<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): March 22, 2000
BAY VIEW SECURITIZATION CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 333-30048 93-1225376
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) No.)
c/o Bay View Bank, 1840 Gateway Drive, San Mateo, California 94404
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (650) 312-7396
--------------
N/A
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
Filing of Computation/Materials.
- -------------------------------
Bay View Securitization Corporation (the "Registrant") has filed with the
Securities and Exchange Commission (the "Commission") a registration statement
under the Securities Act of 1933, as amended, on Form S-3 (the "Registration
Statement") which was declared effective by the Commission on February 25, 2000.
A prospectus supplement (the "Prospectus Supplement") will be used in connection
with the Registrant's issuance, through a trust, of a series of certificates,
entitled Bay View 2000-LJ-1 Auto Trust Class A and Class IC Certificates (the
"Certificates"). The Certificates will represent in the aggregate the entire
beneficial ownership in the Bay View 2000-LJ-1 Auto Trust consisting primarily
of a segregated pool of new and used automobile, light-duty truck, motorcycle,
recreational vehicle, sport utility vehicle, vans or van conversion loans having
terms to maturity ranging from 12 months to 96 months.
PaineWebber Incorporated and Morgan Stanley & Co. Incorporated (the
"Underwriters") have advised the Registrant that they have furnished to certain
prospective purchasers of Certificates certain information, herein referred to
as "Computational Materials," in written form (copies of which are attached
hereto as Exhibits 99.1, 99.2 and 99.3), which include a description of the
securities to be offered, the name of the issuer, the size of the offering, the
number of classes, seniority and order of payment. The Computational Materials
also include data tables and term sheet information relating to the structure of
the Certificates and terms of certain classes of Certificates, and the
hypothetical characteristics and hypothetical performance of certain classes of
Certificates under certain assumptions and scenarios.
The Computational Materials have been provided by the Underwriters and were
prepared by the Underwriters at the request of certain prospective investors.
The information in the Computational Materials is preliminary and will be
superseded by the final Prospectus Supplement relating to the Certificates and
by any other information subsequently filed with the Commission. The
Computational Materials may be based on information that differs from the
information set forth in the Prospectus Supplement.
MBIA Insurance Corporation and Subsidiaries Financial Statements and Consent of
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Experts.
- -------
The Financial Statements of MBIA Insurance Corporation and Subsidiaries as
of December 31, 1998 and 1997 and for each of the years in the three-year period
ended December 31, 1998 that are included in the Prospectus Supplement have been
audited by PricewaterhouseCoopers, LLP. The consent of PricewaterhouseCoopers,
LLP to the inclusion of their audit report on such financial statements in the
Prospectus Supplement and to being named as "Experts" in the Prospectus
Supplement for the Bay View 2000-LJ-1 Auto Trust is attached hereto as Exhibit
24.
2
<PAGE>
Item 7. Financial Statements and Exhibits.
<TABLE>
<CAPTION>
Exhibit
Number Description
- -------- ----------------------------------------------------------------------
<S> <C>
24 Consent of PricewaterhouseCoopers, LLP to the inclusion of their
audit report on the financial statements of MBIA Insurance
Corporation and Subsidiaries in the Prospectus Supplement for the
Bay View 2000-LJ-1 Auto Trust and to being named as "experts" in
the Prospectus Supplement for the Bay View 2000-LJ-1 Auto Trust.
99.1 Computational Materials that have been provided by PaineWebber
Incorporated to certain prospective purchasers of the Certificates.
99.2 Computational Materials that have been provided by Morgan Stanley
& Co. Incorporated to certain prospective purchasers of the
Certificates.
99.3 Computational Materials that have been provided by PaineWebber
Incorporated to certain prospective purchasers of the Certificates.
</TABLE>
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf of Bay View
Securitization Corporation by the undersigned hereunto duly authorized.
