-----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, Rjn4LERMi5MaDTPWzcqIwtvLv2j8SWtsqchwFbjow29J18eH8cYH2YZ/kRBZP/uY x1T+Yf/XGxjqcuBnmAn5ZQ== 0000950129-05-009868.txt : 20051017 0000950129-05-009868.hdr.sgml : 20051017 20051017141318 ACCESSION NUMBER: 0000950129-05-009868 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051017 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051017 DATE AS OF CHANGE: 20051017 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: 051140660 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 a13488e8vk.htm HYUNDAI ABS FUNDING CORPORATION e8vk
Table of Contents

 
 
UNITED STATES
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): October 17, 2005
HYUNDAI ABS FUNDING CORPORATION
 
(Exact name of Registrant as Specified in its Charter)
         
DELAWARE
(State or Other Jurisdiction of
Incorporation)
  333-108545
(Commission File Number)
  33-0978453
(IRS Employer Identification No.)
10550 TALBERT AVENUE
FOUNTAIN VALLEY, CALIFORNIA 92708
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (714) 594-1579
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 (see General Instruction A.2. below):
     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
 
 

 


TABLE OF CONTENTS

ITEM 8.01 OTHER EVENTS
ITEM 9.01 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
EXHIBIT INDEX
Exhibit 20.1


Table of Contents

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 July 8, 2005, among Hyundai Auto Receivables Trust 2005-A, the Registrant, HMFC and Citibank, N.A., as indenture trustee. The Servicer Report filed hereby covers the period from September 1, 2005 to September 30, 2005.
ITEM 9.01 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
     (a) Not applicable.
     (b) Not applicable.
     (c) Exhibits
     The exhibit number corresponds with Item 601(a) of Regulation S-K.
     
Exhibit No.   Description
Exhibit 20.1
  Servicer Report

 


Table of Contents

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly authorized.
         
  HYUNDAI ABS FUNDING CORPORATION
 
 
  By:   /s/ Min Sok Randy Park    
    Name:   Min Sok Randy Park   
    Title:   Vice President and Secretary   
 
Date: October 17, 2005

 


Table of Contents

EXHIBIT INDEX
 
     
Exhibit No.   Description
Exhibit 20.1
  Servicer Report

 

EX-20.1 2 a13488exv20w1.htm EXHIBIT 20.1 exv20w1
 

Hyundai Auto Receivables Trust 2005-A   Exhibit 20.1
Monthly Servicing Report    
 

Collection Period   September
Distribution Date   10/17/05
Transaction Month   3
30/360 Days   30
Actual/360 Days   32
I. ORIGINAL DEAL PARAMETERS
                                         
Cut off Date:
  May 31, 2005                                
Closing Date:
  July 8, 2005                                
 
                                       
 
  Dollars
  Units
  WAC
  WAM
       
Original Pool Balance:
  $ 855,479,000.03       52,391       7.170 %     59.43          
 
                                       
 
  Dollar Amount
  % of Pool
  Coupon Rate
          Final Payment Date
Class A-1 Notes
  $ 169,000,000.00       19.755 %     3.51438 %           July 17, 2006
Class A-2 Notes
  $ 230,000,000.00       26.886 %     3.88000 %           June 16, 2008
Class A-3 Notes
  $ 171,000,000.00       19.989 %     3.98000 %           November 16, 2009
Class A-4 Notes
  $ 110,300,000.00       12.893 %     4.18000 %           February 15, 2012
Class B Notes
  $ 31,900,000.00       3.729 %     4.20000 %           February 15, 2012
Class C Notes
  $ 27,900,000.00       3.261 %     4.22000 %           February 15, 2012
Class D Notes
  $ 33,900,000.00       3.963 %     4.45000 %           February 15, 2012
                             
Total Securities
  $ 774,000,000.00       90.476 %                        
 
                                       
Overcollateralization
  $ 23,971,587.81       3.004 %                        
YSOA
  $ 57,507,412.22       6.722 %                        
                             
Total Original Pool Balance
  $ 855,479,000.03       100.20 %                        
 
                                       
 
II. POOL BALANCE AND PORTFOLIO INFORMATION
                                                                       
                           
 
                    Beginning of Period
    Ending of Period
    Change        
                           
 
                    Balance
  Pool Factor
    Balance
  Pool Factor
                 
Class A-1 Notes
                    $ 98,270,525.97       0.5814824       $ 75,764,611.19       0.4483113       $ 22,505,914.78          
Class A-2 Notes
                    $ 230,000,000.00       1.0000000       $ 230,000,000.00       1.0000000       $          
Class A-3 Notes
                    $ 171,000,000.00       1.0000000       $ 171,000,000.00       1.0000000       $          
Class A-4 Notes
                    $ 110,300,000.00       1.0000000       $ 110,300,000.00       1.0000000       $          
Class B Notes
                    $ 31,900,000.00       1.0000000       $ 31,900,000.00       1.0000000       $          
Class C Notes
                    $ 27,900,000.00       1.0000000       $ 27,900,000.00       1.0000000       $          
Class D Notes
                    $ 33,900,000.00       1.0000000       $ 33,900,000.00       1.0000000       $          
                               
