================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
FORM 8-K/A
(Amendment No. 1)
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 respect to the Certificates)
Banc One ABS Corporation
--------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Ohio
---------------------------------------------
(State or Other Jurisdiction of Incorporation)
333-3457 31-1467431
----------------------- ---------------------------------
(Commission File Number) (IRS Employer Identification No.)
c/o Bank One, Arizona, N.A., as Servicer 201 North Central Avenue
Phoenix, Arizona 85004
-----------------------------------------------------------------
(Address of Principal Executive Offices)(Zip Code)
Registrant's telephone number, including area code: (602) 221-3704
N/A
-------------------------------------------------------------
(Former Name or Former Address, If Changed Since Last Report)
================================================================================
<PAGE>
ITEM 5. OTHER EVENTS.
On August 15, 1996, (the "Distribution Date"), 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 ("Class A Certificates") and Class B 6.70% Asset Backed
Certificates ("Class B Certificates"). The amount of such distribution was based
upon the information set forth in the Determination Date Statement (the
"Original Statement") reflecting the Trust's activities for the Interest Period
from July 15, 1996 through August 14, 1996 (the "July 1996 Interest Period") and
for the Collection Period from July 1, 1996 through July 31, 1996 (the "July
1996 Collection Period"). The Original Statement was delivered to
certificateholders and filed as Exhibit 99.1 to the Trust's Current Report on
Form 8-K.
On August 25, 1997, Bank One, Arizona, N.A., as servicer (the
"Servicer"), provided notice to Bankers Trust Company, as trustee (the
"Trustee"), of the Servicer's discovery of errors in the Original Statement
which affected, among other things, the reported amount of principal and
interest collections received by the Trust during the Collection Period and the
amounts actually distributed to certificateholders on the Distribution Date.
This Amendment No. 1 on Form 8-K/A is being filed for the purpose of
filing an amended and restated Determination Date Statement (the "Amended
Monthly Statement") as Exhibit 99.1 hereto reflecting the Trust's activities for
the July 1996 Interest Period and for the July 1996 Collection Period in
substitution for the Original Statement. Exhibit 99.2 hereto includes a
reconciliation showing for certain selected items the amounts reported on the
Original Statement, the amounts reported on the Amended Statement and any
variance between the two amounts.
The Servicer has identified an aggregate overpayment of $16,370.88 in
principal and an aggregate underpayment of $572.92 in interest to
certificateholders on the Distribution Date. The Servicer has waived all claims
which it may have with respect to the amount of the overpayment of principal on
the Distribution Date. The Servicer will not be making payments to the
applicable holders of record for underpayment of interest.
The Trust's Current Report on Form 8-K filed August 29, 1997 contains
additional information regarding the Servicer's discovery of errors in other
monthly statements issued by the Trust as well as information regarding the net
amounts due and owing to certificateholders as a result of the errors in such
other monthly statements.
2
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(c) Exhibits.
99.1 Amended and Restated Monthly Statement to Certificateholders.
99.2 Reconciliation between Original Statement and Amended and
Restated Monthly Statement.
3
<PAGE>
SIGNATURES
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: September 23, 1997 By: /s/ Tom Lewis
------------------ -----------------------------
Tom Lewis
Vice President
4
<PAGE>
Amended and Restated Servicer's Certificate
(Pursuant to Section 3.9
of the Pooling and Servicing
Agreement, dated June 1, 1996)
Banc One Auto Grantor Trust 1996-B
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 Amended and Restated
Determination Date Statement (the "Amended Monthly Statement") is true and
correct.
On August 15, 1996, (the "Distribution Date"), 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 ("Class A Certificates") and Class B 6.70% Asset Backed
Certificates ("Class B Certificates"). The amount of such distribution was based
upon the information set forth in the Determination Date Statement (the
"Original Statement") reflecting the Trust's activities for the Interest Period
from July 15, 1996 through August 14, 1996 (the "July 1996 Interest Period") and
for the Collection Period from July 1, 1996 through July 31, 1996 (the "July
1996 Collection Period").
On August 25, 1997, Bank One, Arizona, N.A., as servicer
(the "Servicer"), provided notice to Bankers Trust Company, as trustee (the
"Trustee"), of the Servicer's discovery of errors in the Original Statement
which affected, among other things, the reported amount of principal and
interest collections received by the Trust during the July 1996 Collection
Period and the amounts actually distributed to certificateholders on the
Distribution Date.
