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Previous: MAXIM PHARMACEUTICALS INC, 10-Q, 1996-08-23 |
Next: EVEREST SECURITY SYSTEMS CORP, 10SB12G/A, 1996-08-23 |
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, 1996
Banc One Auto Grantor Trust 1996 - B
(Issuer with report to the Certificates)
Banc One ABS Corporation
(Exact name of registrant as specified in its charter)
Ohio
(State or other jurisdiction of organization)
333-3457 31-1467431
(Commission File Number) (IRS Employer Identification Number)
c/o Bank One, Arizona, N.A., as Servicer, 201 North Central Avenue,
Attn: Tom Lewis, Phoenix, Arizona 85004
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(602) 221-3704
<PAGE>
Item 5. Other Events
On August 15, 1996, the Banc One Auto Grantor Trust 1996-B (the "Trust") made a
regular monthly distribution of principal and/or interest to holders of the
Trust's Class A 6.55% Asset Backed Certificates and Class B 6.70% 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 1, 1996 through July 31, 1996 and for the Collection Period from July
1, 1996 through July 31, 1996.
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-B
By: Bank One, Arizona, N.A., as Servicer
on behalf of the Trust
Date: August 12, 1996 By: /s/Tom Lewis
------------------------------------
Name: Tom Lewis
Title: Vice President
Servicer's Certificate
(Pursuant to Section 3.9
of the Pooling and Servicing
Agreement, dated June 1, 1996)
Banc One Auto Trust 1996-B
Interest Period July 1, 1996 through July 31, 1996
Collection Period July 1, 1996 through July 31, 1996
The undersigned officer of Bank One, Arizona, 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/Tom Lewis Attested: /s/Heather Smith
Tom Lewis Accounting Specialist
Vice President Bank One, Arizona,
Bank One, Arizona, N.A. N.A.
<PAGE>
<TABLE>
<CAPTION>
Banc One Auto Grantor Trust 1996-B
Determination Date Statement
Collection Period July 1, 1996 through July 31, 1996
Distribution Date August 15, 1996
A. ORIGINAL DEAL PARAMETER INPUTS
- -----------------------------------
<S> <C>
(A) Total Receivable Balance $305,686,731.53
(B) Total Certificate Balance $305,686,731.53
(C) Class A Certificates
(i) Class A Percentage 96.00%
(ii) Original Class A Principal Balance 293,459,000.00
(iii) Class A Pass-Through Rate 6.55%
(D) Class B Certificates
(i) Class B Percentage 4.00%
(ii) Original Class B Principal Balance $12,227,731.53
(iii) Class B Pass-Through Rate 6.70%
(E) Servicing Fee Rate (per annum) 1.00%
(F) Weighted Average Coupon (WAC) 12.15%
(G) Weighted Average Original Maturity (WAOM) 60.12 months
(H) Weighted Average Remaining Maturity (WAM) 45.97 months
(I) Number of Receivables 31,595
(J) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage (of initial Certificate 1.50%
Balance)
(ii) Reserve Fund Initial Deposit $4,585,300.97
(iii) Specified Reserve Balance:
(a) On any Distribution Date: The greater of J(iii)(b or c)
if 1.75% chargeoff and delinquency triggers not hit -
otherwise J(iii)(d)
(b) Percent of Initial Certificate Balance 1.00%
(c) Percent of Remaining Certificate Balance 3.25%
(d) Trigger Percent of Remaining Certificate Balance 8.00%
<PAGE>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
(A) Total Receivable Balance $291,707,903.53
(B) Total Certificate Balance $291,707,903.53
(C) Total Certificate Pool Factor 0.9542707
(D) Class A Certificates
(i) Class A Certificate Balance $280,039,337.11
(ii) Class A Certificate Pool Factor 0.9542707
(E) Class B Certificates
(i) Class B Certificate Balance 11,668,566.42
(ii) Class B Certificate Pool Factor 0.9542707
(F) Reserve Fund Balance 5,997,015.21
(G) Cumulative Net Losses for All Prior Periods 273,160.24
(H) Charge-off Rate for Second Preceding Period 0.00%
(I) Charge-off Rate for Preceding Period 1.10%
(J) Delinquency Percentage for Second Preceding Period 0.00%
(K) Delinquency Percentage for Preceding Period 0.16%
(L) Weighted Average Coupon (WAC) 12.140%
(M) Weighted Average Remaining Maturity (WAM) 45.25 months
(N) Number of Receivables 30,691
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 14,000,894.03
(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 3,069,760.04
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 12.14%
(D) Weighted Average Remaining Maturity (WAM) 44.50 months
(E) Remaining Number of Receivables 29,763
(F) Delinquent Receivables Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent 2,657,360 0.96% 279
(ii) 60-89 Days Delinquent 465,190 0.17% 43
(iii) 90 Days or More Delinquent 134 707 0.04% 13
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income 26,752.16
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 583,521.66
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) 331,263.33
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 252,258.33
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 147,983.32
<PAGE>
E. COLLECTIONS
- --------------
Interest Collections:
(A) Interest Payments Received 3,069,760.04
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 147,983.32
---------------
(E) Interest Collections 3,217,743.36
Principal Collections:
(F) Principal Payments Received $14,000,894.03
(G) Liquidation Proceeds Related to Principal 252,258.33
(H) Other Refunds Related to Principal 0.00
