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Previous: CHEVY CHASE AUTO RECEIVABLES TRUST 1996-2, 8-K, 1998-08-25 |
Next: ANSALDO SIGNAL NV, 6-K, 1998-08-25 |
<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): AUGUST 10, 1998
BAY VIEW SECURITIZATION CORPORATION
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
<TABLE>
<S> <C> <C>
DELAWARE 333-16233 93-1225376
- ----------------------------------- -------------------------- ----------------------------------------
STATE OR OTHER JURISDICTION OF (COMMISSION FILE NO.) (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION
</TABLE>
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, (415) 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 JULY 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: August 25, 1998 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: JULY 31, 1998
A. PRINCIPAL BALANCE RECONCILIATION
<TABLE>
<CAPTION> 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 53,311,345.06 52,245,989.00 105,557,334.06 11064
-----------------------------------------------------------------
(C) Collections (Regular Payments) 3,013,506.79 0.00 3,013,506.79 N/A
-----------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,439,483.50 0.00 2,439,483.50 430
-----------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 50,397.59 0.00 50,397.59 N/A
-----------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------
(H) Gross Charge Offs 271,312.23 0.00 271,312.23 31
-----------------------------------------------------------------
(I) Repurchases 37,031.89 0.00 37,031.89 18
-----------------------------------------------------------------
(J) Ending Balance 47,499,613.06 52,245,989.00 99,745,602.06 10585
-----------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 40,983,967.50
-------------
(L) Ending 36,941,594.60
-------------
(M) Certificate Factor 23.6341175% 100.0000000% 39.3901101%
-----------------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
-------------
(A) Cash Wired 6,639,832.90
-------------
(B) Interest Wired/Earned 23,645.77
-------------
(C) Withdrawal from Payahead Account 50,397.59
-------------
(D) Advances 0.00
-------------
(E) Repurchases 37,031.89
-------------
(F) Gross Charge-Off Recoveries 82,178.81
-------------
(G) Gross Charge-Off Advances 6,421.24
-------------
(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 6,839,508.20
-------------
C. TRUSTEE DISTRIBUTION
TOTAL
-------------
(A) Total Cash Flow 6,839,508.20
-------------
(B) Unrecovered Interest Advances 5,953.19
-------------
(C) Servicing Fee (Due and Unpaid) 87,964.45
-------------
(D) Interest to "A-1" Certificate Holders, including Overdue 279,440.30
-------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-------------
(F) Interest to "I" Certificate Holders, including Overdue 107,582.91
-------------
(G) Principal to "A-1" Certificate Holders, including Overdue 5,811,732.00
-------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-------------
(I) Reinsurance Fee 0.00
-------------
(J) Surety Bond Fee 14,294.73
-------------
(K) First Loss Protection 1,100.06
--------
(L) Surety Bond Premium 13,194.67
---------------------------
(M) Interest Advance Recovery Payments 46,483.54
-------------
(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: July 31, 1998
<TABLE>
<CAPTION>
<S> <C>
---------------
(R) Bank Account Interest to Servicer 23,645.77
---------------
(S) Excess Yield 175,493.75
---------------
BALANCE 0.00
---------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-----------------------------------
(A) Beginning Balance 3,298,361.25 103,146,466.40
-----------------------------------
(B) Additions to Spread Amount 175,493.75 N/A
-----------------------------------
(C) Interest Earned 15,070.62
-----------------------------------
(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 3,488,925.62 97,209,146.03
-----------------------------------
(H) Required Balance 3,740,460.08 97,209,146.03
-----------------------------------
(I) Distribution to "IC" Class 0.00
-----------------
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
---------------------------------
(A) 31-60 49 433,760.01
---------------------------------
(B) 61-90 25 275,702.80
---------------------------------
(C) 91+ 12 99,644.41
---------------------------------
(D) Total 86 809,107.22
---------------------------------
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ---------------------------------------------------------
(A) Current 175,493.75 99,745,602.06 2.1113%
---------------------------------------------------------
(B) 1st Previous 61,129.42 105,557,334.06 0.6949%
---------------------------------------------------------
(C) 2nd Previous 42,428.84 112,037,334.99 0.4544%
---------------------------------------------------------
(D) 3rd Previous 210,199.22 118,039,767.11 2.1369%
---------------------------------------------------------
(E) 4th Previous 128,018.13 124,630,130.46 1.2326%
---------------------------------------------------------
(F) 5th Previous 195,671.17 131,946,266.49 1.7796%
---------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 135,490.09 115,326,072.53 1.4098%
---------------------------------------------------------
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- ---------------------------------------------------------
(A) Current 809,107.22 99,745,602.06 0.8112%
---------------------------------------------------------
(B) 1st Previous 883,546.02 105,557,334.06 0.8370%
---------------------------------------------------------
(C) 2nd Previous 1,281,746.83 112,037,334.99 1.1440%
---------------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 991,466.69 105,780,090.37 0.9373%
---------------------------------------------------------
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------------------------------------------------------------------
(A) Current 401,726.99 212,593.57 102,651,468.06 2.2110%
------------------------------------------------------------------------
(B) 1st Previous 611,639.68 258,355.87 108,797,334.53 3.8966%
------------------------------------------------------------------------
(C) 2nd Previous 372,172.09 177,478.21 115,038,551.05 2.0309%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate
less than 3% 461,846.25 216,142.55 108,829,117.88 2.7092%
------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
-----------------------------------------------
(A) Collection Period Charge-Off Receivables 31 271,312.23
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 726 5,239,550.64
-----------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 82,178.81
-----------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 462,571.10
-----------------------------------------------
J. REPOSSESSIONS
-----------------------------------------------
(A) Collection Period Repossessions 25 300,961.92
-----------------------------------------------
(B) Aggregate Repossessions 499 5,904,173.39
-----------------------------------------------
(C) Unliquidated Repossessions 27 327,778.10
-----------------------------------------------
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 550,030.80
-----------------------
(B) Deposit 0.00
-----------------------
(C) Withdrawal 50,397.59
-----------------------
(D) Ending Balance 499,633.21
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
Page 5
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