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Previous: INFINITY FINANCIAL TECHNOLOGY INC, 10-K405, 1997-03-31 |
Next: NORWEST AUTO RECEIVABLES CORP, 10-K, 1997-03-31 |
<PAGE>
UNITED STATES
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: March 28, 1997
-------------------------------------------------------------
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 jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Norwest Center, Sixth and Marquette, Minneapolis, Minnesota 55479-1026
- --------------------------------------------------------------------------------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (612) 667-8655
- --------------------------------------------------------------------------------
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Norwest Auto Receivables Corporation, as originator of the Norwest Auto
Trust 1996-A, is filing this current report on Form 8-K to place on file with
the Securities and Exchange Commission the exhibits listed on the Exhibit Index
attached hereto.
2
<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 THEREUNTO DULY AUTHORIZED.
NORWEST AUTO RECEIVABLES
CORPORATION
March 28, 1997 By: /s/ Jerome W. Fons III
---------------------------------
Vice President
---------------------------------
3
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
- ------- -----------
99.1 Distribution Statement and Servicer Certificate for the
Distribution Date of 12/16/96 and Collection Period 10/25/96-
11/30/96
99.2 Distribution Statement and Servicer Certificate for the
Distribution Date of 1/15/97 and Collection Period 12/1/96-
12/31/96
99.3 Distribution Statement and Servicer Certificate for the
Distribution Date of 2/18/97 and Collection Period 1/1/97-
1/31/97
99.4 Distribution Statement and Servicer Certificate for the
Distribution Date of 3/17/97 and Collection Period 2/1/97-
2/28/97
4
<PAGE>
EXHIBIT 99.1
- --------------------------------------------------------------------------------
DISTRIBUTION STATEMENT
Norwest Auto Trust 96-A
Distribution Date: 12/16/96
Collection Period: 10/25/96 - 11/30/96
<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% 350,000,000.00 1,753,351.17 1,753,351.17 0.00 51,069,265.60 0.00 298,930,734.40 52,822,619.77
A-2 5.800% 340,000,000.00 1,752,888.89 1,752,888.89 0.00 0.00 0.00 340,000,000.00 1,752,888.89
A-3 5.900% 220,000,000.00 1,153,777.78 1,153,777.78 0.00 0.00 0.00 220,000,000.00 1,153,777.78
A-4 6.100% 120,140,000.00 651,425.78 651,425.78 0.00 0.00 0.00 120,140,000.00 651,425.78
NOTEHOLDER
TOTALS 1,030,140,000.00 5,311,446.61 5,311,446.61 0.00 51,069,265.60 0.00 979,070,734.40 56,380,712.21
B 6.30% 34,606,052.70 193,793.90 193,793.90 0.00 0.00 0.00 34,606,052.70 193,793.90
CERTIFICATEHOLDER
TOTALS 34,606,052.70 193,793.90 193,793.90 0.00 0.00 0.00 34,606,052.70 193,793.90
TOTAL
DISTRIBUTION 1,064,746,052.70 5,505,240.51 5,505,240.51 0.00 51,069,265.60 0.00 1,013,676,787.10 56,574,506.11
</TABLE>
- --------------------------------------------------------------------------------
Page 1
<PAGE>
EXHIBIT 99.1
NORWEST AUTO TRUST
96-A
SERVICER CERTIFICATE
DISTRIBUTION DATE: 12/16/96
COLLECTION PERIOD: 10/25/96 - 11/30/96
DEPOSIT DATE: 12/13/96
DETERMINATION DATE: 12/12/96
TRANSFER DATE: 12/16/96
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.
