================================================================================
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):
-------------------------------------------------
July 15, 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 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 July 15, 1997, (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 June 15, 1997 through July 14, 1997 (the "June 1997 Interest Period") and
for the Collection Period from June 1, 1997 through June 30, 1997 (the "June
1997 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 June 1997 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 June 1997 Interest Period and for the June 1997 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 $12,784.33 in
principal and an aggregate overpayment of $7,138.86 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 and
interest on the Distribution Date.
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 is true and correct.
On July 15, 1997, (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 June 15, 1997 through July 14, 1997 (the "June 1997 Interest Period") and
for the Collection Period from June 1, 1997 through June 30, 1997 (the "June
1997 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 June 1997 Collection
Period and the amounts actually distributed to certificateholders on the
Distribution Date.
The Servicer has identified an aggregate overpayment of
$12,784.33 in principal and an aggregate overpayment of $7,138.86 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 and
interest on the Distribution Date.
Signed by: /s/ Tom Lewis Date: September 23, 1997
----------------------- ------------------
Vice President
Bank One, Arizona, N.A.
5
Exhibit 99.1
BANC ONE AUTO GRANTOR PAGE 1
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<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 PAGE 2
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<TABLE>
<CAPTION>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
<S> <C>
(A) Total Receivable Balance $165,262,227.65
(B) Total Certificate Balance $165,262,227.65
(C) Total Certificate Pool Factor 0.5406261
(D) Class A Certificates
(i) Class A Certificate Balance $158,651,596.53
(ii) Class A Certificate Pool Factor 0.5406261
(E) Class B Certificates
(i) Class B Certificate Balance $6,610,631.12
(ii) Class B Certificate Pool Factor 0.5406261
(F) Reserve Fund Balance 5,371,022.40
(G) Cumulative Net Losses for All Prior Periods 6,740,549.62
(H) Charge-off Rate for Second Preceding Period 1.06%
(I) Charge-off Rate for Preceding Period 0.89%
(J) Delinquency Percentage for Second Preceding Period 0.51%
(K) Delinquency Percentage for Preceding Period 0.48%
(L) Weighted Average Coupon (WAC) 12.120%
(M) Weighted Average Remaining Maturity (WAM) 37.75 months
(N) Number of Receivables 21,910
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 9,144,648.14
(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 1,642,801.59
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 12.12%
(D) Weighted Average Remaining Maturity (WAM) 37.14 months
(E) Remaining Number of Receivables 20,841
(F) Delinquent Receivables
<CAPTION>
Dollar Amount # Units
-------------- --------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 3,351,569 2.15% 424
(ii) 60-89 Days Delinquent 821,119 0.53% 96
(iii) 90 Days or More Delinquent 193,749 0.12% 27
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income 23,380.84
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 522,703.94
(ii) Realized Losses for Collection Period (B)(i)-(C)(i) 443,279.16
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 79,424.78
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 197,073.95
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR PAGE 3
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<TABLE>
<CAPTION>
E. COLLECTIONS
- --------------
<S> <C>
Interest Collections:
(A) Interest Payments Received 1,642,801.59
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 197,073.95
---------------
(E) Interest Collections 1,839,875.54
Principal Collections:
(F) Principal Payments Received $9,144,648.14
(G) Liquidation Proceeds Related to Principal 79,424.78
(H) Repurchased Loan Proceeds 0.00
---------------
(I) Principal Collections 9,224,072.92
(J) Total Collections $11,063,948.46
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee:
(i) Servicing Fee $137,718.52
(ii) Prior Collection Period unpaid Servicing Fees 0.00
---------------
(iii) Total Servicing Fee $137,718.52
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $865,973.30
(ii) Class A prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class A Interest Distribution $865,973.30
(C) Class B Certificates
(i) Class B Monthly Interest $36,909.36
(ii) Class B prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class B Interest Distribution $36,909.36
(D) Total Certificate Interest Distribution $902,882.65
(E) Total Certificate Interest Distribution plus Total Servicing Fee $1,040,601.18
Principal:
(F) Principal Collections $9,224,072.92
(G) Realized Losses 443,279.16
---------------
(H) Total Monthly Principal $9,667,352.08
(I) Class A Certificates
(i) Class A Monthly Principal 9,280,649.72
