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Previous: HARTFORD SMALL CO FUND INC, 497, 1996-11-22 |
Next: PCD INC, 4, 1996-11-22 |
<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):
November 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> 2
ITEM 5. OTHER EVENTS
On November 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 October 15,
1996 through November 14, 1996 and for the Collection Period
from October 1, 1996 through October 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: November 11, 1996 By: / s/ Jeff Stewart
Name: Jeff Stewart
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
Exhibit Description Page
- ------- ----------- ----
99.1 Monthly Statements and Additional Information........... 5-13
<PAGE> 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 October 15, 1996 through November 14, 1996
Collection Period October 1, 1996 through October 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: Chris Klimko
Jeff Stewart Secretary
Vice President Bank One, Texas, N.A.
Bank One, Texas, N.A.
<PAGE> 2
BANC ONE AUTO GRANTOR PAGE 1
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD OCTOBER 1, 1996 THROUGH OCTOBER 31, 1996
DISTRIBUTION DATE NOVEMBER 15, 1996
<TABLE>
<S> <C>
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 (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
BANC ONE AUTO GRANTOR PAGE 2
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD OCTOBER 1, 1996 THROUGH OCTOBER 31, 1996
DISTRIBUTION DATE NOVEMBER 15, 1996
<TABLE>
<S> <C> <C> <C>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
(A) Total Receivable Balance $400,147,882.86
(B) Total Certificate Balance $400,147,882.86
(C) Total Certificate Pool Factor 0.7444242
(D) Class A Certificates
(i) Class A Certificate Balance $382,142,697.76
(ii) Class A Certificate Pool Factor 0.7444242
(E) Class B Certificates
(i) Class B Certificate Balance $ 18,005,185.10
(ii) Class B Certificate Pool Factor 0.7444242
(F) Reserve Fund Balance 15,582,254.34
(G) Cumulative Net Losses for All Prior Periods 7,096,830.76
(H) Charge-off Rate for Second Preceding Period 3.35%
(I) Charge-off Rate for Preceding Period 3.65%
(J) Delinquency Percentage for Second Preceding Period 0.93%
(K) Delinquency Percentage for Preceding Period 0.97%
(L) Weighted Average Coupon (WAC) 11.580%
(M) Weighted Average Remaining Maturity (WAM) 44.88 months
(N) Number of Receivables 34,999
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 16,501,704.28
(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 3,810,637.89
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.57%
(D) Weighted Average Remaining Maturity (WAM) 44.05 months
(E) Remaining Number of Receivables 34,104
(F) Delinquent Receivables Dollar Amount # Units
-------------- --------
(i) 30-59 Days Delinquent 10,461,702 2.74% 842
(ii) 60-89 Days Delinquent 2,892,017 0.76% 217
(iii) 90 Days or More Delinquent 1,364,081 0.36% 119
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income 68,820.50
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 1,354,016.69
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) 1,333,466.80
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 20,549.89
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 225,935.65
</TABLE>
<PAGE> 4
BANC ONE AUTO GRANTOR PAGE 3
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD OCTOBER 1, 1996 THROUGH OCTOBER 31, 1996
DISTRIBUTION DATE NOVEMBER 15, 1996
<TABLE>
<S> <C>
E. COLLECTIONS
- --------------
Interest Collections:
(A) Interest Payments Received 3,810,637.89
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 225,935.65
------------
(E) Interest Collections 4,036,573.54
Principal Collections:
(F) Principal Payments Received $16,501,704.28
(G) Liquidation Proceeds Related to Principal 20,549.89
(H) Other Refunds Related to Principal 0.00
------------
(I) Principal Collections 16,522,254.17
(J) Total Collections $20,558,827.71
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee :
(i) Servicing Fee $ 333,456.57
(ii) Prior Collection Period unpaid Servicing Fees 0.00
------------
(iii) Total Servicing Fee $ 333,456.57
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $ 1,942,558.71
(ii) Class A prior period Interest Carryover Shortfall 0.00
------------
(iii) Class A Interest Distribution $ 1,942,558.71
(C) Class B Certificates
(i) Class B Monthly Interest $ 93,777.01
(ii) Class B prior period Interest Carryover Shortfall 0.00
------------
(iii) Class B Interest Distribution $ 93,777.01
(D) Total Certificate Interest Distribution $ 2,036,335.72
(E) Total Certificate Interest Distribution plus Total Servicing Fee $ 2,369,792.29
