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Previous: ADVANCED ELECTRONIC SUPPORT PRODUCTS INC, 10QSB, 1997-05-15 |
Next: PURO WATER GROUP INC, 10QSB, 1997-05-15 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 - Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from ____to____
Commission File No. 333-06929-03
UACSC 1996-D Auto Trust
(Issuer with Respect to Registered Securitization)
UAC Securitization Corporation
(Exact name of registrant as specified in its charter)
New York 35-1937340
----------------------------- ----------------------
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
UAC Securitization
Corporation
250 Shadeland Avenue, Suite 210A
Indianapolis, Indiana 46219
(address of principal (zip code)
executive offices)
UAC Securitization Corporation
Registrant's telephone number including area code (317) 231-6466
--------------
Securities registered pursuant to Section 12 (b) of the Act: None
----
Securities registered pursuant to Section 12 (g) of the Act: None
----
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1937
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
DOCUMENTS INCORPORATED BY REFERENCE: None
<PAGE>
PART I
Item 1. Financial Statements
This Report on Form 10-Q is being filed in respect of UACSC 1996-D Auto
Trust as issuer of securities registered in Registration Statement No.
333-06929-03 on Form S-3 under the Securities Act of 1933, as amended (declared
effective on July 18, 1996). Because UACSC 1996-D Auto Trust has simply issued
Certificates representing fractional undivided interests in the Trust's assets
consisting of a specific portfolio of retail installment sale contracts in new
and used automobiles and light trucks, and because Registrant UAC Securitization
Corporation is not a Guarantor of any of the payments due from the Trust to
Certificateholders that are required to be made monthly, there is included in
response to this item only the regular monthly report form which the Trustee is
required to include with each monthly distribution of trust assets to
Certificateholders setting forth for the prior calendar month, and cumulatively,
all of the relevant financial information required by Certificateholders.
Accordingly, the UACSC 1996-D AUTO TRUST MONTHLY SERVICER'S CERTIFICATE
REPORT for the months ending January 31, 1997, February 28, 1997, and March 31,
1997, are included herewith, as exhibits 99-1, 99-2, and 99-3, respectively.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The Trust conducts no business other than receiving payments on the
receivables and making payments to Certificateholders and to Union Acceptance
Corporation as Servicer as the Registrant with respect to their interests in the
Trust assets. The traditional form of income statement and balance sheet and
comparative presentation for prior periods would add no relevant information to
that supplied in the required monthly reports and would not be material.
Because of the narrowly proscribed and limited activities of the Trust,
the information called for by Item 303 of Regulation S-K would not add relevant
information to that provided in the Monthly Service's Certificate Reports
attached hereto in response to Item 1.
PART II.
Item 6. Exhibits and Reports on Form 8-K.
There are no reports on Form 8-K to be included for this reporting
period. The following exhibits are included in this form 10-Q:
Exhibit 99-1 Servicer's Certificate Report of January 31, 1997
Exhibit 99-2 Servicer's Certificate Report of February 28, 1997
Exhibit 99-3 Servicer's Certificate Report of March 31, 1997
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant, has duly caused this report to be signed on its behalf by the
Undersigned thereunto duly authorized.
UACSC 1996-D AUTO TRUST
By: Union Acceptance Corporation, in its
capacity as Servicer
By: /s/Rick A. Brown
------------------------------------
Rick A. Brown
Vice President, Treasurer
and Chief Financial Officer
Date: May 13, 1997
<PAGE>
Exhibit 99-1
UACSC 96-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 1/31/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
-------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 171,000,000.00 91,085,000.00 21,000,347.28 283,085,347.28 22,490
Beginning Period Principal Balance 153,658,645.02 91,085,000.00 21,000,347.28 265,743,992.30 21,518
Principal Collections - Scheduled Payments 3,478,027.31 0.00 0.00 3,478,027.31
Principal Collections - Payoffs 2,881,332.37 0.00 0.00 2,881,332.37 324
Principal Withdrawal from Payahead 8,629.18 0.00 0.00 8,629.18
Gross Principal Charge Offs 83,466.64 0.00 0.00 83,466.64 6
Repurchases 58,022.33 0.00 0.00 58,022.33 9
Ending Balance 147,149,167.19 91,085,000.00 21,000,347.28 259,234,514.47 21,179
