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Previous: EXCEL COMMUNICATIONS INC, SC 13D, 1996-08-23 |
Next: MORRISON HEALTH CARE INC, DEF 14A, 1996-08-23 |
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):
August 15, 1996
Banc One Auto Grantor Trust 1996 - A
(Issuer with report to the Certificates)
Bank One, Texas, N.A.
(Exact name of registrant as specified in its charter)
United States
(State or other jurisdiction of organization)
333-1092
333-1092-01 75-2270994
(Commission File Number) (IRS Employer Identification Number)
c/o Bank One, Texas, N.A., as Servicer, 1717 Main Street,
Attn: Jeff Stewart, Dallas, Texas 75201
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(214) 290-7437
<PAGE>
Item 5. Other Events
On August 15, 1996, the Banc One Auto Grantor Trust 1996-A (the "Trust")
made a regular monthly distribution of principal and/or interest to holders of
the Trust's Class A 6.10% Asset Backed Certificates and Class B 6.25% Asset
Backed Certificates. Exhibit 99.1 of this Form 8-K, the Monthly Statement and
certain additional information, was distributed to the Certificateholders of
record. This report on Form 8-K is being filed in accordance with a no-action
letter dated August 16, 1995 issued by the staff of the Division of Corporation
Finance of the Securities and Exchange Commission to Bank One, Texas, N.A., as
originator and servicer of Bank One Auto Trust 1995-A. Consistent with such
No-action letter, the Trust is hereby filing the Monthly Statement and certain
additional information reflecting the Trust's activities for the Interest Period
from July 15, 1996 through August 14, 1996 and for the Collection Period from
July 1, 1996 through July 31, 1996.
Item 7. Exhibits
See page 4 for Exhibit Index
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
99.1 Monthly Statements and Additional Information....................... 5-13
<PAGE>
SIGNATURE
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 hereunto duly authorized.
BANC ONE AUTO GRANTOR TRUST 1996-A
By: Bank One, Texas, N.A., as Servicer on
behalf of the Trust
Date: August 9, 1996 By: /s/Jeff Stewart
Title: Vice President
Servicer's Certificate
(Pursuant to Section 3.9
of the Pooling and Servicing
Agreement, dated March 1, 1996)
Banc One Auto Trust 1996-A
Interest Period July 15, 1996 through August 14, 1996
Collection Period July 1, 1996 through July 31, 1996
The undersigned officer of Bank One, Texas N.A., pursuant to the Pooling and
Servicing Agreement, as Servicer, does hereby certify to the best of his
knowledge and belief that the attached information is true and correct.
Signed by: /s/Jeff Stewart Attested: /s/Ron DiGiacomo
Jeff Stewart Ron DiGiacomo
Vice President Assistant Secretary
Bank One, Texas, N.A. Bank One, Texas, N.A.
<PAGE>
Banc One Auto Grantor Trust 1996-A
Determination Date Statement
Collection Period July 1, 1996 through July 31, 1996
Distribution Date August 15, 1996
<TABLE>
<CAPTION>
A. ORIGINAL DEAL PARAMETER INPUTS
- -----------------------------------
<S> <C>
(A) Total Receivable Balance $537,526,728.62
(B) Total Certificate Balance $537,526,728.62
(C) Class A Certificates
(i) Class A Percentage 95.50%
(ii) Original Class A Principal Balance 513,340,000.00
(iii) Class A Pass-Through Rate 6.10%
(D) Class B Certificates
(i) Class B Percentage 4.50%
(ii) Original Class B Principal Balance $24,186,728.62
(iii) Class B Pass-Through Rate 6.25%
(E) Servicing Fee Rate (per annum) 1.00%
(F) Weighted Average Coupon (WAC) 11.649%
(G) Weighted Average Original Maturity (WAOM) 59.75 months
(H) Weighted Average Remaining Maturity (WAM) 50.62 months
(I) Number of Receivables 41,508.00
(J) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage (of initial Certificate 1.75%
Balance)
(ii) Reserve Fund Initial Deposit $9,406,717.75
(iii) Specified Reserve Balance:
(a) On any Distribution Date: The greater of J(iii)(b or c)
if 1.75% chargeoff and delinquency triggers not hit -
otherwise J(iii)(d)
(b) Percent of Initial Certificate Balance 1.50%
(c) Percent of Remaining Certificate Balance 4.00%
(d) Trigger Percent of Remaining Certificate Balance 9.00%
<PAGE>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
(A) Total Receivable Balance $456,370,753.57
(B) Total Certificate Balance $456,370,753.57
(C) Total Certificate Pool Factor 0.8490196
(D) Class A Certificates
(i) Class A Certificate Balance $435,835,745.77
(ii) Class A Certificate Pool Factor 0.8490196
(E) Class B Certificates
(i) Class B Certificate Balance 20,535,007.80
(ii) Class B Certificate Pool Factor 0.8490196
(F) Reserve Fund Balance 14,063,737.56