BAY VIEW 2000-LJ-1 AUTO TRUST
BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
Date: March 24, 2000
By: /s/ Douglas J. Wallis
--------------------------------
Douglas J. Wallis
Secretary
4
<PAGE>
DRAFT
3/22/00
EXHIBIT 24
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the prospectus supplement of Bay
View Securitization Corporation, relating to Bay View 2000-LJ-1 Auto Trust, of
our report dated February 2, 1999, on our audits of the consolidated financial
statements of MBIA Insurance Corporation and Subsidiaries as of December 31,
1998 and 1997 and for each of the three years in the period ended December 31,
1998. We also consent to the reference to our Firm under the caption "Experts".
/s/ PricewaterhouseCoopers LLP
March 23, 2000
<PAGE>
EXHIBIT 99.1
[PAINEWEBBER LOGO APPEARS HERE]
DISCLAIMER
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The Information contained in the attached materials (the "Information") is
produced and provided exclusively by PaineWebber Incorporated ("PW") and not by
or as agent for Bay View Acceptance Corporation ("Bay View" or the "Servicer"),
any affiliate of the issuer or any other person or entity acting in any other
capacity such as, for example, a servicer, trustee or other party to the
transaction or otherwise. Neither the issuer nor any other person or entity,
other than PW, has prepared, reviewed or participated in the preparation of the
Information, authorized its dissemination, or makes any representation as to its
accuracy or completeness. The Information is accurate and complete to the best
of PW's knowledge. Certain of the Information, however, may be based on data
supplied to PW by the issuer, servicer or other person ("Third Party Data").
Although PW believes that any Third Party Data was obtained from reliable
sources, PW makes no representation as to its accuracy or completeness or as to
the accuracy of any calculations derived from such data. The information
contained herein is preliminary and will be superceded in its entirety by the
applicable private placement memorandum, prospectus, prospectus supplement, or
other information, if any, subsequently filed with the Securities and Exchange
Commission (collectively, the "Offering Documents"). Any information herein
regarding the collateral or the securities supercedes any prior information
regarding the collateral or the securities and will be superceded by subsequent
information regarding the collateral and/or the securities contained in
subsequent versions of the Information, if any, or in the Offering Documents.
You should make your investment decision with respect to the securities
described herein based solely upon the information contained in the Offering
Documents related to the Bay View 2000-LJ-1 Auto Trust.
The Information is generally comprised of loan or asset pool information, which
is almost always entirely Third Party Data; security characteristics, such as,
for example, payment priorities, subordination levels, or the number or
principal amount of the various classes of securities described; and performance
analysis. Security characteristics may be described in such a manner as to
focus on a particular attribute without making a complete assessment of all the
security's characteristics. As such, the Information may not reflect the impact
of all structural characteristics of the security, such as call events, for
example, in a description of payment priorities. Security characteristics and
pool information are subject to change. Any investment decision should be based
only on the Offering Documents.
Performance analyses are typically produced using mathematical models that are
applied to data using different assumptions. The data, including Third Party
Data, may be either historical or hypothetical. The Information will generally
(but not always) identify the assumptions used in the analysis. Assumptions
about prepayments, future interest rates, volatility and collateral performance
are some of the assumptions typically used in modeling the types of performance
analyses that may be included in the Information. There may be others. Contact
your PW registered representative if you require further explanation of the
assumptions used or PW's modeling techniques. Also, there may be differences
between assumptions used in the Information and the assumptions, or range of
assumptions, that you would use to analyze performance. You should consider
whether performance analyses should be tested under different assumptions. In
addition, you are cautioned that there is no universally accepted method for
analyzing or modeling financial instruments. Models used by PW to produce
analyses contained in the Information may be proprietary making the results
difficult for any third party to recreate. PW makes no representation or
warranty as to the models used to produce the Information. PW does not
guarantee any results and there is no guarantee as to the liquidity of the
securities described in the Information.