F. DISTRIBUTABLE AMOUNTS
- ------------------------
Principal:
(F) Principal Collections $16,522,254.17
(G) Realized Losses 1,333,466.80
------------
(H) Total Monthly Principal $17,855,720.97
(I) Class A Certificates
(i) Class A Monthly Principal 17,052,279.10
(ii) Class A prior period Principal Carryover Shortfall 0.00
------------
(iii) Class A Principal Distribution 17,052,279.10
(J) Class B Certificates
(i) Class B Monthly Principal 803,441.87
(ii) Class B prior period Principal Carryover Shortfall 0.00
------------
(iii) Class B Principal Distribution 803,441.87
(K) Total Principal Distribution 17,855,720.97
(L) Total Interest and Principal Distribution Amounts 20,225,513.26
plus Servicing Fee
</TABLE>
<PAGE> 5
BANC ONE AUTO GRANTOR PAGE 4
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD OCTOBER 1, 1996 THROUGH OCTOBER 31, 1996
DISTRIBUTION DATE NOVEMBER 15, 1996
<TABLE>
<S> <C>
G. DISTRIBUTIONS
- ----------------
(A) Total Interest Collections available to be distributed 4,036,573.54
(B) Class B Percentage of Principal Collections 743,440.76
(C) Servicing Fee :
(i) Total Servicing Fee 333,456.57
(ii) Servicing Fee paid 333,456.57
-------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 3,703,116.97
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,942,558.71
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 1,942,558.71
(iii) Total Interest Collections available after Class A Interest Distribution paid 1,760,558.26
(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 1,942,558.71
(F) Class B Certificates
(i) Class B Interest Distribution 93,777.01
(ii) Class B Interest Distribution paid from Interest Collections after Class A Interest Distribution 93,777.01
(iii) Total Interest Collections available after Class B Interest Distribution paid 1,666,781.25
(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 93,777.01
(G) Total Interest Paid 2,036,335.72
(H) Total Interest and Servicing Fee Paid 2,369,792.29
(I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest Distribution paid 1,666,781.25
Total Collections available to be distributed:
(J) Total Principal Collections 16,522,254.17
(K) Excess Interest 1,666,781.25
(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 18,189,035.42
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 17,052,279.10
(ii) Class A Principal Distribution paid from total Collections available to be distributed 17,052,279.10
(iii) Total Collections available after Class A Principal Distribution paid 1,136,756.32
(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 17,052,279.10
(O) Class B Certificates
(i) Class B Principal Distribution 803,441.87
(ii) Class B Principal Distribution paid from total Collections available to be distributed 803,441.87
(iii) Total Collections available after Class B Principal Distribution paid 333,314.45
(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 803,441.87
(P) Total Excess Cash to the Reserve Fund 333,314.45
</TABLE>
<PAGE> 6
BANC ONE AUTO GRANTOR PAGE 5
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD OCTOBER 1, 1996 THROUGH OCTOBER 31, 1996
DISTRIBUTION DATE NOVEMBER 15, 1996
H. POOL BALANCE AND PORTFOLIO INFORMATION
- -----------------------------------------
<TABLE>
<CAPTION>
Beginning End
of Period of Period
---------------- ---------------
<S> <C> <C>
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $400,147,882.86 $382,292,161.89
(ii) Aggregate Certificate Pool Factor 0.7444242 0.7112059
(iii) Class A Principal Balance 382,142,697.76 365,090,418.66
(iv) Class A Pool Factor 0.7444242 0.7112059
(v) Class B Principal Balance 18,005,185.10 17,201,743.23
(vi) Class B Pool Factor 0.7444242 0.7112059
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.58% 11.57%
(ii) Weighted Average Remaining Maturity (WAM) 44.88 months 44.05 months
(iii) Remaining Number of Receivables 34,999 34,104
(iv) Pool Balance $400,147,882.86 $382,292,161.89
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance 15,582,254.34
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 15,582,254.34
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 15,582,254.34
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 15,582,254.34
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 15,582,254.34
(J) Total excess Collections deposited in the Reserve Fund 333,314.45
------------------------
(K) Reserve Fund Balance 15,915,568.79
(L) Specified Reserve Account Balance 34,406,294.57
(M) Reserve Account Release to Seller 0.00
------------------------
(N) Ending Reserve Account Balance 15,915,568.79
========================
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $ 20,549.89
