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Previous: LOU HOLLAND TRUST, NSAR-A, 1997-08-28 |
Next: ENSTAR INC, 424B3, 1997-08-28 |
<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):
August 15, 1997
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 August 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 July 15,
1997 through August 14, 1997 and for the Collection Period from July 1,
1997 through July 31, 1997.
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: August 11, 1997 By: / s/ Jeff Stewart
-------------------------------------
Name: Jeff Stewart
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description Page
- ------- ----------- ----
<S> <C> <C>
99.1 Monthly Statements and Additional Information. ................5-13
</TABLE>
<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 July 15, 1997 through August 14, 1997
Collection Period July 1, 1997 through July 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> 2
BANC ONE AUTO GRANTOR PAGE 1
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
July 1 THROUGH July 31,1997
DISTRIBUTION DATE
August 15, 1997
<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%
</TABLE>
<PAGE> 3
BANC ONE AUTO GRANTOR PAGE 2
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
July 1 THROUGH July 31,1997
DISTRIBUTION DATE
August 15, 1997
<TABLE>
<CAPTION>
<S> <C>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
---------------------------------------------
(A) Total Receivable Balance $258,558,403.46
(B) Total Certificate Balance $258,558,403.46
(C) Total Certificate Pool Factor 0.4810150
(D) Class A Certificates
(i) Class A Certificate Balance $246,924,224.92
(ii) Class A Certificate Pool Factor 0.4810150
(E) Class B Certificates
(i) Class B Certificate Balance $11,634,178.54
(ii) Class B Certificate Pool Factor 0.4810150
(F) Reserve Fund Balance 23,270,256.31
(G) Cumulative Net Losses for All Prior Periods 14,863,034.45
(H) Charge-off Rate for Second Preceding Period 2.72%
(I) Charge-off Rate for Preceding Period 2.93%
(J) Delinquency Percentage for Second Preceding Period 0.92%
(K) Delinquency Percentage for Preceding Period 0.92%
(L) Weighted Average Coupon (WAC) 11.530%
(M) Weighted Average Remaining Maturity (WAM) 37.69 months
(N) Number of Receivables 26,341
C. INPUTS FROM THE MAINFRAME
-------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 12,606,972.24
(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 2,582,235.31
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.52%
(D) Weighted Average Remaining Maturity (WAM) 36.85 months
(E) Remaining Number of Receivables 25,301
<CAPTION>
Dollar Amount # Units
-------------- --------
<S> <C> <C> <C>
(F) Delinquent Receivables
(i) 30-59 Days Delinquent 5,173,899 2.11% 533
(ii) 60-89 Days Delinquent 1,009,337 0.41% 108
(iii) 90 Days or More Delinquent 882,452 0.36% 94
D. INPUTS DERIVED FROM OTHER SOURCES
---------------------------------
(A) Reserve Fund Investment Income 106,754.97
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 750,020.68
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) 742,945.79
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 7,074.89
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 222,006.87
</TABLE>
<PAGE> 4
BANC ONE AUTO GRANTOR PAGE 3
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
July 1 THROUGH July 31,1997
DISTRIBUTION DATE
August 15, 1997
<TABLE>
<CAPTION>
<S> <C>
E. COLLECTIONS
-----------
Interest Collections:
(A) Interest Payments Received 2,582,235.31
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 222,006.87
--------------
(E) Interest Collections 2,804,242.18
Principal Collections:
(F) Principal Payments Received $12,606,972.24
(G) Liquidation Proceeds Related to Principal 7,074.89
(H) Other Refunds Related to Principal 0.00
--------------
(I) Principal Collections 12,614,047.13
(J) Total Collections $15,418,289.31
F. DISTRIBUTABLE AMOUNTS
---------------------
(A) Servicing Fee:
(i) Servicing Fee $215,465.34
(ii) Prior Collection Period unpaid Servicing Fees 0.00
--------------
(iii) Total Servicing Fee $215,465.34
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $1,255,198.14
(ii) Class A prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class A Interest Distribution $1,255,198.14
(C) Class B Certificates
(i) Class B Monthly Interest $60,594.68
(ii) Class B prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class B Interest Distribution $60,594.68