PW (or any of its affiliates) or their officers, directors, analysts or
employees may have positions in securities, commodities or derivative
instruments thereon referred herein, and may, as principal or agent, buy or sell
such securities, commodities or derivative instruments. In addition, PW may
make a market in the securities referred to herein. This Information shall not
be construed to be, or constitute, an offer to sell or buy or a solicitation of
an offer to sell or buy any securities, which may be made only by prospectus
when required by law, in which event you may obtain such prospectus from PW, and
we will not sell the securities in any jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to the registration or
qualification under the securities laws of such jurisdiction. PW shall not be,
or be deemed to be, a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. Absent such
agreement PW is acting as principal and PW strongly urges you to seek advice
from your counsel, accountant and tax advisor since you, and not PW, must
determine the appropriateness for you of any of the securities or potential
securities described in the Information.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
<PAGE>
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BAY VIEW 2000-LJ-1 AUTO TRUST
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
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Bond Summary(1)
<TABLE>
<CAPTION>
First Last Principal Expected
Offered Approximate WAL Principal Principal Window Ratings
Certificates Size Coupon (Years) Payment Payment (Years) (Moody's/S&P)
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 64,000,000 Fixed 0.25 04/00 09/00 0.50 P-1/A-1+
A-2 $132,000,000 Fixed 1.00 09/00 10/01 1.17 Aaa/AAA
A-3 $ 80,000,000 Fixed 2.00 10/01 09/02 1.00 Aaa/AAA
A-4 $ 80,559,840 Fixed(2) 3.28 09/02 05/05 2.75 Aaa/AAA
- ----------------------------------------------------------------------------------------------
</TABLE>
(1) Pricing assumes 1.6% ABS to maturity.
(2) The pass-through interest rate for the Class A-4 Certificates for each
Distribution Date will be equal to its respective fixed rate per annum as
set forth in the final Prospectus Supplement; provided that such pass-
through interest rate will not exceed the "Net WAC Cap", which will equal,
for any Distribution Date, the weighted average coupon rates for the
Receivables, based on their respective principal balances, minus the sum of
the annualized rates used to calculate the Servicing/Other Fees (as
described herein).
DESCRIPTION OF THE RECEIVABLES AS OF THE
CUT-OFF DATE (02/29/00)
-----------------------
(complete collateral tables on pages 9-12)
<TABLE>
<S> <C>
Number of Loans: 20,329
Current Balance: $356,559,840
Average Balance: $ 17,540
Minimum Balance: $ 3,011
Maximum Balance: $ 123,596
Wtd. Average Coupon: 9.79%
Wtd. Average Original Term (months): 68
Wtd. Average Remaining Term (months): 57
Wtd. Average Seasoning (months): 11
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
<PAGE>
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BAY VIEW 2000-LJ-1 AUTO TRUST
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
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<TABLE>
<S> <C>
PRICING INFORMATION
Pricing Assumption: 1.6% ABS.
Distribution Date: The 25th day of each month (or, if any such date is not a business
day, the next business day thereafter) commencing in April of 2000.
Settlement Date: On or about March 29th, 2000.
Cut-off Date: February 29th, 2000 (close of business).
Payment Delay: 24 days.
Payment Terms: Monthly.
Servicing/Other Fees: The collateral is subject to certain fees, including a monthly
servicing fee and a monthly premium payable to the Certificate Insurer.
Interest Accrual Period: With respect to the Class A-1 Certificates, interest will accrue from
and including the preceding Distribution Date (or from and including the
Closing Date in the case of the first Distribution Date in April 2000) to
and including the day prior to the current Distribution Date at a fixed
rate on an Actual/360 day basis.
With the exception of the Class A-1 Certificates, interest will accrue on
the Certificates at a fixed rate during the month prior to the month of the
related Distribution Date based on a 30/360 basis.
Optional Redemption: The Servicer has the right to purchase all of the Receivables as of the last
day of any Collection Period on which the aggregate balance of the Receivables
on the related Distribution Date (after the distribution of all amounts to be
paid on such Distribution Date) will be equal to or less than 10% of the initial
aggregate balance of the Receivables as of the Cut-off Date.
