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Previous: HOLLYWOOD PRODUCTIONS INC, PRE 14A, 1997-12-17 |
Next: O SHAUGHNESSY FUNDS INC, 24F-2NT, 1997-12-17 |
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 : December 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 December 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 December 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: December 17, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Norwest Auto Trust
1996-A relating to the December 15, 1997, distribution
EX-99.2 Monthly distributions statement to holders of Norwest Auto
Trust 1996-A relating to the December 15, 1997, distribution
EX-99.3 Monthly payment per security denomination report to holders of
Norwest Auto Trust 1996-A relating to the December 15, 1997,
distribution
NORWEST AUTO TRUST
96-A
SERVICER CERTIFICATE
DISTRIBUTION DATE: 12/15/97
COLLECTION PERIOD: 11/1/1997 - 11/30/1997
DEPOSIT DATE: 12/12/97
DETERMINATION DATE: 12/11/97
TRANSFER DATE: 12/11/97
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 4,456,714.28
Available Principal 29,730,477.70
Reserve Account Transfer Amount 0.00
Certificate Interest Shortfall Amount 0.00
------------------------
Total Available Funds 34,187,191.98
========================
B.Amounts Payable on Distribution Date:
Reimbursement of prior Servicer Advances 0.00
Basic Servicing Fee 467,329.89
Noteholders' Interest Distributable Amount 2,591,619.22
Noteholders' Principal Distributable Amount 30,495,453.04
Certificateholders' Interest Distributable Amount 181,681.78
Certificateholders' Principal Distributable Amount 0.00
Deposits to Reserve Fund 451,108.06
---------------------
Total Amounts Payable on Distribution Date 34,187,191.98
=====================
</TABLE>
<TABLE>
<CAPTION>
II. COLLECTED FUNDS
Available Interest
<S> <C>
Interest Collections 4,456,714.28
Advances made by Servicer less outstanding
advances reimbursed 0.00
---------------------
4,456,714.28
Available Principal
Scheduled Principal 18,883,058.69
Prepaid Principal 10,847,419.01
Net Liquidation Proceeds 0.00
Repurchase Amount allocable to principal
Forced Placed Insurance Advances 0.00
---------------------
29,730,477.70
---------------------
Total Collected Funds 34,187,191.98
=====================
</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
=====================
</TABLE>
<TABLE>
<CAPTION>
III. CALCULATION OF ADVANCES
<S> <C>
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 29,730,477.70
Charged Off Balances 764,975.34
---------------------
Total Principal Distribution Amount 30,495,453.04
=====================
</TABLE>
<TABLE>
<CAPTION>
V. CALCULATION OF SERVICING FEES
Pool Balance as of the first day of the
<S> <C>
Collection Period 560,795,890.62
Servicing Fee Rate .0008333
---------------------
Servicing Fee 467,329.89
=====================
</TABLE>
<TABLE>
<CAPTION>
VI. PURCHASES
Receivables purchased during Collection Period
LOAN NUMBER RECEIVABLE BALANCE
<S> <C>
0 0
</TABLE>
<TABLE>
<CAPTION>
VII. ADDITIONAL RECEIVABLES INFORMATION
<S> <C>
Beginning Pool Balance 560,795,890.62
Ending Pool Balance 530,300,437.58
Beginning Number of Receivables 83,499
Number of Receivable Payoffs/Defaulted Receivables/Repurchases 2,857
Ending Number of Receivables 80,642
Initial Weighted Average of Remaining Term 42.77
Current Weighted Average of Remaining Term 33.06
Initial Weighted Average Contract Rate 9.79%
Current Weighted Average Contract Rate 9.79%
</TABLE>
<TABLE>
<CAPTION>
PERFORMANCE INFORMATION
VIII. DELINQUENCY RATIO
<S> <C>
Principal Balance of Receivables 60 or more
days delinquent 5,084,623.03
Pool Balance as of the end of the
Collection Period 530,300,437.58
Delinquency Ratio 0.96%
=====================
</TABLE>
<TABLE>
<CAPTION>
IX. AVERAGE DELINQUENCY RATIO
<S> <C>
Delinquency Ratio - Current Collection Period 0.96%
Delinquency Ratio - preceding Collection Period 0.92%
Delinquency Ratio - second preceding Collection Period 0.87%
---------------------
Average Delinquency Ratio 0.92%
=====================
</TABLE>
<TABLE>
<CAPTION>
X. AGGREGATE NET LOSS
<S> <C>
Principal charged off during Collection Period 764,975.34
less: Recoveries of previously Defaulted Receivables
received during Collection Period 116,338.54
---------------------
Net Loss for Collection Period 648,636.80
=====================
</TABLE>
<TABLE>
<CAPTION>
XI. NET LOSS RATIO
<S> <C>
Aggregate Net Losses for Collection Period 648,636.80
Average Pool Balance for Collection Period 545,548,164.10
Net Loss Ratio 0.12%
=====================
</TABLE>
<TABLE>
<CAPTION>
XII. AVERAGE NET LOSS RATIO
<S> <C>
Net Loss Ratio - current Collection Period 0.12%
Net Loss Ratio - preceding Collection Period 0.16%
Net Loss Ratio - second preceding Collection Period 0.09%
---------------------
Average Net Loss Ratio 0.12%
=====================
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT INFORMATION
XIII. RESERVE FUND INFORMATION
<S> <C>
Beginning Balance 18,225,866.45
Deposit to the Reserve Fund 451,108.06
less: Transfer to Collection Account 0.00
Release to Seller 1,442,210.29
---------------------
Ending Balance 17,234,764.22
=====================
Required Balance 17,234,764.22
=====================
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 5th day of December 1997.
NORWEST BANK MINNESOTA, N.A.
as Servicer
By: /s/Marianna C. Stershic
Name: Marianna C. Stershic
Title: Assistant Vice-President
<TABLE>
<CAPTION>
DISTRIBUTION STATEMENT
Norwest Auto Trust 96-A
Distribution Date: 12/15/1997
Collection Period: 11/1/1997 - 11/30/1997
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% 186,049,837.92 899,240.88 899,240.88 0.00 30,495,453.04 0.00 155,554,384.88 31,394,693.92
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 526,189,837.92 2,591,619.22 2,591,619.22 0.00 30,495,453.04 0.00 495,694,384.88 33,087,072.26
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
CERTIFICATEHOLDER 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
560,795,890.62 2,773,300.99 2,773,300.99 0.00 30,495,453.04 0.00 530,300,437.58 33,268,754.03
</TABLE>
<TABLE>
<CAPTION>
PAYMENTS PER SECURITY DENOMINATION
Norwest Auto Trust 96-A
Distribution Date: 12/15/1997
Collection Period: 11/1/1997 - 11/30/1997
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% 2.6448261 2.6448261 0.0000000 89.6925089 0.0000000 155,554,384.88 0.4575129 0.4389121
A-3 220,000,000.00 20.66% 4.9166667 4.9166667 0.0000000 0.0000000 0.0000000 220,000,000.00 1.0000000 0.4389121
A-4 120,140,000.00 11.28% 5.0833333 5.0833333 0.0000000 0.0000000 0.0000000 120,140,000.00 1.0000000 0.4389121
B 34,606,052.70 3.25% 5.2500000 5.2500000 0.0000000 0.0000000 0.0000000 34,606,052.70 1.0000000 0.4389121
Totals
1,064,746,052.70 530,300,437.58
</TABLE>
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