(D) Total Certificate Interest Distribution $1,315,792.82
(E) Total Certificate Interest Distribution plus Total Servicing Fee $1,531,258.16
F. DISTRIBUTABLE AMOUNTS
---------------------
Principal:
(F) Principal Collections $12,614,047.13
(G) Realized Losses 742,945.79
--------------
(H) Total Monthly Principal $13,356,992.92
(I) Class A Certificates
(i) Class A Monthly Principal 12,755,977.29
(ii) Class A prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class A Principal Distribution 12,755,977.29
(J) Class B Certificates
(i) Class B Monthly Principal 601,015.63
(ii) Class B prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class B Principal Distribution 601,015.63
(K) Total Principal Distribution 13,356,992.92
(L) Total Interest and Principal Distribution Amounts 14,888,251.08
plus Servicing Fee
</TABLE>
<PAGE> 5
BANC ONE AUTO GRANTOR PAGE 4
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
July 1 THROUGH July 31,1997
DISTRIBUTION DATE
August 15, 1997
<TABLE>
<CAPTION>
<S> <C>
G. DISTRIBUTIONS
-------------
(A) Total Interest Collections available to be distributed 2,804,242.18
(B) Class B Percentage of Principal Collections 567,585.79
(C) Servicing Fee :
(i) Total Servicing Fee 215,465.34
(ii) Servicing Fee paid 215,465.34
-------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 2,588,776.84
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,255,198.14
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 1,255,198.14
(iii) Total Interest Collections available after Class A Interest Distribution paid 1,333,578.70
(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 1,255,198.14
(F) Class B Certificates
(i) Class B Interest Distribution 60,594.68
(ii) Class B Interest Distribution paid from Interest Collections after Class A Interest Distribution 60,594.68
(iii) Total Interest Collections available after Class B Interest Distribution paid 1,272,984.02
(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 60,594.68
(G) Total Interest Paid 1,315,792.82
(H) Total Interest and Servicing Fee Paid 1,531,258.16
(I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest Distribution paid 1,272,984.02
Total Collections available to be distributed:
(J) Total Principal Collections 12,614,047.13
(K) Excess Interest 1,272,984.02
(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 13,887,031.15
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 12,755,977.29
(ii) Class A Principal Distribution paid from total Collections available to be distributed 12,755,977.29
(iii) Total Collections available after Class A Principal Distribution paid 1,131,053.86
(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 12,755,977.29
(O) Class B Certificates
(i) Class B Principal Distribution 601,015.63
(ii) Class B Principal Distribution paid from total Collections available to be distributed 601,015.63
(iii) Total Collections available after Class B Principal Distribution paid 530,038.23
(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 601,015.63
(P) Total Excess Cash to the Reserve Fund 530,038.23
</TABLE>
<PAGE> 6
BANC ONE AUTO GRANTOR PAGE 5
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
July 1 THROUGH July 31,1997
DISTRIBUTION DATE
August 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 $258,558,403.46 $245,201,410.54
(ii) Aggregate Certificate Pool Factor 0.4810150 0.4561660
(iii) Class A Principal Balance 246,924,224.92 234,168,247.63
(iv) Class A Pool Factor 0.4810150 0.4561660
(v) Class B Principal Balance 11,634,178.54 11,033,162.91
(vi) Class B Pool Factor 0.4810150 0.4561660
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.53% 11.52%
(ii) Weighted Average Remaining Maturity
(WAM) 37.69 months 36.85 months
(iii) Remaining Number of Receivables 26,341 25,301
(iv) Pool Balance $258,558,403.46 $245,201,410.54
I. RECONCILIATION OF RESERVE ACCOUNT
---------------------------------
(A) Beginning Reserve Account Balance 23,270,256.31
(B) Less: Draw to pay Class A Interest
Distribution 0.00
(C) Reserve Account Balance after draw 23,270,256.31
(D) Less: Draw to pay Class B Interest
Distribution 0.00
(E) Reserve Account Balance after draw 23,270,256.31
(F) Less: Draw to pay Class A Principal
Distribution 0.00
(G) Reserve Account Balance after draw 23,270,256.31
(H) Less: Draw to pay Class B Principal
Distribution 0.00
(I) Reserve Account Balance after draw 23,270,256.31
(J) Total excess Collections deposited in the
