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Previous: EINSTEIN NOAH BAGEL CORP, 424B3, 1996-09-30 |
Next: DECISIONONE HOLDINGS CORP, 10-K, 1996-09-30 |
<PAGE> 1
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):
September 16, 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> 2
ITEM 5. OTHER EVENTS
On September 16, 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 August 15,
1996 through September 15, 1996 and for the
Collection Period from August 1, 1996 through
August 31, 1996.
ITEM 7. EXHIBITS
See page 4 for Exhibit Index
<PAGE> 3
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: September 16, 1996 By: \s\Jeff Stewart
------------------ ---------------
Name: Jeff Stewart
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description Page
- ------- ----------- ----
<C> <C>
99.1 Monthly Statements and Additional Information...................................... 5-13
</TABLE>
<PAGE> 1
EXHIBIT 99.1
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 August 15, 1996 through September 15, 1996
Collection Period August 1, 1996 through August 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: Jeff Stewart Attested: Ron DiGiacomo
Jeff Stewart Assistant Secretary
Vice President Bank One, Texas, N.A.
Bank One, Texas, N.A.
<PAGE> 2
<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 513340000
(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) 11.65%
(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 (of initial Certificate Balance) 1.75%
(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 Balance 9.00%
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
<S> <C> <C> <C>
(A) Total Receivable Balance $436,315,181.50
(B) Total Certificate Balance $436,315,181.50
(C) Total Certificate Pool Factor 0.8117088
(D) Class A Certificates
(i) Class A Certificate Balance $416,682,600.79
(ii) Class A Certificate Pool Factor 0.8117088
(E) Class B Certificates
(i) Class B Certificate Balance $19,632,580.71
(ii) Class B Certificate Pool Factor 0.8117088
(F) Reserve Fund Balance 14,909,006.84
(G) Cumulative Net Losses for All Prior Periods 4,348,218.02
(H) Charge-off Rate for Second Preceding Period 2.80%
(I) Charge-off Rate for Preceding Period 2.84%
(J) Delinquency Percentage for Second Preceding Period 0.76%
(K) Delinquency Percentage for Preceding Period 0.85%
(L) Weighted Average Coupon (WAC) 11.60%
(M) Weighted Average Remaining Maturity (WAM) 46.47 months
(N) Number of Receivables 36,808
C. INPUTS FROM THE MAINFRAME
(A) Simple Interest Receivables Principal
(i) Principal Collections 17,428,038
(ii) Prepayments in Full 0
(iii) Repurchased Loan Proceeds Related to Principal 0
(iv) Other Refunds Related to Principal 0
(B) Simple Interest Receivables Interest
(i) Interest Collections 4,119,102
(ii) Repurchased Loan Proceeds Related to Interest 0
(C) Weighted Average Coupon (WAC) 11.59%
(D) Weighted Average Remaining Maturity (WAM) 45.68 months
(E) Remaining Number of Receivables 35877
(F) Delinquent Receivables Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent 9,230,688 2.21% 744
(ii) 60-89 Days Delinquent 2,455,204 0.59% 199
(iii) 90 Days or More Delinquent 1,419,197 0.34% 116
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Reserve Fund Investment Income 63,889
(B) Collection Account Investment Income 13,645
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 1,387,812
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) 1,324,259
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 63,553
(ii) Liquidation Proceeds Related to Interest 0
(iii) Recoveries from Prior Month Charge Offs 131,810
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
E. COLLECTIONS
Interest Collections:
(A) Interest Payments Received 4,119,102.38
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 131,809.54
--------------
(E) Interest Collections 4,250,911.92
Principal Collections:
(F) Principal Payments Received $17,428,037.72
(G) Liquidation Proceeds Related to Principal 63,552.64
(H) Other Refunds Related to Principal 0.00
--------------
(I) Principal Collections 17,491,590.36
(J) Total Collections $21,742,502.28
F. DISTRIBUTABLE AMOUNTS
(A) Servicing Fee :
(i) Servicing Fee $ 363,595.98
(ii) Prior Collection Period unpaid Servicing Fees $ 0.00
--------------
(iii) Total Servicing Fee $ 363,595.98
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $ 2,118,136.55
(ii) Class A prior period Interest Carryover Shortfall 0
--------------
(iii) Class A Interest Distribution $ 2,118,136.55
(C) Class B Certificates
(i) Class B Monthly Interest $ 102,253.02
(ii) Class B prior period Interest Carryover Shortfall 0
--------------
