UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): DECEMBER 15, 1998
BOATMEN'S AUTO TRUST 1995-A
---------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
UNITED STATES
OF AMERICA 33-95450 43-6617959
---------- -------- ----------
(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION
BOATMEN'S AUTO TRUST 1995-A
TRANSAMERICA SQUARE
NC1-021-03-07
401 NORTH TRYON STREET
CHARLOTTE, NORTH CAROLINA 28255
(704) 386-5000
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
----------------------------------------
REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE: (704) 386-5000
<PAGE>
ITEM 5. OTHER EVENTS
-------------
THE REGISTRANT HEREBY INCORPORATES BY REFERENCE THE INFORMATION
CONTAINED IN EXHIBIT 99 HERETO IN RESPONSE TO THIS ITEM 5.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND
---------------------------------------------------------
EXHIBITS
-------
(C) EXHIBITS
99 MONTHLY SERVICING REPORT FOR NATIONSBANK, N.A., BOATMEN'S AUTO
TRUST 1995-A
<PAGE>
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES AND EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED HEREUNTO DULY AUTHORIZED.
BOATMEN'S AUTO TRUST 1995-A
-----------------------------
(REGISTRANT)
DATED: December 29, 1998 BY: /S/SUZANNE W. CASTLEBERRY
---------------------------
NAME: SUZANNE W. CASTLEBERRY
TITLE: VICE PRESIDENT
NATIONSBANK, N.A.
(DULY AUTHORIZED OFFICER)
<PAGE>
INDEX TO EXHIBITS
-----------------
EXHIBIT
NUMBER EXHIBIT
- ------ -------
99 MONTHLY SERVICING REPORT FOR NATIONSBANK,N.A., BOATMEN'S AUTO TRUST
1995-A
<TABLE>
<CAPTION>
NATIONSBANK, N.A. EXHIBIT 99
MONTHLY SERVICING REPORT -- BOATMEN'S AUTO TRUST 1995-A
NOVEMBER 1, 1998 THROUGH NOVEMBER 30, 1998
<S> <C> <C>
A. ORIGINAL DEAL PARAMETER INPUTS
- ---------------------------------
(A) Total Portfolio Balance $303,441,223.00
(B) Class A-1 Notes
(i) Class A-1 Notes Percentage 28.11%
(ii) Class A-1 Notes Balance $ 85,300,000.00
(iii) Class A-1 Notes Rate 5.7725%
(C) Class A-2 Notes
(i) Class A-2 Notes Percentage 34.41%
(ii) Class A-2 Notes Balance $104,427,000.00
(iii) Class A-2 Notes Rate 5.90%
(D) Class A-3 Notes
(i) Class A-3 Notes Percentage 33.47%
(ii) Class A-3 Notes Balance $101,576,574.00
(iii) Class A-3 Notes Rate 6.10%
(E) Class B Certificates
(i) Class B Certificates Percentage 4.00%
(ii) Class B Certificates Balance $ 12,137,649.00
(iii) Class B Certificates Rate 6.35%
(F) Servicing Fee Rate 1.00%
(G) Weighted Average Coupon (WAC) 8.51%
(H) Weighted Average Original Maturity (WAOM) 54.09 months
(I) Weighted Average Remaining Maturity (WAM) 42.79 months
(J) Number of Receivables 32,378
(K) Reserve Account
(i) Reserve Account Initial Deposit Percentage 2.00%
(ii) Reserve Account Initial Deposit $ 6,068,825.00
(iii) Specified Reserve Account Balance (K(iii)(c) if 1.25%
loss and delinq triggers hit - otherwise greater of K(iii)(a or b))
(a) Percent of Initial Pool Balance 2.00%
(b) Percent of Remaining Pool Balance 3.25%
(c) Trigger Percent of Remaining Pool Balance 6.00%
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
(A) Total Portfolio Balance $ 22,351,956.67
(B) Total Note and Certificate Pool Factor 0.0736616
(C) Class A-1 Notes
(i) Class A-1 Notes Balance $ 0.00
(ii) Class A-1 Notes Pool Factor 0.0000000
(D) Class A-2 Notes
(i) Class A-2 Notes Balance $ 0.00
(ii) Class A-2 Notes Pool Factor 0.0000000
