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) February 12, 2004
CNH CAPITAL RECEIVABLES INC. /CNH EQUIPMENT TRUST 2003-B
(Exact Name of Registrant as Specified in Charter)
Delaware | | 333-98887 | | 39-1995297 |
Delaware | | 333-98887-01 | | 20-0405729 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| | | | |
100 South Saunders Road, Lake Forest, Illinois | 60045 |
c/o The Bank of New York (Delaware), White Clay Center, Route 273, Newark, Delaware | 19711 |
(Address of Principal Executive Offices) | | (Zip Code) |
| | | | |
| | | (847) 735-9200 | |
Registrant’s telephone number, including area code | (302) 283-8079 | |
| | | | |
| | | | |
(Former Name or Former Address, if Changed Since Last Report) |
| | | | | | |
Item 5. Other Events
In the Prospectus Supplement dated November 13, 2003, issued under Registration Statement No. 333-98887, the Registrant stated that, following the end of the pre-funding period, it would file a report on Form 8-K containing information comparable to that contained in the tables set forth therein regarding the aggregate characteristics of all of the receivables in CNH Equipment Trust 2003-B after the addition of the additional receivables. Following below is such information:
Composition of the Receivables as of the End of the Pre-Funding Period
Weighted Average Adjusted APR | | Aggregate Statistical Contract Value | | Number of Receivables | | Weighted Average Remaining Term | | Weighted Average Original Term | | Average Statistical Contract Value | |
4.351 | % | $ | 1,137,537,591.90 | | 43,028 | | 48.727 months | | 53.005 months | | $ | 26,437.15 | |
| | | | | | | | | | | | | |
Distribution by Receivable Type of the Receivables Pool as of the End of the Pre-Funding Period
Receivable Type | | Number of Receivables | | Aggregate Statistical Contract Value | | Percent of Aggregate Statistical Contract Value | |
Retail Installment Contracts | | 43,028 | | $ | 1,137,537,591.90 | | 100.00 | % |
| | | | | | | | |
Distribution by Contract Annual Percentage Rate
of the Receivables as of the End of the Pre-Funding Period
Contract APR Range (%) | | Number of Receivables | | Aggregate Statistical Contract Value | | Percent of Aggregate Statistical Contract Value | |
0.000 - 0.999 | | 7,403 | | $ | 170,560,111.28 | | 14.99 | % |
1.000 - 1.999 | | 1,993 | | 58,561,591.80 | | 5.15 | |
2.000 - 2.999 | | 5,907 | | 152,564,677.04 | | 13.41 | |
3.000 - 3.999 | | 3,188 | | 91,164,156.26 | | 8.01 | |
4.000 - 4.999 | | 4,062 | | 150,241,131.03 | | 13.21 | |
5.000 - 5.999 | | 4,788 | | 194,752,791.53 | | 17.12 | |
6.000 - 6.999 | | 4,087 | | 137,838,860.78 | | 12.12 | |
7.000 - 7.999 | | 5,575 | | 112,328,501.54 | | 9.87 | |
8.000 - 8.999 | | 3,056 | | 40,381,609.20 | | 3.55 | |
9.000 - 9.999 | | 1,892 | | 18,303,798.96 | | 1.61 | |
10.000 - 10.999 | | 637 | | 7,726,482.41 | | 0.68 | |
11.000 - 11.999 | | 279 | | 2,085,442.52 | | 0.18 | |
12.000 - 12.999 | | 122 | | 733,117.79 | | 0.06 | |
13.000 - 13.999 | | 30 | | 268,708.18 | | 0.02 | |
14.000 - 14.999 | | 7 | | 23,910.21 | | 0 | |
15.000 - 15.999 | | 1 | | 1,677.37 | | 0 | |
16.000 - 16.999 | | 1 | | 1,024.00 | | 0 | |
Total: | | 43,028 | | $ | 1,137,537,591.90 | | 100.00 | % |
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Distribution by Equipment Type of the
Receivables as of the End of the Pre-Funding Period
Type | | Number of Receivables | | Aggregate Statistical Contract Value | | Percent of Aggregate Statistical Contract Value | |
Agriculture - New | | 19,127 | | $ | 449,056,724.58 | | 39.48 | % |
Agriculture - Used | | 13,832 | | 387,099,393.98 | | 34.03 | |
Construction - New | | 7,470 | | 238,197,263.23 | | 20.94 | |
Construction - Used | | 2,599 | | 63,184,210.11 | | 5.55 | |
Total: | | 43,028 | | $ | 1,137,537,591.90 | | 100.00 | % |
Distribution by Payment Frequency of the
Receivables as of the End of the Pre-Funding Period
Frequency | | Number of Receivables | | Aggregate Statistical Contract Value | | Percent of Aggregate Statistical Contract Value | |
Annual(1) | | 16,772 | | $ | 530,716,629.93 | | 46.65 | % |
Semiannual | | 1,227 | | 32,408,816.50 | | 2.85 | |
Quarterly | | 343 | | 8,831,555.22 | | 0.78 | |
Monthly | | 23,374 | | 488,019,800.77 | | 42.9 | |
Irregular | | 1,312 | | 77,560,789.48 | | 6.82 | |
Total: | | 43,028 | | $ | 1,137,537,591.90 | | 100.00 | % |
(1) Approximately 7.32%, 0.56%, 1.13%, 1.64%, 0.73%, 4.48%, 7.37%, 10.64%, 18.38%, 14.48%, 12.68% and 20.58% of the annual receivables have scheduled payments within the collection periods relating to the payment dates in January, February, March, April, May, June, July, August, September, October, November and December, respectively.
