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Previous: CHEVY CHASE AUTO RECEIVABLES TRUST 1996-2, 8-K, 1998-09-21 |
Next: SYLVANUS CORP, RW, 1998-09-21 |
<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): SEPTEMBER 10, 1998
BAY VIEW SECURITIZATION CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
DELAWARE 333-16233 93-1225376
- --------------------------------------------------------------------------------
State or other jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation or organization Identification No.)
c/o BAY VIEW BANK
1840 GATEWAY DRIVE
SAN MATEO, CALIFORNIA 94404
-------------------------------------- ---------------------
Address of principal executive offices Zip Code
Registrant's telephone number, including area code: (650) 573-7310
2121 SO. EL CAMINO REAL, SAN MATEO, CALIFORNIA 94403, (650) 573-7310
- --------------------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed since last
report)
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated August 31, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on behalf of Bay View
Securitization Corporation by the undersigned thereunto duly authorized.
BAY VIEW 1997 RA-1 AUTO TRUST
BY: BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
Dated: September 21, 1998 BY: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1998
<TABLE>
<CAPTION>
A. PRINCIPAL BALANCE RECONCILIATION
NUMBER OF
A-1 A-2 TOTAL ACCOUNTS
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
(A) Original Principal Balance 200,979,000.00 52,245,989.00 253,224,989.00 21106
-----------------------------------------------------------------------
(B) Beginning Period Principal Balance 47,499,613.06 52,245,989.00 99,745,602.06 10585
-----------------------------------------------------------------------
(C) Collections (Regular Payments) 2,819,542.75 0.00 2,819,542.75 N/A
-----------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,065,121.78 0.00 2,065,121.78 382
-----------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 29,271.59 0.00 29,271.59 N/A
-----------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------------
(H) Gross Charge Offs 224,371.88 0.00 224,371.88 38
-----------------------------------------------------------------------
(I) Repurchases 56,787.04 0.00 56,787.04 23
-----------------------------------------------------------------------
(J) Ending Balance 42,304,518.02 52,245,989.00 94,550,507.02 10142
-----------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 36,941,594.60
-----------------
(L) Ending 32,995,027.60
-----------------
(M) Certificate Factor 21.0492231% 100.0000000% 37.3385373%
------------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
-----------------
(A) Cash Wired 6,010,631.17
-----------------
(B) Interest Wired/Earned 21,798.38
-----------------
(C) Withdrawal from Payahead Account 29,271.59
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 56,787.04
-----------------
(F) Gross Charge-Off Recoveries 57,995.66
-----------------
(G) Gross Charge-Off Advances 11,292.84
-----------------
(H) Spread Account Withdrawal 0.00
-----------------
(I) "A" Surety Bond Draw for "I" Interest 0.00
-----------------
(J) "A" Surety Bond Draw for "A-1" Principal
or Interest 0.00
-----------------
(K) "A" Surety Bond Draw for "A-2" Principal
or Interest 0.00
-----------------
TOTAL COLLECTIONS 6,187,776.68
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
-----------------
(A) Total Cash Flow 6,187,776.68
-----------------
(B) Unrecovered Interest Advances 11,186.35
-----------------
(C) Servicing Fee (Due and Unpaid) 83,121.34
-----------------
(D) Interest to "A-1" Certificate Holders,
including Overdue 248,977.14
-----------------
(E) Interest to "A-2" Certificate Holders,
including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders,
including Overdue 96,971.69
-----------------
(G) Principal to "A-1" Certificate Holders,
including Overdue 5,195,095.04
-----------------
(H) Principal to "A-2" Certificate Holders,
including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 12,887.42
-----------------
(K) First Loss Protection 419.22
-----------------------
(L) Surety Bond Premium 12,468.20
-----------------------
(M) Interest Advance Recovery Payments 53,979.14
-----------------
(N) Unreimbursed Draws on Class "A" Surety Bond
for Class "A-1" Interest 0.00
-----------------
(O) Unreimbursed Draws on Class "A" Surety Bond
for Class "A-2" Interest 0.00
-----------------
(P) Unreimbursed Draws on Class "A" Surety Bond
for Class "I" Interest 0.00
-----------------
(Q) Deposit to Payahead 0.00
-----------------
</TABLE>
Page 3
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1998