(E) Class A-3 Notes
(i) Class A-3 Notes Balance $ 10,214,307.67
(ii) Class A-3 Notes Pool Factor 0.1005577
(F) Class B Certificates
(i) Class B Certificates Balance $ 12,137,649.00
(ii) Class B Certificates Pool Factor 1.0000000
(G) Reserve Account Balance $ 1,341,117.40
(H) Cumulative Net Losses for All Prior Periods 2,019,150.44
(I) Net Loss Ratio for Second Preceding Period 1.15%
(J) Net Loss Ratio for Preceding Period 1.01%
(K) Delinquency Ratio for Second Preceding Period 1.09%
(L) Delinquency Ratio for Preceding Period 1.45%
(M) Weighted Average Coupon (WAC) 8.77%
(N) Weighted Average Remaining Maturity (WAM) 14.56 months
(O) Number of Receivables 6,532
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections $ 2,122,829.72
(ii) Not Used 0.00
(iii) Repurchased Loan Proceeds Related to Principal 0.00
(iv) Other Refunds Related to Principal 0.00
(B) Simple Interest Receivables Interest
(i) Interest Collections 151,508.24
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 8.78%
(D) Weighted Average Remaining Maturity (WAM) 13.82 months
(E) Remaining Number of Receivables 6,145
(F) Delinquent Receivables
</TABLE>
<TABLE>
<CAPTION>
Dollar Amount # Units
------------- -------
<S> <C> <C> <C> <C>
(i) 30-59 Days Delinquent 847,283 4.20% 210 3.42%
(ii) 60-89 Days Delinquent 233,095 1.15% 49 0.80%
(iii) 90 Days or More Delinquent 76,720 0.38% 22 0.36%
(G) Repossessions
Dollar Amount # Units
------------- -------
28,842 0.14% 11 0.18%
</TABLE>
<TABLE>
<CAPTION>
D. INPUTS DERIVED FROM OTHER SOURCES
- -----------------------------------------
<S> <C>
(A) Reserve Account Investment Income $ 13,629.70
(B) Aggregate Net Losses before Liquidation Proceeds and
Recoveries for Collection Period (see note) 47,602.94
(C) Liquidated Receivables Information
(i) Not Used 0.00
(ii) Not Used 0.00
(iii) Recoveries on Previously Liquidated Contracts 21,902.30
(D) Aggregate Net Losses for Collection Period 25,700.64
(E) Actual Number of Days in Interest Period 29
I. COLLECTIONS
- --------------
Interest:
(A) Interest Collections $ 151,508.24
(B) Not Used 0.00
(C) Repurchased Loan Proceeds Related to Interest 0.00
(D) Recoveries from Prior Month Charge Offs 21,902.30
(E) Investment Earnings from the Reserve Account 13,629.70
(F) Total Interest Collections 187,040.24
Principal:
(G) Principal Payments Received $2,122,829.72
(H) Not Used 0.00
(I) Repurchased Loan Proceeds Related to Principal 0.00
(J) Other Refunds Related to Principal 0.00
(K) Total Principal Collections 2,122,829.72
(L) Total Collections $2,309,869.96
</TABLE>
<TABLE>
<CAPTION>
II. DISTRIBUTIONS
- ------------------
Original Balance
-----------------
<S> <C> <C>
(A) Total Interest Collections $ 187,040.24
(B) Servicing Fee $ 18,626.63 0.06
Interest Per $1,000 of
(C) Class A-1 Notes Monthly Interest Original Balance
-----------------
(i) Class A-1 Notes Monthly Interest Due $ 0.00 0
(ii) Class A-1 Notes Monthly Interest Paid (after reserve fund draw) 0.00 0
-----------------
(iii) Class A-1 Notes Monthly Interest Shortfall (after reserve fund draw) $ 0.00 0
(D) Class A-2 Notes Monthly Interest
(i) Class A-2 Notes Monthly Interest Due $ 0.00 0
(ii) Class A-2 Notes Monthly Interest Paid (after reserve fund draw) 0.00 0
-----------------
(iii) Class A-2 Notes Monthly Interest Shortfall (after reserve fund draw) $ 0.00 0
