) Reserve Fund $0.00
(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 $130,581,262.37
(B) Total Portfolio Pool Factor 0.2996256
(C) Class A Certificate Balance $121,114,120.85
(D) Class A Principal Factor 0.2996256
(E) Class B Certificate Balance $9,467,141.52
(F) Reserve Fund Balance $6,537,221.00
(G) Outstanding Advance 1,583,665.15
(H) Payahead Account Balance 1,969,442.78
(I) Cumulative Net Losses for All Prior Periods 1,883,944.94
(J) Weighted Average Coupon of Remaining Portfolio (WAC) 9.05%
(K) Weighted Average Remaining Term of Remaining Portfolio (WAM) 25.58 month
(L) Number of Contracts 22,119
(M) Letter of Credit Amount 16,028,260.87
C. INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $15,646,774.92
(ii) Prepayments in Full $7,383,929.29
(iii) Prepayments in Full Due to Repurchases $0.00
(B) Precomputed Contracts Total Collections $25,019,743.14
(C) Payment Advance $0.00
(i) Reimbursement of Previous Advances 1,356,688.27
(ii) Current Advance Amount 1,518,022.10
(D) Payahead Account 0.00
(i) Payments Applied 726,115.30
(ii) Additional Payaheads 970,156.78
(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
------------------- --------------------------------
(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%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income -- Paid to Servicer $0.00
(B) Reserve Fund Investment Income -- Paid to Seller $83,003.56
(C) Aggregate Net Losses for Collection Period 12,038.61
(D) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables 458,692.44
(ii) Net Liquidation Proceeds Received During the Collection Period 279,625.06
(iii) Recoveries on Previously Liquidated Contracts 167,028.77
(E) Number of Vehicles Repossessed During the Collection Period 35
EXHIBIT 99
<CAPTION>
AMERICAN HONDA FINANCE CORPORATION
QUARTERLY SERVICER REPORT -- Honda Auto Receivables 1994-A Grantor Trust
April 1, 1996 through June 30, 1996
<S> <C> <C> <C> <C>
I. COLLECTIONS
(A) Principal Payments Received (C(A)i-iii) $23,030,704.21
(B) Interest Payments Received (C(B)-(C(A)i-iii)) 1,989,038.93
(C) Aggregate Net Liquidation Proceeds Received (D(D)ii+iii) 446,653.83
(D) Principal on Repurchased Contracts (C(A)iv) 0.00
(E) Total Collections (Amount deposited to Certificate Account) (A+B+C+D) $25,466,396.97
II. DISTRIBUTIONS
(A) Principal Payments Received (I(A)) $23,030,704.21
(B) Principal on Repurchased Contracts (I(D)) 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(D)i) 458,692.44
(D) Total Principal Reduction (A+B+C) $23,489,396.65
(E) Class A Distributable Amount
(i) Class A Quarterly Interest Payment (A(D)*B(C)) $1,361,665.11
(ii) Quarterly Principal to Class A (II(D)*A(B)) 21,786,415.39
(iii) Total Distributable Amount (i+ii) $23,148,080.50
(F) Class B Distributable Amount
(i) Class B Quarterly Interest Payment (A(F)*B(E)) $106,437.44
(ii) Quarterly Principal to Class B (II(D)-(E)ii) 1,702,981.26
(iii) Total Class B Distributable Amount (i+ii) $1,809,418.70
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) $305,854.70
(ii) Class A Distributable Amount (II(E)iii) 23,148,080.50
(iii) Class B Distributable Amount (II(F)iii) 1,809,418.70
(iv) Deposit to Reserve Fund (If Positive (IV(G)-(A))) 0.00
(v) Residual Releases to Seller (IV(F)) 203,043.07
(vi) Total Amount Distributed (i+ii+iii+iv+v) $25,466,396.97
(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)) 25,466,396.97
III. POOL BALANCES AND PORTFOLIO INFORMATION
Beginning End
of Period of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $130,581,262.37 $107,091,865.72
(ii) Total Pool Factor 0.2996256 0.2457280
(iii) Class A Certificate Balance $121,114,120.85 $99,327,705.46
(iv) Class A Principal Factor 0.2996256 0.2457280
(v) Class B Certificate Balance $9,467,141.52 $7,764,160.26
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 9.05% 9.01%
(ii) Weighted Average Remaining Maturity (WAM) 25.58 months 23.15 months
(iii) Remaining Number of Contracts 22,119 19,871
(C) Outstanding Interest Advance $1,583,665.15 $1,744,998.98
EXHIBIT 99
<CAPTION>
AMERICAN HONDA FINANCE CORPORATION
QUARTERLY SERVICER REPORT -- Honda Auto Receivables 1994-A Grantor Trust
April 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 0.00
(If Positive ((II(E)iii+(G)i)-I(E))
(C) Amount Available for Deposit to the Reserve Fund 203,043.07
(If Positive (I(E)-(II(E)iii+II(G)i+II(F)iii)))
(D) Reserve Fund Balance Prior to Release (IV(A-B+C)) $6,740,264.07
(E) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $6,537,221.00
(F) Residual Releases from Reserve Fund (If Positive (D-E)) 203,043.07
(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) $458,692.44
(ii) Net Liquidation Proceeds Received During the Collection Period (D(D)ii 279,625.06
(iii) Recoveries on Previously Liquidated Contracts (D(D)iii) 167,028.77
(B) Aggregate Net Losses for Collection Period (V(A)i-ii-iii) 12,038.61
(C) Cumulative Net Losses for all Periods (V(B)+B(I)) 1,895,983.55
(D) Delinquent and Repossessed Contracts
Contracts Amount
------------------- ------------------------------
(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 Collection Perio 35 0.16% $277,092.52 0.26%
(v) Total Accumulated Repossessed and in inventory 31 0.14% 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) / (A(M)) 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(A)i) 13.4457%
I hereby certify that the servicing report provided
is true and accurate to the best of my knowledge.
By:
/s/ John Weisickle
John Weisickle, Vice President / Finance
EXHIBIT 99
</TABLE>
