<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 15, 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> 2
ITEM 5. OTHER EVENTS
On August 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 and Class B
6.70% Asset Backed Certificates. The amount of such
distribution was based upon the information set forth in the
Monthly Statement (the "Original Monthly Statement")
reflecting the Trust's activities for the Interest Period from
July 15, 1997 through August 14, 1997 (the "Interest Period")
and for the Collection Period from July 1, 1997 through July
31, 1997 (the "July 1997 Collection Period"). The Original
Monthly Statement was delivered to Bankers Trust Company, as
trustee (the "Trustee") on or about August 13, 1997.
On August 25, 1997, Bank One, Arizona, N.A., as servicer (the
"Servicer"), provided notice to the Trustee of the Servicer's
discovery of errors in the Original Monthly 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 of principal and interest
actually distributed to Certificateholders on the August 1997
Distribution Date.
Included as Exhibit 99.1 hereto is an amended and restated
Monthly Statement (the "Amended Monthly Statement") reflecting
the Trust's activities for the Interest Period and for the
July 1997 Collection Period in substitution for the
Original Monthly Statement.
Also, on August 25, 1997, the Servicer notified the Trustee of
its discovery of errors in each of the Original Monthly
Statements beginning with the Original Monthly Statement
reflecting the Trust's activities for the Collection Period
from June 1, 1996 through June 30, 1996 (the "June 1996
Collection Period") and continuing with each successive
Original Monthly Statement through and including the Original
Monthly Statement reflecting the Trust's activities for the
July 1997 Collection Period. Included as Exhibit 99.2 hereto
is a month-by-month reconciliation disclosing certain amounts
reported on each Original Monthly Statement, the respective
amounts as they should have been reported in the Original
Monthly Statement (each an "Amended Monthly Statement") and
any variance between each Original Monthly Statement and the
Amended Monthly Statement for such period.
The Servicer and the Trustee are currently in discussions to
satisfactorily determine the appropriate manner in which to
cause former and present Certificateholders to receive all
amounts due and oweing them through the July 1997 Collection
Period. Accordingly, based on these discussions, the Servicer
proposes to submit a month-by-month reconciliation to the
Trustee and the Depository Trust Company on or before
September 5, 1997 indicating the applicable amounts of
principal and/or interest underpaid in each respective
Distribution Date beginning with the September 1996
Distribution Date through and including the August 1997
Distribution Date. The aggregate amount of the principal
and/or interest underpaid in these months, which approximates
$1,500,000, will be deposited by the Servicer, from its own
funds, into the Collection Account for subsequent distribution
by the Depository Trust Company to the holders of record for
each respective Distribution Date, on or before the September
1997 Distribution Date. For the July 1996 and August 1996
Distribution Dates, the Servicer overpaid in the aggregate
approximately $121,000 in principal and underpaid
approximately $600 in interest. Due to the net cash
overpayment to the Trust in these two respective Distribution
Dates, the Servicer will waive all claims with respect to the
principal amount overpaid.
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.
ITEM 7. EXHIBITS
See page 4 for Exhibit Index
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BANC ONE AUTO GRANTOR TRUST 1996-B
By: Bank One, Arizona, N.A., as Servicer on ..
behalf of the Trust
Date: August 28, 1997 By: / s/ Tom Lewis
------------------ -------------------------------
Name: Tom Lewis
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description Page
- ------- ----------- ----
<S> <C>
99.1 Amended and Restated Monthly Statement to
Certificateholders .......................................... 5-13
99.2 Reconciliation of Amended and Original Monthly Statements .... 14-30
</TABLE>
<PAGE> 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 July 15, 1997 through August 14, 1997
Collection Period July 1, 1997 through July 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 Synder
Tom Lewis Assistant Vice President
Vice President Bank One, Arizona, N.A.
Bank One, Arizona, N.A.
<PAGE> 2
PAGE 1
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1997 THROUGH JULY 31, 1997
DISTRIBUTION DATE AUGUST 15, 1997
<TABLE>
<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> 3
PAGE 2
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1997 THROUGH JULY 31, 1997
DISTRIBUTION DATE AUGUST 15, 1997
<TABLE>
<S> <C> <C>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
---------------------------------------------
(A) Total Receivable Balance $ 155,594,875.57
(B) Total Certificate Balance $ 155,594,875.57
(C) Total Certificate Pool Factor 0.5090011
(D) Class A Certificates
(i)Class A Certificate Balance $ 149,370,946.81
(ii)Class A Certificate Pool Factor 0.5090011
(E) Class B Certificates
(i)Class B Certificate Balance $ 6,223,928.76
(ii)Class B Certificate Pool Factor 0.5090011
(F) Reserve Fund Balance 5,056,833.46
(G) Cumulative Net Losses for All Prior Periods 7,183,828.78
(H) Charge-off Rate for Second Preceding Period 0.89%
(I) Charge-off Rate for Preceding Period 1.84%
(J) Delinquency Percentage for Second Preceding Period 0.48%
(K) Delinquency Percentage for Preceding Period 0.65%
(L) Weighted Average Coupon (WAC) 12.120%
(M) Weighted Average Remaining Maturity (WAM) 37.14 months
(N) Number of Receivables 20,841
C. INPUTS FROM THE MAINFRAME
-------------------------
(A) Simple Interest Receivables Principal
(i)Principal Collections 8,547,185.22
(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 1,584,490.54
(ii)Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 12.12%
(D) Weighted Average Remaining Maturity (WAM) 36.55 months
(E) Remaining Number of Receivables 19,859
</TABLE>
<TABLE>
<CAPTION>
(F) Delinquent Receivables Dollar Amount # Units
------------- -------
<S> <C> <C> <C>
(i)30-59 Days Delinquent 3,516,651 2.40% 460
(ii)60-89 Days Delinquent 674,955 0.46% 94
(iii)90 Days or More Delinquent 372,340 0.25% 42
</TABLE>
<TABLE>
<S> <C>
D. INPUTS DERIVED FROM OTHER SOURCES
---------------------------------
(A) Reserve Fund Investment Income 20,683.06
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i)Charge-offs for current Collection Period - Principal 236,682.64
(ii)Realized Losses for Collection Period (B)(i)-(C)(i) 196,028.25
(D) Net Loss and Liquidated Receivables Information
(i)Liquidation Proceeds Related to Principal 40,654.39
(ii)Liquidation Proceeds Related to Interest 0.00
(iii)Recoveries from Prior Month Charge Offs 200,198.18
</TABLE>
<PAGE> 4
PAGE 3
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1997 THROUGH JULY 31, 1997
DISTRIBUTION DATE AUGUST 15, 1997
<TABLE>
<S> <C>
E. COLLECTIONS
-----------
Interest Collections:
(A) Interest Payments Received 1,584,490.54
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 200,198.18
--------------
(E) Interest Collections 1,784,688.72
Principal Collections:
(F) Principal Payments Received $ 8,547,185.22
(G) Liquidation Proceeds Related to Principal 40,654.39
(H) Repurchased Loan Proceeds 0.00
--------------
(I) Principal Collections 8,587,839.61
(J) Total Collections $10,372,528.33
F. DISTRIBUTABLE AMOUNTS
---------------------
(A) Servicing Fee:
(i)Servicing Fee $ 129,662.40
(ii)Prior Collection Period unpaid Servicing Fees 0.00
--------------
(iii)Total Servicing Fee $ 129,662.40
Interest:
(B) Class A Certificates
(i)Class A Monthly Interest $ 815,316.42
(ii)Class A prior period Interest Carryover Shortfall 0.00
--------------
(iii)Class A Interest Distribution $ 815,316.42
(C) Class B Certificates
(i)Class B Monthly Interest $ 34,750.27
(ii) Class B prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class B Interest Distribution $ 34,750.27
(D) Total Certificate Interest Distribution $ 850,066.69
(E) Total Certificate Interest Distribution plus Total Servicing Fee $ 979,729.08
Principal:
(F) Principal Collections $ 8,587,839.61
(G) Realized Losses 196,028.25
--------------
(H) Total Monthly Principal $ 8,783,867.86
