|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, 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. 333-06929-02
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.
333-06929-01 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 October 31, 1996, November 30, 1996, and December
31, 1996, 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 October 31, 1996
Exhibit 99-2 Servicer's Certificate Report of November 30, 1996
Exhibit 99-3 Servicer's Certificate Report of December 31, 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
Vice President, Treasurer
and Chief Financial Officer
Date: February 12, 1997
Exhibit 99-1
<TABLE>
<CAPTION>
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 10/31/96
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 168,645,052.78 97,000,000.00 25,999,057.10 291,644,109.88 22,939
Principal Collections -
Scheduled Payments 3,809,387.97 0.00 0.00 3,809,387.97
Principal Collections - Payoffs 4,154,006.82 0.00 0.00 4,154,006.82 431
Principal Withdrawal from Payahead 13,958.52 0.00 0.00 13,958.52
Gross Principal Charge Offs 127,529.25 0.00 0.00 127,529.25 10
Repurchases 81,762.43 0.00 0.00 81,762.43 11
Ending Balance 160,458,407.79 97,000,000.00 25,999,057.10 283,457,464.89 22,487
============== ============= ============= ==============
Certificate Factor 0.8535022 1.0000000 1.0000000 0.9114416
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
CASH FLOW RECONCILIATION
Principal Wired 7,998,809.58
Interest Wired 2,902,358.84
Withdrawal from Payahead Account 22,560.94
Repurchases (Principal and Interest) 84,635.08
Charge Off Recoveries 2,575.36
Interest Advances 48,990.42
Certificate Account Interest Earned 32,913.38
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 11,092,843.60
=============
TRUSTEE DISTRIBUTION (11/08/96)
Total Cash Flow 11,092,843.60
Unrecovered Advances on
Defaulted Receivables 1,425.46
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 869,927.40
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 540,136.71
Principal to Class A-1 Certificateholders 8,186,644.99
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 36,613.26
Interest Advance Recoveries from Payments 19,225.64
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 41,859.42
Certificate Account Interest to Servicer 32,913.38
Payahead Account Interest to Servicer 557.23
Excess 693,670.33
Net Cash 0.00
=============
Monthly Servicing Fee and the Spread Amount 1,607,702.03
=============
Servicing Fee Retained
from Interest Collections 243,036.76
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 1,346,538.20
Trustee Distribution of Excess 693,670.33
Interest Earned 4,828.94
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,045,037.47
=============
Required Balance 3,887,488.21
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 13,235,667.29
Reduction Due to Spread Account (698,499.27)
Reduction Due to Principal Reduction (409,332.25)
Ending Balance 12,127,835.78
=============
First Loss Protection Required Amount 12,127,835.78
First Loss Protection Fee % 2.00%
First Loss Protection Fee 20,886.83
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 292,023,125.96
Draws 0.00
Reimbursement of Prior Draws 0.00
=============
Ending Balance 292,023,125.96
Adjusted Ending Balance Based
Upon Required Balance 283,065,528.29
==============
Required Balance 283,065,528.29
PAYAHEAD RECONCILIATION
Beginning Balance 137,483.53
Deposit 41,859.42
Payahead Interest 557.23
Withdrawal 22,560.94
Ending Balance 157,339.24
=============
</TABLE>
Exhibit 99-2
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 11/30/96
<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 160,458,407.79 97,000,000.00 25,999,057.10 283,457,464.89 22,487
Principal Collections -
Scheduled Payments 3,356,295.41 0.00 0.00 3,356,295.41
Principal Collections - Payoffs 3,429,713.55 0.00 0.00 3,429,713.55 367
Principal Withdrawal from Payahead 12,196.39 0.00 0.00 12,196.39
Gross Principal Charge Offs 432,365.11 0.00 0.00 432,365.11 34
Repurchases 98,783.85 0.00 0.00 98,783.85 11
Ending Balance 153,129,053.48 97,000,000.00 25,999,057.10 276,128,110.58 22,075
============== ============= ============= ============== ======
Certificate Factor 0.8145162 1.0000000 1.0000000 0.8878744
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
CASH FLOW RECONCILIATION
Principal Wired 6,812,693.22
Interest Wired 2,688,217.02
Withdrawal from Payahead Account 21,054.85
Repurchases (Principal and Interest) 101,505.66
Charge Off Recoveries 233.22
Interest Advances 63,091.73
Certificate Account Interest Earned 27,089.91
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 9,713,885.61
