================================================================================
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):
July 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
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<PAGE>
Item 5. Other Events
On July 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 June 16, 1997
through July 14, 1997 and for the Collection Period from June
1, 1997 through June 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: July 10, 1997 By: /s/ Jeff Stewart
------------------ -----------------------------------
Name: Jeff Stewart
Title: Vice President
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
- ------- ----------- ----
99.1 Monthly Statements and Additional Information......5-15
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 June 16, 1997 through July 14, 1997
Collection Period June 1, 1997 through June 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 Chris Klimko
Vice President Secretary
Bank One, Texas, N.A. Bank One, Texas, N.A.
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
JUNE 1, 1997 THROUGH
JUNE 30, 1997 DISTRIBUTION DATE
JULY 15, 1997
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>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
JUNE 1, 1997 THROUGH
JUNE 30, 1997 DISTRIBUTION DATE
JULY 15, 1997
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
(A) Total Receivable Balance $271,765,708.34
(B) Total Certificate Balance $271,765,708.34
(C) Total Certificate Pool Factor 0.5055855
(D) Class A Certificates
(i) Class A Certificate Balance $259,537,249.59
(ii) Class A Certificate Pool Factor 0.5055855
(E) Class B Certificates
(i) Class B Certificate Balance $12,228,458.75
(ii) Class B Certificate Pool Factor 0.5055855
(F) Reserve Fund Balance 24,458,913.75
(G) Cumulative Net Losses for All Prior Periods 14,214,594.52
(H) Charge-off Rate for Second Preceding Period 3.24%
(I) Charge-off Rate for Preceding Period 2.72%
(J) Delinquency Percentage for Second Preceding Period 0.98%
(K) Delinquency Percentage for Preceding Period 0.92%
(L) Weighted Average Coupon (WAC) 11.530%
(M) Weighted Average Remaining Maturity (WAM) 38.46 months
(N) Number of Receivables 27,291
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 12,400,118.38
(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 2,476,700.82
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.53%
(D) Weighted Average Remaining Maturity (WAM) 37.69 months
(E) Remaining Number of Receivables 26,341
(F) Delinquent Receivables Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent 5,290,869 2.05% 545
(ii) 60-89 Days Delinquent 1,527,481 0.59% 149
(iii) 90 Days or More Delinquent 834,382 0.33% 84
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income 105,652.49
(B) Collection Account Investment Income 21,914.49
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection
Period - Principal 807,186.50
(ii) Realized Losses for Collection
Period (C)(i)-(D)(i) 803,108.41
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 4,078.09
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 154,668.48
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
JUNE 1, 1997 THROUGH
JUNE 30, 1997 DISTRIBUTION DATE
JULY 15, 1997
E. COLLECTIONS
- --------------
Interest Collections:
(A) Interest Payments Received 2,476,700.82
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 154,668.48
-------------
(E) Interest Collections 2,631,369.30
Principal Collections:
(F) Principal Payments Received $12,400,118.38
(G) Liquidation Proceeds Related to Principal 4,078.09
(H) Other Refunds Related to Principal 0.00
-------------
(I) Principal Collections 12,404,196.47
(J) Total Collections $15,035,565.77
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee :
(i) Servicing Fee $226,471.42
(ii) Prior Collection Period unpaid
Servicing Fees .00
-------------
(iii) Total Servicing Fee $226,471.42
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $1,319,314.35
(ii) Class A prior period Interest
Carryover Shortfall 0.00
------------
(iii) Class A Interest Distribution $1,319,314.35
(C) Class B Certificates
(i) Class B Monthly Interest $63,689.89
(ii) Class B prior period Interest
Carryover Shortfall 0.00
------------
(iii) Class B Interest Distribution $63,689.89
(D) Total Certificate Interest Distribution $1,383,004.24
(E) Total Certificate Interest Distribution plus
