Exhibit 19
Ford Credit Auto Owner Trust 2003-B
Monthly Servicing Report
Collection Period December, 2003
Distribution Date 1/15/2004
Transaction Month 10
I. ORIGINAL DEAL PARAMETERS
---------------------------
Dollar Amount # of Contracts
Original Portfolio: $2,849,999,945.81 160,387
Original Securities: Dollar Amount Coupon Legal Final Maturity
Class A-1 Notes $475,000,000.00 1.239% November 17, 2003
Class A-2 A Notes 500,000,000.00 1.400% June 15, 2005
Class A-2 B Notes 500,000,000.00 1.203% June 15, 2005
Class A-3 A Notes 317,000,000.00 1.890% January 15, 2007
Class A-3 B Notes 553,000,000.00 1.213% January 15, 2007
Class A-4 Notes 227,250,000.00 2.410% August 15, 2007
Class B-1 Notes 40,612,000.00 2.850% October 15, 2007
Class B-2 Notes 40,613,000.00 1.593% October 15, 2007
Class C Notes 54,165,000.00 4.180% January 15, 2008
Class D Certificates 54,165,000.00 5.000% August 17, 2009
-------------
Total $2,761,805,000.00
II. COLLECTIONS
---------------
Interest: Simple Interest Loans Precomputed Loans Total
Interest Collections $7,001,448.94 $0.00 $7,001,448.94
Repurchased Loan Proceeds Related to Interest 4,302.47 0.00 4,302.47
-------- ---- --------
Total $7,005,751.41 $0.00 $7,005,751.41
Servicer Advances:
Principal Advances $0.00 $0.00 $0.00
Interest Advances 1,591,199.26 0.00 1,591,199.26
------------ ---- ------------
Total $1,591,199.26 $0.00 $1,591,199.26
Principal:
Principal Collections $56,327,443.76 $0.00 $56,327,443.76
Prepayments in Full 24,068,146.07 0.00 24,068,146.07
Prepayments in Full Due to Administrative Repurchases 0.00 0.00 0.00
Repurchased Loan Proceeds Related to Principal 329,343.64 0.00 329,343.64
Payahead Draws 0.00 0.00 0.00
----
Total $80,724,933.47 $0.00 $80,724,933.47
Liquidation Proceeds $1,592,548.32
Recoveries from Prior Month Charge-Offs 30,054.74
---------
Total Principal Collections $82,347,536.53
Principal Losses for Collection Period $3,506,274.76
Total Regular Principal Reduction $84,231,208.23
Total Collections $90,944,487.20
III. FUNDS AVAILABLE FOR DISTRIBUTION
-------------------------------------
Total Collections $90,944,487.20
Reserve Account Release 0.00
Reserve Account Draw 0.00
Clean-up Call 0.00
Net Swap Receipt, Tranche A2 B 0.00
Net Swap Receipt, Tranche A3 B 0.00
Net Swap Receipt, Tranche B-2 0.00
----
Total $90,944,487.20
Page 1
Ford Credit Auto Owner Trust 2003-B
Monthly Servicing Report
Collection Period December, 2003
Distribution Date 1/15/2004
Transaction Month 10
IV. DISTRIBUTIONS
-----------------
Servicing Fee: Amount Due Amount Paid Shortfall
Total Amount $1,727,053.17 $1,727,053.17 $0.00
Amount per $1,000 of Original Balance 0.63 0.63 0.00
Net Swap Payment, Tranche A2 B $37,513.16
Net Swap Payment, Tranche A3 B $295,893.41
Net Swap Payment, Tranche B-2 $39,493.32
Change in
Noteholders Interest: Amount Due Amount Paid Shortfall Carryover Shortfall Carryover Shortfall
Class A1 Notes $0.00 $0.00 $0.00 $0.00 $0.00
Class A2 A Notes 399,632.95 399,632.95 0.00 0.00 0.00
Class A2 B Notes 354,698.03 354,698.03 0.00 0.00 0.00
Class A3 A Notes 499,275.00 499,275.00 0.00 0.00 0.00
Class A3 B Notes 577,385.76 577,385.76 0.00 0.00 0.00
Class A4 Notes 456,393.75 456,393.75 0.00 0.00 0.00
Class B-1 Notes 96,453.50 96,453.50 0.00 0.00 0.00
Class B-2 Notes 55,693.40 55,693.40 0.00 0.00 0.00
Class C Notes 188,674.75 188,674.75 0.00 0.00 0.00
---------- ---------- ---- ---- ----
Total $2,628,207.14 $2,628,207.14 $0.00 $0.00 $0.00
Certificateholders Interest:
Class D Certificates $225,687.50 $225,687.50 $0.00 $0.00 $0.00
----------- ----------- ----- ----- -----
Total Note and Cert. Interest: $2,853,894.64 $2,853,894.64 $0.00 $0.00 $0.00
Total Available for Principal Distribution $85,990,639.50
Principal Distribution Amounts
First Priority Distribution Amount $0.00
Second Priority Distribution Amount 0.00
Third Priority Distribution Amount 18,928,553.70
Regular Principal Distribution Amount 59,797,326.27
-------------
Principal Distribution Amount $78,725,879.97
Noteholder Principal Distributions:
Class A1 Notes $0.00
Class A2 A Notes 39,362,939.99
Class A2 B Notes 39,362,939.98
Class A3 A Notes 0.00
Class A3 B Notes 0.00
Class A4 Notes 0.00
Class B-1 Notes 0.00
Class B-2 Notes 0.00
Class C Notes 0.00
----
Total Note Principal Paid $78,725,879.97
Certificateholder Principal Distributions:
Class D Certificates $0.00
-----
Total Note and Certificate Principal Paid: $78,725,879.97
Collections Released to Seller $7,264,759.53
Total Available for Distribution $90,944,487.20
Total Distribution (incl. Servicing Fee) $90,944,487.20
