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Previous: TENNECO AUTOMOTIVE INC, 8-A12B/A, 2000-03-22 |
Next: BAY VIEW SECURITIZATION CORP, 8-K, 2000-03-22 |
<PAGE>
<TABLE>
<CAPTION>
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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): March 15, 2000
Bay View Securitization Corporation
- ------------------------------------------------------------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
<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
Registrant's telephone number, including area code: (650) 573-7310
2121 So. El Camino Real, San Mateo, California 94403, (650) 573-7310
- ------------------------------------------------------------------------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed since last report)
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</TABLE>
<PAGE>
Item 7. Financial Statements, Pro forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated February 29, 2000
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 1999-RA-1 AUTO TRUST
BY: BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
Dated: March 22, 2000 By: /s/ David A. Heaberlin
-----------------------------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
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Bay View Securitiation Corporation
Bay View 1999-LG-1 Auto Trust
For Remittance Date: February 29, 2000
A. Principal Balance Reconciliation
<TABLE>
<CAPTION>
Number
A-1 A-2 A-3 A-4 Total of
Accounts
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<S> <C> <C> <C> <C> <C> <C>
(A) Original Principal Balance 42,750,000.00 97,000,000.00 55,000,000.00 52,023,107.00 246,773,107.00 17753
-------------------------------------------------------------------------------------
(B) Beginning Period Principal Balance 26,508,123.25 97,000,000.00 55,000,000.00 52,023,107.00 230,531,230.25 17158
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(C) Collections (Regular Payments) 3,918,062.33 0.00 0.00 0.00 3,918,062.33 N/A
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(D) Withdrawal from Payahead (Principal) 8,883.19 0.00 0.00 0.00 8,883.19 N/A
-------------------------------------------------------------------------------------
(E) Collections (Principal Payoffs) 3,995,175.85 0.00 0.00 0.00 3,995,175.85 347
-------------------------------------------------------------------------------------
(F) Collections (Principal Recoveries) 62,860.22 0.00 0.00 0.00 62,860.22 N/A
-------------------------------------------------------------------------------------
(G) Charge Offs Amount 291,253.55 0.00 0.00 0.00 291,253.55 29
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(H) Principal Reductions (Partial Charge-Offs) 1,889.79 0.00 0.00 0.00 1,889.79 N/A
-------------------------------------------------------------------------------------
(I) Repurchases 0.00 0.00 0.00 0.00 0.00 0
-------------------------------------------------------------------------------------
(J) Ending Balance 18,229,998.32 97,000,000.00 55,000,000.00 52,023,107.00 222,253,105.32 16782
-------------------------------------------------------------------------------------
Notional Principal Balance:
--------------
(K) Beginning 168,511,922.91
--------------
(L) Ending 160,526,941.32
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(M) Certificate Factor 42.643271% 100.000000% 100.000000% 100.000000% 90.063746%
-------------------------------------------------------------------------------------
B. Cash Flow Reconciliation
Total
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(A) Cash Wired 10,374,896.38
--------------
(B) Interest Wired/Earned 40,682.97
--------------
(C) Withdrawal from Payahead Account 8,883.19
--------------
(D) Advances 6,163.08
--------------
(E) Repurchases 0.00
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(F) Gross Charge-Off Recoveries -340.31
--------------
(G) Gross Charge-Off Advances 2,145.20
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(H) Spread Account Withdrawal 0.00
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(I) "A" Surety Bond Draw for "I" Interest 0.00
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(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
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(L) "A" Surety Bond Draw for "A-3" Principal or Interest 0.00
--------------
(M) "A" Surety Bond Draw for "A-4" Principal or Interest 0.00
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Total Collections 10,432,430.51
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C. Trustee Distribution
Total
--------------
(A) Total Cash Flow 10,432,430.51
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(B) Unrecovered Interest Advances 2,145.20
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(C) Servicing Fee (Due and Unpaid) 144,082.02
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(D) Interest to "A-1" Certificate Holders, including Overdue 130,879.79
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(E) Interest to "A-2" Certificate Holders, including Overdue 556,133.33
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(F) Interest to "A-3" Certificate Holders, including Overdue 316,708.33
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(G) Interest to "A-4" Certificate Holders, including Overdue 306,502.81
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(H) Interest to "I" Certificate Holders, including Overdue 210,639.90
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(I) Principal to "A-1" Certificate Holders, including Overdue 8,278,124.93
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(J) Principal to "A-2" Certificate Holders, including Overdue 0.00
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(K) Principal to "A-3" Certificate Holders, including Overdue 0.00