<TABLE>
<CAPTION>
NUMBER OF
A-1 A-2 TOTAL ACCOUNTS
-----------------------------------------------------------------
<S> <C> <C> <C>
(R) Bank Account Interest to Servicer 21,798.38
-----------------
(S) Excess Yield 176,842.63
-----------------
BALANCE 0.00
-----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
----------------------------------------
(A) Beginning Balance 3,488,925.62 97,209,146.03
----------------------------------------
(B) Additions to Spread Amount 176,842.63 N/A
----------------------------------------
(C) Interest Earned 15,260.35
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or
Servicer 0.00 0.00
----------------------------------------
(G) Ending Balance 3,681,028.60 91,777,569.12
----------------------------------------
(H) Required Balance 3,545,644.01 91,777,569.12
----------------------------------------
(I) Distribution to "IC" Class 135,384.59
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
# PAYMENT DELINQUENCY NUMBER BALANCE
--------------------- ------------------------------------------
(A) 31-60 39 313,511.12
------------------------------------------
(B) 61-90 14 126,124.66
------------------------------------------
(C) 91+ 11 113,312.30
------------------------------------------
(D) Total 64 552,948.08
------------------------------------------
F. EXCESS YIELD
EXCESS YIELD POOL EXCESS YIELD
MONTH BALANCE BALANCE (ANNUALIZED %)
----- -----------------------------------------------------------
(A) Current 176,842.63 94,550,507.02 2.2444%
-----------------------------------------------------------
(B) 1st Previous 175,493.75 99,745,602.06 2.1113%
-----------------------------------------------------------
(C) 2nd Previous 61,129.42 105,557,334.06 0.6949%
-----------------------------------------------------------
(D) 3rd Previous 42,428.84 112,037,334.99 0.4544%
-----------------------------------------------------------
(E) 4th Previous 210,199.22 118,039,767.11 2.1369%
-----------------------------------------------------------
(F) 5th Previous 128,018.13 124,630,130.46 1.2326%
-----------------------------------------------------------
(G) Six-Month Rolling Excess Yield
(greater than symbol=1.75%) 132,352.00 109,093,445.95 1.4558%
-----------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
MONTH BALANCE BALANCE %
----- -----------------------------------------------------------
(A) Current 552,948.08 94,550,507.02 0.5848%
-----------------------------------------------------------
(B) 1st Previous 809,107.22 99,745,602.06 0.8112%
-----------------------------------------------------------
(C) 2nd Previous 883,546.02 105,557,334.06 0.8370%
-----------------------------------------------------------
(D) Three-Month Rolling Average
(less than symbol 2%) 748,533.77 99,951,147.71 0.7489%
-----------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
----- ------------------------------------------------------------------------
(A) Current 380,072.68 213,696.46 97,148,054.54 2.0551%
------------------------------------------------------------------------
(B) 1st Previous 401,726.99 212,593.57 102,651,468.06 2.2110%
------------------------------------------------------------------------
(C) 2nd Previous 611,639.68 258,355.87 108,797,334.53 3.8966%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net
Default Rate (less than symbol)3% 464,479.78 228,215.30 102,865,619.04 2.7562%
------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1998
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
<S> <C> <C>
NUMBER BALANCE
---------------------------------------------
(A) Collection Period Charge-Off Receivables 38 224,371.88
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 764 5,463,922.52
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 57,995.66
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 520,567.04
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 14 144,551.94
---------------------------------------------
(B) Aggregate Repossessions 513 6,048,725.33
---------------------------------------------
(C) Unliquidated Repossessions 18 204,104.66
---------------------------------------------
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
---------------------------------------------
(B) FPI Canceled/Waived/Removed/Reversed 0 0.00
---------------------------------------------
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 499,633.21
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 29,271.59
----------------------
(D) Ending Balance 470,361.62
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
Page 5
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