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Previous: FULCRUM SEPARATE ACCOUNT OF FIRST ALLMERICA FIN LIFE INS CO, 497, 1997-12-30 |
Next: JAVELIN SYSTEMS INC, 8-K, 1997-12-30 |
<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): December 15, 1997
NATIONSBANK AUTO OWNER TRUST 1996-A
-----------------------------------
(Exact name of registrant as specified in its charter)
United States
of America 333-03557-03 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
<PAGE>
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
<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: 12/23/97 By: \s\ Leslie J. Fitzpatrick
-------------------------
Name: Leslie J. Fitzpatrick
Title: Senior Vice President
NationsBank, N.A.
(Duly Authorized Officer)
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
Number Exhibit
- ------- -------
99 Monthly Servicers Certificate for NationsBank, N.A.
NationsBank Auto Owner Trust 1996-A
<PAGE>
<TABLE>
Exhibit 99
MONTHLY SERVICERS CERTIFICATE
SERVICER: NATIONSBANK, N.A.
NATIONSBANK AUTO OWNER TRUST 1996-A
<CAPTION>
<S> <C> <C>
Collection Period November 1997
Determination Date 12/8/97
Deposit Date 12/12/97
Distribution Date 12/15/97
Pool Balance
Pool Balance on the close of the last day of the preceding
Collection Period 1,054,046,041.06
Less: Collections and Liquidation Proceeds allocable
to Principal 45,666,077.83
Purchase Amount allocable to Principal 0.00
Realized Losses 1,947,273.76
-----------------
Pool Balance on the close of the last day of the Collection
Period 1,006,432,689.47
Collections allocable to Principal received from Collection
Period up to and including the Second Business Day
immediately preceding the Current Determination Date 9,825,779.84
-----------------
Pool Balance as of the Second Business Day immediately
preceding the Current Determination Date 996,606,909.63
Original Pool Balance 2,136,187,667.91
Pool Factor 46.6535279%
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 242,878,719.96 193,371,241.72
Class A-2 Pool Factor 0.3264499 0.2599076
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 10.3565000%
Weighted Average Original Term 61.0
Weighted Average Remaining Term 34.6
Collections
Interest:
Collections and Liquidation Proceeds allocable to interest 8,301,256.06
Recoveries 46,164.57
Purchase Amount allocable to Interest 0.00
-----------------
Total Interest Collections 8,347,420.63
Advances for the related Distribution Date 1,883,614.75
Less: Outstanding Advances to be reimbursed 1,123,351.32
-----------------
Available Interest 9,107,684.06
Principal:
Collections and Liquidation Proceeds allocable to Principal
(for the Collection Period) 45,666,077.83
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 9,825,779.84
Less: Prior Month Collections allocable to Principal
up to and including the Second Business Day
immediately preceding the Current Determination
Date 7,931,653.19
-----------------
Available Principal 47,560,204.48
Available Funds 56,667,888.54
Regular Principal (equals Available Principal plus Realized
Losses) 49,507,478.24
Required Distributable Amounts
Reimbursement of Outstanding Advances on Defaulted Receivables 92,805.04
Servicing Fee (inc. unpaid amount from prior periods) 878,371.70
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 1,239,693.47
Class A-2 Interest Carryover Shortfall 0.00
-----------------
Total 1,239,693.47
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 4,635,367.74
Class A-1 Monthly Principal 0.00
Class A-1 Principal Carryover Shortfall 0.00
-----------------
Total 0.00
Class A-2 Monthly Principal 49,507,478.24
Class A-2 Principal Carryover Shortfall 0.00
-----------------
Total 49,507,478.24
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 49,507,478.24
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 56,083,196.45
Less: Total Available Funds 56,667,888.54
-----------------
Net Available Funds (Shortfall) Excess 584,692.09
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 584,692.09
Distributions
Deposit to the Collection Account
Available Interest 9,107,684.06
Available Principal 47,560,204.48
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on
Defaulted Receivables 92,805.04
b) Servicing Fee 878,371.70
-----------------
Net Deposit to Collection Account 55,696,711.80
Deposit to Note Payment Account
Class A-1 Interest Distribution 0.00
Class A-2 Interest Distribution 1,239,693.47
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 49,507,478.24
Class A-3 Principal Distribution 0.00
Class A-4 Principal Distribution 0.00
------------------
Total Deposit to Note Payment Account 54,142,845.98
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 584,692.09
Specified Reserve Account Balance
Greater of:
(i) Sum of:
(a) Percentage applicable times 7.00%
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 996,606,909.63 69,762,483.67
--------------
and,
(b) Specified Interest Reserve Amount
(Three months interest 2,907,521.17
-----------------
on the Certificates if Notes are Outstanding) 72,670,004.84
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 996,606,909.63
Specified Reserve Account Balance 72,670,004.84
Reserve Account Reconciliation
Beginning Balance (Initial Balance is 2.5% of Original
Pool Balance) 55,041,939.96
Deposit from Available Interest and Available Principal 584,692.09
Investment Earnings 229,330.57
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
-----------------
Balance 55,855,962.62
Less: Withdrawal by holder of Contingent Payment Right of
Excess of Reserve Account Balance Over Specified
Reserve Account Balance 0.00
-----------------
Ending Balance 55,855,962.62
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 52,948,441.45
Instructions to the Trustee
Amount to be deposited from the Collection Account into
the Note Payment Account 54,142,845.98
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 584,692.09
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 1,947,273.76
Net Loss Ratio (annualized)
For the current Collection Period 2.21%
For the preceding Collection Period 2.01%
For the second preceding Collection Period 1.74%
-----------------
Average Net Loss Ratio (Specified Reserve Account Balance
increases if greater than 1.50%) 1.99%
Delinquency Analysis
Number of Principal
Loans Balance
-------- -------------
30 to 59 days past due 2856 26,888,926.88
60 to 89 days past due 537 5,181,570.68
90 or more days past due 533 5,687,369.33
---------------------------------
Total 3926 37,757,866.89
Collateral Repossessed and Held by the Trust
(included in above Delinquency Amounts) 379 4,114,983.54
Delinquency Ratio including Repossessions
For the current Collection Period 1.08%
For the preceding Collection Period 1.00%
For the second preceding Collection Period 0.98%
-----------------
Average Delinquency Ratio (Specified Reserve Account Balance
increases if greater than 1.25%) 1.02%
Loss and Delinquency Trigger Indicator YES
Equity Percentage 22.75%
Repurchased Receivables 0.00
</TABLE>
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