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Previous: BANC ONE AUTO GRANTOR TRUST 1996-A, 8-K, 1997-09-29 |
Next: DECISIONONE HOLDINGS CORP, 10-K405, 1997-09-29 |
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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):
-------------------------------------------------
September 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 September 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 August 15,
1997 through September 12, 1997 and for the Collection Period
from August 1, 1997 through August 31, 1997.
Item 7. Exhibits
See page 4 for Exhibit Index
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
- ------- ----------- ----
99.1 Monthly Statements and Additional Information.............. 5-13
<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: September 9, 1997 By: /s/ Jeff Stewart
----------------- -------------------------
Name: Jeff Stewart
Title: Vice President
<PAGE>
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 August 16, 1997 through September 12, 1997
Collection Period August 1, 1997 through August 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/ Rikki O'Neal
--------------------- ---------------------
Jeff Stewart Assistant Secretary
Vice President Bank One, Texas, N.A.
Bank One, Texas, N.A.
Exhibit 99.1
<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 $245,201,410.54
(B) Total Certificate Balance $245,201,410.54
(C) Total Certificate Pool Factor 0.4561660
(D) Class A Certificates
(i) Class A Certificate Balance $234,168,247.63
(ii) Class A Certificate Pool Factor 0.4561660
(E) Class B Certificates
(i) Class B Certificate Balance $11,033,162.91
(ii) Class B Certificate Pool Factor 0.4561660
(F) Reserve Fund Balance 22,068,126.95
(G) Cumulative Net Losses for All Prior Periods 15,383,973.37
(H) Charge-off Rate for Second Preceding Period 2.93%
(I) Charge-off Rate for Preceding Period 2.48%
(J) Delinquency Percentage for Second Preceding Period 0.92%
(K) Delinquency Percentage for Preceding Period 0.77%
(L) Weighted Average Coupon (WAC) 11.520%
(M) Weighted Average Remaining Maturity (WAM) 36.85 months
(N) Number of Receivables 25,301
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 10,925,149.69
(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 2,260,577.84
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.52%
(D) Weighted Average Remaining Maturity (WAM) 36.09 months
(E) Remaining Number of Receivables 24,465
<CAPTION>
(F) Delinquent Receivables Dollar Amount # Units
------------- --------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 6,020,844 2.58% 641
(ii) 60-89 Days Delinquent 1,574,751 0.67% 157
(iii) 90 Days or More Delinquent 616,482 0.26% 67
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income 94,804.11
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 764,902.08
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) 714,904.00
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 49,998.08
(ii) Liquidation Proceeds Related to Interest 576.86
(iii) Recoveries from Prior Month Charge Offs 161,085.15
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
E. COLLECTIONS
- --------------
<S> <C>
Interest Collections:
(A) Interest Payments Received 2,260,577.84
(B) Liquidation Proceeds Related to Interest 576.86
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 161,085.15
-------------
(E) Interest Collections 2,422,239.85
Principal Collections:
(F) Principal Payments Received $10,925,149.69
(G) Liquidation Proceeds Related to Principal 49,998.08
(H) Other Refunds Related to Principal 0.00
-------------
(I) Principal Collections 10,975,147.77
(J) Total Collections $13,397,387.62
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee:
(i) Servicing Fee $204,334.51
(ii) Prior Collection Period unpaid Servicing Fees 0.00
-------------
(iii) Total Servicing Fee $204,334.51
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $1,190,355.26
(ii) Class A prior period Interest Carryover Shortfall 0.00
-------------
(iii) Class A Interest Distribution $1,190,355.26
(C) Class B Certificates
(i) Class B Monthly Interest $57,464.39
(ii) Class B prior period Interest Carryover Shortfall 0.00
-------------
(iii) Class B Interest Distribution $57,464.39
(D) Total Certificate Interest Distribution $1,247,819.65
(E) Total Certificate Interest Distribution plus Total Servicing Fee $1,452,154.16
Principal:
(F) Principal Collections $10,975,147.77
(G) Realized Losses 714,904.00
--------------
(H) Total Monthly Principal $11,690,051.77
(I) Class A Certificates
(i) Class A Monthly Principal 11,164,042.37
(ii) Class A prior period Principal Carryover Shortfall 0.00
-------------
(iii) Class A Principal Distribution 11,164,042.37
(J) Class B Certificates
(i) Class B Monthly Principal 526,009.40
(ii) Class B prior period Principal Carryover Shortfall 0.00
-------------
(iii) Class B Principal Distribution 526,009.40
(K) Total Principal Distribution 11,690,051.77
(L) Total Interest and Principal Distribution Amounts
plus Servicing Fee 13,142,205.93
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
G. DISTRIBUTIONS
- ----------------
<S> <C>
(A) Total Interest Collections available to be distributed 2,422,239.85
(B) Class B Percentage of Principal Collections 493,841.34
(C) Servicing Fee:
(i) Total Servicing Fee 204,334.51
(ii) Servicing Fee paid 204,334.51
-------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 2,217,905.34
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,190,355.26
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 1,190,355.26
(iii) Total Interest Collections available after Class A Interest Distribution paid 1,027,550.08
(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 1,190,355.26
(F) Class B Certificates
(i) Class B Interest Distribution 57,464.39
(ii) Class B Interest Distribution paid from Interest Collections after Class A Interest
Distribution 57,464.39
(iii) Total Interest Collections available after Class B Interest Distribution paid 970,085.69
(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 57,464.39
(G) Total Interest Paid 1,247,819.65
(H) Total Interest and Servicing Fee Paid 1,452,154.16
(I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest
Distribution paid 970,085.69
