SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
-------------------------------------------------
April 15, 1997
Banc One Auto Grantor Trust 1996 - 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:
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(602) 221-3704
<PAGE>
Item 5. Other Events
On April 15, 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 Bank One Auto Trust
1995-A. Consistent with such no-action letter, the Trust is hereby
filing the Monthly Statement and certain additional information
reflecting the Trust's activities for the Interest Period from March 15,
1997 through April 14, 1997 and for the Collection Period from March 1,
1997 through March 31, 1997.
Item 7. Exhibits
See page 5 for Exhibit Index
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BANC ONE AUTO GRANTOR TRUST 1996-B
By: Bank One, Arizona, N.A., as Servicer on
behalf of the Trust
Date: April 11, 1997 By: / s/ Tom Lewis
-------------------- ----------------------------------------
Name: Tom Lewis
---------------------------------------
Title: Vice President
---------------------------------------
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
- ------- ----------- ----
99.1 Monthly Statements and Additional Information....................6-14
Servicer's Certificate
(Pursuant to Section 3.9
of the Pooling and Servicing
Agreement, dated June 1, 1996)
Banc One Auto Trust 1996-B
Interest Period March 15, 1997 through April 14, 1997
Collection Period March 1, 1997 through March 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/ Heather Smith
--------------------------- --------------------------
Tom Lewis Heather Smith
Vice President Accounting Specialist
Bank One, Arizona, N.A. Bank One, Arizona, N.A.
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997 THROUGH MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
<TABLE>
<CAPTION>
<S> <C>
A. ORIGINAL DEAL PARAMETER INPUTS
(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
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997 THROUGH MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
<TABLE>
<CAPTION>
<S> <C>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Receivable Balance $196,183,232.54
(B) Total Certificate Balance $196,183,232.54
(C) Total Certificate Pool Factor 0.6417787
(D) Class A Certificates
(i) Class A Certificate Balance $188,335,735.31
(ii) Class A Certificate Pool Factor 0.6417787
(E) Class B Certificates
(i) Class B Certificate Balance $7,847,497.23
(ii) Class B Certificate Pool Factor 0.6417787
(F) Reserve Fund Balance 6,375,955.06
(G) Cumulative Net Losses for All Prior Periods 3,603,414.54
(H) Charge-off Rate for Second Preceding Period 0.87 %
(I) Charge-off Rate for Preceding Period 0.90 %
(J) Delinquency Percentage for Second Preceding Period 0.50 %
(K) Delinquency Percentage for Preceding Period 0.45 %
(L) Weighted Average Coupon (WAC) 11.550%
(M) Weighted Average Remaining Maturity (WAM) 37.80 months
(N) Number of Receivables 24,371
C. INPUTS FROM THE MAINFRAME
(A) Simple Interest Receivables Principal
(i) Principal Collections 10,209,330.29
(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 1,933,370.78
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.46 %
(D) Weighted Average Remaining Maturity (WAM) 36.93 months
(E) Remaining Number of Receivables 23,610
(F) Delinquent Receivables Dollar Amount # Units
-------------- --------
(i) 30-59 Days Delinquent 3,217,080 1.64% 382
(ii) 60-89 Days Delinquent 479,899 0.24% 55
(iii) 90 Days or More Delinquent 257,617 0.13% 29
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Reserve Fund Investment Income 26,390.47
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 325,192.22
(ii) Realized Losses for Collection Period (B)(i)-(C)(i) 219,363.41
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 105,828.81
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 105,408.91
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997 THROUGH MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
E. COLLECTIONS
Interest Collections:
(A) Interest Payments Received 1,933,370.78
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 105,408.91
---------------
(E) Interest Collections 2,038,779.69
Principal Collections:
(F) Principal Payments Received $10,209,330.29
(G) Liquidation Proceeds Related to Principal 105,828.81
(H) Repurchased Loan Proceeds 0.00
---------------
(I) Principal Collections 10,315,159.10