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Ford Credit Auto Owner Trust 2003-B
Monthly Servicing Report
Collection Period December, 2003
Distribution Date 1/15/2004
Transaction Month 10
V. DISTRIBUTION PER $1,000 OF ORIGINAL BALANCE
----------------------------------------------
Principal Interest Total
Distribution Distribution Distribution
Class A1 Notes $0.00 $0.00 $0.00
Class A2 A Notes 78.73 0.80 79.53
Class A2 B Notes 78.73 0.71 79.44
Class A3 A Notes 0.00 1.58 1.58
Class A3 B Notes 0.00 1.04 1.04
Class A4 Notes 0.00 2.01 2.01
Class B-1 Notes 0.00 2.38 2.38
Class B-2 Notes 0.00 1.37 1.37
Class C Notes 0.00 3.48 3.48
---- ---- ----
Total Notes $29.08 $0.97 $30.05
Class D Certificates $0.00 $4.17 $4.17
----- ----- -----
Total Notes and Certificates: $28.51 $1.03 $29.54
VI. POOL BALANCE AND PORTFOLIO INFORMATION
------------------------------------------
Beginning of Period End of Period
Balance Pool Factor Balance Pool Factor
Aggregate Balance of Notes $1,917,725,054.06 0.7082644 $1,838,999,174.09 0.6791890
Class A1 Notes 0.00 0.0000000 0.00 0.0000000
Class A2 A Notes 342,542,527.03 0.6850851 303,179,587.04 0.6063592
Class A2 B Notes 342,542,527.03 0.6850851 303,179,587.05 0.6063592
Class A3 A Notes 317,000,000.00 1.0000000 317,000,000.00 1.0000000
Class A3 B Notes 553,000,000.00 1.0000000 553,000,000.00 1.0000000
Class A4 Notes 227,250,000.00 1.0000000 227,250,000.00 1.0000000
Class B-1 40,612,000.00 1.0000000 40,612,000.00 1.0000000
Class B-2 40,613,000.00 1.0000000 40,613,000.00 1.0000000
Class C Notes 54,165,000.00 1.0000000 54,165,000.00 1.0000000
Class D Certificates 54,165,000.00 1.0000000 54,165,000.00 1.0000000
------------- --------- ------------- ---------
Total $1,971,890,054.06 0.7139860 $1,893,164,174.09 0.6854808
Portfolio Information
Weighted Average Coupon (WAC) 4.97% 4.97%
Weighted Average Remaining Maturity (WAM) 41.60 40.83
Remaining Number of Receivables 139,173 136,861
Portfolio Receivable Balance $2,072,463,808.46 $1,988,232,600.23
VII. OVERCOLLATERALIZATION INFORMATION
--------------------------------------
Specified Overcollateralization Amount $5,632,326.27
Specified Credit Enhancement Amount $19,882,326.00
Yield Supplement Overcollateralization Amount $89,436,099.87
Target Level of Overcollateralization $95,068,426.14
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Ford Credit Auto Owner Trust 2003-B
Monthly Servicing Report
Collection Period December, 2003
Distribution Date 1/15/2004
Transaction Month 10
VIII. RECONCILIATION OF RESERVE ACCOUNT
---------------------------------------
Beginning Reserve Account Balance $14,249,999.73
Specified Reserve Account Balance 14,249,999.73
Reserve Release Amount 0.00
Reserve Account Draws 0.00
Interim Reserve Account Balance 14,249,999.73
Reserve Account Deposits Made 0.00
----
Ending Reserve Account Balance $14,249,999.73
Change in Reserve Account Balance $0.00
IX. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
---------------------------------------------
Liquidation Proceeds $1,592,548.32
Recoveries from Prior Month Charge-Offs $30,054.74
Total Principal Losses for Collection Period $3,506,274.76
Charge-off Rate for Collection Period (annualized) 1.09%
Cumulative Net Losses for all Periods $10,347,442.28
Delinquent Receivables: # of Contracts Amount
31-60 Days Delinquent 1,992 $29,573,848.58
61-90 Days Delinquent 209 $3,193,626.11
91-120 Days Delinquent 65 $1,054,104.97
Over 120 Days Delinquent 79 $1,373,604.31
Repossesion Inventory 301 $4,837,814.78
Ratio of Net Losses to the Average Pool Balance:
Second Preceding Collection Period 1.0356%
Preceding Collection Period 0.8762%
Current Collection Period 1.1133%
Three Month Average 1.0084%
Ratio of 60+ Delinquent Contracts to Outstanding Receivables:
Preceding Collection Period 0.2572%
Current Collection Period 0.2579%
Three Month Average 0.2458%
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Ford Credit Auto Owner Trust 2003-B
Monthly Servicing Report
Collection Period December, 2003
Distribution Date 1/15/2004
Transaction Month 10
Worksheet Information
---------------------
Servicer Advances Simple Interest Loans Precomputed Loans
Beginning Servicer Advances $5,114,489.16 $0.00
New Advances 1,576,809.52 0.00
Servicer Advance Recoveries 1,721,709.60 0.00
------------ ----
Ending Servicer Advances $4,969,589.08 $0.00
Current Month Interest Advances for Prepaid Loans $14,389.74 $0.00
Payahead Account
Beginning Payahead Account Balance $0.00
Additional Payaheads 0.00
Payahead Draws 0.00
----
Ending Payahead Account Balance $0.00
Page 5