(ii) Class A prior period Principal Carryover Shortfall 0.00
---------------
(iii) Class A Principal Distribution 9,280,649.72
(J) Class B Certificates
(i) Class B Monthly Principal 386,702.36
(ii) Class B prior period Principal Carryover Shortfall 0.00
---------------
(iii) Class B Principal Distribution 386,702.36
(K) Total Principal Distribution 9,667,352.08
(L) Total Interest and Principal Distribution Amounts 10,707,953.26
plus Servicing Fee
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR PAGE 4
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<TABLE>
<CAPTION>
G. DISTRIBUTIONS
- ----------------
<S> <C>
(A) Total Interest Collections available to be distributed 1,839,875.54
(B) Class B Percentage of Principal Collections 368,970.82
(C) Servicing Fee:
(i) Total Servicing Fee 137,718.52
(ii) Servicing Fee paid 137,718.52
---------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid Interest: 1,702,157.02
(E) Class A Certificates
(i) Class A Interest Distribution 865,973.30
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 865,973.30
(iii) Total Interest Collections available after Class A Interest Distribution paid 836,183.72
(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 865,973.30
(F) Class B Certificates
(i) Class B Interest Distribution 36,909.36
(ii) Class B Interest Distribution paid from Interest Collections after Class A Interest Distribution 36,909.36
(iii) Total Interest Collections available after Class B Interest Distribution paid 799,274.36
(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 36,909.36
(G) Total Interest Paid 902,882.65
(H) Total Interest and Servicing Fee Paid 1,040,601.18
(I) Total Interest Collections available after Servicing Fee and Class A and Class Distribution paid 799,274.36
Total Collections available to be distributed:
(J) Total Principal Collections 9,224,072.92
(K) Excess Interest 799,274.36
(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 10,023,347.28
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 9,280,649.72
(ii) Class A Principal Distribution paid from total Collections available to be distributed 9,280,649.72
(iii) Total Collections available after Class A Principal Distribution paid 742,697.56
(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 9,280,649.72
(O) Class B Certificates
(i) Class B Principal Distribution 386,702.36
(ii) Class B Principal Distribution paid from total Collections available to be distributed 386,702.36
(iii) Total Collections available after Class B Principal Distribution paid 355,995.20
(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 386,702.36
(P) Total Excess Cash to the Reserve Fund 355,995.20
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR PAGE 5
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<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 $165,262,227.65 $155,594,875.57
(ii) Aggregate Certificate Pool Factor 0.5406261 0.5090011
(iii) Class A Principal Balance 158,651,596.53 149,370,946.81
(iv) Class A Pool Factor 0.5406261 0.5090011
(v) Class B Principal Balance 6,610,631.12 6,223,928.76
(vi) Class B Pool Factor 0.5406261 0.5090011
(B) Pool Information
(i) Weighted Average Coupon (WAC) 12.12% 12.12%
(ii) Weighted Average Remaining Maturity (WAM) 37.75 months 37.14 months
(iii) Remaining Number of Receivables 21,910 20,841
(iv) Pool Balance $165,262,227.65 $155,594,875.57
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance 5,371,022.40
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 5,371,022.40
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 5,371,022.40
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 5,371,022.40
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 5,371,022.40
(J) Total excess Collections deposited in the Reserve Fund 355,995.20
---------------
(K) Reserve Fund Balance 5,727,017.60
(L) Specified Reserve Account Balance 5,056,833.46
(M) Reserve Account Release to Seller 670,184.15
---------------
(N) Ending Reserve Account Balance 5,056,833.46
===============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $79,424.78
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 197,073.95
(B) Realized Net Losses for Collection Period 443,279.16
(C) Charge-off Rate for Collection Period (annualized) 1.84%
(D) Cumulative Aggregate Net Losses for all Periods 7,183,828.78
(E) Delinquent Receivables
<CAPTION>
Dollar Amount # Units
------------- --------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 3,351,569 2.15% 424
(ii) 60-89 Days Delinquent 821,119 0.53% 96
(iii) 90 Days or More Delinquent 193,749 0.12% 27
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR PAGE 6
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 1.06%
(ii) Preceding Collection Period 0.89%
(iii) Current Collection Period 1.84%
(iv) Three Month Average (Avg(i,ii,iii)) 1.26%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.51%
(ii) Preceding Collection Period 0.48%
(iii) Current Collection Period 0.65%
(iv) Three Month Average (Avg(i,ii,iii)) 0.55%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
<PAGE>
BANC ONE AUTO GRANTOR PAGE 7
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<TABLE>
<CAPTION>
L. STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------
Per $1,000 of
Original Principal
