|
|
|
|
|
|
|
|
|
|
Previous: DEAN WITTER MARKET LEADER TRUST, N-1A EL/A, 1997-02-14 |
Next: APEX PC SOLUTIONS INC, SB-2/A, 1997-02-14 |
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 December 31, 1996
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.
333-06929-02 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 November 30, 1996, and December 31, 1996, are
included herewith, as exhibits 99-1, and 99-2, 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 November 30, 1996
Exhibit 99-2 Servicer's Certificate Report of December 31, 1996
<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: February 12, 1997
Exhibit 99-1
UACSC 96-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 11/30/96
<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 171,000,000.00 91,085,000.00 21,000,347.28 283,085,347.28 22,490
Principal Collections - Scheduled Payments 3,187,458.80 0.00 0.00 3,187,458.80
Principal Collections - Payoffs 6,281,881.14 0.00 0.00 6,281,881.14 559
Principal Withdrawal from Payahead 0.00 0.00 0.00 0.00
Gross Principal Charge Offs 3,556.30 0.00 0.00 3,556.30 1
Repurchases 9,383.52 0.00 0.00 9,383.52 2
Ending Balance 161,517,720.24 91,085,000.00 21,000,347.28 273,603,067.52 21,928
============== ============= ============= ============== ======
Certificate Factor 0.9445481 1.0000000 1.0000000 0.9665038
Pass Through Rate 5.960% 6.170% 6.300% 6.053%
CASH FLOW RECONCILIATION
Principal Wired 9,522,206.32
Interest Wired 918,617.09
Withdrawal from Payahead Account 0.00
Repurchases (Principal and Interest) 10,108.93
Charge Off Recoveries 551.03
Interest Advances 17,380.33
Certificate Account Interest Earned 10,969.68
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 10,479,833.38
=============
TRUSTEE DISTRIBUTION (12/10/96)
Total Cash Flow 10,479,833.38
Unrecovered Advances on Defaulted Receivables 0.00
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 283,100.00
Interest to Class A-2 Certificateholders 156,109.57
Interest to Class A-3 Certificateholders 36,750.61
Interest to Class I Certificateholders 192,599.77
Principal to Class A-1 Certificateholders 9,482,279.76
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 34,515.66
Interest Advance Recoveries from Payments 0.00
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 59,558.82
Certificate Account Interest to Servicer 10,969.68
Payahead Account Interest to Servicer 0.00
Excess 223,949.51
Net Cash 0.00
=============
Monthly Servicing Fee and the Spread Amount 1,406,556.42
=============
Servicing Fee Retained from Interest Collections 78,634.82
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 0.00
Trustee Distribution of Excess 223,949.51
Interest Earned 0.00
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 223,949.51
=============
Required Balance 3,538,566.84
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,154,267.36
Beginning Balance 14,154,267.36
Reduction Due to Spread Account (223,949.51)
Reduction Due to Principal Reduction (474,113.99)
Ending Balance 13,456,203.86
=============
First Loss Protection Required Amount 13,456,203.86
First Loss Protection Fee % 2.00%
First Loss Protection Fee 21,847.00
SURETY BOND RECONCILIATION
Original Balance 283,085,347.28
Beginning Balance 283,085,347.28
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 283,085,347.28
==============
Adjusted Ending Balance
Based Upon Required Balance 273,933,452.59
==============
Required Balance 273,933,452.59
PAYAHEAD RECONCILIATION
Beginning Balance 0.00
Deposit 59,558.82
Payahead Interest 0.00
Withdrawal 0.00
Ending Balance 59,558.82
==============
</TABLE>
Exhibit 99-2
UACSC 96-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 12/31/96
<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 161,517,720.24 91,085,000.00 21,000,347.28 273,603,067.52 21,928
Principal Collections -
Scheduled Payments 3,538,889.76 0.00 0.00 3,538,889.76
Principal Collections - Payoffs 4,264,474.23 0.00 0.00 4,264,474.23 405
Principal Withdrawal from Payahead 5,563.04 0.00 0.00 5,563.04
Gross Principal Charge Offs 6,587.10 0.00 0.00 6,587.10 2
Repurchases 43,561.09 0.00 0.00 43,561.09 3
Ending Balance 153,658,645.02 91,085,000.00 21,000,347.28 265,743,992.30 21,518
============== ============= ============= ============== ======
Certificate Factor 0.8985886 1.0000000 1.0000000 0.9387416
Pass Through Rate 5.960% 6.170% 6.300% 6.053%
CASH FLOW RECONCILIATION
Principal Wired 7,848,567.00
Interest Wired 3,010,612.71
Withdrawal from Payahead Account 9,492.69
Repurchases (Principal and Interest) 44,385.67
Charge Off Recoveries (558.68)
Interest Advances 33,402.71
Certificate Account Interest Earned 33,370.14
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 10,979,272.24
=============
TRUSTEE DISTRIBUTION (1/08/97)
Total Cash Flow 10,979,272.24
Unrecovered Advances on Defaulted Receivables 0.00
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 802,204.68
Interest to Class A-2 Certificateholders 468,328.71
Interest to Class A-3 Certificateholders 110,251.82
Interest to Class I Certificateholders 557,866.46
Principal to Class A-1 Certificateholders 7,859,075.22
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 34,325.27
Interest Advance Recoveries from Payments 8,370.85
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 53,629.82
Certificate Account Interest to Servicer 33,370.14
Payahead Account Interest to Servicer 181.42
Excess 1,051,667.85
Net Cash 0.00
=============
Monthly Servicing Fee and the Spread Amount 1,858,515.79
=============
Servicing Fee Retained from Interest Collections 228,002.56
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 223,949.51
Trustee Distribution of Excess 1,051,667.85
Interest Earned 682.18
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 1,276,299.54
=============
Required Balance 3,538,566.84
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,154,267.36
Beginning Balance 13,456,203.86
Reduction Due to Spread Account (1,052,350.03)
Reduction Due to Principal Reduction (392,953.76)
Ending Balance 12,010,900.07
=============
First Loss Protection Required Amount 12,010,900.07
First Loss Protection Fee % 2.00%
First Loss Protection Fee 20,685.44
SURETY BOND RECONCILIATION
Original Balance 283,085,347.28
Beginning Balance 273,933,452.59
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 273,933,452.59
==============
Adjusted Ending Balance Based
Upon Required Balance 266,055,766.45
==============
Required Balance 266,055,766.45
PAYAHEAD RECONCILIATION
Beginning Balance 59,558.82
Deposit 53,629.82
Payahead Interest 181.42
Withdrawal 9,492.69
Ending Balance 103,877.37
==============
</TABLE>
|
|