The Servicer has identified an aggregate overpayment of $16,370.88
in principal and an aggregate underpayment of $572.92 in interest to
certificateholders on the Distribution Date. The Servicer has waived all claims
which it may have with respect to the amount of the net overpayment of principal
on the Distribution Date. The Servicer will not be making payments to the
applicable holders of record for underpayment of interest.
Signed by: /s/ Tom Lewis Date: September 23, 1997
----------------------- ------------------
Vice President
Bank One, Arizona, N.A.
5
Exhibit 99.1
BANC ONE AUTO GRANTOR
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1996 THROUGH JULY 31, 1996
DISTRIBUTION DATE AUGUST 15, 1996
<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>
BANC ONE AUTO GRANTOR
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1996 THROUGH JULY 31, 1996
DISTRIBUTION DATE AUGUST 15, 1996
<TABLE>
<CAPTION>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
<S> <C>
(A) Total Receivable Balance $291,812,771.04
(B) Total Certificate Balance $291,812,771.04
(C) Total Certificate Pool Factor 0.9546138
(D) Class A Certificates
(i) Class A Certificate Balance $280,140,009.81
(ii) Class A Certificate Pool Factor 0.9546138
(E) Class B Certificates
(i) Class B Certificate Balance $11,672,761.23
(ii) Class B Certificate Pool Factor 0.9546138
(F) Reserve Fund Balance 5,877,161.06
(G) Cumulative Net Losses for All Prior Periods 393,763.82
(H) Charge-off Rate for Second Preceding Period 0.00%
(I) Charge-off Rate for Preceding Period 1.58%
(J) Delinquency Percentage for Second Preceding Period 0.00%
(K) Delinquency Percentage for Preceding Period 0.17%
(L) Weighted Average Coupon (WAC) 12.140%
(M) Weighted Average Remaining Maturity (WAM) 45.25 months
(N) Number of Receivables 30,701
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 14,004,195.50
(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 3,070,176.02
(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 29,768
(F) 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 0.05% 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 563,849.31
(ii) Realized Losses for Collection Period (B)(i)-(C)(i) 473,822.95
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 90,026.36
(ii) Liquidation Proceeds Related to Interest 695.44
(iii) Recoveries from Prior Month Charge Offs 168,801.77
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1996 THROUGH JULY 31, 1996
DISTRIBUTION DATE AUGUST 15, 1996
<TABLE>
<CAPTION>
E. COLLECTIONS
- --------------
<S> <C>
Interest Collections:
(A) Interest Payments Received 3,070,176.02
(B) Liquidation Proceeds Related to Interest 695.44
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 168,801.77
--------------
(E) Interest Collections 3,239,673.23
Principal Collections:
(F) Principal Payments Received $14,004,195.50
(G) Liquidation Proceeds Related to Principal 90,026.36
(H) Repurchased Loan Proceeds 0.00
--------------
(I) Principal Collections 14,094,221.86
(J) Total Collections $17,333,895.09
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee :
(i) Servicing Fee $243,177.31
(ii) Prior Collection Period unpaid Servicing Fees 0.00
--------------
(iii) Total Servicing Fee $243,177.31
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $1,529,097.55
(ii) Class A prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class A Interest Distribution $1,529,097.55
(C) Class B Certificates
(i) Class B Monthly Interest $65,172.92
(ii) Class B prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class B Interest Distribution $65,172.92
(D) Total Certificate Interest Distribution $1,594,270.47
(E) Total Certificate Interest Distribution plus Total Servicing Fee $1,837,447.78
Principal:
(F) Principal Collections $14,094,221.86
(G) Realized Losses 473,822.95
--------------
(H) Total Monthly Principal $14,568,044.81
(I) Class A Certificates
(i) Class A Monthly Principal 13,985,310.54
(ii) Class A prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class A Principal Distribution 13,985,310.54
(J) Class B Certificates
(i) Class B Monthly Principal 582,734.27
(ii) Class B prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class B Principal Distribution 582,734.27
(K) Total Principal Distribution 14,568,044.81
(L) Total Interest and Principal Distribution Amounts 16,405,492.59
plus Servicing Fee
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1996 THROUGH JULY 31, 1996
DISTRIBUTION DATE AUGUST 15, 1996
<TABLE>
<CAPTION>
G. DISTRIBUTIONS
- ----------------
<S> <C>
(A) Total Interest Collections available to be distributed 3,239,673.23
(B) Class B Percentage of Principal Collections 563,780.94
(C) Servicing Fee:
(i) Total Servicing Fee 243,177.31
(ii) Servicing Fee paid 243,177.31