Reserve Fund 530,038.23
(K) Reserve Fund Balance 23,800,294.54
(L) Specified Reserve Account Balance 22,068,126.95
(M) Reserve Account Release to Seller 1,732,167.59
---------------
(N) Ending Reserve Account Balance 22,068,126.95
===============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
-----------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to
Principal $7,074.89
(ii) Liquidation Proceeds Related to
Interest 0.00
(iii) Recoveries on Previously Liquidated
Contracts 222,006.87
(B) Realized Losses for Collection Period 742,945.79
(C) Charge-off Rate for Collection Period
(annualized) 2.48%
(D) Cumulative Aggregate Net Losses for all Periods 15,383,973.37
(E) Delinquent Receivables
<CAPTION>
Dollar Amount # Units
------------- -------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 5,173,899 2.11% 533
(ii) 60-89 Days Delinquent 1,009,337 0.41% 108
(iii) 90 Days or More Delinquent 882,452 0.36% 94
</TABLE>
<PAGE> 7
BANC ONE AUTO GRANTOR PAGE 6
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD
July 1 THROUGH July 31,1997
DISTRIBUTION DATE
August 15, 1997
<TABLE>
<S> <C>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
-------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 2.72%
(ii) Preceding Collection Period 2.93%
(iii) Current Collection Period 2.48%
(iv) Three Month Average (Avg(i,ii,iii)) 2.71%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.92%
(ii) Preceding Collection Period 0.92%
(iii) Current Collection Period 0.77%
(iv) Three Month Average (Avg(i,ii,iii)) 0.87%
(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
July 1 THROUGH July 31,1997
DISTRIBUTION DATE
August 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 12,755,977.29 24.8489837
(ii) Class B Certificates 601,015.63 24.8489837
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
--------------- ------------------
<S> <C> <C>
(B) Amount of distribution allocable to interest:
(i) Class A Certificates 1,255,198.14 2.4451594
(ii) Class B Certificates 60,594.68 2.5052863
(C) Pool Balance as of the close of business on the last
day of the Collection Period $245,201,410.54
---------------
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
--------------- ------------------
<S> <C> <C>
(D) Amount of the Servicing Fee paid to the Servicer with
respect to the related Collection Period
(i) Total Servicing Fee 215,465.34
(ii) Class A Percentage of the Servicing Fee 205,770.19 0.4008458
(iii) Class B Percentage of the Servicing Fee 9,695.15 0.4008458
<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
<CAPTION>
Pool Factor
-----------
<S> <C> <C>
(F) Pool factors for each class of certificates, after
giving effect to all payments allocated
to principal
(i) Class A Pool Factor 0.4561660
(ii) Class B Pool Factor 0.4561660
(G) Amount of the aggregate Realized Losses, if any,
for such Collection Period ($) $742,945.79
---------------
(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 $1,891,788.12
(I) Amount on deposit in the Reserve Fund on such
Distribution Date, after giving effect to
distributions made on such Distribution Date $22,068,126.95
---------------
<CAPTION>
Principal Balance
-----------------
<S> <C> <C>
(J) Aggregate outstanding principal balances for each
class of certificates, after giving effect to
all payments allocated to principal
(i) Class A Principal Balance 234,168,247.63
(ii) Class B Principal Balance 11,033,162.91
(K) Amount otherwise distributable to the Class B Certificate-
holders 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
July 1 THROUGH July 31,1997
DISTRIBUTION DATE
August 15, 1997
<TABLE>
<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 $215,465.34
(ii) Servicing Fees retained by the Seller 215,465.34
-------------
(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 $1,255,198.14
(ii) for the Class A Principal Distribution 12,755,977.29
-------------
(iii) Total (i+ii) $14,011,175.44
--------------
(C) Withdraw from the Collection Account and deposit in the
Class B Distribution Account:
(i) for the Class B Interest Distribution $60,594.68
(ii) for the Class B Principal Distribution 601,015.63
-------------
(iii) Total (i+ii) $661,610.31
--------------
(D) Withdraw excess Collections from the Collection Account
and deposit in the Reserve Fund $530,038.23
--------------
(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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