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Previous: CAPITAL FACTORS HOLDINGS INC, S-8, 1997-06-30 |
Next: AWARD SOFTWARE INTERNATIONAL INC, S-8, 1997-06-30 |
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):
-------------------------------------------------
June 16, 1997
Banc One Auto Grantor Trust 1996 - B
-----------------------------------------
(Issuer with respect to the Certificates)
Banc One ABS Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio
---------------------------------------------
(State or other jurisdiction of organization)
333-3457 31-1467431
------------------------ ------------------------------------
(Commission File Number) (IRS Employer Identification Number)
c/o Bank One, Arizona, N.A., as Servicer, 201 North Central Avenue,
Attn: Tom Lewis, Phoenix, Arizona 85004
-------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
---------------------------------------------------
(602) 221-3704
<PAGE>
Item 5. Other Events
On June 16, 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 May 15, 1997 through June 13, 1997
and for the Collection Period from May 1, 1997 through May 31,
1997.
Item 7. Exhibits
See page 4 for Exhibit Index
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BANC ONE AUTO GRANTOR TRUST 1996-B
By: Bank One, Arizona, N.A., as Servicer
on ..... behalf of the Trust
Date: June 12, 1997 By: /s/ Tom Lewis
----------------------------
Name: Tom Lewis
-----------------------------
Title: Vice President
----------------------------
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
- ------- ----------- ----
99.1 Monthly Statements and Additional Information.............5-13
<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%
<PAGE>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Receivable Balance $175,668,724.89
(B) Total Certificate Balance $175,668,724.89
(C) Total Certificate Pool Factor 0.5746691
(D) Class A Certificates
(i) Class A Certificate Balance $168,641,825.53
(ii) Class A Certificate Pool Factor 0.5746691
(E) Class B Certificates
(i) Class B Certificate Balance $7,026,899.36
(ii) Class B Certificate Pool Factor 0.5746691
(F) Reserve Fund Balance 5,709,233.56
(G) Cumulative Net Losses for All Prior Periods 3,818,228.77
(H) Charge-off Rate for Second Preceding Period 0.72%
(I) Charge-off Rate for Preceding Period 0.37%
(J) Delinquency Percentage for Second Preceding Period 0.37%
(K) Delinquency Percentage for Preceding Period 0.48%
(L) Weighted Average Coupon (WAC) 11.460%
(M) Weighted Average Remaining Maturity (WAM) 36.33 months
(N) Number of Receivables 22,775
C. INPUTS FROM THE MAINFRAME
(A) Simple Interest Receivables Principal
(i) Principal Collections 8,887,453.53
(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 1,729,456.68
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 11.49%
(D) Weighted Average Remaining Maturity (WAM) 35.80 months
(E) Remaining Number of Receivables 21,850
</TABLE>
<TABLE>
<CAPTION>
(F) Delinquent Receivables Dollar Amount # Units
-------------- --------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 3,469,706 1.98% 450
(ii) 60-89 Days Delinquent 498,289 0.28% 69
(iii) 90 Days or More Delinquent 294,005 0.17% 35
</TABLE>
<TABLE>
<S> <C>
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Reserve Fund Investment Income 25,589.57
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal 212,357.92
(ii) Realized Losses for Collection Period (B)(i)-(C)(i) 126,792.50
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 85,565.42
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 84,683.42
<PAGE>
E. COLLECTIONS
Interest Collections:
(A) Interest Payments Received 1,729,456.68
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 84,683.42
----------
(E) Interest Collections 1,814,140.10
Principal Collections:
(F) Principal Payments Received $8,887,453.53
(G) Liquidation Proceeds Related to Principal 85,565.42
(H) Repurchased Loan Proceeds 0.00
-----------
(I) Principal Collections 8,973,018.95
(J) Total Collections $10,787,159.05
F. DISTRIBUTABLE AMOUNTS
---------------------
(A) Servicing Fee :
(i) Servicing Fee $146,390.60
(ii) Prior Collection Period unpaid Servicing Fees 0.00
--------------