(G) Cumulative Net Losses for All Prior Periods 3,151,940.86
(H) Charge-off Rate for Second Preceding Period 2.47%
(I) Charge-off Rate for Preceding Period 2.80%
(J) Delinquency Percentage for Second Preceding Period 0.63%
(K) Delinquency Percentage for Preceding Period 0.76%
(L) Weighted Average Coupon (WAC) 11.610%
(M) Weighted Average Remaining Maturity (WAM) 47.32 months
(N) Number of Receivables 37,001
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 18,814,833.54
(ii) Prepayments in Full 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 4,605,147.35
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.60%
(D) Weighted Average Remaining Maturity (WAM) 46.47 months
(E) Remaining Number of Receivables 36,808
(F) Delinquent Receivables Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent 8,372,560 1.92% 701
(ii) 60-89 Days Delinquent 2,652,399 0.81% 212
(iii) 90 Days or More Delinquent 1,017,610 0.24% 88
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income 62,935.23
(B) Collection Account Investment Income 18,176.68
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 1,240,738.53
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) 1,196,277.16
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 44,461.37
(ii) Liquidation Proceeds Related to Interest 252.11
(iii) Recoveries from Prior Month Charge Offs 138,907.48
<PAGE>
E. COLLECTIONS
- --------------
Interest Collections:
(A) Interest Payments Received 4,605,147.35
(B) Liquidation Proceeds Related to Interest 252.11
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 138,907.48
---------------
(E) Interest Collections 4,744,306.94
Principal Collections:
(F) Principal Payments Received $18,814,833.54
(G) Liquidation Proceeds Related to Principal 44,461.37
(H) Other Refunds Related to Principal 0.00
---------------
(I) Principal Collections 18,859,294.91
(J) Total Collections $23,603,601.85
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee:
(i) Servicing Fee $380,308.96
(ii) Prior Collection Period unpaid Servicing Fees 0.00
---------------
(iii) Total Servicing Fee $380,308.96
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $2,215,498.37
(ii) Class A prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class A Interest Distribution $2,215,498.37
(C) Class B Certificates
(i) Class B Monthly Interest $106,953.17
(ii) Class B prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class B Interest Distribution $106,953.17
(D) Total Certificate Interest Distribution $2,322,451.54
(E) Total Certificate Interest Distribution plus Total Servicing Fee $2,702,760.50
F. DISTRIBUTABLE AMOUNTS
- ------------------------
Principal:
(F) Principal Collections $18,859,294.91
(G) Realized Losses 1,196,277.16
---------------
(H) Total Monthly Principal $20,055,572.07
(I) Class A Certificates
(i) Class A Monthly Principal 19,153,144.98
(ii) Class A prior period Principal Carryover Shortfall 0.00
---------------
(iii) Class A Principal Distribution 19,153,144.98
(J) Class B Certificates
(i) Class B Monthly Principal 902,427.09
(ii) Class B prior period Principal Carryover Shortfall 0.00
---------------
(iii) Class B Principal Distribution 902,427.09
(K) Total Principal Distribution 20,055,572.07
(L) Total Interest and Principal Distribution Amounts 22,758,332.57
plus Servicing Fee
<PAGE>
G. DISTRIBUTIONS
- ----------------
(A) Total Interest Collections available to be distributed 4,744,306.94
(B) Class B Percentage of Principal Collections 848,599.01
(C) Servicing Fee:
(i) Total Servicing Fee 380,308.96
(ii) Servicing Fee paid 380,308.96
---------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed 4,363,997.98
after Servicing Fee paid
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 2,215,498.37
(ii) Class A Interest Distribution paid from Interest Collections 2,215,498.37
after Servicing Fee
(iii) Total Interest Collections available after Class A 2,148,499.60
Interest Distribution paid
(iv) Class A Interest Distribution remaining to be paid 0.00
(v) Class A Interest Distribution paid from Class B Percentage 0.00
of Principal Collections
(vi) Class A Interest Distribution remaining to be paid 0.00
(vii) Class A Interest Distribution paid from Reserve Fund 0.00
(viii) Class A Interest Carryover Shortfall 0.00
(ix) Class A Interest Distribution paid 2,215,498.37
(F) Class B Certificates
(i) Class B Interest Distribution 106,953.17
(ii) Class B Interest Distribution paid from Interest Collections 106,953.17
after Class A Interest Distribution
(iii) Total Interest Collections available after Class B 2,041,546.44
