-----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, Nxhu6Zz28ylBN89OjKrN4PKBJnIF5QdBK+WHa8G1ahDEfeE5u8ITTELGkUZcSLV4 6onJleX0CU2KGSMm13hAOw== 0001044714-98-000015.txt : 19981123 0001044714-98-000015.hdr.sgml : 19981123 ACCESSION NUMBER: 0001044714-98-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981031 ITEM INFORMATION: FILED AS OF DATE: 19981120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HONDA AUTO RECEIVABLES 1997-B GRANTOR TRUST CENTRAL INDEX KEY: 0001044714 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330526079 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-35413 FILM NUMBER: 98755923 BUSINESS ADDRESS: STREET 1: 700 VAN NESS AVE STREET 2: C/O AMERICAN HONDA RECIEVABLES CORP CITY: TORRANCE STATE: CA ZIP: 90501 BUSINESS PHONE: 3107814100 MAIL ADDRESS: STREET 1: P O BOX 2295 CITY: TORRANCE STATE: CA ZIP: 90509-2295 8-K 1 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): November 15, 1998 Honda Auto Receivables 1997-B Grantor Trust (Exact name of registrant specified in its charter) California 333-35413 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 Item 5. Other Events On November 15, 1998, 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 October 1, 1997 (the "Agreement"), between American Honda Receivable Corporation, as Seller, American Honda Finance Corporation, as Servicer, and Bank of Tokyo-Mitsubishi Trust Company of New York, as Trustee (the "Trustee"), were distributed to holders ("Certificateholders") of certificates representing undivided fractional interests in Honda Auto Receivables 1997-B 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 20 to this Current Report on Form 8-K. Item 7 (c). Exhibits 20 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1933, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Honda Auto Receivables 1997-B Grantor Trust By: American Honda Finance Corporation, as Servicer By: /s/ John Weisickle John Weisickle, Vice President / Finance EX-20 2
AMERICAN HONDA FINANCE CORPORATION MONTHLY SERVICER REPORT -- Honda Auto Receivables 1997-B Grantor Trust October 1, through October 31, 1998 A. ORIGINAL DEAL PARAMETER INPUTS (A) Original Total Portfolio $904,409,897.00 (B) Class A Certificate Ownership Interest of the Trust 94.00% (C) Original Class A Certificate Balance $850,145,000.00 (D) Class A Certificate Rate 5.95% (E) Original Class B Certificate Balance $54,264,897.00 (F) Class B Certificate Rate 5.95% (G) Servicing Fee Rate 1.00% (H) Original Weighted Average Coupon (WAC) 7.66% (I) Original Weighted Average Remaining Term (WAM) 43.73 months (J) Number of Contracts 83,274 (K) Reserve Fund (i) Reserve Fund Initial Deposit Percentage 0.75% (ii) Reserve Fund Initial Deposit $6,783,074.23 (iii) Specified Reserve Fund Balance Percent 0.75% (iv) Specified Reserve Fund Balance $6,783,074.23 (v) Reserve Fund Floor Percent 1.50% (vi) Reserve Fund Floor Amount $13,566,148.46 (vii) Reserve Fund Floor Trigger Amount $271,322,969.12 (L) Original Yield Supplement Deposit $9,291,930.03 (M) Original Letter of Credit Amount $70,000,000.00 B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS (A) Total Portfolio Outstanding $532,437,004.00 (B) Total Portfolio Pool Factor 0.5887120 (C) Class A Certificate Balance $500,490,783.76 (D) Class A Principal Factor 0.5887123 (E) Class B Certificate Balance $31,946,220.24 (F) Reserve Fund Balance $6,783,074.23 (G) Outstanding Interest Advance $1,190,311.97 (H) Payahead Account Balance $2,036,631.41 (I) Cumulative Net Losses for All Prior Periods (J) Weighted Average Coupon of Remaining Portfolio (WAC) 7.78% (K) Weighted Average Remaining Term of Remaining Portfolio (WAM) 35.38 months (L) Number of Contracts 59,174 (M) Yield Supplement Balance $3,534,761.10 C. INPUTS FROM THE MAINFRAME (A) Precomputed Contracts Principal (i) Scheduled Principal Collections 4,131,411.11 (ii) Prepayments in Full 1,919,781.71 (iii) Prepayments in Full Due to Repurchases $0.00 (B) Precomputed Contracts Total Collections $6,897,017.87 (C) Simple Interest Contracts (i) Collected Principal 19,344,791.19 (ii) Collected Interest $2,657,464.72 (iii) Repurchased Receivables Principal $0.00 (iv) Repurchased Receivables Interest $0.00 (D) Payment Advance for Precomputes (i) Reimbursement of Previous Advances $377,039.83 (ii) Current Advance Amount $305,443.06 (E) Interest Advance for Simple Interest - Net (If positive, Addi $0.00 (F) Payahead Account (i) Payments Applied $411,250.82 (ii) Additional Payaheads $313,682.53 (G) Weighted Average Coupon of Remaining Portfolio (WAC) 7.79% (H) Weighted Average Remaining Maturity of Remaining Portfolio (W 34.66 months (I) Remaining Number of Contracts 57,541 (J) Delinquent Contracts Contract Amount (i) 31-60 Days Delinquent 609 1.06% $5,865,293 1.16% (ii) 61-90 Days Delinquent 112 0.19% 1,013,538 0.20% (iii) Over 90 Days Delinquent 40 0.07% 402,244 0.08% D. INPUTS DERIVED FROM OTHER SOURCES (A) Collection Account Investment Income -- Paid to Servicer 0.00 (B) Reserve Fund Investment Income -- Paid to Seller 30,459.79 (C) Investment Income on Yield Supplement Balance 17,396.01 (D) Aggregate Net Losses for Collection Period 410,505.17 (E) Liquidated Contracts (i) Gross Principal Balance of Liquidated Receivables 763,101.72 (ii) Net Liquidation Proceeds Received During the Collection 278,374.38 (iii) Recoveries on Previously Liquidated Contracts 74,222.17 (F) Number of Vehicles Repossessed During the Collection Period 31 AMERICAN HONDA FINANCE CORPORATION MONTHLY SERVICER REPORT -- Honda Auto Receivables 1997-B Grantor Trust October 1, through October 31, 1998 I. COLLECTIONS (A) Principal Payments Received (Excluding Repurchases) (C(A)i+ii $25,395,984.01 (B) Interest Payments Received (C(B) - (C(A)i+ii+iii + C(ii) - D( 3,431,693.00 (C) Aggregate Net Liquidation Proceeds Received (D(D)ii+iii) 352,596.55 (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) $29,180,273.56 (G) Net Simple Interest Advance Amount (C(E)) 0.00 (H) Total Collections and Advances (F+G) 29,180,273.56 (I) Yield Supplement Deposit 276,974.65 (J) Total Available Amount (H+I) 29,457,248.21 II. DISTRIBUTIONS (A) Principal Payments Received (Excluding Repurchases) (I(A)) $25,395,984.01 (B) Principal on Repurchased Contracts (I(D)) 0.00 (C) Gross Principal Balance of Liquidated Receivables (D(D)i) 763,101.72 (D) Total Principal Reduction (A+B+C) $26,159,085.73 (E) Class A Distributable Amount (i) Class A Quarterly Interest Payment (A(D)*B(C)) $2,481,600.14 (ii) Quarterly Principal to Class A (B(C)-(III(i)*A(B)) 24,589,540.59 (iii) Total Distributable Amount (i+ii) $27,071,140.73 (F) Class B Distributable Amount (i) Class B Quarterly Interest Payment (A(F)*B(E)) $158,400.01 (ii) Quarterly