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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): March 16, 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: March 26, 1998
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 February 1998
Determination Date 3/9/98
Deposit Date 3/13/98
Distribution Date 3/16/98
Pool Balance
Pool Balance on the close of the last day of the preceding
Collection Period 906,153,933.71
Less: Collections and Liquidation Proceeds allocable to
Principal 43,645,833.84
Purchase Amount allocable to Principal 0.00
Realized Losses 1,447,397.48
-----------------
Pool Balance on the close of the last day of the Collection
Period 861,060,702.39
Collections allocable to Principal received from Collection
Period up to and including the Second Business Day
immediately preceding the Current Determination Date 9,822,212.75
-----------------
Pool Balance as of the Second Business Day immediately preceding
the Current Determination Date 851,238,489.64
Original Pool Balance 2,136,187,667.91
Pool Factor 39.8484881%
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 93,924,826.57 48,002,821.73
Class A-2 Pool Factor 0.1262430 0.0645199
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 10.3508000%
Weighted Average Original Term 61.3
Weighted Average Remaining Term 32.2
Collections
Interest:
Collections and Liquidation Proceeds allocable to interest 7,447,805.05
Recoveries 179,489.31
Purchase Amount allocable to Interest 0.00
-----------------
Total Interest Collections 7,627,294.36
Advances for the related Distribution Date 1,501,576.98
Less: Outstanding Advances to be reimbursed 1,159,513.59
-----------------
Available Interest 7,969,357.75
Principal:
Collections and Liquidation Proceeds allocable to Principal
(for the Collection Period) 43,645,833.84
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 9,822,212.75
Less: Prior Month Collections allocable to Principal up
to and including the Second Business Day
immediately preceding the
Current Determination Date 8,993,439.23
-----------------
Available Principal 44,474,607.36
Available Funds 52,443,965.11
Regular Principal (equals Available Principal plus
Realized Losses) 45,922,004.84
Required Distributable Amounts
Reimbursement of Outstanding Advances on Defaulted Receivables 69,564.25
Servicing Fee (inc. unpaid amount from prior periods) 755,128.28
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 479,407.97
Class A-2 Interest Carryover Shortfall 0.00
------------------
Total 479,407.97
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 3,875,082.24
Class A-1 Monthly Principal 0.00
Class A-1 Principal Carryover Shortfall 0.00
-----------------
Total 0.00
Class A-2 Monthly Principal 45,922,004.84
Class A-2 Principal Carryover Shortfall 0.00
-----------------
Total 45,922,004.84
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 45,922,004.84
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 51,590,953.34
Less: Total Available Funds 52,443,965.11
----------------
Net Available Funds (Shortfall) Excess 853,011.77
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 853,011.77
Distributions
Deposit to the Collection Account
Available Interest 7,969,357.75
Available Principal 44,474,607.36
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on
Defaulted Receivables 69,564.25
b) Servicing Fee 755,128.28
-----------------
Net Deposit to Collection Account 51,619,272.58
Deposit to Note Payment Account
Class A-1 Interest Distribution 0.00
Class A-2 Interest Distribution 479,407.97
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 45,922,004.84
Class A-3 Principal Distribution 0.00
Class A-4 Principal Distribution 0.00
-----------------
Total Deposit to Note Payment Account 49,797,087.08
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 853,011.77
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 851,238,489.64 59,586,694.27
---------------
and,
(b) Specified Interest Reserve Amount (Three months
interest 2,907,521.17
-----------------
on the Certificates if Notes are Outstanding) 62,494,215.44
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 851,238,489.64
Specified Reserve Account Balance 62,494,215.44
Reserve Account Reconciliation
Beginning Balance (Initial Balance is 2.5% of Original
Pool Balance) 57,337,504.97
Deposit from Available Interest and Available Principal 853,011.77
Investment Earnings 219,817.61
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
-----------------
Balance 58,410,334.35
Less: Withdrawal by holder of Contingent Payment Right
of Excess of Reserve Account Balance Over
Specified Reserve Account Balance 0.00
-----------------
Ending Balance 58,410,334.35
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 55,502,813.18
Instructions to the Trustee
Amount to be deposited from the Collection Account into
the Note Payment Account 49,797,087.08
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 853,011.77
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 1,447,397.48
Net Loss Ratio (annualized)
For the current Collection Period 1.72%
For the preceding Collection Period 2.34%
For the second preceding Collection Period 2.15%
-----------------
Average Net Loss Ratio (Specified Reserve Account Balance
increases if greater than 1.50%) 2.07%
Delinquency Analysis
Number of Principal
Loans Balance
----- -------
30 to 59 days past due 2332 21,286,506.46
60 to 89 days past due 417 3,804,223.24
90 or more days past due 563 5,578,434.24
-----------------------------
Total 3312 30,669,163.94
Collateral Repossessed and Held by the Trust
(included in above Delinquency Amounts) 409 4,235,663.51
Delinquency Ratio including Repossessions
For the current Collection Period 1.09%
For the preceding Collection Period 1.18%
For the second preceding Collection Period 1.14%
-----------------
Average Delinquency Ratio (Specified Reserve Account Balance
increases if greater than 1.25%) 1.14%
Loss and Delinquency Trigger Indicator YES
Equity Percentage 26.94%
Repurchased Receivables 0.00
</TABLE>
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