Interest Distribution paid
(iv) Class B Interest Distribution remaining to be paid 0.00
(v) Class B Interest Distribution paid from Reserve Fund 0.00
(vi) Class B Interest Carryover Shortfall 0.00
(vii) Class B Interest Distribution paid 106,953.17
(G) Total Interest Paid 2,322,451.54
(H) Total Interest and Servicing Fee Paid 2,702,760.50
(I) Total Interest Collections available after Servicing Fee and Class 2,041,546.44
A and Class B Interest Distribution paid
Total Collections available to be distributed:
(J) Total Principal Collections 18,859,294.91
(K) Excess Interest 2,041,546.44
(L) Less: Class B Percentage of Principal Collections used to pay 0.00
Class A Interest Distribution
(M) Total Collections available to be distributed as principal 20,900,841.35
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 19,153,144.98
(ii) Class A Principal Distribution paid from total Collections 19,153,144.98
available to be distributed
(iii) Total Collections available after Class A Principal Distribution 1,747,696.36
paid
(iv) Class A Principal Distribution remaining to be paid 0.00
(v) Class A Principal Distribution paid from Reserve Fund 0.00
(vi) Class A Principal Carryover Shortfall 0.00
(vii) Total Class A Principal Distribution paid 19,153,144.98
(O) Class B Certificates
(i) Class B Principal Distribution 902,427.09
(ii) Class B Principal Distribution paid from total Collections 902,427.09
available to be distributed
(iii) Total Collections available after Class B Principal Distribution 845,269.28
paid
(iv) Class B Principal Distribution remaining to be paid 0.00
(v) Class B Principal Distribution paid from Reserve Fund 0.00
(vi) Class B Principal Carryover Shortfall 0.00
(vii) Total Class B Principal Distribution paid 902,427.09
(P) Total Excess Cash to the Reserve Fund 845,269.28
<PAGE>
H. POOL BALANCE AND PORTFOLIO INFORMATION Beginning End
- ----------------------------------------- of Period of Period
(A) Balances and Pool Factors -------------- --------------
(i) Aggregate Balance of Certificates 456,370,753.57 436,315,181.50
(ii) Aggregate Certificate Pool Factor 0.8490196 0.8117088
(iii) Class A Principal Balance 435,835,745.77 416,682,600.79
(iv) Class A Pool Factor 0.8490196 0.8117088
(v) Class B Principal Balance 20,535,007.80 19,632,580.71
(vi) Class B Pool Factor 0.8490196 0.8117088
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.61% 11.60%
(ii) Weighted Average Remaining Maturity (WAM) 47.32 months 46.47 months
(iii) Remaining Number of Receivables 37,001 36,808
(iv) Pool Balance $456,370,753.57 $436,315,181.50
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance 14,063,737.56
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 14,063,737.56
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 14,063,737.56
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 14,063,737.56
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 14,063,737.56
(J) Total excess Collections deposited in the Reserve Fund 845,269.28
---------------
(K) Reserve Fund Balance 14,909,006.84
(L) Specified Reserve Account Balance 39,268,366.34
(M) Reserve Account Release to Seller 0.00
---------------
(N) Ending Reserve Account Balance 14,909,006.84
===============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $44,461.37
(ii) Liquidation Proceeds Related to Interest 252.11
(iii) Recoveries on Previously Liquidated Contracts 138,907.48
(B) Realized Losses for Collection Period 1,196,277.16
(C) Charge-off Rate for Collection Period (annualized) 2.84%
(D) Cumulative Net Losses for all Periods 4,348,218.02
(E) Delinquent Receivables
Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent 8,372,560.42 1.92% 701
(ii) 60-89 Days Delinquent 2,652,399.00 0.61% 212
(iii) 90 Days or More Delinquent 1,017,609.99 0.24% 88
<PAGE>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 2.47%
(ii) Preceding Collection Period 2.80%
(iii) Current Collection Period 2.84%
(iv) Three Month Average (Avg(i,ii,iii)) 2.70%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.63%
(ii) Preceding Collection Period 0.76%
(iii) Current Collection Period 0.85%
(iv) Three Month Average (Avg(i,ii,iii)) 0.75%
(C) Loss and Delinquency Trigger Indicator Trigger was hit
<PAGE>
L. STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------
Per $1,000 of
(A) Amount of distribution allocable to principal: Original Principal
Dollars ($) Balance
----------- ------------------
(i) Class A Certificates 19,153,144.98 37.3108368
(ii) Class B Certificates 902,427.09 37.3108368
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
----------- ------------------