I. COLLECTION ACCOUNT SUMMARY
A. Available Funds:
Available Interest 9,605,448.04
Available Principal 51,069,265.60
Reserve Account Transfer Amount 0.00
Certificate Interest Shortfall Amount 0.00
-----------------
Total Available Funds 60,674,713.64
-----------------
-----------------
B. Amounts Payable on Distribution Date:
Reimbursement of prior Servicer Advances 0.00
Basic Servicing Fee 1,064,746.05
Noteholders' Interest Distributable Amount 5,311,446.61
Noteholders' Principal Distributable Amount 51,069,265.60
Certificateholders' Interest Distributable Amount 193,793.90
Certificateholders' Principal Distributable Amount 0.00
Deposits to Reserve Fund 3,035,461.48
-----------------
Total Amounts Payable on Distribution Date 60,674,713.64
-----------------
-----------------
Page 1
<PAGE>
II. COLLECTED FUNDS
<TABLE>
<S> <C> <C>
Available Interest
Interest Collections 9,605,448.04
Advances made by Servicer less outstanding
advances reimbursed 0.00
----------------
9,605,448.04
Available Principal
Scheduled Principal 31,893,890.01
Prepaid Principal 19,175,375.59
Net Liquidation Proceeds 0.00
Repurchase Amount allocable to principal 0.00
Forced Placed Insurance Advances 0.00
----------------
51,069,265.60
----------------
Total Collected Funds 60,674,713.64
----------------
----------------
</TABLE>
III. LIQUIDATION PROCEEDS
<TABLE>
<S> <C> <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>
III. CALCULATION OF ADVANCES
<TABLE>
<S> <C> <C>
Current Month Servicer Advance 0.00
Reimbursement of Prior Month's Servicer
Advance 0.00
----------------
Net Servicer Advance 0.00
----------------
----------------
</TABLE>
IV. CALCULATION OF PRINCIPAL DISTRIBUTION AMOUNT
<TABLE>
<S> <C> <C>
Available Principal 51,069,265.60
Charged Off Balances 0.00
Total Principal Distribution Amount 51,069,265.60
----------------
----------------
</TABLE>
Page 2
<PAGE>
V. CALCULATION OF SERVICING FEES
<TABLE>
<S> <C>
Pool Balance as of the first day of the
Collection Period 1,064,746,052.70
Servicing Fee Rate .0010000
-----------------
Servicing Fee 1,064,746.05
-----------------
-----------------
</TABLE>
VI. PURCHASES
Receivables purchased during Collection Period
Loan Number Receivable Balance
----------- ------------------
none
VII. ADDITIONAL RECEIVABLES INFORMATION
<TABLE>
<S> <C>
Beginning Pool Balance 1,064,746,052.70
Ending Pool Balance 1,013,676,787.10
Beginning Number of Receivables 118,295
Number of Receivable Payoffs/Defaulted
Receivables/Repurchases 2,964
Ending Number of Receivables 115,331
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>
Page 3
<PAGE>
PERFORMANCE INFORMATION
VIII. DELINQUENCY RATIO
<TABLE>
<S> <C> <C>
Principal Balance of Receivables 60 or more
days delinquent 419,371.97
Pool Balance as of the end of the
Collection Period 1,013,676,787.10
Delinquency Ratio 0.04%
----------------
----------------
</TABLE>
IX. AVERAGE DELINQUENCY RATIO
<TABLE>
<S> <C> <C>
Delinquency Ratio - Current Collection Period 0.04%
Delinquency Ratio - preceding Collection Period N/A
Delinquency Ratio - second preceding Collection Period N/A
Average Delinquency Ratio 0.04%
----------------
----------------
</TABLE>
X. AGGREGATE NET LOSS
<TABLE>
<S> <C> <C>
Principal charged off during Collection Period 0.00
less: Recoveries of previously Defaulted Receivables
received during Collection Period 0.00
----------
Net Loss for Collection Period 0.00
----------------
----------------
</TABLE>
XI. NET LOSS RATIO
<TABLE>
<S> <C> <C>
Aggregate Net Losses for Collection Period 0.00
Average Pool Balance for Collection Period 1,039,211,419.90
Net Loss Ratio 0.00
----------------
----------------
</TABLE>
Page 4
<PAGE>
XII. AVERAGE NET LOSS RATIO
<TABLE>
<S> <C> <C>
Net Loss Ratio - current Collection Period 0.00
Net Loss Ratio - preceding Collection Period N/A
Net Loss Ratio - second preceding Collection Period N/A
Average Net Loss Ratio 0.00
----------------
----------------
</TABLE>
CREDIT ENHANCEMENT INFORMATION
XIII. RESERVE FUND INFORMATION
<TABLE>
<S> <C> <C>
Beginning Balance 18,633,055.92
Deposit to the Reserve Fund 3,035,461.48
less: Transfer to Collection Account
Release to Seller
Ending Balance 21,668,517.40
----------------
----------------
Required Balance 32,944,495.58
----------------
----------------
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 9th day of December 1996.
