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<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): MARCH 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>
<TABLE>
<S> <C>
C/O BAY VIEW BANK
1840 GATEWAY DRIVE
SAN MATEO, CALIFORNIA 94404
- ---------------------------------------- ------------------------------------------------
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES ZIP CODE
</TABLE>
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 FEBRUARY 28, 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: MARCH 26, 1998 BY: /S/ DAVID A. HEABERLIN
----------------------
DAVID A. HEABERLIN
TREASURER AND CHIEF FINANCIAL OFFICER
2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: FEBRUARY 28, 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 86,338,301.24 52,245,989.00 138,584,290.24 13720
---------------------------------------------------------------------
(C) Collections (Regular Payments) 3,611,528.04 0.00 3,611,528.04 N/A
---------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,741,941.49 0.00 2,741,941.49 431
---------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 0.00 0.00 0.00 N/A
---------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------
(H) Gross Charge Offs 270,237.30 0.00 270,237.30 41
---------------------------------------------------------------------
(I) Repurchases 14,316.92 0.00 14,316.92 13
---------------------------------------------------------------------
(J) Ending Balance 79,700,277.49 52,245,989.00 131,946,266.49 13235
---------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 67,613,579.58
-----------------
(L) Ending 60,779,142.13
-----------------
(M) Certificate Factor 39.6560225% 100.0000000% 52.1063371%
-------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 7,857,991.96
-----------------
(B) Interest Wired/Earned 27,957.12
-----------------
(C) Withdrawal from Payahead Account 0.00
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 14,316.92
-----------------
(F) Gross Charge-Off Recoveries 26,644.26
-----------------
(G) Gross Charge-Off Advances 25,864.41
-----------------
(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 7,952,774.67
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 7,952,774.67
-----------------
(B) Unrecovered Interest Advances 25,693.04
-----------------
(C) Servicing Fee (Due and Unpaid) 115,486.91
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 452,556.60
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 177,485.65
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 6,638,023.75
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 20,290.83
-----------------
(K) First Loss Protection 2,967.79
----------------
(L) Surety Bond Premium 17,323.04
----------------
(M) Interest Advance Recovery Payments 8,859.00
-----------------
(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 3,833.06
-----------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: FEBRUARY 28, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 27,957.12
----------------
(S) Excess Yield 195,671.17
----------------
BALANCE 0.00
----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
(A) Beginning Balance 3,416,239.84 136,509,616.85
---------------------------------------
(B) Additions to Spread Amount 195,671.17 N/A
---------------------------------------
(C) Interest Earned 13,069.66
---------------------------------------
(D) Draws 0.00 0.00
---------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
---------------------------------------
(F) Distribution of Funds to Servicer 250,927.47 0.00
---------------------------------------
(G) Ending Balance 3,374,053.20 129,813,400.83
---------------------------------------
(H) Required Balance 4,947,984.99 129,813,400.83
---------------------------------------
(I) Distribution to "IC" Class 0.00
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
- -----------------------------------------------------------
(A) 31-60 51 490,106.64
---------------------------------------------
(B) 61-90 40 310,305.41
---------------------------------------------
(C) 91+ 0 0.00
---------------------------------------------
(D) Total 91 800,412.05
---------------------------------------------
F. EXCESS YIELD
EXCESS YIELD BALANCE POOL EXCESS YIELD
MONTH BALANCE (ANNUALIZED %)
- -----------------------------------------------------------
(A) Current 195,671.17 131,946,266.49 1.7796%
-------------------------------------------------------------
(B) 1st Previous 235,613.31 138,584,290.24 2.0402%
-------------------------------------------------------------
(C) 2nd Previous 184,914.80 145,113,932.12 1.5291%
-------------------------------------------------------------
(D) 3rd Previous 236,132.00 151,956,095.91 1.8647%
-------------------------------------------------------------
(E) 4th Previous (182,279.53) 158,864,356.65 -1.3769%
-------------------------------------------------------------
(F) 5th Previous 445,969.94 167,185,438.37 3.2010%
-------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 186,003.61 148,941,729.96 1.4986%
-------------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
- ----------------------------------------------------------- BALANCE BALANCE %
MONTH
- -----------------------------------------------------------
(A) Current 800,412.05 131,946,266.49 0.6066%
-------------------------------------------------------------
(B) 1st Previous 771,406.96 138,584,290.24 0.5566%
-------------------------------------------------------------
(C) 2nd Previous 765,091.48 145,113.932.12 0.5272%
-------------------------------------------------------------
(D) Three-Month Rolling Average (2%) 778,970.16 138,548,162.95 0.5622%
-------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
- -----------------------------------------------------------
(A) Current 353,490.61 64,959.46 135,265,278.37 2.5597%
------------------------------------------------------------------------
(B) 1st Previous 285,843.84 77,686.89 141,849,111.18 1.7609%
------------------------------------------------------------------------
(C) 2nd Previous 311,838.80 100,601.30 148,535,014.02 1.7066%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate 3% 317,057.75 81,082.55 141,883,134.52 1.9958%
------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Bay View Securitization Corporation
For Remittance Date: February 28, 1998
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 41 272,152.78
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 492 3,653,742.08
-----------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 28,559.74
-----------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 248,538.65
-----------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 19 221,340.52
-----------------------------------------------
(B) Aggregate Repossessions 387 4,535,370.05
-----------------------------------------------
(C) Unliquidated Repossessions 57 447,319.26
-----------------------------------------------
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 555,057.47
-----------------------
(B) Deposit 3,833.06
-----------------------
(C) Withdrawal 0.00
-----------------------
(D) Ending Balance 558,890.53
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
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