-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LWc1zL4R5Tc1nO8wdRN5rcvhP3SeibjMxTYZzAQbzahmFxrF1cslmoZhVappb6Xy AwgJnPrRU00Nkxl84cxqFw== 0001025365-98-000010.txt : 19980624 0001025365-98-000010.hdr.sgml : 19980624 ACCESSION NUMBER: 0001025365-98-000010 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980623 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HONDA AUTO RECEIVABLES 1997-A GRANTOR TRUST CENTRAL INDEX KEY: 0001025365 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330526079 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 333-18095 FILM NUMBER: 98652650 BUSINESS ADDRESS: STREET 1: P O BOX 2295 STREET 2: 700 VAN NESS AVE CITY: TORRANCE STATE: CA ZIP: 90509-2295 BUSINESS PHONE: 3107814318 MAIL ADDRESS: STREET 1: P O BOX 2295 STREET 2: P O BOX 2295 CITY: TORRANCE STATE: CA ZIP: 90509-2295 FORMER COMPANY: FORMER CONFORMED NAME: HONDA AUTO RECEIVABLES 1996-A GRANTOR TRUST DATE OF NAME CHANGE: 19970723 10-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended March 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission file number 333-18095 Honda Auto Receivables 1997-A Grantor Trust (Exact name of registrant as specified in its charter) California 33-0526079 (State of incorporation) (IRS 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 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered None None Securities registered pursuant to section 12(g) of the Act: None (Title of class) 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 Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or 'information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ X ]
PART I Item 1. Business The following tables set forth the number and aggregate principal amount of delinquent receivables, the delinquency rates, and aggregate net losses of the Honda Auto Receivables 1997-A Grantor Trust as of March 31, 1998 : 1. Delinquent Contracts: ($000's) Contracts Amount a. 30 - 59 Days Delinquent 553 $6,766 b. 60 - 89 Days Delinquent 65 $827 c. 90 Days or More Delinqu 33 $444 2. Delinquent Ratio: ($000's) a. Delinquent Balances $7,920 b. Total Pool Balance $752,127 c. Delinquency Ratio 1.05% 3. Aggregate Net Losses: ($000's) a. Cumulative Net Losses $2,965 b. Original Portfolio $1,080,050 c. Aggregate Loss Ratio 0.27% Item 2. Properties N/A Item 3. Legal Proceedings N/A Item 4. Submission of Matters to a Vote of Security Holders N/A PART II Item 5. Market For Registrant's Common Equity and Related Stockholder Matters All holders of records of the Class A Certificates issued by Honda Auto Receivables 1997-A Grantor Trust (except for American Honda Receivables Corp.) are registered through the nominee of Cede & Co. Item 6. Selected Financial Data N/A Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations N/A Item 8. Financial Statements and Supplementary Data N/A Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure N/A PART III Item 10. Directors and Executive Officers of the Registrant N/A Item 11. Executive Compensation N/A Item 12. Security Ownership of Certain Beneficial Owners and Management N/A Item 13. Certain Relationships and Related Transactions N/A PART IV Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K. (a) Exhibit No. 99 Description Annual Statement to Certificateholders pursuant to Section 14.09 of the Standard Terms and Conditions dated as of July 1, 1997 among American Honda Receivables Corp., as Seller, American Honda Finance Corporation, as Server, and Bank of Tokyo-Mitsubishi Trust Company of New York, as Trustee. (b) Reports Reports Date Form 10Q The 1st Qtr. of 1997 (Aug.15, 1997) The 2nd Qtr. of 1997 (Nov.15, 1997) The 3rd Qtr. of 1997 (Feb.15, 1997) Form 8K The month of Jan. 1998 (Feb.15, 1998) The month of Feb. 1998 (Mar.15, 1998) The month of Mar. 1998 (Apr.15, 1998) SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Honda Auto Receivables 1997-A Grantor Trust By: American Honda Finance Corporation, as Servicer (Registrant) By: /s/ John Weisickle John Weisickle, Vice President/ Finance
EX-99 2
AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder --1997-A April 1, 1997 through March 31, 1998 A. ORIGINAL DEAL PARAMETER INPUTS (A) Original Total Portfolio $1,080,049,608.67 (B) Class A Certificate Ownership Interest of the Trust 93.75% (C) Original Class A Certificate Balance $1,012,546,508.13 (D) Class A Certificate Rate 5.85% (E) Original Class B Certificate Balance $67,503,100.54 (F) Class B Certificate Rate 5.85% (G) Servicing Fee Rate 1.00% (H) Original Weighted Average Coupon (WAC) 7.59% (I) Original Weighted Average Remaining Term (WAM) 42.14 months (J) Number of Contracts 90,365 (K) Reserve Fund (i) Reserve Fund Initial Deposit Percentage 0.15% (ii) Reserve Fund Initial Deposit $1,620,074.41 (iii) Specified Reserve Fund Balance Percent 0.75% (iv) Specified Reserve Fund Balance $8,100,372.07 (v) Reserve Fund Floor Percent 1.50% (vi) Reserve Fund Floor Amount $16,200,744.13 (vii) Reserve Fund Floor Trigger Amount $324,014,882.40 (L) Original Yield Supplement Deposit $11,931,514.53 (M) Original Letter of Credit Amount $84,000,000.00 B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS (A) Total Portfolio Outstanding $1,080,049,608.67 (B) Total Portfolio Pool Factor 1.0000000 (C) Class A Certificate Balance $1,012,546,508.13 (D) Class A Principal Factor 1.0000000 (E) Class B Certificate Balance $67,503,100.54 (F) Reserve Fund Balance $1,620,074.41 (G) Outstanding Interest Advance 1,054,207.14 (H) Payahead Account Balance 1,119,322.66 (I) Cumulative Net Losses for All Prior Periods 0.00 (J) Weighted Average Coupon of Remaining Portfolio (WAC) 7.59% (K) Weighted Average Remaining Term of Remaining Portfolio (WAM) 42.14 months (L) Number of Contracts 90,365 (M) Yield Supplement Balance $11,931,514.53 (N) Letter of Credit Amount $84,000,000.00 C. INPUTS FROM THE MAINFRAME (A) Precomputed Contracts Principal (i) Scheduled Principal Collections $56,096,136.04 (ii) Prepayments in Full $22,865,910.11 (iii) Prepayments in Full Due to Repurchases $0.00 (B) Precomputed Contracts Total Collections $92,122,650.76 (C) Simple Interest Contracts $0.00 (i) Collected Principal $242,369,171.16 (ii) Collected Interest $38,856,984.02 (iii) Repurchased Receivables Principal $0.00 (iv) Repurchased Receivables Interest $0.00 (D) Payment Advance for Precomputes $0.00 (i) Reimbursement of Previous Advances $3,660,482.70 (ii) Current Advance Amount $3,779,431.61 (E) Interest Advance for Simple Interest - Net (If positive, Additio $0.00 (F) Payahead Account (i) Payments Applied $3,078,767.95 (ii) Additional Payaheads $3,831,828.06 (G) Weighted Average Coupon of Remaining Portfolio (WAC) 7.66% (H) Weighted Average Remaining Maturity of Remaining Portfolio (WAM) 34.44 months (I) Remaining Number of Contracts 79,890 (J) Delinquent Contracts Contracts Amount (i) 31-60 Days Delinquent 553 0.00% $6,766,388 0.00% (ii) 61-90 Days Delinquent 65 0.69% $827,443 0.90% (iii) Over 90 Days Delinquent 33 0.08% $444,355 0.11% D. INPUTS DERIVED FROM OTHER SOURCES (A) Collection Account Investment Income -- Paid to Servicer 0.00 (B) Reserve Fund Investment Income -- Paid to Seller 164,364.39 (C) Investment Income on Yield Supplement Balance 309,585.36 (D) Aggregate Net Losses for Collection Period 2,965,342.87 (E) Liquidated Contracts (i) Gross Principal Balance of Liquidated Receivables 6,591,655.44 (ii) Net Liquidation Proceeds Received During the Collection Pe 3,226,810.25 (iii) Recoveries on Previously Liquidated Contracts 399,502.32 (F) Number of Vehicles Repossessed During the Collection Period 537 EXHIBIT 99 AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder --1997-A April 1, 1997 through March 31, 1998 I. COLLECTIONS (A) Principal Payments Received (Excluding Repurchases) (C(A)i+ii + $321,331,217.31 (B) Interest Payments Received (C(B) - (C(A)i+ii+iii + C(ii) - D(i) $52,136,537.54 (C) Aggregate Net Liquidation Proceeds Received (D(D)ii+iii) $3,626,312.57 (D) Principal on Repurchased Contracts (C(A)iii + C(C)iii) $0.00 (E) Interest on Repurchased Contracts (C(C)iv) $0.00 (F) Total Collections (A+B+C+D+E) $377,094,067.42 (G) Net Simple Interest Advance Amount (C(E)) $0.00 (H) Total Collections and Advances (F+G) $377,094,067.42 (I) Yield Supplement Deposit $5,006,500.71 (J) Total Available Amount (H+I) $382,100,568.13 II. DISTRIBUTIONS (A) Principal Payments Received (Excluding Repurchases) (I(A)) $321,331,217.31 (B) Principal on Repurchased Contracts (I(D)) 0.00 (C) Gross Principal