(E) Class A-3 Notes Monthly Interest
(i) Class A-3 Notes Monthly Interest Due $ 51,922.73 0.511168359
(ii) Class A-3 Notes Monthly Interest Paid (after reserve fund draw) 51,922.73 0.511168359
-----------------
(iii) Class A-3 Notes Monthly Interest Shortfall (after reserve fund draw) $ 0.00 0
(F) Class B Certificates Monthly Interest
(i) Class B Certificates Monthly Interest Due $ 64,228.39 5.291666667
(ii) Class B Certificates Monthly Interest Paid (after reserve fund draw) 64,228.39 5.291666667
-----------------
(iii) Class B Certificates Monthly Interest Shortfall (after reserve fund draw) $ 0.00 0
(G) Total Note and Certificate Interest Paid (after reserve fund draw) $ 116,151.12
(H) Excess Interest $ 52,262.49
Principal
(I) Total Principal Collections $ 2,122,829.72
(J) Draw on Reserve Fund for realized losses 47,602.94
(K) Total Amount Available for Principal Distribution $ 2,170,432.66 Per $1,000 of
(L) Class A-1 Notes Monthly Principal Original Balance
-----------------
(i) Class A-1 Notes Monthly Principal Due 0.00 0
(ii) Class A-1 Notes Monthly Principal Paid (after reserve fund draw) 0.00 0
-----------------
(iii) Class A-1 Notes Monthly Principal Shortfall (after reserve fund draw) 0.00 0
(M) Class A-2 Notes Monthly Principal
(i) Class A-2 Notes Monthly Principal Due 0.00 0
(ii) Class A-2 Notes Monthly Principal Paid (after reserve fund draw) 0.00 0
-----------------
(iii) Class A-2 Notes Monthly Principal Shortfall (after reserve fund draw) 0.00 0
(N) Class A-3 Notes Monthly Principal
(i) Class A-3 Notes Monthly Principal Due 2,170,432.66 21.36745289
(ii) Class A-3 Notes Monthly Principal Paid (after reserve fund draw) 2,170,432.66 21.36745289
-----------------
(iii) Class A-3 Notes Monthly Principal Shortfall (after reserve fund draw) 0.00 0
(O) Class B Certificates Monthly Principal
(i) Class B Certificates Monthly Principal Due 0.00 0
(ii) Class B Certificates Monthly Principal Paid (after reserve fund draw) 0.00 0
-----------------
(iii) Class B Certificates Monthly Principal Shortfall (after reserve fund draw) 0.00 0
(P) Total Note and Certificate Principal Paid 2,170,432.66
(Q) Total Distributions 2,305,210.41
(R) Excess Servicing Releases from Reserve Account to Servicer 134,885.51
(S) Amount of Draw from Reserve Account 47,602.94
(T) Draw from Reserve Account plus Total Available Amount 2,357,472.90
</TABLE>
<TABLE>
<CAPTION>
III. POOL BALANCES AND PORTFOLIO INFORMATION
- -------------------------------------------------
<C> <S> <C> <C> <C>
Beginning End
of Period of Period
--------------- ---------------
(A) Balances and Principal Factors
(i) Total Portfolio Balance 22,351,956.67 $20,181,524.01
(ii) Total Note and Certificate Pool Factor 0.0736616 0.0665088
(iii) Class A-1 Notes Balance 0.00 0.00
(iv) Class A-1 Notes Pool Factor 0.0000000 0.0000000
(v) Class A-2 Notes Balance 0.00 0.00
(vi) Class A-2 Notes Pool Factor 0.0000000 0.0000000
(vii) Class A-3 Notes Balance 10,214,307.67 8,043,875.01
(viii) Class A-3 Notes Pool Factor 0.1005577 0.0791903
(ix) Class B Certificates Balance 12,137,649.00 12,137,649.00
(x) Class B Certificate Pool Factor 1.0000000 1.0000000
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 8.77% 8.78%
(ii) Weighted Average Remaining Maturity (WAM) 14.56 months 13.82 months
