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Previous: PROFIT RECOVERY GROUP INTERNATIONAL INC, 3, 1997-06-25 |
Next: TRITON ENERGY LTD, 11-K, 1997-06-25 |
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):
-------------------------------------------------
June 16, 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 June 16, 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 May 15, 1997 through June 13, 1997
and for the Collection Period from May 1, 1997 through May 31,
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: June 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..............5-12
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 May 15, 1997 through June 13, 1997
Collection Period May 1, 1997 through May 31, 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>
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 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>
<TABLE>
<CAPTION>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
---------------------------------------------
<S> <C>
(A) Total Receivable Balance 286,038,007.13
(B) Total Certificate Balance 286,038,007.13
(C) Total Certificate Pool Factor 0.5321373
(D) Class A Certificates
(i) Class A Certificate Balance 273,167,347.35
(ii) Class A Certificate Pool Factor 0.5321373
(E) Class B Certificates
(i) Class B Certificate Balance 12,870,659.78
(ii) Class B Certificate Pool Factor 0.5321373
(F) Reserve Fund Balance 25,743,420.64
(G) Cumulative Net Losses for All Prior Periods 13,581,667.78
(H) Charge-off Rate for Second Preceding Period 2.90%
(I) Charge-off Rate for Preceding Period 3.24%
(J) Delinquency Percentage for Second Preceding Period 1.08%
(K) Delinquency Percentage for Preceding Period 0.98%
(L) Weighted Average Coupon (WAC) 11.540%
(M) Weighted Average Remaining Maturity (WAM) 39.26 months
(N) Number of Receivables 28,408
C. INPUTS FROM THE MAINFRAME
-------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 13,420,903.34
(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 2,729,228.38
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.53%
(D) Weighted Average Remaining Maturity (WAM) 38.46 months
(E) Remaining Number of Receivables 27,291
</TABLE>
<TABLE>
<CAPTION>
(F) Delinquent Receivables Dollar Amount # Units
-------------- --------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 6,671,413 2.45% 666
(ii) 60-89 Days Delinquent 1,554,382 0.57% 139
(iii) 90 Days or More Delinquent 955,442 0.35% 95
D. INPUTS DERIVED FROM OTHER SOURCES
---------------------------------
(A) Reserve Fund Investment Income 115,398.51
(B) Collection Account Investment Income 4,771.73
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 851,395.45
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) 839,353.44
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 12,042.01
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 206,426.70
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
E. COLLECTIONS
-----------
<S> <C>
Interest Collections:
(A) Interest Payments Received 2,729,228.38
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 206,426.70
-------------
(E) Interest Collections 2,935,655.08
Principal Collections:
(F) Principal Payments Received 13,420,903.34
(G) Liquidation Proceeds Related to Principal 12,042.01
(H) Other Refunds Related to Principal 0.00
-------------
(I) Principal Collections $13,432,945.35
(J) Total Collections $16,368,600.43
F. DISTRIBUTABLE AMOUNTS
---------------------
(A) Servicing Fee:
(i) Servicing Fee $238,365.01
(ii) Prior Collection Period unpaid Servicing Fees 0.00
--------------
(iii) Total Servicing Fee $238,365.01
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $1,388,600.68
(ii) Class A prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class A Interest Distribution $1,388,600.68
(C) Class B Certificates
(i) Class B Monthly Interest $67,034.69
(ii) Class B prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class B Interest Distribution $67,034.69
(D) Total Certificate Interest Distribution $1,455,635.37
(E) Total Certificate Interest Distribution plus Total Servicing Fee $1,694,000.37
F. DISTRIBUTABLE AMOUNTS
---------------------
Principal:
(F) Principal Collections $13,432,945.35
(G) Realized Losses 839,353.44
--------------
(H) Total Monthly Principal $14,272,298.79
(I) Class A Certificates
(i) Class A Monthly Principal 13,630,097.76
(ii) Class A prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class A Principal Distribution 13,630,097.76
(J) Class B Certificates
(i) Class B Monthly Principal 642,201.03
(ii) Class B prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class B Principal Distribution 642,201.03
(K) Total Principal Distribution 14,272,298.79
(L) Total Interest and Principal Distribution Amounts 15,966,299.16
plus Servicing Fee
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
G. DISTRIBUTIONS
-------------
<S> <C>
(A) Total Interest Collections available to be distributed 2,935,655.08
(B) Class B Percentage of Principal Collections 604,433.21
(C) Servicing Fee :
(i) Total Servicing Fee 238,365.01
(ii) Servicing Fee paid 238,365.01
------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 2,697,290.07
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,388,600.68
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 1,388,600.68
(iii) Total Interest Collections available after Class A Interest Distribution paid 1,308,689.39
(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 1,388,600.68
(F) Class B Certificates
(i) Class B Interest Distribution 67,034.69
(ii) Class B Interest Distribution paid from Interest Collections after Class A Interest
Distribution 67,034.69
(iii) Total Interest Collections available after Class B Interest Distribution paid 1,241,654.71
(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 67,034.69
(G) Total Interest Paid 1,455,635.37
(H) Total Interest and Servicing Fee Paid 1,694,000.37
(I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest
Distribution paid 1,241,654.71
Total Collections available to be distributed:
(J) Total Principal Collections 13,432,945.35
(K) Excess Interest 1,241,654.71