Total Collections available to be distributed:
(J) Total Principal Collections 10,975,147.77
(K) Excess Interest 970,085.69
(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 11,945,233.46
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 11,164,042.37
(ii) Class A Principal Distribution paid from total Collections available to be distributed 11,164,042.37
(iii) Total Collections available after Class A Principal Distribution paid 781,191.09
(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 11,164,042.37
(O) Class B Certificates
(i) Class B Principal Distribution 526,009.40
(ii) Class B Principal Distribution paid from total Collections available to be distributed 526,009.40
(iii) Total Collections available after Class B Principal Distribution paid 255,181.69
(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 526,009.40
(P) Total Excess Cash to the Reserve Fund 255,181.69
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
H. POOL BALANCE AND PORTFOLIO INFORMATION
- -----------------------------------------
Beginning End
of Period of Period
------------------- -------------------
<S> <C> <C> <C>
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $245,201,410.54 $233,511,358.77
(ii) Aggregate Certificate Pool Factor 0.4561660 0.4344181
(iii) Class A Principal Balance 234,168,247.63 223,004,205.26
(iv) Class A Pool Factor 0.4561660 0.4344181
(v) Class B Principal Balance 11,033,162.91 10,507,153.51
(vi) Class B Pool Factor 0.4561660 0.4344181
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.52% 11.52%
(ii) Weighted Average Remaining Maturity (WAM) 36.85 months 36.09 months
(iii) Remaining Number of Receivables 25,301 24,465
(iv) Pool Balance $245,201,410.54 $233,511,358.77
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance 22,068,126.95
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 22,068,126.95
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 22,068,126.95
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 22,068,126.95
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 22,068,126.95
(J) Total excess Collections deposited in the Reserve Fund 255,181.69
(K) Reserve Fund Balance 22,323,308.64
(L) Specified Reserve Account Balance 21,016,022.29
(M) Reserve Account Release to Seller 1,307,286.35
---------------
(N) Ending Reserve Account Balance 21,016,022.29
===============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $49,998.08
(ii) Liquidation Proceeds Related to Interest 576.86
(iii) Recoveries on Previously Liquidated Contracts 161,085.15
(B) Realized Losses for Collection Period 714,904.00
(C) Charge-off Rate for Collection Period (annualized) 2.78%
(D) Cumulative Aggregate Net Losses for all Periods 15,937,792.22
(E) Delinquent Receivables
<CAPTION>
Dollar Amount # Units
------------- --------
<S> <C> <C> <C> <C>
(i) 30-59 Days Delinquent 6,020,844 2.58% 641
(ii) 60-89 Days Delinquent 1,574,751 0.67% 157
(iii) 90 Days or More Delinquent 616,482 0.26% 67
</TABLE>
<PAGE>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 2.93%
(ii) Preceding Collection Period 2.48%
(iii) Current Collection Period 2.78%
(iv) Three Month Average (Avg(i,ii,iii)) 2.73%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.92%
(ii) Preceding Collection Period 0.77%
(iii) Current Collection Period 0.93%
(iv) Three Month Average (Avg(i,ii,iii)) 0.87%
(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 11,164,042.37 21.7478521
(ii) Class B Certificates 526,009.40 21.7478521
<CAPTION>
(B) Amount of distribution allocable to interest:
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
---------------- -----------------
<S> <C> <C>
(i) Class A Certificates 1,190,355.26 2.3188438
(ii) Class B Certificates 57,464.39 2.3758645
(C) Pool Balance as of the close of business on the last day of the
Collection Period $233,511,358.77
----------------
<CAPTION>
Per $1,000 of
(D) Amount of the Servicing Fee paid to the Servicer with respect Original Principal
to the related Collection Period Dollars ($) Balance
---------------- ------------------
<S> <C> <C>
(i) Total Servicing Fee 204,334.51
(ii) Class A Percentage of the Servicing Fee 195,140.21 0.3801383
(ii) Class B Percentage of the Servicing Fee 9,194.30 0.3801383
<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
<CAPTION>
Pool Factor
------------------
<S> <C>
(i) Class A Pool Factor 0.4344181
(ii) Class B Pool Factor 0.4344181
(G) Amount of the aggregate Realized Losses, if any, for such
Collection Period ($) $714,904.00
--------------
(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 $2,191,232.83
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $21,016,022.29
--------------
(J) Aggregate outstanding principal balances for each class of
certificates, after giving effect to all payments allocated to principal
<CAPTION>
Principal Balance
------------------
<S> <C>
(i) Class A Principal Balance 223,004,205.26
(ii) Class B Principal Balance 10,507,153.51
(K) Amount otherwise distributable to the Class B Certificateholders that
is being distributed to the Class A Certificateholders on such
Distribution Date 0.00
(L) Aggregate Purchase Amount of Receivables repurchased by the Seller or
purchased by the Servicer with respect to the Related Collection Period ($) 0.00
--------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
M. INSTRUCTIONS TO THE TRUSTEE
- ------------------------------
On the Distribution Date, make the following deposits and distributions:
<S> <C> <C>
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $204,334.51
(ii) Servicing Fees retained by the Seller 204,334.51
--------------
(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 $1,190,355.26
(ii) for the Class A Principal Distribution 11,164,042.37
--------------
(iii) Total (i+ii) $12,354,397.63
--------------
(C) Withdraw from the Collection Account and deposit in the
Class B Distribution Account:
(i) for the Class B Interest Distribution $57,464.39
(ii) for the Class B Principal Distribution 526,009.40
------------
(iii) Total (i+ii) $583,473.79
-----------
(D) Withdraw excess Collections from the Collection Account and
deposit in the Reserve Fund $255,181.69
------------
(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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