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Previous: VAN KAMPEN AMERICAN CAPITAL EQUITY OPPORTUNITY TRUST SER 171, S-6, 1999-07-21 |
Next: AMERITRADE HOLDING CORP, SC 13G, 1999-07-21 |
<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): July 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
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>
Item7. Financial Statements, Pro forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated June 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: July 21, 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: June 30, 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 4,143,599.22 52,245,989.00 56,389,588.22 6634
--------------------------------------------------------------------
(C) Collections (Regular Payments) 1,947,854.77 0.00 1,947,854.77 N/A
--------------------------------------------------------------------
(D) Collections (Principal Payoffs) 1,385,190.02 0.00 1,385,190.02 285
--------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
--------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 13,264.49 0.00 13,264.49 N/A
--------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
--------------------------------------------------------------------
(H) Gross Charge Offs 89,523.81 0.00 89,523.81 15
--------------------------------------------------------------------
(I) Repurchases 18,692.56 0.00 18,692.56 17
--------------------------------------------------------------------
(J) Ending Balance 689,073.57 52,245,989.00 52,935,062.57 6317
--------------------------------------------------------------------
Notional Principal Balance:
--------------
(K) Beginning 7,591,418.81
--------------
(L) Ending 5,925,289.77
--------------
(M) Certificate Factor 0.3428585% 100.0000000% 20.9043597%
-------------------------------------------------------
B. CASH FLOW RECONCILIATION
Total
---------------
(A) Cash Wired 4,069,751.88
---------------
(B) Interest Wired/Earned 12,778.97
---------------
(C) Withdrawal from Payahead Account 13,264.49
---------------
(D) Advances 0.00
---------------
(E) Repurchases 18,692.56
---------------
(F) Gross Charge-Off Recoveries 17,281.68
---------------
(G) Gross Charge-Off Advances 3,891.08
---------------
(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 4,135,660.66
---------------
C. TRUSTEE DISTRIBUTION
Total
--------------
(A) Total Cash Flow 4,135,660.66
---------------
(B) Unrecovered Interest Advances 3,860.72
---------------
(C) Servicing Fee (Due and Unpaid) 46,991.32
---------------
(D) Interest to "A-1" Certificate Holders, including Overdue 21,719.37
---------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
---------------
(F) Interest to "I" Certificate Holders, including Overdue 19,927.47
---------------
(G) Principal to "A-1" Certificate Holders, including Overdue 3,454,525.65
--------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
---------------
(I) Reinsurance Fee 0.00
---------------
(J) Surety Bond Fee 7,048.70
---------------------------------
(K) First Loss Protection 0.00
------------------
(L) Surety Bond Premium 7,048.70
(M) Interest Advance Recovery Payments 58,076.42
---------------
(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: June 30, 1999
<TABLE>
<S> <C> <C> <C> <C>
----------------
(R) Bank Account Interest to Servicer 12,778.97
----------------
(S) Excess Yield 223,814.48
----------------
BALANCE 0.00
----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-----------------------------------
(A) Beginning Balance 3,275,543.88 53,625,955.82
-----------------------------------
(B) Additions to Spread Amount 223,814.48 N/A
-----------------------------------
(C) Interest Earned 12,315.59
-----------------------------------
(D) Draws 0.00 0.00
-----------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
-----------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 110,231.52 0.00
-----------------------------------
(G) Ending Balance 3,401,442.43 50,145,305.92
-----------------------------------
(H) Required Balance 3,165,312.36 50,145,305.92
-----------------------------------
(I) Distribution to "IC" Class 236,130.07
------------------
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- -------------------------------------------
(A) 31-60 27 247,380.04
-------------------------------------------
(B) 61-90 15 125,778.15
-------------------------------------------
(C) 91+ 3 25,673.34
-------------------------------------------
(D) Total 45 398,831.53
-------------------------------------------
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- -------------------------------------------------------------
(A) Current 223,814.48 52,935,062.57 5.0737%
-------------------------------------------------------------
(B) 1st Previous 98,926.91 56,389,588.22 2.1052%
-------------------------------------------------------------
(C) 2nd Previous 80,045.75 59,947,518.62 1.6023%
-------------------------------------------------------------
(D) 3rd Previous 170,699.83 63,938,978.92 3.2037%
-------------------------------------------------------------
(E) 4th Previous 26,313.08 68,163,750.56 0.4632%
-------------------------------------------------------------
(F) 5th Previous 56,815.80 71,764,929.38 0.9500%
-------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 109,435.98 62,189,971.38 2.1116%
-------------------------------------------------------------
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- -------------------------------------------------------------
(A) Current 398,831.53 52,935,062.57 0.7534%
-------------------------------------------------------------
(B) 1st Previous 381,913.11 56,389,588.22 0.6773%
-------------------------------------------------------------
(C) 2nd Previous 433,465.30 59,947,518.62 0.7231%
-------------------------------------------------------------
(D) Three-Month Rolling Average (<2%) 404,736.65 56,424,056.47 0.7173%
-------------------------------------------------------------
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------------------------------------------------------------------
(A) Current 141,653.36 69,411.23 54,662,325.40 1.5859%
------------------------------------------------------------------------
(B) 1st Previous 191,365.11 108,247.03 58,168,553.42 1.7147%
------------------------------------------------------------------------
(C) 2nd Previous 179,951.32 78,592.57 61,943,248.77 1.9636%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate <3% 170,989.93 85,416.94 58,258,042.53 1.7626%
------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
Bay View Securitization Corporation
For Remittance Date: June 30, 1999
<TABLE>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
Number Balance
---------------------------------------------
(A) Collection Period Charge-Off Receivables 15 89,523.81
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 987 7,080,109.01
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 17,281.68
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 905,529.96
---------------------------------------------
J. REPOSSESSIONS
---------------------------------------------
(A) Collection Period Repossessions 12 132,846.60
---------------------------------------------
(B) Aggregate Repossessions 631 7,393,616.85
---------------------------------------------
(C) Unliquidated Repossessions 14 173,585.15
---------------------------------------------
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 257,608.53
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 13,264.49
----------------------
(D) Ending Balance 244,344.04
----------------------
</TABLE>
Approved By: /s/ Richard Kleinman
--------------------
Richard Kleinman
Vice President, CFO
Bay View Acceptance Corp
Page 5
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