================================================================================
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): November 6, 1996
NATIONAL FINANCIAL AUTO FUNDING TRUST
(AS TRANSFEROR UNDER THE POOLING AND SERVICING
AGREEMENT, DATED AS OF OCTOBER 21, 1996, PROVIDING
FOR THE ISSUANCE OF AUTOMOBILE RECEIVABLES-BACKED
CERTIFICATES, SERIES 1996-1)
NATIONAL FINANCIAL AUTO FUNDING TRUST
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-80813
-------- -------- ---------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Park Place
621 N.W. 53rd Street
Boca Raton, Florida 33487
- ------------------- -----
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (407) 997-2747
--------------
<PAGE>
-2-
Item 5. OTHER EVENTS
Description of the Certificates and the Receivables Pool
National Financial Auto Funding Trust (the "Funding Trust") will cause
to be filed with the Securities and Exchange Commission (the "Commission")
pursuant to the Commission's Rule 424 a Prospectus Supplement and the Prospectus
(together, the "Prospectus") filed as part of Registration Statement, File No.
33-80813, in connection with the Funding Trust's issuance of a series of
certificates, entitled National Auto Finance 1996-1 Trust Automobile
ReceivablesBacked Certificates, Series 1996-1 (the "Certificates"), to be issued
pursuant to a Pooling and Servicing Agreement, dated as of October 21, 1996,
among the Funding Trust as transferor, National Auto Finance Company L.P. as
master servicer and Harris Trust and Savings Bank as trustee. The Certificates
designated as the Series 1996-1 Certificates will represent in the aggregate an
undivided ownership interest of 91% of the National Auto Finance 1996-1 Trust
(the "Trust") consisting primarily of a segregated pool (the "Receivables Pool")
of non-prime motor vehicle retail installment sale contracts (the
"Receivables"), all of which are secured by new or used automobiles, light-duty
trucks, vans or minivans financed thereby. The Receivables Pool will consist of
Receivables having an aggregate principal balance as of October 21, 1996 (the
"Cut-off Date") of approximately $51,180,034.44.
Computational Materials
First Union Capital Markets Corp., as underwriter of the Certificates
(the "Underwriter") has provided certain prospective purchasers of Certificates
with certain computational materials, (the "Computational Materials") in written
form, which Computational Materials are in the nature of data tables relating to
the structure and terms of the Certificates and the hypothetical characteristics
and hypothetical performance of the Certificates based on collateral information
provided by National Auto Finance Company L.P. and under certain assumptions and
scenarios.
Consent of Independent Accountants
The financial statements of Financial Security Assurance Inc. and
subsidiaries included in certain documents filed by Financial Security Assurance
Holdings Ltd. with the Commission pursuant to the Securities Exchange Act of
1934, as amended, together with the report of Coopers & Lybrand L.L.P.,
independent accountants, with respect thereto were incorporated in the
Prospectus. The written consent of Coopers & Lybrand L.L.P. to the incorporation
of that firm's report into the Prospectus is filed as exhibit 23 hereto.
<PAGE>
-3-
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
----------- -----------
23 Consent of Coopers & Lybrand L.L.P., independent
accountants, to incorporation by reference into
the Prospectus related to the National Auto
Finance 1996-1 Trust Automobile
Receivable-Backed Certificates of that firm's
report with respect to certain financial
statements of Financial Security Assurance Inc.
and subsidiaries.
99 Computational Materials (as defined in Item 5)
that have been provided by National Auto Finance
Company L.P. to certain prospective purchasers
of National Auto Finance 1996-1 Trust Automobile
Receivables-Backed Certificates.
<PAGE>
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 thereunto duly authorized.
Dated: November 7, 1996
NATIONAL FINANCIAL AUTO FUNDING
TRUST
By: CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, not in its individual
capacity but solely as Owner Trustee
of the National Financial Auto
Funding Trust
By: /s/ Keith B. Stein
---------------------------
Name: Keith B. Stein
Title: Secretary
<PAGE>
INDEX TO EXHIBITS
Sequentially
Exhibit No. Description Numbered Page
----------- ----------- -------------
23 Consent of Coopers & Lybrand L.L.P.,
independent accountants, to
incorporation by reference into the
Prospectus related to the National Auto
Finance 1996-1 Trust Automobile
Receivable-Backed Certificates of that
firm's report with respect to certain
financial statements of Financial
Security Assurance Inc. and
subsidiaries.
