<PAGE> 1
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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, 1997
----------------------
NATIONAL FINANCIAL AUTO FUNDING TRUST
(Exact name of registrant as specified in its charter)
DELAWARE 33-28829 9999
(State of organization) (Commission File No.) (Primary Standard Industrial
Classification Code Number)
One Park Place
621 N.W. 53rd Street
Boca Raton, FL 33487
(800) 999-7535
(Address and telephone number of Registrant's principal executive offices)
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Item 5. OTHER EVENTS
Description of the Notes 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.
33-28829, in connection with the Funding Trust's issuance of a series of Notes,
entitled National Auto Finance 1997-1 Trust Automobile Receivables-Backed Notes,
Series 1997-1 (the "Notes"), to be issued pursuant to an Indenture, dated as of
June 29, 1997, between (i) National Auto Finance 1997-1 Trust (the "Trust"), a
Delaware business trust formed pursuant to a Trust Agreement dated as of June
29, 1997 between Funding Trust, as depositor, and Wilmington Trust Company, as
Owner Trustee, and (ii) Harris Trust and Savings Bank, as Trustee and Trust
Collateral Agent. The Notes designated as the Series 1997-1 Notes will be
secured by trust property 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 June 29, 1997
(the "Cut-off Date") of approximately $66,156,163.54 and certain additional
Receivables to the extent purchased by the Trust on or prior to October 30, 1997
with funds deposited in a Pre-Funding Account in the amount of approximately
$6,689,091.18.
Computational Materials
First Union Capital Markets Corp., as underwriter of the Notes (the
"Underwriter") has provided certain prospective purchasers of Notes 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 Notes and the hypothetical characteristics and
hypothetical performance of the Notes under certain assumptions and scenarios,
based on collateral information provided by National Auto Finance Company, Inc.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit No. Description
- ----------- -----------
99 Computational Materials (as defined in Item 5) that have been
provided by National Auto Finance Company, Inc. to certain
prospective purchasers of National Auto Finance 1997-1 Trust
Automobile Receivables-Backed Notes.
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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: July 17, 1997
NATIONAL FINANCIAL AUTO FUNDING TRUST
By: /s/ Keith B. Stein
----------------------------
Name: Keith B. Stein
Title: Secretary
<PAGE> 4
INDEX TO EXHIBITS
Sequentially
Exhibit No. Description Numbered Page
- ----------- ----------- -------------
99 Computational Materials (as defined in
Item 5) that have been provided to certain
prospective purchasers of National Auto
Finance 1997-1 Trust Automobile
Receivables-Backed Notes
<PAGE> 1
EXHIBIT 99
National Auto Finance 1997-1 Trust
Par Amount: 66,891,200
Coupon: 6.41%
Accrued Int: 0
Settlement Date: 07/23/97
1st Pay Date: 08/21/97
BALANCE PRINCIPAL INTEREST
------- --------- --------
0 66,891,200
1 65,089,604 1,801,596 333,490
2 63,255,308 1,834,296 347,687
3 61,389,086 1,866,222 337,889
4 59,491,739 1,897,347 327,920
5 57,564,101 1,927,638 317,785
6 55,653,946 1,910,155 307,488
7 53,761,336 1,892,609 297,285
8 51,887,059 1,874,278 287,175
9 50,032,037 1,855,022 277,163
10 48,196,671 1,835,365 267,254
11 46,381,445 1,815,227 257,451
12 44,588,311 1,793,134 247,754
13 42,817,224 1,771,087 238,176
14 41,069,064 1,748,160 228,715