Optional Redemption Price: The Optional Redemption Price for the Receivables will be equal to the fair market
value of the Receivables; provided that such amount may not be less than the sum of:
(1) 100% of the outstanding aggregate certificate balance of all classes of the
Offered Certificates;
(2) accrued and unpaid interest on the outstanding certificate balances of all
outstanding classes of the Offered Certificates at the weighted average
interest rate of the Receivables; and
(3) any amounts due to the Certificate Insurer.
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
<PAGE>
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BAY VIEW 2000-LJ-1 AUTO TRUST
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DESCRIPTION OF SECURITIES
<TABLE>
<S> <C>
Title of Securities: Bay View 2000-LJ-1 Auto Trust.
Offering Amount: Approximately $356,559,840.
Seller and Servicer: Bay View Acceptance Corporation ("Bay View"), a Nevada corporation, having
its principal place of business in San Mateo, California.
Depositor: Bay View Securitization Corporation
Lead Underwriter: PaineWebber Incorporated
Co-Underwriter: Morgan Stanley Dean Witter
Certificate Insurer: MBIA Insurance Corporation
Trustee: Bankers Trust Company
Offering: Public Shelf Offering - a prospectus and prospectus supplement will be
distributed after pricing.
Form of Offering: DTC, Euroclear, and Clearstream.
ERISA Considerations: The Certificates are expected to be ERISA eligible.
Tax Considerations: In the opinion of special tax counsel to the Depositor, for federal income
purposes, the Trust will not be treated as an association taxable as a
corporation or as a "publicly traded partnership" taxable as a corporation.
The Trustee and the certficateholders will agree to treat the Trust
as a partnership for federal income tax purposes. As a partnership,
the Trust will not be subject to federal income tax, and the
certificateholders will be required to report their respective shares
of the Trust's taxable income, deductions and other tax attributes.
Offered Certificates: The Class A-1, Class A-2, Class A-3, and the Class A-4 Certificates (the
"Offered Certificates").
The Trust will be formed and will issue the Offered Certificates, pursuant
to the Pooling and Servicing Agreement. The Offered Certificates will have
an aggregate principal amount of approximately $356,559,840.
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
<PAGE>
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BAY VIEW 2000-LJ-1 AUTO TRUST
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DESCRIPTION OF SECURITIES (Continued)
<TABLE>
<S> <C>
Assets of the Trust: The Trust assets will include:
(i) a pool of simple and precomputed interest installment sale and installment
loan contracts originated in various states and territories of the United
States of America, secured by new and used automobiles, light-duty trucks,
motorcycles, recreational vehicles, sport utility vehicles, and vans (the
"Receivables");
(ii) certain monies (including accrued interest) due in respect of the
receivables after February 29th, 2000;
(iii) security interests in the related financed vehicles financed through the
receivables;
(iv) funds on deposit in a certificate account;
(v) any proceeds from claims on certain insurance policies relating to the
financed vehicles or the related obligors;
(vi) an unconditional and irrevocable insurance policy issued by MBIA Insurance
Corporation guaranteeing payments of principal and interest on the Offered
Certificates; and
(vii) certain rights under the agreements by which the Receivables are sold from
Bay View Acceptance Corp. to the Seller and from the Seller to the Trust.
The Receivables have an aggregate principal balance of approximately $356,559,840 as of the Cut-off
Date.
The Class A Certificates: Class A-1 Monthly Interest: Generally, the amount of monthly interest distributable
to the Class A-1 certificateholders on each Distribution Date is the product of:
(i) 1/360th of the interest rate for the Class A-1 certificates;
(ii) the actual number of days from the previous Distribution Date through the
day before the related Distribution Date or, in the case of the first
Distribution Date (in April 2000), from the closing date; and
(iii) the aggregate outstanding certificate balance of the Class A-1 Certificates
on the preceding Distribution Date (after giving effect to all distributions
to certificateholders on such date).
