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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 1998-1 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 1998-1 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 20th day of January,
1998.
HARRIS TRUST AND SAVINGS BANK
By: 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: 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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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.& securites sold under agreements to repurchase ................. $2,896,616
Trading Liabilities .......................................................................... 81,381
Other borrowed money:
$ 991,442
a. With remaining maturity of one year or less .............................................. $ 0
b. With remaining maturity of more than one year
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
===========================
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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