Exhibit 99.1
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Nissan Motor Acceptance Corporation
Monthly Servicing Report -- Nissan Auto Receivables 1998-A Grantor Trust
March 1, 1999 through March 31, 1999
A. ORIGINAL DEAL PARAMETER INPUTS
(A) Original Total Portfolio $ $999,494,983.89
(B) Class A Certificate Ownership Interest of the Trust 89.00%
(C) Original Class A Certificate Balance $ 889,550,535.00
(D) Class A Certificate Rate 5.45%
(E) Original Class B Certificate Balance $ 109,944,448.89
(F) Class B Certificate Rate 5.45%
(G) Servicing Fee Rate 1.00%
(H) Original Weighted Average Coupon (WAC) 8.49%
(I) Original Weighted Average Remaining Term (WAM) 42.58 months
(J) Number of Contracts 93,300
(K) Class A Subordination Spread Account ("SSA")
(i) Subordination Initial Deposit Percentage 1.00%
(ii) Subordination Initial Deposit $ 9,994,949.84
(iii) Specified SSA Balance Percent 1.50%
(iv) Specified SSA Balance $ 14,992,424.76
(v) Floor Percent 2.50%
(vi) Floor Amount $ 24,987,374.60
(vii) Floor Trigger Amount $ 99,949,498.39
(L) Yield Supplement Reserve Account Initial Deposit $ 4,107,391.76
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Outstanding $ 851,006,321.78
(B) Total Portfolio Pool Factor 0.8514363
(C) Class A Certificate Balance $ 757,395,626.38
(D) Class A Certificate Factor 0.8514363
(E) Class B Certificate Balance $ 93,610,696.06
(F) Class A Pool Factor 0.7577783
(G) Subordination Spread Account Balance $ 14,992,424.76
(H) Yield Supplement Reserve Account Balance $ 3,066,353.01
(I) Outstanding Interest Advance $ 443,406.55
(J) Cumulative Net Losses for All Prior Periods 1,779,254.74
(K) Weighted Average Coupon of Remaining Portfolio (WAC) 8.51%
(L) Weighted Average Remaining Term of Remaining
Portfolio (WAM) 39.59 months
(M) Number of Contracts 86,166
C. INPUTS FROM THE MAINFRAME
(A) Simple Interest Loans
(i) Principal Payments Received $ 40,972,576.80
(ii) Interest Payments Received $ 6,412,008.70
(iii) Repurchased Loan Principal $ 164,206.24
(iv) Repurchased Loan Interest $ 1,407.00
(B) Yield Supplement Release to Collection Account $ 196,958.97
(C) Yield Supplement Release to Seller $ 70,248.40
(D) Reimbursement of Previous Interest Advance $ 443,406.55
(E) Current Interest Advance Amount $ 24,831.21
(F) Weighted Average Coupon of Remaining Portfolio (WAC) 8.52%
(G) Weighted Average Remaining Maturity of Remaining
Portfolio (WAM) 38.75 months
(H) Remaining Number of Contracts 83,536
(I) Delinquent Contracts Contracts Amount
(i) 31-60 Days Delinquent 692 0.83% $ 7,461,863.00 0.92%
(ii) 61-90 Days Delinquent 77 0.09% $ 815,199.14 0.10%
(iii) 91 Days or More Delinquent 9 0.01% 101,468.83 0.01%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income --
Paid to Seller $ 132,382.96
(B) Class A Subordination Spread Account Investment Income --
Paid to Seller $ 49,786.08
(C) Yield Supplement Reserve Account Investment Income --
Paid to Seller $ 11,870.09
(D) Aggregate Net Losses for Collection Period $ 1,058,774.65
(E) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $ 1,536,634.45
(ii) Net Liquidation Proceeds Received
During the Collection Period $ 477,859.80
(iii) Recoveries Received During the Collection Period $ 0.00
(F) Number of Vehicles Repossessed During the Collection 150
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Nissan Motor Acceptance Corporation
Monthly Servicing Report -- Nissan Auto Receivables 1998-A Grantor Trust
March 1, 1999 through March 31, 1999
I. COLLECTIONS
(A) Principal Payments Received (C(A)i) $ 40,972,576.80
(B) Interest Payments Received (C(A)ii) $ 6,412,008.70
(C) Aggregate Net Liquidation Proceeds Received (D(E)ii) $ 477,859.80
(D) Principal on Repurchased Contracts (C(A)iii) $ 164,206.24
(E) Interest on Repurchased Contracts (C(A)iv) $ 1,407.00
(F) Yield Supplement Amount Payments (C(B)) $ 196,958.97
(G) Total Collections (A+B+C+D+E+F) $ 48,225,017.51
(H) Net Interest Advance Amount (C(E-D)) $ (418,575.34)
(I) Total Available Amount (G+H) $ 47,806,442.17
II. DISTRIBUTIONS
(A) Principal Payments Received (C(A)i) $ 40,972,576.80
(B) Principal on Repurchased Contracts (C(A)iii) $ 164,206.24
(C) Gross Principal Balance of Liquidated Receivables (D(E)i) $ 1,536,634.45
(D) Total Principal Reduction (A+B+C) $ 42,673.417.49
(E) Class A Distributable Amount
(i) Class A Monthly Interest Payment (A(D)*B(C)/12) $ 3,439,838.47
(ii) Monthly Principal to Class A (II(D)*A(B)) $ 37,979,341.57
(iii) Total Distributable Amount (i+ii) $ 41,419,180.04
