SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
(Mark One)
[ x ] Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended DECEMBER 31, 1998
_________________________ or
[ ] Transition Report Pursuant to Section 13 or 15d of the Securities
Exchange Act of 1934
For the transition period from _____________ to ________
Commission file Number 333-28829
National Financial Auto Funding Trust
(Exact name of registrant as specified in its charter)
Delaware not applicable
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
One Park Place
621 N.W. 53rd Street 33487
Boca Raton, FL
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (800)999-7535
Securities registered pursuant to Section 12(b) of the Act
NONE
Securities registered pursuant to Section 12(g) of the Act
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Act of
1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
x Yes No
PART I
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of the Security Holders.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder matters
The following were Noteholders and Certificateholders of record
as of the end of the reporting year.
National Auto Finance 1998-1 Trust
Series 1998-1 Class A Cede & Co.
Series 1998-1 Class B Cede & Co.
There is no established public trading market for the notes.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosures: Information required by Item 304 of Reg. S-K.
There were no changes in and/or disagreements with Accountants on
Accounting and Financial Disclosures.
PART IV
Item 12. Security Ownership of Certain Beneficial Owners and Management
The Notes are represented by one or more notes registered in the name of
of Cede & Co., the nominee of The Depository Trust Company. An investor
holding Notes is not entitled to receive a certificate representing such
Note, except in limited circumstances. Accordingly, Cede & Co. is the
sole holder of Notes, which it holds on behalf of brokers, dealers,
banks and other participants in the DTC system. Such participants may
hold Notes for their own accounts or for the accounts of their customers.
The address of Cede & Co. is:
Cede & Co.
c/o The Depository Trust Company
Seven Hanover Square
New York, New York 10004
Item 13. Certain Relationships and Related Transactions.
There has not been, and there is not currently proposed, any transactions
or series or transactions, to which any of the Trust, the Registrant,
the Trustee or the Servicer is a party with any Noteholder who, to the
knowledge of the Registrant and Servicer, owns of record or beneficially
more than five percent of the Notes.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable
2. Not Applicable
3. Exhibits
99.1 Annual Summary Statement
99.2 Annual Statement as to Compliance.
99.3 Annual Independent Public
Accountant's Servicing Report.
(b) Reports on Form 8-K
The Registrant has filed Current Reports on Form 8-K
with the Securities and Exchange Commision dated January 21, 1998;
February 23, 1998; March 23, 1998; April 21, 1998; May 21, 1998;
June 22, 1998; July 21, 1998; August 21, 1998, September 21, 1998
October 21, 1998; November 23, 1998 and December 21, 1998
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
National Auto Finance 1998-1 Trust
/s/ Kevin Adams, VP/CFO
Kevin Adams
VP/CFO
First Trust National Association
Date July 15, 1999
EXHIBIT INDEX
Exhibit Number Description
99.1 Annual Summary Statement
99.2 Annual Statement of Compliance
99.3 Report of Independent Accountants
Current Reports on Form 8-K filed during the year ending December 31, 1998
Date Items Reported
January 21, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
February 23, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
March 23, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
April 21, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
May 21, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
June 22, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
July 21, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
August 21, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
September 21, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
October 21, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
November 23, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
December 21, 1998 Monthly Report sent to certificate
holders with the January 1998
distribution
EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance
EXHIBIT 99.3 -- Report of Independent Auditors
To be supplied upon receipt by the Trustee
