SERVICER'S CERTIFICATE
Collection Period: January, 2004
Distribution Date: February 17, 2004
Hyundai Auto Receivables Trust 2003-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
November 7, 2003, among HMFC, as Seller and Servicer, Wells Fargo Bank
Minnesota, 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 January 1, 2004, to
January 31, 2004, 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 January 31, 2004, 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 9th Day
of February, 2004.
HYUNDAI MOTOR FINANCE COMPANY, as Servicer
a California corporation
By: /s/ David A. Hoeller
--------------------------------------
David A. Hoeller
Vice President, Finance
Hyundai Auto Receivables Trust 2003-A
Monthly Servicing Report
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Collection Period JANUARY, 2004
Distribution Date 02/17/04
Transaction Month 3
30/360 Days 30
Actual/360 Days 33
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I. ORIGINAL DEAL PARAMETERS
Cut off Date: September 30, 2003
Closing Date: November 7, 2003
Dollars Units WAC WAM
------- ----- --- ---
Original Pool Balance: $ 815,463,348.54 52,845 7.296% 56
Dollar Amount % of Pool Coupon Rate Final Payment Date
------------- --------- ----------- ------------------
Class A-1 Notes $ 170,000,000.00 20.847% 1.1100% November 15, 2004
Class A-2 Notes $ 241,000,000.00 29.554% 1.5600% September 15, 2006
Class A-3 Notes $ 130,000,000.00 15.942% 2.3300% November 15, 2007
Class A-4 Notes $ 120,618,000.00 14.791% 3.0200% October 15, 2010
Class B Notes $ 39,034,000.00 4.787% 2.9900% October 15, 2010
Class C Notes $ 11,710,000.00 1.436% 3.1900% October 15, 2010
Class D Notes $ 40,985,000.00 5.026% 4.0600% October 15, 2010
-------------------------------
Total Securities $ 753,347,000.00 92.383%
Overcollateralization $ 27,323,343.23 3.351%
YSOA $ 34,793,005.31 4.267%
-------------------------------
Total Original Pool Balance $ 815,463,348.54 100.00%
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II. POOL BALANCE AND PORTFOLIO INFORMATION
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Beginning of Period Ending of Period Change
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Balance Pool Factor Balance Pool Factor
------- ----------- ------- -----------
Class A-1 Notes $ 103,286,484.86 0.6075676 $ 80,189,059.00 0.4717003 $ 23,097,425.86
Class A-2 Notes $ 241,000,000.00 1.0000000 $241,000,000.00 1.0000000 $ -
Class A-3 Notes $ 130,000,000.00 1.0000000 $130,000,000.00 1.0000000 $ -
Class A-4 Notes $ 120,618,000.00 1.0000000 $120,618,000.00 1.0000000 $ -
Class B Notes $ 39,034,000.00 1.0000000 $ 39,034,000.00 1.0000000 $ -
Class C Notes $ 11,710,000.00 1.0000000 $ 11,710,000.00 1.0000000 $ -
Class D Notes $ 40,985,000.00 1.0000000 $ 40,985,000.00 1.0000000 $ -
--------------------------------------------------------------------------------------------------
Total Securities $ 686,633,484.86 0.9114438 $663,536,059.00 0.8807841 $ 23,097,425.86
Weighted Avg. Coupon (WAC) 7.30% 7.29%
Weighted Avg. Remaining
Maturity (WARM) 53.25 52.32
Pool Receivables Balance $ 757,734,060.31 $ 737,051,029.30
Remaining Number of Receivables 51,446 50,865
Adjusted Pool Balance $ 707,298,116.56
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III. COLLECTIONS
Principal:
Principal Collections $ 20,173,820.92
Repurchased Contract Proceeds Related to Principal $ -
Liquidation Proceeds $ 15,903.34
Recoveries from Prior Month Charge-Offs $ -
---------------
Total Principal Collections $ 20,189,724.26
Interest:
Interest Collections $ 4,777,567.97
Interest on Repurchase Principal $ -
---------------
Total Interest Collections $ 4,777,567.97
Reserve Account Interest $ 2,999.37
Total Collections $ 24,970,291.60
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Hyundai Auto Receivables Trust 2003-A
Monthly Servicing Report
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Collection Period JANUARY, 2004
Distribution Date 02/17/04
Transaction Month 3
30/360 Days 30
Actual/360 Days 33
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IV. DISTRIBUTIONS
Total Collections $ 24,970,291.60
Reserve Account Release $ -
Reserve Account Draw $ -
----------------
Total Available for Distribution $ 24,970,291.60
Amount Due Amount Paid
---------- -----------
1. Servicing Fee @1.00%:
Servicing Fee Due $ 631,445.05 $ 631,445.05 $ 631,445.05
----------------
2. Class A Noteholders Interest:
Class A-1 Notes $ 105,094.00 $ 105,094.00
Class A-2 Notes $ 313,300.00 $ 313,300.00
Class A-3 Notes $ 252,416.67 $ 252,416.67
