______________________________________________________________________
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) December 16, 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.
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(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
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(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 December 16, 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
$2,301,563.44, 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 December 16, 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: December 24, 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 December 16, 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 12/16/96
Collection Period 11/96
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.
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 $2,175,547.02
(b) The amount of the distribution set
forth in paragraph A.1. (a) above
in respect of interest $434,264.70
(c) The amount of the distribution set
forth in in paragraph A.1. (a)
above in respect of principal $1,741,282.32
(d) The amount of the distribution set
forth in paragraph A.1. (a) above,
per $1,000 interest $25.76
(e) The amount of the distribution set
forth in paragraph A.1. (b) above,
per $1,000 interest $5.14
(f) The amount of the distribution set
forth in paragraph A.1. (c) above,
per $1,000 interest $20.62
(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) $126,016.42
(h) The amount of the distribution set
forth in paragraph A.1. (g) above
in respect of interest $34,369.98
(i) The amount of the distribution set
forth in in paragraph A.1. (g) above
in respect of principal $91,646.44
(j) Scheduled Payments due in such
Collection Period $2,524,141.92
(k) Scheduled Payments collected in
such Collection Period $2,481,034.91
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 $82,487,952.60
(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 $76,622.272.65
(c) The Class B 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 $4,032,731.19
(d) The Pool factor as of the close of
business on the last day set forth
above 0.9072480
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 $154,522.80
(b) The aggregate amount of the Standby
Fee paid to the Standby Servicer with
respect to the Collection Period set
forth above. $5,499.20
(c) The amount of the payment set forth
in paragraph B.2. (a) above per $1,000
interest $1.83
(d) The amount of the payment set forth
in paragraph B.2. (b) above per $1,000
interest $0.07
(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 2
Aggregate Purchase Amount $32,123.22
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 $32,089.25
(b) Distributions (to) from Collection
Account for Payaheads
for Payaheads ($13,061.97)
(c) Interest earned on Payahead Balances $112.78
(d) Ending Payahead Account Balance $19,140.06
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 $8,065,502.38
Spread Account Balance $6,922,181.74
(b) The change in the spread account on
the Distribution Date set forth above $587,789.45
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 $22,348.16
7 Losses and Delinquencies.
(a) The aggregate amount of Realized
Losses on the Distribution Date set
forth above $160,088.05
(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 310
Aggregate Gross Amount $4,335,000.00
(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 255
Aggregate Gross Amount $3,457,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.00%
(b) Average Delinquency Ratio 7.46%
(c) Cumulative Default Ratio 3.65%
(d) Cumulative Net Loss Ratio 0.35%
(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: 3,096,905.78
Lock Box NSF Items: (71,210.51)
Transfers from (to) Payahead Account: 13,061.97
Collection Account Interest 10,937.81
Payahead Account Interest 112.78
Total Collection Proceeds: 3,049,807.83
For Distribution Date: 12/16/96
For Determination Date: 12/9/96
For Collection Period: 11/96
Collateral Activity Information
Principal
Beginning Principal Balance 82,487,952.60
Principal portion of payments
collected (non-prepayments) 1,120,135.88
Prepayments in full allocable
to principal 376,876.00
Collections allocable to principal 1,497,011.88
Partial prepayments relating to
various contracts or polic 0.00
Liquidation Proceeds allocable to
principal 143,705.61
Purchase Amounts allocable to principal 32,123.22
--------------
Total Principal 1,672,840.71
Realized Losses 160,088.05
Cram Down Losses 0.00
Ending Principal Balance 80,655,023.84
Interest
Collections allocable to interest 1,360,899.03
Liquidation Proceeds allocable to
interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables
from prior periods 5,017.50
--------------
Total Interest 1,365,916.53
Certificate Information
Beginning of Period Class A
Principal Balance 78,363,554.98
Beginning of Period Class B
Principal Balance 4,124,397.62
Miscellaneous Balances
Beginning of Period Spread Account
Balance 6,334,392.29
Additional Servicing Fee Amounts
(late fees,prepayment charges, etc.) 17,042.88
Aggregate Payahead Balance 19,027.28
Aggregate Payahead Balance for preceding
Distribution Date 32,089.25
Interest Earned on Payahead Balances 112.78
Scheduled Payments due in Collection
Period 2,524,141.92
Scheduled Payments collected in
Collection Period 2,481,034.91
Aggregate Amount of Realized Losses
for preceding Distribution Date 160,088.05
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
# of Receivables Receivables
31 - 59 days delinquent 310 4,335,000.00
60+ days delinquent 255 3,457,000.00
Purchased Receivables Aggregate
Purchase
Amt
of
# of Receivables Receivables
2 32,123.22
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. 7,792,000.00
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. 32,123.22
Principal Balance of all Receivables
that became Defaulted Receivables
during the related Collection Period. 1,216,468.65
Delinquency Ratio for second preceding
Determination Date 7.02%
Delinquency Ratio for third preceding
Determination Date 7.34%
Cumulative Defaults for preceding
Determination Date 2,026,342.00
Cumulative Net Losses for preceding
Determination Date 156,392.00
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) 2,857,910.91
Liquidation Proceeds 143,705.61
Recoveries 5,017.50
Purchase Amounts 32,123.22
Certificate Insurer Optional Deposit
pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,937.81
Investment earnings from Payahead Account 112.78
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Total Distribution Amount 3,049,807.83
Distributable Amount
Principal Distributable Amount
Principal portion of payments
collected (non-prepayments) 1,120,135.88
Prepayments in full allocable
to principal 378,876.00
Principal Balance of Liquidated
Receivables 303,793.66
