===============================================================================
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):
July 15, 1997
Banc One Auto Grantor Trust 1996 - B
(Issuer with respect to the Certificates)
Banc One ABS Corporation
(Exact name of registrant as specified in 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 July 15, 1997, the Banc One Auto Grantor Trust 1996-B (the
"Trust") made a regular monthly distribution of principal
and/or interest to holders of the Trust's Class A 6.55% Asset
Backed Certificates and Class B 6.70% Asset Backed
Certificates. Exhibit 99.1 of this Form 8-K, the Monthly
Statement and certain additional information, was distributed
to the Certificateholders of record.
This report on Form 8-K is being filed in accordance with a
no-action letter dated August 16, 1995 issued by the staff of
the Division of Corporation Finance of the Securities and
Exchange Commission to Bank One,Texas, N.A., as originator and
servicer of Bank One Auto Trust 1995-A. Consistent with such
no-action letter, the Trust is hereby filing the Monthly
Statement and certain additional information reflecting the
Trust's activities for the Interest Period from June 15, 1997
through July 14, 1997 and for the Collection Period from June
1, 1997 through June 30, 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: July 11, 1997 By: /s/ Tom Lewis
--------------------- ------------------------
Name: Tom Lewis
Title: Vice President
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
- ------- ----------- ----
99.1 Monthly Statements and Additional Information................5-13
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 June 15, 1997 through July 14, 1997
Collection Period June 1, 1997 through June 30, 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 Snyder
----------------------- -------------------------
Tom Lewis Cecilia Snyder
Vice President Asstistant Vice President
Bank One, Arizona, N.A. Bank One, Arizona, N.A.
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
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>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
(A) Total Receivable Balance $166,568,913.44
(B) Total Certificate Balance $166,568,913.44
(C) Total Certificate Pool Factor 0.5449007
(D) Class A Certificates
(i) Class A Certificate Balance $159,906,014.33
(ii) Class A Certificate Pool Factor 0.5449007
(E) Class B Certificates
(i) Class B Certificate Balance $6,662,899.11
(ii) Class B Certificate Pool Factor 0.5449007
(F) Reserve Fund Balance 5,413,489.69
(G) Cumulative Net Losses for All Prior Periods 3,945,021.27
(H) Charge-off Rate for Second Preceding Period 0.37%
(I) Charge-off Rate for Preceding Period 0.30%
(J) Delinquency Percentage for Second Preceding
Period 0.48%
(K) Delinquency Percentage for Preceding Period 0.45%
(L) Weighted Average Coupon (WAC) 11.490%
(M) Weighted Average Remaining Maturity (WAM) 35.80 months
(N) Number of Receivables 21,850
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections 9,161,318.36
(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 1,637,552.01
(ii) Repurchased Loan Proceeds Related to Interest 0.00
(C) Weighted Average Coupon (WAC) 12.12%
(D) Weighted Average Remaining Maturity (WAM) 37.14 months
(E) Remaining Number of Receivables 20,780
Dollar Amount # Units
(F) Delinquent Receivables ------------- --------
(i) 30-59 Days Delinquent 3,351,569 2.16% 424
(ii) 60-89 Days Delinquent 821,119 0.53% 96
(iii) 90 Days or More Delinquent 193,749 0.13% 27
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income 23,385.15
(B) Collection Account Investment Income 0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection
Period - Principal 518,818.05
(ii) Realized Losses for Collection Period
(B)(i)-(C)(i) 496,309.77
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal 22,508.28
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries from Prior Month Charge Offs 169,276.99
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
E. COLLECTIONS
- --------------
Interest Collections:
(A) Interest Payments Received 1,637,552.01
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds 0.00
(D) Recoveries from Prior Month Charge Offs 169,276.99
-------------
(E) Interest Collections 1,806,829.00
Principal Collections:
(F) Principal Payments Received $9,161,318.36
(G) Liquidation Proceeds Related to Principal 22,508.28
(H) Repurchased Loan Proceeds 0.00
-------------
(I) Principal Collections 9,183,826.64
(J) Total Collections $10,990,655.64
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee:
(i) Servicing Fee $138,807.43
(ii) Prior Collection Period unpaid Servicing Fees 0.00