(I) Class A Certificates
(i) Class A Monthly Principal 8,432,505.62
(ii) Class A prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class A Principal Distribution 8,432,505.62
(J) Class B Certificates
(i) Class B Monthly Principal 351,362.24
(ii) Class B prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class B Principal Distribution 351,362.24
(K) Total Principal Distribution 8,783,867.86
(L) Total Interest and Principal Distribution Amounts 9,763,596.94
plus Servicing Fee
</TABLE>
<PAGE> 5
PAGE 4
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1997 THROUGH JULY 31, 1997
DISTRIBUTION DATE AUGUST 15, 1997
<TABLE>
<S> <C>
G. DISTRIBUTIONS
-------------
(A) Total Interest Collections available to be distributed 1,784,688.72
(B) Class B Percentage of Principal Collections 343,520.94
(C) Servicing Fee :
(i) Total Servicing Fee 129,662.40
(ii) Servicing Fee paid 129,662.40
------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 1,655,026.32
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 815,316.42
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 815,316.42
(iii) Total Interest Collections available after Class A Interest Distribution paid 839,709.91
(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 815,316.42
(F) Class B Certificates
(i) Class B Interest Distribution 34,750.27
(ii) Class B Interest Distribution paid from Interest Collections after Class A Interest Distribution 34,750.27
(iii) Total Interest Collections available after Class B Interest Distribution paid 804,959.64
(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 34,750.27
(G) Total Interest Paid 850,066.69
(H) Total Interest and Servicing Fee Paid 979,729.08
(I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest Distribution paid 804,959.64
Total Collections available to be distributed:
(J) Total Principal Collections 8,587,839.61
(K) Excess Interest 804,959.64
(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 9,392,799.25
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 8,432,505.62
(ii) Class A Principal Distribution paid from total Collections available to be distributed 8,432,505.62
(iii) Total Collections available after Class A Principal Distribution paid 960,293.62
(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 8,432,505.62
(O) Class B Certificates
(i) Class B Principal Distribution 351,362.24
(ii) Class B Principal Distribution paid from total Collections available to be distributed 351,362.24
(iii) Total Collections available after Class B Principal Distribution paid 608,931.39
(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 351,362.24
(P) Total Excess Cash to the Reserve Fund 608,931.39
</TABLE>
<PAGE> 6
PAGE 5
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1997 THROUGH JULY 31, 1997
DISTRIBUTION DATE AUGUST 15, 1997
H. POOL BALANCE AND PORTFOLIO INFORMATION
--------------------------------------
<TABLE>
<CAPTION>
Beginning End
of Period of Period
----------------- ----------------
<S> <C> <C> <C> <C>
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $ 155,594,875.57 $ 146,811,007.71
(ii) Aggregate Certificate Pool Factor 0.5090011 0.4802662
(iii) Class A Principal Balance 149,370,946.81 140,938,441.19
(iv) Class A Pool Factor 0.5090011 0.4802662
(v) Class B Principal Balance 6,223,928.76 5,872,566.52
(vi) Class B Pool Factor 0.5090011 0.4802663
(B) Pool Information
(i) Weighted Average Coupon (WAC) 12.12% 12.12%
(ii) Weighted Average Remaining Maturity (WAM) 37.14 months 36.55 months
(iii) Remaining Number of Receivables 20,841 19,859
(iv) Pool Balance $ 155,594,875.57 $ 146,811,007.71
</TABLE>
<TABLE>
<S> <C>
I. RECONCILIATION OF RESERVE ACCOUNT
---------------------------------
(A) Beginning Reserve Account Balance 5,056,833.46
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 5,056,833.46
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 5,056,833.46
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 5,056,833.46
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 5,056,833.46
(J) Total excess Collections deposited in the Reserve Fund 608,931.39
------------
(K) Reserve Fund Balance 5,665,764.85
(L) Specified Reserve Account Balance 4,771,357.75
(M) Reserve Account Release to Seller 894,407.10
------------
(N) Ending Reserve Account Balance 4,771,357.75
============
</TABLE>
<TABLE>
<S> <C>
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
-----------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $ 40,654.39
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 200,198.18
(B) Realized Net Losses for Collection Period 196,028.25
(C) Charge-off Rate for Collection Period (annualized) -0.03%
(D) Cumulative Aggregate Net Losses for all Periods 7,379,857.03
</TABLE>
(E) Delinquent Receivables
<TABLE>
<CAPTION>
Dollar Amount # Units
------------- --------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 3,516,651 2.40% 460
(ii) 60-89 Days Delinquent 674,955 0.46% 94
(iii) 90 Days or More Delinquent 372,340 0.25% 42
</TABLE>
<PAGE> 7
PAGE 6
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1997 THROUGH JULY 31, 1997
DISTRIBUTION DATE AUGUST 15, 1997
<TABLE>
<S> <C>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
-------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 0.89%
(ii) Preceding Collection Period 1.84%
(iii) Current Collection Period -0.03%
(iv) Three Month Average (Avg(i,ii,iii)) 0.90%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.48%
(ii) Preceding Collection Period 0.65%
(iii) Current Collection Period 0.72%
(iv) Three Month Average (Avg(i,ii,iii)) 0.62%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
</TABLE>
<PAGE> 8
PAGE 7
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1997 THROUGH JULY 31, 1997
DISTRIBUTION DATE AUGUST 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 8,432,505.62 28.7348680
(ii) Class B Certificates 351,362.24 28.7348680
</TABLE>
<TABLE>
<CAPTION>
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
------------------ ------------------
<S> <C> <C>
(i) Class A Certificates 815,316.42 2.7782975
(ii) Class B Certificates 34,750.27 2.8419229
(C) Pool Balance as of the close of business on the last
day of the Collection Period $146,811,007.71
---------------
</TABLE>
<TABLE>
<CAPTION>
Per $1,000 of
Original Principal
(D) Amount of the Servicing Fee paid to the Servicer with Dollars ($) Balance
respect to the related Collection Period ------------------ ------------------
<S> <C> <C>
(i) Total Servicing Fee 129,662.40
(ii) Class A Percentage of the Servicing Fee 124,475.79 0.4241676
(ii) Class B Percentage of the Servicing Fee 5,186.61 0.4241676
</TABLE>
<TABLE>
<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
</TABLE>
<TABLE>
(F) Pool factors for each class of certificates, after giving effect to all payments allocated
to principal Pool Factor
-----------
<S> <C>
(i) Class A Pool Factor 0.4802662
(ii) Class B Pool Factor 0.4802663
</TABLE>
<TABLE>
<S> <C>
(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $ 196,028.25
-------------
(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 $1,047,294.90
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $4,771,357.75
-------------
</TABLE>
<TABLE>
<CAPTION>
(J) Aggregate outstanding principal balances for each class of certificates, after
giving effect to all payments allocated to principal Principal Balance
-----------------
<S> <C>
(i) Class A Principal Balance 140,938,441.19
(ii) Class B Principal Balance 5,872,566.52
</TABLE>
<TABLE>
<S> <C>
(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> 9
PAGE 8
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JULY 1, 1997 THROUGH JULY 31, 1997
DISTRIBUTION DATE AUGUST 15, 1997
<TABLE>
<S> <C> <C>
M. INSTRUCTIONS TO THE TRUSTEE
---------------------------
On the Distribution Date, make the following deposits and distributions:
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $ 129,662.40
(ii) Servicing Fees retained by the Seller 129,662.40
----------------
(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 $ 815,316.42
(ii) for the Class A Principal Distribution 8,432,505.62
----------------
(iii) Total (i+ii) $9,247,822.04
-------------
(C) Withdraw from the Collection Account and deposit in the Class B Distribution
Account:
(i) for the Class B Interest Distribution $ 34,750.27
(ii) for the Class B Principal Distribution 351,362.24
----------------
(iii) Total (i+ii) $ 386,112.50
-------------
