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Previous: CHICAGO PIZZA & BREWERY INC, SC 13D/A, 1997-11-26 |
Next: SAXON ASSET SECURITIES CO, 8-K, 1997-11-26 |
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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):
-------------------------------------------------
November 17, 1997
Banc One Auto Grantor Trust 1996 - B
-----------------------------------------
(Issuer with respect 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 November 17, 1997, 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 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 October 15,
1997 through November 14, 1997 and for the Collection Period
from October 1, 1997 through October 31, 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-B
By: Bank One, Arizona, N.A., as Servicer on
behalf of the Trust
Date: November 13, 1997 By: /s/ Tom Lewis
--------------------- ------------------------
Name: Tom Lewis
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 June 1, 1996)
Banc One Auto Trust 1996-B
Interest Period October 15, 1997 through November 14, 1997
Collection Period October 1, 1997 through October 31, 1997
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/ Cecilia Snyder
---------------------- --------------------------
Tom Lewis Cecilia Snyder
Vice President Assistant Vice President
Bank One, Arizona, N.A. Bank One, Arizona, N.A.
<PAGE>
<TABLE>
<CAPTION>
A. ORIGINAL DEAL PARAMETER INPUTS
- ---------------------------------
<S> <C>
(A) Total Receivable Balance $305,686,731.00
(B) Total Certificate Balance $305,686,731.00
(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 $12,227,731.00
(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 Balance) 1.50%
(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% charge-off
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%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
<S> <C> <C> <C>
(A) Total Receivable Balance $130,470,221.11
(B) Total Certificate Balance $130,470,221.11
(C) Total Certificate Pool Factor 0.4268102
(D) Class A Certificates
(i) Class A Certificate Balance $125,251,300.05
(ii) Class A Certificate Pool Factor 0.4268102
(E) Class B Certificates
(i) Class B Certificate Balance $5,218,921.06
(ii) Class B Certificate Pool Factor 0.4268102
(F) Reserve Fund Balance 4,240,282.19
(G) Cumulative Net Losses for All Prior Periods 7,954,634.61
(H) Charge-off Rate for Second Preceding Period 1.55%
(I) Charge-off Rate for Preceding Period 1.62%
(J) Delinquency Percentage for Second Preceding Period 0.87%
(K) Delinquency Percentage for Preceding Period 0.87%
(L) Weighted Average Coupon (WAC) 12.130%
(M) Weighted Average Remaining Maturity (WAM) 35.31 months
(N) Number of Receivables 18,041
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 7,470,493.66
(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 1,335,279.18
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 12.13%
(D) Weighted Average Remaining Maturity (WAM) 34.67 months
(E) Remaining Number of Receivables 17,154
(F) Delinquent Receivables Dollar Amount # Units
------------- -------
(i) 30-59 Days Delinquent 3,870,891 3.16% 513
(ii) 60-89 Days Delinquent 773,418 0.63% 106
(iii) 90 Days or More Delinquent 311,339 0.25% 47
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income 0.00
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 341,205.42
(ii) Realized Losses for Collection Period (B)(i)-(C)(i) 302,997.71
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 38,207.71
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 251,764.65
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
E. COLLECTIONS
- --------------
<S> <C>
Interest Collections:
(A) Interest Payments Received 1,335,279.18
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 251,764.65
-------------
(E) Interest Collections 1,587,043.83
Principal Collections:
(F) Principal Payments Received $7,470,493.66
(G) Liquidation Proceeds Related to Principal 38,207.71
(H) Repurchased Loan Proceeds 0.00
-------------
(I) Principal Collections 7,508,701.37
(J) Total Collections $9,095,745.20
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee:
(i) Servicing Fee $ 108,725.18
(ii) Prior Collection Period unpaid Servicing Fees 0.00
-------------
(iii) Total Servicing Fee $ 108,725.18
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $ 683,663.35
(ii) Class A prior period Interest Carryover Shortfall 0.00
-------------
(iii) Class A Interest Distribution $ 683,663.35
(C) Class B Certificates
(i) Class B Monthly Interest $ 29,138.98
(ii) Class B prior period Interest Carryover Shortfall 0.00
-------------
(iii) Class B Interest Distribution $ 29,138.98
(D) Total Certificate Interest Distribution $ 712,802.32
(E) Total Certificate Interest Distribution plus Total Servicing Fee $ 821,527.51
Principal:
(F) Principal Collections $7,508,701.37
(G) Realized Losses 302,997.71
-------------
(H) Total Monthly Principal $7,811,699.08
(I) Class A Certificates
(i) Class A Monthly Principal 7,499,224.43
(ii) Class A prior period Principal Carryover Shortfall 0.00
-------------
(iii) Class A Principal Distribution 7,499,224.43
(J) Class B Certificates
(i) Class B Monthly Principal 312,474.65
(ii) Class B prior period Principal Carryover Shortfall 0.00
-------------
(iii) Class B Principal Distribution 312,474.65
(K) Total Principal Distribution 7,811,699.08
(L) Total Interest and Principal Distribution 8,633,226.59
plus Servicing Fee
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
G. DISTRIBUTIONS
- ----------------
<S> <C>
(A) Total Interest Collections available to be distributed 1,587,043.83
(B) Class B Percentage of Principal Collections 300,354.48
(C) Servicing Fee:
(i) Total Servicing Fee 108,725.18
(ii) Servicing Fee paid 108,725.18
-------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 1,478,318.65
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 683,663.35
(ii) Class A Interest Distribution paid from Interest Collections after
Servicing Fee 683,663.35
(iii) Total Interest Collections available after Class A Interest Distribution paid 794,655.30
(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 683,663.35
(F) Class B Certificates
(i) Class B Interest Distribution 29,138.98
(ii) Class B Interest Distribution paid from Interest Collections after
