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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):
-------------------------------------------------
April 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 April 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 March 17,
1997 through April 14, 1997 and for the Collection Period from March 1,
1997 through March 31, 1997.
Item 7. Exhibits
See page 5 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: April 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...................6-14
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 March 17, 1997 through April 14, 1997
Collection Period March 1, 1997 through March 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 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 MARCH 1, 1997
MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
<TABLE>
<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>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997
MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
<TABLE>
<S> <C> <C> <C>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Receivable Balance $318,197,152.09
(B) Total Certificate Balance $318,197,152.09
(C) Total Certificate Pool Factor 0.5919653
(D) Class A Certificates
(i) Class A Certificate Balance $303,879,448.90
(ii) Class A Certificate Pool Factor 0.5919653
(E) Class B Certificates
(i) Class B Certificate Balance $14,317,703.19
(ii) Class B Certificate Pool Factor 0.5919653
(F) Reserve Fund Balance 16,701,824.49
(G) Cumulative Net Losses for All Prior Periods 12,039,538.36
(H) Charge-off Rate for Second Preceding Period 4.57%
(I) Charge-off Rate for Preceding Period 2.77%
(J) Delinquency Percentage for Second Preceding Period 1.16%
(K) Delinquency Percentage for Preceding Period 1.21%
(L) Weighted Average Coupon (WAC) 11.540%
(M) Weighted Average Remaining Maturity (WAM) 40.87 months
(N) Number of Receivables 30,851
C. INPUTS FROM THE MAINFRAME
(A) Simple Interest Receivables Principal
(i) Principal Collections 15,706,897.31
(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 2,945,199.06
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.54%
(D) Weighted Average Remaining Maturity (WAM) 40.05 months
(E) Remaining Number of Receivables 29,608
(F) Delinquent Receivables Dollar Amount # Units
(i) 30-59 Days Delinquent 8,334,605 2.76% 781
(ii) 60-89 Days Delinquent 1,898,067 0.63% 158
(iii) 90 Days or More Delinquent 1,374,340 0.45% 122
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Reserve Fund Investment Income 69,129.67
(B) Collection Account Investment Income 23,202.19
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 1,063,158.54
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) 1,059,609.26
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 3,549.28
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 311,679.38
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997
MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
<TABLE>
<S> <C>
E. COLLECTIONS
Interest Collections:
(A) Interest Payments Received 2,945,199.06
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 311,679.38
------------
(E) Interest Collections 3,256,878.44
Principal Collections:
(F) Principal Payments Received $15,706,897.31
(G) Liquidation Proceeds Related to Principal 3,549.28
(H) Other Refunds Related to Principal 0.00
------------
(I) Principal Collections 15,710,446.59
(J) Total Collections $18,967,325.03
F. DISTRIBUTABLE AMOUNTS
(A) Servicing Fee :
(i) Servicing Fee $265,164.29
(ii) Prior Collection Period unpaid Servicing Fees 0.00
------------
(iii) Total Servicing Fee $265,164.29
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $1,544,720.53
(ii) Class A prior period Interest Carryover Shortfall 0.00
------------
(iii) Class A Interest Distribution $1,544,720.53
(C) Class B Certificates
(i) Class B Monthly Interest $74,571.37
(ii) Class B prior period Interest Carryover Shortfall 0.00
------------
(iii) Class B Interest Distribution $74,571.37
(D) Total Certificate Interest Distribution $1,619,291.90
(E) Total Certificate Interest Distribution plus Total Servicing Fee $1,884,456.20
F. DISTRIBUTABLE AMOUNTS
Principal:
(F) Principal Collections $15,710,446.59
(G) Realized Losses 1,059,609.26
------------
(H) Total Monthly Principal $16,770,055.85
(I) Class A Certificates
(i) Class A Monthly Principal 16,015,464.93
(ii) Class A prior period Principal Carryover Shortfall 0.00
------------
(iii) Class A Principal Distribution 16,015,464.93
(J) Class B Certificates
(i) Class B Monthly Principal 754,590.92
(ii) Class B prior period Principal Carryover Shortfall 0.00
------------
(iii) Class B Principal Distribution 754,590.92
(K) Total Principal Distribution 16,770,055.85
(L) Total Interest and Principal Distribution Amounts 18,654,512.05
plus Servicing Fee
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997
MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
G. DISTRIBUTIONS
(A) Total Interest Collections available to be distributed 3,256,878.44
(B) Class B Percentage of Principal Collections 706,912.40
(C) Servicing Fee :
(i) Total Servicing Fee 265,164.29
(ii) Servicing Fee paid 265,164.29
------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 2,991,714.15
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,544,720.53
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 1,544,720.53
(iii) Total Interest Collections available after Class A Interest Distribution paid 1,446,993.61
(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 1,544,720.53
(F) Class B Certificates
(i) Class B Interest Distribution 74,571.37
(ii) Class B Interest Distribution paid from Interest Collections after Class A
Interest Distribution 74,571.37
(iii) Total Interest Collections available after Class B Interest Distribution paid 1,372,422.24
(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 74,571.37
(G) Total Interest Paid 1,619,291.90
(H) Total Interest and Servicing Fee Paid 1,884,456.20
(I) Total Interest Collections available after Servicing Fee and Class A and Class B
Interest Distribution paid 1,372,422.24