(iii) Class B Interest Distribution $ 102,253.02
(D) Total Certificate Interest Distribution $2,220,389.58
(E) Total Certificate Interest Distribution plus Total Servicing Fee $2,583,985.56
F. DISTRIBUTABLE AMOUNTS
Principal:
(F) Principal Collections $17,491,590.36
(G) Realized Losses 1,324,259.42
--------------
(H) Total Monthly Principal $18,815,849.78
(I) Class A Certificates
(i) Class A Monthly Principal 17,969,205.64
(ii) Class A prior period Principal Carryover Shortfall 0
--------------
(iii) Class A Principal Distribution 17,969,205.64
(J) Class B Certificates
(i) Class B Monthly Principal 846,644.14
(ii) Class B prior period Principal Carryover Shortfall 0
-------------
(iii) Class B Principal Distribution 846,644.14
(K) Total Principal Distribution 18,815,849.78
(L) Total Interest and Principal Distribution Amounts 21,399,835.34
plus Servicing Fee
</TABLE>
<PAGE> 5
G. DISTRIBUTIONS
<TABLE>
<S> <C>
(A) Total Interest Collections available to be distributed 4,250,911.92
(B) Class B Percentage of Principal Collections 787,057.33
(C) Servicing Fee :
(i) Total Servicing Fee 363,595.98
(ii) Servicing Fee paid 363,595.98
------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 3,887,315.94
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 2,118,136.55
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 2,118,136.55
(iii) Total Interest Collections available after Class A Interest Distribution paid 1,769,179.38
(iv) Class A Interest Distribution remaining to be paid 0.00
(v) Class A Interest Distribution paid from Class B Percentage of Principal Collections 0.00
(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 2,118,136.55
(F) Class B Certificates
(i) Class B Interest Distribution 102,253.02
(ii) Class B Interest Distribution paid from Interest Collections after Class A Interest Distribution 102,253.02
(iii) Total Interest Collections available after Class B Interest Distribution paid 1,666,926.36
(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 102,253.02
(G) Total Interest Paid 2,220,389.58
(H) Total Interest and Servicing Fee Paid 2,583,985.56
(I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest Distribution paid 1,666,926.36
Total Collections available to be distributed:
(J) Total Principal Collections 17,491,590.36
(K) Excess Interest 1,666,926.36
(L) Less: Class B Percentage of Principal Collections used to pay Class A Interest Distribution 0.00
(M) Total Collections available to be distributed as principal 19,158,516.72
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 17,969,205.64
(ii) Class A Principal Distribution paid from total Collections available to be distributed 17,969,205.64
(iii) Total Collections available after Class A Principal Distribution paid 1,189,311.07
(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 17,969,205.64
(O) Class B Certificates
(i) Class B Principal Distribution 846,644.14
(ii) Class B Principal Distribution paid from total Collections available to be distributed 846,644.14
(iii) Total Collections available after Class B Principal Distribution paid 342,666.94
(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 846,644.14
(P) Total Excess Cash to the Reserve Fund 342,666.94
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
H. POOL BALANCE AND PORTFOLIO INFORMATION
Beginning End
of Period of Period
------------------- --------------------
<S> <C> <C> <C>
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates 436,315,181.50 $417,499,331.72
(ii) Aggregate Certificate Pool Factor 0.8117088 0.7767043
(iii) Class A Principal Balance 416,682,600.79 398,713,395.15
(iv) Class A Pool Factor 0.8117088 0.7767043
(v) Class B Principal Balance 19,632,580.71 18,785,936.57
(vi) Class B Pool Factor 0.8117088 0.7767043
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.60% 11.59%
(ii) Weighted Average Remaining Maturity (WAM) 46.47 months 45.68 months
(iii) Remaining Number of Receivables 36,808.00 35,877.00
(iv) Pool Balance 436,315,181.50 $417,499,331.72
I. RECONCILIATION OF RESERVE ACCOUNT
(A) Beginning Reserve Account Balance 14,909,006.84
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 14,909,006.84
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 14,909,006.84
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 14,909,006.84
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 14,909,006.84
(J) Total excess Collections deposited in the
Reserve Fund 342,868.94
---------------
(K) Reserve Fund Balance 15,251,673.78
(L) Specified Reserve Account Balance 37,574,939.85
(M) Reserve Account Release to Seller 0.00
---------------
(N) Ending Reserve Account Balance 15,251,673.78
