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Previous: LEADING EDGE PACKAGING INC, S-1, 1996-09-27 |
Next: PLYMOUTH COMMERCIAL MORTGAGE FUND, 10-12G, 1996-09-27 |
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 16, 1996
NATIONSBANK AUTO OWNER TRUST 1996-A
(Exact name of registrant as specified in its charter)
United States
of America 333-03557-01 56-6486468
------------- ------------ ----------
(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
NationsBank Auto Owner Trust 1996-A
NationsBank Plaza
NC1-002-21-40
101 South Tryon Street
Charlotte, North Carolina 28255
(704) 386-5000
(Address of principal executive offices)
----------------------------------------
Registrant's telephone number including area code: (704) 386-5000
<PAGE>
Item 5. Other Events
------------
The Registrant hereby incorporates by reference the information
contained in Exhibit 28 hereto in response to this Item 5.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
-----------------------------------------------------------------
(c) Exhibits
99 Monthly Servicers Certificate for NationsBank, N.A.
NationsBank Auto Owner Trust 1996-A
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NATIONSBANK AUTO OWNER TRUST 1996-A
(Registrant)
Dated: September 23, 1996 By: /s/Leslie J. Fitzpatrick
-------------------------
Name: Leslie J. Fitzpatrick
Title: Senior Vice President
(Duly Authorized Officer)
<PAGE>
INDEX TO EXHIBITS
-----------------
Sequentially
Exhibit Numbered
Number Exhibit Pages
- - - ------- ------- ------------
99 Monthly Servicers Certificate for NationsBank, N.A.
1-4 NationsBank Auto OwnerTrust 1996-A
<PAGE>
<TABLE>
Exhibit 99
MONTHLY SERVICERS CERTIFICATE
SERVICER: NATIONSBANK, N.A.
NATIONSBANK AUTO OWNER TRUST 1996-A
Collection Period August 1996
Determination Date 9/9/96
Deposit Date 9/13/96
Distribution Date 9/16/96
<CAPTION>
Pool Balance
Pool Balance on the close of the last day of the preceding
<S> <C>
Collection Period 2,054,688,578.82
Less: Collections and Liquidation Proceeds allocable
to Principal 74,884,411.29
Purchase Amount allocable to Principal 0.00
Realized Losses 186,077.73
-------------------
Pool Balance on the close of the last day of the Collection
Period 1,979,618,089.80
Collections allocable to Principal received from Collection
Period up to and including the Second Business Day
immediately preceding the Current Determination Date 12,084,506.30
-------------------
Pool Balance as of the Second Business Day immediately
preceding the Current Determination Date 1,967,533,583.50
Original Pool Balance 2,136,187,667.91
Pool Factor 92.1049032%
Portfolio Balances and Pool Factors Beginning End
of Period of Period
---------------- ---------------
Class A-1 Note Balance 492,893,665.06 420,297,915.59
Class A-1 Pool Factor 0.8368996 0.7136370
Class A-2 Note Balance 744,000,000.00 744,000,000.00
Class A-2 Pool Factor 1.0000000 1.0000000
Class A-3 Note Balance 457,323,000.00 457,323,000.00
Class A-3 Pool Factor 1.0000000 1.0000000
Class A-4 Note Balance 175,000,000.00 175,000,000.00
Class A-4 Pool Factor 1.0000000 1.0000000
Class B-1 Certificate Balance 96,129,000.00 96,129,000.00
Class B-1 Pool Factor 1.0000000 1.0000000
Class B-2 Certificate Balance 74,783,667.91 74,783,667.91
Class B-2 Pool Factor 1.0000000 1.0000000
Weighted Average Coupon 10.3767000%
Weighted Average Original Term 59.8
Weighted Average Remaining Term 46.9
Collections
Interest:
Collections and Liquidation Proceeds allocable to interest 7,443,459.69
Recoveries 10,321.80
Purchase Amount allocable to Interest 0.00
------------------
Total Interest Collections 17,453,781.49
Advances for the related Distribution Date 2,611,816.46
Less: Outstanding Advances to be reimbursed 2,301,418.45
------------------
Available Interest 17,764,179.50
Principal:
Collections and Liquidation Proceeds allocable to
Principal (for the Collection Period) 74,884,411.29
Purchase Amount allocable to Principal (for the
Collection Period) 0.00
Collections allocable to Principal received up to and
including the Second Business Day immediately preceding
the Current Determination Date 12,084,506.30
Less: Prior Month Collections allocable to Principal
up to and including the Second Business Day immediately
preceding the Current Determination Date 14,559,245.85
-------------------
Available Principal 72,409,671.74
Available Funds 90,173,851.24
Regular Principal (equals Available Principal plus
Realized Losses) 72,595,749.47
Required Distributable Amounts
Reimbursement of Outstanding Advances on Defaulted Receivables 5,016.00
Servicing Fee (inc. unpaid amount from prior periods) 1,712,240.48
Noteholder Amounts
Class A-1 Monthly Interest 2,372,461.51
Class A-1 Interest Carryover Shortfall 0.00
-------------------
Total 2,372,461.51
Class A-2 Monthly Interest 3,797,500.00
Class A-2 Interest Carryover Shortfall 0.00
-------------------
Total 3,797,500.00
Class A-3 Monthly Interest 2,429,528.44
Class A-3 Interest Carryover Shortfall 0.00
-------------------
Total 2,429,528.44
Class A-4 Monthly Interest 966,145.83
Class A-4 Interest Carryover Shortfall 0.00
-------------------
Total 966,145.83
Total Accrued Note Interest 9,565,635.78
Class A-1 Monthly Principal 72,595,749.47