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
<PAGE>
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BAY VIEW 2000-LJ-1 AUTO TRUST
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DESCRIPTION OF SECURITIES (Continued)
<TABLE>
<S> <C>
The Class A Certificates
(continued): Other Class A Certificates Interest: Generally, the amount of monthly interest distributable to each
class of Class A certificates (other than the Class A-1 certificateholders) on each Distribution Date
is the product of:
(i) 1/12th of the interest rate applicable to such class of certificates; and
(ii) the aggregate outstanding certificate balance of such class on the
preceding Distribution Date (after giving effect to all distributions to
certificateholders on such date) or, in the case of the first Distribution
Date, from the closing date.
The Net WAC Cap: The amount of interest distributable to the Class A-4 Certificates
is subject to a Net WAC Cap (as defined in footnote #2 above). The MBIA Insurance
Policy does not cover any shortfall in interest on the Class A-4 Certificates due
to the Net WAC Cap. Such shortfalls will not be carried forward for future payment.
Principal: On each Distribution Date, the Trustee will distribute principal to
each class of Class A certificateholders of record as of the record date.
Generally, the amount of monthly principal the Trust will pay is equal to the
decrease in the outstanding principal balance of the receivables pool during
the previous calendar month.
Principal will be distributed to the Class A certificateholders in the order of the
alpha-numeric designation of each class of the Class A certificates, starting with the Class A-1
certificates and ending with the Class A-4 certificates. For example, no principal will be distributed
to the Class A-2 certificateholders until the outstanding certificate balance of the Class A-1
certificates has been reduced to zero.
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
<PAGE>
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BAY VIEW 2000-LJ-1 AUTO TRUST
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DESCRIPTION OF SECURITIES (Continued)
<TABLE>
<S> <C>
Priority of Payments: Unless an Event of Default has occurred and is continuing:
(1) An amount equal to the sum of (i) the amount of outstanding advances in
respect of Receivables that became defaulted Receivables during the prior
collection period, plus (ii) the amount of outstanding advances in respect
of Receivables that the servicer determines to be unrecoverable, to the
Servicer;
(2) The monthly servicing fee, including any overdue monthly servicing fee, to
the Servicer, to the extent not previously distributed to the Servicer;
(3) Monthly interest, including any overdue monthly interest amounts, to the
Class A certificateholders;
(4) Monthly principal, together with any overdue monthly principal, to the
Class A certificateholders in accordance with the Principal Distribution
Sequence (as described above under "The Class A Certificates - Principal");
(5) The insurance premium (including any overdue insurance premium, plus
accrued interest thereon) to the Certificate Insurer;
(6) The amount of recoveries of advances to the servicer (to the extent not
applied pursuant to (1) above on or prior to such Distribution Date);
(7) The aggregate amount of any unreimbursed draws on the MBIA Insurance Policy
payable to the Certificate Insurer under the insurance and reimbursement
agreement, for monthly interest, monthly principal, and any other amounts
owing to the Certificate Insurer under the insurance and reimbursement
agreement, plus accrued interest thereon; and
(8) The excess, if any, to the Class IC certificateholder.
Credit Enhancement: Credit Enhancement is provided by the following two mechanisms:
(1) Excess spread; and
(2) 100% MBIA Insurance Policy covering timely payment of interest and ultimate
payment of principal on the Offered Certificates.
(1) Excess Spread: The weighted average coupon rate on the Receivables is generally expected to be
higher than the sum of (a) the monthly servicing fee and all other fees, including the
insurance premium, and (b) the weighted average pass-through rate on the Offered
Certificates, thus generating excess interest collections which will be available,
to the extent required, to fund payments on the Offered Certificates on each
Distribution Date.
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
<PAGE>
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BAY VIEW 2000-LJ-1 AUTO TRUST
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
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DESCRIPTION OF SECURITIES (Continued)
<TABLE>
<S> <C>
Credit Enhancement
(continued):
(2) MBIA Insurance Policy: MBIA will issue an Insurance Policy that will unconditionally and
irrevocably guarantee the payment of the monthly servicing fee and
the distribution of monthly interest and monthly principal on the
Offered Certificates up to the Policy Amount.