(D) Withdraw excess Collections from the Collection Account and deposit in the Reserve Fund $ 608,931.39
-------------
</TABLE>
<TABLE>
<S> <C> <C>
(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>
<PAGE> 10
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
REVISED ORIGINAL
JUNE 96 JUNE 96 VARIANCE
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 2,942,403.98 2,941,654.55 749.43 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 0.00 0.00 0.00
------------- ------------- -------------
TOTAL INTEREST RECEIVED 2,942,403.98 2,941,654.55 749.43
PRINCIPAL PAYMENTS RECEIVED 13,460,319.17 13,442,437.01 17,882.16 (5)
REPURCHASED LOAN PROCEEDS 0.00 221,153.25 (221,153.25) (3)
LIQUIDATION PROCEEDS - PRINCIPAL 19,877.50 42,077.50 (22,200.00)
------------- ------------- -------------
TOTAL PRINCIPAL RECEIVED 13,480,196.67 13,705,667.76 (225,471.09)
TOTAL COLLECTIONS 16,422,600.65 16,647,322.31 (224,721.66)
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 254,738.94 254,738.94 0.00
CLASS A COUPON INTEREST AT 6.55% 961,078.23 961,078.23 0.00
CLASS B COUPON INTEREST AT 6.70% 40,962.90 40,962.90 0.00
------------- ------------- -------------
TOTAL COUPON INTEREST 1,002,041.13 1,002,041.13 0.00
COUPON INTEREST AND SERVICING 1,256,780.07 1,256,780.07 0.00
TOTAL PRINCIPAL RECEIVED 13,480,196.67 13,705,667.76 (225,471.09)
REALIZED LOSS (GROSS-LIQUIDATION) 393,763.82 273,160.24 120,603.58 (3)
------------- ------------- -------------
TOTAL PRINCIPAL 13,873,960.49 13,978,828.00 (104,867.51)
TOTAL COUPON INTEREST 1,002,041.13 1,002,041.13 0.00
TOTAL SERVICING FEE 254,738.94 254,738.94 0.00
------------- ------------- -------------
INTEREST, PRINCIPAL & SERVICE FEE 15,130,740.56 15,235,608.07 (104,867.51)
RESERVE FUND
------------
INTEREST COLLECTED 2,942,403.98 2,941,654.55 749.43
COUPON INTEREST (1,002,041.13) (1,002,041.13) 0.00
SERVICING FEE (254,738.94) (254,738.94) 0.00
REALIZED LOSS (GROSS-LIQUIDATION) (393,763.82) (273,160.24) (120,603.58)
------------- ------------- -------------
EXCESS CASH TO RESERVE FUND 1,291,860.09 1,411,714.24 (119,854.15)
RESERVE FUND BEGINNING BALANCE 4,585,300.97 4,585,300.97 0.00
RESERVE ACCOUNT RELEASE TO SELLER 0.00 0.00 0.00
------------- ------------- -------------
RESERVE FUND ENDING BALANCE (1) 5,877,161.06 5,997,015.21 (119,854.15)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 16,422,600.65 16,647,322.31 (224,721.66)
SERVICING FEE (254,738.94) (254,738.94) 0.00
------------- ------------- -------------
OVER/(UNDER) WIRED 16,167,861.71 16,392,583.37 224,721.66
============= ============= ============
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 10,243.02 0.00 10,243.02 (6)
============= ============= ============
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
--------------------------------------------------------------------------
REVISED ORIGINAL
JULY 96 JULY 96 VARIANCE
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 3,070,176.02 3,069,760.04 415.98 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 695.44 0.00 695.44
RECOVERIES FROM PRIOR MONTHS (2) 168,801.77 147,983.32 20,818.45 (4)
------------- ------------- -----------
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 (5)
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 90,026.36 252,258.33 (162,231.97) (4)
------------- ------------- -----------
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 (4)
------------- ------------- -----------
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 (13) 26,752.16 26,752.16 0.00
============= ============= ===========
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
REVISED ORIGINAL
AUGUST 96 AUGUST 96 VARIANCE6
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 2,785,971.73 2,785,377.72 594.01 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 295.45 0.00 295.45
RECOVERIES FROM PRIOR MONTHS (2) 219,023.47 147,589.44 71,434.03 (4)
------------- ------------- ----------
TOTAL INTEREST RECEIVED 3,005,290.65 2,932,967.16 72,323.49
PRINCIPAL PAYMENTS RECEIVED 12,727,103.55 12,726,135.52 968.03 (5)
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 75,305.10 226,841.99 (151,536.89) (4)
------------- ------------- ----------
TOTAL PRINCIPAL RECEIVED 12,802,408.65 12,952,977.51 (150,568.86)
TOTAL COLLECTIONS 15,807,699.30 15,885,944.67 (78,245.37)
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 231,037.27 230,936.24 101.03
CLASS A COUPON INTEREST AT 6.55% 1,452,761.07 1,452,125.78 635.29
CLASS B COUPON INTEREST AT 6.70% 61,919.32 61,892.24 27.08
------------- ------------- ----------
TOTAL COUPON INTEREST 1,514,680.39 1,514,018.02 662.37
COUPON INTEREST AND SERVICING 1,745,717.66 1,744,954.26 763.40
TOTAL PRINCIPAL RECEIVED 12,802,408.65 12,952,977.51 (150,568.86)
REALIZED LOSS (GROSS-LIQUIDATION) 513,368.84 378,054.37 135,314.47 (4)
------------- ------------- ----------
TOTAL PRINCIPAL 13,315,777.49 13,331,031.88 (15,254.39)
TOTAL COUPON INTEREST 1,514,680.39 1,514,018.02 662.37
TOTAL SERVICING FEE 231,037.27 230,936.24 101.03
------------- ------------- ----------
INTEREST, PRINCIPAL & SERVICE FEE 15,061,495.15 15,075,986.14 (14,490.99)
RESERVE FUND
------------
INTEREST COLLECTED 3,005,290.65 2,932,967.16 72,323.49
COUPON INTEREST (1,514,680.39) (1,514,018.02) (662.37)
SERVICING FEE (231,037.27) (230,936.24) (101.03)
REALIZED LOSS (GROSS-LIQUIDATION) (513,368.84) (378,054.37) (135,314.47)
------------- ------------- ----------
EXCESS CASH TO RESERVE FUND 746,204.15 809,958.53 (63,754.38)
RESERVE FUND BEGINNING BALANCE 6,805,563.56 7,046,707.77 (241,144.21)
RESERVE ACCOUNT RELEASE TO SELLER 0.00 0.00 0.00
------------- ------------- ----------
RESERVE FUND ENDING BALANCE (1) 7,551,767.71 7,856,666.30 (304,898.59)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 15,807,699.30 15,885,944.67 (78,245.37)
SERVICING FEE (231,037.27) (230,936.24) (101.03)
------------- ------------- ----------
OVER/(UNDER) WIRED 15,576,662.03 15,655,008.43 78,346.40
============= ============= ==========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 29,982.58 29,982.58 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) Loans reported as repurchased were not formally approved by the trustee to
be bought back. Actual amount should have been $113,384. Since these loans
were not approved by the trustee and charged off in June 1996, no
repurchases are recommended.
(4) 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.)
(5) Principal and interest payments on loans erroneously transferred out of
the securitized pool.
(6) Reserve fund income not reported in the first investor report.
(7) Realized Losses were originally understated by the amount approximately
equal to the liquidation proceeds previously overstated.
(8) Monthly variances unexplainable; however, the total differences between
recoveries and liquidation proceeds on page 6 indicates double counting in
the original amounts reported.
(9) Variance due to clerical error: original used 28 days in calculation;
should have been 26 days.
(10) Variance due to understating of recoveries and the reduction of gross
losses for liquidation proceeds, thus double counting liquidation proceeds
in the realized loss calculation.
(11) 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.
(12) Overall variances are approximately equal due to the corrections of the
misclassifications between recoveries and liquidation proceeds since
inception.
(13) Investment income reported as actual amounts earned, no adjustments were
made for the incorrect reserve fund balance.
<PAGE> 11
PAGE 1
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
--------------------------------------------------------------------
REVISED ORIGINAL
SEPT 96 SEPT 96 VARIANCE
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 2,689,524.25 2,689,038.68 485.57 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 262,754.80 193,499.74 69,255.06 (8)
------------- ------------- ----------
TOTAL INTEREST RECEIVED 2,952,279.05 2,882,538.42 69,740.63
PRINCIPAL PAYMENTS RECEIVED 11,464,716.64 11,464,170.96 545.68 (5)
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 82,985.68 283,437.09 (200,451.41) (7)
------------- ------------- ----------
TOTAL PRINCIPAL RECEIVED 11,547,702.32 11,747,608.05 (199,905.73)
TOTAL COLLECTIONS 14,499,981.37 14,630,146.47 (130,165.10)
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 219,940.79 219,827.05 113.74
CLASS A COUPON INTEREST AT 6.55% 1,382,986.46 1,382,271.23 715.23