--------------
(iii) Total Servicing Fee $138,807.43
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $872,820.33
(ii) Class A prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class A Interest Distribution $872,820.33
(C) Class B Certificates
(i) Class B Monthly Interest $37,201.19
(ii) Class B prior period Interest Carryover Shortfall 0.00
--------------
(iii) Class B Interest Distribution $37,201.19
(D) Total Certificate Interest Distribution $910,021.51
(E) Total Certificate Interest Distribution plus Total
Servicing Fee $1,048,828.94
F. DISTRIBUTABLE AMOUNTS (CONTINUED)
- ------------------------------------
Principal:
(F) Principal Collections $9,183,826.64
(G) Realized Losses 496,309.77
--------------
(H) Total Monthly Principal $9,680,136.41
(I) Class A Certificates
(i) Class A Monthly Principal 9,292,922.66
(ii) Class A prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class A Principal Distribution 9,292,922.66
(J) Class B Certificates
(i) Class B Monthly Principal 387,213.75
(ii) Class B prior period Principal Carryover Shortfall 0.00
--------------
(iii) Class B Principal Distribution 387,213.75
(K) Total Principal Distribution 9,680,136.41
(L) Total Interest and Principal Distribution Amounts 10,728,965.35
plus Servicing Fee
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
G. DISTRIBUTIONS
- ----------------
(A) Total Interest Collections available to be distributed 1,806,829.00
(B) Class B Percentage of Principal Collections 367,360.93
(C) Servicing Fee:
(i) Total Servicing Fee 138,807.43
(ii) Servicing Fee paid 138,807.43
-------------
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed
after Servicing Fee paid Interest: 1,668,021.57
(E) Class A Certificates
(i) Class A Interest Distribution 872,820.33
(ii) Class A Interest Distribution paid from Interest
Collections after Servicing Fee 872,820.33
(iii) Total Interest Collections available after Class A
Interest Distribution paid 795,201.24
(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 872,820.33
(F) Class B Certificates
(i) Class B Interest Distribution 37,201.19
(ii) Class B Interest Distribution paid from Interest
Collections after Class A Interest Distribution 37,201.19
(iii) Total Interest Collections available after Class B
Interest Distribution paid 758,000.06
(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 37,201.19
(G) Total Interest Paid 910,021.51
(H) Total Interest and Servicing Fee Paid 1,048,828.94
(I) Total Interest Collections available after Servicing Fee
and Class A and Class B Interest Distribution paid 758,000.06
Total Collections available to be distributed:
(J) Total Principal Collections 9,183,826.64
(K) Excess Interest 758,000.06
(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 9,941,826.70
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution 9,292,922.66
(ii) Class A Principal Distribution paid from total
Collections available to be distributed 9,292,922.66
(iii) Total Collections available after Class A
Principal Distribution paid 648,904.03
(iv) Class A Principal Distribution remaining to be paid 0.00
(v) Class A Principal Distribution paid from Reserve Fund 0.00
(vi) Class A Principal Carryover Shortfall 0.00
(vii) Total Class A Principal Distribution paid 9,292,922.66
(O) Class B Certificates
(i) Class B Principal Distribution 387,213.75
(ii) Class B Principal Distribution paid from total
Collections available to be distributed 387,213.75
(iii) Total Collections available after Class B Principal
Distribution paid 261,690.29
(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 387,213.75
(P) Total Excess Cash to the Reserve Fund 261,690.29
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<TABLE>
<CAPTION>
Beginning End
of Period of Period
------------- -------------
<S> <C> <C> <C>
H. POOL BALANCE AND PORTFOLIO INFORMATION
- -----------------------------------------
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $166,568,913.44 $156,888,777.03
(ii) Aggregate Certificate Pool Factor 0.5449007 0.5132338
(iii) Class A Principal Balance 159,906,014.33 150,613,091.67
(iv) Class A Pool Factor 0.5449007 0.5132338
(v) Class B Principal Balance 6,662,899.11 6,275,685.36
(vi) Class B Pool Factor 0.5449007 0.5132338
(B) Pool Information
(i) Weighted Average Coupon (WAC) 11.49% 12.12%
(ii) Weighted Average Remaining Maturity (WAM) 35.80 months 37.14 months
(iii) Remaining Number of Receivables 21,850 20,780
(iv) Pool Balance $166,568,913.44 $156,888,777.03
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance 5,413,489.69
(B) Less: Draw to pay Class A Interest Distribution 0.00
