AMERICAN HONDA FINANCE CORPORATION
ANNUALY SERVICING REPORT -- Honda Grantor Trust 1994-A
April 1, 1995 through March 31, 1996
A. ORIGINAL DEAL PARAMETER INPUTS
(A) Original Total Portfolio $435,814,748.61
(B) Class A Certificate Ownership Interest of the Trust 92.75%
(C) Original Class A Certificate Balance $404,218,179.34
(D) Class A Certificate Rate 4.80%
(E) Original Class B Certificate Balance $31,596,569.27
(F) Class B Certificate Rate 4.80%
(G) Servicing Fee Rate 1.00%
(H) Original Weighted Average Coupon (WAC) 9.44%
(I) Original Weighted Average Remaining Term (WAM) month
(J) Number of Contracts 41,400
(K) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage 0.15%
(ii) Reserve Fund Initial Deposit $653,722.00
(iii) Specified Reserve Fund Balance Percent 0.75%
(iv) Specified Reserve Fund Balance $3,268,611.00
(v) Floor Percent 1.50%
(vi) Floor Amount $6,537,221.00
(vii) Floor Trigger Amount $130,744,425.00
(L) Original Letter of Credit Amount 30,000,000.00
(M) Number of Contructs @2/1/94 (L.C.Reset Percentage Basis) 41,400
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Outstanding $249,627,042.43
(B) Total Portfolio Pool Factor 0.5727825
(C) Class A Certificate Balance $231,529,081.85
(D) Class A Principal Factor 0.5727825
(E) Class B Certificate Balance $18,097,960.58
(F) Reserve Fund Balance $3,268,611.00
(G) Outstanding Advance 1,767,998
(H) Payahead Account Balance 2,735,974
(I) Cumulative Net Losses for All Prior Periods 1,245,701
(J) Weighted Average Coupon of Remaining Portfolio (WAC) 9.23%
(K) Weighted Average Remaining Term of Remaining Portfolio (WAM) month
(L) Number of Contracts 31,421
(M) Letter of Credit Amount 22,768,841
C. INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $76,513,823.98
(ii) Prepayments in Full $39,823,862.44
(iii) Prepayments in Full Due to Repurchases 0.00
(B) Precomputed Contracts Total Collections 132,361,643.63
(C) Payment Advance
(i) Reimbursement of Previous Advances 6,904,639.47
(ii) Current Advance Amount $6,720,306.91
(D) Payahead Account
(i) Payments Applied 3,469,770.01
(ii) Additional Payaheads 5,025,676.15
(E) Weighted Average Coupon of Remaining Portfolio (WAC) 9.05%
(F) Weighted Average Remaining Maturity of Remaining Portfolio (WAM) 25.58 month
(G) Remaining Number of Contracts 22,119
(H) Delinquent Contracts
Contracts Amount
--------------------- --------------------------------
(i) 30-59 Days Delinquent 244 1.10% $1,778,574 1.36%
(ii) 60-89 Days Delinquent 33 0.15% 0.18%
(iii) 90 Days or More Delinquent 14 0.06% 0.09%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income -- Paid to Servicer 0.00
(B) Reserve Fund Investment Income -- Paid to Seller 178,985.64
(C) Aggregate Net Losses for Collection Period 638,243.66
(D) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables 2,708,093.64
(ii) Net Liquidation Proceeds Received During the Collection Per 1,495,189.27
(iii) Recoveries on Previously Liquidated Contracts 574,660.71
(E) Number of Vehicles Repossessed During the Collection Period 272
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICING REPORT -- Honda Grantor Trust 1994-A
April 1, 1995 through March 31, 1996
I. COLLECTIONS
(A) Principal Payments Received (C(A)i-iii) $116,337,686.42
(B) Interest Payments Received (C(B)-(C(A)i-iii)) 16,023,957.21
(C) Aggregate Net Liquidation Proceeds Received (D(D)ii+iii) 2,069,849.98
(D) Principal on Repurchased Contracts (C(A)iv) 0.00
(E) Total Collections (Amount deposited to Certificate Account) (A+B+ $134,431,493.61
II. DISTRIBUTIONS
(A) Principal Payments Received (I(A)) $116,337,686.42
(B) Principal on Repurchased Contracts (I(D)) 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(D)i) 2,708,093.64
(D) Total Principal Reduction (A+B+C) $119,045,780.06
(E) Class A Distributable Amount
(i) Class A annual Interest Payment (A(D)*B(C)) 8,515,643.24
(ii) Anuual Principal to Class A (II(D)*A(B)) $110,414,961.00
(iii) Total Distributable Amount (i+ii) $118,930,604.24