(F) Class B Distributable Amount
(i) Class B Monthly Interest Payment ((A(F)*B(E))/12) $ 425,148.58
(ii) Monthly Principal to Class B (II(D)-(E)ii) $ 4,694,075.92
(iii) Excess Collections (I(I)-(II(E)iii+(F)i+ii+(G)i)) $ 558,865.70
(iv) Total Distributable Amount (i+ii+iii) $ 5,678,090.20
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) $ 709,171.93
(ii) Unpaid Trustee Fees and Expenses $ 0.00
(iii) Class A Amount (II(E)iii) $ 41,419,180.04
(iv) Deposit to Class A Subordination Spread Account
(If Positive (IV(G)-(A))) $ 0.00
(v) Class B Amount (IV(F)i) $ 5,678 090.20
(vi) Yield Supplement Account Release to Seller (V(C)) $ 70,248.40
(vii) Total Amount Distributed (i+ii+iii+iv+v+vi) $ 47,876,690.57
(H) Amount of Draw from Class A SSA (IV(B)) $ 0.00
(I) Sum of Draw from SSA and Total Available Amount
(I(I)+IV(B)) $ 47,806,442.17
(J) Release from Yield Supplement Account to Seller (V(C)) $ 70,248.40
(K) Total Distributed Amount (I+J) $ 47,876,690.57
Class A Servicing Fee (II(G)i*A(B)) $ 631,163.02
III. POOL BALANCES AND PORTFOLIO INFORMATION
Beg. of Period End of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $851,006,321.78 $ 808,332,904.29
(ii) Total Pool Factor 0.8514363 0.8087413
(iii) Class A Certificate Balance $757,395,626.38 $ 719,416,284.81
(iv) Class A Certificate Factor 0.8514363 0.8087413
(v) Class B Certificate Balance $ 93,610,696.72 $ 88,916,620.80
(vi) Class A Pool Factor 0.7577783 0.7197798
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 8.51% 8.52%
(ii) Weighted Average Remaining Maturity (WAM) 39.59 months 38.75 months
(iii) Remaining Number of Contracts 86,166 83,536
(C) Outstanding Interest Advance $ 443,406.55 $ 24,831.21
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Nissan Motor Acceptance Corporation
Monthly Servicing Report -- Nissan Auto Receivables 1998-A Grantor Trust
March 1, 1999 through March 31, 1999
IV. RECONCILIATION OF CLASS A SUBORDINATION SPREAD ACCOUNT ("SSA")
(A) Beginning Class A SSA Balance (B(G)) $ 14,992,424.76
(B) Draw for Class A Distributable Amount and Servicing Fee
(If Positive ((II(E)iii+(G)i)-I(I))) 0.00
(C) Amount Available for Deposit to the Class A SSA
(If Positive (I(I)-II(E)iii-(G)i)) $ 5,678,090.20
(D) Class A SSA Balance Prior to Release (IV(A-B+C)) $ 20,670,514.96
(E) Class A Subordination Spread Account Required Amount
(Was Trigger Hit?) $ 14,992,424.76
(F) Breakdown of Release to Class B Certificateholder
(i) Class B Amount (Min(II(F)iv,IV(F)iii)) $ 5,678,090.20
(ii) Release from Class A SSA (iii-i) $ 0.00
(iii) Total Distribution to Class B Certificateholder
(If Positive (D-E)) $ 5,678,090.20
(G) Ending Class A Subordinate Spread Account Balance
(D-(F)iii) $ 14,992,424.76
V. RECONCILIATION OF YIELD SUPPLEMENT RESERVE ACCOUNT
(A) Beginning Yield Supplement Reserve Account Balance (B(H)) $ 3,066,353.01
(B) Release to Collection Account (C(B)) $ 196,958.97
(C) Release to Seller (C(C)) $ 70,248.40
(D) Ending Yield Supplement Reserve Account Balance (A-B-C) $ 2,799,145.64
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period (VI(B)i-ii) $ 1,058,774.65
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(F)i) $ 1,536,634.45
(ii) Net Liquidation Proceeds Received During the Collection
Period (D(F)ii) $ 477,859.80
(C) Cumulative Net Losses for all Periods (VI(A)+B(J)) $ 2,838,029.39
(D) Delinquent and Repossessed Contracts
Contracts Amount
(i) 31-60 Days Delinquent 692 0.83% $ 7,461,863.00 0.92%
(ii) 61-90 Days Delinquent 77 0.09% $ 815,199.14 0.10%
(iii) 91 Days or More Delinquent 9 0.01% $ 101,468.83 0.01%
(iv) Vehicles Repossessed During 150 0.17% #N/A #N/A
the Collection Period (D(F))
VII. TESTS FOR INCREASE IN CLASS A SUBORDINATION SPREAD ACCOUNT BALANCE
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period
(i) Second Preceding Collection Period 0.88%
(ii) Preceding Collection Period 1.39%
(iii) Current Collection Period 1.49%
(iv) Three Month Average (Avg(i,ii,iii)) 1.25%
(B) Ratio of Number of Contracts Delinquent 60 Days or More to the
Outstanding Number of Receivables as of Each Collection Period
(i) Second Preceding Collection Period 0.17%
(ii) Preceding Collection Period 0.14%
(iii) Current Collection Period 0.10%
(iv) Three Month Average (Avg(i,ii,iii)) 0.14%
(C) Loss and Delinquency Trigger Indicator Trigger Was Not Hit
(i) Number of Months Three Month Loss Average is Below Trigger 5
(ii) Number of Months Three Month Delinquency Average is Below Trigger 5
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