Principal to Class B (II(D)-(E)ii) 1,569,545.14 (iii) Total Distributable Amount (i+ii) $1,727,945.15 (G) Required Distributions (i) Servicing Fee (A(G)*B(A)) $443,697.50 (ii) Class A Amount (II(E)iii) 27,071,140.73 (iii) Deposit to Reserve Fund (If Positive (IV(H)-(A))) 0.00 (iv) Class B Amount (II(F)iii) 1,727,945.15 (v) Residual Release to Seller 214,464.83 (vi) Total Amount Distributed (i+ii+iii+iv+v) 29,457,248.21 (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 29,457,248.21 III. POOL BALANCES AND PORTFOLIO INFORMATION Beginning End of Period of Period (A) Balances and Principal Factors (i) Total Pool Balance $532,437,004.00 $506,277,918.27 (ii) Total Pool Factor 0.5887120 0.5597881 (iii) Class A Certificate Bala $500,490,783.76 $475,901,243.17 (iv) Class A Principal Factor 0.5887123 0.5597883 (v) Class B Certificate Bala $31,946,220.24 $30,376,675.10 (B) Portfolio Information (i) Weighted Average Coupon 7.78% 7.79% (ii) Weighted Average Remaini 35.38 months 34.66 months (iii) Remaining Number of Cont 59,174 57,541 (C) Outstanding Advance Amount $1,190,311.97 $1,118,715.20 (D) Outstanding Payahead Balance $2,036,631.41 $1,939,063.12 AMERICAN HONDA FINANCE CORPORATION MONTHLY SERVICER REPORT -- Honda Auto Receivables 1997-B Grantor Trust October 1, through October 31, 1998 (A) Beginning Reserve Fund Balance (B(F)) 6,783,074.23 (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 214,464.83 (If Positive (I(H) - (II(E)iii + II(F)(iii) + (G)i))) (E) Reserve Fund Balance Prior to Release (IV(A-B-C+D)) $6,997,539.06 (F) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $6,783,074.23 (G) Reserve Fund Release to Seller $214,464.83 (If Positive (E-F)) (H) Ending Reserve Fund Balance (E-G) $6,783,074.23 V. YIELD SUPPLEMENT ACCOUNT DEPOSIT (A) Beginning Yield Supplement Account Balance $3,534,761.10 (B) Investment Earnings 17,396.01 (C) Additional Yield Supplement Amounts 0.00 (D) Yield Supplement Deposit Amount 276,974.65 (E) Ending Yield Supplement Account Balance 3,275,182.46 (F) Release Amount Due Seller $55,898.93 (G) Ending Yield Supplement Account Balance to be Invested 3,219,283.53 VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY (A) Aggregate Net Losses for Collection Period (V(B)i-ii-iii) $410,505.17 (B) Liquidated Contracts (i) Gross Principal Balance of Liquidated Receivables (D(D) $763,101.72 (ii) Net Liquidation Proceeds Received During the Collection 278,374.38 (iii) Recoveries on Previously Liquidated Contracts (D(D)iii) 74,222.17 (C) Cumulative Net Losses for all Periods (V(A)+B(H)) 3,709,703.49 (D) Delinquent and Repossessed Contracts Contracts Amount (i) 31-60 Days Delinquent 609 1.06% $5,865,293.00 (ii) 61-90 Days Delinquent 112 0.19% 1,013,538.00 (iii) Over 90 Days Delinquent 40 0.07% 402,244.00 (iv) Vehicles Repossessed Dur 31 0.05% 388,975.50 (v) Total Accumulated Reposse 83 0.14% 905,076.61 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 1.02% (ii) Preceeding Collection Period 0.61% (iii) Current Collection Period 0.95% (iv) Three Month Average (Avg(i,ii,iii)) 0.86% (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 0.34% (ii) Preceeding Collection Period 0.35% (iii) Current Collection Period 0.41% (iv) Three Month Average (Avg(i,ii,iii)) 0.37% (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
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