(i) Class A Certificates 2,215,498.37 4.3158499
(ii) Class B Certificates 106,953.17 4.4219773
(C) Pool Balance as of the close of business on the last day of the 436,315,181.50
Collection Period --------------
Per $1,000 of
Original Principal
(D) Amount of the Servicing Fee paid to the Servicer with respect Dollars ($) Balance
to the related Collection Period ----------- ------------------
(i) Total Servicing Fee 380,308.96
(ii) Class A Percentage of the Servicing Fee 363,196.45 0.7075164
(ii) Class B Percentage of the Servicing Fee 17,112.51 0.7075164
Per $1,000 of
Original Principal
Dollars ($) Balance
----------- ------------------
(E) (i) Class A Interest Carryover Shortfall 0.00 0.000000
(ii) Class A Principal Carryover Shortfall 0.00 0.000000
(iii) Class B Interest Carryover Shortfall 0.00 0.000000
(iv) Class B Principal Carryover Shortfall 0.00 0.000000
Change with respect to immediately preceding Distribution Date:
(v) Class A Interest Carryover Shortfall 0.00 0.000000
(vi) Class A Principal Carryover Shortfall 0.00 0.000000
(vii) Class B Interest Carryover Shortfall 0.00 0.000000
(viii) Class B Principal Carryover Shortfall 0.00 0.000000
(F) Pool factors for each class of certificates, after giving effect to
all payment allocated to principal Pool Factor
-----------
(i) Class A Pool Factor 0.8117088
(ii) Class B Pool Factor 0.8117088
(G) Amount of the aggregate Realized Losses, if any, for such
Collection Period ($) $1,196,277.16
-------------
(H) Aggregate principal balance of all Receivables which were $3,670,008.99
more than 60 days delinquent as of the close of business
on the last day of the preceding Collection Period
(I) Amount on deposit in the Reserve Fund on such Distribution $14,909,006.84
Date, after giving effect to distributions made on such --------------
Distribution Date
(J) Aggregate outstanding principal balances for each class of
certificates, after giving effect to all payments allocated to Principal Balance
principal -----------------
(i) Class A Principal Balance 416,682,600.79
(ii) Class B Principal Balance 19,632,580.71
(K) Amount otherwise distributable to the Class B 0.00
Certificateholders that is being distributed to the Class A
Certificateholders on such Distribution Date
(L) Aggregate Purchase Amount of Receivables repurchased by 0.00
the Seller or purchased by the Servicer with respect to the ------------
Related Collection Period ($)
<PAGE>
M. INSTRUCTIONS TO THE TRUSTEE
- ------------------------------
On the Distribution Date, make the following deposits and distributions:
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $380,308.96
(ii) Servicing Fees retained by the Seller 380,308.96
(iii) Servicing Fees to be distributed to the Seller on the ------------
Distribution Date (i-ii) 0.00
--------------
(B) Withdraw from the Collection Account and deposit in the Class A Distribution
Account:
(i) for the Class A Interest Distribution $2,215,498.37
(ii) for the Class A Principal Distribution 19,153,144.98
-------------
(iii) Total (i+ii) $21,368,643.36
--------------
(C) Withdraw from the Collection Account and deposit in the
Class B Distribution Account:
(i) for the Class B Interest Distribution $106,953.17
(ii) for the Class B Principal Distribution 902,427.09
------------
(iii) Total (i+ii) $1,009,380.25
-------------
(D) Withdraw excess Collections from the Collection Account and $845,269.28
deposit in the Reserve Fund -----------
(E) Withdraw from the Reserve Fund and deposit in the Class A Distribution
Account:
(i) Amount equal to the excess of the Class A Interest $0.00
Distribution over the sum of Interest Collections and
the Class B Percentage of Principal Collections
(ii) Amount equal to the excess of the Class A Principal 0.00
Distribution over the portion of Principal Collections -----------
and Interest Collections remaining after the distribution of
the Class A Interest Distribution and the Class B Interest
Distribution
(iii) Total 0.00
---------
(F) Withdraw from the Reserve Fund and deposit in the Class B Distribution
Account:
(i) Amount equal to the excess of the Class B Interest
Distribution over the portion of Interest Collections $0.00
remaining after the distribution of the Class A Interest
Distribution
(ii) Amount equal to the excess of the Class B Principal 0.00
and Interest Collections remaining after the distribution of the -----------
Class A Interest Distribution, the Class B Interest Distribution,
and the Class A Principal Distribution
(iii) Total 0.00
---------
</TABLE>
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