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 225,935.65
(B) Realized Losses for Collection Period 1,333,466.80
(C) Charge-off Rate for Collection Period (annualized) 3.40%
(D) Cumulative Net Losses for all Periods 8,430,297.56
(E) Delinquent Receivables
<CAPTION>
Dollar Amount #Units
------------- ------
<S> <C> <C> <C> <C>
(i) 30-59 Days Delinquent 10,461,702 2.74% 842
(ii) 60-89 Days Delinquent 2,892,017 0.76% 217
(iii) 90 Days or More Delinquent 1,364,081 0.36% 119
</TABLE>
<PAGE> 7
BANC ONE AUTO GRANTOR PAGE 6
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD OCTOBER 1, 1996 THROUGH OCTOBER 31, 1996
DISTRIBUTION DATE NOVEMBER 15, 1996
<TABLE>
<S> <C>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 3.35%
(ii) Preceding Collection Period 3.65%
(iii) Current Collection Period 3.40%
(iv) Three Month Average (Avg(i,ii,iii)) 3.47%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.93%
(ii) Preceding Collection Period 0.97%
(iii) Current Collection Period 1.12%
(iv) Three Month Average (Avg(i,ii,iii)) 1.01%
(C) Loss and Delinquency Trigger Indicator Trigger was hit
</TABLE>
<PAGE> 8
BANC ONE AUTO GRANTOR PAGE 7
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD OCTOBER 1, 1996 THROUGH OCTOBER 31, 1996
DISTRIBUTION DATE NOVEMBER 15, 1996
<TABLE>
<CAPTION>
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 17,052,279.10 33.2182941
(ii) Class B Certificates 803,441.87 33.2182941
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
--------------- --------------------
(i) Class A Certificates 1,942,558.71 3.7841561
(ii) Class B Certificates 93,777.01 3.8772092
(C) Pool Balance as of the close of business on the last day of the Collection Period $382,292,161.89
---------------
Per $1,000 of
(D) Amount of the Servicing Fee paid to the Servicer with respect to the related Original Principal
Collection Period Dollars ($) Balance
--------------- --------------------
(i) Total Servicing Fee 333,456.57
(ii) Class A Percentage of the Servicing Fee 318,452.25 0.6203535
(ii) Class B Percentage of the Servicing Fee 15,004.32 0.6203535
Per $1,000 of
Original Principal
Dollars ($) Balance
--------------- --------------------
(E) (i) Class A Interest Carryover Shortfall 0.00 0.0000000
(ii) Class A Principal Carryover Shortfall 0.00 0.0000000
(iii) Class B Interest Carryover Shortfall 0.00 0.0000000
(iv) Class B Principal Carryover Shortfall 0.00 0.0000000
Change with respect to immediately preceding Distribution Date:
(v) Class A Interest Carryover Shortfall 0.00 0.0000000
(vi) Class A Principal Carryover Shortfall 0.00 0.0000000
(vii) Class B Interest Carryover Shortfall 0.00 0.0000000
(viii) Class B Principal Carryover Shortfall 0.00 0.0000000
(F) Pool factors for each class of certificates, after giving effect to all
payments allocated to principal Pool Factor
--------------------
(i) Class A Pool Factor 0.7112059
(ii) Class B Pool Factor 0.7112059
(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $ 1,333,466.80
---------------
(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 $ 4,256,098.66
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $ 15,915,568.79
---------------
(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 365,090,418.66
(ii) Class B Principal Balance 17,201,743.23
(K) Amount otherwise distributable to the Class B Certificateholders that is
being distributed to the Class A Certificateholders on such Distribution Date $0.00
(L) Aggregate Purchase Amount of Receivables repurchased by the Seller
or purchased by the Servicer with respect to the Related Collection Period ($) $0.00
---------------
</TABLE>
<PAGE> 9
BANC ONE AUTO GRANTOR PAGE 8
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD OCTOBER 1, 1996 THROUGH OCTOBER 31, 1996
DISTRIBUTION DATE NOVEMBER 15, 1996
<TABLE>
<S> <C> <C>
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 $ 333,456.57
(ii) Servicing Fees retained by the Seller 333,456.57
--------------
(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 $ 1,942,558.71
(ii) for the Class A Principal Distribution 17,052,279.10
--------------
(iii) Total (i+ii) $18,994,837.82
----------------
(C) Withdraw from the Collection Account and deposit in the Class B Distribution
Account:
(i) for the Class B Interest Distribution $ 93,777.01
(ii) for the Class B Principal Distribution 803,441.87
--------------
(iii) Total (i+ii) $ 897,218.87
----------------
(D) Withdraw excess Collections from the Collection Account and deposit in the
Reserve Fund $ 333,314.45
----------------
(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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