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Previous: SERVICE EXPERTS INC, POS AM, 1997-08-28 |
Next: KAYNE ANDERSON MUTUAL FUNDS, NSAR-A, 1997-08-28 |
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 : August 15, 1997
(Date of earliest event reported)
Norwest Auto Receivables Corporation,
Norwest Auto Trust 1996-A
(Exact name of registrant as specified in its charter)
Delaware 333-07981 51-0378359
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, Maryland 21703
(Address of principal executive offices) (Zip Code)
(301) 696-7900
Registrant's Full Telephone Number
ITEM 5. Other Events
On August 15, 1997 a distribution was made to holders of Norwest Auto
Receivables Corporation, Norwest Auto Trust 1996-A
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Norwest Auto Trust
1996-A, relating to the August 15, 1997 distribution
EX-99.2 Monthly distributions statement to holders of Norwest Auto
Trust 1996-A relating to the August 15, 1997, distribution
EX-99.3 Monthly payment per security denomination report to
holders of Norwest Auto Trust 1996-A relating to the
August 15, 1997, distribution
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Norwest Auto Receivables Corporation,
Norwest Auto Trust 1996-A
By: Norwest Auto Receivables Corporation
Registrant
Signed: /s/ Jerome W. Fons, III
Name: Jerome W. Fons, III
Title: Vice President
Date: August 21, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Norwest Auto Trust
1996-A relating to the August 15, 1997, distribution
EX-99.2 Monthly distributions statement to holders of Norwest Auto
Trust 1996-A relating to the August 15, 1997, distribution
EX-99.3 Monthly payment per security denomination report to holders of
Norwest Auto Trust 1996-A relating to the August 15, 1997,
distribution
NORWEST AUTO TRUST
96-A
Servicer Certificate
Distribution Date: 8/15/97
Collection Period: 7/1/97 - 7/31/97
Deposit Date: 8/14/97
Determination Date: 8/12/97
Transfer Date: 8/12/97
This Certificate is delivered pursuant to Section 4.9 of the Sale and Servicing
Agreement, dated as of November 13, 1996, among Norwest Auto Trust 1996-A as
Issuer, Norwest Auto Receivables Corporation, as Seller, and Norwest Bank
Minnesota, N.A. as Servicer.
Norwest Bank Minnesota, N.A. as Servicer under the Sale and Servicing Agreement,
hereby certifies that the following information is true and correct for the
Distribution Date and the Collection Period set forth above.
<TABLE>
<CAPTION>
I. Collection Account Summary
A.Available Funds:
<S> <C>
Available Interest 6,101,077.97
Available Principal 40,262,748.91
Reserve Account Transfer Amount 0.00
Certificate Interest Shortfall Amount 0.00
---------------------
Total Available Funds 46,363,826.88
=====================
B.Amounts Payable on Distribution Date:
Reimbursement of prior Servicer Advances 0.00
Basic Servicing Fee 594,997.22
Noteholders' Interest Distributable Amount 3,332,089.61
Noteholders' Principal Distributable Amount 40,633,923.13
Certificateholders' Interest Distributable Amount 181,681.78
Certificateholders' Principal Distributable Amount 0.00
Deposits to Reserve Fund 1,621,135.14
---------------------
Total Amounts Payable on Distribution Date 46,363,826.88
=====================
</TABLE>
<TABLE>
<CAPTION>
II. Collected Funds
Available Interest
<S> <C>
Interest Collections 6,101,077.97
Advances made by Servicer less outstanding
advances reimbursed 0.00
---------------------
6,101,077.97
Available Principal
Scheduled Principal 22,283,769.29
Prepaid Principal 17,977,954.85
Net Liquidation Proceeds 0.00
Repurchase Amount allocable to principal 1,024.77
Forced Placed Insurance Advances 0.00
---------------------
40,262,748.91
---------------------
Total Collected Funds 46,363,826.88
=====================
</TABLE>
<TABLE>
<CAPTION>
III. Liquidation Proceeds
Gross amount received with respect to liquidated
<S> <C>
Receivables before becoming Defaulted Receivable 0.00
less: the related out of pocket expenses paid by or on
behalf of the Servicer to third parties in connections with
liquidation 0.00
---------------------
Net Liquidation Proceeds 0.00
=====================
III. Calculation of Advances
Current Month Servicer Advance 0.00
Reimbursement of Prior Month's Servicer Advance 0.00
---------------------
Net Servicer Advance 0.00
=====================
</TABLE>
<TABLE>
<CAPTION>
IV. Calculation of Principal Distribution Amount
<S> <C>
Available Principal 40,262,748.91
Charged Off Balances 371,174.22
---------------------
Total Principal Distribution Amount 40,633,923.13
=====================
V. Calculation of Servicing Fees
Pool Balance as of the first day of the
Collection Period 713,996,660.48
Servicing Fee Rate .0008333
---------------------
Servicing Fee 594,997.22
=====================
</TABLE>
<TABLE>
<CAPTION>
VI. Purchases
Receivables purchased during Collection Period
Loan Number Receivable Balance
<S> <C>
2000375362 1024.77
</TABLE>
<TABLE>
<CAPTION>
