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Previous: CHEVY CHASE AUTO RECEIVABLES TRUST 1996-2, 8-K, 1999-10-22 |
Next: CYNET INC, 424B3, 1999-10-22 |
<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): October 15, 1999
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 September 30, 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: October 22, 1999 By: /s/ David A. Heaberlin
--------------------------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
<PAGE>
EXHIBIT 99.1
Bay View Securitization Corporation
For Remittance Date: September 30, 1999
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 0.00 46,455,455.36 46,455,455.36 5677
--------------------------------------------------------------------------
(C) Collections (Regular Payments) 0.00 1,540,880.40 1,540,880.40 N/A
--------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 0.00 1,166,808.73 1,166,808.73 246
--------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
--------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 0.00 34,263.29 34,263.29 N/A
--------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
--------------------------------------------------------------------------
(H) Gross Charge Offs 0.00 119,831.11 119,831.11 17
--------------------------------------------------------------------------
(I) Repurchases 0.00 20,716.39 20,716.39 16
--------------------------------------------------------------------------
(J) Ending Balance 0.00 43,572,955.44 43,572,955.44 5398
--------------------------------------------------------------------------
Notional Principal Balance:
-----------------
(K) Beginning 4,176,112.92
-----------------
(L) Ending 3,477,114.81
-----------------
-----------------------------------------------------------
(M) Certificate Factor 0.0000000% 83.3996184% 17.2072099%
-----------------------------------------------------------
</TABLE>
B. CASH FLOW RECONCILIATION
<TABLE>
<CAPTION>
<S> <C>
Total
-----------------
(A) Cash Wired 3,298,153.33
-----------------
(B) Interest Wired/Earned 12,417.29
-----------------
(C) Withdrawal from Payahead Account 34,263.29
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 20,716.39
-----------------
(F) Gross Charge-Off Recoveries 26,776.12
-----------------
(G) Gross Charge-Off Advances 518.35
-----------------
(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 3,392,844.77
-----------------
</TABLE>
C. TRUSTEE DISTRIBUTION
<TABLE>
<CAPTION>
Total
<S> <C> <C>
-----------------
(A) Total Cash Flow 3,392,844.77
-----------------
(B) Unrecovered Interest Advances 436.34
-----------------
(C) Servicing Fee (Due and Unpaid) 38,712.88
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 0.00
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 255,117.88
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 10,962.30
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 0.00
(H) Principal to "A-2" Certificate Holders, including Overdue 2,882,499.92
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 5,806.93
----------------------------------------
(K) First Loss Protection 0.00
-----------------------
(L) Surety Bond Premium 5,806.93
----------------------------------------
(M) Interest Advance Recovery Payments 49,481.96
-----------------
(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: September 30, 1999
<TABLE>
<S> <C>
(R) Bank Account Interest to Servicer 12,417.29
-----------------
(S) Excess Yield 137,409.27
-----------------
BALANCE 0.00
-----------------
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
----------------------------------------
<S> <C> <C>
(A) Beginning Balance 3,530,113.99 43,617,107.76
----------------------------------------
(B) Additions to Spread Amount 137,409.27 N/A
----------------------------------------
(C) Interest Earned 14,070.57
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 364,801.63 0.00
----------------------------------------
(G) Ending Balance 3,316,792.20 40,712,436.13
----------------------------------------
(H) Required Balance 3,165,312.36 40,712,436.13
----------------------------------------
(I) Distribution to "IC" Class 151,479.84
-----------------------
<CAPTION>
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ---------------------------------------------
<S> <C> <C>
(A) 31-60 40 243,487.84
---------------------------------------------
(B) 61-90 8 107,776.18
---------------------------------------------
(C) 91+ 2 9,365.10
---------------------------------------------
(D) Total 50 360,629.12
---------------------------------------------
<CAPTION>
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- --------------------------------------------------------------
<S> <C> <C> <C>
(A) Current 137,409.27 43,572,955.44 3.7843%
--------------------------------------------------------------
(B) 1st Previous 350,355.04 46,455,455.36 9.0501%
--------------------------------------------------------------
(C) 2nd Previous 145,948.49 49,663,174.10 3.5265%
--------------------------------------------------------------
(D) 3rd Previous 223,814.48 52,935,062.57 5.0737%
--------------------------------------------------------------
(E) 4th Previous 98,926.91 56,389,588.22 2.1052%
--------------------------------------------------------------
(F) 5th Previous 80,045.75 59,947,518.62 1.6023%
--------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (greater
than or equal to 1.75%) 172,749.99 51,493,959.05 4.0257%
--------------------------------------------------------------
<CAPTION>
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- --------------------------------------------------------------
<S> <C> <C> <C>
(A) Current 360,629.12 43,572,955.44 0.8276%
--------------------------------------------------------------
(B) 1st Previous 412,295.83 46,455,455.36 0.8875%
--------------------------------------------------------------
(C) 2nd Previous 322,512.00 49,663,174.10 0.6494%
--------------------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 365,145.65 46,563,861.63 0.7842%
--------------------------------------------------------------
<CAPTION>
H. NET LOSS RATE
Liquidation Average
Month Balance Proceeds Balance
----- --------------------------------------------------------------
<S> <C> <C> <C>
(A) Current 173,868.05 80,813.06 45,014,205.40
--------------------------------------------------------------
(B) 1st Previous 88,640.95 88,733.32 48,059,314.73
--------------------------------------------------------------
(C) 2nd Previous 192,985.51 65,908.18 51,299,118.34
--------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate
less than 3% 151,831.50 78,484.85 48,124,212.82
--------------------------------------------------------------
<CAPTION>
Defaulted
Month (Annualized)
----- ------------------------
<S> <C>
(A) Current 2.4807%
------------------------
(B) 1st Previous -0.0023%
------------------------
(C) 2nd Previous 2.9726%
------------------------
(D) Three-Month Rolling Average Net Default Rate
less than 3% 1.8289%
------------------------
</TABLE>
Page 4
<PAGE>
Bay View Securitization Corporation
For Remittance Date: September 30, 1999
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------------------------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 17 119,831.11
------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 1031 7,434,498.89
------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 26,776.12
------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 1,036,984.73
------------------------------------
J. REPOSSESSIONS
------------------------------------
(A) Collection Period Repossessions 3 26,843.02
------------------------------------
(B) Aggregate Repossessions 645 7,532,966.06
------------------------------------
(C) Unliquidated Repossessions 4 32,708.70
------------------------------------
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 211,675.30
-------------
(B) Deposit 0.00
-------------
(C) Withdrawal 34,263.29
-------------
(D) Ending Balance 177,412.01
-------------
</TABLE>
Approved By: /s/ Michael LaOrange
--------------------
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
Page 5
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