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Distribution by Current Statistical Contract Value of the
Receivables as of the End of the Pre-Funding Period
Statistical Contract Value Range ($) | | Number of Receivables | | Aggregate Statistical Contract Value | | Percent of Aggregate Statistical Contract Value | |
Up to - 4,999.99 | | 4,435 | | $ | 14,219,200.12 | | 1.25 | % |
5,000.00 - 9,999.99 | | 7,323 | | 54,598,392.33 | | 4.8 | |
10,000.00 – 14,999.99 | | 7,854 | | 98,156,543.81 | | 8.63 | |
15,000.00 – 19,999.99 | | 6,284 | | 108,738,897.40 | | 9.56 | |
20,000.00 – 24,999.99 | | 3,876 | | 86,261,658.63 | | 7.58 | |
25,000.00 – 29,999.99 | | 2,398 | | 65,408,393.14 | | 5.75 | |
30,000.00 – 34,999.99 | | 1,611 | | 51,863,905.19 | | 4.56 | |
35,000.00 – 39,999.99 | | 1,240 | | 46,341,829.51 | | 4.07 | |
40,000.00 – 44,999.99 | | 1,085 | | 45,907,443.94 | | 4.04 | |
45,000.00 – 49,999.99 | | 968 | | 45,887,812.04 | | 4.03 | |
50,000.00 – 54,999.99 | | 849 | | 44,409,085.53 | | 3.9 | |
55,000.00 – 59,999.99 | | 733 | | 41,996,049.92 | | 3.69 | |
60,000.00 – 64,999.99 | | 646 | | 40,181,947.46 | | 3.53 | |
65,000.00 – 69,999.99 | | 489 | | 32,849,822.70 | | 2.89 | |
70,000.00 – 74,999.99 | | 389 | | 28,107,335.75 | | 2.47 | |
75,000.00 – 79,999.99 | | 347 | | 26,863,569.24 | | 2.36 | |
80,000.00 – 84,999.99 | | 302 | | 24,828,940.76 | | 2.18 | |
85,000.00 – 89,999.99 | | 250 | | 21,820,112.00 | | 1.92 | |
90,000.00 – 94,999.99 | | 240 | | 22,161,740.90 | | 1.95 | |
95,000.00 – 99,999.99 | | 208 | | 20,281,725.00 | | 1.78 | |
100,000.00 - 199,999.99 | | 1,348 | | 172,059,944.21 | | 15.13 | |
200,000.00 - 299,999.99 | | 119 | | 28,811,687.58 | | 2.53 | |
300,000.00 - 399,999.99 | | 16 | | 5,433,769.61 | | 0.48 | |
400,000.00 - 499,999.99 | | 11 | | 5,054,182.29 | | 0.44 | |
500,000.00 and above | | 7 | | 5,293,602.84 | | 0.47 | |
Total: | | 43,028 | | $ | 1,137,537,591.90 | | 100.00 | % |
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Geographic Distribution of the
Receivables as of the End of the Pre-Funding Period
State(2) | | Number of Receivables | | Aggregate Statistical Contract Value | | Percent of Aggregate Statistical Contract Value | |
Alabama | | 415 | | $ | 9,530,821.78 | | 0.84 | % |
Alaska | | 29 | | 926,621.75 | | 0.08 | |
Arizona | | 328 | | 14,552,506.35 | | 1.28 | |
Arkansas | | 1,379 | | 47,257,601.10 | | 4.15 | |
California | | 1,344 | | 46,624,384.70 | | 4.1 | |
Colorado | | 473 | | 15,474,511.33 | | 1.36 | |
Connecticut | | 242 | | 5,981,980.84 | | 0.53 | |
Delaware | | 199 | | 4,991,837.41 | | 0.44 | |
District of Columbia | | 2 | | 81,243.15 | | 0.01 | |
Florida | | 1,034 | | 28,882,389.81 | | 2.54 | |
Georgia | | 1,242 | | 25,459,674.15 | | 2.24 | |