Total Securities
                    $ 703,270,525.97       0.9086183       $ 680,764,611.19       0.8795408       $ 22,505,914.78          
 
                                                                     
Weighted Avg. Coupon (WAC)
                      7.14 %               7.12 %                          
Weighted Avg. Remaining Maturity (WARM)
                      56.59                 55.66                            
Pool Receivables Balance
                    $ 791,506,180.83               $ 769,620,549.55                            
Remaining Number of Receivables
                      50,634                 49,936                            
 
                                                                     
Adjusted Pool Balance
                    $ 737,699,314.61               $ 717,624,478.10                            
 
                                                                     
                           
III. COLLECTIONS
                                                         
Principal:
                                                       
Principal Collections
                                                  $ 20,807,883.61  
Repurchased Contract Proceeds Related to Principal
                                                  $  
Liquidation Proceeds
                                                  $  
Recoveries from Prior Month Charge-Offs
                                                  $ 30,701.20  
 
                                                     
Total Principal Collections
                                                  $ 20,838,584.81  
 
                                                       
Interest:
                                                       
Interest Collections
                                                  $ 4,652,999.51  
Late Fees & Other Charges
                                                  $ 65,971.61  
Interest on Repurchase Principal
                                                  $  
 
                                                     
Total Interest Collections
                                                  $ 4,718,971.12  
 
                                                       
Collection Account Interest
                                                  $ 62,622.23  
Reserve Account Interest
                                                  $ 11,411.42  
 
                                                       
Total Collections
                                                  $ 25,631,589.58  

1 of 3


 

Hyundai Auto Receivables Trust 2005-A   Exhibit 20.1
Monthly Servicing Report    
 

Collection Period   September
Distribution Date   10/17/05
Transaction Month   3
30/360 Days   30
Actual/360 Days   32
IV. DISTRIBUTIONS
                             
    Total Collections                     $ 25,631,589.58    
    Reserve Account Release                     $    
    Reserve Account Draw                     $    
Total Available for Distribution                     $ 25,631,589.58    
    Amount Due     Amount Paid            
1. Servicing Fee @1.00%:                            
                         
    Servicing Fee Due   $ 659,588.48     $ 659,588.48       $ 659,588.48    
                         
    Collection Account Interest                     $ 62,622.23    
    Late Fees & Other Charges                     $ 65,971.61    
                             
Total due to Servicer                     $ 788,182.32    
                             
2. Class A Noteholders Interest:                            
    Class A-1 Notes   $ 306,986.64     $ 306,986.64              
    Class A-2 Notes   $ 743,666.67     $ 743,666.67              
    Class A-3 Notes   $ 567,150.00     $ 567,150.00              
    Class A-4 Notes   $ 384,211.67     $ 384,211.67              
                             
                         
         Total Class A interest:   $ 2,002,014.98     $ 2,002,014.98       $ 2,002,014.98    
                         
                             
                         
3. First Priority Principal Distribution:   $     $       $    
                         
                             
                         
4. Class B Noteholders Interest:   $ 111,650.00     $ 111,650.00       $ 111,650.00    
                         
                             
                         
5. Second Priority Principal Distribution:   $     $       $    
                         
                             
                         
6. Class C Noteholders Interest:   $ 98,115.00     $ 98,115.00       $ 98,115.00    
                         
                             
                         
7. Third Priority Principal Distribution:   $     $       $    
                         
                             
                         
8. Class D Noteholders Interest:   $ 125,712.50     $ 125,712.50       $ 125,712.50    
                         
                             
     Available Funds Remaining:                     $ 22,505,914.78    
                             
                         
9. Regular Principal Distribution Amount:                     $ 22,505,914.78    
                         
                             
    Distributable Amount   Paid Amount            
    Class A-1 Notes           $ 22,505,914.78              
    Class A-2 Notes           $              
    Class A-3 Notes           $              
    Class A-4 Notes           $              
                             
        Class A Notes Total:   $ 139,124,757.27     $ 22,505,914.78              
        Class B Notes Total:   $ 31,900,000.00     $              
        Class C Notes Total:   $ 27,900,000.00     $              
        Class D Notes Total:   $ 12,972,111.01     $              
                             
          Total Noteholders Principal           $ 22,505,914.78              
                             
                         
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
  $ 53,806,866.22  
Beginning Period Amount
  $ 53,806,866.22  
Current Period Amortization
  $ 1,810,794.77  
Ending Period Required Amount
  $ 51,996,071.45  
Ending Period Amount
  $ 51,996,071.45  
Next Distribution Date Required Amount
  $ 50,211,942.15  

