______________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported) July 15, 1996
FINANCIAL ASSET SECURITIES CORP., as depositor under a
certain Pooling and Servicing Agreement, dated as of June 17, 1996, providing
for the formation of FASCO Auto Trust 1996-1, which issued the FASCO Auto
Trust 1996-1 Asset Backed Certificates.
FINANCIAL ASSET SECURITIES CORP.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-1548 06-1442101
- ---------------------------- ------------ ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
- ---------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (203) 625-2700
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_____________________________________________________________________
Item 5. Other Events.
- ---- ------------
On the July 15, 1996 Distribution Date, Norwest Bank Minnesota, National
Association, as trustee (the "Series 1996-1 Trustee") of FASCO Auto Trust
1996-1 (the "Series 1996-1 Trust"), distributed to holders (the "Series 1996-
1 Certificateholders") of the Series 1996-1 Trust's Asset Backed
Certificates, Class A and Class B, interest and principal totalling
$904,478.11, pursuant to a Pooling and Servicing Agreement dated as of June
17, 1996 (the "Pooling and Servicing Agreement") by and among Financial Asset
Securities Corp., as depositor, Consumer Portfolio Services, Inc., as
originator and servicer, and the Series 1996-1 Trustee. All capitalized
terms not defined herein shall have the meanings ascribed to them in the
Pooling and Servicing Agreement.
Pursuant to the Pooling and Servicing Agreement, the Series 1996-1
Trustee distributed statements, which are annexed hereto as Exhibit 1, to the
Series 1996-1 Certificateholders.
Item 7. Financial Statements, Pro Forma Financial
- ---- -----------------------------------------
Information and Exhibits.
-------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1. FASCO Auto Trust 1996-1 Asset Backed Certificates, Statement to
Certificateholders dated July 15, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
FINANCIAL ASSET SECURITIES CORP.
By: /s/Brian Bernard
-----------------------------
Brian Bernard
Vice President
Dated: August 16, 1996
Exhibit Index
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Exhibit Page
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1. FASCO Auto Trust 1996-1 Asset Backed Certificates, Statement to
Certificateholders dated July 15, 1996. 6
EXHIBIT 1
MONTHLY CERTIFICATEHOLDER STATEMENT
FASCO AUTO TRUST 1996-1
6.65% CLASS A ASSET-BACKED CERTIFICATES
10.00% CLASS B ASSET-BACKED CERTIFICATES
Distribution Date 7/15/96
Collection Period 6/96
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer
Portfolio Services, Inc. as Servicer, and Norwest Bank Minnesota, National
Association, as Trustee and as Collateral Agent, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous
month. The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below.
Certain of the information is presented on the basis of an original principal
amount of $1,000 per Certificate, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the
distribution to Class A
Certificateholders on the
Distribution Date set forth above $847,465.59
(b) The amount of the distribution set
forth in paragraph A.1. (a) above in
respect of interest $468,025.41
(c) The amount of the distribution set
forth in in paragraph A.1. (a) above
in respect of principal $379,440.18
(d) The amount of the distribution set
forth in paragraph A.1. (a) above,
per $1,000 interest $10.03
(e) The amount of the distribution set
forth in paragraph A.1. (b) above,
per $1,000 interest $5.54
(f) The amount of the distribution set
forth in paragraph A.1. (c) above,
per $1,000 interest $4.49
(g) The aggregate amount of the distribution
to Class B Certificateholders on the
Distribution Date set forth above
(given to the Collateral Agent for
deposit into the Spread Account) $57,012.52
(h) The amount of the distribution set
forth in paragraph A.1. (g) above in
respect of interest $37,041.98
(i) The amount of the distribution set
forth in in paragraph A.1. (g) above
in respect of principal $19,970.54
(j) Scheduled Payments due in such
Collection Period $2,613,489.98
(k) Scheduled Payments collected in
such Collection Period $959,807.37
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of
the Receivables as of the close of
business on the last day of the
preceding Collection Period $88,900,750.37
(b) The Class A Certificates Balance as
of the close of business on the last
day set forth above, after giving
effect to payments allocated to
principal in paragraph A.1.(c) above $84,076,272.67
(c) The Class A Certificates Balance as
of the close of business on the last
day set forth above, after giving
effect to payments allocated to
principal in paragraph A.1.(c)
