-----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, LsuPEhuWgQHnv7lhxDybaDBawqrjWRJ2vgeI5C+6mSKZwMwPslEYjVnEk+soIgjd 95f3fTXCUdsw9cdBBwH1yw== 0000950117-04-000164.txt : 20040112 0000950117-04-000164.hdr.sgml : 20040112 20040112170751 ACCESSION NUMBER: 0000950117-04-000164 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040112 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HYUNDAI ABS FUNDING CORP CENTRAL INDEX KEY: 0001260125 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330978455 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-108087 FILM NUMBER: 04521134 BUSINESS ADDRESS: STREET 1: 10550 TALBERT AVENUE CITY: FOUNTAIN VALLEY STATE: CA ZIP: 92708 BUSINESS PHONE: 7145941579 MAIL ADDRESS: STREET 1: 10550 TALBERT AVENUE CITY: FOUNTAIN VALLEY STATE: CA ZIP: 92708 8-K 1 a36824.txt HYUNDAI ABS FUNDING CORPORATION 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) January 12, 2004 ---------------- Hyundai ABS Funding Corporation - ------------------------------------------------------------------------------- as Depositor to the Issuer described herein (Exact Name of Registrant as Specified in Charter) Delaware 333-108545 33-0978453 -------- ---------- ---------- (State or Other Jurisdiction of (Commission (I.R.S. Employer Incorporation) File Number) Identification No.) 10550 Talbert Avenue, Fountain Valley, California 92708 ------------------------------------------------- ----- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number including area code (714) 594-1579 Former Name or Former Address, if Changed Since Last Not Applicable Report
INFORMATION TO BE INCLUDED IN THE REPORT Item 5. Other Events. Hyundai ABS Funding Corporation (the "Registrant") is hereby filing the servicer report (the "Servicer Report") which Hyundai Motor Finance Company ("HMFC") is required to file pursuant to Section 4.09 of the Sale and Servicing Agreement, dated as of November 7, 2003, among the Issuer, the Registrant, HMFC and Wells Fargo Bank Minnesota, National Association, as indenture trustee. The Servicer Report filed hereby covers the period from December 1, 2003 to December 31, 2003. Item 7. Financial Statements and Exhibits. (c) Exhibits
Exhibit No. Exhibit ----------- ------- 20 December 2003 Servicer Report
2 SIGNATURE 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. Dated: January 12, 2004 HYUNDAI ABS FUNDING CORPORATION By: /s/ David A. Hoeller ----------------------------- Name: David A. Hoeller Title: Vice President & Secretary 3 EXHIBIT INDEX
Exhibit No. Exhibit ---------- ------- 20 December 2003 Servicer Report
4 EX-20 3 ex20.txt EXHIBIT 20 Hyundai Auto Receivables Trust 2003-A Monthly Servicing Report - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ Collection Period DECEMBER, 2003 Distribution Date 01/15/04 Transaction Month 2 30/360 Days 30 Actual/360 Days 31 - ------------------------------------------------------------------------------ I. ORIGINAL DEAL PARAMETERS - ---------------------------- Cut off Date: September 30, 2003 Closing Date: November 7, 2003
Dollars Units WAC WAM ------- ----- --- --- Original Pool Balance: $ 815,463,348.54 52,845 7.296% 56 Coupon Dollar Amount % of Pool Rate Final Payment Date ------------- --------- ---- ------------------ Class A-1 Notes $170,000,000.00 20.847% 1.1100% November 15, 2004 Class A-2 Notes $241,000,000.00 29.554% 1.5600% September 15, 2006 Class A-3 Notes $130,000,000.00 15.942% 2.3300% November 15, 2007 Class A-4 Notes $120,618,000.00 14.791% 3.0200% October 15, 2010 Class B Notes $ 39,034,000.00 4.787% 2.9900% October 15, 2010 Class C Notes $ 11,710,000.00 1.436% 3.1900% October 15, 2010 Class D Notes $ 40,985,000.00 5.026% 4.0600% October 15, 2010 -------------------------- Total Securities $753,347,000.00 92.383% Overcollateralization $ 27,323,343.23 3.351% YSOA $ 34,793,005.31 4.267% -------------------------- Total Original Pool Balance $815,463,348.54 100.00% ======================================================================================================================
II. POOL BALANCE AND PORTFOLIO INFORMATION - ------------------------------------------
