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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): DECEMBER 15, 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, (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 November 30, 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: December 24, 1998 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial
Officer
Page 2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: November 30, 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 32,428,444.84 52,245,989.00 84,674,433.84 9282
---------------------------------------------------------------------------------
(C) Collections (Regular Payments) 2,426,991.85 0.00 2,426,991.85 N/A
---------------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 1,960,421.86 0.00 1,960,421.86 367
---------------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 44,365.96 0.00 44,365.96 N/A
---------------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------------------
(H) Gross Charge Offs 174,714.73 0.00 174,714.73 23
---------------------------------------------------------------------------------
(I) Repurchases 34,086.30 0.00 34,086.30 26
---------------------------------------------------------------------------------
(J) Ending Balance 27,787,864.14 52,245,989.00 80,033,853.14 8866
---------------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 25,396,054.12
-----------------
(L) Ending 21,747,083.75
-----------------
(M) Certificate Factor 13.8262526% 100.0000000% 31.6058275%
------------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
-----------------
(A) Cash Wired 5,323,658.08
-----------------
(B) Interest Wired/Earned 15,989.72
-----------------
(C) Withdrawal from Payahead Account 44,365.96
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 34,086.30
-----------------
(F) Gross Charge-Off Recoveries 27,089.04
-----------------
(G) Gross Charge-Off Advances 9,500.12
-----------------
(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 5,454,689.22
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
-----------------
(A) Total Cash Flow 5,454,689.22
-----------------
(B) Unrecovered Interest Advances 9,386.70
-----------------
(C) Servicing Fee (Due and Unpaid) 70,562.03
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 169,979.10
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 66,664.64
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 4,640,580.70
-----------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 10,584.30
-----------------
(K) First Loss Protection 0.00
-----------------------
(L) Surety Bond Premium 10,584.30
-----------------------
(M) Interest Advance Recovery Payments 38,253.36
-----------------
(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: November 30, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(R) Bank Account Interest to Servicer 15,989.72
-----------------
(S) Excess Yield 145,771.11
-----------------
BALANCE 0.00
-----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
----------------------------------------
(A) Beginning Balance 3,600,086.02 81,954,502.30
----------------------------------------
(B) Additions to Spread Amount 145,771.11 N/A
----------------------------------------
(C) Interest Earned 12,206.69
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 434,773.66 0.00
----------------------------------------
(G) Ending Balance 3,323,290.16 77,462,664.10
----------------------------------------
(H) Required Balance 3,165,312.36 77,462,664.10
----------------------------------------
(I) Distribution to "IC" Class 157,977.80
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
-------------------- ---------------------------------------------
(A) 31-60 38 283,749.66
---------------------------------------------
(B) 61-90 22 206,988.28
---------------------------------------------
(C) 91+ 11 78,325.69
---------------------------------------------
(D) Total 71 569,063.63
---------------------------------------------
F. EXCESS YIELD
POOL EXCESS YIELD
MONTH EXCESS YIELD BALANCE BALANCE (ANNUALIZED %)
----- --------------------------------------------------------------
(A) Current 145,771.11 80,033,853.14 2.1856%
--------------------------------------------------------------
(B) 1st Previous 232,975.37 84,674,433.84 3.3017%
--------------------------------------------------------------
(C) 2nd Previous 181,861.21 89,403,377.72 2.4410%
--------------------------------------------------------------
(D) 3rd Previous 176,842.63 94,550,507.02 2.2444%
--------------------------------------------------------------
(E) 4th Previous 175,493.75 99,745,602.06 2.1113%
--------------------------------------------------------------
(F) 5th Previous 61,129.42 105,557,334.06 0.6949%
--------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (greater than or=1.75%) 162,345.58 92,327,517.97 2.1100%
--------------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
MONTH BALANCE BALANCE %
----- --------------------------------------------------------------
(A) Current 569,063.63 80,033,853.14 0.7110%
--------------------------------------------------------------
(B) 1st Previous 524,455.89 84,674,433.84 0.6194%
--------------------------------------------------------------
(C) 2nd Previous 561,875.38 89,403,377.72 0.6285%
--------------------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 551,798.30 84,703,888.23 0.6514%
--------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
----- -----------------------------------------------------------------------------
(A) Current 245,637.32 98,011.63 82,354,143.49 2.1511%
-----------------------------------------------------------------------------
(B) 1st Previous 249,486.65 108,620.99 87,038,905.78 1.9421%
-----------------------------------------------------------------------------
(C) 2nd Previous 251,575.92 119,625.31 91,976,942.37 1.7215%
-----------------------------------------------------------------------------
(D) Three-Month Rolling Average
Net Default Rate less than 3% 248,899.96 108,752.64 87,123,330.55 1.9303%
-----------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: November 30, 1998
I. CHARGE-OFF / RECOVERIES
<TABLE>
<CAPTION>
NUMBER BALANCE
---------------------------------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 23 174,714.73
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 839 6,011,687.00
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 27,089.04
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 647,889.56
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 17 172,663.76
---------------------------------------------
(B) Aggregate Repossessions 560 6,541,246.30
---------------------------------------------
(C) Unliquidated Repossessions 18 186,074.05
---------------------------------------------
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 417,298.06
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 44,365.96
----------------------
(D) Ending Balance 372,932.10
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
Page 5
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