SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 - K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the annual fiscal period ended June 30, 1997,
Commission File No. 333-06929-02
UACSC 1996-C AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 35-1937340
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
UAC Securitization
Corporation
250 Shadeland Avenue, Suite 210 A
Indianapolis, Indiana 46219
(address of principal (zip code)
executive offices)
UAC Securitization Corporation
Registrant's telephone number including area code (317) 231-6414
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>
Item 6 of Part II is amended to add the reference to the inclusion of the
Servicer's Certificate Report for the month ending June 30, 1997 and exhibit
99-2 is refiled to correct the ending Balance amount in the Surety Bond
Reconciliation section thereof.
PART II
Item 6. Selected Financial Data.
No financial data is required of UAC Securitization Corporation, as
Registrant (Registration Statement No. 333-06929-02 on form S-3), inasmuch
as the Registration Statement was filed for and on behalf of UACSC 1996-C
Auto Trust and, furthermore, because of UAC Securitization Corporation is
not a guarantor of any of the payments due from the Trust to
Certificateholders.
The regular monthly report form, which the Trustee is required to
include with each monthly distribution of Trust assets to
Certificateholders, sets forth for the prior calendar month, as well as
cumulatively, all of the relevant financial information required by the
applicable pooling and servicing agreement to be reportable to
Certificateholders.
The UAC Securitization Corporation UACSC 1996-C Auto Trust Monthly
Servicer's Certificate Reports for the months ending April 30, 1997, May
31, 1997 and June 30, 1997; Consolidated Monthly Servicer's Certificate
Report, for the period August 31, 1996 through June 30, 1997; and the
December 31, 1996 and 1995 Financial Statements of Capital Markets
Assurance Corporation, the surety bond issuer are incorporated herein by
reference and attached hereto as Exhibits (Exhibit No. 99-1, 99-2 and 99-3,
respectively).
The foregoing presents all relevant financial information relating to
the Trust. Because of the limited business activity of the Trust, the
Selected Financial Data specified in Item 301 of Regulation S-K would not
provide meaningful additional information.
<PAGE>
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Amendment No. 1
to Form 10-K to be signed on its behalf by the undersigned, thereunto duly
authorized Servicer of the UACSC 1996-C Auto Trust, for and on behalf of
UACSC 1996-C Auto Trust. UACSC 1996-C Auto Trust
By: Union Acceptance Corporation, as Servicer
Date: October 1, 1997 By: /s/ Rick A. Brown
-------------------------
Rick A. Brown
Vice President
<PAGE>
EXHIBIT INDEX
No. Description
----- -----------
4 Pooling and Servicing Agreement Respecting
UACSC 1996-C Auto Trust *
UACSC 1996-C Auto Trust Monthly
Servicer's Certificate Reports:
99-1(a) Month Ended April 30, 1997 **
99-1(b) Month Ended May 31, 1997 **
99-1(c) Month Ended June 30, 1997 **
99-2 UACSC 1996-C Auto Trust
Consolidated Monthly Servicer's
Certificate Report Period
08/31/96 Through 06/30/97
99-3 Capital Markets Assurance Corporation Balance Sheet as of
December 31, 1996 and 1995 and the Related Statements of
Income, Stockholders Equity and Cash Flows for each of the
years in the three-year period ended December 31, 1996
(Incorporated by reference from pages F-1 to F-20 of the
Current Report on Form 8-K of the UACSC 1997-C Auto Trust
(File #333-06929, C1K 000100392) as filed on or about September
12, 1997).
* Incorporated by Reference to Exhibit 4 to Form 8-K filed August 20, 1996.
** Previously Filed
99-2
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
YEAR ENDING 6/30/97
<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 38,884,028.54 0.00 0.00 38,884,028.54 0
Principal Collections - Payoffs 41,976,878.46 0.00 0.00 41,976,878.46 4,596
Principal Withdrawal from Payahead 140,537.39 0.00 0.00 140,537.39 0
Gross Principal Charge Offs 7,709,412.72 0.00 0.00 7,709,412.72 563
Repurchases 810,382.45 0.00 0.00 810,382.45 116
Ending Balance 98,478,760.44 97,000,000.00 25,999,057.10 221,477,817.54 18,769
============= ============= ============= ============== ======
Certificate Factor 0.5238232 1.0000000 1.0000000 0.7121495
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 81,355,584.31
Interest Wired 27,457,842.14
Withdrawal from Payahead Account 228,608.31
Repurchases (Principal and Interest) 833,893.39
Charge Off Recoveries 2,746,076.33
Interest Advances 746,459.25
Certificate Account Interest Earned 304,975.41
Spread Account Withdrawal 330,544.30
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 114,003,983.44
==============
TRUSTEE DISTRIBUTION
Total Cash Flow 114,003,983.44
Unrecovered Advances on Defaulted Receivables 224,313.08
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 7,644,486.99
Interest to Class A-2 Certificateholders 5,455,199.17
Interest to Class A-3 Certificateholders 1,489,117.66
Interest to Class I Certificateholders 4,987,705.88
Principal to Class A-1 Certificateholders 89,521,239.56
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 363,078.83
Interest Advance Recoveries from Payments 393,209.04
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 582,662.26
Certificate Account Interest to Servicer 304,975.41
Payahead Account Interest to Servicer 9,928.98
Excess 3,028,066.58
Net Cash 0.00
==============
Monthly Servicing Fee and the Spread Amount 16,129,965.95
==============
Servicing Fee Retained from Interest Collections 2,297,548.86
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 0.00
Trustee Distribution of Excess 3,028,066.59
Interest Earned 93,237.78
Spread Account Draws (330,544.30)
Reimbursement for Prior Spread Account Draws 2,216.32
Distribution of Funds to Servicer 0.00
Ending Balance 2,792,976.39
==============
Required Balance 11,073,890.88
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 15,549,952.85
Reduction Due to Spread Account (2,792,976.39)
Reduction Due to Principal Reduction (4,476,061.98)
Ending Balance 8,280,914.48
==============
First Loss Protection Required Amount 8,280,914.49
First Loss Protection Fee % 2.00%
First Loss Protection Fee 199,359.17
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 219,817,946.30
Adjusted Ending Balance Based Upon Required Balance 219,817,946.30
Required Balance 219,817,946.30
PAYAHEAD RECONCILIATION
Beginning Balance 0.00
Deposit 582,662.26
Payahead Interest 9,928.98
Withdrawal 228,608.31
Ending Balance 363,982.93
==============
</TABLE>