===============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $ 63,552.64
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 131,809.54
(B) Realized Losses for Collection Period 1,324,268.42
(C) Charge-off Rate for Collection Period (annualized) 0.03
(D) Cumulative Net Losses for all Periods 5,672,477.44
(E) Delinquent Receivables
Dollar Amount # Units
------------- ------------------
(i) 30-59 Days Delinquent 9,230,688.19 2.21% 744
(ii) 60-89 Days Delinquent 2,455,204.47 0.59% 199
(iii) 90 Days or More Delinquent 1,419,197.28 0.34% 116
</TABLE>
<PAGE> 7
<TABLE>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
<S> <C> <C>
(A) Charge-off Rate
(i) Second Preceding Collection Period 2.80%
(ii) Preceding Collection Period 2.84%
(iii) Current Collection Period 3.35%
(iv) Three Month Average (Avg(i,ii,iii)) 3.00%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.76%
(ii) Preceding Collection Period 0.85%
(iii) Current Collection Period 0.93%
(iv) Three Month Average (Avg(i,ii,iii)) 0.85%
(C) Loss and Delinquency Trigger Indicator Trigger was hit
</TABLE>
<PAGE> 8
<TABLE>
L. STATEMENT TO CERTIFICATEHOLDERS
<S> <C> <C>
Per $1,000 of
Original Principal
(A) Amount of distribution allocable to principal: Dollars ($) Balance
--------------- ---------------
(i) Class A Certificates 17,969,205.64 35.00
(ii) Class B Certificates 846,644.14 35.00
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
--------------- ---------------
(i) Class A Certificates 2,118,136.55 4.1261865
(ii) Class B Certificates 102,253.02 4.2276501
(C) Pool Balance as of the close of business on
the last day of the Collection Period $417,499,331.72
---------------
Per $1,000 of
(D) Amount of the Servicing Fee paid to the Servicer Original Principal
with respect to the related Collection Period Dollars ($) Balance
--------------- ---------------
(i) Total Servicing Fee 363,595.98
(ii) Class A Percentage of the Servicing Fee 347,235.50 0.67642400874985
(ii) Class B Percentage of the Servicing Fee 16,360.48 0.67642400874985
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 0.776704319058239
(ii) Class B Pool Factor 0.776704318710936
(G) Amount of the aggregate Realized Losses, if any, for
such Collection Period ($) $1,324,259.42
---------------
(H) Aggregate principal balance of all Receivables which were
more than 60 days delinquent as of the close of business
on the last day of the preceding Collection Period $3,874,401.75
(I) Amount on deposit in the Reserve Fund on such Distribution
after giving effect to distributions
made on such Distribution Date $15,251,673.78
---------------
(J) Aggregate outstanding principal balances for each class of
certificates, after giving effect to all payments allocate
principal Principal Balance
-----------------
(I) Class A Principal Balance 398,713,395.15
(ii) Class B Principal Balance 18,785,936.57
(K) Amount otherwise distributable to the Class B Certificate
that is being distributed to the Class A Certificateholder
such Distribution Date $0.00
(L) Aggregate Purchase Amount of Receivables repurchased by t
or purchased by the Servicer with respect to the Related
Period ($) $0.00
---------------
</TABLE>
<PAGE> 9
<TABLE>
M. INSTRUCTIONS TO THE TRUSTEE
On the Distribution Date, make the following deposits and distributions:
<S> <C> <C> <C>
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $ 363,595.98
(ii) Servicing Fees retained by the Seller 363,595.98
-------------
(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 $ 2,118,136.55
(ii) for the Class A Principal Distribution 17,969,205.64
--------------
(iii) Total (i+ii) $20,087,342.20
--------------
(C) Withdraw from the Collection Account and deposit in the Class B Distribution
Account:
(i) for the Class B Interest Distribution $ 102,253.02
(ii) for the Class B Principal Distribution 846,644.14
--------------
(iii) Total (i+ii) $948,897.16
--------------
(D) Withdraw excess Collections from the Collection Account and deposit in the
Reserve Fund $342,666.94
--------------
(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 Distribution over
the sum of Interest Collections and the Class B Percentage
of Principal Collections $ 0.00
(ii) Amount equal to the excess of the Class A 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 $ 0.00
--------------
(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 remaining after the distribution
of the Class A Interest Distribution $ 0.00
(ii) Amount equal to the excess of the Class B 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 $ 0.00
--------------
(iii) Total $0.00
-----
</TABLE>
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