-----------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 2,996,495.92
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,529,097.55
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 1,529,097.55
(iii) Total Interest Collections available after Class A Interest Distribution paid 1,467,398.37
(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 1,529,097.55
(F) Class B Certificates
(i) Class B Interest Distribution 65,172.92
(ii) Class B Interest Distribution paid from Interest Collections after
Class A Interest Distribution 65,172.92
(iii) Total Interest Collections available after Class B Interest Distribution paid 1,402,225.45
(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 65,172.92
(G) Total Interest Paid 1,594,270.47
(H) Total Interest and Servicing Fee Paid 1,837,447.78
(I) Total Interest Collections available after Servicing Fee and Class A and Class B 1,402,225.45
and Interest Distribution paid
Total Collections available to be distributed:
(J) Total Principal Collections 14,094,221.86
(K) Excess Interest 1,402,225.45
(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 15,496,447.31
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 13,985,310.54
(ii) Class A Principal Distribution paid from total Collections available
to be distributed 13,985,310.54
(iii) Total Collections available after Class A Principal Distribution paid 1,511,136.77
(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 13,985,310.54
(O) Class B Certificates
(i) Class B Principal Distribution 582,734.27
(ii) Class B Principal Distribution paid from total Collections available
to be distributed 582,734.27
(iii) Total Collections available after Class B Principal Distribution paid 928,402.50
(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 582,734.27
(P) Total Excess Cash to the Reserve Fund 928,402.50
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1996 THROUGH JULY 31, 1996
DISTRIBUTION DATE AUGUST 15, 1996
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 $291,812,771.04 $277,244,726.23
(ii) Aggregate Certificate Pool Factor 0.9546138 0.9069570
(iii) Class A Principal Balance 280,140,009.81 266,154,699.27
(iv) Class A Pool Factor 0.9546138 0.9069570
(v) Class B Principal Balance 11,672,761.23 11,090,026.96
(vi) Class B Pool Factor 0.9546138 0.9069571
(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 30,701 29,768
(iv) Pool Balance $291,812,771.04 $277,244,726.23
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance 5,877,161.06
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 5,877,161.06
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 5,877,161.06
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 5,877,161.06
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 5,877,161.06
(J) Total excess Collections deposited in the Reserve Fund 928,402.50
-----------------
(K) Reserve Fund Balance 6,805,563.56
(L) Specified Reserve Account Balance 9,010,453.60
(M) Reserve Account Release to Seller 0.00
-----------------
(N) Ending Reserve Account Balance 6,805,563.56
=================
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $90,026.36
(ii) Liquidation Proceeds Related to Interest 695.44
(iii) Recoveries on Previously Liquidated Contracts 168,801.77
(B) Realized Net Losses for Collection Period 473,822.95
(C) Charge-off Rate for Collection Period (annualized) 1.29%
(D) Cumulative Aggregate Net Losses for all Periods 867,586.77
(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 0.05% 13
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1996 THROUGH JULY 31, 1996
DISTRIBUTION DATE AUGUST 15, 1996
<TABLE>
<CAPTION>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
<S> <C>
(A) Charge-off Rate
(i) Second Preceding Collection Period 0.00%
(ii) Preceding Collection Period 1.58%
(iii) Current Collection Period 1.29%
(iv) Three Month Average (Avg(i,ii,iii)) 0.96%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.00%
(ii) Preceding Collection Period 0.17%
(iii) Current Collection Period 0.22%
(iv) Three Month Average (Avg(i,ii,iii)) 0.13%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1996 THROUGH JULY 31, 1996
DISTRIBUTION DATE AUGUST 15, 1996
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 13,985,310.54 47.6567784
(ii) Class B Certificates 582,734.27 47.6567784
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
----------------- ------------------
(i) Class A Certificates 1,529,097.55 5.2106003
(ii) Class B Certificates 65,172.92 5.3299273
(C) Pool Balance as of the close of business on the last day of the Collection Period $277,244,726.23
-----------------
Per $1,000 of
(D) Amount of the Servicing Fee paid to the Servicer with respect to the related Original Principal
Collection Period Dollars ($) Balance