(C) Reserve Account Balance after draw 5,413,489.69
(D) Less: Draw to pay Class B Interest Distribution 0.00
(E) Reserve Account Balance after draw 5,413,489.69
(F) Less: Draw to pay Class A Principal Distribution 0.00
(G) Reserve Account Balance after draw 5,413,489.69
(H) Less: Draw to pay Class B Principal Distribution 0.00
(I) Reserve Account Balance after draw 5,413,489.69
(J) Total excess Collections deposited in the Reserve Fund 261,690.29
--------------
(K) Reserve Fund Balance 5,675,179.98
(L) Specified Reserve Account Balance 5,098,885.25
(M) Reserve Account Release to Seller 576,294.72
--------------
(N) Ending Reserve Account Balance 5,098,885.25
==============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $22,508.28
(ii) Liquidation Proceeds Related to Interest 0.00
(iii) Recoveries on Previously Liquidated Contracts 169,276.99
(B) Realized Net Losses for Collection Period 496,309.77
(C) Charge-off Rate for Collection Period (annualized) 2.43%
(D) Cumulative Aggregate Net Losses for all Periods 4,441,331.04
(E) Delinquent Receivables
Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent 3,351,569 2.16% 424
(ii) 60-89 Days Delinquent 821,119 0.53% 96
(iii) 90 Days or More Delinquent 193,749 0.13% 27
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
(A) Charge-off Rate
(i) Second Preceding Collection Period 0.37%
(ii) Preceding Collection Period 0.30%
(iii) Current Collection Period 2.43%
(iv) Three Month Average (Avg(i,ii,iii)) 1.03%
(B) Delinquency Percentages
(i) Second Preceding Collection Period 0.48%
(ii) Preceding Collection Period 0.45%
(iii) Current Collection Period 0.66%
(iv) Three Month Average (Avg(i,ii,iii)) 0.53%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<TABLE>
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
-------------------- --------------------
<S> <C> <C>
L. STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------
(A) Amount of distribution allocable to principal:
(i) Class A Certificates 9,292,922.66 31.6668518
(ii) Class B Certificates 387,213.75 31.6668518
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
-------------------- ---------------------
(i) Class A Certificates 872,820.33 2.9742497
(ii) Class B Certificates 37,201.19 3.0423622
(C) Pool Balance as of the close of business on the last day of the
Collection Period $156,888,777.03
--------------------
Per $1,000 of
Original Principal
(D) Amount of the Servicing Fee paid to the Servicer with respect to the Dollars ($) Balance
related Collection Period -------------------- ---------------------
(i) Total Servicing Fee 138,807.43
(ii) Class A Percentage of the Servicing Fee 133,255.01 0.4540839
(ii) Class B Percentage of the Servicing Fee 5,552.42 0.4540839
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 0.5132338
(ii) Class B Pool Factor 0.5132338
(G) Amount of the aggregate Realized Losses, if any, for such Collection
Period ($) $496,309.77
-------------------
(H) Aggregate principal balance of all Receivables which were more than
60 days delinquent as of the close of business on the last day of the
preceding Collection Period $1,014,867.45
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributions made on such Distribution Date $5,098,885.25
-------------------
(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 150,613,091.67
(ii) Class B Principal Balance 6,275,685.36
(K) Amount otherwise distributable to the Class B Certificateholders that
is being distributed to the Class A Certificateholders on such
Distribution Date $0.00
(L) Aggregate Purchase Amount of Receivables repurchased by the Seller or
purchased by the Servicer with respect to the Related Collection Period ($) $0.00
-------------------
</TABLE>
<PAGE>
BANC ONE AUTO GRANTOR
TRUST 1996-B
DETERMINATION DATE STATEMENT
COLLECTION PERIOD JUNE 1, 1997 THROUGH JUNE 30, 1997
DISTRIBUTION DATE JULY 15, 1997
<TABLE>
<CAPTION>
<S> <C> <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 $138,807.43
(ii) Servicing Fees retained by the Seller 138,807.43
----------------
(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 $872,820.33
(ii) for the Class A Principal Distribution 9,292,922.66
----------------
(iii) Total (i+ii) $10,165,742.99
--------------
(C) Withdraw from the Collection Account and deposit in the Class B
Distribution Account:
(i) for the Class B Interest Distribution $37,201.19
(ii) for the Class B Principal Distribution 387,213.75
----------------
(iii) Total (i+ii) $424,414.93
--------------
(D) Withdraw excess Collections from the Collection Account and deposit in
the Reserve Fund $261,690.29
--------------
(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>