------------------------------------------------------------------------------------- Beginning of Period Ending of Period Change ------------------------------------------------------------------------------------- Balance Pool Factor Balance Pool Factor ------- ----------- ------- ----------- Class A-1 Notes $126,141,170.60 0.7420069 $103,286,484.86 0.6075676 $ 22,854,685.74 Class A-2 Notes $241,000,000.00 1.0000000 $241,000,000.00 1.0000000 $ - Class A-3 Notes $130,000,000.00 1.0000000 $130,000,000.00 1.0000000 $ - Class A-4 Notes $120,618,000.00 1.0000000 $120,618,000.00 1.0000000 $ - Class B Notes $ 39,034,000.00 1.0000000 $ 39,034,000.00 1.0000000 $ - Class C Notes $ 11,710,000.00 1.0000000 $ 11,710,000.00 1.0000000 $ - Class D Notes $ 40,985,000.00 1.0000000 $ 40,985,000.00 1.0000000 $ - ------------------------------------------------------------------------------------- Total Securities $709,488,170.60 0.9417814 $686,633,484.86 0.9114438 $ 22,854,685.74 Weighted Avg. Coupon (WAC) 7.30% 7.30% Weighted Avg. Remaining Maturity (WARM) 54.21 53.25 Pool Receivables Balance $777,799,868.70 $757,734,060.31 Remaining Number of Receivables 51,943 51,446 Adjusted Pool Balance $726,757,363.97 ============================================================================================================================
III. COLLECTIONS - ----------------- Principal: Principal Collections $ 19,922,122.69 Repurchased Contract Proceeds $ - Related to Principal Liquidation Proceeds $ 12,714.63 Recoveries from Prior Month Charge-Offs $ - ------------------ Total Principal Collections $ 19,934,837.32 Interest: Interest Collections $ 4,821,904.25 Interest on Repurchase Principal $ - ------------------ Total Interest Collections $ 4,821,904.25 Reserve Account Interest $ 3,007.36 Total Collections $ 24,759,748.93
1 of 3 Hyundai Auto Receivables Trust 2003-A Monthly Servicing Report - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ Collection Period DECEMBER, 2003 Distribution Date 01/15/04 Transaction Month 2 30/360 Days 30 Actual/360 Days 31 - ------------------------------------------------------------------------------ IV. DISTRIBUTIONS - ------------------ Total Collections $24,759,748.93 Reserve Account Release $ - Reserve Account Draw $ - ------------------ Total Available for Distribution $24,759,748.93 Amount Due Amount Paid ---------- ----------- 1. Servicing Fee @1.00%: ------------------ Servicing Fee Due $ 648,166.56 $ 648,166.56 $ 648,166.56 ------------------ 2. Class A Noteholders Interest: Class A-1 Notes $ 120,569.94 $ 120,569.94 Class A-2 Notes $ 313,300.00 $ 313,300.00 Class A-3 Notes $ 252,416.67 $ 252,416.67 Class A-4 Notes $ 303,555.30 $ 303,555.30 ----------------- ------------------ ------------------ Total Class A interest: $ 989,841.91 $ 989,841.91 $ 989,841.91 ------------------ 3. First Priority Principal Distribution: $ - $ - $ - ------------------ 4. Class B Noteholders Interest: $ 97,259.72 $ 97,259.72 $ 97,259.72 ------------------ 5. Second Priority Principal Distribution: $ - $ - $ - ------------------ 6. Class C Noteholders Interest: $ 31,129.08 $ 31,129.08 $ 31,129.08 ------------------ 7. Third Priority Principal Distribution: $ - $ - $ - ------------------ 8. Class D Noteholders Interest: $ 138,665.92 $ 138,665.92 $ 138,665.92 ------------------ Available Funds Remaining: $22,854,685.74 ------------------ 9. Regular Principal Distribution Amount: $22,854,685.74 ------------------ Distributable Amount Paid Amount -------------------- ----------- Class A-1 Notes $22,854,685.74 Class A-2 Notes $ - Class A-3 Notes $ - Class A-4 Notes $ - ------------------ Class A Notes Total: $141,405,544.44 $22,854,685.74 Class B Notes Total: $ 32,218,099.98 $ - Class C Notes Total: $ 45,337,335.89 $ - Class D Notes Total: $ 19,429,256.07 $ - ------------------ Total Noteholders Principal $22,854,685.74 ------------------ 10. Available Amounts Remaining to reserve account $ - ----------------- 11. Trust Fees and Expenses $ - ----------------- 12. Remaining Available Collections Released to Certificateholder $ - ----------------- ================================================================================================================
V. YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA) - -------------------------------------------------------- Beginning Period Required Amount $32,224,734.06 Beginning Period Amount $32,224,734.06 Current Period Amortization $ 1,248,037.72 Ending Period Required Amount $30,976,696.34 Ending Period Amount $30,976,696.34 Next Distribution Date Required Amount $29,752,912.74