The Policy Amount with respect to any Distribution Date will be the sum:
(1) the monthly servicing fee;
(2) monthly interest; and
(3) the lesser of (a) the outstanding aggregate certificate balance of all
classes of Class A certificates on such Distribution Date (after giving
effect to any distributions of available funds to distribute monthly
principal on such Distribution Date) and (b) the initial aggregate
certificate balance of the Class A certificates minus all amounts drawn on
the MBIA Insurance Policy with respect to monthly principal.
Prospectus: The Offered Certificates are being offered pursuant to a Prospectus which
includes a Prospectus Supplement (together, the "Prospectus"). Complete
information with respect to the Offered Certificates and the collateral,
including the Receivables, is contained in the Prospectus. The material
presented herein is qualified in its entirety by the information appearing
in the Prospectus. To the extent that the foregoing is inconsistent with the
Prospectus, the Prospectus shall govern in all respects. Sales of the Offered
Certificates may not be consummated unless the purchaser has received the Prospectus.
Legal Investment: The Class A-1 certificates will be eligible for purchase by money market funds
under Rule 2a-7 of the Investment Company Act of 1940, as amended.
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
<PAGE>
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BAY VIEW 2000-LJ-1 AUTO TRUST
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
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COMPOSITION OF THE RECEIVABLES
The sums and percentages in the following tables may not equal the totals shown
due to rounding.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Aggregate Field Description Number of Current Original Weighted Average
Receivables Principal Principal Contract Rate
Balance Balance
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Product Type New Autos and Light-Duty Trucks 6,661 $118,294,001 $144,319,297 9.28%
Used Autos and Light-Duty Trucks 8,619 141,814,340 169,336,973 10.21
Used Motorcycles 4 59,290 67,729 10.91
New Recreational Vehicles 6 95,174 105,152 8.22
Used Recreational Vehicles 9 111,677 121,439 10.33
New Sport Utility Vehicles 1,637 36,434,497 43,490,550 9.22
Used Sport Utility Vehicles 2,009 36,719,812 43,019,076 10.28
New Vans 632 12,123,614 14,889,421 9.44
Used Vans 752 10,907,435 13,152,462 10.57
--------- --------------- --------------- ------
20,329 $356,559,840 $428,502,100 9.79%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Aggregate Field Description Weighted Average Weighted Average Percent of Current
Remaining Term Original Term Principal Balance
to Maturity(1) to Maturity(2)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Product Type New Autos and Light-Duty Trucks 55.82 67.83 33.18%
Used Autos and Light-Duty Trucks 56.93 67.82 39.77
Used Motorcycles 51.09 60.00 0.02
New Recreational Vehicles 45.61 50.95 0.03
Used Recreational Vehicles 53.68 59.15 0.03
New Sport Utility Vehicles 58.76 69.96 10.22
Used Sport Utility Vehicles 59.90 70.40 10.30
New Vans 57.97 70.80 3.40
Used Vans 56.66 67.66 3.06
-------- -------- --------
57.08 68.39 100.00%
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</TABLE>
(1) Expressed in months. Based on scheduled maturity as of the Cut-off Date and
assuming no prepayment of the Receivables.