============== ============= ============= ============== ======
Certificate Factor 0.8605214 1.0000000 1.0000000 0.9157468
Pass Through Rate 5.960% 6.170% 6.300% 6.053%
CASH FLOW RECONCILIATION
Principal Wired 6,427,015.75
Interest Wired 2,828,141.62
Withdrawal from Payahead Account 14,701.63
Repurchases (Principal and Interest) 59,057.50
Charge Off Recoveries (1,977.96)
Interest Advances 37,881.46
Certificate Account Interest Earned 26,192.98
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for
Class A Principal or Interest 0.00
Total Cash Flow 9,391,012.98
============
TRUSTEE DISTRIBUTION (2/10/97)
Total Cash Flow 9,391,012.98
Unrecovered Advances on Defaulted Receivables 1,467.66
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 763,171.27
Interest to Class A-2 Certificateholders 468,328.71
Interest to Class A-3 Certificateholders 110,251.82
Interest to Class I Certificateholders 538,218.77
Principal to Class A-1 Certificateholders 6,509,477.83
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 33,484.46
Interest Advance Recoveries from Payments 20,393.69
Unreimbursed draws on Class A's Surety Bond
for Class I Interest 0.00
Unreimbursed draws on Class A's Surety Bond for
Class A Principal or Interest 0.00
Deposit to Payahead 73,533.77
Certificate Account Interest to Servicer 26,192.98
Payahead Account Interest to Servicer 399.79
Excess 846,092.23
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,709,137.96
============
Servicing Fee Retained from Interest Collections 221,453.33
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 1,276,299.54
Trustee Distribution of Excess 846,092.23
Interest Earned 4,415.43
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,126,807.20
=============
Required Balance 3,538,566.84
=============
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,154,267.36
Beginning Balance 12,010,900.07
Reduction Due to Spread Account (850,507.66)
Reduction Due to Principal Reduction (325,473.89)
Ending Balance 10,834,918.52
==============
First Loss Protection Required Amount 10,834,918.53
First Loss Protection Fee % 2.00%
First Loss Protection Fee 18,660.14
SURETY BOND RECONCILIATION
Original Balance 283,085,347.28
Beginning Balance 266,055,766.45
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 266,055,766.45
==============
Adjusted Ending Balance Based
Upon Required Balance 258,630,550.64
==============
Required Balance 258,630,550.64
PAYAHEAD RECONCILIATION
Beginning Balance 103,877.37
Deposit 73,533.77
Payahead Interest 399.79
Withdrawal 14,701.63
Ending Balance 163,109.30
============
</TABLE>
<PAGE>
Exhibit 99-2
UACSC 96-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 2/28/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
-------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 171,000,000.00 91,085,000.00 21,000,347.28 283,085,347.28 22,490
Beginning Period Principal Balance 147,149,167.19 91,085,000.00 21,000,347.28 259,234,514.47 21,179
Principal Collections - Scheduled Payments 3,342,326.89 0.00 0.00 3,342,326.89
Principal Collections - Payoffs 3,455,530.05 0.00 0.00 3,455,530.05 379
Principal Withdrawal from Payahead 8,504.18 0.00 0.00 8,504.18
Gross Principal Charge Offs 409,065.80 0.00 0.00 409,065.80 33
Repurchases 12,821.09 0.00 0.00 12,821.09 4
Ending Balance 139,920,919.18 91,085,000.00 21,000,347.28 252,006,266.46 20,763
============== ============= ============= ============== ======
Certificate Factor 0.8182510 1.0000000 1.0000000 0.8902130
Pass Through Rate 5.960% 6.170% 6.300% 6.053%
CASH FLOW RECONCILIATION
Principal Wired 6,824,301.40
Interest Wired 2,583,530.14
Withdrawal from Payahead Account 14,242.90
Repurchases (Principal and Interest) 12,952.06
Charge Off Recoveries 71,175.44
Interest Advances 66,424.41
Certificate Account Interest Earned 26,081.62
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A
Principal or Interest 0.00
Total Cash Flow 9,598,707.97
==============
TRUSTEE DISTRIBUTION (3/10/97)
Total Cash Flow 9,598,707.97
Unrecovered Advances on Defaulted Receivables 10,454.28
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 730,840.86
Interest to Class A-2 Certificateholders 468,328.71
Interest to Class A-3 Certificateholders 110,251.82
Interest to Class I Certificateholders 521,945.07
Principal to Class A-1 Certificateholders 7,228,248.01
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 29,400.73
Interest Advance Recoveries from Payments 19,222.44
Unreimbursed draws on Class A's Surety Bond
for Class I Interest 0.00
Unreimbursed draws on Class A's Surety Bond
for Class A Principal or Interest 0.00
Deposit to Payahead 30,253.95
Certificate Account Interest to Servicer 26,081.62
