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SERVICER'S CERTIFICATE
Collection Period: October, 2004
Distribution Date: November 15, 2004
Hyundai Auto Receivables Trust 2004-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
September 1, 2004, among HMFC, as Seller and Servicer, Citibank N.A., 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 October 1, 2004, to
October 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 October 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 10th day
of November 2004.
HYUNDAI MOTOR FINANCE COMPANY, as Servicer
a California corporation
By: /s/ David A. Hoeller
---------------------------
David A. Hoeller
Vice President, Finance
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Hyundai Auto Receivables Trust 2004-A
Monthly Servicing Report
================================================================================
- --------------------------------------------------------------------------------
Collection Period October, 2004
Distribution Date 11/15/04
Transaction Month 2
30/360 Days 30
Actual/360 Days 31
- --------------------------------------------------------------------------------
I. ORIGINAL DEAL PARAMETERS
- ---------------------------
Cut off Date: July 31, 2004
Closing Date: September 1, 2004
Dollars Units WAC WAM
------- ----- --- ---
Original Pool Balance: $807,850,711.24 48,534 7.060% 58.76
Dollar Amount % of Pool Coupon Rate Final Payment Date
------------- --------- ----------- ------------------
Class A-1 Notes $155,000,000.00 19.167% 1.78125% September 15, 2005
Class A-2 Notes $215,000,000.00 26.594% 2.36000% September 15, 2007
Class A-3 Notes $188,000,000.00 23.252% 2.97000% May 15, 2009
Class A-4 Notes $ 92,100,000.00 11.381% 3.54000% August 15, 2011
Class B Notes $ 36,500,000.00 4.498% 3.46000% August 15, 2011
Class C Notes $ 26,900,000.00 3.310% 3.36000% August 15, 2011
Class D Notes $ 32,800,000.00 4.040% 4.10000% August 15, 2011
-----------------------------
Total Securities $746,300,000.00 92.241%
Overcollateralization $ 23,043,718.45 2.995%
YSOA $ 38,506,992.79 4.767%
-----------------------------
Total Original Pool Balance $807,850,711.24 100.00%
================================================================================================================================
II. POOL BALANCE AND PORTFOLIO INFORMATION
- ------------------------------------------
------------------------------------------------------------------------------
Beginning of Period Ending of Period Change
------------------------------------------------------------------------------
Balance Pool Factor Balance Pool Factor
------- ----------- ------- -----------
Class A-1 Notes $113,502,147.36 0.7322719 $ 93,137,561.88 0.6008875 $20,364,585.48
Class A-2 Notes $215,000,000.00 1.0000000 $215,000,000.00 1.0000000 $ -
Class A-3 Notes $188,000,000.00 1.0000000 $188,000,000.00 1.0000000 $ -
Class A-4 Notes $ 92,100,000.00 1.0000000 $ 92,100,000.00 1.0000000 $ -
Class B Notes $ 36,500,000.00 1.0000000 $ 36,500,000.00 1.0000000 $ -
Class C Notes $ 26,900,000.00 1.0000000 $ 26,900,000.00 1.0000000 $ -
Class D Notes $ 32,800,000.00 1.0000000 $ 32,800,000.00 1.0000000 $ -
------------------------------------------------------------------------------
Total Securities $704,802,147.36 0.9443952 $684,437,561.88 0.9171078 $20,364,585.48
Weighted Avg. Coupon (WAC) 7.06% 7.05%
Weighted Avg. Remaining Maturity (WARM) 56.87 55.94
Pool Receivables Balance $771,749,078.76 $753,072,191.26
Remaining Number of Receivables 47,716 47,275
Adjusted Pool Balance $734,561,299.24 $717,182,408.45
================================================================================================================================
III. COLLECTIONS
- ----------------
Principal:
Principal Collections $18,240,885.06
Repurchased Contract Proceeds Related to Principal $ -
Liquidation Proceeds $ -
Recoveries from Prior Month Charge-Offs $ 21,449.54
--------------
Total Principal Collections $18,262,334.60
Interest:
Interest Collections $ 4,364,291.92
Interest on Repurchase Principal $ -
--------------
Total Interest Collections $ 4,364,291.92
Reserve Account Interest $ 7,635.60
Total Collections $22,634,262.12
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IV. DISTRIBUTIONS
- -----------------
Total Collections $22,634,262.12
Reserve Account Release $ -
Reserve Account Draw $ -
--------------
Total Available for Distribution $22,634,262.12
Amount Due Amount Paid
---------- -----------
1. Servicing Fee @1.00%: --------------