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(L) Principal to "A-4" Certificate Holders, including Overdue 0.00
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(M) Reinsurance Fee 0.00
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(N) Surety Bond Fee 46,650.10
------------- --------------
(O) First Loss Protection 9,508.96
-------------
(P) Surety Bond Premium 37,141.14
-------------
--------------
(Q) Interest Advance Recovery Payments 0.00
--------------
</TABLE>
Page 3
<PAGE>
Bay View Securitization Corporation
Bay View 1999-LG-1 Auto Trust
For Remittance Date: February 29, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
--------------
(R) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" Interest 0.00
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(S) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" Interest 0.00
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(T) Unreimbursed Draws on Class "A" Surety Bond for Class "A-3" Interest 0.00
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(U) Unreimbursed Draws on Class "A" Surety Bond for Class "A-4" Interest 0.00
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(V) Unreimbursed Draws on Class "A" Surety Bond for Class "I" Interest 0.00
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(W) Deposit to Payahead 0.00
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(X) Bank Account Interest to Servicer 40,682.97
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(Y) Excess Yield 399,881.13
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Balance 0.00
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D. Spread Account and Surety Reconciliation
Spread Account Surety Bond
------------- --------------
(A) Beginning Balance 1,590,149.80 231,530,013.04
------------- --------------
(B) Additions to Spread Amount 399,881.13 N/A
------------- --------------
(C) Interest Earned 5,313.16 0.00
------------- --------------
(D) Draws 0.00 0.00
------------- --------------
(E) Reimbursement for Prior Draws N/A 0.00
------------- --------------
(F) Distribution of Funds to "IC" Class or Servicer N/A 0.00
------------- --------------
(G) Prior Month Distribution of Funds to "IC" Class 0.00 N/A
------------- --------------
(H) Ending Balance 1,995,344.09 222,327,901.70
------------- --------------
(I) Required Balance 8,644,921.13 222,327,901.70
------------- --------------
(J) Distribution to "IC" Class 0.00
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E. Current Receivables Delinquency
#Payment Delinquency Number Balance
-------------------- --------------- --------------
(A) 31-60 60 731,564.33
--------------- --------------
(B) 61-90 44 555,064.35
--------------- --------------
(C) 91+ 15 182,357.06
--------------- --------------
(D) Total 119 1,468,985.74
--------------- --------------
F. Excess Yield
Month Excess Yield Pool Excess Yield
----- Balance Balance (Annualized %)
--------------- -------------- --------------
(A) Current 399,881.13 222,253,105.32 2.1591%
--------------- -------------- --------------
(B) 1st Previous 869,463.56 230,531,230.25 4.5259%
--------------- -------------- --------------
(C) 2nd Previous 712,039.88 238,136,517.97 3.5881%
--------------- -------------- --------------
(D) 3rd Previous 0.00 0.00 0.0000%
--------------- -------------- --------------
(E) Four-Month Rolling Excess Yield 495,346.14 172,730,213.39 3.4413%
--------------- -------------- --------------
G. Delinquency Rate (30+)
Month Pool
Month Balance Balance %
----- --------------- -------------- --------------
(A) Current 1,468,985.74 222,253,105.32 0.6610%
--------------- -------------- --------------
(B) 1st Previous 1,558,139.21 230,531,230.25 0.6759%
--------------- -------------- --------------
(C) 2nd Previous 958,777.15 238,136,517.97 0.4026%
--------------- -------------- --------------
(D) 3rd Previous 0.00 0.00 0.0000%
--------------- -------------- --------------
(E) Four-Month Rolling Average 996,475.53 172,730,213.39 0.5769%
--------------- -------------- --------------
</TABLE>
Page 4
<PAGE>
Bay View Securitization Corporation
Bay View 1999-LG-1 Auto Trust
For Remittance Date: February 29, 2000
<TABLE>
<CAPTION>
H. Net Loss Rate
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ---------- ---------- -------------- ------------
<S> <C> <C> <C> <C>
(A) Current 354,113.77 62,519.91 226,392,167.79 1.5456%
---------- ---------- -------------- ------------
(B) 1st Previous 94,635.55 26.00 234,333,874.11 0.4845%
---------- ---------- -------------- ------------
(C) 2nd Previous 22,625.72 14,769.73 119,068,259.99 0.0792%
---------- ---------- -------------- ------------
(D) Three-Month Rolling Average 157,125.01 25,771.88 193,264,766.96 0.8156%
---------- ---------- -------------- ------------
I. Charge-Off / Recoveries
Number Balance
---------- ----------
(A) Collection Period Charge-Off Receivables 29 293,143.34
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(B) Gross Charge-Offs Cumulative Receivables 36 401,361.66
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(C) Collection Period Recoveries on Charge-Offs NA -340.31
---------- ----------
(D) Recoveries on Charge-Offs To-Date NA -190.31
---------- ----------
J. Repossessions
---------- ------------
(A) Collection Period Repossessions 27 364,109.74
---------- ------------
(B) Aggregate Repossessions 79 1,108,551.34
---------- ------------
(C) Unliquidated Repossessions 42 534,548.98
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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 241,936.17
----------
(B) Deposit 0.00
----------
(C) Withdrawal 8,883.19
----------
(D) Ending Balance 233,052.98
----------
</TABLE>
Approved By: /s/ Michael LaOrange
--------------------------
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
Page 5
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