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================================================================================
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):
October 15, 1997
Banc One Auto Grantor Trust 1996 - A
(Issuer with respect 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 October 15, 1997, 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
September 15, 1997 through October 14, 1997 and for the Collection
Period from September 1, 1997 through September 30, 1997.
Item 7. Exhibits
See page 4 for Exhibit Index
<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: October 9, 1997 By: /s/ Jeff Stewart
--------------------------------
Name: Jeff Stewart
------------------------------
Title: Vice President
-----------------------------
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
- ------------------- ----
99.1 Monthly Statements and Additional Information.....................5-13
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 September 15, 1997 through October 14, 1997
Collection Period September 1, 1997 through September 30, 1997
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/ Chris Klimko
Jeff Stewart Secretary
Vice President Bank One, Texas, N.A.
Bank One, Texas, N.A.
<PAGE>
<TABLE>
<CAPTION>
<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%
<PAGE>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
---------------------------------------------
(A) Total Receivable Balance 233,511,358.77
(B) Total Certificate Balance 233,511,358.77
(C) Total Certificate Pool Factor 0.4344181
(D) Class A
(i) Class A Certificate Balance 223,004,205.26
(ii) Class A Certificate Pool Factor 0.4344181
(E) Class B Certificates
(i) Class B Certificate Balance 10,507,153.51
(ii) Class B Certificate Pool Factor 0.4344181
(F) Reserve Fund Balance 21,016,022.29
(G) Cumulative Net Losses for All Prior Periods 15,937,792.22
(H) Charge-off Rate for Second Preceding Period 2.48%
(I) Charge-off Rate for Preceding Period 2.78%
(J) Delinquency Percentage for Second Preceding Period 0.77%
(K) Delinquency Percentage for Preceding Period 0.93%
(L) Weighted Average Coupon (WAC) 11.520%
(M) Weighted Average Remaining Maturity (WAM) 36.09 months
(N) Number of Receivables 24,465
C. INPUTS FROM THE MAINFRAME
-------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 10,789,988.12
(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 2,279,772.64
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.52%
(D) Weighted Average Remaining Maturity (WAM) 35.33 months
(E) Remaining Number of Receivables 23,627
</TABLE>
<TABLE>
<CAPTION>
(F) Delinquent Receivables Dollar Amount # Units
-------------- --------------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 6,864,891 3.09% 715
(ii) 60-89 Days Delinquent 1,696,856 0.76% 176
(iii) 90 Days or More Delinquent 978,562 0.44% 101
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
D. INPUTS DERIVED FROM OTHER SOURCES
---------------------------------
<S> <C>
(A) Reserve Fund Investment Income 93,524.60
(B) Collection Account Investment Income 6,483.97
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 554,131.33
(ii) Realized Losses for Collection Period 548,441.95
(C)(i)-(D)(i)
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 5,689.38
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 176,787.60
E. COLLECTIONS
-----------
Interest Collections:
(A) Interest Payments Received 2,279,772.64
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 176,787.60
--------------
(E) Interest Collections 2,456,560.24
Principal Collections:
(F) Principal Payments Received 10,789,988.12
(G) Liquidation Proceeds Related to Principal 5,689.38
(H) Other Refunds Related to Principal 0.00
--------------
(I) Principal Collections 10,795,677.50
(J) Total Collections 13,252,237.74
F. DISTRIBUTABLE AMOUNTS
---------------------
(A) Servicing Fee:
(i) Servicing Fee 194,592.80
(ii) Prior Collection Period unpaid Servicing Fees 0.00
--------------
(iii) Total Servicing Fee 194,592.80
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest 1,133,604.71
(ii) Class A prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class A Interest Distribution 1,133,604.71
(C) Class B Certificates
(i) Class B Monthly Interest 54,724.76
(ii) Class B prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class B Interest Distribution 54,724.76
(D) Total Certificate Interest Distribution 1,188,329.47
(E) Total Certificate Interest Distribution plus Total Servicing Fee 1,382,922.27
Principal:
(F) Principal Collections 10,795,677.50
(G) Realized Losses 548,441.95
--------------
(H) Total Monthly Principal 11,344,119.45
(I) Class A Certificates
(i) Class A Monthly Principal 10,833,675.74
(ii) Class A prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class A Principal Distribution 10,833,675.74
(J) Class B Certificates
(i) Class B Monthly Principal 510,443.71
(ii) Class B prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class B Principal Distribution 510,443.71
(K) Total Principal Distribution 11,344,119.45
(L) Total Interest and Principal Distribution Amounts
plus Servicing Fee 12,727,041.72
<PAGE>
G. DISTRIBUTIONS
-------------
(A) Total Interest Collections available to be distributed 2,456,560.24
(B) Class B Percentage of Principal Collections 485,765.84
(C) Servicing Fee:
(i) Total Servicing Fee 194,592.80
(ii) Servicing Fee paid 194,592.80
--------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after
Servicing Fee paid 2,261,967.44
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,133,604.71
(ii) Class A Interest Distribution paid from Interest Collections after
Servicing Fee 1,133,604.71
(iii) Total Interest Collections available after Class A Interest
Distribution paid 1,128,362.73
(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 1,133,604.71
(F) Class B Certificates
(i) Class B Interest Distribution 54,724.76
(ii) Class B Interest Distribution paid from Interest Collections after
Class A Interest Distribution 54,724.76
(iii) Total Interest Collections available after Class B Interest
Distribution paid 1,073,637.97
(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 54,724.76
(G) Total Interest Paid 1,188,329.47
(H) Total Interest and Servicing Fee Paid 1,382,922.27
(I) Total Interest Collections available after Servicing Fee and Class A