(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 14,674,600.06
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 13,630,097.76
(ii) Class A Principal Distribution paid from total Collections available to be distributed 13,630,097.76
(iii) Total Collections available after Class A Principal Distribution paid 1,044,502.29
(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 13,630,097.76
(O) Class B Certificates
(i) Class B Principal Distribution 642,201.03
(ii) Class B Principal Distribution paid from total Collections available to be distributed 642,201.03
(iii) Total Collections available after Class B Principal Distribution paid 402,301.27
(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 642,201.03
(P) Total Excess Cash to the Reserve Fund 402,301.27
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
-------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 2.90%
(ii) Preceding Collection Period 3.24%
(iii)Current Collection Period 2.72%
(iv) Three Month Average (Avg(i,ii,iii)) 2.95%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 1.08%
(ii) Preceding Collection Period 0.98%
(iii)Current Collection Period 0.92%
(iv) Three Month Average (Avg(i,ii,iii)) 0.99%
(C) Loss and Delinquency Trigger Indicator Trigger was hit
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
H. POOL BALANCE AND PORTFOLIO INFORMATION
--------------------------------------
Beginning End
of Period of Period
------------------ -----------------
<S> <C> <C>
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $286,038,007.13 $271,765,708.34
(ii) Aggregate Certificate Pool Factor 0.5321373 0.5055855
(iii) Class A Principal Balance 273,167,347.35 259,537,249.59
(iv) Class A Pool Factor 0.5321373 0.5055855
(v) Class B Principal Balance 12,870,659.78 12,228,458.75
(vi) Class B Pool Factor 0.5321373 0.5055855
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.54% 11.53%
(ii) Weighted Average Remaining Maturity (WAM) 39.26 months 38.46 months
(iii) Remaining Number of Receivables 28,408 27,291
(iv) Pool Balance $286,038,007.13 $271,765,708.34
I. RECONCILIATION OF RESERVE ACCOUNT
---------------------------------
(A) Beginning Reserve Account Balance 25,743,420.64
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 25,743,420.64
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 25,743,420.64
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 25,743,420.64
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 25,743,420.64
(J) Total excess Collections deposited in the Reserve Fund 402,301.27
(K) Reserve Fund Balance 26,145,721.91
(L) Specified Reserve Account Balance 24,458,913.75
(M) Reserve Account Release to Seller 1,686,808.15
---------------
(N) Ending Reserve Account Balance 24,458,913.75
===============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
-----------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $12,042.01
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 206,426.70
(B) Realized Losses for Collection Period 839,353.44
(C) Charge-off Rate for Collection Period (annualized) 2.72%
(D) Cumulative Aggregate Net Losses for all Periods 14,214,594.52
(E) Delinquent Receivables
Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent 6,671,413 2.45% 666
(ii) 60-89 Days Delinquent 1,554,382 0.57% 139
(iii) 90 Days or More Delinquent 955,442 0.35% 95
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
L. STATEMENT TO CERTIFICATEHOLDERS
------------------------------- Per $1,000 of
Original Principal
(A) Amount of distribution allocable to principal: Dollars ($) Balance
---------------- ------------------
<S> <C> <C>
(i) Class A Certificates 13,630,097.76 26.5517937
(ii) Class B Certificates 642,201.03 26.5517937
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
----------------- ------------------
(i) Class A Certificates 1,388,600.68 2.7050311
(ii) Class B Certificates 67,034.69 2.7715483
(C) Pool Balance as of the close of business on the last day of
the Collection Period $271,765,708.34
-----------------
Per $1,000 of
(D) Amount of the Servicing Fee paid to the Servicer with respect to the Original Principal
related Collection Period Dollars ($) Balance
----------------- ------------------
(i) Total Servicing Fee 238,365.01
(ii) Class A Percentage of the Servicing Fee 227,639.46 0.4434477
(ii) Class B Percentage of the Servicing Fee 10,725.55 0.4434477
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 0.5055855
(ii) Class B Pool Factor 0.5055855
(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $839,353.44
---------------
(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 $2,509,824.04
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $24,458,913.75
---------------
(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 259,537,249.59
(ii) Class B Principal Balance 12,228,458.75
(K) Amount otherwise distributable to the Class B Certificateholders that
is being distributed to the Class A Certificateholders on such $0.00
Distribution Date
(L) Aggregate Purchase Amount of Receivables repurchased by the Seller or
purchased by the Servicer with respect to the Related Collection Period ($) $0.00
--------------
</TABLE>
<PAGE>
M. INSTRUCTIONS TO THE TRUSTEE
---------------------------
On the Distribution Date, make the following deposits and distributions:
<TABLE>
<CAPTION>
(A) Withdraw from the Collection Account and distribute to the Servicer:
<S> <C>
(i) Servicing Fee $238,365.01
(ii) Servicing Fees retained by the Seller 238,365.01
-------------
(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 $1,388,600.68
(ii) for the Class A Principal Distribution 13,630,097.76
--------------
(iii)Total (i+ii) $15,018,698.44
--------------
(C) Withdraw from the Collection Account and deposit in the Class B Distribution
Account:
(i) for the Class B Interest Distribution $67,034.69
(ii) for the Class B Principal Distribution 642,201.03
-------------
(iii)Total (i+ii) $709,235.71
--------------
(D) Withdraw excess Collections from the Collection Account and deposit in the
Reserve Fund $402,301.27
--------------
(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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