15 39,345,180 1,723,884 219,377
16 37,646,715 1,698,465 210,169
17 35,974,300 1,672,414 201,096
18 34,328,892 1,645,408 192,163
19 32,711,748 1,617,144 183,373
20 31,123,122 1,588,627 174,735
21 29,563,103 1,560,018 166,249
22 28,034,675 1,528,429 157,916
23 26,538,497 1,496,177 149,752
24 25,076,399 1,462,099 141,760
25 23,649,644 1,426,755 133,950
26 22,257,248 1,392,396 126,329
27 20,900,682 1,356,566 118,891
28 19,579,273 1,321,409 111,644
29 18,295,869 1,283,405 104,586
30 17,055,712 1,240,156 97,730
31 15,855,671 1,200,041 91,106
32 14,697,085 1,158,586 84,696
33 13,581,498 1,115,588 78,507
34 12,508,283 1,073,214 72,548
35 11,476,099 1,032,184 66,815
36 10,490,583 985,516 61,301
37 9,552,370 938,213 56,037
38 8,658,577 893,793 51,026
39 7,812,540 846,038 46,251
40 7,010,891 801,648 41,732
41 6,253,251 757,640 37,450
42 5,541,821 711,430 33,403
43 4,879,122 662,699 29,603
44 4,259,600 619,522 26,063
45 3,686,321 573,279 22,753
46 3,158,639 527,682 19,691
47 2,671,877 486,762 16,872
48 2,230,896 440,981 14,272
49 1,833,965 396,930 11,917
50 1,472,567 361,399 9,796
51 1,150,712 321,855 7,866
52 867,551 283,161 6,147
53 631,515 236,035 4,634
54 443,076 188,440 3,373
55 301,282 141,794 2,367
56 193,285 107,997 1,609
57 111,095 82,190 1,032
58 53,554 57,540 593
59 15,884 37,670 286
60 0 15,884 85
Total 66,891,200 7,462,786
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Price/Yield Table CONFIDENTIAL
Prepayment Speed
A Note
<TABLE>
<CAPTION>
0.00% 1.00% 1.50% 1.70% 2.00%
ABS ABS ABS ABS ABS
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
99.500000 6.729% 6.781% 6.817% 6.835% 6.865%
99.515625 6.722% 6.772% 6.807% 6.825% 6.854%
Security Price 99.531250 6.715% 6.763% 6.797% 6.814% 6.842%
99.546875 6.707% 6.754% 6.787% 6.803% 6.831%
99.562500 6.700% 6.745% 6.777% 6.793% 6.819%
99.578125 6.693% 6.736% 6.767% 6.782% 6.807%
99.593750 6.686% 6.727% 6.757% 6.771% 6.796%
99.609375 6.678% 6.718% 6.747% 6.761% 6.784%
99.625000 6.671% 6.709% 6.737% 6.750% 6.773%
99.640625 6.664% 6.700% 6.727% 6.740% 6.761%
99.656250 6.656% 6.692% 6.717% 6.729% 6.750%
99.671875 6.649% 6.683% 6.707% 6.718% 6.738%
99.687500 6.642% 6.674% 6.697% 6.708% 6.727%
99.703125 6.634% 6.665% 6.687% 6.697% 6.715%
99.718750 6.627% 6.656% 6.677% 6.687% 6.703%
99.734375 6.620% 6.647% 6.667% 6.676% 6.692%
99.750000 6.613% 6.638% 6.656% 6.665% 6.680%
99.765625 6.605% 6.629% 6.646% 6.655% 6.669%
99.781250 6.598% 6.620% 6.636% 6.644% 6.657%
99.796875 6.591% 6.612% 6.626% 6.634% 6.646%
99.812500 6.583% 6.603% 6.616% 6.623% 6.634%
99.828125 6.576% 6.594% 6.606% 6.612% 6.623%
99.843750 6.569% 6.585% 6.596% 6.602% 6.611%
99.859375 6.562% 6.576% 6.586% 6.591% 6.600%
99.875000 6.554% 6.567% 6.576% 6.581% 6.588%
99.890625 6.547% 6.558% 6.566% 6.570% 6.577%
99.906250 6.540% 6.549% 6.556% 6.560% 6.565%
99.921875 6.533% 6.541% 6.546% 6.549% 6.554%
99.937500 6.525% 6.532% 6.536% 6.538% 6.542%
99.953125 6.518% 6.523% 6.526% 6.528% 6.531%
99.968750 6.511% 6.514% 6.516% 6.517% 6.519%
99.984375 6.504% 6.505% 6.506% 6.507% 6.508%
100.000000 6.496% 6.496% 6.496% 6.496% 6.496%
100.015625 6.489% 6.487% 6.486% 6.486% 6.485%
100.031250 6.482% 6.479% 6.476% 6.475% 6.473%
100.046875 6.474% 6.470% 6.466% 6.465% 6.462%
100.062500 6.467% 6.461% 6.456% 6.454% 6.450%
100.078125 6.460% 6.452% 6.446% 6.444% 6.439%
100.093750 6.453% 6.443% 6.436% 6.433% 6.427%
100.109375 6.446% 6.434% 6.426% 6.423% 6.416%
100.125000 6.438% 6.426% 6.416% 6.412% 6.405%
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Avg Life 2.44 1.98 1.74 1.64 1.50
Mod. Duration 2.15 1.76 1.56 1.48 1.36
</TABLE>