(2) Expressed in months. Based on scheduled maturity as of the origination date
and assuming no prepayment of the Receivables.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
<PAGE>
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BAY VIEW 2000-LJ-1 AUTO TRUST
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
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COMPOSITION OF THE RECEIVABLES (Continued)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Aggregate Field Description Number of Current Principal Percent of Current
Receivables Balance Principal Balance
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
State Texas 11,057 $172,396,438 48.35%
California 5,589 110,783,845 31.07
Illinois 1,168 25,031,039 7.02
Arizona 509 9,834,708 2.76
Colorado 358 7,468,072 2.09
New Mexico 280 5,413,285 1.52
Nevada 265 5,409,409 1.52
Oregon 228 4,742,461 1.33
Other 875 15,480,583 4.34
------ ----------- ------
20,329 $356,559,840 100.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Aggregate Field Description Number of Current Principal Percent of Current
Receivables Balance Principal Balance
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Model Year 1990 or Prior 786 $ 12,580,346 3.53%
1991 242 4,254,056 1.19
1992 287 4,739,930 1.33
1993 445 6,593,092 1.85
1994 828 12,252,999 3.44
1995 1,730 26,976,056 7.57
1996 1,978 29,068,749 8.15
1997 3,794 59,364,143 16.65
1998 4,087 69,077,475 19.37
1999 4,683 97,487,347 27.34
2000 1,469 34,165,646 9.58
------ ----------- ------
20,329 $356,559,840 100.00%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
COMPOSITION OF THE RECEIVABLES (Continued)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Aggregate Field Description Number of Current Principal Percent of Current
Receivables Balance Principal Balance
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Remaining Term 12 Months 17 $ 95,876 0.03%
13 to 24 Months 666 5,047,476 1.42
25 to 36 Months 2,981 32,034,786 8.98
37 to 48 Months 5,119 76,895,213 21.57
49 to 60 Months 5,855 106,103,169 29.76
61 to 72 Months 3,495 76,561,914 21.47
73 to 84 Months 1,345 35,900,887 10.07
85 to 96 Months 850 23,908,378 6.71
97 Months or Greater 1 12,141 0.00
------ ----------- ------
20,329 $356,559,840 100.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Aggregate Field Description Number of Current Principal Percent of Current
Receivables Balance Principal Balance
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Original Term 13 to 24 Months 80 $ 651,301 0.18%
25 to 36 Months 528 5,372,847 1.51
37 to 48 Months 1,498 17,863,188 5.01
49 to 60 Months 9,854 146,774,487 41.16
61 to 72 Months 4,991 98,355,906 27.58
73 to 84 Months 2,432 61,142,662 17.15
85 to 96 Months 945 26,387,306 7.40
97 Months or Greater 1 12,141 0.00
------ ----------- ------
20,329 $356,559,840 100.00%
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
COMPOSITION OF THE RECEIVABLES (Continued)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Aggregate Field Description Number of Current Principal Percent of Current
Receivables Balance Principal Balance
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Current Balance $0.01 to $5,000.00 351 $ 1,492,317 0.42%
$5,000.01 to $10,000.00 3,110 24,631,029 6.91
$10,000.01 to $15,000.00 5,288 66,625,563 18.69
$15,000.01 to $20,000.00 5,030 87,296,390 24.48
$20,000.01 to $25,000.00 3,190 71,149,923 19.95
$25,000.01 to $30,000.00 1,831 49,927,273 14.00
$30,000.01 to $35,000.00 894 28,779,137 8.07
$35,000.01 to $40,000.00 374 13,822,720 3.88
$40,000.01 to $45,000.00 132 5,556,077 1.56
$45,000.01 to $50,000.00 59 2,762,085 0.77
$50,000.01 or Greater 70 4,517,326 1.27
------ ----------- ------
20,329 $356,559,840 100.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Aggregate Field Description Number of Current Principal Percent of Current
Receivables Balance Principal Balance
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Contract Rate Up to 7.000% 808 $ 13,756,274 3.86%
