-----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, BV+3M/7rsDPUVzkz/Sl/jLyss6XgrZ0zMjSmT82x9wJfDdE9lee4DojoM+VdMYbk H66uG9w3S2BgQv7sNHc3ug== 0000950117-05-000252.txt : 20050118 0000950117-05-000252.hdr.sgml : 20050117 20050118101407 ACCESSION NUMBER: 0000950117-05-000252 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050111 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050118 DATE AS OF CHANGE: 20050118 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: 05532361 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 a39023.txt HYUNDAI 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 11, 2005 ---------------- 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 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) INFORMATION TO BE INCLUDED IN THE REPORT Item 8.01. 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 September 1, 2004, among Hyundai Auto Receivables Trust 2004-A (the "Issuer"), the Registrant, HMFC and Citibank, N.A., as indenture trustee. The Servicer Report filed hereby covers the period from December 1, 2004 to December 31, 2004. Item 9.01. Financial Statements and Exhibits. (c) Exhibits Exhibit No. Exhibit ----------- ------- 20 December 2004 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 18, 2005 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 2004 Servicer Report 4 EX-20 2 ex20.txt EXHIBIT 20 EXHIBIT 20 SERVICER'S CERTIFICATE Collection Period: December, 2004 Distribution Date: January 18, 2005 Hyundai Auto Receivables Trust 2004-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 September 1, 2004, among HMFC, as Seller and Servicer, Citibank N.A., as Indenture Trustee, Hyundai ABS Funding Corporation, as the Depositor and, the Hyundai Auto Receivables Trust 2004-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, 2004, to December 31, 2004, 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, 2004, 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 10th day of January 2005. HYUNDAI MOTOR FINANCE COMPANY, as Servicer a California corporation By: /s/ David A. Hoeller --------------------------- David A. Hoeller Vice President, Finance Hyundai Auto Receivables Trust 2004-A Monthly Servicing Report - -------------------------------------------------------------- - -------------------------------------------------------------- Collection Period December, 2004 Distribution Date 01/18/05 Transaction Month 4 30/360 Days 30 Actual/360 Days 34 - -------------------------------------------------------------- I. ORIGINAL DEAL PARAMETERS ------------------------ Cut off Date: July 31, 2004 Closing Date: September 1, 2004
Dollars Units WAC WAM ------- ----- --- --- Original Pool Balance: $807,850,711.24 48,534 7.060% 58.76
Dollar Amount % of Pool Coupon Rate Final Payment Date ------------- -------- ----------- ------------------ Class A-1 Notes $155,000,000.00 19.167% 1.78125% September 15, 2005 Class A-2 Notes $215,000,000.00 26.594% 2.36000% September 15, 2007 Class A-3 Notes $188,000,000.00 23.252% 2.97000% May 15, 2009 Class A-4 Notes $ 92,100,000.00 11.381% 3.54000% August 15, 2011 Class B Notes $ 36,500,000.00 4.498% 3.46000% August 15, 2011 Class C Notes $ 26,900,000.00 3.310% 3.36000% August 15, 2011 Class D Notes $ 32,800,000.00 4.040% 4.10000% August 15, 2011 -------------------------------- Total Securities $746,300,000.00 92.241% Overcollateralization $ 23,043,718.45 2.995% YSOA $ 38,506,992.79 4.767% -------------------------------- Total Original Pool Balance $807,850,711.24 100.00% ===================================================================================================================================
II. POOL BALANCE AND PORTFOLIO INFORMATION --------------------------------------
--------------------------------------------------------------------------------------------- Beginning of Period Ending of Period Change ---------------------------------------------------------------------------------------------- Balance Pool Factor Balance Pool Factor ------- ----------- ------- ----------- Class A-1 Notes $ 71,289,466.32 0.4599320 $ 49,147,046.72 0.3170777 $22,142,419.60 Class A-2 Notes $215,000,000.00 1.0000000 $215,000,000.00 1.0000000 $ - Class A-3 Notes $188,000,000.00 1.0000000 $188,000,000.00 1.0000000 $ - Class A-4 Notes $ 92,100,000.00 1.0000000 $ 92,100,000.00 1.0000000 $ - Class B Notes $ 36,500,000.00 1.0000000 $ 36,500,000.00 1.0000000 $ - Class C Notes $ 26,900,000.00 1.0000000 $ 26,900,000.00 1.0000000 $ - Class D Notes $ 32,800,000.00 1.0000000 $ 32,800,000.00 1.0000000 $ - ---------------------------------------------------------------------------------------------- Total Securities $662,589,466.32 0.8878326 $640,447,046.72 0.8581630 $22,142,419.60 Weighted Avg. Coupon (WAC) 7.03% 7.00% Weighted Avg. Remaining Maturity (WARM) 54.98 54.02 Pool Receivables Balance $732,230,539.59 $710,542,345.34 Remaining Number of Receivables 46,659 45,980 Adjusted Pool Balance $697,617,415.45 $677,184,419.66 - -----------------------------------------------------------------------------------------------------------------------------------
III. COLLECTIONS ----------- Principal: Principal Collections $19,987,559.39 Repurchased Contract Proceeds Related to Principal $ - Liquidation Proceeds $ - Recoveries from Prior Month Charge-Offs $ 75,143.04 -------------- Total Principal Collections $20,062,702.43 Interest: Interest Collections $ 4,185,710.57 Late Fees & Other Charges $ 67,111.24 Interest on Repurchase Principal $ - --------------- Total Interest Collections $ 4,252,821.81 Collection Account Interest $ 33,336.03 Reserve Account Interest $ 9,473.83 Total Collections $24,324,998.07
