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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):
-------------------------------------------------
December 15, 1997
Banc One Auto Grantor Trust 1996 - A
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
New York
---------------------------------------------
(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 December 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 Banc 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 November
17, 1997 through December 12, 1997 and for the Collection Period from
November 1, 1997 through November 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: December 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.....................5-13
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 November 17, 1997 through December 12, 1997
Collection Period November 1, 1997 through November 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/ Rikki O'Neal
------------------- ------------------
Jeff Stewart Assistant 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>
<S> <C>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
(A) Total Receivable Balance $210,455,280.83
(B) Total Certificate Balance $210,455,280.83
(C) Total Certificate Pool Factor 0.3915252
(D) Class A Certificates
(i) Class A Certificate Balance $200,985,566.15
(ii) Class A Certificate Pool Factor 0.3915252
(E) Class B Certificates
(i) Class B Certificate Balance $ 9,469,714.68
(ii) Class B Certificate Pool Factor 0.3915252
(F) Reserve Fund Balance 18,940,975.27
(G) Cumulative Net Losses for All Prior Periods 16,903,992.74
(H) Charge-off Rate for Second Preceding Period 1.96%
(I) Charge-off Rate for Preceding Period 3.30%
(J) Delinquency Percentage for Second Preceding Period 1.20%
(K) Delinquency Percentage for Preceding Period 1.47%
(L) Weighted Average Coupon (WAC) 11.520%
(M) Weighted Average Remaining Maturity (WAM) 34.51 months
(N) Number of Receivables 22,856
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 9,135,999.80
(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 1,816,839.09
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.52%
(D) Weighted Average Remaining Maturity (WAM) 33.78 months
(E) Remaining Number of Receivables 22,169
<CAPTION>
(F) Delinquent Receivables Dollar Amount # Units
-------------- --------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 8,352,204 4.17% 908
(ii) 60-89 Days Delinquent 2,006,137 1.00% 208
(iii) 90 Days or More Delinquent 1,245,752 0.62% 119
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income 73,283.12
(B) Collection Account Investment Income 7,995.51
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 861,640.78
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) 860,249.83
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 1,390.95
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 180,207.54
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
E. COLLECTIONS
- --------------
<S> <C>
Interest Collections:
(A) Interest Payments Received 1,816,839.09
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 180,207.54
----------------
(E) Interest Collections 1,997,046.63
Principal Collections:
(F) Principal Payments Received 9,135,999.80
(G) Liquidation Proceeds Related to Principal 1,390.95
(H) Other Refunds Related to Principal 0.00
----------------
(I) Principal Collections 9,137,390.75
(J) Total Collections
11,134,437.38
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee:
(i) Servicing Fee $ 175,379.40
(ii) Prior Collection Period unpaid Servicing Fees 0.00
----------------
(iii) Total Servicing Fee 175,379.40
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $ 1,021,676.63
(ii) Class A prior period Interest Carryover Shortfall 0.00
----------------
(iii) Class A Interest Distribution $ 1,021,676.63
(C) Class B Certificates
(i) Class B Monthly Interest $ 49,321.43
(ii) Class B prior period Interest Carryover Shortfall 0.00
----------------
(iii) Class B Interest Distribution $ 49,321.43
(D) Total Certificate Interest Distribution $ 1,070,998.06
(E) Total Certificate Interest Distribution plus Total Servicing Fee $ 1,246,377.46
Principal:
(F) Principal Collections $ 9,137,390.75
(G) Realized Losses 860,249.83
-----------------
(H) Total Monthly Principal $ 9,997,640.58
(I) Class A Certificates
(i) Class A Monthly Principal 9,547,783.47
(ii) Class A prior period Principal Carryover Shortfall 0.00
----------------
(iii) Class A Principal Distribution 9,547,783.47
(J) Class B Certificates
(i) Class B Monthly Principal 449,857.11
(ii) Class B prior period Principal Carryover Shortfall 0.00
-----------------
(iii) Class B Principal Distribution 449,857.11
(K) Total Principal Distribution 9,997,640.58
(L) Total Interest and Principal Distribution Amounts 11,244,018.04
plus Servicing Fee
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
G. DISTRIBUTIONS
- ----------------
<S> <C>
(A) Total Interest Collections available to be distributed 1,997,046.63
(B) Class B Percentage of Principal Collections 411,149.02
(C) Servicing Fee:
(i) Total Servicing Fee 175,379.40
(ii) Servicing Fee paid 175,379.40
----------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 1,821,667.23
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,021,676.63
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 1,021,676.63
(iii) Total Interest Collections available after Class A Interest Distribution paid 799,990.60
(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 1,021,676.63
(F) Class B Certificates
(i) Class B Interest Distribution 49,321.43
(ii) Class B Interest Distribution paid from Interest Collections after Class A
Interest Distribution 49,321.43
(iii) Total Interest Collections available after Class B Interest Distribution paid 750,669.17
(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 49,321.43
(G) Total Interest Paid 1,070,998.06
(H) Total Interest and Servicing Fee Paid 1,246,377.46
(I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest
Distribution paid 750,669.17
Total Collections available to be distributed:
(J) Total Principal Collections 9,137,390.75
(K) Excess Interest 750,669.17
(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 9,888,059.92
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 9,547,783.47
