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, 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: December 29, 1998 BY: /S/ SUZANNE W. CASTLEBERRY
-----------------------------
NAME: SUZANNE W. CASTLEBERRY
TITLE: 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>
<CAPTION>
Exhibit 99
MONTHLY SERVICERS CERTIFICATE
SERVICER: NATIONSBANK, N.A.
NATIONSBANK AUTO OWNER TRUST 1996-A
<S> <C>
Collection Period November 1998
Determination Date 12/8/98
Deposit Date 12/12/98
Distribution Date 12/15/98
POOL BALANCE
Pool Balance on the close of the last day of the preceding 522,672,188.77
Collection Period
Less: Collections and Liquidation Proceeds allocable to Principal 32,476,256.82
Purchase Amount allocable to Principal -
Realized Losses (see note) 1,748,171.55
-----------------
Pool Balance on the close of the last day of the Collection Period 488,447,760.40
Collections allocable to Principal received from Collection Period up
to and including the Second Business Day immediately
preceding the Current Determination Date 5,965,642.04
-----------------
Pool Balance as of the Second Business Day immediately preceding
the Current Determination Date 482,482,118.36
Original Pool Balance 2,136,187,667.91
Pool Factor 22.5861297%
</TABLE>
<TABLE>
<CAPTION>
Portfolio Balances and Pool Factors
Beginning End
of Period of Period
--------- ---------
<S> <C> <C>
Class A-1 Note Balance - -
Class A-1 Pool Factor 0.0000000 0.0000000
Class A-2 Note Balance - -
Class A-2 Pool Factor 0.0000000 0.0000000
Class A-3 Note Balance 171,759,410.23 136,569,450.45
Class A-3 Pool Factor 0.3755757 0.2986280
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 10.3488000%
Weighted Average Original Term 62.42
Weighted Average Remaining Term 25.01
</TABLE>
<TABLE>
<CAPTION>
COLLECTIONS
<S> <C>
Interest:
Collections and Liquidation Proceeds allocable to interest 4,271,129.40
Recoveries 276,646.54
Purchase Amount allocable to Interest 0.00
--------------
Total Interest Collections 4,547,775.94
Advances for the related Distribution Date 866,839.91
Less: Outstanding Advances to be reimbursed 656,999.13
--------------
Available Interest 4,757,616.72
Principal:
Collections and Liquidation Proceeds allocable to Principal
(for the Collection Period) 32,476,256.82
Purchase Amount allocable to Principal (for the Collection 0.00
Period) Collections allocable to Principal received up to
and including the immediately preceding the Current
Determination Date 5,965,642.04
Less: Prior Month Collections allocable to Principal up to and
including the Second Business Day immediately preceding the
Current Determination Date 5,000,110.63
--------------
Available Principal 33,441,788.23
Available Funds 38,199,404.95
Regular Principal (equals Available Principal plus Realized Losses) 35,189,959.78
REQUIRED DISTRIBUTABLE AMOUNTS
Reimbursement of Outstanding Advances on Defaulted Receivables 61,723.24
Servicing Fee (inc. unpaid amount from prior periods) 435,560.16
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 0.00
Class A-2 Interest Carryover Shortfall 0.00
--------------
Total 0.00
Class A-3 Monthly Interest 912,471.87
Class A-3 Interest Carryover Shortfall 0.00
--------------
Total 912,471.87
Class A-4 Monthly Interest 966,145.83
Class A-4 Interest Carryover Shortfall 0.00
--------------
Total 966,145.83
Total Accrued Note Interest 1,878,617.70
Class A-1 Monthly Principal 0.00
Class A-1 Principal Carryover Shortfall 0.00
--------------
Total 0.00
Class A-2 Monthly Principal 0.00
Class A-2 Principal Carryover Shortfall 0.00
--------------
Total 0.00
Class A-3 Monthly Principal 35,189,959.78
Class A-3 Principal Carryover Shortfall 0.00
--------------
Total 35,189,959.78
Class A-4 Monthly Principal 0.00
Class A-4 Principal Carryover Shortfall 0.00
--------------
Total 0.00
Total Noteholders' Principal Payment Amount 35,189,959.78
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 38,535,034.61