(J) Total Collections $12,353,938.79
F. DISTRIBUTABLE AMOUNTS
(A) Servicing Fee:
(i) Servicing Fee $163,486.03
(ii) Prior Collection Period unpaid Servicing
Fees 0.00
---------------
(iii) Total Servicing Fee $163,486.03
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $1,027,999.22
(ii) Class A prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class A Interest Distribution $1,027,999.22
(C) Class B Certificates
(i) Class B Monthly Interest $43,815.19
(ii) Class B prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class B Interest Distribution $43,815.19
(D) Total Certificate Interest Distribution $1,071,814.41
(E) Total Certificate Interest Distribution plus Total
Servicing Fee $1,235,300.44
F. DISTRIBUTABLE AMOUNTS
Principal:
(F) Principal Collections $10,315,159.10
(G) Realized Losses 219,363.41
---------------
(H) Total Monthly Principal $10,534,522.51
(I) Class A Certificates
(i) Class A Monthly Principal 10,113,132.59
(ii) Class A prior period Principal Carryover
Shortfall 0.00
---------------
(iii) Class A Principal Distribution 10,113,132.59
(J) Class B Certificates
(i) Class B Monthly Principal 421,389.92
(ii) Class B prior period Principal Carryover
Shortfall 0.00
---------------
(iii) Class B Principal Distribution 421,389.92
(K) Total Principal Distribution 10,534,522.51
(L) Total Interest and Principal Distribution Amounts 11,769,822.95
plus Servicing Fee
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997 THROUGH MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
G. DISTRIBUTIONS
<TABLE>
<S> <C>
(A) Total Interest Collections available to be distributed 2,038,779.69
(B) Class B Percentage of Principal Collections 412,615.20
(C) Servicing Fee :
(i) Total Servicing Fee 163,486.03
(ii) Servicing Fee paid 163,486.03
------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 1,875,293.66
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 1,027,999.22
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 1,027,999.22
(iii) Total Interest Collections available after Class A Interest Distribution paid 847,294.44
(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 1,027,999.22
(F) Class B Certificates
(i) Class B Interest Distribution 43,815.19
(ii) Class B Interest Distribution paid from Interest Collections after
Class A Interest Distribution 43,815.19
(iii) Total Interest Collections available after Class B Interest Distribution paid 803,479.25
(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 43,815.19
(G) Total Interest Paid 1,071,814.41
(H) Total Interest and Servicing Fee Paid 1,235,300.44
(I) Total Interest Collections available after Servicing Fee and
Class A and Class B Interest Distribution 803,479.25
Total Collections available to be distributed:
(J) Total Principal Collections 10,315,159.10
(K) Excess Interest 803,479.25
(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 11,118,638.35
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 10,113,132.59
(ii) Class A Principal Distribution paid from total Collections available to be distributed 10,113,132.59
(iii) Total Collections available after Class A Principal Distribution paid 1,005,505.76
(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 10,113,132.59
(O) Class B Certificates
(i) Class B Principal Distribution 421,389.92
(ii) Class B Principal Distribution paid from total Collections available to be distributed 421,389.92
(iii) Total Collections available after Class B Principal Distribution paid 584,115.84
(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 421,389.92
(P) Total Excess Cash to the Reserve Fund 584,115.84
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997 THROUGH MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
H. POOL BALANCE AND PORTFOLIO INFORMATION
<TABLE>
<CAPTION>
Beginning End
of Period of Period
----------------- -----------------
<S> <C> <C>
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $196,183,232.54 $185,648,710.03
(ii) Aggregate Certificate Pool Factor 0.6417787 0.6073169
(iii) Class A Principal Balance 188,335,735.31 178,222,602.72
(iv) Class A Pool Factor 0.6417787 0.6073169
(v) Class B Principal Balance 7,847,497.23 7,426,107.31
(vi) Class B Pool Factor 0.6417787 0.6073169
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.55% 11.46%
(ii) Weighted Average Remaining Maturity (WAM) 37.80 months 36.93 months
(iii) Remaining Number of Receivables 24,371 23,610