Purchase Amounts allocable to principal 32,123.22
Cram Down Losses 0.00
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Principal Distributable Amount 1,832,928.76
Class A Principal Distributable Amount
Principal Distributable Amount 1,832,928.76
Times Class A Percentage (95%) 95%
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1,741,282.32
Certificate Insurer Optional Deposit: 0.00
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Class A Prin Distributable Amount 1,742,282.32
Class A Interest Distributable Amount
Beginning of Period Principal Balance
of the Certificates 78,363,554.98
Multiplied by Certificate Pass-Through
Rate 6.65%
Multiplied by 30/360, or for the first
Distribution Date, by 17.360 0.0833333
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Class A Interest Distributable Amount 434,264.70
Class B Principal Distributable Amount
Principal Distributable Amount 1,832,928.76
Times Class B Percentage (5%) 5%
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Class B Principal Distributable Amount 91,646.44
Class B Interest Distributable Amount
Beginning of Period Principal Balance
of the Certificates 4,124,397.62
Multiplied by Certificate Pass-Through
Rate 10.00%
Multiplied by 30/360, or for the first
Distribution Date, by 17/360 0.0833333
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Class B Coupon Interest Amount 34,369.98
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from
previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
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0.00
Class B Interest Carryover Shortfall from
previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
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0.00
Class A Principal Carryover Shortfall from
previous period 0.00
Interest on Class A Principal Carryover
Shortfall 0.00
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0.00
Class A Interest Carryover Shortfall
from previous period 0.00
Interest on Class A Interest Carryover
Shortfall 0.00
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0.00
Calculations
Distributions (Pursuant to Section 4.6(c)
of the Pooling and Servicing Agreement):
Use
----
(i) Standby Fee 5,499.20
Servicing Fee (2.0%) 137,479.92
Additional Servicing Fee Amounts
(late fees,prepayment charges, 17,042.88
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 1,031.10
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 1,031.10
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 434,264.70
Class A Interest Carryover Shortfall 0.00
(vi) Class B Coupon Interest 34,369.98
Class B Carryover Interest 0.00
(vii) Class A Principal Distributable Amount 1,741,282.32
Class A Principal Carryover Shortfall 0.00
(viii) Certificate Insurer Premium 22,348.16
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 91,646.44
- Unadjusted
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 91,646.44
(xi) Remaining amounts to Collateral Agent
for deposit in Spread Account 563,812.03
Certificate Balance
Class A Beginning of Period Principal Balance 78,363,282.32
Class A Principal Distributions 1,741,554.98
Class A End of Period Principal Balance 76,622,272.65
Class B Beginning of Period Principal Balance 4,124,397.62
Class B Principal Distributable Amount 91,646.44
Class B End of Period Principal Balance 4,032,751.19
Carryover Shortfalls After Current Distributions
Class B principal Carrryover Shortfall
the excess if any, of
the sum of
Class B Principal Distributable Amount 91,646.44
Class B Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 91,646.44
---------
0.00
Class B Interest Carrryover Shortfall
the excess if any, of
the sum of
Class B Coupon Interest Amount 34,369.98
Class B Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 34,369.98
---------
0.00
Class A principal Carrryover Shortfall
the excess if any, of
the sum of
Class A Principal Distributable Amount 1,741,282.32
Class A Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 1,741,282.32
------------
0.00
Class A Interest Carrryover Shortfall
the excess if any, of
the sum of
Class A Interest Distributable Amount 434,264.70
Class A Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 434,264.70
------------
0.00
Deficiency Claim Amount
(i) Total Distribution Amount 3,049,807.83
(ii) Amounts payable pursuant to Section
4.6(c) (i) - (ix) 2,394,349.36
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) 126,016.42
(ii) Amounts payable pursuant to Section
4.6(c) (vi) and (x) 126,016.42
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 7,792,000.00
Purchased receivables more
than 30 days delinquent 32,123.22
------------
Total 7,824,123.22
Aggregate Gross Principal Balance
as of the close of business
on the last day of the
Collection Period. 97,757,634.58
Delinquency Ratio 8.00%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most
recent Determination Date 8.00%
Delinquency Ratio for second
preceding Determination Date 7.02%
Delinquency Ratio for third
preceding Determination Date 7.34%
-------------
Average Delinquency Ratio 7.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously
Defaulted Receivables 2,026,342.00
Current Period
Defaulted Receivables 1,216,468.65
-------------
Total 3,242,810.65
Cumulative Defaulted
Receivables 3,242,810.65
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 3.65%
Calculation of Cumulative Net
Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued
and unpaid interest of
Liquidated Receivables 303,793.66
Cram Down Losses 0.00
Net Liquidation Proceeds (148,723.11)
--------------
Net Liquidation Losses 155,070.55
Cumulative Previous Net Losses 156,392.00
--------------
Cumulative Net Losses 311,462.55
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 0.35%
Spread Account
Spread Account Cap
10% of Outstanding
Certificate Balance 8,065,502.38
15% of Outstanding
Certificate Balance 12,098,253.58
Is a Portfolio Performance Test
violation continuing? (Y/N) N
Has an Insurance Agreement Event
of Default occurred? (Y/N) N
-------------
Cap Amount 8,065,502.38
Spread Account Floor
3.5% of the Initial
Certificate Balance 3,111,526.26
Outstanding Certificate Balance 80,655,023.84
Minimum Floor 100,000.00
--------------
Floor Amount 3,111,526.26
Required Spread Account Amount 8,065,502.38
Beginning of Period Spread Account Balance 6,334,392.29
Spread Account Deposit (Withdrawal)
from Current Distributions 563,812.03
Transfer (to) from Cross-Collateralized
Spread Accounts 0.00
Required addition to/(eligible withdrawal from)
Spread Account 1,167,298.06
Earnings on Spread Account Balance 23,977.42
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 6,922,181.74
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
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Title: Senior Vice President - Chief Financial Officer
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