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<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): April 15, 1998
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: 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 March 1998
Determination Date 4/8/98
Deposit Date 4/14/98
Distribution Date 4/15/98
Pool Balance
Pool Balance on the close of the last day of the
preceding Collection Period 861,060,702.39
Less: Collections and Liquidation Proceeds
allocable to Principal 50,647,258.73
Purchase Amount allocable to Principal 0.00
Realized Losses 1,803,750.95
Pool Balance on the close of the last day of the
------------------
Collection Period 808,609,692.71
Collections allocable to Principal received from
Collection Period up to and including the Second
Business Day immediately preceding the Current
Determination Date 8,642,011.97
Pool Balance as of the Second Business Day immediately
----------------
preceding the Current Determination Date 799,967,680.74
Original Pool Balance 2,136,187,667.91
Pool Factor 37.4483803%
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 48,002,821.73 -
Class A-2 Pool Factor 0.0645199 0.0000000
Class A-3 Note Balance 457,323,000.00 454,055,012.83
Class A-3 Pool Factor 1.0000000 0.9928541
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 10.3489000%
Weighted Average Original Term 61.4
Weighted Average Remaining Term 31.3
Collections
Interest:
Collections and Liquidation Proceeds allocable to interest 7,444,099.23
Recoveries 280,664.49
Purchase Amount allocable to Interest 0.00
----------------
Total Interest Collections 7,724,763.72
Advances for the related Distribution Date 1,167,834.02
Less: Outstanding Advances to be reimbursed 1,220,730.15
----------------
Available Interest 7,671,867.59
Principal:
Collections and Liquidation Proceeds allocable to
Principal (for the Collection Period) 50,647,258.73
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 8,642,011.97
Less: Prior Month Collections allocable to
Principal up to and including Second
Business Day immediately preceding the
Current Determination Date 9,822,212.75
-----------------
Available Principal 49,467,057.95
Available Funds 57,138,925.54
Regular Principal (equals Available Principal plus
Realized Losses) 51,270,808.90
Required Distributable Amounts
Reimbursement of Outstanding Advances on Defaulted Receivables 97,918.59
Servicing Fee (inc. unpaid amount from prior periods) 717,550.59
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 245,014.40
Class A-2 Interest Carryover Shortfall 0.00
---------------
Total 245,014.40
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 3,640,688.67
Class A-1 Monthly Principal 0.00
Class A-1 Principal Carryover Shortfall 0.00
------------------
Total 0.00
Class A-2 Monthly Principal 48,002,821.73
Class A-2 Principal Carryover Shortfall 0.00
-----------------
Total 48,002,821.73
Class A-3 Monthly Principal 3,267,987.17
Class A-3 Principal Carryover Shortfall 0.00
----------------
Total 3,267,987.17
Class A-4 Monthly Principal 0.00
Class A-4 Principal Carryover Shortfall 0.00
-----------------
Total 0.00
Total Noteholders' Principal Payment Amount 51,270,808.90
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 56,696,140.48
Less: Total Available Funds 57,138,925.54
----------------
Net Available Funds (Shortfall) Excess 442,785.06
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 442,785.06
Distributions
Deposit to the Collection Account
Available Interest 7,671,867.59
Available Principal 49,467,057.95
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on Defaulted
Receivables 97,918.59
b) Servicing Fee 717,550.59
----------------
Net Deposit to Collection Account 56,323,456.36
Deposit to Note Payment Account
Class A-1 Interest Distribution 0.00
Class A-2 Interest Distribution 245,014.40
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 48,002,821.73
Class A-3 Principal Distribution 3,267,987.17
Class A-4 Principal Distribution 0.00
-----------------
Total Deposit to Note Payment Account 54,911,497.57
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 442,785.06
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 799,967,680.74 55,997,737.65
and, --------------
(b) Specified Interest Reserve Amount
(Three months interest 2,907,521.17
-----------------
on the Certificates if Notes are Outstanding) 58,905,258.82
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 799,967,680.74
Specified Reserve Account Balance 58,905,258.82
Reserve Account Reconciliation
Beginning Balance (Initial Balance is 2.5% of
Original Pool Balance) 58,410,334.35
Deposit from Available Interest and Available Principal 442,785.06
Investment Earnings 250,117.05
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
----------------
Balance 59,103,236.46
Less: Withdrawal by holder of Contingent Payment
Right of Excess of Reserve Account Balance
Over Specified Reserve Account Balance 197,977.64
----------------
Ending Balance 58,905,258.82
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 55,997,737.65
Instructions to the Trustee
Amount to be deposited from the Collection Account
into the Note Payment Account 54,911,497.57
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 442,785.06
Amount to be deposited from the Reserve Account
to the account of the holder of the Contingent
Payment Right 197,977.64
Amount to be deposited from the Reserve Account
into the Collection Account 0.00
Net Loss and Delinquency Activity
Realized Losses 1,803,750.95
Net Loss Ratio (annualized)
For the current Collection Period 2.19%
For the preceding Collection Period 1.72%
For the second preceding Collection Period 2.34%
-----------------
Average Net Loss Ratio (Specified Reserve Account
Balance increases if greater than 1.50%) 2.08%
Delinquency Analysis
Number of Principal
Loans Balance
----------- -------------
30 to 59 days past due 2219 19,816,961.28
60 to 89 days past due 400 3,761,905.72
90 or more days past due 438 4,195,794.00
-----------------------------
Total 3057 27,774,661.00
Collateral Repossessed and Held by the Trust
(included in above Delinquency Amounts) 331 3,251,659.58
Delinquency Ratio including Repossessions
For the current Collection Period 0.98%
For the preceding Collection Period 1.09%
For the second preceding Collection Period 1.18%
----------------
Average Delinquency Ratio (Specified Reserve Account
Balance increases if greater than 1.25%) 1.08%
Loss and Delinquency Trigger Indicator YES
Equity Percentage 28.73%
Repurchased Receivables 0.00
</TABLE>
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