2 of 3 Hyundai Auto Receivables Trust 2003-A Monthly Servicing Report - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ Collection Period DECEMBER, 2003 Distribution Date 01/15/04 Transaction Month 2 30/360 Days 30 Actual/360 Days 31 - ------------------------------------------------------------------------------ VI. RESERVE ACCOUNT Beginning Period Required Amount $ 5,855,027.57 Beginning Period Amount $ 5,855,027.57 Current Period Release to Collection Account $ - Current Period Deposit $ - Current Period Release to Depositor $ - Ending Period Required Amount (0.75% of APB of cut-off date) $ 5,855,027.57 Ending Period Amount $ 5,855,027.57 =============================================================================================================================
VII. OVERCOLLATERALIZATION
Beginning Ending Target --------- ------ ------ Overcollateralization Amount $36,086,964.04 $40,123,879.11 $ 59,553,135.19 Overcollateralization as a % of Original Pool 4.43% 4.92% 7.30% Overcollateralization as a % of Current Pool 4.76% 5.30% 7.86% =============================================================================================================================
VIII. DELINQUENCY AND NET LOSS ACTIVITY
Units Percent Units Dollars Percent Dollar Amount ------------- ----- --------------- ------------- Current 98.33% 50,586 98.40% $745,620,138.90 30 - 59 Days 1.33% 682 1.28% $ 9,689,009.23 60 - 89 Days 0.28% 146 0.26% $ 1,964,914.76 90 + Days 0.06% 32 0.06% $ 459,997.42 ----------------------------------------------------------------- 51,446 $757,734,060.31 Total Delinquent Receivables 60 + days past due 0.35% 178 0.32% $ 2,424,912.18 Delinquency Ratio 60+ for 1st Preceding Collection Period 0.12% 61 0.12% $ 906,058.86 Delinquency Ratio 60+ for 2nd Preceding Collection Period 0.00% 0 0.00% $ - ----- ----- Three-Month Average Delinquency Ratio 0.16% 0.15% Repossession in Current Period 41 Repossession Inventory 54 Charge-Offs Gross Principal of Charge-Off for Current Period $ 143,685.70 Recoveries for Current Period $ (12,714.63) Recoveries on Previous Charge-off Contracts $ - ---------------- Net Charge-offs for Current Period $ 130,971.07 Average Pool Balance for Current Period $767,766,964.51 Net Loss Ratio 0.20% Net Loss Ratio for 1st Preceding Collection Period 0.04% Net Loss Ratio for 2nd Preceding Collection Period 0.00% --------------- Three-Month Average Net Loss Ratio for Current Period 0.08% Cumulative Net Losses for All Periods $ 160,264.58 Cumulative Net Losses as a % of Initial Pool Balance 0.02%
The undersigned hereby represents and warrants that the foregoing is a true and accurate accounting with respect to the outstandings as of December 31, 2003, in accordance with the Sale and Servicing Agreement dated as of November 7, 2003, and that all the representations and warranties set forth in Section 3.01 and made by HMFC, as Seller, are hereby restated and reaffirmed. HYUNDAI MOTOR FINANCE COMPANY, AS SERVICER By: /s/ David A. Hoeller ----------------------------- Name: David A. Hoeller Title: Vice President, Finance Date: January 12, 2004 3 of 3 SERVICER'S CERTIFICATE Collection Period: December, 2003 Distribution Date: January 15, 2004 Hyundai Auto Receivables Trust 2003-A The undersigned certifies that he is the Vice President, Finance, of Hyundai Motor Finance Company, a California corporation ("HMFC") and that as such he is duly authorized to execute and deliver this certificate on behalf of HMFC pursuant to Section 4.09 of the Sales and Servicing Agreement dated November 7, 2003, among HMFC, as Seller and Servicer, Wells Fargo Bank Minnesota, as Indenture Trustee, Hyundai ABS Funding Corporation, as the Depositor and, the Hyundai Auto Receivables Trust 2003-A, as Issuer (the "Sales and Servicing Agreement") (all capitalized terms used herein without definition have the respective meanings specified in the Sales and Servicing Agreement) and further certifies that: 1. The Servicer's report for the period from December 1, 2003, TO December 31, 2003, attached to this certificate is complete and accurate and contains all information required by Section 4.09 of the Sales and Servicing Agreement; and 2. As of December 31, 2003, no Event of Servicing Termination or event that with notice or lapse of time or both would become an Event of Servicing Termination has occurred. IN WITNESS WHEREOF, I have affixed hereunto my signature this 12th day of January, 2004. HYUNDAI MOTOR FINANCE COMPANY, as Servicer a California corporation By: /s/ David A. Hoeller ------------------------------------- David A. Hoeller Vice President, Finance -----END PRIVACY-ENHANCED MESSAGE-----