Balance of Liquidated Receivables (D(D)i) 6,591,655.44 (D) Total Principal Reduction (A+B+C) $327,922,872.75 (E) Class A Distributable Amount (i) Class A Quarterly Interest Payment (A(D)*B(C)) $38,389,739.45 (ii) Quarterly Principal to Class A (B(C)-(III(i)*A(B)) 307,427,693.20 (iii) Total Distributable Amount (i+ii) $345,817,432.65 (F) Class B Distributable Amount (i) Class B Quarterly Interest Payment (A(F)*B(E)) $2,559,315.96 (ii) Quarterly Principal to Class B (II(D)-(E)ii) 20,495,179.55 (iii) Total Distributable Amount (i+ii) $23,054,495.51 (G) Required Distributions (i) Servicing Fee (A(G)*B(A)) $6,999,838.53 (ii) Class A Amount (II(E)iii) 345,817,432.65 (iii) Deposit to Reserve Fund (If Positive (IV(H)-(A))) 6,228,801.45 (iv) Class B Amount (II(F)iii) 23,054,495.51 (v) Residual Release to Seller 0.00 (vi) Total Amount Distributed (i+ii+iii+iv+v) 382,100,568.13 (H) Amount of Draw from Reserve Fund (IV(B+C+D)) 0.00 (I) Sum of Draw from Reserve Fund and Total Available Amount (I(H)+I 382,100,568.13 III. POOL BALANCES AND PORTFOLIO INFORMATION Beginning End of Period of Period (A) Balances and Principal Factors (i) Total Pool Balance $1,080,049,608.67 $752,126,735.92 (ii) Total Pool Factor 1.0000000 0.6963817 (iii) Class A Certificate Balance $1,012,546,508.13 $705,118,814.93 (iv) Class A Principal Factor 1.0000000 0.6963817 (v) Class B Certificate Balance $67,503,100.54 $47,007,920.99 (B) Portfolio Information (i) Weighted Average Coupon (WA 7.59% 7.66% (ii) Weighted Average Remaining 42.14 months 34.44 months (iii) Remaining Number of Contrac 90,365 79,890 (C) Outstanding Advance Amount $1,054,207.14 $1,173,156.05 (D) Outstanding Payahead Balance $1,119,322.66 $1,872,382.77 EXHIBIT 99 AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder --1997-A April 1, 1997 through March 31, 1998 (A) Beginning Reserve Fund Balance (B(F)) 1,620,074.41 (B) Draw for Class A Distributable Amount and Servicing Fee 0.00 (If Positive ((II(E)iii+(G)i)-I(H))) (C) Draw for Class B Distributable Amount and Servicing Fee 0.00 (If Positive ((II(E)iii + II(F)(iii) + (G)i) - (I(H)+IV(B))) (D) Amount Available for Deposit to the Reserve Fund 6,228,801.45 (If Positive (I(H) - (II(E)iii + II(F)(iii) + (G)i))) (E) Reserve Fund Balance Prior to Release (IV(A-B-C+D)) $7,848,875.86 (F) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $8,100,372.07 (G) Reserve Fund Release to Seller $0.00 (If Positive (E-F)) (H) Ending Reserve Fund Balance (E-G) $7,848,875.86 V. YIELD SUPPLEMENT ACCOUNT DEPOSIT (A) Beginning Yield Supplement Account Balance $11,931,514.53 (B) Investment Earnings 309,585.36 (C) Additional Yield Supplement Amounts 0.00 (D) Yield Supplement Deposit Amount 5,006,500.71 (E) Ending Yield Supplement Account Balance 7,234,599.18 (F) Release Amount Due Seller $1,064,060.30 (G) Ending Yield Supplement Account Balance to be Invested 6,170,538.88 VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY (A) Aggregate Net Losses for Collection Period (V(B)i-ii-iii) $2,965,342.87 (B) Liquidated Contracts (i) Gross Principal Balance of Liquidated Receivables (D(D)i) 6,591,655.44 (ii) Net Liquidation Proceeds Received During the Collection Pe 3,226,810.25 (iii) Recoveries on Previously Liquidated Contracts (D(D)iii) 399,502.32 (C) Cumulative Net Losses for all Periods (V(A)+B(H)) 2,965,342.87 (D) Delinquent and Repossessed Contracts Contracts Amount (i) 31-60 Days Delinquent 553 0.69% $6,766,388.00 (ii) 61-90 Days Delinquent 65 0.08% 827,443.00 (iii) Over 90 Days Delinquent 33 0.04% 444,355.00 (iv) Vehicles Repossessed During 537 0.59% 7,756,911.79 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 0.74% (ii) Preceeding Collection Period 0.79% (iii) Current Collection Period 0.83% (iv) Three Month Average (Avg(i,ii,iii)) 0.78% (B) Ratio of Number of Contracts Delinquent 60 Days or More to the Outstanding Number of Receivables as of Each Collection Period. (i) Second Preceeding Collection Period 0.41% (ii) Preceeding Collection Period 0.38% (iii) Current Collection Period 0.30% (iv) Three Month Average (Avg(i,ii,iii)) 0.36% (C) Loss and Delinquency Trigger Indicator Trigger Was Not Hit 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
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