(iii) Remaining Number of Receivables 6,532 6,145
(iv) Portfolio Receivable Balance 22,351,956.67 $20,181,524.01
</TABLE>
<TABLE>
<CAPTION>
IV. RECONCILIATION OF RESERVE ACCOUNT
- -----------------------------------------
<S> <C>
(A) Beginning Reserve Account Balance $1,341,117.40
(B) Draw for Realized losses 47,602.94
(C) Draw for Servicing Fee 0.00
(D) Draw for Class A-1 Notes Interest Amount 0.00
(E) Draw for Class A-2 Notes Interest Amount 0.00
(F) Draw for Class A-3 Notes Interest Amount 0.00
(G) Draw for Class B Certificates Interest Amount 0.00
(H) Total Draw for Losses, Servicing, Notes and Certificates 47,602.94
(I) Excess Interest 52,262.49
(J) Reserve Account Balance Prior to Release 1,345,776.95
(K) Reserve Account Required Amount 1,210,891.44
(L) Final Reserve Account Required Amount 1,210,891.44
(M) Reserve Account Release to Servicer 134,885.51
(N) Ending Reserve Account Balance 1,210,891.44
V. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
(A) Aggregate Net Losses before Liquidation Proceeds and
Recoveries for Collection Period $ 47,602.94
(B) Liquidated Contracts
(i) Not Used 0.00
(ii) Not Used 0.00
(iii) Recoveries on Previously Liquidated Contracts 21,902.30
(C) Aggregate Net Losses for Collection Period 25,700.64
(D) Net Loss Ratio for Collection Period (annualized) 1.45%
(E) Cumulative Net Losses for all Periods 2,044,851.08
(F) Delinquent Receivables
</TABLE>
<TABLE>
<CAPTION>
Dollar Amount # Units
------------- -------
<S> <C> <C> <C> <C>
(i) 30-59 Days Delinquent 847,283 4.20% 210 3.42%
(ii) 60-89 Days Delinquent 233,095 1.15% 49 0.80%
(iii) 90 Days or More Delinquent 76,720 0.38% 22 0.36%
(G) Repossessions
Dollar Amount # Units
------------- -------
28,842 0.14% 11 0.18%
</TABLE>
<TABLE>
<CAPTION>
VI. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- -------------------------------------------------------------------
<S> <C>
(A) Ratio of Net Losses to the Average Pool Balance
(i) Second Preceding Collection Period 1.15%
(ii) Preceding Collection Period 1.01%
(iii) Current Collection Period 1.45%
(iv) Three Month Average (Avg(i,ii,iii)) 1.20%
(B) Ratio of Balance of Contracts Delinquent 60 Days or More to the
Outstanding Balance of Receivables.
(i) Second Preceding Collection Period 1.09%
(ii) Preceding Collection Period 1.45%
(iii) Current Collection Period 1.54%
(iv) Three Month Average (Avg(i,ii,iii)) 1.36%
(C) Loss and Delinquency Trigger Indicator Trigger was hit
<FN>
Note: Contemporaneous with the merger of NationsBank Corporation and BankAmerica
Corporation, NationsBank changed the timing of recognition of charge-offs on
delinquent automobile loans in order to standardize its policy. The effect
of this change is that delinquent automobile loans will be charged off at 120
days past due. Recoveries will be realized upon receipt of liquidation
proceeds. The estimated impact of this change is increased charge-offs of
approximately $27,000.00 in November 1998.
The undersigned officers of NationsBank, N.A., as servicer, pursuant to the
Sale and Servicing Agreement hereby certify to the best of their knowledge
and belief that the above information is true and correct.
/s/ William Kinyua /s/ Suzanne W. Castleberry
- -------------------- -----------------------------
William Kinyua Suzanne W. Castleberry
Vice President Vice President
</TABLE>