NORWEST BANK MINNESOTA, N.A.
as Servicer
By: /s/ Marianna C. Stershic
-------------------------------
Title: Corporate Trust Officer
Page 5
<PAGE>
EXHIBIT 99.2
- --------------------------------------------------------------------------------
DISTRIBUTION STATEMENT
Norwest Auto Trust 96-A
Distribution Date: 1/15/97
Collection Period: 12/1/96 - 12/31/96
<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% 298,930,734.40 1,361,380.39 1,361,380.39 0.00 42,269,901.62 0.00 256,660,832.78 43,631,282.01
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 979,070,734.40 4,697,092.05 4,697,092.05 0.00 42,269,901.62 0.00 936,800,832.78 46,966,993.67
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 1,013,676,787.10 4,878,773.83 4,878,773.83 0.00 42,269,901.62 0.00 971,406,885.48 47,148,675.45
</TABLE>
- --------------------------------------------------------------------------------
Page 1
<PAGE>
NORWEST AUTO TRUST
96-A
SERVICER CERTIFICATE
DISTRIBUTION DATE: 1/15/97
COLLECTION PERIOD: 12/1/96 - 12/31/96
DEPOSIT DATE: 1/14/97
DETERMINATION DATE: 1/13/97
TRANSFER DATE: 1/15/97
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.
I. COLLECTION ACCOUNT SUMMARY
A. Available Funds:
Available Interest 8,087,213.12
Available Principal 42,269,901.62
Reserve Account Transfer Amount 0.00
Certificate Interest Shortfall Amount 0.00
-----------------
Total Available Funds 50,357,114.74
-----------------
-----------------
B. Amounts Payable on Distribution Date:
Reimbursement of prior Servicer Advances 0.00
Basic Servicing Fee 844,730.67
Noteholders' Interest Distributable Amount 4,697,092.05
Noteholders' Principal Distributable Amount 42,269,901.62
Certificateholders' Interest Distributable Amount 181,681.78
Certificateholders' Principal Distributable Amount 0.00
Deposits to Reserve Fund 2,363,708.62
-----------------
Total Amounts Payable on Distribution Date 50,357,114.74
-----------------
-----------------
Page 1
<PAGE>
II. COLLECTED FUNDS
<TABLE>
<S> <C> <C>
Available Interest
Interest Collections 8,087,213.12
Advances made by Servicer less outstanding
advances reimbursed 0.00
----------------
8,087,213.12
Available Principal
Scheduled Principal 24,990,343.55
Prepaid Principal 17,279,558.07
Net Liquidation Proceeds 0.00
Repurchase Amount allocable to principal 0.00
Forced Placed Insurance Advances 0.00
----------------
42,269,901.62
----------------
Total Collected Funds 50,357,114.74
----------------
----------------
</TABLE>
III. LIQUIDATION PROCEEDS
<TABLE>
<S> <C> <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>
III. CALCULATION OF ADVANCES
<TABLE>
<S> <C> <C>
Current Month Servicer Advance 0.00
Reimbursement of Prior Month's Servicer
Advance 0.00
----------------
Net Servicer Advance 0.00
----------------
----------------
</TABLE>
IV. CALCULATION OF PRINCIPAL DISTRIBUTION AMOUNT
<TABLE>
<S> <C> <C>
Available Principal 42,269,901.62
Charged Off Balances 0.00
Total Principal Distribution Amount 42,269,901.62
----------------
----------------
</TABLE>
Page 2
<PAGE>
V. CALCULATION OF SERVICING FEES
<TABLE>
<S> <C>
Pool Balance as of the first day of the
Collection Period 1,013,676,787.10
Servicing Fee Rate .0008333
-----------------
Servicing Fee 844,730.67
-----------------
-----------------
</TABLE>
VI. PURCHASES
Receivables purchased during Collection Period