Total Collections available to be distributed:
(J) Total Principal Collections 15,710,446.59
(K) Excess Interest 1,372,422.24
(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 17,082,868.83
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 16,015,464.93
(ii) Class A Principal Distribution paid from total Collections available to be
distributed 16,015,464.93
(iii) Total Collections available after Class A Principal Distribution paid 1,067,403.91
(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 16,015,464.93
(O) Class B Certificates
(i) Class B Principal Distribution 754,590.92
(ii) Class B Principal Distribution paid from total Collections available to be
distributed 754,590.92
(iii) Total Collections available after Class B Principal Distribution paid 312,812.98
(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 754,590.92
(P) Total Excess Cash to the Reserve Fund 312,812.98
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997
MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
H. POOL BALANCE AND PORTFOLIO INFORMATION
<TABLE>
<CAPTION>
Beginning End
of Period of Period
----------------- -----------------
<S> <C> <C> <C>
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $318,197,152.09 $301,427,096.24
(ii) Aggregate Certificate Pool Factor 0.5919653 0.5607667
(iii) Class A Principal Balance 303,879,448.90 287,863,983.97
(iv) Class A Pool Factor 0.5919653 0.5607667
(v) Class B Principal Balance 14,317,703.19 13,563,112.27
(vi) Class B Pool Factor 0.5919653 0.5607667
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.54% 11.54%
(ii) Weighted Average Remaining Maturity (WAM) 40.87 months 40.05 months
(iii) Remaining Number of Receivables 30,851 29,608
(iv) Pool Balance $318,197,152.09 $301,427,096.24
I. RECONCILIATION OF RESERVE ACCOUNT
(A) Beginning Reserve Account Balance 16,701,824.49
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 16,701,824.49
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 16,701,824.49
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 16,701,824.49
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 16,701,824.49
(J) Total excess Collections deposited in the Reserve Fund 312,812.98
------------
(K) Reserve Fund Balance 17,014,637.47
(L) Specified Reserve Account Balance 27,128,438.66
(M) Reserve Account Release to Seller 0.00
------------
(N) Ending Reserve Account Balance 17,014,637.47
============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $3,549.28
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 311,679.38
(B) Realized Losses for Collection Period 1,059,609.26
(C) Charge-off Rate for Collection Period (annualized) 2.90%
(D) Cumulative Aggregate Net Losses for all Periods 12,787,468.24
(E) Delinquent Receivables
</TABLE>
<TABLE>
<CAPTION>
Dollar Amount # Units
------------- -------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 8,334,605 2.76% 781
(ii) 60-89 Days Delinquent 1,898,067 0.63% 158
(iii) 90 Days or More Delinquent 1,374,340 0.45% 122
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997
MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
<TABLE>
<S> <C>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
(A) Charge-off Rate
(i) Second Preceding Collection Period 4.57%
(ii) Preceding Collection Period 2.77%
(iii) Current Collection Period 2.90%
(iv) Three Month Average (Avg(i,ii,iii)) 3.41%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 1.16%
(ii) Preceding Collection Period 1.21%
(iii) Current Collection Period 1.08%
(iv) Three Month Average (Avg(i,ii,iii)) 1.15%
(C) Loss and Delinquency Trigger Indicator Trigger was hit
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-A
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997
MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
<TABLE>
<S> <C> <C>
L. STATEMENT TO CERTIFICATEHOLDERS
Per $1,000 of
Original Principal
(A) Amount of distribution allocable to principal: Dollars ($) Balance
----------------- ------------------
(i) Class A Certificates 16,015,464.93 31.1985525
(ii) Class B Certificates 754,590.92 31.1985525
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
----------------- ------------------
(i) Class A Certificates 1,544,720.53 3.0091568
(ii) Class B Certificates 74,571.37 3.0831524
(C) Pool Balance as of the close of business on the last day of the
Collection Period $301,427,096.24
-----------------
Per $1,000 of
Original Principal
(D) Amount of the Servicing Fee paid to the Servicer with respect to the Dollars ($) Balance
related Collection Period ----------------- ------------------
(i) Total Servicing Fee 265,164.29
(ii) Class A Percentage of the Servicing Fee 253,232.87 0.4933044
(ii) Class B Percentage of the Servicing Fee 11,931.42 0.4933044
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 0.5607667
(ii) Class B Pool Factor 0.5607667
(G) Amount of the aggregate Realized Losses, if any, for such Collection
Period ($) $1,059,609.26
-----------------
(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 $3,272,407.14
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $17,014,637.47
-----------------
(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 287,863,983.97
(ii) Class B Principal Balance 13,563,112.27
(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 MARCH 1, 1997
MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
<TABLE>
<S> <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 $265,164.29
(ii) Servicing Fees retained by the Seller 265,164.29
--------------
(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 $1,544,720.53
(ii) for the Class A Principal Distribution 16,015,464.93
--------------
(iii) Total (i+ii) $17,560,185.46
--------------
(C) Withdraw from the Collection Account and deposit in the Class B
Distribution Account:
(i) for the Class B Interest Distribution $74,571.37
(ii) for the Class B Principal Distribution 754,590.92
--------------
(iii) Total (i+ii) $829,162.29
--------------
(D) Withdraw excess Collections from the Collection Account and deposit
in the Reserve Fund $312,812.98
-------------
(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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