<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): February 18, 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: February 21, 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 January 1997
Determination Date 2/10/97
Deposit Date 2/14/97
Distribution Date 2/18/97
Pool Balance
Pool Balance on the close of the last day of the preceding
<S> <C>
Collection Period 1,690,101,170.70
Less: Collections and Liquidation Proceeds allocable to
Principal 66,215,012.07
Purchase Amount allocable to Principal 0.00
Realized Losses 2,166,398.09
-----------------
Pool Balance on the close of the last day of the
Collection Period 1,621,719,760.54
Collections allocable to Principal received from
Collection Period up to and including the Second Business
Day immediately preceding the Current Determination Date 13,224,982.98
-----------------
Pool Balance as of the Second Business Day immediately
preceding the Current Determination Date 1,608,494,777.56
Original Pool Balance 2,136,187,667.91
Pool Factor 75.2974470%
Portfolio Balances and Pool Factors Beginning End
of Period of Period
-------------- ------------
Class A-1 Note Balance 131,468,855.09 61,259,109.65
Class A-1 Pool Factor 0.2232251 0.1040138
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 10.3713000%
Weighted Average Original Term 60.1
Weighted Average Remaining Term 42.7
Collections
Interest:
Collections and Liquidation Proceeds allocable to interest 14,998,742.05
Recoveries 149,149.14
Purchase Amount allocable to Interest 0.00
--------------
Total Interest Collections 15,147,891.19
Advances for the related Distribution Date 2,175,231.51
Less: Outstanding Advances to be reimbursed 2,606,912.67
--------------
Available Interest 14,716,210.03
Principal:
Collections and Liquidation Proceeds allocable to Principal
(for the Collection Period) 66,215,012.07
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 13,224,982.98
Less: Prior Month Collections allocable to Principal up
to and including the Second Business Day immediately
preceding the Current Determination Date 11,396,647.70
---------------
Available Principal 68,043,347.35
Available Funds 82,759,557.38
Regular Principal (equals Available Principal plus
Realized Losses) 70,209,745.44
Required Distributable Amounts
Reimbursement of Outstanding Advances on Defaulted Receivables 121,991.30
Servicing Fee (inc. unpaid amount from prior periods) 1,408,417.64
Noteholder Amounts
Class A-1 Monthly Interest 632,803.42
Class A-1 Interest Carryover Shortfall 0.00
-------------
Total 632,803.42
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 7,825,977.69
Class A-1 Monthly Principal 70,209,745.44
Class A-1 Principal Carryover Shortfall 0.00
-------------
Total 70,209,745.44
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 70,209,745.44
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 80,535,305.80
Less: Total Available Funds 82,759,557.38
----------------
Net Available Funds (Shortfall) Excess 2,224,251.58
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 2,224,251.58
Distributions
Deposit to the Collection Account
Available Interest 14,716,210.03
Available Principal 68,043,347.35
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on Defaulted
Receivables 121,991.30
b) Servicing Fee 1,408,417.64
----------------
Net Deposit to Collection Account 81,229,148.44
Deposit to Note Payment Account
Class A-1 Interest Distribution 632,803.42
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 70,209,745.44
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 78,035,723.13
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 2,224,251.58
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 1,608,494,777.56 64,339,791.10
and, ----------------
(b) Specified Interest Reserve Amount (Three months interest 2,907,521.17
on the Certificates if Notes are Outstanding) -------------
67,247,312.27
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 1,608,494,777.56
Specified Reserve Account Balance 67,247,312.27
Reserve Account Reconciliation
Beginning Balance (Initial Balance is 2.5% of Original
Pool Balance) 70,055,702.09
Deposit from Available Interest and Available Principal 2,224,251.58
Investment Earnings 294,281.53
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
----------
Balance 72,574,235.20
Less: Withdrawal by holder of Contingent Payment Right of Excess
of Reserve Account Balance Over Specified Reserve Account
Balance 5,326,922.93
---------------
Ending Balance 67,247,312.27
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 64,339,791.10
Instructions to the Trustee
Amount to be deposited from the Collection Account into the Note
Payment Account 78,035,723.13
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 2,224,251.58
Amount to be deposited from the Reserve Account to the
account of the holder of the Contingent Payment Right 5,326,922.93
Amount to be deposited from the Reserve Account into the
Collection Account 0.00
Net Loss and Delinquency Activity
Realized Losses 2,166,398.09
Net Loss Ratio (annualized)
For the current Collection Period 1.46%
For the preceding Collection Period 1.13%
For the second preceding Collection Period 1.10%
Average Net Loss Ratio (Specified Reserve Account Balance
increases if greater than 1.50%) 1.23%
Delinquency Analysis
Number of Principal
Loans Balance
----------- --------------
30 to 59 days past due 2772 30,804,135.58
60 to 89 days past due 623 7,113,525.87
90 or more days past due 585 6,541,171.20
-----------------------------
Total 3980 44,458,832.65
Collateral Repossessed and Held by the Trust (included in
above Delinquency Amounts) 501 5,733,310.66
Delinquency Ratio including Repossessions
For the current Collection Period 0.84%
For the preceding Collection Period 0.74%
For the second preceding Collection Period 0.64%
----------
Average Delinquency Ratio (Specified Reserve Account
Balance increases if greater than 1.25%) 0.74%
Loss and Delinquency Trigger Indicator NO
Equity Percentage 14.81%
Repurchased Receivables 0.00
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