CLASS B COUPON INTEREST AT 6.70% 58,945.40 58,914.91 30.49
------------- ------------- ----------
TOTAL COUPON INTEREST 1,441,931.86 1,441,186.14 745.72
COUPON INTEREST AND SERVICING 1,661,872.65 1,661,013.19 859.46
TOTAL PRINCIPAL RECEIVED 11,547,702.32 11,747,608.05 (199,905.73)
REALIZED LOSS (GROSS-LIQUIDATION) 682,552.13 483,156.67 199,395.46 (7)
------------- ------------- ----------
TOTAL PRINCIPAL 12,230,254.45 12,230,764.72 (510.27)
TOTAL COUPON INTEREST 1,441,931.86 1,441,186.14 745.72
TOTAL SERVICING FEE 219,940.79 219,827.05 113.74
------------- ------------- ----------
INTEREST, PRINCIPAL & SERVICE FEE 13,892,127.10 13,891,777.91 349.19
RESERVE FUND
------------
INTEREST COLLECTED 2,952,279.05 2,882,538.42 69,740.63
COUPON INTEREST (1,441,931.86) (1,441,186.14) (745.72)
SERVICING FEE (219,940.79) (219,827.05) (113.74)
REALIZED LOSS (GROSS-LIQUIDATION) (682,552.13) (483,156.67) (199,395.46)
------------- ------------- ----------
EXCESS CASH TO RESERVE FUND 607,854.27 738,368.56 (130,514.29)
RESERVE FUND BEGINNING BALANCE 7,551,767.71 7,856,666.30 (304,898.59)
RESERVE ACCOUNT RELEASE TO SELLER 0.00 419,279.90 (419,279.90)
------------- ------------- ----------
RESERVE FUND ENDING BALANCE (1) 8,159,621.98 8,175,754.96 (16,132.98)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 14,499,981.37 14,630,146.47 (130,165.10)
SERVICING FEE (219,940.79) (219,827.05) (113.74)
------------- ------------- ----------
OVER/(UNDER) WIRED 14,280,040.58 14,410,319.42 130,278.84
============= ============= ==========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 29,294.97 29,294.97 0.00
============= ============= ==========
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
REVISED ORIGINAL
OCT 96 OCT 96 VARIANCE
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 2,539,118.71 2,537,759.30 1,359.41 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 81.71 0.00 81.71
RECOVERIES FROM PRIOR MONTHS (2) 366,943.87 269,404.99 97,538.88 (8)
------------ ------------ -----------
TOTAL INTEREST RECEIVED 2,906,144.29 2,807,164.29 98,980.00
PRINCIPAL PAYMENTS RECEIVED 12,720,634.22 12,719,727.77 906.45 (5)
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 41,334.82 321,371.54 (280,036.72) (7)
------------ ------------ -----------
TOTAL PRINCIPAL RECEIVED 12,761,969.04 13,041,099.31 (279,130.27)
TOTAL COLLECTIONS 15,668,113.33 15,848,263.60 (180,150.27)
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 209,748.91 209,634.74 114.17
CLASS A COUPON INTEREST AT 6.55% 1,318,899.98 1,318,182.08 717.90
CLASS B COUPON INTEREST AT 6.70% 56,213.91 56,183.31 30.60
------------ ------------ -----------
TOTAL COUPON INTEREST 1,375,113.89 1,374,365.39 748.50
COUPON INTEREST AND SERVICING 1,584,862.80 1,584,000.13 862.67
TOTAL PRINCIPAL RECEIVED 12,761,969.04 13,041,099.31 (279,130.27)
REALIZED LOSS (GROSS-LIQUIDATION) 655,196.15 387,130.13 268,066.02 (7)
------------ ------------ -----------
TOTAL PRINCIPAL 13,417,165.19 13,428,229.44 (11,064.25)
TOTAL COUPON INTEREST 1,375,113.89 1,374,365.39 748.50
TOTAL SERVICING FEE 209,748.91 209,634.74 114.17
------------ ------------ -----------
INTEREST, PRINCIPAL & SERVICE FEE 15,002,027.99 15,012,229.57 (10,201.58)
RESERVE FUND
------------
INTEREST COLLECTED 2,906,144.29 2,807,164.29 98,980.00
COUPON INTEREST (1,375,113.89) (1,374,365.39) (748.50)
SERVICING FEE (209,748.91) (209,634.74) (114.17)
REALIZED LOSS (GROSS-LIQUIDATION) (655,196.15) (387,130.13) (268,066.02)
------------ ------------ -----------
EXCESS CASH TO RESERVE FUND 666,085.34 836,034.03 (169,948.69)
RESERVE FUND BEGINNING BALANCE 8,159,621.98 8,175,754.96 (16,132.98)
RESERVE ACCOUNT RELEASE TO SELLER 1,081,557.63 1,272,451.50 (190,893.87)
------------ ------------ -----------
RESERVE FUND ENDING BALANCE (1) 7,744,149.69 7,739,337.49 4,812.20
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 15,668,113.33 15,848,263.60 (180,150.27)
SERVICING FEE (209,748.91) (209,634.74) (114.17)
------------ ------------ -----------
OVER/(UNDER) WIRED 15,458,364.42 15,638,628.86 180,264.44
============= ============= ==========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 36,106.25 36,106.20 0.05
============= ============= ==========
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
-----------------------------------------------------------------
REVISED ORIGINAL
NOV 96 NOV 96 VARIANCE
-----------------------------------------------------------------
COLLECTIONS
-----------
<S> <C> <C> <C> <C> <C>
INTEREST PAYMENTS RECEIVED 2,286,969.61 2,285,685.65 1,283.96 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 212.75 0.00 212.75
RECOVERIES FROM PRIOR MONTHS (2) 294,742.30 179,344.25 115,398.05 (8)
------------- ------------- ----------
TOTAL INTEREST RECEIVED 2,581,924.66 2,465,029.90 116,894.76
PRINCIPAL PAYMENTS RECEIVED 10,579,265.56 10,497,606.84 81,658.72 (5)
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 46,348.54 213,965.93 (167,617.39) (7)
------------- ------------- ----------
TOTAL PRINCIPAL RECEIVED 10,625,614.10 10,711,572.77 (85,958.67)
TOTAL COLLECTIONS 13,207,538.76 13,176,602.67 30,936.09
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 198,567.94 198,444.55 123.39
CLASS A COUPON INTEREST AT 6.55% 1,248,594.10 1,247,818.22 775.88
CLASS B COUPON INTEREST AT 6.70% 53,217.35 53,184.28 33.07
------------- ------------- ----------
TOTAL COUPON INTEREST 1,301,811.45 1,301,002.50 808.95
COUPON INTEREST AND SERVICING 1,500,379.39 1,499,447.05 932.34
TOTAL PRINCIPAL RECEIVED 10,625,614.10 10,711,572.77 (85,958.67)
REALIZED LOSS (GROSS-LIQUIDATION) 649,520.66 481,903.27 167,617.39 (7)
------------- ------------- ----------
TOTAL PRINCIPAL 11,275,134.76 11,193,476.04 81,658.72
TOTAL COUPON INTEREST 1,301,811.45 1,301,002.50 808.95
TOTAL SERVICING FEE 198,567.94 198,444.55 123.39
------------- ------------- ----------
INTEREST, PRINCIPAL & SERVICE FEE 12,775,514.15 12,692,923.09 82,591.06
RESERVE FUND
------------
INTEREST COLLECTED 2,581,924.66 2,465,029.90 116,894.76
COUPON INTEREST (1,301,811.45) (1,301,002.50) (808.95)
SERVICING FEE (198,567.94) (198,444.55) (123.39)
REALIZED LOSS (GROSS-LIQUIDATION) (649,520.66) (481,903.27) (167,617.39)
------------- ------------- ----------
EXCESS CASH TO RESERVE FUND 432,024.61 483,679.58 (51,654.97)
RESERVE FUND BEGINNING BALANCE 7,744,149.69 7,739,337.49 4,812.20
RESERVE ACCOUNT RELEASE TO SELLER 798,466.50 847,467.55 (49,001.05)
------------- ------------- ----------
RESERVE FUND ENDING BALANCE (1) 7,377,707.80 7,375,549.52 2,158.28
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 13,207,538.76 13,176,602.67 30,936.09
SERVICING FEE (198,567.94) (198,444.55) (123.39)
------------- ------------- ----------
OVER/(UNDER) WIRED 13,008,970.82 12,978,158.12 (30,812.70)
============= ============= =============
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 31,841.69 34,116.00 (2,274.31) (9)
============= ============= =============
</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) Loans reported as repurchased were not formally approved by the trustee
to be bought back. Actual amount should have been $113,384. Since these
loans were not approved by the trustee and charged off in June 1996, no
repurchases are recommended.
(4) 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.)
(5) Principal and interest payments on loans erroneously transferred out of
the securitized pool.
(6) Reserve fund income not reported in the first investor report.
(7) Realized Losses were originally understated by the amount approximately
equal to the liquidation proceeds previously overstated.
(8) Monthly variances unexplainable; however, the total differences between
recoveries and liquidation proceeds on page 6 indicates double counting
in the original amounts reported.
(9) Variance due to clerical error: original used 28 days in calculation;
should have been 26 days.
(10) Variance due to understating of recoveries and the reduction of gross
losses for liquidation proceeds, thus double counting liquidation
proceeds in the realized loss calculation.
(11) 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.
(12) Overall variances are approximately equal due to the corrections of the
misclassifications between recoveries and liquidation proceeds since
inception.
(13) Investment income reported as actual amounts earned, no adjustments
were made for the incorrect reserve fund balance.
