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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 March 31, 1997
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. 333-06929-02
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.
333-06929-02 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 January 31, 1997, February 28, 1997, and March 31,
1997, are included herewith, as exhibits 99-1, 99-2, and 99-3, 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 January 31, 1997 Exhibit
99-2 Servicer's Certificate Report of February 28, 1997 Exhibit 99-3
Servicer's Certificate Report of March 31, 1997
<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
Vice President, Treasurer
and Chief Financial Officer
Date: May 13, 1997
<PAGE>
Exhibit 99-1
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 1/31/97
<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 145,250,381.57 97,000,000.00 25,999,057.10 268,249,438.67 21,647
Principal Collections - Scheduled Payments 3,491,039.90 0.00 0.00 3,491,039.90
Principal Collections - Payoffs 2,634,567.70 0.00 0.00 2,634,567.70 299
Principal Withdrawal from Payahead 16,611.09 0.00 0.00 16,611.09
Gross Principal Charge Offs 1,090,875.20 0.00 0.00 1,090,875.20 81
Repurchases 78,241.16 0.00 0.00 78,241.16 13
-------------- ------------- ------------- -------------- ------
Ending Balance 137,939,046.52 97,000,000.00 25,999,057.10 260,938,103.62 21,254
============== ============= ============= ============== ======
Certificate Factor 0.7337183 1.0000000 1.0000000 0.8390318
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
CASH FLOW RECONCILIATION
Principal Wired 6,158,608.95
Interest Wired 2,706,029.29
Withdrawal from Payahead Account 28,218.81
Repurchases (Principal and Interest) 79,492.31
Charge Off Recoveries 315,498.44
Interest Advances 71,726.83
Certificate Account Interest Earned 26,325.25
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 9,385,899.88
============
TRUSTEE DISTRIBUTION (2/10/97)
Total Cash Flow 9,385,899.88
Unrecovered Advances on Defaulted Receivables 33,901.09
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 749,249.88
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 486,523.92
Principal to Class A-1 Certificateholders 7,311,335.05
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 33,704.51
Interest Advance Recoveries from Payments 29,820.42
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 46,364.12
Certificate Account Interest to Servicer 26,325.25
Payahead Account Interest to Servicer 1,022.17
Excess (2,216.32)
Net Cash 0.00
============
Monthly Servicing Fee and the
Spread Amount 1,515,225.32
============
Servicing Fee Retained from
Interest Collections 223,541.20
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,646,079.90
Trustee Distribution of Excess (2,216.32)
Interest Earned 11,546.42
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,655,410.00
==============
Required Balance 3,887,488.21
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 10,766,392.03
Reduction Due to Spread Account (9,330.10)
Reduction Due to Principal Reduction (365,566.75)
Ending Balance 10,391,495.18
==============
First Loss Protection Required Amount 10,391,495.18
First Loss Protection Fee % 2.00%
First Loss Protection Fee 17,896.46
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 267,127,935.43
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 267,127,935.43
Adjusted Ending Balance Based
Upon Required Balance 259,742,008.61
Required Balance 259,742,008.61
PAYAHEAD RECONCILIATION
Beginning Balance 230,283.19
Deposit 46,364.12
Payahead Interest 1,022.17
Withdrawal 28,218.81
Ending Balance 249,450.67
==============
</TABLE>
<PAGE>
Exhibit 99-2
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 2/28/97
<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 137,939,046.52 97,000,000.00 25,999,057.10 260,938,103.62 21,254
Principal Collections - Scheduled Payments 3,513,355.91 0.00 0.00 3,513,355.91
Principal Collections - Payoffs 3,561,262.85 0.00 0.00 3,561,262.85 400
Principal Withdrawal from Payahead 17,954.79 0.00 0.00 17,954.79
Gross Principal Charge Offs 1,475,960.84 0.00 0.00 1,475,960.84 102
Repurchases 26,386.85 0.00 0.00 26,386.85 7
Ending Balance 129,344,125.28 97,000,000.00 25,999,057.10 252,343,182.38 20,745
============== ============= ============= ============== ======
Certificate Factor 0.6880007 1.0000000 1.0000000 0.8113953
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
CASH FLOW RECONCILIATION
Principal Wired 7,129,306.48
Interest Wired 2,485,629.59
Withdrawal from Payahead Account 29,388.78
Repurchases (Principal and Interest) 26,835.89
Charge Off Recoveries 480,316.60
Interest Advances 92,182.05
Certificate Account Interest Earned 22,384.02
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 10,596,587.71
=============