Class A Interest Distribution 29,138.98
(iii) Total Interest Collections available after Class B Interest
Distribution paid 765,516.32
(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 29,138.98
(G) Total Interest Paid 712,802.32
(H) Total Interest and Servicing Fee Paid 821,527.51
(I) Total Interest Collections available after Servicing Fee and Class A and
Class B Interest Distribution paid 765,516.32
Total Collections available to be distributed:
(J) Total Principal Collections 7,508,701.37
(K) Excess Interest 765,516.32
(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 8,274,217.69
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 7,499,224.43
(ii) Class A Principal Distribution paid from total Collections available to
be distributed 7,499,224.43
(iii) Total Collections available after Class A Principal Distribution paid 774,993.27
(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 7,499,224.43
(O) Class B Certificates
(i) Class B Principal Distribution 312,474.65
(ii) Class B Principal Distribution paid from total Collections available to
be distributed 312,474.65
(iii) Total Collections available after Class B Principal Distribution paid 462,518.61
(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 312,474.65
(P) Total Excess Cash to the Reserve Fund 462,518.61
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
H. POOL BALANCE AND PORTFOLIO INFORMATION
- -----------------------------------------
Beginning End
of Period of Period
--------- ---------
<S> <C> <C> <C> <C>
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $130,470,221.11 $122,658,522.03
(ii) Aggregate Certificate Pool Factor 0.4268102 0.4012556
(iii) Class A Principal Balance 125,251,300.05 117,752,075.62
(iv) Class A Pool Factor 0.4268102 0.4012556
(v) Class B Principal Balance 5,218,921.06 4,906,446.41
(vi) Class B Pool Factor 0.4268102 0.4012557
(B) Pool Information
(i) Weighted Average Coupon (WAC) 12.13% 12.13%
(ii) Weighted Average Remaining Maturity (WAM) 35.31 months 34.67 months
(iii) Remaining Number of Receivables 18,041 17,154
(iv) Pool Balance $130,470,221.11 $122,658,522.03
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance 4,240,282.19
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 4,240,282.19
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 4,240,282.19
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 4,240,282.19
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 4,240,282.19
(J) Total excess Collections deposited in the Reserve Fund 462,518.61
---------------
(K) Reserve Fund Balance 4,702,800.80
(L) Specified Reserve Account Balance 3,986,401.97
(M) Reserve Account Release to Seller 716,398.84
---------------
(N) Ending Reserve Account Balance 3,986,401.97
===============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $ 38,207.71
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 251,764.65
(B) Realized Net Losses for Collection Period 302,997.71
(C) Charge-off Rate for Collection Period (annualized) 0.49%
(D) Cumulative Aggregate Net Losses for all Periods 8,257,632.32
(E) Delinquent Receivables
Dollar Amount # Units
------------- -------
(i) 30-59 Days Delinquent 3,870,891 3.16% 513
(ii) 60-89 Days Delinquent 773,418 0.63% 106
(iii) 90 Days or More Delinquent 311,339 0.25% 47
</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 1.55%
(ii) Preceding Collection Period 1.62%
(iii) Current Collection Period 0.49%
(iv) Three Month Average (Avg(i,ii,iii)) 1.22%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.87%
(ii) Preceding Collection Period 0.87%
(iii) Current Collection Period 0.88%
(iv) Three Month Average (Avg(i,ii,iii)) 0.87%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
L. STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------
Per $1,000 of
Original Principal
Dollars ($) Balance
----------- -------
<S> <C> <C>
(A) Amount of distribution allocable to principal:
(i) Class A Certificates 7,499,224.43 25.5545900
(ii) Class B Certificates 312,474.65 25.5545900
Per $1,000 of
Original Principal
Dollars ($) Balance
----------- -------
(B) Amount of distribution allocable to interest:
(i) Class A Certificates 683,663.35 2.3296724
(ii) Class B Certificates 29,138.98 2.3830240
(C) Pool Balance as of the close of business on the last day
of the Collection Period $122,658,522.03
---------------
Per $1,000 of
Original Principal
Dollars ($) Balance
----------- -------
(D) Amount of the Servicing Fee paid to the Servicer with respect to the related
Collection Period
(i) Total Servicing Fee 108,725.18
(ii) Class A Percentage of the Servicing Fee 104,376.08 0.3556752
(iii) Class B Percentage of the Servicing Fee 4,349.10 0.3556752
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
Pool Factor
-----------
(F) Pool factors for each class of certificates, after giving effect to all
payments allocated to principal
(i) Class A Pool Factor 0.4012556
(ii) Class B Pool Factor 0.4012557
(G) Amount of the aggregate Realized Losses, if any, such Collection Period ($) $ 302,997.71
-------------
(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 $1,084,756.64
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $3,986,401.97
-------------
(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 117,752,075.62
(ii) Class B Principal Balance 4,906,446.41
(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 $ 108,725.18
(ii) Servicing Fees retained by the Seller 108,725.18
--------------
$0.00
------------
(iii) Servicing Fees to be distributed to the Seller on the Distribution
Date (i-ii)
(B) Withdraw from the Collection Account and deposit in the Class A
Distribution Account:
(i) for the Class A Interest Distribution $ 683,663.35
(ii) for the Class A Principal Distribution 7,499,224.13
-------------
(iii) Total (i+ii) $8,182,887.77
-------------
(C) Withdraw from the Collection Account and deposit in the Class B
Distribution Account:
(i) for the Class B Interest Distribution $ 29,138.98
(ii) for the Class B Principal Distribution 312,474.65
--------------
(iii) Total (i+ii) $ 341,613.63
-------------
(D) Withdraw excess Collections from the Collection Account and deposit in the
Reserve Fund $ 462,518.61
-------------
(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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