<PAGE> 12
PAGE 2
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
-----------------------------------------------------------------
REVISED ORIGINAL
DEC 96 DEC 96 VARIANCE
------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 2,157,157.87 2,154,751.84 2,406.03 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 230,869.09 224,391.05 6,478.04
------------- ------------- -----------
TOTAL INTEREST RECEIVED 2,388,026.96 2,379,142.89 8,884.07
PRINCIPAL PAYMENTS RECEIVED 9,971,445.85 9,960,874.19 10,571.66 (5)
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 26,737.19 224,391.05 (197,653.86) (7)
------------- ------------- -----------
TOTAL PRINCIPAL RECEIVED 9,998,183.04 10,185,265.24 (187,082.20)
TOTAL COLLECTIONS 12,386,210.00 12,564,408.13 (178,198.13)
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 189,172.00 189,116.65 55.35
CLASS A COUPON INTEREST AT 6.55% 1,189,512.44 1,189,164.46 347.98
CLASS B COUPON INTEREST AT 6.70% 50,699.18 50,684.35 14.83
------------- ------------- -----------
TOTAL COUPON INTEREST 1,240,211.62 1,239,848.81 362.81
COUPON INTEREST AND SERVICING 1,429,383.62 1,428,965.46 418.16
TOTAL PRINCIPAL RECEIVED 9,998,183.04 10,185,265.24 (187,082.20)
REALIZED LOSS (GROSS-LIQUIDATION) 675,828.91 478,175.05 197,653.86 (7)
------------- ------------- -----------
TOTAL PRINCIPAL 10,674,011.95 10,663,440.29 10,571.66
TOTAL COUPON INTEREST 1,240,211.62 1,239,848.81 362.81
TOTAL SERVICING FEE 189,172.00 189,116.65 55.35
------------- ------------- -----------
INTEREST, PRINCIPAL & SERVICE FEE 12,103,395.57 12,092,405.75 10,989.82
RESERVE FUND
------------
INTEREST COLLECTED 2,388,026.96 2,379,142.89 8,884.07
COUPON INTEREST (1,240,211.62) (1,239,848.81) (362.81)
SERVICING FEE (189,172.00) (189,116.65) (55.35)
REALIZED LOSS (GROSS-LIQUIDATION) (675,828.91) (478,175.05) (197,653.86)
------------- ------------- -----------
EXCESS CASH TO RESERVE FUND 282,814.43 472,002.38 (189,187.95)
RESERVE FUND BEGINNING BALANCE 7,377,707.80 7,375,549.52 2,158.28
RESERVE ACCOUNT RELEASE TO SELLER 0.00 818,564.18 (818,564.18)
------------- ------------- -----------
RESERVE FUND ENDING BALANCE (1) 7,660,522.23 7,028,987.72 631,534.51
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 12,386,210.00 12,564,408.13 (178,198.13)
SERVICING FEE (189,172.00) (189,116.65) (55.35)
------------- ------------- -----------
OVER/(UNDER) WIRED 12,197,038.00 12,375,291.48 178,253.48
============= ============= ===========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 32,101.12 32,101.11 0.01
============= ============= ===========
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
--------------------------------------------------------
REVISED ORIGINAL
1996 1996 VARIANCE
--------------------------------------------------------
<S> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 18,471,322.17 18,464,027.78 7,294.39
LIQUIDATION PROCEEDS - INTEREST (2) 1,285.35 0.00 1,285.35
RECOVERIES FROM PRIOR MONTHS (2) 1,543,135.30 1,162,212.79 380,922.51
-------------- -------------- --------------
TOTAL INTEREST RECEIVED 20,015,742.82 19,626,240.57 389,502.25
PRINCIPAL PAYMENTS RECEIVED 84,927,680.49 84,811,846.32 115,834.17
REPURCHASED LOAN PROCEEDS 0.00 221,153.25 (221,153.25)
LIQUIDATION PROCEEDS - PRINCIPAL 382,615.19 1,564,343.43 (1,181,728.24)
-------------- -------------- --------------
TOTAL PRINCIPAL RECEIVED 85,310,295.68 86,597,343.00 (1,287,047.32)
TOTAL COLLECTIONS 105,326,038.50 106,223,583.57 (897,545.07)
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 1,546,383.16 1,545,788.09 595.07
CLASS A COUPON INTEREST AT 6.55% 9,082,929.83 9,079,188.05 3,741.78
CLASS B COUPON INTEREST AT 6.70% 387,130.98 386,971.49 159.49
-------------- -------------- --------------
TOTAL COUPON INTEREST 9,470,060.81 9,466,159.54 3,901.27
COUPON INTEREST AND SERVICING 11,016,443.97 11,011,947.63 4,496.34
TOTAL PRINCIPAL RECEIVED 85,310,295.68 86,597,343.00 (1,287,047.32)
REALIZED LOSS (GROSS-LIQUIDATION) 4,044,053.46 2,812,843.06 1,231,210.40
-------------- -------------- --------------
TOTAL PRINCIPAL 89,354,349.14 89,410,186.06 (55,836.92)
TOTAL COUPON INTEREST 9,470,060.81 9,466,159.54 3,901.27
TOTAL SERVICING FEE 1,546,383.16 1,545,788.09 595.07
-------------- -------------- --------------
INTEREST, PRINCIPAL & SERVICE FEE 100,370,793.11 100,422,133.69 (51,340.58)
RESERVE FUND
------------
INTEREST COLLECTED 20,015,742.82 19,626,240.57 389,502.25
COUPON INTEREST (9,470,060.81) (9,466,159.54) (3,901.27)
SERVICING FEE (1,546,383.16) (1,545,788.09) (595.07)
REALIZED LOSS (GROSS-LIQUIDATION) (4,044,053.46) (2,812,843.06) (1,231,210.40)
-------------- -------------- --------------
EXCESS CASH TO RESERVE FUND 4,955,245.39 5,801,449.88 (846,204.49)
RESERVE FUND BEGINNING BALANCE 4,585,300.97 4,585,300.97 0.00
RESERVE ACCOUNT RELEASE TO SELLER 1,880,024.13 3,357,763.13 (1,477,739.00)
-------------- -------------- --------------
RESERVE FUND ENDING BALANCE (1) 7,660,522.23 7,028,987.72 631,534.51
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 105,326,038.50 106,223,583.57 (897,545.07)
SERVICING FEE (1,546,383.16) (1,545,788.09) (595.07)
-------------- -------------- --------------
OVER/(UNDER) WIRED 103,779,655.34 104,677,795.48 898,140.14
============== ============== ==============
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 196,321.79 188,353.02 7,968.77
============== ============== ==============
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
--------------------------------------------------------------------
REVISED ORIGINAL
JANUARY 97 JANUARY 97 VARIANCE
--------------------------------------------------------------------
<S> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 2,433,746.44 2,430,482.41 3,264.03
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 365,134.91 95,552.07 269,582.84
------------- ------------- -------------
TOTAL INTEREST RECEIVED 2,798,881.35 2,526,034.48 272,846.87
PRINCIPAL PAYMENTS RECEIVED 10,064,062.30 10,053,086.07 10,976.23
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 34,785.34 108,929.57 (74,144.23)
------------- ------------- -------------
TOTAL PRINCIPAL RECEIVED 10,098,847.64 10,162,015.64 (63,168.00)
TOTAL COLLECTIONS 12,897,728.99 12,688,050.12 209,678.87
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 180,276.99 180,230.45 46.54
CLASS A COUPON INTEREST AT 6.55% 1,133,580.67 1,133,288.08 292.59
CLASS B COUPON INTEREST AT 6.70% 48,315.27 48,302.80 12.47
------------- ------------- -------------
TOTAL COUPON INTEREST 1,181,895.94 1,181,590.88 305.06
COUPON INTEREST AND SERVICING 1,362,172.93 1,361,821.33 351.60
TOTAL PRINCIPAL RECEIVED 10,098,847.64 10,162,015.64 (63,168.00)
REALIZED LOSS (GROSS-LIQUIDATION) 634,965.06 249,307.60 385,657.46
------------- ------------- -------------
TOTAL PRINCIPAL 10,733,812.70 10,411,323.24 322,489.46
TOTAL COUPON INTEREST 1,181,895.94 1,181,590.88 305.06
TOTAL SERVICING FEE 180,276.99 180,230.45 46.54
------------- ------------- -------------
INTEREST, PRINCIPAL & SERVICE FEE 12,095,985.63 11,773,144.57 322,841.06
RESERVE FUND
------------
INTEREST COLLECTED 2,798,881.35 2,526,034.48 272,846.87
COUPON INTEREST (1,181,895.94) (1,181,590.88) (305.06)
SERVICING FEE (180,276.99) (180,230.45) (46.54)
REALIZED LOSS (GROSS-LIQUIDATION) (634,965.06) (249,307.60) (385,657.46)
------------- ------------- -------------
EXCESS CASH TO RESERVE FUND 801,743.36 914,905.55 (113,162.19)
RESERVE FUND BEGINNING BALANCE 7,660,522.23 7,028,987.72 631,534.51
RESERVE ACCOUNT RELEASE TO SELLER 0.00 1,253,273.55 (1,253,273.55)
------------- ------------- -------------
RESERVE FUND ENDING BALANCE (1) 8,462,265.59 6,690,619.72 1,771,645.87
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 12,897,728.99 12,688,050.12 209,678.87
SERVICING FEE (180,276.99) (180,230.45) (46.54)
------------- ------------- ----------
OVER/(UNDER) WIRED 12,717,452.00 12,507,819.67 (209,632.33)
============= ============= ==========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 31,181.67 31,181.67 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) Loans reported as repurchased were not formally approved by the trustee
to be bought back. Actual amount should have been $113,384. Since these
loans were not approved by the trustee and charged off in June 1996, no
repurchases are recommended.
(4) 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.)
(5) Principal and interest payments on loans erroneously transferred out of
the securitized pool.
(6) Reserve fund income not reported in the first investor report.
(7) Realized Losses were originally understated by the amount approximately
equal to the liquidation proceeds previously overstated.
(8) Monthly variances unexplainable; however, the total differences between
recoveries and liquidation proceeds on page 6 indicates double counting
in the original amounts reported.
(9) Variance due to clerical error: original used 28 days in calculation;
should have been 26 days.
(10) Variance due to understating of recoveries and the reduction of gross
losses for liquidation proceeds, thus double counting liquidation
proceeds in the realized loss calculation.
(11) 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.
(12) Overall variances are approximately equal due to the corrections of the
misclassifications between recoveries and liquidation proceeds since
inception.