----------------- ------------------
(i) Total Servicing Fee 243,177.31
(ii) Class A Percentage of the Servicing Fee 233,450.01 0.7955115
(ii) Class B Percentage of the Servicing Fee 9,727.30 0.7955115
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 0.9069570
(ii) Class B Pool Factor 0.9069571
(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $473,822.95
-----------------
(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 $599,896.93
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date
$6,805,563.56
-----------------
(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 266,154,699.27
(ii) Class B Principal Balance 11,090,026.96
(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> <C>
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $243,177.31
(ii) Servicing Fees retained by the Seller 243,177.31
-------------
(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 $1,529,097.55
(ii) for the Class A Principal Distribution 13,985,310.54
--------------
(iii) Total (i+ii) $15,514,408.10
--------------
(C) Withdraw from the Collection Account and deposit in the Class B Distribution
Account:
(i) for the Class B Interest Distribution $65,172.92
(ii) for the Class B Principal Distribution 582,734.27
--------------
(iii) Total (i+ii) $647,907.18
--------------
(D) Withdraw excess Collections from the Collection Account and deposit in the
Reserve Fund $928,402.50
--------------
(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>
Exhibit 99.2
Reconciliation between originally filed
and revised filings of the investor reports for
Banc One Auto Grantor Trust 1996-B
<TABLE>
<CAPTION>
-------------------------------------------------------------------
REVISED ORIGINAL
JULY 96 JULY 96 VARIANCE
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 3,070,176.02 3,069,760.04 415.98 (4)
LIQUIDATION PROCEEDS - INTEREST (2) 695.44 0.00 695.44
RECOVERIES FROM PRIOR MONTHS (2) 168,801.77 147,983.32 20,818.45 (3)
---------- ---------- ---------
TOTAL INTEREST RECEIVED 3,239,673.23 3,217,743.36 21,929.87
PRINCIPAL PAYMENTS RECEIVED 14,004,195.50 14,000,894.03 3,301.47 (4)
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 90,026.36 252,258.33 (162,231.97) (3)
--------- ---------- ------------
TOTAL PRINCIPAL RECEIVED 14,094,221.86 14,253,152.36 (158,930.50)
TOTAL COLLECTIONS 17,333,895.09 17,470,895.72 (137,000.63)
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 243,177.31 243,089.92 87.39
CLASS A COUPON INTEREST AT 6.55% 1,529,097.55 1,528,548.05 549.50
CLASS B COUPON INTEREST AT 6.70% 65,172.92 65,149.50 23.42
--------- --------- -----
TOTAL COUPON INTEREST 1,594,270.47 1,593,697.55 572.92
COUPON INTEREST AND SERVICING 1,837,447.78 1,836,787.47 660.31
TOTAL PRINCIPAL RECEIVED 14,094,221.86 14,253,152.36 (158,930.50)
REALIZED LOSS (GROSS-LIQUIDATION) 473,822.95 331,263.33 142,559.62 (3)
---------- ---------- ----------
TOTAL PRINCIPAL 14,568,044.81 14,584,415.69 (16,370.88)
TOTAL COUPON INTEREST 1,594,270.47 1,593,697.55 572.92
TOTAL SERVICING FEE 243,177.31 243,089.92 87.39
---------- ---------- -----
INTEREST, PRINCIPAL & SERVICE FEE 16,405,492.59 16,421,203.16 (15,710.57)
RESERVE FUND
------------
INTEREST COLLECTED 3,239,673.23 3,217,743.36 21,929.87
COUPON INTEREST (1,594,270.47) (1,593,697.55) (572.92)
SERVICING FEE (243,177.31) (243,089.92) (87.39)
REALIZED LOSS (GROSS-LIQUIDATION) (473,822.95) (331,263.33) (142,559.62)
------------ ------------ ------------
EXCESS CASH TO RESERVE FUND 928,402.50 1,049,692.56 (121,290.06)
RESERVE FUND BEGINNING BALANCE 5,877,161.06 5,997,015.21 (119,854.15)
RESERVE ACCOUNT RELEASE TO SELLER 0.00 0.00 0.00
---- ---- ----
RESERVE FUND ENDING BALANCE (1) 6,805,563.56 7,046,707.77 (241,144.21)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 17,333,895.09 17,470,895.72 (137,000.63)
SERVICING FEE (243,177.31) (243,089.92) (87.39)
------------ ------------ -------
OVER/(UNDER) WIRED 17,090,717.78 17,227,805.80 137,088.02
============= ============= ==========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (5) 26,752.16 26,752.16 0.00
========= ========= ====
</TABLE>
FOOTNOTES:
- ----------
(1) Monthly variances due to the differences with outstanding receivable
balances.
(2) Interest collections on liquidation proceeds and recoveries were not
previously reported.
(3) Realized losses understated by the approximate net amount of recoveries and
liquidation proceeds. (In the original August 1996 report, $33,000 of
recoveries and $22,000 of charge-offs were excluded from the original
report.)
(4) Principal and interest payments on loans erroneously transferred out of the
securitized pool.
(5) Investment income reported as actual amounts earned, no adjustments were
made for the incorrect reserve fund balance.