99 Computational Materials (as defined in
Item 5) that have been provided to
certain prospective purchasers of
National Auto Finance 1996-1 Trust
Automobile Receivables-Backed
Certificates
Exhibit 23
<PAGE>
[LETTERHEAD OF COOPERS & LYBRAND L.L.P.]
CONSENT of INDEPENDENT ACCOUNTANTS
---------
We consent to the incorporation by reference in the Prospectus Supplement dated
November 7, 1996 (to Prospectus dated November 7, 1996) of National Financial
Auto Funding Trust relating to Automobile Receivables-Backed Certificates,
Series 1996-1 of our report dated January 17, 1996, on our audits of the
consolidated financial statements of Financial Security Assurance Inc. and
Subsidiaries as of December 31, 1995 and 1994, and for each of the three years
in the period ended December 31, 1995. We also consent to the reference to our
Firm under the caption "Experts".
/s/ Coopers & Lybrand L.L.P.
Coopers & Lybrand L.L.P.
New York, New York
November 7, 1996
Exhibit 99
<PAGE>
NATIONAL AUTO FINANCE 1996-1 TRUST
Price: 100
Settlement date: 11/13/96
Accrued Int: 0
Accrual date: 10/21/96
Pmt date: 11/21/96
Prepay Speed: 1.50% ABS
A Cert.
Month Balance Principal Interest
----- ------- --------- --------
0. 62,098,000 0
1. 62,098,000 0 86,661
2. 62,098,000 0 324,980
3. 62,098,000 0 324,980
4. 62,098,000 0 324,980
5. 62,098,000 0 324,980
6. 62,098,000 0 324,980
7. 62,098,000 0 324,980
8. 60,031,732 2,066,268 324,980
9. 57,984,754 2,046,978 314,166
10. 55,957,670 2,027,083 303,454
11. 53,951,103 2,006,567 292,845
12. 51,965,706 1,985,398 282,344
13. 50,002,611 1,963,095 271,954
14. 48,061,992 1,940,619 261,680
15. 46,145,004 1,916,988 251,524
16. 44,252,251 1,892,753 241,492
17. 42,385,756 1,866,495 231,587
18. 40,545,889 1,839,867 221,819
19. 38,732,783 1,813,107 212,190
20. 36,948,957 1,783,826 202,702
21. 35,194,276 1,754,681 193,366
22. 33,471,020 1,723,256 184,183
23. 31,779,375 1,691,644 175,165
24. 30,120,495 1,658,881 166,312
25. 28,494,063 1,626,432 157,631
26. 26,900,996 1,593,067 149,119
27. 25,342,029 1,558,968 140,782
28. 23,819,915 1,522,113 132,623
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION SALES REPRESENTATIVE IMMEDIATELY.
<PAGE>
A Cert.
Month Balance Principal Interest
----- ------- --------- --------
29. 22,339,219 1,480,696 124,658
30. 20,898,134 1,441,085 116,909
31. 19,498,219 1,399,914 109,367
32. 18,138,139 1,360,080 102,041
33. 16,819,875 1,318,265 94,923
34. 15,547,045 1,272,830 88,024
35. 14,319,871 1,227,174 81,363
36. 13,138,709 1,181,162 74,941
37. 12,006,387 1,132,321 68,759
38. 10,918,916 1,087,471 62,833
39. 9,876,991 1,041,925 57,142
40. 8,880,288 996,703 51,690
41. 7,937,393 942,896 46,474
42. 7,043,895 893,498 41,539
43. 6,203,893 840,002 36,863
44. 5,410,389 793,505 32,467
45. 4,665,839 744,550 28,314
46. 3,968,537 697,302 24,418
47. 3,327,366 641,171 20,769
48. 2,740,639 586,727 17,413
49. 2,205,517 535,122 14,343
50. 1,716,964 488,553 11,542
51. 1,277,850 439,114 8,985
52. 900,795 377,055 6,687
53. 611,114 289,681 4,714
54. 401,154 209,959 3,198
55. 259,333 141,822 2,099
56. 153,304 106,029 1,357
57. 81,128 72,176 802
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION SALES REPRESENTATIVE IMMEDIATELY.
<PAGE>
A Cert.
Month Balance Principal Interest
----- ------- --------- --------
58. 35,739 45,389 425
59. 11,055 24,685 187
60. 0 11,055 58
61. 0 0 0
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION SALES REPRESENTATIVE IMMEDIATELY.
