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): FEBRUARY 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
INTERSTATE TOWERS
NC1-005-14-02
121 WEST TRADE 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: APRIL 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. . . . . . . . . . . . . . . . . . . . . . . . . . . March 1999
Determination Date . . . . . . . . . . . . . . . . . . . . . . . . . . 04/08/1999
Deposit Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04/14/1999
Distribution Date. . . . . . . . . . . . . . . . . . . . . . . . . . . 04/15/1999
POOL BALANCE
Pool Balance on the close of the last day of the preceding . . . . . . 397,136,100.35
Collection Period
Less: Collections and Liquidation Proceeds allocable to Principal . . 32,696,430.15
Purchase Amount allocable to Principal . . . . . . . . . . . . . . . . 0.00
Realized Losses (see note) . . . . . . . . . . . . . . . . . . . . . . 1,004,315.70
-----------------
Pool Balance on the close of the last day of the Collection Period . . 363,435,354.50
Collections allocable to Principal received from Collection Period up
to and including the Second Business Day immediately
preceding the Current Determination Date . . . . . . . . . . . . . . 5,219,559.39
-----------------
Pool Balance as of the Second Business Day immediately preceding
the Current Determination Date . . . . . . . . . . . . . . . . . . . . 358,215,795.11
Original Pool Balance. . . . . . . . . . . . . . . . . . . . . . . . . 2,136,187,667.91
Pool Factor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.7689291%
</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. . . . . 44,846,221.80 12,303,127.20
Class A-3 Pool Factor . . . . . 0.0980625 0.0269025
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 10.3491000%
Weighted Average Original Term 63.07
Weighted Average Remaining Term 22.07
</TABLE>
<TABLE>
<CAPTION>
COLLECTIONS
<S> <C>
Interest:
Collections and Liquidation Proceeds allocable to interest. . . . . 3,573,582.60
Recoveries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413,340.89
Purchase Amount allocable to Interest . . . . . . . . . . . . . . . 0.00
-------------
Total Interest Collections. . . . . . . . . . . . . . . . . . . . . 3,986,923.49
Advances for the related Distribution Date. . . . . . . . . . . . . 537,107.50
Less: Outstanding Advances to be reimbursed. . . . . . . . . . . . 707,495.53
-------------
Available Interest. . . . . . . . . . . . . . . . . . . . . . . . . 3,816,535.46
Principal:
Collections and Liquidation Proceeds allocable to Principal
(for the Collection Period). . . . . . . . . . . . . . . . . . . . 32,696,430.15
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 . . . . . . . . . . . . . . . . . . . . . . . 5,219,559.39
Less: Prior Month Collections allocable to Principal up to and
including the Second Business Day immediately preceding the
Current Determination Date . . . . . . . . . . . . . . . . . . . 6,377,210.64
-------------
Available Principal . . . . . . . . . . . . . . . . . . . . . . . . 31,538,778.90
Available Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 35,355,314.36
Regular Principal (equals Available Principal plus Realized Losses) 32,543,094.60
REQUIRED DISTRIBUTABLE AMOUNTS
Reimbursement of Outstanding Advances on Defaulted Receivables. . . 52,428.22
Servicing Fee (inc. unpaid amount from prior periods) . . . . . . . 330,946.75
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. . . . . . . . . . . . . . . . . . . . . 238,245.55
Class A-3 Interest Carryover Shortfall. . . . . . . . . . . . . . . 0.00
-------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238,245.55
Class A-4 Monthly Interest. . . . . . . . . . . . . . . . . . . . . 966,145.83
Class A-4 Interest Carryover Shortfall. . . . . . . . . . . . . . . 0.00
-------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 966,145.83
Total Accrued Note Interest . . . . . . . . . . . . . . . . . . . . 1,204,391.38
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 . . . . . . . . . . . . . . . . . . . . 32,543,094.60
Class A-3 Principal Carryover Shortfall . . . . . . . . . . . . . . 0.00
-------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,543,094.60
Class A-4 Monthly Principal . . . . . . . . . . . . . . . . . . . . 0.00
Class A-4 Principal Carryover Shortfall . . . . . . . . . . . . . . 0.00
-------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Total Noteholders' Principal Payment Amount . . . . . . . . . . . . 32,543,094.60