(13) Investment income reported as actual amounts earned, no adjustments
were made for the incorrect reserve fund balance.
<PAGE> 13
PAGE 1
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
REVISED ORIGINAL
FEBRUARY 97 FEBRUARY 97 VARIANCE
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 1,978,962.22 1,975,814.26 3,147.96 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 17.34 0.00 17.34
RECOVERIES FROM PRIOR MONTHS (2) 304,987.34 126,872.74 178,114.60 (8)
------------- ------------- -------------
TOTAL INTEREST RECEIVED 2,283,966.90 2,102,687.00 181,279.90
PRINCIPAL PAYMENTS RECEIVED 9,284,102.45 9,275,136.88 8,965.57 (5)
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 32,185.80 129,166.19 (96,980.39) (8)
------------- ------------- -------------
TOTAL PRINCIPAL RECEIVED 9,316,288.25 9,404,303.07 (88,014.82)
TOTAL COLLECTIONS 11,600,255.15 11,506,990.07 93,265.08
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 171,332.14 171,554.35 (222.21)
CLASS A COUPON INTEREST AT 6.55% 1,077,335.54 1,078,732.80 (1,397.26)
CLASS B COUPON INTEREST AT 6.70% 45,918.00 45,977.55 (59.55)
------------- ------------- -------------
TOTAL COUPON INTEREST 1,123,253.54 1,124,710.35 (1,456.81)
COUPON INTEREST AND SERVICING 1,294,585.68 1,296,264.70 (1,679.02)
TOTAL PRINCIPAL RECEIVED 9,316,288.25 9,404,303.07 (88,014.82)
REALIZED LOSS (GROSS-LIQUIDATION) 605,651.93 277,686.09 327,965.84 (10)
------------- ------------- -------------
TOTAL PRINCIPAL 9,921,940.18 9,681,989.16 239,951.02
TOTAL COUPON INTEREST 1,123,253.54 1,124,710.35 (1,456.81)
TOTAL SERVICING FEE 171,332.14 171,554.35 (222.21)
------------- ------------- -------------
INTEREST, PRINCIPAL & SERVICE FEE 11,216,525.86 10,978,253.86 238,272.00
RESERVE FUND
------------
INTEREST COLLECTED 2,283,966.90 2,102,687.00 181,279.90
COUPON INTEREST (1,123,253.54) (1,124,710.35) 1,456.81
SERVICING FEE (171,332.14) (171,554.35) 222.21
REALIZED LOSS (GROSS-LIQUIDATION) (605,651.93) (277,686.09) (327,965.84)
------------- ------------- -------------
EXCESS CASH TO RESERVE FUND 383,729.29 528,736.21 (145,006.92)
RESERVE FUND BEGINNING BALANCE 8,462,265.59 6,690,619.72 1,771,645.87
RESERVE ACCOUNT RELEASE TO SELLER 0.00 843,400.86 (843,400.86)
------------- ------------- -------------
RESERVE FUND ENDING BALANCE (1) 8,845,994.88 6,375,955.07 2,470,039.81
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 11,600,255.15 11,506,990.07 93,265.08
SERVICING FEE (171,332.14) (171,554.35) 222.21
------------- ------------- -------------
OVER/(UNDER) WIRED 11,428,923.01 11,335,435.72 (93,487.29)
============= ============= =============
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 23,499.00 23,499.00 0.00
============= ============= =============
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
REVISED ORIGINAL
MARCH 97 MARCH 97 VARIANCE
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 1,936,641.11 1,933,370.78 3,270.33 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 336,418.16 105,408.91 231,009.25 (8)
------------- ------------- ----------
TOTAL INTEREST RECEIVED 2,273,059.27 2,038,779.69 234,279.58
PRINCIPAL PAYMENTS RECEIVED 10,227,487.86 10,209,330.29 18,157.57 (5)
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 80,156.81 105,828.81 (25,672.00) (8)
------------- ------------- ----------
TOTAL PRINCIPAL RECEIVED 10,307,644.67 10,315,159.10 (7,514.43)
TOTAL COLLECTIONS 12,580,703.94 12,353,938.79 226,765.15
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 163,063.86 163,486.03 (422.17)
CLASS A COUPON INTEREST AT 6.55% 1,025,344.62 1,027,999.22 (2,654.60)
CLASS B COUPON INTEREST AT 6.70% 43,702.05 43,815.19 (113.14)
------------- ------------- ----------
TOTAL COUPON INTEREST 1,069,046.67 1,071,814.41 (2,767.74)
COUPON INTEREST AND SERVICING 1,232,110.53 1,235,300.44 (3,189.91)
TOTAL PRINCIPAL RECEIVED 10,307,644.67 10,315,159.10 (7,514.43)
REALIZED LOSS (GROSS-LIQUIDATION) 561,008.49 219,363.41 341,645.08 (10)
------------- ------------- ----------
TOTAL PRINCIPAL 10,868,653.16 10,534,522.51 334,130.65
TOTAL COUPON INTEREST 1,069,046.67 1,071,814.41 (2,767.74)
TOTAL SERVICING FEE 163,063.86 163,486.03 (422.17)
------------- ------------- ----------
INTEREST, PRINCIPAL & SERVICE FEE 12,100,763.69 11,769,822.95 330,940.74
RESERVE FUND
------------
INTEREST COLLECTED 2,273,059.27 2,038,779.69 234,279.58
COUPON INTEREST (1,069,046.67) (1,071,814.41) 2,767.74
SERVICING FEE (163,063.86) (163,486.03) 422.17
REALIZED LOSS (GROSS-LIQUIDATION) (561,008.49) (219,363.41) (341,645.08)
------------- ------------- ----------
EXCESS CASH TO RESERVE FUND 479,940.25 584,115.84 (104,175.59)
RESERVE FUND BEGINNING BALANCE 8,845,994.88 6,375,955.07 2,470,039.81
RESERVE ACCOUNT RELEASE TO SELLER 3,319,675.93 926,487.82 2,393,188.11
------------- ------------- ----------
RESERVE FUND ENDING BALANCE (1) 6,006,259.20 6,033,583.09 (27,323.89)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 12,580,703.94 12,353,938.79 226,765.15
SERVICING FEE (163,063.86) (163,486.03) 422.17
------------- ------------- ----------
OVER/(UNDER) WIRED 12,417,640.08 12,190,452.76 (227,187.32)
============= ============= ===========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 26,390.47 26,390.47 0.00
============= ============= ===========
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
REVISED ORIGINAL
APRIL 97 APRIL 97 VARIANCE
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 1,799,517.03 1,795,878.03 3,639.00
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 367,741.03 111,439.20 256,301.83
------------- ------------- -------------
TOTAL INTEREST RECEIVED 2,167,258.06 1,907,317.23 259,940.83
PRINCIPAL PAYMENTS RECEIVED 9,710,118.09 9,701,878.08 8,240.01
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 14,405.00 111,439.20 (97,034.20)
------------- ------------- -------------
TOTAL PRINCIPAL RECEIVED 9,724,523.09 9,813,317.28 (88,794.19)
TOTAL COLLECTIONS 11,891,781.15 11,720,634.51 171,146.64
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 154,006.65 154,707.26 (700.61)
CLASS A COUPON INTEREST AT 6.55% 968,392.93 972,798.37 (4,405.44)
CLASS B COUPON INTEREST AT 6.70% 41,274.67 41,462.43 (187.76)
------------- ------------- -------------
TOTAL COUPON INTEREST 1,009,667.60 1,014,260.80 (4,593.20)
COUPON INTEREST AND SERVICING 1,163,674.25 1,168,968.06 (5,293.81)
TOTAL PRINCIPAL RECEIVED 9,724,523.09 9,813,317.28 (88,794.19)
REALIZED LOSS (GROSS-LIQUIDATION) 526,397.35 166,667.86 359,729.49
------------- ------------- -------------
TOTAL PRINCIPAL 10,250,920.44 9,979,985.14 270,935.30
TOTAL COUPON INTEREST 1,009,667.60 1,014,260.80 (4,593.20)
TOTAL SERVICING FEE 154,006.65 154,707.26 (700.61)
------------- ------------- -------------
INTEREST, PRINCIPAL & SERVICE FEE 11,414,594.69 11,148,953.20 265,641.49
RESERVE FUND
------------
INTEREST COLLECTED 2,167,258.06 1,907,317.23 259,940.83
COUPON INTEREST (1,009,667.60) (1,014,260.80) 4,593.20
SERVICING FEE (154,006.65) (154,707.26) 700.61
REALIZED LOSS (GROSS-LIQUIDATION) (526,397.35) (166,667.86) (359,729.49)
------------- ------------- -------------
EXCESS CASH TO RESERVE FUND 477,186.46 571,681.31 (94,494.85)
RESERVE FUND BEGINNING BALANCE 6,006,259.20 6,033,583.09 (27,323.89)
RESERVE ACCOUNT RELEASE TO SELLER 810,341.38 896,030.83 (85,689.45)
------------- ------------- -------------
RESERVE FUND ENDING BALANCE (1) 5,673,104.28 5,709,233.57 (36,129.29)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 11,891,781.15 11,720,634.51 171,146.64
SERVICING FEE (154,006.65) (154,707.26) 700.61
------------- ------------- -------------
OVER/(UNDER) WIRED 11,737,774.50 11,565,927.25 (171,847.25)
============= ============= =============
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 26,849.17 26,848.53 0.64
============= ============= =============
</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) Loans reported as repurchased were not formally approved by the trustee
to be bought back. Actual amount should have been $113,384. Since these
loans were not approved by the trustee and charged off in June 1996, no
repurchases are recommended.
