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):
May 15, 1996
Banc One Auto Grantor Trust 1996 - A
(Exact name of registrant as specified in its charter)
New York
(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
Item 5. Other Events
On May 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 at Corporate 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 April 15, 1996 through May 14, 1996 and for the Collection Period
from April 1, 1996 through April 30, 1996.
Item 7. Exhibits
See page 4 for Exhibit Index
EXHIBIT INDEX
Exhibit Description Page
99.1 Monthly Statements and Additional Information ........... 5 - 13
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: May 15, 1996 By: s\Jeff Stewart
Name: 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 April 15, 1996 through May 14, 1996
Collection Period April 01, 1996 through April 30, 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\Christopher Klimko
Jeff Stewart
Vice President Secretary
Bank One, Texas, N.A. Bank One, Texas, N.A.
A. ORIGINAL DEAL PARAMETER INPUTS
(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
(J) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage 1.75%
(of Initial Certificate 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% charge-off 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 9.00%
Balance
B. INPUTS FROM PREVIOUS MONTHLY
SERVICER REPORTS
(A) Total Receivable Balance $517,252,305.80
(B) Total Certificate Balance $517,252,305.80
(C) Total Certificate Pool Factor 0.9622820
(D) Class A Certificates
(i) Class A Certificate Balance $493,977,851.75
(ii) Class A Certificate Pool Factor 0.9622820
(E) Class B Certificates
(i) Class B Certificate Balance $23,274,454.05
(ii) Class B Certificate Pool Factor 0.9622820
(F) Reserve Fund Balance 11,658,440.77
(G) Cumulative Net Losses for All Prior Periods 61,138.26
(H) Charge-off Rate for Second Preceding Period 0.00%
(I) Charge-off Rate for Preceding Period 0.14%
(J) Delinquency Percentage for Second Preceding Period 0.00%
(K) Delinquency Percentage for Preceding Period 0.49%
(L) Weighted Average Coupon (WAC) 11.640%
(M) Weighted Average Remaining Maturity (WAM) 49.70 months
(N) Number of Receivables 40,682
C. INPUTS FROM THE MAINFRAME
(A) Simple Interest Receivables Principal
(i) Principal Collections 20,211,995.56
(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 5,080,752.61
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.63%
(D) Weighted Average Remaining Maturity (WAM) 48.92 months
(E) Remaining Number of Receivables 39,693
(F) Delinquent Receivables Dollar Amount # Units
(i) 30-59 Days Delinquent 7,598,244 1.53% 597
(ii) 60-89 Days Delinquent 2,113,660 0.43% 153
(iii) 90 Days or More 803,065 0.17% 57
Delinquent
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Reserve Fund Investment Income 50,526.38
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - 956,753.53
Principal
(ii) Realized Losses for Collection Period 949,172.61
(B)(i)(C)(i)
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 7,580.92
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 0.00
E. COLLECTIONS
Interest Collections:
(A) Interest Payments Received 5,080,752.61
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds Related to Interest 0.00
(D) Recoveries from Prior Month Charge Offs 0.00
(E) Interest Collections 5,080,752.61
Principal Collections:
(F) Principal Payments Received 20,211,995.56
(G) Liquidation Proceeds Related to Principal 7,580.92
(H) Repurchased Loan Proceeds Related to Principal 0.00
(I) Other Refunds Related to Principal 0.00
(J) Principal Collections 20,219,576.48
(K) Total Collections 25,300,329.09
F. DISTRIBUTABLE AMOUNTS
(A) Servicing Fee:
(i) Servicing Fee $431,043.59
(ii) Prior Collection Period unpaid Servicing Fees 0.00
(iii) Total Servicing Fee $431,043.59
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest 2,511,054.08
(ii) Class A prior period Interest Carryover 0.00
Shortfall
(iii) Class A Interest Distribution 2,511,054.08
(C) Class B Certificates
(i) Class B Monthly Interest $121,221.11
(ii) Class B prior period Interest Carryover 0.00
Shortfall
(iii) Class B Interest Distribution $121,221.11
(D) Total Certificate Interest Distribution 2,632,275.19
(E) Total Certificate Interest Distribution plus 3,063,318.78
Total Servicing Fee
F. DISTRIBUTABLE AMOUNTS
Principal:
(F) Principal Collections 20,219,576.48
(G) Realized Losses 949,172.61
(H) Total Monthly Principal 21,168,749.09
(I) Class A Certificates
(i) Class A Monthly Principal 20,216,233.13
(ii) Class A prior period Principal
Carryover Shortfall 0.00
(iii) Class A Principal Distribution 20,216,233.13