Loan Number Receivable Balance
----------- ------------------
none
VII. ADDITIONAL RECEIVABLES INFORMATION
<TABLE>
<S> <C>
Beginning Pool Balance 1,013,676,787.10
Ending Pool Balance 971,406,885.48
Beginning Number of Receivables 115,331
Number of Receivable Payoffs/Defaulted
Receivables/Repurchases 2,293
Ending Number of Receivables 113,038
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>
Page 3
<PAGE>
PERFORMANCE INFORMATION
VIII. DELINQUENCY RATIO
<TABLE>
<S> <C> <C>
Principal Balance of Receivables 60 or more
days delinquent 2,620,639.91
Pool Balance as of the end of the
Collection Period 971,406,885.48
Delinquency Ratio 0.27%
----------------
----------------
</TABLE>
IX. AVERAGE DELINQUENCY RATIO
<TABLE>
<S> <C> <C>
Delinquency Ratio - Current Collection Period 0.27%
Delinquency Ratio - preceding Collection Period 0.04%
Delinquency Ratio - second preceding Collection Period N/A
----------
Average Delinquency Ratio 0.15%
----------------
----------------
</TABLE>
X. AGGREGATE NET LOSS
<TABLE>
<S> <C> <C>
Principal charged off during Collection Period 0.00
less: Recoveries of previously Defaulted Receivables
received during Collection Period 0.00
----------
Net Loss for Collection Period 0.00
----------------
----------------
</TABLE>
XI. NET LOSS RATIO
<TABLE>
<S> <C> <C>
Aggregate Net Losses for Collection Period 0.00
Average Pool Balance for Collection Period 992,541,836.29
Net Loss Ratio 0.00
----------------
----------------
</TABLE>
Page 4
<PAGE>
XII. AVERAGE NET LOSS RATIO
<TABLE>
<S> <C> <C>
Net Loss Ratio - current Collection Period 0.00
Net Loss Ratio - preceding Collection Period 0.00
Net Loss Ratio - second preceding Collection Period N/A
----------
Average Net Loss Ratio 0.00
----------------
----------------
</TABLE>
CREDIT ENHANCEMENT INFORMATION
XIII. RESERVE FUND INFORMATION
<TABLE>
<S> <C> <C>
Beginning Balance 21,668,517.40
Deposit to the Reserve Fund 2,363,708.62
less: Transfer to Collection Account
Release to Seller
----------------
Ending Balance 24,032,226.02
----------------
----------------
Required Balance 31,570,723.78
----------------
----------------
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 10th day of January 1997.
NORWEST BANK MINNESOTA, N.A.
as Servicer
By: /s/ Marianna C. Stershic
-------------------------------
Title: Corporate Trust Officer
Page 5
<PAGE>
EXHIBIT 99.3
- --------------------------------------------------------------------------------
DISTRIBUTION STATEMENT
Norwest Auto Trust 96-A
Distribution Date: 2/18/97
Collection Period: 1/1/97-1/31/97
<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% 256,660,832.78 1,324,726.37 1,324,726.37 0.00 43,404,101.24 0.00 213,256,731.54 44,728,827.61
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 936,800,832.78 4,660,438.04 4,660,438.04 0.00 43,404,101.24 0.00 893,396,731.54 48,064,539.28
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 971,406,882.48 4,842,119.82 4,842,119.82 0.00 43,404,101.24 0.00 928,002,784.24 48,246,221.05
</TABLE>
- --------------------------------------------------------------------------------
Page 1
<PAGE>
NORWEST AUTO TRUST
96-A
SERVICER CERTIFICATE
DISTRIBUTION DATE: 2/18/96
COLLECTION PERIOD: 1/1/97 - 1/31/97
DEPOSIT DATE: 2/14/97
DETERMINATION DATE: 2/13/97
TRANSFER DATE: 2/18/97
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.