============
TRUSTEE DISTRIBUTION (12/10/96)
Total Cash Flow 9,713,885.61
Unrecovered Advances on
Defaulted Receivables 12,947.12
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 827,697.95
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 521,375.65
Principal to Class A-1 Certificateholders 7,329,354.31
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 34,516.01
Interest Advance Recoveries from Payments 26,222.40
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 35,102.72
Certificate Account Interest to Servicer 27,089.91
Payahead Account Interest to Servicer 665.46
Excess 229,044.29
Net Cash (0.00)
============
Monthly Servicing Fee and the Spread Amount 1,429,902.09
============
Servicing Fee Retained from
Interest Collections 236,214.55
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,045,037.47
Trustee Distribution of Excess 229,044.29
Interest Earned 8,199.41
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,282,281.17
============
Required Balance 3,887,488.21
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 12,127,835.78
Reduction Due to Spread Account (237,243.70)
Reduction Due to Principal Reduction (366,467.72)
Ending Balance 11,524,124.36
First Loss Protection Required Amount 11,524,124.36
First Loss Protection Fee % 2.00%
First Loss Protection Fee 19,206.87
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 283,065,528.29
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 283,065,528.29
==============
Adjusted Ending Balance Based
Upon Required Balance 275,431,117.57
Required Balance 275,431,117.57
PAYAHEAD RECONCILIATION
Beginning Balance 157,339.24
Deposit 35,102.72
Payahead Interest 665.46
Withdrawal 21,054.85
Ending Balance 172,052.57
==============
</TABLE>
Exhibit 99-3
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 12/31/96
<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 153,129,053.48 97,000,000.00 25,999,057.10 276,128,110.58 22,075
Principal Collections -
Scheduled Payments 3,762,967.46 0.00 0.00 3,762,967.46
Principal Collections - Payoffs 3,433,657.08 0.00 0.00 3,433,657.08 372
Principal Withdrawal from Payahead 11,145.75 0.00 0.00 11,145.75
Gross Principal Charge Offs 614,832.62 0.00 0.00 614,832.62 47
Repurchases 56,069.00 0.00 0.00 56,069.00 9
Ending Balance 145,250,381.57 97,000,000.00 25,999,057.10 268,249,438.67 21,647
=============== ============== ============= ============== ======
Certificate Factor 0.7726084 1.0000000 1.0000000 0.8625410
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
CASH FLOW RECONCILIATION
Principal Wired 7,257,162.72
Interest Wired 2,823,869.17
Withdrawal from Payahead Account 18,790.86
Repurchases (Principal and Interest) 56,836.05
Charge Off Recoveries 142,325.81
Interest Advances 64,336.91
Certificate Account Interest Earned 31,988.95
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 10,395,310.47
=============
TRUSTEE DISTRIBUTION (1/08/97)
Total Cash Flow 10,395,310.47
Unrecovered Advances on
Defaulted Receivables 18,585.68
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 789,890.70
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 504,579.21
Principal to Class A-1 Certificateholders 7,878,671.91
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 34,648.89
Interest Advance Recoveries from Payments 35,220.85
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 76,308.51
Certificate Account Interest to Servicer 31,988.95
Payahead Account Interest to Servicer 712.97
Excess 354,833.01
Net Cash 0.00
=============
Monthly Servicing Fee and the Spread Amount 1,598,090.47
=============
Servicing Fee Retained from Interest Collections 230,106.76
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,282,281.17
Trustee Distribution of Excess 354,833.01
Interest Earned 8,965.72
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,646,079.90
=============
Required Balance 3,887,488.21
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 11,524,124.36
Reduction Due to Spread Account (363,798.73)
Reduction Due to Principal Reduction (393,933.60)
Ending Balance 10,766,392.03
=============
First Loss Protection Required Amount 10,766,392.03
First Loss Protection Fee % 2.00%
First Loss Protection Fee 18,542.12
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 275,431,117.57
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 275,431,117.57
==============
Adjusted Ending Balance Based
Upon Required Balance 267,127,935.43
Required Balance 267,127,935.43
PAYAHEAD RECONCILIATION
Beginning Balance 172,052.57
Deposit 76,308.51
Payahead Interest 712.97
Withdrawal 18,790.86
Ending Balance 230,283.19
==============
</TABLE>
|
|