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Previous: HERTZ TECHNOLOGY GROUP INC, 424B3, 1996-11-13 |
Next: FLORIDA PANTHERS HOLDINGS INC, 424B4, 1996-11-13 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 - Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1996
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from ____to____
Commission File No. 333-06929-01
UACSC 1996-C Auto Trust
(Issuer with Respect to Registered Securitization)
UAC Securitization Corporation
(Exact name of registrant as specified in its charter)
New York 35-1937340
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
UAC Securitization
Corporation
250 Shadeland Avenue, Suite 210A
Indianapolis, Indiana 46219
(address of principal (zip code)
executive offices)
UAC Securitization Corporation
Registrant's telephone number including area code (317) 231-6466
--------------
Securities registered pursuant to Section 12 (b) of the Act: None
----
Securities registered pursuant to Section 12 (g) of the Act: None
----
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1937
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
DOCUMENTS INCORPORATED BY REFERENCE: None
<PAGE>
PART I
Item 1. Financial Statements
This Report on Form 10-Q is being filed in respect of UACSC 1996-C Auto
Trust as issuer of securities registered in Registration Statement No. 333-06929
on Form S-3 under the Securities Act of 1933, as amended(declared effective on
July 18, 1996). Because UACSC 1996-C Auto Trust has simply issued Certificates
representing fractional undivided interests in the Trust's assets consisting of
a specific portfolio of retail installment sale contracts in new and used
automobiles and light trucks, and because Registrant UAC Securitization
Corporation is not a Guarantor of any of the payments due from the Trust to
Certificateholders that are required to be made monthly, there is included in
response to this item only the regular monthly report form which the Trustee is
required to include with each monthly distribution of trust assets to
Certificateholders setting forth for the prior calendar month, and cumulatively,
all of the relevant financial information required by Certificateholders.
Accordingly, the UACSC 1996-C AUTO TRUST MONTHLY SERVICER'S CERTIFICATE
REPORT for the months ending August 31, 1996, and September 30, 1996, are
included herewith, as exhibits 99-1 and 99-2, respectively.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The Trust conducts no business other than receiving payments on the
receivables and making payments to Certificateholders and to Union Acceptance
Corporation as Servicer as the Registrant with respect to their interests in the
Trust assets. The traditional form of income statement and balance sheet and
comparative presentation for prior periods would add no relevant information to
that supplied in the required monthly reports and would not be material.
Because of the narrowly proscribed and limited activities of the Trust,
the information called for by Item 303 of Regulation S-K would not add relevant
information to that provided in the Monthly Service's Certificate Reports
attached hereto in response to Item 1.
PART II.
Item 6. Exhibits and Reports on Form 8-K.
There are no reports on Form 8-K to be included for this reporting
period. The following exhibits are included in this form 10-Q:
Exhibit 99-1 Servicer's Certificate Report of
August 31, 1996
Exhibit 99-2 Servicer's Certifcate Report of
September 30, 1996
<PAGE>
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 thereunto duly authorized.
UACSC 1996-C AUTO TRUST
By: Union Acceptance
Corporation, in its
capacity as Servicer
By: /s/Rick A. Brown
Rick A. Brown
Chief Financial Officer
Date: November 8, 1996
Exhibit 99-1
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 08/31/96
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
-------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 188,000,000.00 97,000,000.00 25,999,057.10 310,999,057.10 24,044
Beginning Period Principal Balance 188,000,000.00 97,000,000.00 25,999,057.10 310,999,057.10 24,044
Principal Collections - Scheduled Payments 3,560,150.00 0.00 0.00 3,560,150.97
Principal Collections - Payoffs 7,045,624.55 0.00 0.00 7,045,624.55 628
Principal Withdrawal from Payahead 0.00 0.00 0.00 0.00
Gross Principal Charge Offs 2,281.50 0.00 0.00 2,281.50 1
Repurchases 0.00 0.00 0.00 0.00
Ending Balance 177,391,942.98 97,000,000.00 25,999,057.10 300,391,000.08 23,415
============== ============= ============= ============== ======
Certificate Factor 0.9435742 1.0000000 1.0000000 0.9658904
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
CASH FLOW RECONCILIATION
Principal Wired 10,679,779.42
Interest Wired 1,128,756.40
Withdrawal from Payahead Account 0.00
Repurchases (Principal and Interest) 0.00
Charge Off Recoveries 0.00
Interest Advances 28,005.11
Certificate Account Interest Earned 13,815.39
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A Principal or Interest 0.00
Total Cash Flow 11,850,356.32
=============
TRUSTEE DISTRIBUTION (8/08/96)