---------------
(I) Principal Collections 14,253,152.36
(J) Total Collections $17,470,895.72
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee:
(i) Servicing Fee $243,089.92
(ii) Prior Collection Period unpaid Servicing Fees 0.00
---------------
(iii) Total Servicing Fee $243,089.92
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $1,528,548.05
(ii) Class A prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class A Interest Distribution $1,528,548.05
(C) Class B Certificates
(i) Class B Monthly Interest $ 65,149.50
(ii) Class B prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class B Interest Distribution $ 65,149.50
(D) Total Certificate Interest Distribution $1,593,697.54
(E) Total Certificate Interest Distribution plus Total Servicing Fee $1,836,787.46
F. DISTRIBUTABLE AMOUNTS
- ------------------------
Principal:
(F) Principal Collections $14,253,152.36
(G) Realized Losses 331,263.33
---------------
(H) Total Monthly Principal $14,584,415.69
(I) Class A Certificates
(i) Class A Monthly Principal 14,001,026.55
(ii) Class A prior period Principal Carryover Shortfall 0.00
---------------
(iii) Class A Principal Distribution 14,001,026.55
(J) Class B Certificates
(i) Class B Monthly Principal 583,389.14
(ii) Class B prior period Principal Carryover Shortfall 0.00
---------------
(iii) Class B Principal Distribution 583,389.14
(K) Total Principal Distribution 14,584,415.69
(L) Total Interest and Principal Distribution Amounts 16,421,203.15
plus Servicing Fee
<PAGE>
G. DISTRIBUTIONS
- ----------------
(A) Total Interest Collections available to be distributed 3,217,743.36
(B) Class B Percentage of Principal Collections 570,138.32
(C) Servicing Fee:
(i) Total Servicing Fee 243,089.92
(ii) Servicing Fee paid 243,089.92
---------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed 2,974,653.44
after Servicing Fee paid
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,528,548.05
(ii) Class A Interest Distribution paid from Interest Collections 1,528,548.05
after Servicing Fee
(iii) Total Interest Collections available after Class A 1,446,105.39
Interest Distribution paid
(iv) Class A Interest Distribution remaining to be paid 0.00
(v) Class A Interest Distribution paid from Class B Percentage 0.00
of Principal Collections
(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 1,528,548.05
(F) Class B Certificates
(i) Class B Interest Distribution 65,149.50
(ii) Class B Interest Distribution paid from Interest Collections 65,149.50
after Class A Interest Distribution
(iii) Total Interest Collections available after Class B 1,380,955.90
Interest Distribution paid
(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 65,149.50
(G) Total Interest Paid 1,593,697.54
(H) Total Interest and Servicing Fee Paid 1,836,787.46
(I) Total Interest Collections available after Servicing Fee and Class 1,380,955.90
A and Class B Interest Distribution paid
Total Collections available to be distributed:
(J) Total Principal Collections 14,253,152.36
(K) Excess Interest 1,380,955.90
(L) Less: Class B Percentage of Principal Collections used to pay 0.00
Class A Interest Distribution
(M) Total Collections available to be distributed as principal 15,634,108.26
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 14,001,026.55
(ii) Class A Principal Distribution paid from total Collections 14,001,026.55
available to be distributed
(iii) Total Collections available after Class A Principal Distribution 1,633,081.71
paid
(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 14,001,026.55
(O) Class B Certificates
(i) Class B Principal Distribution 583,389.14
(ii) Class B Principal Distribution paid from total Collections 583,389.14
available to be distributed
(iii) Total Collections available after Class B Principal Distribution 1,049,692.57
paid
(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 583,389.14
(P) Total Excess Cash to the Reserve Fund 1,049,692.57
<PAGE>
H. POOL BALANCE AND PORTFOLIO INFORMATION Beginning End
- ----------------------------------------- of Period of Period
(A) Balances and Pool Factors -------------- --------------
(i) Aggregate Balance of Certificates 291,707,903.53 277,123,487.84
(ii) Aggregate Certificate Pool Factor 0.9542707 0.9065604
(iii) Class A Principal Balance 280,039,337.11 266,038,310.56
(iv) Class A Pool Factor 0.9542707 0.9065604
(v) Class B Principal Balance 11,668,566.42 11,085,177.28
(vi) Class B Pool Factor 0.9542707 0.9065604
(B) Pool Information
(i) Weighted Average Coupon (WAC) 12.14% 12.14%
(ii) Weighted Average Remaining Maturity (WAM) 45.25 months 44.50 months
(iii) Remaining Number of Receivables 30,691 29,763
(iv) Pool Balance $291,707,903.53 $277,123,487.84
I. RECONCILIATION OF RESERVE ACCOUNT
(A) Beginning Reserve Account Balance 5,997,015.21
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 5,997,015.21
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 5,997,015.21
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 5,997,015.21
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 5,997,015.21
(J) Total excess Collections deposited in the Reserve Fund 1,049,692.57
---------------
(K) Reserve Fund Balance 7,046,707.78
(L) Specified Reserve Account Balance 9,006,513.35
(M) Reserve Account Release to Seller 0.00