Less: Total Available Funds 38,199,404.95
--------------
Net Available Funds (Shortfall) Excess (335,629.66)
Withdrawal from Reserve Account (If Shortfall) 335,629.66
Deposit to Reserve Account (If Excess) 0
DISTRIBUTIONS
Deposit to the Collection Account
Available Interest 4,757,616.72
Available Principal 33,441,788.23
Withdrawal from Reserve Account 335,629.66
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on
Defaulted Receivables 61,723.24
b) Servicing Fee 435,560.16
--------------
Net Deposit to Collection Account 38,037,751.21
Deposit to Note Payment Account
Class A-1 Interest Distribution 0.00
Class A-2 Interest Distribution 0.00
Class A-3 Interest Distribution 912,471.87
Class A-4 Interest Distribution 966,145.83
Class A-1 Principal Distribution 0.00
Class A-2 Principal Distribution 0.00
Class A-3 Principal Distribution 35,189,959.78
Class A-4 Principal Distribution 0.00
--------------
Total Deposit to Note Payment Account 37,068,577.48
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 0
</TABLE>
<TABLE>
<CAPTION>
SPECIFIED RESERVE ACCOUNT BALANCE
GREATER OF:
<S> <C> <C>
(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 482,482,118.36 33,773,748.29
-----------------
and,
(b) Specified Interest Reserve Amount (Three months 2,907,521.17
-----------------
interest on the Certificates if Notes are Outstanding) 36,681,269.46
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 482,482,118.36
Specified Reserve Account Balance 36,681,269.46
RESERVE ACCOUNT RECONCILIATION
Beginning Balance (Initial Balance is 2.5% of Original Pool
Balance) 26,615,932.08
Deposit from Available Interest and Available Principal 0
Investment Earnings 99,749.89
Less:
Accrued and unpaid Servicing Fees 0
Amounts to be distributed to Securityholders' 335,629.66
-----------------
Balance 26,380,052.31
Less: Withdrawal by holder of Contingent Payment Right of
Excess of Reserve Account Balance Over Specified Reserve
Account Balance 0.00
-----------------
Ending Balance 26,380,052.31
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 23,472,531.14
INSTRUCTIONS TO THE TRUSTEE
Amount to be deposited from the Collection Account into
the NotePayment Account 37,068,577.48
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 0
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 335,629.66
NET LOSS AND DELINQUENCY ACTIVITY
Realized Losses 1,748,171.55
Net Loss Ratio (annualized)
For the current Collection Period 3.49%
For the preceding Collection Period 4.72%
For the second preceding Collection Period 1.48%
-----------------
Average Net Loss Ratio (Specified Reserve Account 3.23%
Balance increases if greater than 1.50%)
Delinquency Analysis
Number of Principal
Loans Balance
---------------- -------------
30 to 59 days past due 2517 18,763,822.37
60 to 89 days past due 704 5,131,285.81
90 or more days past due 322 2,462,457.79
----------------- -------------
Total 3543 26,357,565.97
Collateral Repossessed and Held by the Trust (included in above
Delinquency Amounts) 202 1,567,519.13
Delinquency Ratio including Repossessions
For the current Collection Period 1.55%
For the preceding Collection Period 1.48%
For the second preceding Collection Period 1.58%
-----------------
Average Delinquency Ratio (Specified Reserve Account 1.54%
Balance increases if greater than 1.25%)
Loss and Delinquency Trigger Indicator YES
Equity Percentage 40.89%
Repurchased Receivables 0.00
<FN>
Note: Contemporaneous with the merger of NationsBank Corporation and BankAmerica Corporation,
NationsBank changed the timing of recognition of charge-offs on delinquent automobile loans
in order to standardize its policy. The effect of this change is that delinquent automobile
loans will be charged off at 120 days past due. Recoveries will be realized upon receipt of
liquidation proceeds. The estimated impact of this change is increased charge-offs of
approximately $476,000.00 in November 1998.
</TABLE>