2 of 3


 

Hyundai Auto Receivables Trust 2005-A   Exhibit 20.1
Monthly Servicing Report    
 

Collection Period   September
Distribution Date   10/17/05
Transaction Month   3
30/360 Days   30
Actual/360 Days   32
VI. RESERVE ACCOUNT
         
Beginning Period Required Amount
  $ 3,989,857.94  
Beginning Period Amount
  $ 3,989,857.94  
Current Period Release to Collection Account
  $  
Current Period Deposit
  $  
Current Period Release to Depositor
  $  
Ending Period Required Amount (0.5% of APB of cut-off date)
  $ 3,989,857.94  
Ending Period Amount
  $ 3,989,857.94  
 
       
 
VII. OVERCOLLATERALIZATION
                         
 
  Beginning   Ending   Target
Overcollateralization Amount
  $ 34,428,788.64     $ 36,859,866.91     $ 49,831,977.92  
Overcollateralization as a % of Original Pool (unadjusted)
    4.02 %     4.31 %     5.83 %
Overcollateralization as a % of Current Pool (unadjusted)
    4.35 %     4.79 %     6.47 %
 
                       
 
VIII. DELINQUENCY AND NET LOSS ACTIVITY
                                 
    Units Percent     Units     Dollars Percent     Dollar Amount  
Current
    98.41 %     49,143       98.46 %   $ 757,743,364.09  
30 - 59 Days
    1.19 %     594       1.19 %   $ 9,149,444.64  
60 - 89 Days
    0.29 %     143       0.25 %   $ 1,957,246.29  
90 + Days
    0.11 %     56       0.10 %   $ 770,494.53  
     
 
            49,936             $ 769,620,549.55  
Total
                               
Delinquent Receivables 60 + days past due
    0.40 %     199       0.35 %   $ 2,727,740.82  
Delinquency Ratio 60+ for 1st Preceding Collection Period
    0.39 %     196       0.36 %   $ 2,881,564.14  
Delinquency Ratio 60+ for 2nd Preceding Collection Period
    0.18 %     94       0.18 %   $ 1,457,705.32  
Three-Month Average Delinquency Ratio
    0.32 %             0.30 %        
 
Repossession in Current Period
                            114  
Repossession Inventory
                            115  
 
Charge-Offs
Gross Principal of Charge-Off for Current Period
                          $ 1,077,747.67  
Recoveries for Current Period
                          $  
Recoveries on Previous Charge-off Contracts
                          $ (30,701.20 )
 
                             
Net Charge-offs for Current Period
                          $ 1,047,046.47  
 
                               
Average Pool Balance for Current Period
                          $ 780,563,365.19  
 
                               
Net Loss Ratio
                            1.61 %
Net Loss Ratio for 1st Preceding Collection Period
                            0.51 %
Net Loss Ratio for 2nd Preceding Collection Period
                            0.18 %
 
                             
Three-Month Average Net Loss Ratio for Current Period
                            0.76 %
 
                               
Cumulative Net Losses for All Periods
                          $ 1,508,920.81  
Cumulative Net Losses as a % of Initial Pool Balance
                            0.18 %
 
                               
 
The undersigned hereby represents and warrants that the foregoing is a true and accurate accounting with respect to the outstandings as of September 30, 2005, in accordance with the Sale and Servicing Agreement dated as of July 8, 2005, 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/ Min Sok Randy Park    
  Name:   Min Sok Randy Park   
  Title:     Director, Finance (acting as Vice President, Finance) 
  Date:   October 11, 2005

3 of 3


 

SERVICER’S CERTIFICATE
     
Collection Period:
  September, 2005
Distribution Date:
  October 17, 2005
Hyundai Auto Receivables Trust 2005-A
     The undersigned certifies that he is an officer 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 Sale and Servicing Agreement dated July 8, 2005 among Hyundai Auto Receivables Trust 2005-A, as Issuer, Hyundai ABS Funding Corporation, as Depositor, HMFC, as Seller and Servicer and Citibank, N.A., as Indenture Trustee (the “Sale and Servicing Agreement”) (all capitalized terms used herein without definition have the respective meanings specified in the Sale and Servicing Agreement) and further certifies that:
     1.     The Servicer’s report for the period from September 1, 2005 to September 30, 2005 attached to this certificate is complete and accurate and contains all information required by Section 4.09 of the Sale and Servicing Agreement; and
     2.     As of September 30, 2005, no Servicer Termination Events have occurred.
     IN WITNESS WHEREOF, I have fixed hereunto my signature this 11th day of October 2005.
         
  HYUNDAI MOTOR FINANCE COMPANY,
as Servicer
 
 
  By:   /s/ Min Sok Randy Park    
    Name:   Min Sok Randy Park   
    Title:   Director, Finance (acting as Vice President, Finance)   
 

 

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