<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): May 15, 1997
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
Transamerica Square
NC1-021-03-07
401 North Tryon Street
Charlotte, North Carolina 28255
(704) 386-5000
(Address of principal executive offices)
----------------------------------------
Registrant's telephone number including area code: (704) 386-5000
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Item 5. Other Events
------------
The Registrant hereby incorporates by reference the information
contained in Exhibit 99 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
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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: May 28, 1997 By: \s\ Leslie J. Fitzpatrick
Name: Leslie J. Fitzpatrick
Title: Senior Vice President
NationsBank, N.A.
(Duly Authorized Officer)
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INDEX TO EXHIBITS
Exhibit
Number Exhibit
- - - ------ -------
99 Monthly Servicers Certificate for NationsBank, N.A.
NationsBank Auto Owner Trust 1996-A
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<TABLE> Exhibit 99
MONTHLY SERVICERS CERTIFICATE
SERVICER: NATIONSBANK, N.A.
NATIONSBANK AUTO OWNER TRUST 1996-A
<CAPTION>
Collection Period April 1997
Determination Date 5/8/97
Deposit Date 5/14/97
Distribution Date 5/15/97
Pool Balance
Pool Balance on the close of the last day of the preceding
<S> <C>
Collection Period 1,485,346,362.95
Less: Collections and Liquidation Proceeds allocable to
Principal 66,017,178.50
Purchase Amount allocable to Principal 0.00
Realized Losses 1,793,252.62
-----------------
Pool Balance on the close of the last day of the
Collection Period 1,417,535,931.83
Collections allocable to Principal received from
Collection Period up to and including the
Second Business Day immediately preceding the
Current Determination Date 12,693,834.19
------------------
Pool Balance as of the Second Business Day immediately
preceding the Current Determination Date 1,404,842,097.64
Original Pool Balance 2,136,187,667.91
Pool Factor 65.7639831%
Portfolio Balances and Pool Factors Beginning End
of Period of Period
------------------------------
Class A-1 Note Balance - -
Class A-1 Pool Factor 0.0000000 0.0000000
Class A-2 Note Balance 670,481,655.46 601,606,429.73
Class A-2 Pool Factor 0.9011850 0.8086108
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 10.3646000%
Weighted Average Original Term 60.4
Weighted Average Remaining Term 40.3
Collections
Interest:
Collections and Liquidation Proceeds allocable to interest 12,483,455.56
Recoveries 174,683.17
Purchase Amount allocable to Interest 0.00
------------------
Total Interest Collections 12,658,138.73
Advances for the related Distribution Date 2,033,398.19
Less: Outstanding Advances to be reimbursed 1,725,161.51
------------------
Available Interest 12,966,375.41
Principal:
Collections and Liquidation Proceeds allocable to Principal
(for the Collection Period) 66,017,178.50
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 12,693,834.19
Less: Prior Month Collections allocable to Principal
up to and including the Second Business Day
immediately preceding the Current Determination Date 11,629,039.58
----------------
Available Principal 67,081,973.11
Available Funds 80,048,348.52
Regular Principal
(equals Available Principal plus Realized Losses) 68,875,225.73
Required Distributable Amounts
Reimbursement of Outstanding Advances on Defaulted Receivables 122,571.87
Servicing Fee (inc. unpaid amount from prior periods) 1,237,788.64
Noteholder Amounts
Class A-1 Monthly Interest 0.00
Class A-1 Interest Carryover Shortfall 0.00
----------------
Total 0.00
Class A-2 Monthly Interest 3,422,250.12
Class A-2 Interest Carryover Shortfall 0.00
----------------
Total 3,422,250.12
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 6,817,924.39
Class A-1 Monthly Principal 0.00
Class A-1 Principal Carryover Shortfall 0.00
----------------
Total 0.00
Class A-2 Monthly Principal 68,875,225.73
Class A-2 Principal Carryover Shortfall 0.00
----------------
Total 68,875,225.73
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 68,875,225.73
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 78,022,684.36
Less: Total Available Funds 80,048,348.52
------------------
Net Available Funds (Shortfall) Excess 2,025,664.16
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 2,025,664.16
Distributions
Deposit to the Collection Account
Available Interest 12,966,375.41
Available Principal 67,081,973.11
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on Defaulted
Receivables 122,571.87
b) Servicing Fee 1,237,788.64
---------------
Net Deposit to Collection Account 78,687,988.01
Deposit to Note Payment Account
Class A-1 Interest Distribution 0.00
Class A-2 Interest Distribution 3,422,250.12
Class A-3 Interest Distribution 2,429,528.44
Class A-4 Interest Distribution 966,145.83
Class A-1 Principal Distribution 0.00
Class A-2 Principal Distribution 68,875,225.73
Class A-3 Principal Distribution 0.00
Class A-4 Principal Distribution 0.00
----------------
Total Deposit to Note Payment Account 75,693,150.12
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 2,025,664.16
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 1,404,842,097.64 56,193,683.91
--------------------
and,
(b) Specified Interest Reserve Amount
(Three months interest 2,907,521.17
---------------
on the Certificates if Notes are Outstanding) 59,101,205.08
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 1,404,842,097.64
Specified Reserve Account Balance 59,101,205.08
Reserve Account Reconciliation
Beginning Balance
(Initial Balance is 2.5% of Original Pool Balance) 61,856,214.10
Deposit from Available Interest and Available Principal 2,025,664.16
Investment Earnings 264,003.23
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
---------------
Balance 64,145,881.49
Less: Withdrawal by holder of Contingent Payment Right
of Excess of Reserve Account Balance
Over Specified Reserve Account Balance 5,044,676.41
--------------
Ending Balance 59,101,205.08
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 56,193,683.91
Instructions to the Trustee
Amount to be deposited from the Collection Account
into the Note Payment Account 75,693,150.12
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 2,025,664.16
Amount to be deposited from the Reserve Account to the
account of the holder of the Contingent Payment Right 5,044,676.41
Amount to be deposited from the Reserve Account into the
Collection Account 0.00
Net Loss and Delinquency Activity
Realized Losses 1,793,252.62
Net Loss Ratio (annualized)
For the current Collection Period 1.34%
For the preceding Collection Period 1.36%
For the second preceding Collection Period 1.56%
---------------
Average Net Loss Ratio (Specified Reserve Account Balance
increases if greater than 1.50%) 1.42%
Delinquency Analysis
Number of Principal
Loans Balance
------- ---------
30 to 59 days past due 2337 24,857,705.52
60 to 89 days past due 436 5,124,300.17
90 or more days past due 484 5,744,533.61
------------------------------------
Total 3257 35,726,539.30
Collateral Repossessed and Held by the Trust
(included in above Delinquency Amounts) 393 4,714,435.68
Delinquency Ratio including Repossessions
For the current Collection Period 0.77%
For the preceding Collection Period 0.72%
For the second preceding Collection Period 0.76%
-----------------
Average Delinquency Ratio
(Specified Reserve Account Balance increases if greater than 1.25%) 0.75%
Loss and Delinquency Trigger Indicator NO
Equity Percentage 16.37%
Repurchased Receivables 0.00
</TABLE>
