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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): June 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
incorporation or organization Identification No.)
</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 May 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: June 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: May 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 7,701,529.62 52,245,989.00 59,947,518.62 6993
-----------------------------------------------------------------
(C) Collections (Regular Payments) 1,851,452.07 0.00 1,851,452.07 N/A
-----------------------------------------------------------------
(D) Collections (Principal Payoffs) 1,525,725.66 0.00 1,525,725.66 320
-----------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 20,939.79 0.00 20,939.79 N/A
-----------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------
(H) Gross Charge Offs 129,919.61 0.00 129,919.61 16
-----------------------------------------------------------------
(I) Repurchases 29,893.27 0.00 29,893.27 23
-----------------------------------------------------------------
(J) Ending Balance 4,143,599.22 52,245,989.00 56,389,588.22 6634
-----------------------------------------------------------------
Notional Principal Balance:
---------------
(K) Beginning 9,309,440.84
---------------
(L) Ending 7,591,418.81
---------------
-------------------------------------------------
(M) Certificate Factor 2.0617076% 100.0000000% 22.2685717%
-------------------------------------------------
B. CASH FLOW RECONCILIATION
Total
---------------
(A) Cash Wired 3,964,322.18
---------------
(B) Interest Wired/Earned 10,556.99
---------------
(C) Withdrawal from Payahead Account 20,939.79
---------------
(D) Advances 3,885.83
---------------
(E) Repurchases 29,893.27
---------------
(F) Gross Charge-Off Recoveries 46,801.53
---------------
(G) Gross Charge-Off Advances 2,238.47
---------------
(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 4,078,638.06
---------------
C. TRUSTEE DISTRIBUTION
Total
---------------
(A) Total Cash Flow 4,078,638.06
---------------
(B) Unrecovered Interest Advances 2,050.36
---------------
(C) Servicing Fee (Due and Unpaid) 49,956.27
---------------
(D) Interest to "A-1" Certificate Holders, including Overdue 40,368.85
---------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
---------------
(F) Interest to "I" Certificate Holders, including Overdue 24,437.28
---------------
(G) Principal to "A-1" Certificate Holders, including Overdue 3,557,930.40
---------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
---------------
(I) Reinsurance Fee 0.00
---------------
(J) Surety Bond Fee 7,493.44
---------------
(K) First Loss Protection 0.00
---------------
(L) Surety Bond Premium 7,493.44
---------------
(M) Interest Advance Recovery Payments 0.00
---------------
(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: May 31, 1999
<TABLE>
<S> <C>
----------
(R) Bank Account Interest to Servicer 10,556.99
----------
(S) Excess Yield 98,926.91
----------
----------
BALANCE 0.00
----------
</TABLE>
<TABLE>
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
---------------------------------
Spread Account Surety Bond
---------------------------------
<S> <C> <C>
(A) Beginning Balance 3,255,452.95 57,212,778.03
---------------------------------
(B) Additions to Spread Amount 98,926.91 N/A
---------------------------------
(C) Interest Earned 11,304.61
---------------------------------
(D) Draws 0.00 0.00
---------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
---------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 90,140.59 0.00
---------------------------------
(G) Ending Balance 3,275,543.88 53,625,955.82
---------------------------------
---------------------------------
(H) Required Balance 3,165,312.36 53,625,955.82
---------------------------------
(I) Distribution to "IC" Class 110,231.52
----------------
</TABLE>
<TABLE>
<CAPTION>
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- -----------------------------
<S> <C> <C>
(A) 31-60 36 240,163.01
-----------------------------
(B) 61-90 11 117,833.24
-----------------------------
(C) 91+ 4 23,916.86
-----------------------------
(D) Total 51 381,913.11
-----------------------------
</TABLE>
<TABLE>
<CAPTION>
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- -----------------------------------------------
<S> <C> <C> <C>
(A) Current 98,926.91 56,389,588.22 2.1052%
-----------------------------------------------
(B) 1st Previous 80,045.75 59,947,518.62 1.6023%
-----------------------------------------------
(C) 2nd Previous 170,699.83 63,938,978.92 3.2037%
-----------------------------------------------
(D) 3rd Previous 26,313.08 68,163,750.56 0.4632%
-----------------------------------------------
(E) 4th Previous 56,815.80 71,764,929.38 0.9500%
-----------------------------------------------
(F) 5th Previous 254,395.50 75,891,072.78 4.0225%
-----------------------------------------------
(G) Six-Month Rolling Excess Yield (greater than=1.75%) 114,532.81 66,015,973.08 2.0819%
-----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- -----------------------------------------------
<S> <C> <C> <C>
(A) Current 381,913.11 56,389,588.22 0.6773%
-----------------------------------------------
(B) 1st Previous 433,465.30 59,947,518.62 0.7231%
-----------------------------------------------
(C) 2nd Previous 356,175.93 63,938,978.92 0.5571%
-----------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 390,518.11 60,092,028.59 0.6499%
-----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- -----------------------------------------------------------
<S> <C> <C> <C> <C>
(A) Current 191,365.11 108,247.03 58,168,553.42 1.7147%
-----------------------------------------------------------
(B) 1st Previous 179,951.32 78,592.57 61,943,248.77 1.9636%
-----------------------------------------------------------
(C) 2nd Previous 230,894.62 113,284.69 66,051,364.74 2.1367%
-----------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate less than 3% 200,737.02 100,041.43 62,054,388.98 1.9472%
-----------------------------------------------------------
</TABLE>
Page 4
<PAGE>
Bay View Securitization Corporation
For Remittance Date: May 31, 1999
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
-----------------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 16 129,919.61
-----------------------------
(B) Gross Charge-Offs Cumulative Receivables 972 6,990,585.20
-----------------------------
(C) Collection Period Recoveries on Charge-Offs NA 46,801.53
-----------------------------
(D) Recoveries on Charge-Offs To-Date NA 888,248.28
-----------------------------
J. REPOSSESSIONS
-----------------------------
(A) Collection Period Repossessions 8 104,886.85
-----------------------------
(B) Aggregate Repossessions 619 7,260,770.25
-----------------------------
(C) Unliquidated Repossessions 8 104,886.85
-----------------------------
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 278,548.32
----------
(B) Deposit 0.00
----------
(C) Withdrawal 20,939.79
----------
(D) Ending Balance 257,608.53
----------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Acceptance Corp
Page 5
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