(4) 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.)
(5) Principal and interest payments on loans erroneously transferred out of
the securitized pool.
(6) Reserve fund income not reported in the first investor report.
(7) Realized Losses were originally understated by the amount approximately
equal to the liquidation proceeds previously overstated.
(8) Monthly variances unexplainable; however, the total differences between
recoveries and liquidation proceeds on page 6 indicates double counting
in the original amounts reported.
(9) Variance due to clerical error: original used 28 days in calculation;
should have been 26 days.
(10) Variance due to understating of recoveries and the reduction of gross
losses for liquidation proceeds, thus double counting liquidation
proceeds in the realized loss calculation.
(11) 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.
(12) Overall variances are approximately equal due to the corrections of the
misclassifications between recoveries and liquidation proceeds since
inception.
(13) Investment income reported as actual amounts earned, no adjustments
were made for the incorrect reserve fund balance.
<PAGE> 1
PAGE 1
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
REVISED ORIGINAL
MAY 97 MAY 97 VARIANCE
<S> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 1,734,303.95 1,729,456.68 4,847.27 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 243,067.25 84,683.42 158,383.83 (8)
------------- ------------- ----------
TOTAL INTEREST RECEIVED 1,977,371.20 1,814,140.10 163,231.10
PRINCIPAL PAYMENTS RECEIVED 8,899,349.68 8,887,453.53 11,896.15 (5)
REPURCHASED LOAN PROCEEDS 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 27,005.25 85,565.42 (58,560.17)(8)
------------- ------------- ----------
TOTAL PRINCIPAL RECEIVED 8,926,354.93 8,973,018.95 (46,664.02)
TOTAL COLLECTIONS 10,903,726.13 10,787,159.05 116,567.08
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 145,464.21 146,390.60 (926.39)
CLASS A COUPON INTEREST AT 6.55% 914,678.15 920,503.30 (5,825.15)
CLASS B COUPON INTEREST AT 6.70% 38,985.25 39,233.52 (248.27)
------------- ------------- ----------
TOTAL COUPON INTEREST 953,663.40 959,736.82 (6,073.42)
COUPON INTEREST AND SERVICING 1,099,127.61 1,106,127.42 (6,999.81)
TOTAL PRINCIPAL RECEIVED 8,926,354.93 8,973,018.95 (46,664.02)
REALIZED LOSS (GROSS-LIQUIDATION) 368,473.33 126,792.50 241,680.83 (10)
------------- ------------- ----------
TOTAL PRINCIPAL 9,294,828.26 9,099,811.45 195,016.81
TOTAL COUPON INTEREST 953,663.40 959,736.82 (6,073.42)
TOTAL SERVICING FEE 145,464.21 146,390.60 (926.39)
------------- ------------- ----------
INTEREST, PRINCIPAL & SERVICE FEE 10,393,955.87 10,205,938.87 188,017.00
RESERVE FUND
------------
INTEREST COLLECTED 1,977,371.20 1,814,140.10 163,231.10
COUPON INTEREST (953,663.40) (959,736.82) 6,073.42
SERVICING FEE (145,464.21) (146,390.60) 926.39
REALIZED LOSS (GROSS-LIQUIDATION) (368,473.33) (126,792.50) (241,680.83)
------------- ------------- ----------
EXCESS CASH TO RESERVE FUND 509,770.26 581,220.18 (71,449.92)
RESERVE FUND BEGINNING BALANCE 5,673,104.28 5,709,233.57 (36,129.29)
RESERVE ACCOUNT RELEASE TO SELLER 811,852.18 876,964.05 (65,111.87)
------------- ------------- ----------
RESERVE FUND ENDING BALANCE (1) 5,371,022.36 5,413,489.70 (42,467.34)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 10,903,726.13 10,787,159.05 116,567.08
SERVICING FEE (145,464.21) (146,390.60) 926.39
------------- ------------- ----------
OVER/(UNDER) WIRED 10,758,261.92 10,640,768.45 (117,493.47)
============= ============= ==========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 25,589.57 25,589.57 0.00
============= ============= ==========
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
REVISED ORIGINAL
JUNE 97 JUNE 97 VARIANCE
<S> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 1,642,801.59 1,637,552.01 5,249.58 (5)
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 197,073.95 169,276.99 27,796.96 (11)
------------- ------------- ----------
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) (5)
REPURCHASED LOAN PROCEEDS 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 79,424.78 22,508.28 56,916.50 (11)
------------- ------------- ----------
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)(11)
------------- ------------- ----------
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 (13) 23,380.84 23,385.15 (4.31)
============= ============= ==========
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
REVISED ORIGINAL
JULY 1997 JULY 1997 VARIANCE
<S> <C> <C> <C>
COLLECTIONS
-----------
INTEREST PAYMENTS RECEIVED 1,584,490.54 1,579,411.89 5,078.65
LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00
RECOVERIES FROM PRIOR MONTHS (2) 200,198.18 199,942.22 255.96
------------- ------------- ----------
TOTAL INTEREST RECEIVED 1,784,688.72 1,779,354.11 5,334.61
PRINCIPAL PAYMENTS RECEIVED 8,547,185.22 8,514,541.34 32,643.88
REPURCHASED LOAN PROCEEDS 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 40,654.39 40,654.39 0.00
------------- ------------- ----------
TOTAL PRINCIPAL RECEIVED 8,587,839.61 8,555,195.73 32,643.88
TOTAL COLLECTIONS 10,372,528.33 10,334,549.84 37,978.49
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 129,662.40 130,740.65 (1,078.25)
CLASS A COUPON INTEREST AT 6.55% 815,316.42 822,096.46 (6,780.04)
CLASS B COUPON INTEREST AT 6.70% 34,750.27 35,039.24 (288.97)
------------- ------------- ----------
TOTAL COUPON INTEREST 850,066.69 857,135.70 (7,069.01)
COUPON INTEREST AND SERVICING 979,729.08 987,876.35 (8,147.27)
TOTAL PRINCIPAL RECEIVED 8,587,839.61 8,555,195.73 32,643.88
REALIZED LOSS (GROSS-LIQUIDATION) 196,028.25 196,028.25 0.00
------------- ------------- ----------
TOTAL PRINCIPAL 8,783,867.86 8,751,223.98 32,643.88
TOTAL COUPON INTEREST 850,066.69 857,135.70 (7,069.01)
TOTAL SERVICING FEE 129,662.40 130,740.65 (1,078.25)
------------- ------------- ----------
INTEREST, PRINCIPAL & SERVICE FEE 9,763,596.95 9,739,100.33 24,496.62
RESERVE FUND
------------
INTEREST COLLECTED 1,784,688.72 1,779,354.11 5,334.61
COUPON INTEREST (850,066.69) (857,135.70) 7,069.01
SERVICING FEE (129,662.40) (130,740.65) 1,078.25
REALIZED LOSS (GROSS-LIQUIDATION) (196,028.25) (196,028.25) 0.00
------------- ------------- ----------
EXCESS CASH TO RESERVE FUND 608,931.39 595,449.51 13,481.88
RESERVE FUND BEGINNING BALANCE 5,056,833.41 5,098,885.25 (42,051.84)
RESERVE ACCOUNT RELEASE TO SELLER 894,407.10 879,864.29 14,542.81
------------- ------------- ----------
RESERVE FUND ENDING BALANCE (1) 4,771,357.75 4,814,470.47 (43,112.72)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 10,372,528.33 10,334,549.84 37,978.49
SERVICING FEE (129,662.40) (130,740.65) 1,078.25
------------- ------------- ----------
OVER/(UNDER) WIRED 10,242,865.93 10,203,809.19 (39,056.74)
============= ============= ==========
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 20,683.06 20,683.06 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) Loans reported as repurchased were not formally approved by the trustee to
be bought back. Actual amount should have been $113,384. Since these loans
were not approved by the trustee and charged off in June 1996, no
repurchases are recommended.
(4) 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.)
(5) Principal and interest payments on loans erroneously transferred out of the
securitized pool.
(6) Reserve fund income not reported in the first investor report.
(7) Realized Losses were originally understated by the amount approximately
equal to the liquidation proceeds previously overstated.
(8) Monthly variances unexplainable; however, the total differences between
recoveries and liquidation proceeds on page 6 indicates double counting in
the original amounts reported.
(9) Variance due to clerical error: original used 28 days in calculation;
should have been 26 days.
(10) Variance due to understating of recoveries and the reduction of gross
losses for liquidation proceeds, thus double counting liquidation proceeds
in the realized loss calculation.