(ii) Class A Principal Distribution paid from total Collections available to be distributed 9,547,783.47
(iii) Total Collections available after Class A Principal Distribution paid 340,276.45
(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 9,547,783.47
(O) Class B Certificates
(i) Class B Principal Distribution 449,857.11
(ii) Class B Principal Distribution paid from total Collections available to be distributed 340,276.45
(iii) Total Collections available after Class B Principal Distribution paid 0.00
(iv) Class B Principal Distribution remaining to be paid 109,580.66
(v) Class B Principal Distribution paid from Reserve Fund 109,580.66
(vi) Class B Principal Carryover Shortfall 0.00
(vii) Total Class B Principal Distribution paid 449,857.11
(P) Total Excess Cash to the Reserve Fund 0.00
</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 $210,455,280.83 $200,457,640.25
(ii) Aggregate Certificate Pool Factor 0.3915252 0.3729259
(iii) Class A Principal Balance 200,985,566.15 191,437,782.68
(iv) Class A Pool Factor 0.3915252 0.3729259
(v) Class B Principal Balance 9,469,714.68 9,019,857.57
(vi) Class B Pool Factor 0.3915252 0.3729259
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.52% 11.52%
(ii) Weighted Average Remaining Maturity (WAM) 34.51 months 33.78 months
(iii) Remaining Number of Receivables 22,856 22,169
(iv) Pool Balance $210,455,280.83 $200,457,640.25
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance 18,940,975.27
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 18,940,975.27
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 18,940,975.27
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 18,940,975.27
(H) Less: Draw to pay Class B Principal Distribution 109,580.66
(I) Reserve Account Balance after draw 18,831,394.61
(J) Total excess Collections deposited in the Reserve Fund 0.00
(K) Reserve Fund Balance 18,831,394.61
(L) Specified Reserve Account Balance 18,041,187.62
(M) Reserve Account Release to Seller 790,206.99
---------------
(N) Ending Reserve Account Balance 18,041,187.62
===============
<CAPTION>
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
<S> <C>
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $ 1,390.95
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 180,207.54
(B) Realized Losses for Collection Period 860,249.83
(C) Charge-off Rate for Collection Period (annualized) 3.97%
(D) Cumulative Aggregate Net Losses for all Periods $17,584,035.03
(E) Delinquent Receivables
<CAPTION>
Dollar Amount # Units
------------- ---------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 8,352,204 4.17% 908
(ii) 60-89 Days Delinquent 2,006,137 1.00% 208
(iii) 90 Days or More Delinquent 1,245,752 0.62% 119
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
<S> <C> <C>
(A) Charge-off Rate
(i) Second Preceding Collection Period 1.96%
(ii) Preceding Collection Period 3.30%
(iii) Current Collection Period 3.97%
(iv) Three Month Average (Avg(i,ii,iii)) 3.08%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 1.20%
(ii) Preceding Collection Period 1.47%
(iii) Current Collection Period 1.62%
(iv) Three Month Average (Avg(i,ii,iii)) 1.43%
(C) Loss and Delinquency Trigger Indicator Trigger was hit
</TABLE>
<PAGE>
<TABLE>
L. STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------
<CAPTION>
Per $1,000 of
Original Principal
(A) Amount of distribution allocable to principal: Dollars ($) Balance
------------------- ------------------
<S> <C> <C>
(i) Class A Certificates 9,547,783.47 18.5993366
(ii) Class B Certificates 449,857.11 18.5993366
<CAPTION>
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
------------------ ------------------
<S> <C> <C>
(i) Class A Certificates 1,021,676.63 1.9902533
(ii) Class B Certificates 49,321.43 2.0391939
(C) Pool Balance as of the close of business on the last day of the Collection
Period $200,457,640.25
-----------------
<CAPTION>
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
------------------ -----------------
<S> <C> <C>
(i) Total Servicing Fee 175,379.40
(ii) Class A Percentage of the Servicing Fee 167,487.97 0.3262710
(ii) Class B Percentage of the Servicing Fee 7,891.43 0.3262710
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
------------------- -------------------
<S> <C> <C>
(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 0.3729259
(ii) Class B Pool Factor 0.3729252
<CAPTION>
<S> <C> <C>
(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $ 860,249.83
-------------
(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 $3,251,889.46
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $18,041,187.62
--------------
(J) Aggregate outstanding principal balances for each class of certificates, after
giving effect to all payments allocated to principal Principal Balance
-----------------
(i) Class A Principal Balance 191,437,782.68
(ii) Class B Principal Balance 9,019,857.57
(K) Amount otherwise distributable to the Class B Certificateholders that is being
distributed to the Class A Certificateholders on such Distribution Date 0.00
(L) Aggregate Purchase Amount of Receivables repurchased by the Seller or purchased
by the Servicer with respect to the Related Collection Period ($) 0.00
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
M. INSTRUCTIONS TO THE TRUSTEE
- ------------------------------
<S> <C> <C> <C>
On the Distribution Date, make the following deposits and distributions:
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $175,379.40
(ii) Servicing Fees retained by the Seller 175,379.40
------------------
(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 $1,021,676.63
(ii) for the Class A Principal Distribution 9,547,783.47
------------------
(iii) Total (i+ii) $10,569,460.10
--------------
(C) Withdraw from the Collection Account and deposit in the Class B
Distribution Account:
(i) for the Class B Interest Distribution $49,321.43
(ii) for the Class B Principal Distribution 340,276.45
----------------
(iii) Total (i+ii) $389,597.88
-------------
(D) Withdraw excess Collections from the Collection Account and deposit
in the Reserve Fund $0.00
-------------
(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 109,580.66
----------
(iii) Total $109,580.66
-----------
</TABLE>
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