Total Servicing Fee $1,609,475.67
F. DISTRIBUTABLE AMOUNTS (CONTINUED)
- ------------------------------------
Principal:
(F) Principal Collections $12,404,196.47
(G) Realized Losses 803,108.41
-------------
(H) Total Monthly Principal $13,207,304.88
(I) Class A Certificates
(i) Class A Monthly Principal 12,613,024.67
(ii) Class A prior period Principal
Carryover Shortfall 0.00
-------------
(iii) Class A Principal Distribution 12,613,024.67
(J) Class B Certificates
(i) Class B Monthly Principal 594,280.21
(ii) Class B prior period Principal
Carryover Shortfall 0.00
-------------
(iii) Class B Principal Distribution 594,280.21
(K) Total Principal Distribution 13,207,304.88
(L) Total Interest and Principal Distribution Amounts 14,816,780.55
plus Servicing Fee
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
JUNE 1, 1997 THROUGH
JUNE 30, 1997 DISTRIBUTION DATE
JULY 15, 1997
G. DISTRIBUTIONS
- ----------------
(A) Total Interest Collections available to be
distributed 2,631,369.30
(B) Class B Percentage of Principal Collections 558,143.28
(C) Servicing Fee:
(i) Total Servicing Fee 226,471.42
(ii) Servicing Fee paid 226,471.42
-------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be
distributed after Servicing Fee paid 2,404,897.88
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,319,314.35
(ii) Class A Interest Distribution paid from
Interest Collections after Servicing Fee 1,319,314.35
(iii) Total Interest Collections available
after Class A Interest Distribution paid 1,085,583.52
(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 1,319,314.35
(F) Class B Certificates
(i) Class B Interest Distribution 63,689.89
(ii) Class B Interest Distribution paid from
Interest Collections after Class A Interest
Distribution 63,689.89
(iii) Total Interest Collections available after
Class B Interest Distribution paid 1,021,893.63
(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 63,689.89
(G) Total Interest Paid 1,383,004.24
(H) Total Interest and Servicing Fee Paid 1,609,475.67
(I) Total Interest Collections available after
Servicing Fee and Class A and Class B Interest
Distribution paid 1,021,893.63
Total Collections available to be distributed:
(J) Total Principal Collections 12,404,196.47
(K) Excess Interest 1,021,893.63
(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 13,426,090.10
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 12,613,024.67
(ii) Class A Principal Distribution paid from
total Collections available to be distributed 12,613,024.67
(iii) Total Collections available after Class A
Principal Distribution paid 813,065.44
(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 12,613,024.67
<PAGE>
(O) Class B Certificates
(i) Class B Principal Distribution 594,280.21
(ii) Class B Principal Distribution paid from
total Collections available to be distributed 594,280.21
(iii) Total Collections available after Class B
Principal Distribution paid 218,785.22
(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 594,280.21
(P) Total Excess Cash to the Reserve Fund 218,785.22
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
JUNE 1, 1997 THROUGH
JUNE 30, 1997 DISTRIBUTION DATE
JULY 15, 1997
<TABLE>
<CAPTION>
Beginning End
of Period of Period
------------------------ --------------------
<S> <C> <C> <C>
H. POOL BALANCE AND PORTFOLIO INFORMATION
- -----------------------------------------
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $271,765,708.34 $258,558,403.46
(ii) Aggregate Certificate Pool Factor 0.5055855 0.4810150
(iii) Class A Principal Balance 259,537,249.59 246,924,224.92
(iv) Class A Pool Factor 0.5055855 0.4810150
(v) Class B Principal Balance 12,228,458.75 11,634,178.54
(vi) Class B Pool Factor 0.5055855 0.4810150
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.53% 11.53%
(ii) Weighted Average Remaining Maturity (WAM) 38.46 months 37.69 months
(iii) Remaining Number of Receivables 27,291 26,341
(iv) Pool Balance $271,765,708.34 $258,558,403.46
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance 24,458,913.75
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 24,458,913.75
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 24,458,913.75
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 24,458,913.75
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 24,458,913.75