above $4,425,066.98
(d) The Pool factor as of the close of
business on the last day set forth
above 0.9955072
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing
Fee (exclusive of the Standby Fee
paid to the Standby Servicer) paid
to the Servicer with respect to the
Collection Period set forth above $87,524.27
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with
respect to the Collection Period set
forth above. $3,358.47
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000
interest $1.04
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000
interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior
Distribution Date $0.00
The number and aggregate Purchase Amount
of Receivables that became Purchased
Receivables during the related
Collection Period
Number 3
Aggregate Purchase Amount $36,536.53
3 Payment Shortfalls.
(a) The amount of the Class A Interest
Carryover shortfall after giving
effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal
Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest
Carryover shortfall after giving
effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal
Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on
the prior Distribution Date $38,454.00
(b) Distributions (to) from Collection
Account
for Payaheads ($12,022.23)
(c) Interest earned on Payahead Balances $0.00
(d) Ending Payahead Account Balance $26,431.77
5 Spread Account.
(a) The Specified Spread Account Balance
with respect to such Distribution
Date and the Spread Account Balance
on the Distribution Date set forth
above, after giving effect to
distributions made on such
Distribution Date
Specified Spread Account Balance $11,283,920.81
Spread Account Balance $3,144,639.95
(b) The change in the spread account
on the Distribution Date set
forth above $33,113.69
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the
Certificate Insurer on such
Distribution Date $13,895.94
7 Losses and Delinquencies.
(a) The aggregate amount of Realized
Losses on the Distribution Date
set forth above $0.00
(b) The change in the aggregate amount
of Realized Losses from the prior
Distribution Date $0.00
(c) The number of Receivables and the
aggregate gross amount scheduled
to be paid, including unearned
finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 77
Aggregate Gross Amount $1,045,000.00
(d) The number of Receivables and the
aggregate gross amount scheduled
to be paid, including unearned
finance and other charges, for
which Obligors are delinquent
60 days or more
Number 0
Aggregate Gross Amount $0.00
8 Performance Triggers
(a) Delinquency Ratio 0.99%
(b) Average Delinquency Ratio 0.99%
(c) Average Default Rate 0.00%
(d) Average Loss Ratio 0.00%
(e) Is a Portfolio Performance Test
violation continuing? No
(f) Has an Insurance Agreement Event
of Default occurred? No
CPS AUTO GRANTOR TRUST 1995-4
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
IS THERE A CLASS B DEFICIENCY? NO
CLASS B DEFICIENCY 0.00
CASH AVAILABLE THIS MONTH TO COVER CLASS B DEFICIENCY 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 1,033,876.71
LOCK BOX NSF ITEMS: (2,269.04)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: 12,022.23
COLLECTION ACCOUNT INTEREST 0.00
PAYAHEAD ACCOUNT INTEREST 0.00
TOTAL COLLECTION PROCEEDS: 1,043,629.90
FOR DISTRIBUTION DATE: 7/15/96
FOR DETERMINATION DATE: 7/8/96
FOR COLLECTION PERIOD: 6/96
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 88,900,750.37
Principal portion of payments collected (non-prepayments) 315,588.19
Prepayments in full allocable to principal 47,286.00
Collections allocable to principal 362,874.19
Partial prepayments relating to
various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 36,536.53
---------------
Total Principal 399,410.72
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 88,501,339.65
INTEREST Collections allocable to interest 644,219.18
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
---------------
Total Interest 644,219.18
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 84,455,712.85
Beginning of Period Class B Principal Balance 4,445,037.52
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 3,111,526.26
Additional Servicing Fee Amounts
(late fees,prepayment charges, etc.) 3,562.45
Aggregate Payahead Balance 26,431.77
Aggregate Payahead Balance for preceding Distribution Date 38,454.00
Interest Earned on Payahead Balances 0.00
Scheduled Payments due in Collection Period 2,613,489.98
Scheduled Payments collected in Collection Period 959,807.37
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 77 1,045,000.00
60+ days delinquent 0 0.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
3 36,536.53
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than
30 days as of the close of business on the last day of
the related Collection Period. 1,045,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the last day
of the related Collection Period and that were delinquent
30 days or more. 36,536.53
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 0.00
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Default Rate for second preceding Determination Date 0.00%
Default Rate for third preceding Determination Date 0.00%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts
from payahead, excl. amounts deposited
into payahead) 1,007,093.37
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 36,536.53
Certificate Insurer Optional Deposit
pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 1,043,629.90
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected
(non-prepayments) 315,588.19
Prepayments in full allocable to principal 47,286.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 36,536.53
Cram Down Losses 0.00
---------------
Principal Distributable Amount 399,410.72
Class A Principal Distributable Amount
Principal Distributable Amount 399,410.72
Times Class A Percentage (95%) 95%
---------------
379,440.18
Certificate Insurer Optional Deposit:
Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 379,440.18
Class A Interest Distributable Amount
Beginning of Period Principal Balance of
the Certificates 84,455,712.85
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first
Distribution Date, by 17/360 0.0833333
---------------
Class A Interest Distributable Amount 468,025.41
Class B Principal Distributable Amount