I. COLLECTION ACCOUNT SUMMARY
A. Available Funds:
Available Interest 8,070,561.37
Available Principal 43,365,409.23
Reserve Account Transfer Amount 0.00
Certificate Interest Shortfall Amount 0.00
-----------------
Total Available Funds 51,435,970.60
-----------------
-----------------
B. Amounts Payable on Distribution Date:
Reimbursement of prior Servicer Advances 0.00
Basic Servicing Fee 809,505.76
Noteholders' Interest Distributable Amount 4,660,438.04
Noteholders' Principal Distributable Amount 43,404,101.24
Certificateholders' Interest Distributable Amount 181,681.78
Certificateholders' Principal Distributable Amount 0.00
Deposits to Reserve Fund 2,380,243.78
-----------------
Total Amounts Payable on Distribution Date 51,435,970.60
-----------------
-----------------
Page 1
<PAGE>
II. COLLECTED FUNDS
<TABLE>
<S> <C> <C>
Available Interest
Interest Collections 8,070,561.37
Advances made by Servicer less outstanding
advances reimbursed 0.00
----------------
8,070,561.37
Available Principal
Scheduled Principal 24,796,977.13
Prepaid Principal 18,520,936.07
Net Liquidation Proceeds 0.00
Repurchase Amount allocable to principal 47,496.03
Forced Placed Insurance Advances 0.00
----------------
43,365,409.23
----------------
Total Collected Funds 51,435,970.60
----------------
----------------
</TABLE>
III. LIQUIDATION PROCEEDS
<TABLE>
<S> <C> <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>
III. CALCULATION OF ADVANCES
<TABLE>
<S> <C> <C>
Current Month Servicer Advance 0.00
Reimbursement of Prior Month's Servicer
Advance 0.00
----------------
Net Servicer Advance 0.00
----------------
----------------
</TABLE>
IV. CALCULATION OF PRINCIPAL DISTRIBUTION AMOUNT
<TABLE>
<S> <C> <C>
Available Principal 43,365,409.23
Charged Off Balances 38,692.01
-------------
Total Principal Distribution Amount 43,404,101.24
----------------
----------------
</TABLE>
Page 2
<PAGE>
V. CALCULATION OF SERVICING FEES
<TABLE>
<S> <C>
Pool Balance as of the first day of the
Collection Period 971,406,885.48
Servicing Fee Rate .0008333
--------------
Servicing Fee 809,505.76
--------------
--------------
</TABLE>
VI. PURCHASES
Receivables purchased during Collection Period
Loan Number Receivable Balance
----------- ------------------
8157900209 1,137.17
8855202367 13,702.28
3970336932 7,217.05
3970363236 3,435.41
2000252709 3,283.17
1800157190 562.12
1800180497 11,713.15
7230345719 6,445.68
---------
47,496.03
---------
---------
VII. ADDITIONAL RECEIVABLES INFORMATION
<TABLE>
<S> <C>
Beginning Pool Balance 971,406,885.48
Ending Pool Balance 928,002,784.24
Beginning Number of Receivables 113,038
Number of Receivable Payoffs/Defaulted
Receivables/Repurchases 2,580
Ending Number of Receivables 110,458
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>
Page 3
<PAGE>
PERFORMANCE INFORMATION
VIII. DELINQUENCY RATIO
<TABLE>
<S> <C> <C>
Principal Balance of Receivables 60 or more
days delinquent 3,975,089.50
Pool Balance as of the end of the
Collection Period 928,002,784.24
Delinquency Ratio 0.43%
----------------
----------------
</TABLE>
IX. AVERAGE DELINQUENCY RATIO
<TABLE>
<S> <C> <C>
Delinquency Ratio - Current Collection Period 0.43%
Delinquency Ratio - preceding Collection Period 0.27%
Delinquency Ratio - second preceding Collection Period 0.04%
----------
Average Delinquency Ratio 0.23%
----------------
----------------
</TABLE>
X. AGGREGATE NET LOSS
<TABLE>
<S> <C> <C>
Principal charged off during Collection Period 38,692.01
less: Recoveries of previously Defaulted Receivables
received during Collection Period 0.00
----------
Net Loss for Collection Period 38,692.01
----------------
----------------
</TABLE>
XI. NET LOSS RATIO
<TABLE>
<S> <C> <C>
Aggregate Net Losses for Collection Period 38,692.01
Average Pool Balance for Collection Period 949,704,834.86
Net Loss Ratio 0.00%
----------------
----------------
</TABLE>
Page 4
<PAGE>
XII. AVERAGE NET LOSS RATIO
<TABLE>
<S> <C> <C>
Net Loss Ratio - current Collection Period 0.00
Net Loss Ratio - preceding Collection Period 0.00
Net Loss Ratio - second preceding Collection Period 0.00
----------
Average Net Loss Ratio 0.00
----------------
----------------
</TABLE>
CREDIT ENHANCEMENT INFORMATION
XIII. RESERVE FUND INFORMATION
<TABLE>
<S> <C> <C>
Beginning Balance 24,032,226.02
Deposit to the Reserve Fund 2,380,243.78
less: Transfer to Collection Account 0.00
Release to Seller 0.00
----------------
Ending Balance 26,412,469.80
----------------
----------------
Required Balance 30,160,090.49
----------------
----------------
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 7th day of February 1997.