Class A-4 Notes $ 303,555.30 $ 303,555.30
------------ ------------
Total Class A interest: $ 974,365.97 $ 974,365.97 $ 974,365.97
----------------
3. First Priority Principal Distribution: $ - $ - $ -
----------------
4. Class B Noteholders Interest: $ 97,259.72 $ 97,259.72 $ 97,259.72
----------------
5. Second Priority Principal Distribution: $ - $ - $ -
----------------
6. Class C Noteholders Interest: $ 31,129.08 $ 31,129.08 $ 31,129.08
----------------
7. Third Priority Principal Distribution: $ - $ - $ -
----------------
8. Class D Noteholders Interest: $ 138,665.92 $ 138,665.92 $ 138,665.92
----------------
Available Funds Remaining: $ 23,097,425.86
9. Regular Principal Distribution Amount: $ 23,097,425.86
----------------
Distributable Amount Paid Amount
Class A-1 Notes $ 23,097,425.86
Class A-2 Notes $ -
Class A-3 Notes $ -
Class A-4 Notes $ -
-----------------
-----------------
Class A Notes Total: $ 130,421,334.32 $ 23,097,425.86
Class B Notes Total: $ 23,169,287.80 $ -
Class C Notes Total: $ 36,942,341.98 $ -
Class D Notes Total: $ 14,039,745.36 $ -
-----------------
-----------------
Total Noteholders Principal $ 23,097,425.86
10. Available Amounts Remaining to reserve account $ -
----------------
11. Trust Fees and Expenses $ -
----------------
12. Remaining Available Collections Released to Cetificateholder $ -
----------------
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V. YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)
Beginning Period Required Amount $ 30,976,696.34
Beginning Period Amount $ 30,976,696.34
Current Period Amortization $ 1,223,783.60
Ending Period Required Amount $ 29,752,912.74
Ending Period Amount $ 29,752,912.74
Next Distribution Date Required Amount $ 28,553,525.87
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Hyundai Auto Receivables Trust 2003-A
Monthly Servicing Report
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Collection Period JANUARY, 2004
Distribution Date 02/17/04
Transaction Month 3
30/360 Days 30
Actual/360 Days 33
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VI. RESERVE ACCOUNT
Beginning Period Required Amount $ 5,855,027.57
Beginning Period Amount $ 5,855,027.57
Current Period Release to Collection Account $ -
Current Period Deposit $ -
Current Period Release to Depositor $ -
Ending Period Required Amount (0.75% of APB of cut-off date) $ 5,855,027.57
Ending Period Amount $ 5,855,027.57
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VII. OVERCOLLATERALIZATION
Beginning Ending Target
--------- ------ ------
Overcollateralization Amount $ 40,123,879.11 $43,762,057.56 $ 57,801,802.92
Overcollateralization as a % of Original Pool 4.92% 5.37% 7.09%
Overcollateralization as a % of Current Pool 5.44% 5.94% 7.84%
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VIII. DELINQUENCY AND NET LOSS ACTIVITY
Units Percent Units Dollars Percent Dollar Amount
------------- ----- --------------- -------------
Current 98.23% 49,964 98.31% $ 724,623,739.88
30 - 59 Days 1.31% 664 1.29% $ 9,473,041.19
60 - 89 Days 0.33% 170 0.29% $ 2,163,331.43
90 + Days 0.13% 67 0.11% $ 790,916.80
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50,865 $ 737,051,029.30
Total
Delinquent Receivables 60 + days past due 0.47% 237 0.40% $ 2,954,248.23
Delinquency Ratio 60+ for 1st Preceding
Collection Period 0.35% 178 0.32% $ 2,424,912.18
Delinquency Ratio 60+ for 2nd Preceding
Collection Period 0.12% 61 0.12% $ 906,058.86
----- -----
Three-Month Average Delinquency Ratio 0.31% 0.28%
Repossession in Current Period 77
Repossession Inventory 76
Charge-Offs
Gross Principal of Charge-Off for Current Period $ 509,210.09
Recoveries for Current Period $ (15,903.34)
Recoveries on Previous Charge-off Contracts $ -
------------
Net Charge-offs for Current Period $ 493,306.75
Average Pool Balance for Current Period $ 747,392,544.81
Net Loss Ratio 0.79%
Net Loss Ratio for 1st Preceding Collection Period 0.20%
Net Loss Ratio for 2nd Preceding Collection Period 0.04%
------------
Three-Month Average Net Loss Ratio for Current Period 0.34%
Cumulative Net Losses for All Periods $ 653,571.33
Cumulative Net Losses as a % of Initial Pool Balance 0.08%
The undersigned hereby represents and warrants that the foregoing is a true and
accurate accounting with respect to the outstandings as of JANUARY 31, 2004, in
accordance with the Sale and Servicing Agreement dated as of November 7, 2003,
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: FEBRUARY 9, 2004
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