VII. Additional Receivables Information
<S> <C>
Beginning Pool Balance 713,996,660.48
Ending Pool Balance 673,362,737.35
Beginning Number of Receivables 95,801
Number of Receivable Payoffs/Defaulted Receivables/Repurchases 3,101
Ending Number of Receivables 92,700
Initial Weighted Average of Remaining Term 42.77
Current Weighted Average of Remaining Term 35.81
Initial Weighted Average Contract Rate 9.79%
Current Weighted Average Contract Rate 9.79%
</TABLE>
<TABLE>
<CAPTION>
PERFORMANCE INFORMATION
VIII. Delinquency Ratio
Principal Balance of Receivables 60 or more
<S> <C>
days delinquent 5,841,824.43
Pool Balance as of the end of the
Collection Period 673,362,737.35
Delinquency Ratio 0.87%
=====================
</TABLE>
<TABLE>
<CAPTION>
IX. Average Delinquency Ratio
<S> <C>
Delinquency Ratio - Current Collection Period 0.87%
Delinquency Ratio - preceding Collection Period 0.78%
Delinquency Ratio - second preceding Collection Period 0.67%
---------------------
Average Delinquency Ratio 0.77%
=====================
</TABLE>
<TABLE>
<CAPTION>
X. Aggregate Net Loss
<S> <C>
Principal charged off during Collection Period 371,174.22
less: Recoveries of previously Defaulted Receivables
received during Collection Period 65,170.44
---------------------
Net Loss for Collection Period 306,003.78
=====================
</TABLE>
<TABLE>
<CAPTION>
XI. Net Loss Ratio
<S> <C>
Aggregate Net Losses for Collection Period 306,003.78
Average Pool Balance for Collection Period 693,679,698.92
Net Loss Ratio 0.04%
=====================
</TABLE>
<TABLE>
<CAPTION>
XII. Average Net Loss Ratio
<S> <C>
Net Loss Ratio - current Collection Period 0.04%
Net Loss Ratio - preceding Collection Period 0.12%
Net Loss Ratio - second preceding Collection Period 0.04%
---------------------
Average Net Loss Ratio 0.07%
=====================
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT INFORMATION
XIII. Reserve Fund Information
<S> <C>
Beginning Balance 23,204,891.47
Deposit to the Reserve Fund 1,621,135.14
less: Transfer to Collection Account 0.00
Release to Seller 2,941,737.65
---------------------
Ending Balance 21,884,288.96
=====================
Required Balance 21,884,288.96
=====================
Certificate Interest Reserve Amount 545,045.33
=====================
</TABLE>
IN WITNESS WHEREOF, the undersigned has caused this report to be executed by its
duly authorized officer as of the 8 day of August 1997.
NORWEST BANK MINNESOTA, N.A.
as Servicer
By: Marianna Stershic
Name: Marianna C. Stershic
Title: AVP
NOTE: On June 1, 1997, a technical amendment was made to the Sale and Servicing
Agreement to clarify an ambiguity. The definition of "Specified Reserve Account
Balance" in the Sale and Servicing Agreement has been amended to assure that the
Specified Reserve Account Balance may not fall below $10,647,460.53.
<TABLE>
<CAPTION>
DISTRIBUTION STATEMENT
Norwest Auto Trust 96-A
Distribution Date: 8/15/97
Collection Period: 7/1/97 - 7/31/97
Interest Beginning Interest Interest Interest Principal Principal Ending Total
Class Rate Balance Accrual Distribution Shortfall Distribution Shortfall Balance Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 5.465% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 5.800% 339,250,607.78 1,639,711.27 1,639,711.27 0.00 40,633,923.13 0.00 298,616,684.65 42,273,634.40
A-3 5.900% 220,000,000.00 1,081,666.67 1,081,666.67 0.00 0.00 0.00 220,000,000.00 1,081,666.67
A-4 6.100% 120,140,000.00 610,711.67 610,711.67 0.00 0.00 0.00 120,140,000.00 610,711.67
NOTEHOLDER TOTALS 679,390,607.78 3,332,089.61 3,332,089.61 0.00 40,633,923.13 0.00 638,756,684.65 43,966,012.74
B 6.30% 34,606,052.70 181,681.78 181,681.78 0.00 0.00 0.00 34,606,052.70 181,681.78
CERT. HOLDER TOTALS 34,606,052.70 181,681.78 181,681.78 0.00 0.00 0.00 34,606,052.70 181,681.78
TOTAL DISTRIBUTION 713,996,660.48 3,513,771.39 3,513,771.39 0.00 40,633,923.13 0.00 673,362,737.35 44,147,694.52
</TABLE>
<TABLE>
<CAPTION>
PAYMENTS PER SECURITY DENOMINATION
Norwest Auto Trust 96-A
Distribution Date: 8/15/97
Collection Period: 7/1/97 - 7/31/97
Remaining
Original % of Interest Interest Interest Principal Principal Ending Principal Servicing
Class Balance Pool Accrual Distribution Shortfall Distribution Shortfall Balance Factor Fee
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 350,000,000.00 32.87% 0.0000000 0.0000000 0.0000000 0.0000000 0.0000000 0.00 0.0000000 0.0000000
A-2 340,000,000.00 31.93% 4.8226802 4.8226802 0.0000000 119.5115386 0.0000000 298,616,684.65 0.8782844 0.5588161
A-3 220,000,000.00 20.66% 4.9166667 4.9166667 0.0000000 0.0000000 0.0000000 220,000,000.00 1.0000000 0.5588161
A-4 120,140,000.00 11.28% 5.0833333 5.0833333 0.0000000 0.0000000 0.0000000 120,140,000.00 1.0000000 0.5588161
B 34,606,052.70 3.25% 5.2500000 5.2500000 0.0000000 0.0000000 0.0000000 34,606,052.70 1.0000000 0.5588161
Totals 1,064,746,052.70 673,362,737.35
</TABLE>
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