Payahead Account Interest to Servicer 551.52
Excess 423,128.95
Net Cash 0.00
==============
Monthly Servicing Fee and the Spread Amount 1,491,936.81
==============
Servicing Fee Retained from Interest Collections 216,028.76
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,126,807.20
Trustee Distribution of Excess 423,128.95
Interest Earned 7,094.12
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,557,030.27
==============
Required Balance 3,538,566.84
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,154,267.36
Beginning Balance 10,834,918.52
Reduction Due to Spread Account (430,223.07)
Reduction Due to Principal Reduction (361,412.40)
Ending Balance 10,043,283.05
==============
First Loss Protection Required Amount 10,043,283.05
First Loss Protection Fee % 2.00%
First Loss Protection Fee 15,622.88
SURETY BOND RECONCILIATION
Original Balance 283,085,347.28
Beginning Balance 258,630,550.64
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 258,630,550.64
==============
Adjusted Ending Balance Based Upon
Required Balance 250,918,050.88
==============
Required Balance 250,918,050.88
PAYAHEAD RECONCILIATION
Beginning Balance 163,109.30
Deposit 30,253.95
Payahead Interest 551.52
Withdrawal 14,242.90
Ending Balance 179,671.87
==============
</TABLE>
<PAGE>
Exhibit 99-3
UACSC 96-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 3/31/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
-------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 171,000,000.00 91,085,000.00 21,000,347.28 283,085,347.28 22,490
Beginning Period Principal Balance 139,920,919.18 91,085,000.00 21,000,347.28 252,006,266.46 20,763
Principal Collections - Scheduled Payments 3,830,361.48 0.00 0.00 3,830,361.48
Principal Collections - Payoffs 3,099,776.18 0.00 0.00 3,099,776.18 391
Principal Withdrawal from Payahead 7,993.49 0.00 0.00 7,993.49
Gross Principal Charge Offs 575,371.39 0.00 0.00 575,371.39 45
Repurchases 83,161.61 0.00 0.00 83,161.61 13
Ending Balance 132,324,255.03 91,085,000.00 21,000,347.28 244,409,602.31 20,314
============== ============= ============= ============== ======
Certificate Factor 0.7738261 1.0000000 1.0000000 0.8633778
Pass Through Rate 5.960% 6.170% 6.300% 6.053%
CASH FLOW RECONCILIATION
Principal Wired 6,961,277.21
Interest Wired 2,595,280.00
Withdrawal from Payahead Account 12,610.10
Repurchases (Principal and Interest) 84,948.22
Charge Off Recoveries 117,149.58
Interest Advances 65,252.54
Certificate Account Interest Earned 28,213.84
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A
Principal or Interest 0.00
Total Cash Flow 9,864,731.49
==============
TRUSTEE DISTRIBUTION (4/09/97)
Total Cash Flow 9,864,731.49
Unrecovered Advances on Defaulted Receivables 20,382.97
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 694,940.57
Interest to Class A-2 Certificateholders 468,328.71
Interest to Class A-3 Certificateholders 110,251.82
Interest to Class I Certificateholders 503,874.45
Principal to Class A-1 Certificateholders 7,596,664.15
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 31,569.57
Interest Advance Recoveries from Payments 36,079.20
Unreimbursed draws on Class A's Surety Bond
for Class I Interest 0.00
Unreimbursed draws on Class A's Surety Bond
for Class A Principal or Interest 0.00
Deposit to Payahead 38,783.45
Certificate Account Interest to Servicer 28,213.84
Payahead Account Interest to Servicer 747.58
Excess 334,895.18
Net Cash 0.00
==============
Monthly Servicing Fee and the Spread Amount 1,534,123.61
==============
Servicing Fee Retained from Interest Collections 210,005.22
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,557,030.27
Trustee Distribution of Excess 334,895.18
Interest Earned 10,399.80
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,902,325.25
==============
Required Balance 3,538,566.84
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,154,267.36
Beginning Balance 10,043,283.05
Reduction Due to Spread Account (345,294.98)
Reduction Due to Principal Reduction (379,833.21)
Ending Balance 9,318,154.86
==============
First Loss Protection Required Amount 9,318,154.87
First Loss Protection Fee % 2.00%
First Loss Protection Fee 16,047.93
SURETY BOND RECONCILIATION
Original Balance 283,085,347.28
Beginning Balance 250,918,050.88
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 250,918,050.88
Adjusted Ending Balance Based
Upon Required Balance 242,916,097.30
==============
Required Balance 242,916,097.30
PAYAHEAD RECONCILIATION
Beginning Balance 179,671.87
Deposit 38,783.45
Payahead Interest 747.58
Withdrawal 12,610.10
Ending Balance 206,592.80
==============
</TABLE>
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