Item 1. Business.
Not Applicable.
Item 2.
Item 2. Properties.
Not Applicable.
Item 3.
Item 3. Legal Proceedings.
The Master Servicer is not aware of any material pending legal proceedings involving either the Registrant, the Trustee, the Seller or the Master Servicer with respect to the Notes or the Registrant's property.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
No vote or consent of the holders of the Noteholders (the "Noteholders") was solicited for any purpose during the year ended December 31, 1999.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
To the best knowledge of the Master Servicer, there is no established public trading market for the Notes. Class A-1 Noteholders were paid in full as of July 19, 1999. As of March 1, 2000, there were 3 Class A-2 Noteholders, 13 Class A-3 Noteholders, 7 Class A-4 Noteholders, 1 Class A-5 Noteholder and 13 Class B-1 Noteholders, some of whom may be holding Notes for the accounts of others. The Class B-2 and Class C Notes, as well as the Series 1998-1 Certificate are held by the Seller.
Item 6.
Item 6. Selected Financial Data.
Not Applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Not Applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11.
Item 11. Executive Compensation.
Not Applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
The following table sets forth (i) the name and address of each entity which holds of record more than 5% of the outstanding principal amount of the Class A-2, Class A-3, Class A-4, Class A-5 or the Class B-1 Notes, (ii) the principal amount of Notes owned by each, and (iii) the percent that the principal amount of Notes owned represents of the outstanding principal amount. The information set forth in the table is based upon information obtained by the Master Servicer from the Trustee and from The Depository Trust Company as of March 1, 2000. The Master Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Notes.
Amount Owned
All dollar amounts are in thousands
Name and Address Principal Percent
Class A-2 Noteholders
Chase Manhattan Bank $ 10,000 18.52% 4 New York Plaza - 13th Floor New York, NY 10004
Investors Bank & Trust/M.F. Custody $ 3,000 5.56% 200 Clarendon Street 15th Floor Hancock Tower Boston, MA 02116
State Street Bank and $ 41,000 75.93% Trust Company Global Corp. Action Unit JAB 5NW 1776 Heritage Drive No. Quincy, MA 02171
Class A-3 Noteholders
Bank of New York $ 10,000 6.99% 925 Patterson Plank Road Secaucus, NJ 07094
Bankers Trust Company $ 11,500 8.08% c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Bank One Trust Company, N.A. $ 18,000 12.59% 1900 Polaris Parkway, 4th Floor Columbus, OH 43240
Boston Safe Deposit and $ 70,000 48.95% Trust Company c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA 15259
Citibank, N.A. $ 20,000 13.99% P. O. Box 30576 Tampa, FL 33630-3576
Amount Owned
All dollar amounts are in thousands
Name and Address Principal Percent
Class A-4 Noteholders
Bankers Trust Company $ 30,832 38.14% c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
The Bank of New York -- $ 15,000 18.56% Banco Di Napoli One Wall Street New York, NY 10286
Boston Safe Deposit and $ 12,000 14.85% Trust Company c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA 15259
HSBC Bank USA/Republic $ 10,000 12.37% Investment Account One Hanson Place, Lower Level Brooklyn, NY 11243
Investors Bank & Trust/M.F. Custody $ 7,000 8.66% 200 Clarendon Street 15th Floor Hancock Tower Boston, MA 02116
Amount Owned
All dollar amounts are in thousands
Name and Address Principal Percent
Class A-5 Noteholder
Bank of New York $100,000 100.00% 925 Patterson Plank Road Secaucus, NJ 07094
Class B-1 Noteholders
First Union National Bank $ 87,303 87.92% 1525 West W. T. Harris Blvd., 3A4 Charlotte, NC 28288
Norwest Bank Minnesota, $ 5,100 5.14% National Association 733 Marquette Avenue Minneapolis, MN 55479-0056
Item 13.
Item 13. Certain Relationships and Related Transactions.
None or Not Applicable.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) List the following documents filed as a part of the report:
(1) Financial Statements
Not Applicable.
(2) Financial Statement Schedules
Not Applicable.
(3) The Master Servicer is obligated to prepare an Annual Statement to Noteholders for the year ended December 31, 1999, and Independent Public Accountants are required to prepare an Annual Servicing Report pertaining to the compliance of the Master Servicer with its servicing obligations pursuant to the Agreement. Copies of said documents are or will be filed as exhibits to this Form 10-k when they are available.
(b) The Registrant filed the following current reports on Form 8-K for the fourth quarter of 1999:
Date of Reports Items Covered
October 18, 1999 Item 7 -- Statement to November 17, 1999 Noteholders with respect December 17, 1999 to distribution made on October 18, 1999, November 17, 1999 and December 17, 1999.
(c) (1) Exhibit 99. Copy of Annual Statement to Noteholders for the year 1999.
(d) Not Applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Master Servicer has duly caused this report to be signed on behalf of the Household Automobile Revolving Trust I, Series 1998-1 by the undersigned, thereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION, as Master Servicer of and on behalf of the
HOUSEHOLD AUTOMOBILE REVOLVING TRUST I, SERIES 1998-1 (Registrant)
Date: March 27, 2000 By: /s/ P. D. Schwartz P. D. Schwartz Authorized Representative
Exhibit Index
Exhibit No. Exhibit
99 Copy of Annual Statement to Noteholders for the year 1999.