Hawaii | | 103 | | 3,215,247.42 | | 0.28 | |
Idaho | | 582 | | 20,170,022.83 | | 1.77 | |
Illinois | | 2,099 | | 68,143,276.21 | | 5.99 | |
Indiana | | 1,516 | | 37,550,829.30 | | 3.3 | |
Iowa | | 1,859 | | 62,556,196.14 | | 5.5 | |
Kansas | | 932 | | 26,207,365.20 | | 2.3 | |
Kentucky | | 1,046 | | 21,630,173.51 | | 1.9 | |
Louisiana | | 825 | | 30,406,793.87 | | 2.67 | |
Maine | | 222 | | 4,070,487.32 | | 0.36 | |
Maryland | | 955 | | 16,441,509.63 | | 1.45 | |
Massachusetts | | 216 | | 4,616,187.22 | | 0.41 | |
Michigan | | 1,347 | | 27,966,675.64 | | 2.46 | |
Minnesota | | 1,966 | | 58,765,879.47 | | 5.17 | |
Mississippi | | 754 | | 28,052,269.44 | | 2.47 | |
Missouri | | 1,417 | | 38,361,004.41 | | 3.37 | |
Montana | | 434 | | 13,081,943.89 | | 1.15 | |
Nebraska | | 954 | | 32,162,923.71 | | 2.83 | |
Nevada | | 156 | | 6,683,148.96 | | 0.59 | |
New Hampshire | | 212 | | 4,966,465.64 | | 0.44 | |
New Jersey | | 588 | | 12,277,766.37 | | 1.08 | |
New Mexico | | 148 | | 3,678,258.27 | | 0.32 | |
New York | | 1,856 | | 33,570,367.62 | | 2.95 | |
North Carolina | | 1,083 | | 27,428,666.27 | | 2.41 | |
North Dakota | | 681 | | 21,831,837.02 | | 1.92 | |
Ohio | | 1,609 | | 33,344,196.87 | | 2.93 | |
Oklahoma | | 625 | | 15,602,838.16 | | 1.37 | |
Oregon | | 580 | | 15,830,933.41 | | 1.39 | |
Pennsylvania | | 1,899 | | 41,705,344.31 | | 3.67 | |
Rhode Island | | 30 | | 711,596.15 | | 0.06 | |
South Carolina | | 739 | | 16,929,607.94 | | 1.49 | |
South Dakota | | 1,017 | | 29,324,624.69 | | 2.58 | |
Tennessee | | 1,131 | | 26,038,758.69 | | 2.29 | |
Texas | | 2,679 | | 62,653,238.59 | | 5.51 | |
Utah | | 189 | | 5,266,572.78 | | 0.46 | |
Vermont | | 229 | | 3,965,792.48 | | 0.35 | |
Virginia | | 1,162 | | 22,319,650.70 | | 1.96 | |
Washington | | 628 | | 17,904,319.50 | | 1.57 | |
West Virginia | | 230 | | 4,615,546.13 | | 0.41 | |
Wisconsin | | 1,509 | | 33,370,933.71 | | 2.93 | |
Wyoming | | 133 | | 4,327,130.59 | | 0.38 | |
Other | | 1 | | 27,639.47 | | 0 | |
Total: | | 43,028 | | $ | 1,137,537,591.90 | | 100.00 | % |
(2) Based upon billing address of the obligors
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SIGNATURES
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.
| CNH CAPITAL RECEIVABLES INC. |
| (Registrant) |
| |
| |
| By: | /s/ Brian O’Keane | |
| Name: | Brian O’Keane | |
| Title: | Assistant Treasurer | |
| |
| |
Dated: February 12, 2004 | |
| CNH EQUIPMENT TRUST 2003-B |
| (Registrant) |
| |
| By: | Case Credit Corporation |
| | Administrator of the CNH Equipment Trust 2003-B |
| | (Co-Registrant) |
| |
| |
| By: | /s/ Brian O’Keane | |
| Name: | Brian O’Keane | |
| Title: | Assistant Treasurer | |
| |
| |
Dated: February 12, 2004 | |
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