(J) Total excess Collections deposited in the Reserve Fund 218,785.22
(K) Reserve Fund Balance 24,677,698.97
(L) Specified Reserve Account Balance 23,270,256.31
(M) Reserve Account Release to Seller 1,407,442.66
-------------
(N) Ending Reserve Account Balance 23,270,256.31
=============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $4,078.09
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 154,668.48
(B) Realized Losses for Collection Period 803,108.41
(C) Charge-off Rate for Collection Period (annualized) 2.93%
(D) Cumulative Aggregate Net Losses for all Periods 14,863,034.45
(E) Delinquent Receivables
Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent 5,290,869 2.05% 545
(ii) 60-89 Days Delinquent 1,527,481 0.59% 149
(iii) 90 Days or More Delinquent 834,382 0.33% 84
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
JUNE 1, 1997 THROUGH
JUNE 30, 1997 DISTRIBUTION DATE
JULY 15, 1997
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 3.24%
(ii) Preceding Collection Period 2.72%
(iii) Current Collection Period 2.93%
(iv) Three Month Average (Avg(i,ii,iii)) 2.96%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.98%
(ii) Preceding Collection Period 0.92%
(iii) Current Collection Period 0.92%
(iv) Three Month Average (Avg(i,ii,iii)) 0.94%
(C) Loss and Delinquency Trigger Indicator Trigger was hit
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
JUNE 1, 1997 THROUGH
JUNE 30, 1997 DISTRIBUTION DATE
JULY 15, 1997
<TABLE>
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
------------------------- -------------------
<S> <C> <C>
L. STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------
(A) Amount of distribution allocable to principal:
(i) Class A Certificates 12,613,024.67 24.5705082
(ii) Class B Certificates 594,280.21 24.5705082
Per $1,000 of
Original Principal
Dollars ($) Balance
------------------------- ---------------------
(B) Amount of distribution allocable to interest:
(i) Class A Certificates 1,319,314.35 2.5700595
(ii) Class B Certificates 63,689.89 2.6332577
(C) Pool Balance as of the close of business on the last
day of the Collection Period $258,558,403.46
----------------
Per $1,000 of
Original Principal
Dollars ($) Balance
------------------------ -------------------
(D) Amount of the Servicing Fee paid to the
Servicer with respect to the related Collection Period
(i) Total Servicing Fee 226,471.42
(ii) Class A Percentage of the Servicing Fee 216,281.04 0.4213212
(ii) Class B Percentage of the Servicing Fee 10,190.38 0.4213212
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 0.4810150
(ii) Class B Pool Factor 0.4810150
(G) Amount of the aggregate Realized Losses, if any, for such
Collection Period ($) $803,108.41
---------------
(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 $2,361,863.07
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $23,270,256.31
---------------
<PAGE>
(J) Aggregate outstanding principal balances for each class of certificates,
after giving effect to all payments allocated to principal Principal Balance
-----------------
(i) Class A Principal Balance 246,924,224.92
(ii) Class B Principal Balance 11,634,178.54
(K) Amount otherwise distributable to the Class B Certificateholders that
is being distributed to the Class A Certificateholders on such
Distribution Date 0.00
(L) Aggregate Purchase Amount of Receivables repurchased by the Seller or
purchased by the Servicer with respect to the Related Collection
Period ($) 0.00
---------------
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
JUNE 1, 1997 THROUGH
JUNE 30, 1997 DISTRIBUTION DATE
JULY 15, 1997
<TABLE>
<CAPTION>
<S> <C> <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 $226,471.42
(ii) Servicing Fees retained by the Seller 226,471.42
-----------
(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 $1,319,314.35
(ii) for the Class A Principal Distribution 12,613,024.67
-------------
(iii) Total (i+ii) $13,932,339.02
-------------
(C) Withdraw from the Collection Account and deposit in the Class B Distribution
Account:
(i) for the Class B Interest Distribution $63,689.89
(ii) for the Class B Principal Distribution 594,280.21
----------
(iii) Total (i+ii) $657,970.10
-------------
(D) Withdraw excess Collections from the Collection Account and deposit in the
Reserve Fund $218,785.22
-------------
(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>