1 of 3 Hyundai Auto Receivables Trust 2004-A Monthly Servicing Report - -------------------------------------------------------------- - -------------------------------------------------------------- Collection Period December, 2004 Distribution Date 01/18/05 Transaction Month 4 30/360 Days 30 Actual/360 Days 34 - -------------------------------------------------------------- IV. DISTRIBUTIONS ------------- Total Collections $ 24,324,998.07 Reserve Account Release $ - Reserve Account Draw $ - ----------------- Total Available for Distribution $ 24,324,998.07
Amount Due Amount Paid ---------- ----------- 1. Servicing Fee @1.00%: Servicing Fee Due $ 610,192.12 $ 610,192.12 $ 610,192.12 Collection Account Interest $ 33,336.03 Late Fees & Other Charges $ 67,111.24 ----------------- Total due to Servicer $ 710,639.39 2. Class A Noteholders Interest: Class A-1 Notes $ 119,929.68 $ 119,929.68 Class A-2 Notes $ 422,833.33 $ 422,833.33 Class A-3 Notes $ 465,300.00 $ 465,300.00 Class A-4 Notes $ 271,695.00 $ 271,695.00 --------------- --------------- Total Class A interest: $ 1,279,758.01 $ 1,279,758.01 $ 1,279,758.01 3. First Priority Principal Distribution: $ - $ - $ - 4. Class B Noteholders Interest: $ 105,241.67 $ 105,241.67 $ 105,241.67 5. Second Priority Principal Distribution: $ - $ - $ - 6. Class C Noteholders Interest: $ 75,320.00 $ 75,320.00 $ 75,320.00 7. Third Priority Principal Distribution: $ - $ - $ - 8. Class D Noteholders Interest: $ 112,066.67 $ 112,066.67 $ 112,066.67 Available Funds Remaining: $ 22,142,419.60 9. Regular Principal Distribution Amount: $ 22,142,419.60
Distributable Amount Paid Amount -------------------- ----------- Class A-1 Notes $ 22,142,419.60 Class A-2 Notes $ - Class A-3 Notes $ - Class A-4 Notes $ - ----------------- Class A Notes Total: $147,229,641.67 $ 22,142,419.60 Class B Notes Total: $ 53,897,547.90 $ - Class C Notes Total: $ 56,546,668.20 $ - Class D Notes Total: $ 18,439,146.94 $ - ------------------ Total Noteholders Principal $ 22,142,419.60 10. Available Amounts Remaining to reserve account $ - 11. Trust Fees and Expenses $ - 12. Remaining Available Collections Released to Cetificateholder $ - ================================================================================================================================
V. YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA) ---------------------------------------------------- Beginning Period Required Amount $ 34,613,124.14 Beginning Period Amount $ 34,613,124.14 Current Period Amortization $ 1,255,198.46 Ending Period Required Amount $ 33,357,925.68 Ending Period Amount $ 33,357,925.68 Next Distribution Date Required Amount $ 32,124,310.27
2 of 3 Hyundai Auto Receivables Trust 2004-A Monthly Servicing Report - -------------------------------------------------------------- - -------------------------------------------------------------- Collection Period December, 2004 Distribution Date 01/18/05 Transaction Month 4 30/360 Days 30 Actual/360 Days 34 - -------------------------------------------------------------- VI. RESERVE ACCOUNT --------------- Beginning Period Required Amount $ 5,770,077.89 Beginning Period Amount $ 5,770,077.89 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) $ 5,770,077.89 Ending Period Amount $ 5,770,077.89 ===================================================================================================================================
VII. OVERCOLLATERALIZATION ---------------------
Beginning Ending Target --------- ------ ------ Overcollateralization Amount $ 35,027,949.13 $ 36,737,372.94 $ 55,176,519.88 Overcollateralization as a % of Original Pool 4.34% 4.55% 6.83% Overcollateralization as a % of Current Pool 4.93% 5.17% 7.77% ===================================================================================================================================
VIII. DELINQUENCY AND NET LOSS ACTIVITY ---------------------------------
Units Percent Units Dollars Percent Dollar Amount ------------- ----- --------------- ------------- Current 96.96% 44,584 97.17% $ 690,405,403.47 30 - 59 Days 2.33% 1,073 2.23% $ 15,868,937.36 60 - 89 Days 0.49% 226 0.45% $ 3,186,962.57 90 + Days 0.21% 97 0.15% $ 1,081,041.94 ------------------------------------------------------------------- 45,980 $ 710,542,345.34 Total Delinquent Receivables 60 + days past due 0.70% 323 0.60% $ 4,268,004.51 Delinquency Ratio 60+ for 1st Preceding Collection Period 0.67% 311 0.55% $ 4,047,407.70 Delinquency Ratio 60+ for 2nd Preceding Collection Period 0.63% 297 0.56% $ 4,227,043.31 ----- ----- Three-Month Average Delinquency Ratio 0.67% 0.57% Repossession in Current Period 139 Repossession Inventory 167 Charge-Offs Gross Principal of Charge-Off for Current Period $ 1,700,634.86 Recoveries for Current Period $ - Recoveries on Previous Charge-off Contracts $ (75,143.04) ---------------- Net Charge-offs for Current Period $ 1,625,491.82 Average Pool Balance for Current Period $ 721,386,442.47 Net Loss Ratio 2.70% Net Loss Ratio for 1st Preceding Collection Period 1.91% Net Loss Ratio for 2nd Preceding Collection Period 0.65% ---------------- Three-Month Average Net Loss Ratio for Current Period 1.75% Cumulative Net Losses for All Periods $ 3,454,714.71 Cumulative Net Losses as a % of Initial Pool Balance 0.43%
The undersigned hereby represents and warrants that the foregoing is a true and accurate accounting with respect to the outstandings as of December 31, 2004, in accordance with the Sale and Servicing Agreement dated as of September 1, 2004, 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 10, 2005
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