Servicing Fee Due $ 643,124.23 $ 643,124.23 $ 643,124.23
--------------
2. Class A Noteholders Interest:
Class A-1 Notes $ 174,095.74 $ 174,095.74
Class A-2 Notes $ 422,833.33 $ 422,833.33
Class A-3 Notes $ 465,300.00 $ 465,300.00
Class A-4 Notes $ 271,695.00 $ 271,695.00
--------------- --------------
--------------
Total Class A interest: $ 1,333,924.07 $ 1,333,924.07 $ 1,333,924.07
--------------
--------------
3. First Priority Principal Distribution: $ - $ - $ -
--------------
--------------
4. Class B Noteholders Interest: $ 105,241.67 $ 105,241.67 $ 105,241.67
--------------
--------------
5. Second Priority Principal Distribution: $ - $ - $ -
--------------
--------------
6. Class C Noteholders Interest: $ 75,320.00 $ 75,320.00 $ 75,320.00
--------------
--------------
7. Third Priority Principal Distribution: $ - $ - $ -
--------------
--------------
8. Class D Noteholders Interest: $ 112,066.67 $ 112,066.67 $ 112,066.67
--------------
Available Funds Remaining: $20,364,585.48
--------------
9. Regular Principal Distribution Amount: $20,364,585.48
--------------
Distributable Amount Paid Amount
-------------------- -----------
Class A-1 Notes $20,364,585.48
Class A-2 Notes $ -
Class A-3 Notes $ -
Class A-4 Notes $ -
--------------
Class A Notes Total: $166,140,713.02 $20,364,585.48
Class B Notes Total: $ 70,310,792.93 $ -
Class C Notes Total: $ 71,676,475.36 $ -
Class D Notes Total: $ 26,031,492.30 $ -
--------------
Total Noteholders Principal $20,364,585.48
10. Available Amounts Remaining to reserve account $ -
--------------
11. Trust Fees and Expenses $ -
--------------
12. Remaining Available Collections Released to Cetificateholder $ -
--------------
================================================================================================================================
V. YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)
Beginning Period Required Amount $ 37,187,779.52
Beginning Period Amount $ 37,187,779.52
Current Period Amortization $ 1,297,996.71
Ending Period Required Amount $ 35,889,782.81
Ending Period Amount $ 35,889,782.81
Next Distribution Date Required Amount $ 34,613,124.14
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VI. RESERVE ACCOUNT
Beginning Period Required Amount $ 5,770,077.89
Beginning Period Amount $ 5,770,077.89
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) $ 5,770,077.89
Ending Period Amount $ 5,770,077.89
-----------------------------------------------------------------------------------------------------------
VII. OVERCOLLATERALIZATION
Beginning Ending Target
--------- ------ ------
Overcollateralization Amount $ 29,759,151.88 $ 32,744,846.57 $ 58,776,338.87
Overcollateralization as a % of Original Pool 3.68% 4.05% 7.28%
Overcollateralization as a % of Current Pool 3.95% 4.35% 7.80%
----------------------------------------------------------------------------------------------------------------------
VIII. DELINQUENCY AND NET LOSS ACTIVITY
Units Percent
Percent Units Dollars Dollar Amount
------- ----- -------- -------------
Current 97.38% 46,037 97.59% $734,905,268.60
30 - 59 Days 1.99% 941 1.85% $ 13,939,879.35
60 - 89 Days 0.47% 222 0.44% $ 3,318,451.15
90 + Days 0.16% 75 0.12% $ 908,592.16
---------------------------------------------------------
47,275 $753,072,191.26
Total
Delinquent Receivables 60+ days past due 0.63% 297 0.56% $ 4,227,043.31
Delinquency Ratio 60+ for 1st Preceding Collection Period 0.47% 222 0.40% $ 3,076,063.63
Delinquency Ratio 60+ for 2nd Preceding Collection Period 0.00% 0 0.00% $ -
----- -----
Three-Month Average Delinquency Ratio 0.37% 0.32%
Repossession in Current Period 104
Repossession Inventory 117
Charge-Offs
Gross Principal of Charge-Off for Current Period $ 436,002.44
Recoveries for Current Period $ -
Recoveries on Previous Charge-off Contracts $ (21,449.54)
---------------
Net Charge-offs for Current Period $ 414,552.90
Average Pool Balance for Current Period $762,410,635.01
Net Loss Ratio 0.65%
Net Loss Ratio for 1st Preceding Collection Period 0.36%
Net Loss Ratio for 2nd Preceding Collection Period 0.00%
---------------
Three-Month Average Net Loss Ratio for Current Period 0.34%
Cumulative Net Losses for All Periods $ 648,692.71
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
October 31, 2004, in accordance with the Sale and Servicing Agreement
dated as of September 1, 2004, 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: November 10, 2004
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