Total Cash Flow 11,850,356.32
Unrecovered Advances on Defaulted Receivables 0.00
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 355,581.11
Interest to Class A-2 Certificateholders 192,949.17
Interest to Class A-3 Certificateholders 52,669.76
Interest to Class I Certificateholders 212,915.88
Principal to Class A-1 Certificateholders 10,608,057.02
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 39,310.21
Interest Advance Recoveries from Payments 0.00
Unreimbursed draws on Class A's Surety Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety Bond for Class A Principal or Interest 0.00
Deposit to Payahead 85,032.37
Certificate Account Interest to Servicer 13,815.39
Payahead Account Interest to Servicer 0.00
Excess 290,025.42
Net Cash 0.00
=============
Monthly Servicing Fee and the Spread Amount 1,533,711.51
=============
Servicing Fee Retained from Interest Collections 95,027.49
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 0.00
Trustee Distribution of Excess 290,025.42
Interest Earned 0.00
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 290,025.42
=============
Required Balance 3,887,488.21
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 15,549,952.85
Reduction Due to Spread Account -290,025.42
Reduction Due to Principal Reduction -530,402.85
Ending Balance 14,729,524.58
=============
First Loss Protection Required Amount 14,729,524.58
First Loss Protection Fee % 2.00%
First Loss Protection Fee 24,793.84
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 310,999,057.10
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 310,999,057.10
==============
Adjusted Ending Balance Based Upon Required Balance 300,764,499.14
==============
Required Balance 300,764,499.14
PAYAHEAD RECONCILIATION
Beginning Balance 0.00
Deposit 85,032.37
Payahead Interest 0.00
Withdrawal 0.00
Ending Balance 85,032.37
=============
</TABLE>
Exhibit 99-2
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 09/30/96
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
-------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 188,000,000.00 97,000,000.00 25,999,057.10 310,999,057.10 24,044
Beginning Period Principal Balance 177,391,942.00 97,000,000.00 25,999,057.10 300,391,000.08 23,415
Principal Collections - Scheduled Payments 3,715,240.58 0.00 0.00 3,715,240.58
Principal Collections - Payoffs 4,955,821.83 0.00 0.00 4,955,821.83 470
Principal Withdrawal from Payahead 9,922.13 0.00 0.00 9,922.13
Gross Principal Charge Offs 0.00 0.00 0.00 0.00 0
Repurchases 65,905.66 0.00 0.00 65,905.66 6
Ending Balance 168,645,052.00 97,000,000.00 25,999,057.10 291,644,109.88 22,939
============== ============= ============= ============== ======
Certificate Factor 0.8970482 1.0000000 1.0000000 0.9377653
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
CASH FLOW RECONCILIATION
Principal Wired 8,730,850.63
Interest Wired 3,211,648.96
Withdrawal from Payahead Account 16,905.14
Repurchases (Principal and Interest) 68,227.30
Charge Off Recoveries -878.00
Interest Advances 40,017.23
Certificate Account Interest Earned 36,692.61
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A Principal or Interest 0.00
Total Cash Flow 12,103,463.87
=============
TRUSTEE DISTRIBUTION (10/09/96)
Total Cash Flow 12,103,463.87
Unrecovered Advances on Defaulted Receivables 0.00
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 915,046.77
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 560,181.67
Principal to Class A-1 Certificateholders 8,746,890.20
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 36,455.51
Interest Advance Recoveries from Payments 13,339.78
Unreimbursed draws on Class A's Surety Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety Bond for Class A Principal or Interest 0.00
Deposit to Payahead 69,097.83
Certificate Account Interest to Servicer 36,692.61
Payahead Account Interest to Servicer 258.47
Excess 1,055,631.23
Net Cash 0.00
=============
Monthly Servicing Fee and the Spread Amount 1,878,163.25
=============
Servicing Fee Retained from Interest Collections 250,325.83
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 290,025.42
Trustee Distribution of Excess 1,055,631.23
Interest Earned 881.55
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 1,346,538.20
=============
Required Balance 3,887,488.21
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 14,729,524.58
Reduction Due to Spread Account -1,056,512.78
Reduction Due to Principal Reduction -437,344.51
Ending Balance 13,235,667.29
First Loss Protection Required Amount 13,235,667.29
First Loss Protection Fee % 2.00%
First Loss Protection Fee 22,059.45
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 300,764,499.14
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 300,764,499.14
==============
Adjusted Ending Balance Based Upon Required Balance 292,023,125.96
==============
Required Balance 292,023,125.96
PAYAHEAD RECONCILIATION
Beginning Balance 85,032.37
Deposit 69,097.83
Payahead Interest 258.47
Withdrawal 16,905.14
Ending Balance 137,483.53
==============
</TABLE>
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