<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): January 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
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
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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: January 28, 1997 By: /s/ Leslie J. Fitzpatrick
--------------------------
Name: Leslie J. Fitzpatrick
Title: Senior Vice President
(Duly Authorized Officer)
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INDEX TO EXHIBITS
-----------------
Sequentially
Exhibit Numbered
Number Exhibit Pages
- - - ------- ----------------------------- --------------
99 Monthly Servicers Certificate for NationsBank, N.A. 1-4
NationsBank Auto Owner Trust 1996-A
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<TABLE>
MONTHLY SERVICERS CERTIFICATE
SERVICER: NATIONSBANK, N.A.
NATIONSBANK AUTO OWNER TRUST 1996-A
<CAPTION>
Collection Period December 1996
Determination Date 1/8/97
Deposit Date 1/14/97
Distribution Date 1/15/97
Pool Balance
Pool Balance on the close of the last day of the preceding
<S> <C>
Collection Period 1,759,418,410.22
Less: Collections and Liquidation Proceeds allocable to
Principal 67,674,788.88
Purchase Amount allocable to Principal 0.00
Realized Losses 1,642,450.64
-----------------
Pool Balance on the close of the last day of the Collection
Period 1,690,101,170.70
Collections allocable to Principal received from Collection
Period up to and including the Second Business Day immediately
preceding the Current Determination Date 11,396,647.70
-----------------
Pool Balance as of the Second Business Day immediately
preceding the Current Determination Date 1,678,704,523.00
Original Pool Balance 2,136,187,667.91
Pool Factor 78.5841314%
Portfolio Balances and Pool Factors Beginning End
of Period of Period
--------------- --------------
Class A-1 Note Balance 197,968,268.17 131,468,855.09
Class A-1 Pool Factor 0.3361365 0.2232251
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 10.3723000%
Weighted Average Original Term 60.1
Weighted Average Remaining Term 43.6
Collections
Interest:
Collections and Liquidation Proceeds allocable to interest 14,917,875.29
Recoveries 17,832.54
Purchase Amount allocable to Interest 0.00
--------------
Total Interest Collections 14,935,707.83
Advances for the related Distribution Date 2,535,061.53
Less: Outstanding Advances to be reimbursed 2,281,438.94
-------------
Available Interest 15,189,330.42
Principal:
Collections and Liquidation Proceeds allocable to Principal
(for the Collection Period) 67,674,788.88
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 11,396,647.70
Less: Prior Month Collections allocable to Principal up
to and including the Second Business Day immediately
preceding the Current Determination Date 14,214,474.14
---------------
Available Principal 64,856,962.44
Available Funds 80,046,292.86
Regular Principal (equals Available Principal plus Realized
Losses) 66,499,413.08
Required Distributable Amounts
Reimbursement of Outstanding Advances on Defaulted Receivables 90,944.44
Servicing Fee (inc. unpaid amount from prior periods) 1,466,182.01
Noteholder Amounts
Class A-1 Monthly Interest 952,887.26
Class A-1 Interest Carryover Shortfall 0.00
----------
Total 952,887.26
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 8,146,061.53
Class A-1 Monthly Principal 66,499,413.08
Class A-1 Principal Carryover Shortfall 0.00
--------------
Total 66,499,413.08
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 66,499,413.08
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 77,171,774.79
Less: Total Available Funds 80,046,292.86
---------------
Net Available Funds (Shortfall) Excess 2,874,518.07
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 2,874,518.07
Distributions
Deposit to the Collection Account
Available Interest 15,189,330.42
Available Principal 64,856,962.44
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on Defaulted
Receivables 90,944.44
b) Servicing Fee 1,466,182.01
----------------
Net Deposit to Collection Account 78,489,166.41
Deposit to Note Payment Account
Class A-1 Interest Distribution 952,887.26
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 66,499,413.08
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 74,645,474.61
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 2,874,518.07
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
1,678,704,523.00 67,148,180.92
----------------
and,
(b) Specified Interest Reserve Amount (Three months interest 2,907,521.17
on the Certificates if Notes are Outstanding) -------------
70,055,702.09
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 1,678,704,523.00
Specified Reserve Account Balance 70,055,702.09
Reserve Account Reconciliation
Beginning Balance (Initial Balance is 2.5% of Original
Pool Balance) 72,715,678.61
Deposit from Available Interest and Available Principal 2,874,518.07
Investment Earnings 316,113.62
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
---------------
Balance 75,906,310.30
Less: Withdrawal by holder of Contingent Payment Right of Excess
of Reserve Account Balance Over Specified Reserve Account
Balance 5,850,608.21
----------------
Ending Balance 70,055,702.09
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 67,148,180.92
Instructions to the Trustee
Amount to be deposited from the Collection Account into the Note
Payment Account 74,645,474.61
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 2,874,518.07
Amount to be deposited from the Reserve Account to the account of the
holder of the Contingent Payment Right 5,850,608.21
Amount to be deposited from the Reserve Account into the Collection
Account 0.00
Net Loss and Delinquency Activity
Realized Losses 1,642,450.64
Net Loss Ratio (annualized)
For the current Collection Period 1.13%
For the preceding Collection Period 1.10%
For the second preceding Collection Period 0.94%
-----------
Average Net Loss Ratio (Specified Reserve Account Balance
increases if greater than 1.50%) 1.06%
Delinquency Analysis
Number of Principal
Loans Balance
--------- ---------
30 to 59 days past due 3020 33,746,336.62
60 to 89 days past due 560 6,223,931.91
90 or more days past due 538 6,334,211.66
-------- ---------
Total 4118 46,304,480.19
Collateral Repossessed and Held by the Trust
(included in above Delinquency Amounts) 448 5,258,575.12
Delinquency Ratio including Repossessions
For the current Collection Period 0.74%
For the preceding Collection Period 0.64%
For the second preceding Collection Period 0.51%
--------
Average Delinquency Ratio (Specified Reserve Account Balance
increases if greater than 1.25%) 0.63%
Loss and Delinquency Trigger Indicator NO
Equity Percentage 14.35%
Repurchased Receivables 0.00
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