---------------
(N) Ending Reserve Account Balance 7,046,707.78
===============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $252,258.33
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 147,983.32
(B) Realized Losses for Collection Period 331,263.33
(C) Charge-off Rate for Collection Period (annualized) 0.77%
(D) Cumulative Net Losses for all Periods 604,423.57
(E) Delinquent Receivables
Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent 2,657,630 0.96% 279
(ii) 60-89 Days Delinquent 465,190 0.17% 43
(iii) 90 Days or More Delinquent 134,707 0.04% 13
<PAGE>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 0.00%
(ii) Preceding Collection Period 1.10%
(iii) Current Collection Period 0.77%
(iv) Three Month Average (Avg(i,ii,iii)) 0.94%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.00%
(ii) Preceding Collection Period 0.16%
(iii) Current Collection Period 0.21%
(iv) Three Month Average (Avg(i,ii,iii)) 0.19%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
<PAGE>
L. STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------
Per $1,000 of
(A) Amount of distribution allocable to principal: Original Principal
Dollars ($) Balance
----------- ------------------
(i) Class A Certificates 14,001,026.55 47.7103328
(ii) Class B Certificates 583,389.14 47.7103328
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
----------- ------------------
(i) Class A Certificates 1,528,548.05 5.2087278
(ii) Class B Certificates 65,149.50 5.3280116
(C) Pool Balance as of the close of business on the last day of the 277,123,487.84
Collection Period --------------
Per $1,000 of
Original Principal
(D) Amount of the Servicing Fee paid to the Servicer with respect Dollars ($) Balance
to the related Collection Period ----------- ------------------
(i) Total Servicing Fee 243,089.92
(ii) Class A Percentage of the Servicing Fee 233,366.11 0.7952256
(ii) Class B Percentage of the Servicing Fee 9,723.81 0.7952256
Per $1,000 of
Original Principal
Dollars ($) Balance
----------- ------------------
(E) (i) Class A Interest Carryover Shortfall 0.00 0.000000
(ii) Class A Principal Carryover Shortfall 0.00 0.000000
(iii) Class B Interest Carryover Shortfall 0.00 0.000000
(iv) Class B Principal Carryover Shortfall 0.00 0.000000
Change with respect to immediately preceding Distribution Date:
(v) Class A Interest Carryover Shortfall 0.00 0.000000
(vi) Class A Principal Carryover Shortfall 0.00 0.000000
(vii) Class B Interest Carryover Shortfall 0.00 0.000000
(viii) Class B Principal Carryover Shortfall 0.00 0.000000
(F) Pool factors for each class of certificates, after giving effect to
all payment allocated to principal Pool Factor
-----------
(i) Class A Pool Factor 0.9065604
(ii) Class B Pool Factor 0.9065604
(G) Amount of the aggregate Realized Losses, if any, for such
Collection Period ($) $ 331,263.33
-------------
(H) Aggregate principal balance of all Receivables which were $ 599,896.93
more than 60 days delinquent as of the close of business
on the last day of the preceding Collection Period
(I) Amount on deposit in the Reserve Fund on such Distribution $ 7,046,707.78
Date, after giving effect to distributions made on such --------------
Distribution Date
(J) Aggregate outstanding principal balances for each class of
certificates, after giving effect to all payments allocated to Principal Balance
principal -----------------
(i) Class A Principal Balance 266,038,310.56
(ii) Class B Principal Balance 11,085,177.28
(K) Amount otherwise distributable to the Class B 0.00
Certificateholders that is being distributed to the Class A
Certificateholders on such Distribution Date
(L) Aggregate Purchase Amount of Receivables repurchased by 0.00
the Seller or purchased by the Servicer with respect to the -------------
Related Collection Period ($)
<PAGE>
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 $243,089.92
(ii) Servicing Fees retained by the Seller 243,089.92
(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 $1,528,548.05
(ii) for the Class A Principal Distribution 14,001,026.55
-------------
(iii) Total (i+ii) $15,529,574.60
--------------
(C) Withdraw from the Collection Account and deposit in the
Class B Distribution Account:
(i) for the Class B Interest Distribution $ 65,149.50
(ii) for the Class B Principal Distribution 583,389.14
------------
(iii) Total (i+ii) $ 648,538.64
-------------
(D) Withdraw excess Collections from the Collection Account and $1,049,692.57
deposit in the Reserve Fund -------------
(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 $0.00
Distribution over the sum of Interest Collections and
the Class B Percentage of Principal Collections
(ii) Amount equal to the excess of the Class A Principal 0.00
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
(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 $0.00
remaining after the distribution of the Class A Interest
Distribution
(ii) Amount equal to the excess of the Class B Principal 0.00
and Interest Collections remaining after the distribution of the -------------
Class A Interest Distribution, the Class B Interest Distribution,
and the Class A Principal Distribution
(iii) Total 0.00
---------
</TABLE>
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