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 . . . . . . . . . . . . . . . . 35,100,034.68
Less: Total Available Funds . . . . . . . . . . . . . . . . . . . . 35,355,314.36
-------------
Net Available Funds (Shortfall) Excess. . . . . . . . . . . . . . 255,279.68
Withdrawal from Reserve Account (If Shortfall). . . . . . . . . . . 0.00
Deposit to Reserve Account (If Excess). . . . . . . . . . . . . . . 255,279.68
DISTRIBUTIONS
Deposit to the Collection Account
Available Interest. . . . . . . . . . . . . . . . . . . . . . . . . 3,816,535.46
Available Principal . . . . . . . . . . . . . . . . . . . . . . . . 31,538,778.90
Withdrawal from Reserve Account . . . . . . . . . . . . . . . . . . 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances on
Defaulted Receivables. . . . . . . . . . . . . . . . . . . 52,428.22
b) Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . 330,946.75
-------------
Net Deposit to Collection Account . . . . . . . . . . . . . . . . . 34,971,939.39
Deposit to Note Payment Account
Class A-1 Interest Distribution . . . . . . . . . . . . . . . . . . 0.00
Class A-2 Interest Distribution . . . . . . . . . . . . . . . . . . 0.00
Class A-3 Interest Distribution . . . . . . . . . . . . . . . . . . 238,245.55
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. . . . . . . . . . . . . . . . . . 32,543,094.60
Class A-4 Principal Distribution. . . . . . . . . . . . . . . . . . 0.00
-------------
Total Deposit to Note Payment Account . . . . . . . . . . . . . . . 33,747,485.98
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. . . . . . . . . . . . . . . . . . . . . 255,279.68
</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. . . . . . . . . . . . . . . . . . . . . . . . 358,215,795.11 25,075,105.66
---------------
and,
(b) Specified Interest Reserve Amount (Three months 2,907,521.17
---------------
interest on the Certificates if Notes are Outstanding) 27,982,626.83
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 358,215,795.11
Specified Reserve Account Balance 27,982,626.83
RESERVE ACCOUNT RECONCILIATION
Beginning Balance (Initial Balance is 2.5% of Original Pool
Balance) 28,057,480.06
Deposit from Available Interest and Available Principal 255,279.68
Investment Earnings 99,625.96
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
---------------
Balance 28,412,385.70
Less: Withdrawal by holder of Contingent Payment Right of
Excess of Reserve Account Balance Over Specified Reserve
Account Balance 429,758.87
---------------
Ending Balance 27,982,626.83
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 25,075,105.66
INSTRUCTIONS TO THE TRUSTEE
Amount to be deposited from the Collection Account into
the NotePayment Account 33,747,485.98
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 255,279.68
Amount to be deposited from the Reserve Account to the account of the
holder of the Contingent Payment Right 429,758.87
Amount to be deposited from the Reserve Account into the
Collection Account 0.00
NET LOSS AND DELINQUENCY ACTIVITY
Realized Losses 1,004,315.70
Net Loss Ratio (annualized)
For the current Collection Period 1.86%
For the preceding Collection Period 1.92%
For the second preceding Collection Period 1.58%
---------------
Average Net Loss Ratio (Specified Reserve Account 1.79%
Balance increases if greater than 1.50%)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Delinquency Analysis
Number of Principal
Loans Balance
--------- -------------
30 to 59 days past due. . . . . . . . . . . . . . . . . . . . 2288 15,020,768.99
60 to 89 days past due. . . . . . . . . . . . . . . . . . . . 483 3,296,094.95
90 or more days past due. . . . . . . . . . . . . . . . . . . 342 2,498,970.74
--------- -------------
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3113 20,815,834.68
Collateral Repossessed and Held by the Trust (included in above
Delinquency Amounts) . . . . . . . . . . . . . . . . . . . . . . 174 1,346,040.77
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Delinquency Ratio including Repossessions
For the current Collection Period . . . . . . . . . . 1.59%
For the preceding Collection Period . . . . . . . . . 1.90%
For the second preceding Collection Period. . . . . . 2.07%
------
Average Delinquency Ratio (Specified Reserve Account. 1.85%
Balance increases if greater than 1.25%)
Loss and Delinquency Trigger Indicator. . . . . . . . YES
Equity Percentage . . . . . . . . . . . . . . . . . . 55.52%
Repurchased Receivables . . . . . . . . . . . . . . . 0.00
</TABLE>
