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 : April 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)
Registrant's Full Telephone Number: (301) 696-7900
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On April 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 April 15, 1997 distribution
EX-99.2 Monthly distributions statement to holders of Norwest Auto
Trust 1996-A relating to the April 15, 1997, distribution
EX-99.3 Monthly payment per security denomination report to holders of
Norwest Auto Trust 1996-A relating to the April 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: May 27, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Norwest Auto Trust
1996-A relating to the April 15, 1997, distribution
EX-99.2 Monthly distributions statement to holders of Norwest Auto
Trust 1996-A relating to the April 15, 1997, distribution
EX-99.3 Monthly payment per security denomination report to holders of
Norwest Auto Trust 1996-A relating to the April 15,1997,
distribution
NORWEST AUTO TRUST
96-A
Servicer Certificate
Distribution Date: 4/15/97
Collection Period: 3/1/97 - 3/31/97
Deposit Date: 4/14/97
Determination Date: 4/11/97
Transfer Date: 4/15/97
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
<S> <C>
A. Available Funds:
Available Interest ............................... 6,950,212.14
Available Principal .............................. 45,398,081.05
Reserve Account Transfer Amount .................. 0.00
Certificate Interest Shortfall Amount ............ 0.00
-------------
Total Available Funds .............................. 52,348,293.19
=============
B. Amounts Payable on Distribution Date:
Reimbursement of prior Servicer Advances ......... 0.00
Basic Servicing Fee .............................. 738,822.22
Noteholders' Interest Distributable Amount ....... 4,092,216.09
Noteholders' Principal Distributable Amount ...... 45,528,453.23
Certificateholders' Interest Distributable Amount 181,681.78
Certificateholders' Principal Distributable Amount 0.00
Deposits to Reserve Fund ......................... 1,807,119.87
-------------
Total Amounts Payable on Distribution Date ......... 52,348,293.19
=============
</TABLE>
<TABLE>
<CAPTION>
II. Collected Funds
<S> <C>
Available Interest
Interest Collections ..................................... 6,950,212.14
Advances made by Servicer less outstanding
advances reimbursed ..................................... 0.00
-------------
6,950,212.14
Available Principal
Scheduled Principal ....................................... 26,012,029.83
Prepaid Principal ......................................... 19,365,357.68
Net Liquidation Proceeds .................................. 0.00
Repurchase Amount allocable to principal .................. 20,693.54
Forced Placed Insurance Advances .......................... 0.00
-------------
45,398,081.05
-------------
Total Collected Funds ....................................... 52,348,293.19
=============
</TABLE>
<TABLE>
<CAPTION>
III. Liquidation Proceeds
<S> <C>
Gross amount received with respect to liquidated
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 ......................................... 45,398,081.05
Charged Off Balances ........................................ 130,372.18
-------------
Total Principal Distribution Amount ......................... 45,528,453.23
=============
</TABLE>
<TABLE>
<CAPTION>
V. Calculation of Servicing Fees
<S> <C>
Pool Balance as of the first day of the
Collection Period ..................................... 886,586,662.82
Servicing Fee Rate ........................................... .0008333
----------------
Servicing Fee ................................................ 738,822.22
================
</TABLE>
<TABLE>
<CAPTION>
VI. Purchases
<S> <C>
Receivables purchased during Collection Period
Loan Number .................................................. Receivable Balance
- --------------------------------------------------------------------------- ----------------
8723001557 1,573.97
6992099425 2,411.67
8855205408 4,311.08
8838802192 7,529.86
1700275843 4,866.96
----------------
20,693.54
</TABLE>
<TABLE>
<CAPTION>
VII. Additional Receivables Information