(J) Class B Certificates
(i) Class B Monthly Principal 952,515.96
(ii) Class B prior period Principal Carryover 0.00
Shortfall
(iii) Class B Principal Distribution 952,515.96
(K) Total Principal Distribution 21,168,749.09
(L) Total Interest and Principal Distribution 24,232,067.87
Amounts plus Servicing Fee
G. DISTRIBUTIONS
(A) Total Interest Collections available to be
distributed 5,080,752.61
(B) Class B Percentage of Principal Collections 909,806.68
(C) Servicing Fee:
(i) Total Servicing Fee 431,043.59
(ii) Servicing Fee paid 431,043.59
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be 4,649,709.02
distributed after Servicing Fee paid
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 2,511,054.08
(ii) Class A Interest Distribution paid from
Interest Collections after Servicing Fee 2,511,054.08
(iii) Total Interest Collections available after 2,138,654.94
Class A Interest Distribution paid
(iv) Class A Interest Distribution remaining to be
paid 0.00
(v) Class A Interest Distribution paid from Class 0.00
B Percentage of Principal Collections
(vi) Class A Interest Distribution remaining to be 0.00
paid
(vii) Class A Interest Distribution paid from Reserve 0.00
Fund
(viii) Class A Interest Carryover Shortfall 0.00
(ix) Class A Interest Distribution paid 2,511,054.08
(F) Class B Certificates
(i) Class B Interest Distribution 121,221.11
(ii) Class B Interest Distribution paid from
Interest Collections after Class A Interest 121,221.11
Interest Distribution
(iii) Total Interest Collections available after 2,017,433.83
Class B Interest Distribution paid
(iv) Class B Interest Distribution remaining to be 0.00
paid
(v) Class B Interest Distribution paid from Reserve 0.00
Fund
(vi) Class B Interest Carryover Shortfall 0.00
(vii) Class B Interest Distribution paid 121,221.11
(G) Total Interest Paid 2,632,275.19
(H) Total Interest and Servicing Fee Paid 3,063,318.78
(I) Total Interest Collections available after 2,017,433.83
Servicing Fee and Class A and Class B Interest
Distribution paid
Total Collections available to be distributed:
(J) Total Principal Collections 20,219,576.48
(K) Excess Interest 2,017,433.83
(L) Less: Class B Percentage of Principal Collections 0.00
used to pay Class A Interest Distribution
(M) Total Collections available to be distributed as 22,237,010.31
principal
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 20,216,233.13
(ii) Class A Principal Distribution paid from 20,216,233.13
total Collections available to be
distributed
(iii) Total Collections available after Class A 2,020,777.18
Principal Distribution paid
(iv) Class A Principal Distribution remaining 0.00
be paid
(v) Class A Principal Distribution paid from 0.00
Reserve Fund
(vi) Class A Principal Carryover Shortfall 0.00
(vii) Total Class A Principal Distribution paid 20,216,233.13
(O) Class B Certificates
(i) Class B Principal Distribution 952,515.96
(ii) Class B Principal Distribution paid from 952,515.96
total Collections available to be distributed
(iii) Total Collections available after Class B 1,068,261.22
Principal Distribution paid
(iv) Class B Principal Distribution remaining to 0.00
be paid
(v) Class B Principal Distribution paid from Reserve 0.00
Fund
(vi) Class B Principal Carryover Shortfall 0.00
(vii) Total Class B Principal Distribution paid 952,515.96
(P) Total Excess Cash to the Reserve Fund 1,068,261.22
H. POOL BALANCE AND PORTFOLIO
INFORMATION
Beginning End
of Period of Period
(A) Balances and Pool Factors
(i) Aggregate Balance of 517,252,305.80 496,083,556.71
Certificates
(ii) Aggregate Certificate 0.9622820 0.9229003
Pool Factor
(iii) Class A Principal Balance 493,977,851.75 473,761,618.62
(iv) Class A Pool Factor 0.9622820 0.9229003
(v) Class B Principal Balance 23,274,454.05 22,321,938.09
(vi) Class B Pool Factor 0.9622820 0.9229003
(B) Pool Information
(i) Weighted Average Coupon 11.64% 11.63%
(WAC)
(ii) Weighted Average Remaining 49.70 months 48.92 months
Maturity (WAM)
(iii) Remaining Number of 40,682 39,693
Receivables
(iv) Pool Balance 517,252,305.80 496,083,556.71
I. RECONCILIATION OF RESERVE ACCOUNT
(A) Beginning Reserve Acount Balance 11,658,440.77
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 11,658,440.77
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 11,658,440.77
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 11,658,440.77
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 11,658,440.77
(J) Total excess Collections deposited in the Reserve 1,068,261.22
Fund
(K) Reserve Fund Balance 12,726,701.99
(L) Specified Reserve Account Balance 19,843,342.27
