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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
Statement of Eligibility
Under the Trust Indenture Act of 1939
of a Corporation Designated to Act as
Trustee
Check if an Application to Determine
Eligibility of a Trustee Pursuant to Section
305(b)(2) _______________
HARRIS TRUST AND SAVINGS BANK
(Name of Trustee)
Illinois 36-1194448
(State of Incorporation) (I.R.S. Employer Identification No.)
111 West Monroe Street, Chicago, Illinois 60603
(Address of principal executive offices)
Keith R. Richardson, Harris Trust and Savings Bank,
111 West Monroe Street, Chicago, Illinois, 60603
312-461-2647
(Name, address and telephone number for agent for service)
National Auto Finance 1997-1 Trust
(Name of obligor)
Delaware 9999
(State of Incorporation) (Primary Standard Industrial
Classification Code Number)
621 NW 53rd Street
One Park Place-Suite 200
Boca Raton, FL 33487
(Address of principal executive offices)
National Auto Finance 1997-1 Trust Automobile Receivables-Backed Notes
(Title of indenture securities)
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1. GENERAL INFORMATION. Furnish the following information as to the Trustee:
(a) Name and address of each examining or supervising authority to
which it is subject.
Commissioner of Banks and Trust Companies, State of Illinois,
Springfield, Illinois; Chicago Clearing House Association, 164
West Jackson Boulevard, Chicago, Illinois; Federal Deposit
Insurance Corporation, Washington, D.C.; The Board of
Governors of the Federal Reserve System,Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers.
Harris Trust and Savings Bank is authorized to exercise
corporate trust powers.
2. AFFILIATIONS WITH OBLIGOR. If the Obligor is an affiliate of the Trustee,
describe each such affiliation.
The Obligor is not an affiliate of the Trustee.
3. thru 15.
NO RESPONSE NECESSARY
16. LIST OF EXHIBITS.
1. A copy of the articles of association of the Trustee is now in
effect which includes the authority of the trustee to commence
business and to exercise corporate trust powers.
A copy of the Certificate of Merger dated April 1, 1972 between
Harris Trust and Savings Bank, HTS Bank and Harris Bankcorp, Inc.
which constitutes the articles of association of the Trustee as
now in effect and includes the authority of the Trustee to
commence business and to exercise corporate trust powers was filed
in connection with the Registration Statement of Louisville Gas
and Electric Company, File No. 2-44295, and is incorporated herein
by reference.
2. A copy of the existing by-laws of the Trustee.
A copy of the existing by-laws of the Trustee was filed in
connection with the Registration Statement of Commercial Federal
Corporation; File No. 333-20711, and is incorporated herein by
reference.
3. The consents of the Trustee required by Section 321(b) of the Act.
(included as Exhibit A on page 2 of this statement)
4. A copy of the latest report of condition of the Trustee
published pursuant to law or the requirements of its
supervising or examining authority.
(included as Exhibit B on page 3 of this statement)
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee,
HARRIS TRUST AND SAVINGS BANK, a corporation organized and existing under the
laws of the State of Illinois, has duly caused this statement of eligibility to
be signed on its behalf by the undersigned, thereunto duly authorized, all in
the City of Chicago, and State of Illinois, on the 18th day of July, 1997.
HARRIS TRUST AND SAVINGS BANK
By: /s/ Keith R. Richardson
--------------------------------
Keith R. Richardson
Assistant Vice President
EXHIBIT A
The consents of the trustee required by Section 321(b) of the Act.
Harris Trust and Savings Bank, as the Trustee herein named, hereby consents that
reports of examinations of said trustee by Federal and State authorities may be
furnished by such authorities to the Securities and Exchange Commission upon
request therefor.
HARRIS TRUST AND SAVINGS BANK
By: /s/ Keith R. Richardson
--------------------------------
Keith R. Richardson
Assistant Vice President
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EXHIBIT B
Attached is a true and correct copy of the statement of condition of Harris
Trust and Savings Bank as of March 31, 1997, as published in accordance with a
call made by the State Banking Authority and by the Federal Reserve Bank of the
Seventh Reserve District.
