EX-20 3 ex-20.htm EXHIBIT 20

SERVICER’S CERTIFICATE

Collection Period: February, 2005

Distribution Date: March 15, 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 February 1, 2005, to February 28, 2005, 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 February 31, 2005, 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 March 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 FEBRUARY, 2005 
Distribution Date 03/15/05 
Transaction Month 6 
30/360 Days 30 
Actual/360 Days 28 

 

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     $ 28,642,334.65     0.1847893   $ 7,637,449.03     0.0492739   $ 21,004,885.62  
   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     $ 619,942,334.65     0.8306878   $ 598,937,449.03     0.8025425   $ 21,004,885.62  
                                   
Weighted Avg. Coupon (WAC)       6.98 %         6.94 %            
Weighted Avg. Remaining Maturity (WARM)       53.05           52.09              
Pool Receivables Balance     $ 690,568,782.13         $ 669,740,568.64              
Remaining Number of Receivables       45,403           44,733              
 
Adjusted Pool Balance     $ 658,444,471.86         $ 638,828,167.18              

 


III. COLLECTIONS          
     
Principal:    
     Principal Collections     $ 19,051,108.31  
     Repurchased Contract Proceeds Related to Principal     $ —  
     Liquidation Proceeds     $ —  
     Recoveries from Prior Month Charge-Offs     $ 230,973.41  
     
 
Total Principal Collections     $ 19,282,081.72  
 
Interest:
     Interest Collections     $ 3,780,278.00  
     Late Fees & Other Charges     $ 65,251.56  
     Interest on Repurchase Principal     $ —  
     
 
Total Interest Collections     $ 3,845,529.56  
           
Collection Account Interest     $ 34,328.18  
Reserve Account Interest     $ 10,138.13  
           
Total Collections     $ 23,172,077.59  

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Hyundai Auto Receivables Trust 2004-A
Monthly Servicing Report

   
Collection Period FEBRUARY, 2005 
Distribution Date 03/15/05 
Transaction Month 6 
30/360 Days 30 
Actual/360 Days 28 

           
     
     
IV. DISTRIBUTIONS    
           
     Total Collections     $ 23,172,077.59  
     Reserve Account Release     $ —  
     Reserve Account Draw     $ —  
     
 
Total Available for Distribution     $ 23,172,077.59  
Amount Due Amount Paid
1. Servicing Fee @1.00%:                                  
     Servicing Fee Due     $ 575,473.99         $ 575,473.99         $ 575,473.99  
         
 
     Collection Account Interest                             $ 34,328.18  
     Late Fees & Other Charges                             $ 65,251.56  
         
 
Total due to Servicer                             $ 675,053.73  
 
2. Class A Noteholders Interest:
     Class A-1 Notes     $ 39,681.57         $ 39,681.57              
     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:     $ 1,199,509.90         $ 1,199,509.90         $ 1,199,509.90  
         
 
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:                             $ 21,004,885.62  
 
9. Regular Principal Distribution Amount:                             $ 21,004,885.62  
         
 
 
Distributable Amount
  
Paid Amount
   
Class A-1 Notes                 $ 21,004,885.62              
Class A-2 Notes                 $ —              
Class A-3 Notes                 $ —              
Class A-4 Notes                 $ —              
      $ 21,004,885.62      
     Class A Notes Total:     $ 129,288,736.94        
             
     Class B Notes Total:     $ 41,627,573.71         $ —              
     Class C Notes Total:     $ 45,637,497.30         $ —              
     Class D Notes Total:     $ 11,833,739.01         $ —              
     
     
          Total Noteholders Principal                 $ 21,004,885.62              
           
10. Available Amounts Remaining to reserve account       0.00  
 
 
11. Trust Fees and Expenses       0.00  
 
 
12. Remaining Available Collections Released to Cetificateholder       0.00  
 
 
           
V. YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)    
           
Beginning Period Required Amount     $ 32,124,310.27  
Beginning Period Amount     $ 32,124,310.27  
Current Period Amortization     $ 1,211,908.81  
Ending Period Required Amount     $ 30,912,401.46  
Ending Period Amount     $ 30,912,401.46  
Next Distribution Date Required Amount     $ 29,722,318.67  

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Hyundai Auto Receivables Trust 2004-A
Monthly Servicing Report

   
Collection Period FEBRUARY, 2005 
Distribution Date 03/15/05 
Transaction Month 6 
30/360 Days 30 
Actual/360 Days 28 

           
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       0.00  
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     $ 38,502,137.21   $ 39,890,718.15   $ 51,724,457.16  
Overcollateralization as a % of Original Pool       4.77 %   4.94 %        6.40 %
Overcollateralization as a % of Current Pool       5.58 %   5.96 %   7.72 %

 

VIII. DELINQUENCY AND NET LOSS ACTIVITY

       
Units Percent
Units
Dollars Percent
Dollar Amount
 
     Current       97.92 %   43,804     98.05 %      $ 656,667,109.24  
     30 - 59 Days       1.62 %   723     1.56 % $ 10,431,733.24  
     60 - 89 Days       0.36 %   159     0.31 % $ 2,074,171.88  
     90 + Days       0.11 %   47     0.08 % $ 567,554.28  
       
                      44,733         $ 669,740,568.64  
Total    
Delinquent Receivables 60 + days past due       0.46 %   206     0.39 % $ 2,641,726.16  
Delinquency Ratio 60+ for 1st Preceding Collection Period       0.69 %   314     0.62 % $ 4,314,097.78  
Delinquency Ratio 60+ for 2nd Preceding Collection Period       0.70 %   323     0.60 % $ 4,268,004.51  
Three-Month Average Delinquency Ratio       0.62 %         0.54 %      
 
Repossession in Current Period       117  
Repossession Inventory       150  
Charge-Offs    
     Gross Principal of Charge-Off for Current Period     $ 1,777,105.18  
     Recoveries for Current Period     $ —  
     Recoveries on Previous Charge-off Contracts     $ (230,973.41 )
     
 
     Net Charge-offs for Current Period     $ 1,546,131.77  
           
     Average Pool Balance for Current Period     $ 680,154,675.39  
           
Net Loss Ratio       2.73 %
Net Loss Ratio for 1st Preceding Collection Period       2.71 %
Net Loss Ratio for 2nd Preceding Collection Period       2.70 %
     
 
Three-Month Average Net Loss Ratio for Current Period       2.71 %
           
Cumulative Net Losses for All Periods     $ 6,581,569.30  
Cumulative Net Losses as a % of Initial Pool Balance       0.81 %

The undersigned hereby represents and warrants that the foregoing is a true and accurate accounting with respect to the outstandings as of February 28, 2005, 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: March 10, 2005
       
       
       
       


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