(M) Reserve Account Release to Seller 0.00
(N) Ending Reserve Account Balance 12,726,701.99
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $7,580.92
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 0.00
(B) Realized Losses for Collection Period 949,172.61
(C) Charge-off Rate for Collection Period (annualized) 2.25%
(D) Cumulative Net Losses for all Periods 1,010,310.87
(E) Delinquent Receivables
Dollar Amount # Units
(i) 30-59 Days Delinquent 7,598,244 1.53% 597
(ii) 60-89 Days Delinquent 2,113,660 0.43% 153
(iii) 90 Days or More Delinquent 803,065 0.17% 57
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
(A) Charge-off Rate
(i) Second Preceding Collection Period N/A
(ii) Preceding Collection Period 0.14%
(iii) Current Collection Period 2.25%
(iv) Three Month Average (Avg(i,ii,iii)) N/A
(B) Delinquency Percentages
(i) Second Preceding Collection Period N/A
(ii) Preceding Collection Period 0.49%
(iii) Current Collection Period 0.60%
(iv) Three Month Average (Avg(i,ii,iii)) N/A
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
L. STATEMENT TO CERTIFICATEHOLDERS
Per $1,000 of
Original Principal
(A) Amount of distribution allocable Dollars ($) Balance
to principal
(i) Class A Certificates 20,216,233.13 39.3817609
(ii) Class B Certificates 952,515.96 39.3817609
Per $1,000 of
Original Principal
(B) Amount of distribution allocable Dollars ($) Balance
to interest:
(i) Class A Certificates 2,511,054.08 4.8916003
(ii) Class B Certificates 121,221.11 5.0118855
(C) Pool Balance as of the close of business 496,083,556.71
on the last day of the Collection Period
(D) Amount of the Servicing Fee paid
to the Servicer with respect to Per $1,000 of
the related Collection Period Original Principal
Dollars ($) Balance
(i) Total Servicing Fee 431,043.59
(ii) Class A Percentage of the Servicing 411,648.21 0.8019017
Fee
(iii) Class B Percentage of the Servicing 19,395.38 0.8019017
Fee
Per $1,000 of
Original Principal
Dollars ($) Balance
(E) (i) Class A Interest Carryover Shortfall 0.00 0.00
(ii) Class A Principal Carryover Shortfall 0.00 0.00
(iii) Class B Interest Carryover Shortfall 0.00 0.00
(iv) Class B Principal Carryover Shortfall 0.00 0.00
Change with respect to immediately preceding
Distribution Date:
(v) Class A Interest Carryover Shortfall 0.00 0.00
(vi) Class A Principal Carryover Shortfall 0.00 0.00
(vii) Class B Interest Carryover Shortfall 0.00 0.00
(viii) Class B Principal Carryover Shortfall 0.00 0.00
(F) Pool factors for each class of certificates, after giving
effect to all payments allocated to principal Pool Factor
(i) Class A Pool Factor 0.9229003
(ii) Class B Pool Factor 0.9229003
(G) Amount of the aggregate Realized Losses, if any, $949,172.61
for such Collection Period ($)
(H) Aggregate principal balance of all Receivables which $2,916,724.89
were 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 12,726,701.99
Distribution 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
Principal Balance
(i) Class A Principal Balance 473,761,618.62
(ii) Class B Principal Balance 22,321,938.09
(K) Amount otherwise distributable to the Class B
Certificateholders that is being distributed to the
Class A Certificateholders on such Distribution Date $0.00
(L) Aggregate Purchase Amount of Receivables
repurchased by the Seller or purchased by the
Servicer with respect to the Related Collection $0.00
Period ($)
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 431,043.59
(ii) Servicing Fees retained by the Seller 431,043.59
(iii) Servicing Fees to be distributed to the Seller $0.00
on the Distribution Date (i-ii)
(B) Withdraw from the Collection Account and deposit in
the Class A Distribution Account:
(i) for the Class A Interest Distribution 2,511,054.08
(ii) for the Class A Principal Distribution 20,216,233.13
(iii) Total (i+ii) 22,727,287.21
(C) Withdraw from the Collection Account and deposit
in the Class B Distribution Account:
(i) for the Class B Interest Distribution 121,221.11
(ii) for the Class B Principal Distribution 952,515.96
(iii) Total (i+ii) 1,073,737.08
(D) Withdraw excess Collections from the Collection 1,068,261.22
Account and 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 0.00
Interest 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 0.00
Principal 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 0.00
Interest Distribution over the portion of
Interest Collections remaining after the
distribution of the Class A Interest
Distribution
(ii) Amount equal to the excess of the Class B 0.00
Principal Distribution over the portion of
Principal Collections 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