NORWEST BANK MINNESOTA, N.A.
as Servicer
By: /s/ Marianna C. Stershic
-------------------------------
Title: Corporate Trust Officer
Page 5
<PAGE>
EXHIBIT 99.4
- --------------------------------------------------------------------------------
DISTRIBUTION STATEMENT
Norwest Auto Trust 96-A
Distribution Date: 3/17/97
Collection Period: 2/1/97 - 2/28/97
<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% 213,256,731.54 874,086.03 874,086.03 0.00 41,416,121.42 0.00 171,840,610.12 42,290,207.45
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 0.00 120,140,000.00 651,711.67
NOTEHOLDER
TOTALS 893,396,731.54 4,209,797.70 4,209,797.70 0.00 41,416,121.42 0.00 851,980,610.12 45,625,919.12
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 928,002,784.24 4,391,479.48 4,391,479.48 0.00 41,416,121.42 0.00 886,586,662.82 45,807,600.90
</TABLE>
- --------------------------------------------------------------------------------
Page 1
<PAGE>
NORWEST AUTO TRUST
96-A
SERVICER CERTIFICATE
DISTRIBUTION DATE: 3/17/97
COLLECTION PERIOD: 2/1/97 - 2/28/97
DEPOSIT DATE: 3/14/97
DETERMINATION DATE: 3/13/97
TRANSFER DATE: 3/17/97
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.
I. COLLECTION ACCOUNT SUMMARY
A. Available Funds:
Available Interest 7,098,739.69
Available Principal 41,345,257.21
Reserve Account Transfer Amount 0.00
Certificate Interest Shortfall Amount 0.00
-----------------
Total Available Funds 48,443,996.90
-----------------
-----------------
B. Amounts Payable on Distribution Date:
Reimbursement of prior Servicer Advances 0.00
Basic Servicing Fee 773,335.65
Noteholders' Interest Distributable Amount 4,209,797.70
Noteholders' Principal Distributable Amount 41,416,121.42
Certificateholders' Interest Distributable Amount 181,681.78
Certificateholders' Principal Distributable Amount 0.00
Deposits to Reserve Fund 1,863,060.35
-----------------
Total Amounts Payable on Distribution Date 48,443,996.90
-----------------
-----------------
Page 1
<PAGE>
II. COLLECTED FUNDS
<TABLE>
<S> <C> <C>
Available Interest
Interest Collections 7,098,739.69
Advances made by Servicer less outstanding
advances reimbursed 0.00
----------------
7,098,739.69
Available Principal
Scheduled Principal 23,662,401.30
Prepaid Principal 17,641,385.98
Net Liquidation Proceeds 0.00
Repurchase Amount allocable to principal 41,469.93
Forced Placed Insurance Advances 0.00
----------------
41,345,257.21
----------------
Total Collected Funds 48,443,996.90
----------------
----------------
</TABLE>
III. LIQUIDATION PROCEEDS
<TABLE>
<S> <C> <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>
III. CALCULATION OF ADVANCES
<TABLE>
<S> <C> <C>
Current Month Servicer Advance 0.00
Reimbursement of Prior Month's Servicer
Advance 0.00
----------------
Net Servicer Advance 0.00
----------------
----------------
</TABLE>
IV. CALCULATION OF PRINCIPAL DISTRIBUTION AMOUNT
<TABLE>
<S> <C> <C>
Available Principal 41,345,257.21
Charged Off Balances 70,864.21
--------------
Total Principal Distribution Amount 41,416,121.42