(11) 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.
(12) Overall variances are approximately equal due to the corrections of the
misclassifications between recoveries and liquidation proceeds since
inception.
(13) Investment income reported as actual amounts earned, no adjustments were
made for the incorrect reserve fund balance.
<PAGE> 2
PAGE 1
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
REVISED ORIGINAL
COLLECTIONS TOTAL 97 TOTAL 97 VARIANCE
-----------
<S> <C> <C> <C>
INTEREST PAYMENTS RECEIVED 13,110,462.88 13,081,966.06 28,496.82
LIQUIDATION PROCEEDS - INTEREST (2) 17.34 0.00 17.34
RECOVERIES FROM PRIOR MONTHS (2) 2,014,620.82 893,175.55 1,121,445.27
------------- ------------- ------------
TOTAL INTEREST RECEIVED 15,125,101.04 13,975,141.61 1,149,959.43
PRINCIPAL PAYMENTS RECEIVED 65,876,953.74 65,802,744.55 74,209.19
REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00
LIQUIDATION PROCEEDS - PRINCIPAL 308,617.37 604,091.86 (295,474.49)
------------- ------------- ------------
TOTAL PRINCIPAL RECEIVED 66,185,571.11 66,406,836.41 (221,265.30)
TOTAL COLLECTIONS 81,310,672.15 80,381,978.02 928,694.13
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 1,081,524.77 1,085,916.77 (4,392.00)
CLASS A COUPON INTEREST AT 6.55% 6,800,621.63 6,828,238.56 (27,616.93)
CLASS B COUPON INTEREST AT 6.70% 289,854.87 291,031.92 (1,177.05)
------------- ------------- ------------
TOTAL COUPON INTEREST 7,090,476.50 7,119,270.48 (28,793.98)
COUPON INTEREST AND SERVICING 8,172,001.27 8,205,187.25 (33,185.98)
TOTAL PRINCIPAL RECEIVED 66,185,571.11 66,406,836.41 (221,265.30)
REALIZED LOSS (GROSS-LIQUIDATION) 3,335,803.57 1,732,155.48 1,603,648.09
------------- ------------- ------------
TOTAL PRINCIPAL 69,521,374.68 68,138,991.89 1,382,382.79
TOTAL COUPON INTEREST 7,090,476.50 7,119,270.48 (28,793.98)
TOTAL SERVICING FEE 1,081,524.77 1,085,916.77 (4,392.00)
------------- ------------- ------------
INTEREST, PRINCIPAL & SERVICE FEE 77,693,375.95 76,344,179.14 1,349,196.81
RESERVE FUND
------------
INTEREST COLLECTED 15,125,101.04 13,975,141.61 1,149,959.43
COUPON INTEREST (7,090,476.50) (7,119,270.48) 28,793.98
SERVICING FEE (1,081,524.77) (1,085,916.77) 4,392.00
REALIZED LOSS (GROSS-LIQUIDATION) (3,335,803.57) (1,732,155.48) (1,603,648.09)
------------- ------------- ------------
EXCESS CASH TO RESERVE FUND 3,617,296.20 4,037,798.88 (420,502.68)
RESERVE FUND BEGINNING BALANCE 47,076,001.95 42,350,754.11 4,725,247.84
RESERVE ACCOUNT RELEASE TO SELLER 6,506,460.74 6,252,316.12 254,144.62
------------- ------------- ------------
RESERVE FUND ENDING BALANCE (1) 44,186,837.41 40,136,236.87 4,050,600.54
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 81,310,672.15 80,381,978.02 928,694.13
SERVICING FEE (1,081,524.77) (1,085,916.77) 4,392.00
------------- ------------- ------------
OVER/(UNDER) WIRED 80,229,147.38 79,296,061.25 (933,086.13)
============= ============= ============
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 177,573.78 177,577.45 (3.67)
============= ============= ============
</TABLE>
Reconciliation of Amended and Original Monthly Statements for Banc One Auto
Grantor Trust 1996-B.
<TABLE>
<CAPTION>
REVISED ORIGINAL
COLLECTIONS INCEPTION INCEPTION VARIANCE
-----------
<S> <C> <C> <C>
INTEREST PAYMENTS RECEIVED 31,581,785.05 31,545,993.84 35,791.21
LIQUIDATION PROCEEDS - INTEREST (2) 1,302.69 0.00 1,302.69
RECOVERIES FROM PRIOR MONTHS (2) 3,557,756.12 2,055,388.34 1,502,367.78 (12)
--------------- ------------- ------------
TOTAL INTEREST RECEIVED 35,140,843.86 33,601,382.18 1,539,461.68
PRINCIPAL PAYMENTS RECEIVED 150,804,634.23 150,614,590.87 190,043.36
REPURCHASED LOAN PROCEEDS 0.00 221,153.25 (221,153.25)
LIQUIDATION PROCEEDS - PRINCIPAL 691,232.56 2,168,435.29 (1,477,202.73) (12)
--------------- ------------- ------------
TOTAL PRINCIPAL RECEIVED 151,495,866.79 153,004,179.41 (1,508,312.62)
TOTAL COLLECTIONS 186,636,710.65 186,605,561.59 31,149.06
DISTRIBUTABLE AMOUNTS (1)
---------------------
SERVICING FEE AT 1.00% 2,627,907.93 2,631,704.86 (3,796.93)
CLASS A COUPON INTEREST AT 6.55% 15,883,551.46 15,907,426.61 (23,875.15)
CLASS B COUPON INTEREST AT 6.70% 676,985.85 678,003.41 (1,017.56)
--------------- ------------- ------------
TOTAL COUPON INTEREST 16,560,537.31 16,585,430.02 (24,892.71)
COUPON INTEREST AND SERVICING 19,188,445.24 19,217,134.88 (28,689.64)
TOTAL PRINCIPAL RECEIVED 151,495,866.79 153,004,179.41 (1,508,312.62)
REALIZED LOSS (GROSS-LIQUIDATION) 7,379,857.03 4,544,998.54 2,834,858.49
--------------- ------------- ------------
TOTAL PRINCIPAL 158,875,723.82 157,549,177.95 1,326,545.87
TOTAL COUPON INTEREST 16,560,537.31 16,585,430.02 (24,892.71)
TOTAL SERVICING FEE 2,627,907.93 2,631,704.86 (3,796.93)
--------------- ------------- ------------
INTEREST, PRINCIPAL & SERVICE FEE 178,064,169.06 176,766,312.83 1,297,856.23
RESERVE FUND
------------
INTEREST COLLECTED 35,140,843.86 33,601,382.18 1,539,461.68
COUPON INTEREST (16,560,537.31) (16,585,430.02) 24,892.71
SERVICING FEE (2,627,907.93) (2,631,704.86) 3,796.93
REALIZED LOSS (GROSS-LIQUIDATION) (7,379,857.03) (4,544,998.54) (2,834,858.49)
--------------- ------------- ------------
EXCESS CASH TO RESERVE FUND 8,572,541.59 9,839,248.76 (1,266,707.17)
RESERVE FUND BEGINNING BALANCE 4,585,300.97 4,585,300.97 0.00
RESERVE ACCOUNT RELEASE TO SELLER 8,386,484.87 9,610,079.25 (1,223,594.38)
--------------- ------------- ------------
RESERVE FUND ENDING BALANCE (1) 4,771,357.69 4,814,470.48 (43,112.79)
WIRE TO TRUSTEE
---------------
TOTAL COLLECTIONS 186,636,710.65 186,605,561.59 31,149.06
SERVICING FEE (2,627,907.93) (2,631,704.86) 3,796.93
--------------- ------------- ------------
OVER/(UNDER) WIRED 184,008,802.72 183,973,856.73 (34,945.99)
=============== =============== ============
OTHER REPORTED BALANCES
-----------------------
RESERVE FUND INVESTMENT INCOME (13) 373,895.57 365,930.47 7,965.10
=============== ============= ============
</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) Loans reported as repurchased were not formally approved by the trustee to
be bought back. Actual amount should have been $113,384. Since these loans
were not approved by the trustee and charged off in June 1996, no
repurchases are recommended.
(4) 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.)
(5) Principal and interest payments on loans erroneously transferred out of the
securitized pool.
(6) Reserve fund income not reported in the first investor report.
(7) Realized Losses were originally understated by the amount approximately
equal to the liquidation proceeds previously overstated.
(8) Monthly variances unexplainable; however, the total differences between
recoveries and liquidation proceeds on page 6 indicates double counting in
the original amounts reported.
(9) Variance due to clerical error: original used 28 days in calculation;
should have been 26 days.
(10) Variance due to understating of recoveries and the reduction of gross
losses for liquidation proceeds, thus double counting liquidation proceeds
in the realized loss calculation.
(11) 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.
(12) Overall variances are approximately equal due to the corrections of the
misclassifications between recoveries and liquidation proceeds since
inception.
(13) Investment income reported as actual amounts earned, no adjustments were
made for the incorrect reserve fund balance.