(F) Class B Distributable Amount
(i) Class B annual Interest Payment (A(F)*B(E)) 665,643.27
(ii) Annual Principal to Class B (II(D)-(E)ii) 8,630,819.06
(iii) Total Class B Distributable Amount (i+ii) $9,296,462.33
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) $1,912,768.03
(ii) Class A Distributable Amount (II(E)iii) 118,930,604.24
(iii) Class B Distributable Amount (II(F)iii) 9,296,462.33
(iv) Deposit to Reserve Fund (If Positive (IV(G)-(A))) 99,809.02
(v) Residual Releases to Seller (IV(F)) $4,191,849.98
(vi) Total Amount Distributed (i+ii+iii+iv+v) $134,431,493.61
(H) Amount of Draw from Reserve Fund (IV(B)) $0.00
(I) Sum of Draw from Reserve Fund and Total Collection (I(E)+IV(B)) 134,431,493.61
III. POOL BALANCES AND PORTFOLIO INFORMATION
Beginning End
of Period of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $249,627,042.43 $130,581,262.37
(ii) Total Pool Factor 0.5727825 0.2996256
(iii) Class A Certificate Balance $231,529,081.85 $121,114,120.85
(iv) Class A Principal Factor 0.5727825 0.2996256
(v) Class B Certificate Balance $18,097,960.58 $9,467,141.52
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 9.23% 9.05%
(ii) Weighted Average Remaining Maturity 35.45 months 25.58 months
(iii) Remaining Number of Contracts 31,421 22,119
(C) Outstanding Interest Advance $1,767,997.71 $1,583,665.15
AMERICAN HONDA FINANCE CORPORATION
MONTHLY SERVICING REPORT -- Honda Grantor Trust 1994-A
April 1, 1995 through March 31, 1996
IV. RECONCILIATION OF RESERVE FUND
(A) Beginning Reserve Fund Balance (B(F)) $3,268,611.00
(B) Draw for Class A and Class B Distributable Amount (If Positive( 0.00
(i) Contribution from Seller to fund new floor amount per Article 3,168,800.98
(C) Amount Available for Deposit to the Reserve Fund 4,291,659.01
(If Positive (I(E)-(II(E)iii+II(G)i+II(F)iii)))
(D) Reserve Fund Balance Prior to Release (IV(A-B+C)) $10,729,070.99
(E) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $6,537,221.00
(F) Residual Releases from Reserve Fund (If Positive (D-E)) 4,191,850.00
(G) Ending Reserve Fund Balance (D-F) 6,537,221.00
V. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(D)i) $2,708,093.64
(ii) Net Liquidation Proceeds Received During the Collection Per 1,495,189.27
(iii) Recoveries on Previously Liquidated Contracts (D(D)iii) 574,660.71
(B) Aggregate Net Losses for Collection Period (V(A)i-ii-iii) 638,243.66
(C) Cumulative Net Losses for all Periods (V(B)+B(I)) 1,883,944.94
(D) Delinquent and Repossessed Contracts
Contracts Amount
--------------------- ------------------------------
(i) 30-59 Days Delinquent 244 1.10% $1,778,574.00 1.36%
(ii) 60-89 Days Delinquent 33 0.15% 235,251.00 0.18%
(iii) 90 Days or More Delinquent 14 0.06% 113,728.00 0.09%
(iv) Vehicles Repossessed During the Col 272 0.87% 2,810,450.56 2.15%
VI. TESTS FOR INCREASE IN RESERVE FUND BALANCE
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period.
(i) Second Preceeding Collection Period 0.26%
(ii) Preceeding Collection Period 0.39%
(iii) Current Collection Period 0.47%
(iv) Three Month Average (Avg(i,ii,iii)) 0.37%
(B) Ratio of Number of Contracts Delinquent 60 Days or More and Accumulated Repossessed in inventory
to the Outstanding Number of Receivables as of Each Collection Period.
(i) Second Preceeding Collection Period 0.57%
(ii) Preceeding Collection Period 0.55%
(iii) Current Collection Period 0.41%
(iv) Three Month Average (Avg(i,ii,iii)) 0.51%
(C) Loss and Delinquency Trigger Indicator Trigger Was Not Hit
VII. LETTER OF CREDIT SUMMARY
(A) Original Letter of Credit Amount (A(L)) 30,000,000.00
(B) Reset Percentage (# of conts end of perd/basis #) (III(B)iii) / ( 53.43%
(C) Less Draws -
(D) Balance End of Period (VII(A) * VII(B))-(VII(C)) 16,028,260.87
(E) L/C Bal as Percentage of Pool Bal at End of Period (VII(D) / III 12.2745%
I hereby certify that the servicing report provided is true
and accurate to the best of my knowledge.
/s/ John Weisickle
John Weisickle, Vice President / Finance