(A) Amount of distribution allocable to principal: Dollars ($) Balance
--------------- ------------------
<S> <C> <C>
(i) Class A Certificates 9,280,649.72 31.6250301
(ii) Class B Certificates 386,702.36 31.6250301
<CAPTION>
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
--------------- ------------------
<S> <C> <C>
(i) Class A Certificates 865,973.30 2.9509175
(ii) Class B Certificates 36,909.36 3.0184960
(C) Pool Balance as of the close of business on the last day of the Collection Period $155,594,875.57
---------------
<CAPTION>
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
---------------- ------------------
<S> <C>
(i) Total Servicing Fee 137,718.52
(ii) Class A Percentage of the Servicing Fee 132,209.66 0.4505218
(ii) Class B Percentage of the Servicing Fee 5,508.80 0.4505218
<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> <C>
(i) Class A Pool Factor 0.5090011
(ii) Class B Pool Factor 0.5090011
(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $443,279.16
---------------
(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 $1,014,867.45
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $5,056,833.46
---------------
(J) Aggregate outstanding principal balances for each class of certificates, after
giving effect to all payments allocated to principal
<CAPTION>
Principal Balance
------------------
<S> <C> <C>
(i) Class A Principal Balance 149,370,946.81
(ii) Class B Principal Balance 6,223,928.76
(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 PAGE 8
TRUST 1996-B
AMENDED AND RESTATED DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<TABLE>
<CAPTION>
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:
<S> <C> <C> <C>
(i) Servicing Fee $137,718.52
(ii) Servicing Fees retained by the Seller 137,718.52
-----------
(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 $865,973.30
(ii) for the Class A Principal Distribution 9,280,649.72
------------
(iii) Total (i+ii) $10,146,623.02
--------------
(C) Withdraw from the Collection Account and deposit in the Class B
Distribution Account:
(i) for the Class B Interest Distribution $36,909.36
(ii) for the Class B Principal Distribution 386,702.36
------------
(iii) Total (i+ii) $423,611.72
--------------
(D) Withdraw excess Collections from the Collection Account and deposit in the
Reserve Fund $355,995.20
--------------
(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
JUNE 97 JUNE 97 VARIANCE
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 1,642,801.59 1,637,552.01 5,249.58 (3)
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 197,073.95 169,276.99 27,796.96 (4)
------------- ---------- ---------
TOTAL INTEREST RECEIVED 1,839,875.54 1,806,829.00 33,046.54
PRINCIPAL PAYMENTS RECEIVED 9,144,648.14 9,161,318.36 (16,670.22) (3)
REPURCHASED LOAN PROCEEDS 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 79,424.78 22,508.28 56,916.50 (4)
--------- --------- ---------
TOTAL PRINCIPAL RECEIVED 9,224,072.92 9,183,826.64 40,246.28
TOTAL COLLECTIONS 11,063,948.46 10,990,655.64 73,292.82
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 137,718.52 138,807.43 (1,088.91)
CLASS A COUPON INTEREST AT 6.55% 865,973.30 872,820.33 (6,847.03)
CLASS B COUPON INTEREST AT 6.70% 36,909.36 37,201.19 (291.83)
--------- --------- --------
TOTAL COUPON INTEREST 902,882.66 910,021.52 (7,138.86)
COUPON INTEREST AND SERVICING 1,040,601.18 1,048,828.95 (8,227.77)
TOTAL PRINCIPAL RECEIVED 9,224,072.92 9,183,826.64 40,246.28
REALIZED LOSS (GROSS-LIQUIDATION) 443,279.16 496,309.77 (53,030.61) (4)
---------- ---------- -----------
TOTAL PRINCIPAL 9,667,352.08 9,680,136.41 (12,784.33)
TOTAL COUPON INTEREST 902,882.66 910,021.52 (7,138.86)
TOTAL SERVICING FEE 137,718.52 138,807.43 (1,088.91)
---------- ---------- ----------
INTEREST, PRINCIPAL & SERVICE FEE 10,707,953.26 10,728,965.36 (21,012.10)
RESERVE FUND
------------
INTEREST COLLECTED 1,839,875.54 1,806,829.00 33,046.54
COUPON INTEREST (902,882.66) (910,021.52) 7,138.86
SERVICING FEE (137,718.52) (138,807.43) 1,088.91
REALIZED LOSS (GROSS-LIQUIDATION) (443,279.16) (496,309.77) 53,030.61
------------ ------------ ---------
EXCESS CASH TO RESERVE FUND 355,995.20 261,690.28 94,304.92
RESERVE FUND BEGINNING BALANCE 5,371,022.36 5,413,489.69 (42,467.33)
RESERVE ACCOUNT RELEASE TO SELLER 670,184.15 576,294.72 93,889.43
---------- ---------- ---------
RESERVE FUND ENDING BALANCE (1) 5,056,833.41 5,098,885.25 (42,051.84)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 11,063,948.46 10,990,655.64 73,292.82
SERVICING FEE (137,718.52) (138,807.43) 1,088.91
------------ ------------ --------
OVER/(UNDER) WIRED 10,926,229.94 10,851,848.21 (74,381.73)
============= ============= ===========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (5) 23,380.84 23,385.15 (4.31)
========= ========= ======
</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) Principal and interest payments on loans erroneously transferred out of the
securitized pool.
(4) Recoveries/liquidation proceeds inappropriately excluded from original
report plus an additional charge-off of $3,886 in June 1997 of a loan
transferred out of the pool.
(5) Investment income reported as actual amounts earned, no adjustments were
made for the incorrect reserve fund balance.