----------------
----------------
</TABLE>
Page 2
<PAGE>
V. CALCULATION OF SERVICING FEES
<TABLE>
<S> <C>
Pool Balance as of the first day of the
Collection Period 928,002,784.24
Servicing Fee Rate .0008333
-----------------
Servicing Fee 773,335.65
-----------------
-----------------
</TABLE>
VI. PURCHASES
Receivables purchased during Collection Period
Loan Number Receivable Balance
----------- ------------------
8723009966 4,694.03
8855900347 2,559.24
8838802074 6,551.92
8838801734 5,639.99
8955003641 22,024.75
---------
41,469.93
VII. ADDITIONAL RECEIVABLES INFORMATION
<TABLE>
<S> <C>
Beginning Pool Balance 928,002,784.24
Ending Pool Balance 886,586,662.82
Beginning Number of Receivables 110,458
Number of Receivable Payoffs/Defaulted
Receivables/Repurchases 2,621
Ending Number of Receivables 107,837
Initial Weighted Average Maturity Not available
Current Weighted Average Maturity Not available
Initial Weighted Average Contract Rate 9.79%
Current Weighted Average Contract Rate 9.80%
</TABLE>
Page 3
<PAGE>
PERFORMANCE INFORMATION
VIII. DELINQUENCY RATIO
<TABLE>
<S> <C> <C>
Principal Balance of Receivables 60 or more
days delinquent 4,558,191.84
Pool Balance as of the end of the
Collection Period 886,586,662.82
Delinquency Ratio 0.51%
----------------
----------------
</TABLE>
IX. AVERAGE DELINQUENCY RATIO
<TABLE>
<S> <C> <C>
Delinquency Ratio - Current Collection Period 0.51%
Delinquency Ratio - preceding Collection Period 0.43%
Delinquency Ratio - second preceding Collection Period 0.27%
----------
Average Delinquency Ratio 0.40%
----------------
----------------
</TABLE>
X. AGGREGATE NET LOSS
<TABLE>
<S> <C> <C>
Principal charged off during Collection Period 70,864.21
less: Recoveries of previously Defaulted Receivables
received during Collection Period 0.00
----------
Net Loss for Collection Period 70,864.21
----------------
----------------
</TABLE>
XI. NET LOSS RATIO
<TABLE>
<S> <C> <C>
Aggregate Net Losses for Collection Period 70,864.21
Average Pool Balance for Collection Period 907,294,723.53
Net Loss Ratio 0.01%
----------------
----------------
</TABLE>
Page 4
<PAGE>
XII. AVERAGE NET LOSS RATIO
<TABLE>
<S> <C> <C>
Net Loss Ratio - current Collection Period 0.01%
Net Loss Ratio - preceding Collection Period 0.00%
Net Loss Ratio - second preceding Collection Period 0.00%
---------
Average Net Loss Ratio 0.00%
----------------
----------------
</TABLE>
CREDIT ENHANCEMENT INFORMATION
XIII. RESERVE FUND INFORMATION
<TABLE>
<S> <C> <C>
Beginning Balance 26,412,469.80
Deposit to the Reserve Fund 1,863,060.35
less: Transfer to Collection Account 0.00
Release to Seller 0.00
----------------
Ending Balance 28,275,530.15
----------------
----------------
Required Balance 28,814,066.54
----------------
----------------
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 11th day of March 1997.
NORWEST BANK MINNESOTA, N.A.
as Servicer
By: /s/ Marianna C. Stershic
-------------------------------
Title: Corporate Trust Officer
Page 5
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