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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): JANUARY 15, 1999
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: JANUARY 28, 1999 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 December 1998
Determination Date 01/08/1999
Deposit Date 01/14/1999
Distribution Date 01/15/1999
POOL BALANCE
Pool Balance on the close of the last day of the preceding 488,447,760.40
Collection Period
Less: Collections and Liquidation Proceeds allocable to Principal 31,420,671.33
Purchase Amount allocable to Principal 0.00
Realized Losses (see note) 698,879.88
-----------------
Pool Balance on the close of the last day of the Collection Period 456,328,209.19
Collections allocable to Principal received from Collection Period up
to and including the Second Business Day immediately
preceding the Current Determination Date 4,211,062.41
-----------------
Pool Balance as of the Second Business Day immediately preceding
the Current Determination Date 452,117,146.78
Original Pool Balance 2,136,187,667.91
Pool Factor 21.1646736%
</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 136,569,450.45 106,204,478.87
Class A-3 Pool Factor 0.2986280 0.2322308
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 10.3504000%
Weighted Average Original Term 62.56
Weighted Average Remaining Term 24.25
</TABLE>
<TABLE>
<CAPTION>
COLLECTIONS
<S> <C>
Interest:
Collections and Liquidation Proceeds allocable to interest 4,105,233.65
Recoveries 295,576.66
Purchase Amount allocable to Interest 0.00
-------------
Total Interest Collections 4,400,810.31
Advances for the related Distribution Date 810,958.18
Less: Outstanding Advances to be reimbursed 718,057.31
-------------
Available Interest 4,493,711.18
Principal:
Collections and Liquidation Proceeds allocable to Principal
(for the Collection Period) 31,420,671.33
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 4,211,062.41
Less: Prior Month Collections allocable to Principal up to and
including the Second Business Day immediately preceding the
Current Determination Date 5,965,642.04
-------------
Available Principal 29,666,091.70
Available Funds 34,159,802.88
Regular Principal (equals Available Principal plus Realized Losses) 30,364,971.58
REQUIRED DISTRIBUTABLE AMOUNTS
Reimbursement of Outstanding Advances on Defaulted Receivables 30,972.69
Servicing Fee (inc. unpaid amount from prior periods) 407,039.80
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 725,525.21
Class A-3 Interest Carryover Shortfall 0.00
-------------
Total 725,525.21
Class A-4 Monthly Interest 966,145.83
Class A-4 Interest Carryover Shortfall 0.00
-------------
Total 966,145.83
Total Accrued Note Interest 1,691,671.04
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 30,364,971.58
Class A-3 Principal Carryover Shortfall 0.00
-------------
Total 30,364,971.58
Class A-4 Monthly Principal 0.00
Class A-4 Principal Carryover Shortfall 0.00
-------------
Total 0.00
Total Noteholders' Principal Payment Amount 30,364,971.58
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 33,463,828.84
Less: Total Available Funds 34,159,802.88
-------------
Net Available Funds (Shortfall) Excess 695,974.04
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 695,974.04
DISTRIBUTIONS
Deposit to the Collection Account
Available Interest 4,493,711.18
Available Principal 29,666,091.70
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on
Defaulted Receivables 30,972.69
b) Servicing Fee 407,039.80
-------------
Net Deposit to Collection Account 33,721,790.39
Deposit to Note Payment Account
Class A-1 Interest Distribution 0.00
Class A-2 Interest Distribution 0.00
Class A-3 Interest Distribution 725,525.21
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 30,364,971.58
Class A-4 Principal Distribution 0.00
-------------
Total Deposit to Note Payment Account 32,056,642.62
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 695,974.04
</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 452,117,146.78 31,648,200.27
---------------
and,
(b) Specified Interest Reserve Amount (Three months 2,907,521.17
---------------
interest on the Certificates if Notes are Outstanding) 34,555,721.44
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 452,117,146.78
Specified Reserve Account Balance 34,555,721.44
RESERVE ACCOUNT RECONCILIATION
Beginning Balance (Initial Balance is 2.5% of Original Pool
Balance) 26,380,052.31
Deposit from Available Interest and Available Principal 695,974.04
Investment Earnings 105,490.86
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
---------------
Balance 27,181,517.21
Less: Withdrawal by holder of Contingent Payment Right of
Excess of Reserve Account Balance Over Specified Reserve
Account Balance 0.00
---------------
Ending Balance 27,181,517.21
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 24,273,996.04
INSTRUCTIONS TO THE TRUSTEE
Amount to be deposited from the Collection Account into
the NotePayment Account 32,056,642.62
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 695,974.04
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 698,879.88
Net Loss Ratio (annualized)
For the current Collection Period 1.02%
For the preceding Collection Period 3.49%
For the second preceding Collection Period 4.72%
---------------
Average Net Loss Ratio (Specified Reserve Account 3.08%
Balance increases if greater than 1.50%)
Delinquency Analysis
Number of Principal
Loans Balance
--------------- ---------------
30 to 59 days past due 2995 21,416,773.77
60 to 89 days past due 709 5,066,418.77
90 or more days past due 434 3,253,212.00
--------------- ---------------
Total 4138 29,736,404.54
Collateral Repossessed and Held by the Trust (included in above
Delinquency Amounts) 209 1,516,211.63
Delinquency Ratio including Repossessions
For the current Collection Period 1.82%
For the preceding Collection Period 1.55%
For the second preceding Collection Period 1.48%
---------------
Average Delinquency Ratio (Specified Reserve Account 1.62%
Balance increases if greater than 1.25%)
Loss and Delinquency Trigger Indicator YES
Equity Percentage 43.81%
Repurchased Receivables 0.00
</TABLE>
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