[logo] HARRIS BANK
Harris Trust and Savings Bank
111 West Monroe Street
Chicago, Illinois 60603
of Chicago, Illinois, And Foreign and Domestic Subsidiaries, at the close of
business on March 31, 1997, a state banking institution organized and operating
under the banking laws of this State and a member of the Federal Reserve System.
Published in accordance with a call made by the Commissioner of Banks and Trust
Companies of the State of Illinois and by the Federal Reserve Bank of this
District.
Bank's Transit Number 71000288
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THOUSANDS
ASSETS OF DOLLARS
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Cash and balances due from depository institutions:
Non-interest bearing balances and currency and coin............... $1,594,951
Interest bearing balances......................................... $620,847
Securities:.....................................................................
a. Held-to-maturity securities $0
b. Available-for-sale securities $3,674,321
Federal funds sold and securities purchased under agreements to resell in
domestic offices of the bank and of its Edge and Agreement subsidiaries,
and in IBF's:
Federal funds sold................................................ $447,375
Securities purchased under agreements to resell................... $0
Loans and lease financing receivables:
Loans and leases, net of unearned income.......................... $8,499,011
LESS: Allowance for loan and lease losses........................ $110,978
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Loans and leases, net of unearned income, allowance, and reserve
(item 4.a minus 4.b).............................................. $8,388,033
Assets held in trading accounts................................................. $126,309
Premises and fixed assets (including capitalized leases)........................ $188,993
Other real estate owned......................................................... $446
Investments in unconsolidated subsidiaries and associated companies............. $53
Customer's liability to this bank on acceptances outstanding.................... $66,859
Intangible assets............................................................... $292,918
Other assets.................................................................... $495,997
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TOTAL ASSETS $15,897,102
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<TABLE>
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LIABILITIES
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Deposits:
In domestic offices........................................................ $8,252,773
Non-interest bearing.............................................. $3,414,150
Interest bearing.................................................. $4,838,623
In foreign offices, Edge and Agreement subsidiaries, and IBF's............. $1,989,792
Non-interest bearing.............................................. $54,391
Interest bearing.................................................. $1,935,401
Federal funds purchased and securities sold under agreements to repurchase
in domestic offices of the bank and of its Edge and Agreement subsidiaries,
and in IBF's:
Federal funds purchased & securities sold under agreements to repurchase... $2,896,616
Trading Liabilities............................................................. 81,381
Other borrowed money:
a. With remaining maturity of one year or less................................. $991,442
b. With remaining maturity of more than one year............................... $0
Bank's liability on acceptances executed and outstanding........................ $66,859
Subordinated notes and debentures............................................... $310,000
Other liabilities............................................................... $138,427
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TOTAL LIABILITIES $14,727,290
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EQUITY CAPITAL
Common stock.................................................................... $100,000
Surplus......................................................................... $600,566
a. Undivided profits and capital reserves...................................... $519,518
b. Net unrealized holding gains (losses) on available-for-sale securities ..... ($50,272)
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TOTAL EQUITY CAPITAL $1,169,812
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Total liabilities, limited-life preferred stock, and equity capital............. $15,897,102
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I, Steve Neudecker, Vice President of the above-named bank, do hereby
declare that this Report of Condition has been prepared in conformance with the
instructions issued by the Board of Governors of the Federal Reserve System and
is true to the best of my knowledge and belief.
STEVE NEUDECKER
4/30/97
We, the undersigned directors, attest to the correctness of this Report
of Condition and declare that it has been examined by us and, to the best of our
knowledge and belief, has been prepared in conformance with the instructions
issued by the Board of Governors of the Federal Reserve System and the
Commissioner of Banks and Trust Companies of the State of Illinois and is true
and correct.
EDWARD W. LYMAN,
ALAN G. McNALLY,
MARIBETH S. RAHE
Directors.
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