TRUSTEE DISTRIBUTION (3/10/97)
Total Cash Flow 10,596,587.71
Unrecovered Advances on Defaulted Receivables 42,430.91
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 711,535.58
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 469,768.78
Principal to Class A-1 Certificateholders 8,594,921.24
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 29,440.04
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 55,254.43
Certificate Account Interest to Servicer 22,384.02
Payahead Account Interest to Servicer 982.92
Excess (0.00)
Net Cash 0.00
=============
Monthly Servicing Fee and the Spread Amount 1,327,281.86
=============
Servicing Fee Retained from Interest Collections 217,448.42
</TABLE>
<PAGE>
SPREAD ACCOUNT RECONCILIATION
<TABLE>
<CAPTION>
<S> <C>
Original Balance 0.00
Beginning Balance 2,655,410.00
Trustee Distribution of Excess (0.00)
Interest Earned 11,720.26
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 2,216.32
Distribution of Funds to Servicer 0.00
Ending Balance 2,669,346.58
=============
Required Balance 3,887,488.21
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 10,391,495.18
Reduction Due to Spread Account (13,936.58)
Reduction Due to Principal Reduction (429,746.06)
Ending Balance 9,947,812.54
=============
First Loss Protection Required Amount 9,947,812.54
First Loss Protection Fee % 2.00%
First Loss Protection Fee 15,474.38
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 259,742,008.61
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 259,742,008.61
==============
Adjusted Ending Balance Based
Upon Required Balance 251,072,588.58
==============
Required Balance 251,072,588.58
PAYAHEAD RECONCILIATION
Beginning Balance 249,450.67
Deposit 55,254.43
Payahead Interest 982.92
Withdrawal 29,388.78
Ending Balance 276,299.24
INTEREST ADVANCES 1/97 27,604.10
==============
TO BE RECOVERED 2/97 36,671.20
==============
</TABLE>
<PAGE>
Exhibit 99-3
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 3/31/97
<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 129,344,125.28 97,000,000.00 25,999,057.10 252,343,182.38 20,745
Principal Collections - Scheduled Payments 3,800,857.78 0.00 0.00 3,800,857.78
Principal Collections - Payoffs 3,260,714.30 0.00 0.00 3,260,714.30 399
Principal Withdrawal from Payahead 13,489.57 0.00 0.00 13,489.57
Gross Principal Charge Offs 942,137.73 0.00 0.00 942,137.73 72
Repurchases 57,832.24 0.00 0.00 57,832.24 11
Ending Balance 121,269,093.66 97,000,000.00 25,999,057.10 244,268,150.76 20,263
============== ============= ============= ============== ======
Certificate Factor 0.6450484 1.0000000 1.0000000 0.7854305
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
CASH FLOW RECONCILIATION
Principal Wired 7,124,743.22
Interest Wired 2,543,728.25
Withdrawal from Payahead Account 20,947.99
Repurchases (Principal and Interest) 60,306.83
Charge Off Recoveries 548,172.43
Interest Advances 76,367.64
Certificate Account Interest Earned 28,436.33
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 10,402,702.69
=============
TRUSTEE DISTRIBUTION (4/09/97)
Total Cash Flow 10,402,702.69
Unrecovered Advances on Defaulted Receivables 28,347.41
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 667,200.11
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 450,072.08
Principal to Class A-1 Certificateholders 8,075,031.62
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 31,551.30
Interest Advance Recoveries from Payments 123,724.24
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 71,008.89
Certificate Account Interest to Servicer 28,436.33
Payahead Account Interest to Servicer 1,211.96
Excess 256,248.96
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,423,534.81
============
Servicing Fee Retained from Interest Collections 210,285.99
</TABLE>
<PAGE>
SPREAD ACCOUNT RECONCILIATION
<TABLE>
<CAPTION>
<S> <C>
Original Balance 0.00
Beginning Balance 2,669,346.58
Trustee Distribution of Excess 256,248.96
Interest Earned 10,827.81
Spread Account Draws (330,544.30)
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,605,879.05
Required Balance 12,213,407.54
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 9,947,812.54
Reduction Due to Spread Account 63,467.53
Reduction Due to Principal Reduction (403,751.58)
Ending Balance 9,607,528.49
First Loss Protection Required Amount 9,607,528.49
First Loss Protection Fee % 2.00%
First Loss Protection Fee 16,546.30
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 251,072,588.58
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 251,072,588.58
Adjusted Ending Balance Based Upon Required Balance 242,989,830.70
Required Balance 242,989,830.70
PAYAHEAD RECONCILIATION
Beginning Balance 276,299.24
Deposit 71,008.89
Payahead Interest 1,211.96
Withdrawal 20,947.99
Ending Balance 327,572.10
==============
</TABLE>
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