(iii) Total Servicing Fee $146,390.60
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $920,503.30
(ii) Class A prior period Interest Carryover Shortfall 0.00
-----------
(iii) Class A Interest Distribution $920,503.30
(C) Class B Certificates
(i) Class B Monthly Interest $39,233.52
(ii) Class B prior period Interest Carryover Shortfall 0.00
------------
(iii) Class B Interest Distribution $39,233.52
(D) Total Certificate Interest Distribution $959,736.82
(E) Total Certificate Interest Distribution plus Total Servicing Fee $1,106,127.42
F. DISTRIBUTABLE AMOUNTS
---------------------
Principal:
(F) Principal Collections $8,973,018.95
(G) Realized Losses 126,792.50
-------------
(H) Total Monthly Principal $9,099,811.45
(I) Class A Certificates
(i) Class A Monthly Principal 8,735,811.20
(ii) Class A prior period Principal Carryover Shortfall 0.00
-----------
(iii) Class A Principal Distribution 8,735,811.20
(J) Class B Certificates
(i) Class B Monthly Principal 364,000.25
(ii) Class B prior period Principal Carryover Shortfall 0.00
-----------
(iii) Class B Principal Distribution 364,000.25
(K) Total Principal Distribution 9,099,811.45
(L) Total Interest and Principal Distribution Amounts 10,205,938.87
plus Servicing Fee
<PAGE>
G. DISTRIBUTIONS
-------------
(A) Total Interest Collections available to be distributed 1,814,140.10
(B) Class B Percentage of Principal Collections 358,928.44
(C) Servicing Fee :
(i) Total Servicing Fee 146,390.60
(ii) Servicing Fee paid 146,390.60
-----------
(iii) Unpaid Servicing Fee 0.00
</TABLE>
<TABLE>
<S> <C>
(D) Total Interest Collections available to be distributed after Servicing Fee paid 1,667,749.50
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution 920,503.30
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 920,503.30
(iii) Total Interest Collections available after Class A Interest Distribution paid 747,246.20
(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 920,503.30
(F) Class B Certificates
(i) Class B Interest Distribution 39,233.52
(ii) Class B Interest Distribution paid from Interest Collections after Class A Interest Distribution 39,233.52
(iii) Total Interest Collections available after Class B Interest Distribution paid 708,012.68
(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 39,233.52
(G) Total Interest Paid 959,736.82
(H) Total Interest and Servicing Fee Paid 1,106,127.42
(I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest Distribution paid 708,012.68
Total Collections available to be distributed:
(J) Total Principal Collections 8,973,018.95
(K) Excess Interest 708,012.68
(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 9,681,031.63
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 8,735,811.20
(ii) Class A Principal Distribution paid from total Collections available to be distributed 8,735,811.20
(iii) Total Collections available after Class A Principal Distribution paid 945,220.43
(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 8,735,811.20
(O) Class B Certificates
(i) Class B Principal Distribution 364,000.25
(ii) Class B Principal Distribution paid from total Collections available to be distributed 364,000.25
(iii) Total Collections available after Class B Principal Distribution paid 581,220.18
(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 364,000.25
(P) Total Excess Cash to the Reserve Fund 581,220.18
</TABLE>
<PAGE>
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 $175,668,724.89 $166,568,913.44
(ii) Aggregate Certificate Pool Factor 0.5746691 0.5449007
(iii) Class A Principal Balance 168,641,825.53 159,906,014.33
(iv) Class A Pool Factor 0.5746691 0.5449007
(v) Class B Principal Balance 7,026,899.36 6,662,899.11
(vi) Class B Pool Factor 0.5746691 0.5449007
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.46% 11.49%
(ii) Weighted Average Remaining Maturity (WAM) 36.33 months 35.80 months
(iii) Remaining Number of Receivables 22,775 21,850
(iv) Pool Balance $175,668,724.89 $166,568,913.44
</TABLE>
I. RECONCILIATION OF RESERVE ACCOUNT
---------------------------------
<TABLE>
<S> <C> <C>
(A) Beginning Reserve Account Balance 5,709,233.56
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 5,709,233.56
