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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): MAY 11, 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 APRIL 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: MAY 18, 1998 BY: /S/ DAVID A. HEABERLIN
----------------------
DAVID A. HEABERLIN
TREASURER AND CHIEF FINANCIAL OFFICER
2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: APRIL 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 72,384,141.46 52,245,989.00 124,630,130.46 12628
---------------------------------------------------------------------
(C) Collections (Regular Payments) 3,526,994.30 0.00 3,526,994.30 N/A
---------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,759,021.80 0.00 2,759,021.80 459
---------------------------------------------------------------------
(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 263,357.17 0.00 263,357.17 35
---------------------------------------------------------------------
(I) Repurchases 40,990.08 0.00 40,990.08 30
---------------------------------------------------------------------
(J) Ending Balance 65,793,778.11 52,245,989.00 118,039,767.11 12104
---------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 54,362,424.89
-----------------
(L) Ending 49,349,540.34
-----------------
(M) Certificate Factor 32.7366432% 100.0000000% 46.6145808%
-------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 7,897,707.19
-----------------
(B) Interest Wired/Earned 29,250.56
-----------------
(C) Withdrawal from Payahead Account 0.00
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 40,990.08
-----------------
(F) Gross Charge-Off Recoveries 37,047.11
-----------------
(G) Gross Charge-Off Advances 33,551.38
-----------------
(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 8,038,546.32
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 8,038,546.32
-----------------
(B) Unrecovered Interest Advances 30,721.71
-----------------
(C) Servicing Fee (Due and Unpaid) 103,858.44
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 379,413.54
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 142,701.37
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 6,590,363.35
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 17,507.41
-----------------
(K) First Loss Protection 1,928.65
----------------
(L) Surety Bond Premium 15,578.77
----------------
(M) Interest Advance Recovery Payments 57,350.45
-----------------
(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 190,262.71
-----------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: APRIL 30, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 29,250.56
----------------
(S) Excess Yield 210,199.22
----------------
BALANCE 0.00
----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
(A) Beginning Balance 3,516,442.37 122,209.427.11
---------------------------------------
(B) Additions to Spread Amount 210,199.22 N/A
---------------------------------------
(C) Interest Earned 15,322.95
---------------------------------------
(D) Draws 0.00 0.00
---------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
---------------------------------------
(F) Distribution of Funds to Servicer 0.00 0.00
---------------------------------------
(G) Ending Balance 3,741,964.54 115,436,215.65
---------------------------------------
(H) Required Balance 3,165,312.36 115,436,215.65
---------------------------------------
(I) Distribution to "IC" Class 576,652.18
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
- -----------------------------------------------------------
(A) 31-60 74 692,753.01
---------------------------------------------
(B) 61-90 37 457,011.44
---------------------------------------------
(C) 91+ 13 69,005.95
---------------------------------------------
(D) Total 124 1,218,770.40
---------------------------------------------
F. EXCESS YIELD
EXCESS YIELD BALANCE POOL EXCESS YIELD
MONTH BALANCE (ANNUALIZED %)
- -----------------------------------------------------------
(A) Current 210,199.22 118,039,767.11 2.1369%
-------------------------------------------------------------
(B) 1st Previous 128,018.13 124,630,130.46 1.2326%
-------------------------------------------------------------
(C) 2nd Previous 195,671.17 131,946,266.49 1.7796%
-------------------------------------------------------------
(D) 3rd Previous 235,613.31 138,584,290.24 2.0402%
-------------------------------------------------------------
(E) 4th Previous 184,914.80 145,113,932.12 1.5291%
-------------------------------------------------------------
(F) 5th Previous 236,132.00 151,956,095.91 1.8647%
-------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 198,424.77 135,045,080.39 1.7632%
-------------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
- ----------------------------------------------------------- BALANCE BALANCE %
MONTH
- -----------------------------------------------------------
(A) Current 1,218,770.40 118,039,767.11 1.0325%
-------------------------------------------------------------
(B) 1st Previous 462,380.88 124,630,130.46 0.3710%
-------------------------------------------------------------
(C) 2nd Previous 800,412,05 131,946,266.49 0.6066%
-------------------------------------------------------------
(D) Three-Month Rolling Average (2%) 827,187.78 124,872,054.69 0.6624%
-------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
- -----------------------------------------------------------
(A) Current 442,798.01 196,487.95 121,334,948.79 2.2382%
------------------------------------------------------------------------
(B) 1st Previous 702,583.07 259,668.43 128,288,198.48 4.1430%
------------------------------------------------------------------------
(C) 2nd Previous 353,490.61 64,959.46 135,265,278.37 2.5597%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate 3% 492,957.23 173,705.28 128,296,141.88 2.9861%
------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Bay View Securitization Corporation
For Remittance Date: April 30, 1998
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 35 263,357.17
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 609 4,357,334.41
-----------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 37,047.11
-----------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 317,466.28
-----------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 29 365,613.57
-----------------------------------------------
(B) Aggregate Repossessions 433 5,118,725.92
-----------------------------------------------
(C) Unliquidated Repossessions 30 371,011.43
-----------------------------------------------
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 479,347.85
-----------------------
(B) Deposit 190,262.71
-----------------------
(C) Withdrawal 0.00
-----------------------
(D) Ending Balance 669,610.56
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
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