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Previous: FIRST UNION MASTER CREDIT CARD TRUST, 8-K, 1998-07-31 |
Next: VANGUARD TREASURY FUND, 485APOS, 1998-07-31 |
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): JULY 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/ 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>
MONTHLY SERVICERS CERTIFICATE
SERVICER: NATIONSBANK, N.A.
NATIONSBANK AUTO OWNER TRUST 1996-A
Collection Period June 1998
Determination Date 7/8/98
Deposit Date 7/14/98
Distribution Date 7/15/98
<S> <C> <C>
POOL BALANCE
Pool Balance on the close of the last day 720,718,515.18
of the preceding Collection Period
Less: Collections and Liquidation Proceeds allocable 43,373,347.71
to principal
Purchase Amount allocable to Principal 0.00
Realized Losses 989,659.74
---------------
Pool Balance on the close of the last day 676,355,507.73
of the Collection Period
Collections allocable to Principal received
from Collection Period up to and including
the Second Business Day immediately preceding 7,075,040.15
-------------
the Current Determination Date
Pool Balance as of the Second Business Day
immediately preceding 669,280,467.58
the Current Determination Date
Original Pool Balance 2,136,187,667.91
Pool Factor 31.3306025%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
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 - -
Class A-2 Pool Factor 0.0000000 0.0000000
Class A-3 Note Balance 366,306,087.15 323,367,799.67
Class A-3 Pool Factor 0.8009789 0.7070884
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 10.3466000%
Weighted Average Original Term 61.8
Weighted Average Remaining Term 28.9
</TABLE>
<TABLE>
<CAPTION>
COLLECTIONS
<S> <C> <C>
Interest:
Collections and Liquidation Proceeds allocable to interest 6,391,990.13
Recoveries 294,503.27
Purchase Amount allocable to Interest 0.00
-----------------
Total Interest Collections 6,686,493.40
Advances for the related Distribution Date 916,225.50
Less: Outstanding Advances to be reimbursed 1,117,224.20
-----------------
Available Interest 6,485,494.70
Principal:
Collections and Liquidation Proceeds allocable to Principal (for the Collection Period) 43,373,347.71
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 7,075,040.15
Less: Prior Month Collections allocable to Principal up to and
including the Second Business Day immediately preceding the
Current Determination Date 8,499,760.12
-----------------
Available Principal 41,948,627.74
Available Funds 48,434,122.44
Regular Principal (equals Available Principal plus Realized Losses) 42,938,287.48
REQUIRED DISTRIBUTABLE AMOUNTS
Reimbursement of Outstanding Advances on Defaulted Receivables 48,688.59
Servicing Fee (inc. unpaid amount from prior periods) 600,598.76
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 1,946,001.09
Class A-3 Interest Carryover Shortfall 0.00
-----------------
Total 1,946,001.09
Class A-4 Monthly Interest 966,145.83
Class A-4 Interest Carryover Shortfall 0.00
-----------------
Total 966,145.83
Total Accrued Note Interest 2,912,146.92
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 42,938,287.48
Class A-3 Principal Carryover Shortfall 0.00
-----------------
Total 42,938,287.48
Class A-4 Monthly Principal 0.00
Class A-4 Principal Carryover Shortfall 0.00
-----------------
Total 0.00
Total Noteholders' Principal Payment Amount 42,938,287.48
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 47,468,895.48
Less: Total Available Funds 48,434,122.44
-----------------
Net Available Funds (Shortfall) Excess 965,226.96
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 965,226.96
DISTRIBUTIONS
Deposit to the Collection Account
Available Interest 6,485,494.70
Available Principal 41,948,627.74
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on Defaulted Receivables 48,688.59
b) Servicing Fee 600,598.76
-----------------
Net Deposit to Collection Account 47,784,835.09
Deposit to Note Payment Account
Class A-1 Interest Distribution 0.00
Class A-2 Interest Distribution 0.00
Class A-3 Interest Distribution 1,946,001.09
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 42,938,287.48
Class A-4 Principal Distribution 0.00
-----------------
Total Deposit to Note Payment Account 45,850,434.40
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 965,226.96
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 669,280,467.58 46,849,632.73
-----------------
and,
(b) Specified Interest Reserve Amount (Three months interest 2,907,521.17
-----------------
on the Certificates if Notes are Outstanding) 49,757,153.90
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 669,280,467.58
Specified Reserve Account Balance 49,757,153.90
RESERVE ACCOUNT RECONCILIATION
Beginning Balance (Initial Balance is 2.5% of Original Pool Balance) 52,762,834.02
Deposit from Available Interest and Available Principal 965,226.96
Investment Earnings 225,068.21
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
-----------------
Balance 53,953,129.19
Less: Withdrawal by holder of Contingent Payment Right of Excess
of Reserve Account Balance Over Specified Reserve Account Balance 4,195,975.29
-----------------
Ending Balance 49,757,153.90
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 46,849,632.73
INSTRUCTIONS TO THE TRUSTEE
Amount to be deposited from the Collection Account 45,850,434.40
Amount to be deposited from the Collection Account 969,173.73
into the Note Payment Account
Amount to be deposited from the Collection Account 965,226.96
into the Reserve Account
Amount to be deposited from the Reserve Account to the account of the
holder of the Contingent Payment Right 4,195,975.29
Amount to be deposited from the Reserve Account into the Collection Account 0.00
NET LOSS AND DELINQUENCY ACTIVITY
Realized Losses 989,659.74
Net Loss Ratio (annualized)
For the current Collection Period 1.19%
For the preceding Collection Period 1.49%
For the second preceding Collection Period 1.96%
-----------------
Average Net Loss Ratio (Specified Reserve Account Balance increases if greater than 1.50%) 1.55%
</TABLE>
<TABLE>
<CAPTION>
Delinquency Analysis
<S> <C> <C>
Number of Principal
Loans Balance
---------- -------------
30 to 59 days past due 2142 18,013,148.29
60 to 89 days past due 463 3,892,597.92
90 or more days past due 364 3,185,052.43
---------- -------------
Total 2969 25,090,798.64
Collateral Repossessed and Held by the Trust (included in
above Delinquency Amounts) 242 2,150,431.06
Delinquency Ratio including Repossessions
For the current Collection Period 1.05%
For the preceding Collection Period 0.96%
For the second preceding Collection Period 0.92%
----------
Average Delinquency Ratio (Specified Reserve Account Balance 0.98%
increases if greater than 1.25%)
Loss and Delinquency Trigger Indicator YES
Equity Percentage 32.97%
Repurchased Receivables 0.00
</TABLE>
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