and Class B Interest Distribution paid 1,073,637.97
Total Collections available to be distributed:
(J) Total Principal Collections 10,795,677.50
(K) Excess Interest 1,073,637.97
(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 11,869,315.47
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 10,833,675.74
(ii) Class A Principal Distribution paid from total Collections
available to be distributed 10,833,675.74
(iii) Total Collections available after Class A Principal
Distribution paid 1,035,639.73
(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 10,833,675.74
(O) Class B Certificates
(i) Class B Principal Distribution 510,443.71
(ii) Class B Principal Distribution paid from total Collections
available to be distributed 510,443.71
(iii) Total Collections available after Class B Principal
Distribution paid 525,196.02
(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 510,443.71
(P) Total Excess Cash to the Reserve Fund 525,196.02
</TABLE>
<PAGE>
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 233,511,358.77 222,167,239.32
(ii) Aggregate Certificate Pool Factor 0.4344181 0.4133138
(iii) Class A Principal Balance 223,004,205.26 212,170,529.52
(iv) Class A Pool Factor 0.4344181 0.4133138
(v) Class B Principal Balance 10,507,153.51 9,996,709.80
(vi) Class B Pool Factor 0.4344181 0.4133138
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.52% 11.52%
(ii) Weighted Average Remaining Maturity (WAM) 36.09 months 35.33 months
(iii) Remaining Number of Receivables 24,465 23,627
(iv) Pool Balance 233,511,358.77 222,167,239.32
I. RECONCILIATION OF RESERVE ACCOUNT
---------------------------------
(A) Beginning Reserve Account Balance 21,016,022.29
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 21,016,022.29
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 21,016,022.29
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 21,016,022.29
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 21,016,022.29
(J) Total excess Collections deposited in the Reserve Fund 525,196.02
(K) Reserve Fund Balance 21,541,218.31
(L) Specified Reserve Account Balance 19,995,051.54
(M) Reserve Account Release to Seller 1,546,166.77
-------------
(N) Ending Reserve Account Balance 19,995,051.54
=============
</TABLE>
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
-----------------------------------------
<TABLE>
<S> <C>
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal 5,689.38
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 176,787.60
(B) Realized Losses for Collection Period 548,441.95
(C) Charge-off Rate for Collection Period (annualized) 1.96%
(D) Cumulative Aggregate Net Losses for all Periods 16,309,446.57
(E) Delinquent Receivables
</TABLE>
<TABLE>
<CAPTION>
Dollar Amount # Units
------------- - -----
<S> <C> <C> <C> <C>
(i) 30-59 Days Delinquent 6,864,891 3.09% 715
(ii) 60-89 Days Delinquent 1,696,856 0.76% 176
(iii) 90 Days or More Delinquent 978,562 0.44% 101
</TABLE>
<PAGE>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
-------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 2.48%
(ii) Preceding Collection Period 2.78%
(iii) Current Collection Period 1.96%
(iv) Three Month Average (Avg(i,ii,iii)) 2.41%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.77%
(ii) Preceding Collection Period 0.93%
(iii) Current Collection Period 1.20%
(iv) Three Month Average (Avg(i,ii,iii)) 0.97%
(C) Loss and Delinquency Trigger Indicator Trigger was hit
<PAGE>
L. STATEMENT TO CERTIFICATEHOLDERS
-------------------------------
<TABLE>
<CAPTION>
Per $1,000 of
Original Principal
(A) Amount of distribution allocable to principal: Dollars ($) Balance
----------------------- ------------------
<S> <C> <C>
(i) Class A Certificates 10,833,675.74 21.1042890
(ii) Class B Certificates 510,443.71 21.1042890
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
----------------------- ------------------
(i) Class A Certificates 1,133,604.71 2.2082922
(ii) Class B Certificates 54,724.76 2.2625944
(C) Pool Balance as of the close of business on the last day of the
Collection Period 222,167,239.32
--------------
Per $1,000 of
Original Principal
(D) Amount of the Servicing Fee paid to the Servicer with Dollars ($) Balance
respect to the related Collection Period ----------------------- ------------------
(i) Total Servicing Fee 194,592.80
(ii) Class A Percentage of the Servicing Fee 185,836.84 0.3620151
(ii) Class B Percentage of the Servicing Fee 8,755.96 0.3620151
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 0.4133138
(ii) Class B Pool Factor 0.4133138
(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) 548,441.95
--------------
(H) Aggregate principal balance of all Receivables which were more than 60 days
delinquent as of the close of business on the last day of the preceding
Collection Period 2,675,418.33
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date 19,995,051.54
--------------
(J) Aggregate outstanding principal balances for each class of
certificates, after giving effect to all payments allocated to principal Principal Balance
-------------------
(i) Class A Principal Balance 212,170,529.52
(ii) Class B Principal Balance 9,996,709.80
(K) Amount otherwise distributable to the Class B Certificateholders that is
being distributed to the Class A Certificateholders
on such Distribution Date 0.00
(L) Aggregate Purchase Amount of Receivables repurchased by the Seller
or purchased by the Servicer with respect to the Related Collection
Period ($) 0.00
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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:
<S> <C> <C> <C>
(i) Servicing Fee 194,592.80
(ii) Servicing Fees retained by the Seller 194,592.80
-------------
(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 1,133,604.71
(ii) for the Class A Principal
Distribution 10,833,675.74
-------------
(iii) Total (i+ii) 11,967,280.45
-------------
(C) Withdraw from the Collection Account and deposit in the Class B Distribution
Account:
(i) for the Class B Interest Distribution 54,724.76
(ii) for the Class B Principal Distribution 510,443.71
-------------
(iii) Total (i+ii) 565,168.47
-------------
(D) Withdraw excess Collections from the Collection Account and deposit
in the Reserve Fund 525,196.02
-------------
(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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