Principal Distributable Amount 399,410.72
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 19,970.54
Class B Interest Distributable Amount
Beginning of Period Principal Balance of
the Certificates 4,445,037.52
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first
Distribution Date, by 17/360 0.0833333
---------------
Class B Coupon Interest Amount 37,041.98
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---------------
(i) Standby Fee 3,358.47
Servicing Fee (2.0%) 83,961.82
Additional Servicing Fee Amounts
(late fees,prepayment charges, etc.) 3,562.45
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Trustee Fee 629.71
Trustee's out-of-pocket expenses 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from
prior Collection Periods 0.00
(iv) Collateral Agent Fee 629.71
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from
prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from
prior Collection Periods 0.00
(v) Class A Interest Distributable Amount 468,025.41
Class A Interest Carryover Shortfall 0.00
(vi) Class B Coupon Interest 37,041.98
Class B Carryover Interest 0.00
(vii) Class A Principal Distributable Amount 379,440.18
Class A Principal Carryover Shortfall 0.00
(viii) Certificate Insurer Premium 13,895.94
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Class B Principal Distributable Amount - Unadjusted 19,970.54
Current Month Class B Principal Carryover Shortfall 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Adjusted Class B Principal Distributable Amount 19,970.54
(xi) Remaining amounts to Collateral Agent for deposit
in Spread Account 33,113.69
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 84,455,712.85
Class A Principal Distributions 379,440.18
Class A End of Period Principal Balance 84,076,272.67
Class B Beginning of Period Principal Balance 4,445,037.52
Class B Principal Distributable Amount 19,970.54
Class B End of Period Principal Balance 4,425,066.98
CARRYOVER SHORTFALLS AFTER CURRENT DISTRIBUTIONS
Class B principal Carrryover Shortfall
the excess if any, of
the sum of
Class B Principal Distributable Amount 19,970.54
Class B Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 19,970.54
---------------
0.00
Class B Interest Carrryover Shortfall
the excess if any, of
the sum of
Class B Coupon Interest Amount 37,041.98
Class B Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 37,041.98
---------------
0.00
Class A principal Carrryover Shortfall
the excess if any, of
the sum of
Class A Principal Distributable Amount 379,440.18
Class A Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 379,440.18
---------------
0.00
Class A Interest Carrryover Shortfall
the excess if any, of
the sum of
Class A Interest Distributable Amount 468,025.41
Class A Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 468,025.41
---------------
0.00
DEFICIENCY CLAIM AMOUNT
(i) Total Distribution Amount 1,043,629.90
(ii) Amounts payable pursuant to Section 4.6(c) (i) - (ix) 990,545.67
If (i) is less than (ii),
there is a Deficiency Claim Amount NO
Deficiency Claim Amount 0.00
CLASS B DEFICIENCY
(i) Amounts available to make payments
pursuant to Section 4.6(c) (vi) and (x) 57,012.52
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 57,012.52
If (i) is less than (ii),
there is a Class B Deficiency NO
Class B Deficiency 0.00
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,045,000.00
Purchased receivables more than
30 days delinquent 36,536.53
---------------
Total 1,081,536.53
Aggregate Gross Principal Balance as of
the close of business on the last day
of the Collection Period. 109,292,965.52
Delinquency Ratio 0.99%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent
Determination Date 0.99%
Delinquency Ratio for second preceding
Determination Date 0.00%
Delinquency Ratio for third preceding
Determination Date 0.00%
---------------
Average Delinquency Ratio 0.99%
Calculation of Default Rate (Current Period)
Default Amount
Principal Balance of Defaulted Receivables 0.00
---------------
Total 0.00
Calculation of Average Principal Balance
Aggregate Principal Balance at end of
related Collection Pd. 88,501,339.65
Aggregate Prin. Bal. at end of
2nd preceding Collection Pd. 88,900,750.37
---------------
88,701,045.01
Default Rate 0.00%
Calculation of Average Default Rate
Default Rate for most recent
Determination Date 0.00%
Default Rate for second preceding
Determination Date 0.00%
Default Rate for third preceding
Determination Date 0.00%
---------------
Average Default Rate 0.00%
Calculation of Net Loss Ratio (Current
Determination Date)
Calculation of Net Liquidation Losses
Principal Balance plus accrued and
unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
---------------
Net Liquidation Losses 0.00
Calculation of Average Principal Balance
Aggregate Principal Balance at
end of related Collection Pd. 88,501,339.65
Aggregate Prin. Bal. at end of
2nd preceding Collection Pd. 88,900,750.37
---------------
Average Principal Balance 88,701,045.01
Net Loss Ratio 0.00%
CALCULATIONS
Calculation of Average Loss Ratio
Net Loss Ratio for most recent
Determination Date 0.00%
Net Loss Ratio for second preceding
Determination Date 0.00%
Net Loss Ratio for third preceding
Determination Date 0.00%
---------------
Average Loss Ratio 0.00%
Spread Account
Spread Account Cap
12.75% of Outstanding Certificate Balance 11,283,920.81
15% of Outstanding Certificate Balance 13,275,200.95
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 11,283,920.81
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 88,501,339.65
Minimum Floor 100,000.00
---------------
Floor Amount 3,111,526.26
Required Spread Account Amount 11,283,920.81
Beginning of Period Spread Account Balance 3,111,526.26
Spread Account Deposit (Withdrawal) from Current Distributions 33,113.69
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 8,139,280.86
Earnings on Spread Account Balance 0.00
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 3,144,639.95
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of
Consumer Portfolio Services, Inc,. have executed this Servicer's
Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ Jeffrey P. Fritz
________________________________________________
Name: Jeffrey P. Fritz
------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
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