Class A-1 Principal Carryover Shortfall 0.00
------------------
Total 72,595,749.47
Class A-2 Monthly Principal 0.00
Class A-2 Principal Carryover Shortfall 0.00
-------------------
Total 0.00
Class A-3 Monthly Principal 0.00
Class A-3 Principal Carryover Shortfall 0.00
-------------------
Total 0.00
Class A-4 Monthly Principal 0.00
Class A-4 Principal Carryover Shortfall 0.00
-------------------
Total 0.00
Total Noteholders' Principal Payment Amount 72,595,749.47
Certificateholder Amounts
Class B-1 Monthly Interest 540,725.63
Class B-1 Interest Carryover Shortfall 0.00
-------------------
Total 540,725.63
Class B-2 Monthly Interest 428,448.10
Class B-2 Interest Carryover Shortfall 0.00
-------------------
Total 428,448.10
Total Accrued Certificate Interest 969,173.73
Class B-1 Monthly Principal 0.00
Class B-1 Principal Carryover Shortfall 0.00
-------------------
Total 0.00
Class B-2 Monthly Principal 0.00
Class B-2 Principal Carryover Shortfall 0.00
-------------------
Total 0.00
Total Certificateholders' Principal Distribution Amount 0.00
Total required distributable amount 84,847,815.46
Less: Total Available Funds 90,173,851.24
-------------------
Net Available Funds (Shortfall) Excess 5,326,035.78
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 5,326,035.78
Distributions
Deposit to the Collection Account
Available Interest 17,764,179.50
Available Principal 72,409,671.74
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on Defaulted
Receivables 5,016.00
b) Servicing Fee 1,712,240.48
-------------------
Net Deposit to Collection Account 88,456,594.76
Deposit to Note Payment Account
Class A-1 Interest Distribution 2,372,461.51
Class A-2 Interest Distribution 3,797,500.00
Class A-3 Interest Distribution 2,429,528.44
Class A-4 Interest Distribution 966,145.83
Class A-1 Principal Distribution 72,595,749.47
Class A-2 Principal Distribution 0.00
Class A-3 Principal Distribution 0.00
Class A-4 Principal Distribution 0.00
-------------------
Total Deposit to Note Payment Account 82,161,385.25
Deposit to Certificate Distribution Account
Class B-1 Interest Distribution 540,725.63
Class B-2 Interest Distribution 428,448.10
Class B-1 Principal Distribution 0.00
Class B-2 Principal Distribution 0.00
-------------------
Total Deposit to Certificate Distribution Account 969,173.73
Deposit to Reserve Account 5,326,035.78
Specified Reserve Account Balance
Greater of:
(i) Sum of:
(a) Percentage applicable times 4.00%
Pool Balance as of the last day of the prior
Collection Period less Principal collected up
to and including the second Business Day
preceding the most recent Determination Date
1,967,533,583.50 78,701,343.34
----------------
and,
(b) Specified Interest Reserve Amount
(Three months interest 2,907,521.17
-----------------
on the Certificates if Notes are Outstanding) 81,608,864.51
and
(ii) Lesser of:
(a) $26,702,346. 26,702,346.00
and
(b) Aggregate outstanding Note Principal Balance and
Aggregate sum of Certificate Balances 1,967,533,583.50
Specified Reserve Account Balance 81,608,864.51
Reserve Account Reconciliation
Beginning Balance (Initial Balance is 2.5% of Original
Pool Balance) 64,599,995.72
Deposit from Available Interest and Available Principal 5,326,035.78
Investment Earnings 259,210.44
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
------------------
Balance 70,185,241.94
Less: Withdrawal by holder of Contingent Payment Right of Excess
of Reserve Account Balance Over Specified Reserve Account
Balance 0.00
-----------------
Ending Balance 70,185,241.94
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 67,277,720.77
Instructions to the Trustee
Amount to be deposited from the Collection Account into
the Note Payment Account 82,161,385.25
Amount to be deposited from the Collection Account into
the Certificate Distribution Account 969,173.73
Amount to be deposited from the Collection Account into
the Reserve Account 5,326,035.78
Amount to be deposited from the Reserve Account to the
account of the holder of the Contingent Payment Right 0.00
Amount to be deposited from the Reserve Account into
the Collection Account 0.00
Net Loss and Delinquency Activity
Realized Losses 186,077.73
Net Loss Ratio (annualized)
For the current Collection Period 0.10%
For the preceding Collection Period 0.01%
For the second preceding Collection Period N/A
--------------
Average Net Loss Ratio (Specified Reserve Account Balance
increases if greater than 1.50%) 0.06%
Delinquency Analysis
Number of Principal
Loans Balance
--------- --------------
30 to 59 days past due 1928 23,168,926.31
60 to 89 days past due 387 4,794,484.70
90 or more days past due 21 321,208.85
--------- --------------
Total 2336 28,284,619.86
Collateral Repossessed and Held by the Trust
(included in above Delinquency Amounts) 174 2,296,594.01
Delinquency Ratio including Repossessions
For the current Collection Period 0.26%
For the preceding Collection Period 0.03%
For the second preceding Collection Period N/A
----------------
Average Delinquency Ratio (Specified Reserve Account Balance
increases if greater than 1.25%) 0.15%
Loss and Delinquency Trigger Indicator NO
Equity Percentage 12.25%
Repurchased Receivables 0.00
</TABLE>
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