<S> <C>
Beginning Pool Balance ....................................... 886,586,662.82
Ending Pool Balance .......................................... 841,058,209.59
Beginning Number of Receivables .............................. 107,837
Number of Receivable Payoffs/Defaulted Receivables/Repurchases 2,930
Ending Number of Receivables ................................. 104,907
Initial Weighted Average Maturity ............................Not available
Current Weighted Average Maturity ............................Not available
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 ...................................... 4,719,129.58
Pool Balance as of the end of the
Collection Period ................................... 841,058,209.59
Delinquency Ratio .................................... 0.56%
==============
</TABLE>
<TABLE>
<CAPTION>
IX. Average Delinquency Ratio
<S> <C>
Delinquency Ratio - Current Collection Period ........ 0.56%
Delinquency Ratio - preceding Collection Period ...... 0.51%
Delinquency Ratio - second preceding Collection Period 0.43%
--------------
Average Delinquency Ratio ............................ 0.50%
==============
</TABLE>
<TABLE>
<CAPTION>
X. Aggregate Net Loss
<S> <C>
Principal charged off during Collection Period ....... 130,372.18
less: Recoveries of previously Defaulted Receivables
received during Collection Period .................. 89,634.56
--------------
Net Loss for Collection Period ....................... 40,737.62
==============
</TABLE>
<TABLE>
<CAPTION>
XI. Net Loss Ratio
<S> <C>
Aggregate Net Losses for Collection Period ........... 40,737.62
Average Pool Balance for Collection Period ........... 863,822,436.21
Net Loss Ratio ....................................... 0.00%
==============
</TABLE>
<TABLE>
<CAPTION>
XII. Average Net Loss Ratio
<S> <C>
Net Loss Ratio - current Collection Period ........... 0.00%
Net Loss Ratio - preceding Collection Period ......... 0.01%
Net Loss Ratio - second preceding Collection Period .. 0.00%
--------------
Average Net Loss Ratio ............................... 0.00%
==============
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT INFORMATION
XIII. Reserve Fund Information
<S> <C>
Beginning Balance ................... 28,275,530.15
Deposit to the Reserve Fund ......... 1,807,119.87
less: Transfer to Collection Account 0.00
Release to Seller .......... 2,748,258.21
-------------
Ending Balance ...................... 27,334,391.81
=============
Required Balance .................... 27,334,391.81
=============
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 8th day of April 1997.
NORWEST BANK MINNESOTA, N.A.
as Servicer
By: Marianna C. Stershic
Name: Marianna C. Stershic
DISTRIBUTION STATEMENT
Norwest Auto Trust 96-A
Distribution Date: 4/15/97
Collection Period: 3/1/97 - 3/31/97
<TABLE>
<CAPTION>
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% 171,840,610.12 756,504.42 756,504.42 0.00 45,528,453.23 0.00 126,312,156.89 46,284,957.65
A-2 5.800% 340,000,000.00 1,643,333.33 1,643,333.33 0.00 0.00 0.00 340,000,000.00 1,643,333.33
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 851,980,610.12 4,092,216.09 4,092,216.09 0.00 45,528,453.23 0.00 806,452,156.89 49,620,669.32
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 886,586,662.82 4,273,897.87 4,273,897.87 0.00 45,528,453.23 0.00 841,058,209.59 49,802,351.10
</TABLE>
<TABLE>
<CAPTION>
PAYMENTS PER SECURITY DENOMINATION
Norwest Auto Trust 96-A
Distribution Date: 4/15/97
Collection Period: 3/1/97 - 3/31/97
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% 2.1614412 2.1614412 0.0000000 130.0812949 0.0000000 126,312,156.89 0.3608919 0.6938952
A-2 340,000,000.00 31.93% 4.8333333 4.8333333 0.0000000 0.0000000 0.0000000 340,000,000.00 1.0000000 0.6938952
A-3 220,000,000.00 20.66% 4.9166667 4.9166667 0.0000000 0.0000000 0.0000000 220,000,000.00 1.0000000 0.6938952
A-4 120,140,000.00 11.28% 5.0833333 5.0833333 0.0000000 0.0000000 0.0000000 120,140,000.00 1.0000000 0.6938952
B 34,606,052.70 3.25% 5.2500000 5.2500000 0.0000000 0.0000000 0.0000000 34,606,052.70 1.0000000 0.6938952
Tot. 1,064,746,052.70 841,058,209.59
</TABLE>