(iv) Pool Balance $196,183,232.54 $185,648,710.03
I. RECONCILIATION OF RESERVE ACCOUNT
(A) Beginning Reserve Account Balance 6,375,955.06
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 6,375,955.06
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 6,375,955.06
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 6,375,955.06
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 6,375,955.06
(J) Total excess Collections deposited in the Reserve Fund 584,115.84
-----------------
(K) Reserve Fund Balance 6,960,070.90
(L) Specified Reserve Account Balance 6,033,583.08
(M) Reserve Account Release to Seller 926,487.82
-----------------
(N) Ending Reserve Account Balance 6,033,583.08
=================
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $105,828.81
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 105,408.91
(B) Realized Losses for Collection Period 219,363.41
(C) Charge-off Rate for Collection Period (annualized) 0.72%
(D) Cumulative Aggregate Net Losses for all Periods 3,822,777.95
(E) Delinquent Receivables
Dollar Amount # Units
------------- -------
(i) 30-59 Days Delinquent 3,217,080 1.64% 382
(ii) 60-89 Days Delinquent 479,899 0.24% 55
(iii) 90 Days or More Delinquent 257,617 0.13% 29
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997 THROUGH MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
(A) Charge-off Rate
(i) Second Preceding Collection Period 0.87%
(ii) Preceding Collection Period 0.90%
(iii) Current Collection Period 0.72%
(iv) Three Month Average (Avg(i,ii,iii)) 0.83%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.50%
(ii) Preceding Collection Period 0.45%
(iii) Current Collection Period 0.37%
(iv) Three Month Average (Avg(i,ii,iii)) 0.44%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997 THROUGH MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
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 10,113,132.59 34.4618246
(ii) Class B Certificates 421,389.92 34.4618246
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
----------------- --------------
(i) Class A Certificates 1,027,999.22 3.5030421
(ii) Class B Certificates 43,815.19 3.5832644
(C) Pool Balance as of the close of business on the last day of the Collection Period $185,648,710.03
-----------------
Per $1,000 of
(D) Amount of the Servicing Fee paid to the Servicer with respect to the related Original Principal
Collection Dollars ($) Balance
----------------- --------------
(i) Total Servicing Fee 163,486.03
(ii) Class A Percentage of the Servicing Fee 156,946.45 0.5348156
(ii) Class B Percentage of the Servicing Fee 6,539.58 0.5348156
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 0.6073169
(ii) Class B Pool Factor 0.6073169
(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $219,363.41
-----------------
(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 $737,515.36
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $6,033,583.08
-----------------
(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 178,222,602.72
(ii) Class B Principal Balance 7,426,107.31
(K) Amount otherwise distributable to the Class B Certificateholders that is
being distributed to the Class A Certificateholders on such Distribution
Date $0.00
(L) Aggregate Purchase Amount of Receivables repurchased by the Seller or purchased by the
Servicer with respect to the Related Collection Period ($) $0.00
-------------
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD MARCH 1, 1997 THROUGH MARCH 31, 1997
DISTRIBUTION DATE APRIL 15, 1997
M. INSTRUCTIONS TO THE TRUSTEE
On the Distribution Date, make the following deposits and distributions:
<TABLE>
<S> <C> <C> <C>
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $163,486.03
(ii) Servicing Fees retained by the Seller 163,486.03
--------------
(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 $1,027,999.22
(ii) for the Class A Principal Distribution 10,113,132.59
--------------
(iii) Total (i+ii) $11,141,131.81
---------------
(C) Withdraw from the Collection Account and deposit in the
Class B Distribution Account:
(i) for the Class B Interest Distribution $43,815.19
(ii) for the Class B Principal Distribution 421,389.92
--------------
(iii) Total (i+ii) $465,205.11
---------------
(D) Withdraw excess Collections from the Collection Account and deposit
in the Reserve Fund $584,115.84
---------------
(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>