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 5,709,233.56
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 5,709,233.56
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 5,709,233.56
(J) Total excess Collections deposited in the Reserve Fund 581,220.18
-----------------
(K) Reserve Fund Balance 6,290,453.74
(L) Specified Reserve Account Balance 5,413,489.69
(M) Reserve Account Release to Seller 876,964.05
-----------------
(N) Ending Reserve Account Balance 5,413,489.69
=================
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $85,565.42
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 84,683.42
(B) Realized Net Losses for Collection Period 126,792.50
(C) Charge-off Rate for Collection Period (annualized) 0.30%
(D) Cumulative Aggregate Net Losses for all Periods 3,945,021.27
(E) Delinquent Receivables
</TABLE>
<TABLE>
<CAPTION>
Dollar Amount # Units
-------------- --------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent 3,469,706 1.98% 450
(ii) 60-89 Days Delinquent 498,289 0.28% 69
(iii) 90 Days or More Delinquent 294,005 0.17% 35
</TABLE>
<PAGE>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
<TABLE>
<S> <C>
(A) Charge-off Rate
(i) Second Preceding Collection Period 0.72%
(ii) Preceding Collection Period 0.37%
(iii) Current Collection Period 0.30%
(iv) Three Month Average (Avg(i,ii,iii)) 0.46%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.37%
(ii) Preceding Collection Period 0.48%
(iii) Current Collection Period 0.45%
(iv) Three Month Average (Avg(i,ii,iii)) 0.43%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
</TABLE>
<PAGE>
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 8,735,811.20 29.7684215
(ii) Class B Certificates 364,000.25 29.7684215
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
------------------------- ---------------------
(i) Class A Certificates 920,503.30 3.1367356
(ii) Class B Certificates 39,233.52 3.2085692
(C) Pool Balance as of the close of business on the last
day of the Collection Period $166,568,913.44
-------------------------
Per $1,000 of
(D) Amount of the Servicing Fee paid to the Servicer with Original Principal
respect to the related Collection Period Dollars ($) Balance
------------------------- ---------------------
(i) Total Servicing Fee 146,390.60
(ii) Class A Percentage of the Servicing Fee 140,534.85 0.4788909
(ii) Class B Percentage of the Servicing Fee 5,855.75 0.4788909
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 0.5449007
(ii) Class B Pool Factor 0.5449007
(G) Amount of the aggregate Realized Losses, if any, for such
Collection Period ($) $126,792.50
-------------------------
(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 $792,293.99
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $5,413,489.69
-------------------------
(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 159,906,014.33
(ii) Class B Principal Balance 6,662,899.11
(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>
M. INSTRUCTIONS TO THE TRUSTEE
---------------------------
<TABLE>
On the Distribution Date, make the following deposits and distributions:
<S> <C> <C> <C>
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $146,390.60
(ii) Servicing Fees retained by the Seller 146,390.60
----------
(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 $920,503.30
(ii) for the Class A Principal Distribution 8,735,811.20
------------
(iii) Total (i+ii) $9,656,314.50
------------
(C) Withdraw from the Collection Account and deposit in the Class B
Distribution Account:
(i) for the Class B Interest Distribution $39,233.52
(ii) for the Class B Principal Distribution 364,000.25
----------
(iii) Total (i+ii) $403,233.77
----------
(D) Withdraw excess Collections from the Collection Account and
deposit in the Reserve Fund $581,220.18
----------
(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>
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 May 15, 1997 through June 13, 1997
Collection Period May 1, 1997 through May 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 Accounting Specialist
Vice President Bank One, Arizona, N.A.
Bank One, Arizona, N.A.
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