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Previous: CHEVY CHASE AUTO RECEIVABLES TRUST 1996-2, 8-K, 1999-09-22 |
Next: NEWSOUTH BANCORP INC, 8-K, 1999-09-22 |
<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 15, 1999
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
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)
</TABLE>
<PAGE>
Item 7. Financial Statements, Pro forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated August 31, 1999
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 22, 1999 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, 1999
<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 0.00 49,663,174.10 49,663,174.10 5991
---------------------------------------------------------------------------------
(C) Collections (Regular Payments) 0.00 1,723,379.22 1,723,379.22 N/A
---------------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 0.00 1,366,755.29 1,366,755.29 278
---------------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 0.00 17,899.47 17,899.47 N/A
---------------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------------------
(H) Gross Charge Offs 0.00 74,909.42 74,909.42 12
---------------------------------------------------------------------------------
(I) Repurchases 0.00 24,775.34 24,775.34 24
---------------------------------------------------------------------------------
(J) Ending Balance 0.00 46,455,455.36 46,455,455.36 5677
---------------------------------------------------------------------------------
Notional Principal Balance:
-----------------
(K) Beginning 4,893,403.01
-----------------
(L) Ending 4,176,112.92
-----------------
------------------------------------------------------------
(M) Certificate Factor 0.0000000% 88.9167882% 18.3455257%
------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
B. CASH FLOW RECONCILIATION Total
-----------------
<S> <C>
(A) Cash Wired 3,784,247.05
-----------------
(B) Interest Wired/Earned 12,846.94
-----------------
(C) Withdrawal from Payahead Account 17,899.47
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 24,775.34
-----------------
(F) Gross Charge-Off Recoveries 72,106.63
-----------------
(G) Gross Charge-Off Advances 7,993.62
-----------------
(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 3,919,869.05
-----------------
</TABLE>
<TABLE>
<CAPTION>
C. TRUSTEE DISTRIBUTION
Total
-----------------
<S> <C>
(A) Total Cash Flow 3,919,869.05
-----------------
(B) Unrecovered Interest Advances 7,989.11
-----------------
(C) Servicing Fee (Due and Unpaid) 41,385.98
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 0.00
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 272,733.60
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 12,845.18
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 0.00
-----------------
(H) Principal to "A-2" Certificate Holders, including Overdue 3,207,718.74
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 6,207.90
----------------------------------
(K) First Loss Protection 0.00
-----------------
(L) Surety Bond Premium 6,207.90
----------------------------------
(M) Interest Advance Recovery Payments 7,786.56
-----------------
(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, 1999
<TABLE>
<CAPTION>
<S> <C>
-----------------
(R) Bank Account Interest to Servicer 12,846.94
-----------------
(S) Excess Yield 350,355.04
-----------------
-----------------
BALANCE 0.00
-----------------
</TABLE>
<TABLE>
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
----------------------------------------
<S> <C> <C>
(A) Beginning Balance 3,324,986.76 46,848,057.63
----------------------------------------
(B) Additions to Spread Amount 350,355.04 N/A
----------------------------------------
(C) Interest Earned 14,446.59
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 159,674.40 0.00
----------------------------------------
(G) Ending Balance 3,530,113.99 43,617,107.76
----------------------------------------
----------------------------------------
(H) Required Balance 3,165,312.36 43,617,107.76
----------------------------------------
(I) Distribution to "IC" Class 364,801.63
-----------------------
</TABLE>
<TABLE>
<CAPTION>
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
---------------------- ------------------------------------------
<S> <C> <C>
(A) 31-60 32 268,688.09
------------------------------------------
(B) 61-90 8 86,894.26
------------------------------------------
(C) 91+ 8 56,713.48
------------------------------------------
(D) Total 48 412,295.83
------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
------- ------------------------------------------------------------
<S> <C> <C> <C>
(A) Current 350,355.04 46,455,455.36 9.0501%
------------------------------------------------------------
(B) 1st Previous 145,948.49 49,663,174.10 3.5265%
------------------------------------------------------------
(C) 2nd Previous 223,814.48 52,935,062.57 5.0737%
------------------------------------------------------------
(D) 3rd Previous 98,926.91 56,389,588.22 2.1052%
------------------------------------------------------------
(E) 4th Previous 80,045.75 59,947,518.62 1.6023%
------------------------------------------------------------
(F) 5th Previous 170,699.83 63,938,978.92 3.2037%
------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (greater
than or equal to 1.75%) 178,298.42 54,888,296.30 3.8981%
------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
------- ------------------------------------------------------------
<S> <C> <C> <C>
(A) Current 412,295.83 46,455,455.36 0.8875%
------------------------------------------------------------
(B) 1st Previous 322,512.00 49,663,174.10 0.6494%
------------------------------------------------------------
(C) 2nd Previous 398,831.53 52,935,062.57 0.7534%
------------------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 377,879.79 49,684,564.01 0.7606%
------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
------- ------------------------------------------------------------------
<S> <C> <C> <C> <C>
(A) Current 88,640.95 88,733.32 48,059,314.73 -0.0023%
------------------------------------------------------------------
(B) 1st Previous 192,985.51 65,908.18 51,299,118.34 2.9726%
------------------------------------------------------------------
(C) 2nd Previous 141,653.36 69,411.23 54,662,325.40 1.5859%
------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate
less than 3% 141,093.27 74,684.24 51,340,252.82 1.5522%
------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
Bay View Securitization Corporation
For Remittance Date: August 31, 1999
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
<S> <C> <C>
---------------------------------
(A) Collection Period Charge-Off Receivables 12 74,909.42
---------------------------------
(B) Gross Charge-Offs Cumulative Receivables 1014 7,314,667.78
---------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 72,106.63
---------------------------------
(D) Recoveries on Charge-Offs To-Date NA 1,010,208.61
---------------------------------
</TABLE>
<TABLE>
<CAPTION>
J. REPOSSESSIONS
<S> <C> <C>
--------------------------------------
(A) Collection Period Repossessions 7 75,055.54
--------------------------------------
(B) Aggregate Repossessions 642 7,506,123.04
--------------------------------------
(C) Unliquidated Repossessions 9 91,103.39
--------------------------------------
</TABLE>
<TABLE>
<CAPTION>
K. FORCED PLACE INSURANCE
<S> <C> <C>
--------------------------------------
(A) FPI Charge-Offs 0 0.00
--------------------------------------
(B) FPI Canceled/Waived/Removed/ Reversed 0 0.00
--------------------------------------
</TABLE>
<TABLE>
<CAPTION>
L. PAYAHEAD RECONCILIATION
<S> <C>
---------------
(A) Beginning Balance 229,574.77
---------------
(B) Deposit 0.00
---------------
(C) Withdrawal 17,899.47
---------------
(D) Ending Balance 211,675.30
---------------
</TABLE>
Approved By: /s/ Michael LaOrange
--------------------
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
Page 5
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