7.001% - 7.500% 1,276 19,374,150 5.43
7.501% - 8.000% 1,697 27,761,068 7.79
8.001% - 8.500% 1,620 26,082,121 7.31
8.501% - 9.000% 2,243 37,061,184 10.39
9.001% - 9.500% 1,792 32,703,855 9.17
9.501% - 10.000% 3,095 56,945,610 15.97
10.001% - 10.500% 2,196 40,501,300 11.36
10.501% - 11.000% 3,019 55,067,705 15.44
11.001% - 11.500% 386 8,306,053 2.33
11.501% - 12.000% 482 10,532,214 2.95
12.001% - 12.500% 302 6,388,564 1.79
12.501% - 13.000% 332 6,256,444 1.75
13.001% - 13.500% 282 4,844,435 1.36
13.501% - 14.000% 238 4,161,778 1.17
14.001% or Greater 561 6,817,084 1.91
------ ----------- ------
20,329 $356,559,840 100.00%
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS(1)
% ABS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 1.00% 1.40% 1.60% 2.00% 2.50% 3.00%
---- ---- ---- ---- ---- ----
AVERAGE LIFE (YEARS) 0.33 0.27 0.25 0.22 0.17 0.13
FIRST PAY 04/00 04/00 04/00 04/00 04/00 04/00
LAST PAY 11/00 09/00 09/00 08/00 07/00 06/00
WINDOW (YEARS) 0.67 0.50 0.50 0.42 0.33 0.25
- ------------------------------------------------------------------------------
</TABLE>
% ABS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
CLASS A-2 1.00% 1.40% 1.60% 2.00% 2.50% 3.00%
---- ---- ---- ---- ---- ----
AVERAGE LIFE (YEARS) 1.31 1.10 1.00 0.83 0.64 0.48
YIELD @ 100.000 7.24% 7.17% 7.12% 7.01% 6.83% 6.56%
DURATION 1.20 1.02 0.93 0.78 0.60 0.46
FIRST PAY 11/00 09/00 09/00 08/00 07/00 06/00
LAST PAY 04/02 12/01 10/01 07/01 03/01 01/01
WINDOW (YEARS) 1.50 1.33 1.17 1.00 0.75 0.67
- ------------------------------------------------------------------------------
</TABLE>
% ABS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
CLASS A-3 1.00% 1.40% 1.60% 2.00% 2.50% 3.00%
---- ---- ---- ---- ---- ----
AVERAGE LIFE (YEARS) 2.55 2.18 2.00 1.65 1.31 1.05
YIELD @ 100.000 7.31% 7.27% 7.25% 7.20% 7.12% 7.02%
DURATION 2.25 1.95 1.80 1.50 1.20 0.97
FIRST PAY 04/02 12/01 10/01 07/01 03/01 01/01
LAST PAY 05/03 12/02 09/02 04/02 11/01 07/01
WINDOW (YEARS) 1.17 1.08 1.00 0.83 0.75 0.58
- ------------------------------------------------------------------------------
</TABLE>
% ABS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
CLASS A-4 1.00% 1.40% 1.60% 2.00% 2.50% 3.00%
---- ---- ---- ---- ---- ----
AVERAGE LIFE (YEARS) 4.02 3.57 3.28 2.73 2.19 1.81
YIELD @ 100.000 7.42% 7.40% 7.39% 7.36% 7.31% 7.26%
DURATION 3.35 3.02 2.81 2.38 1.95 1.63
FIRST PAY 05/03 12/02 09/02 04/02 11/01 07/01
LAST PAY 05/06 02/06 05/05 04/04 06/03 12/02
WINDOW (YEARS) 3.08 3.25 2.75 2.08 1.67 1.50
- ------------------------------------------------------------------------------
</TABLE>
(1) Priced to maturity.
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
<PAGE>
EXHIBIT 99.2
[BAY VIEW CAPITAL CORPORATION LOGO APPEARS HERE]
DISCLAIMER
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of the
securities described herein, and is based on information provided by Bay View
Acceptance Corporation with respect to the expected characteristics of the pool
of motor vehicle installment sale contracts ("collateral pool") secured by new
and used automobiles, sport utility vehicles, light trucks, motorcycles,
recreational vehicles and vans, securing these securities. The actual
characteristics and performance of the collateral pool will differ from the
assumptions used in preparing these materials, which are hypothetical in nature.
Changes in the assumptions may have a material impact on the information set
forth in these materials. No representation is made that any performance or
return indicated herein will be achieved. This information may not be used or
otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS
OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. The underwriters disclaim any and
all liability relating to this information, including without limitation, any
express or implied representations and warranties for, statements contained in,
and omissions from this information. Additional information is available upon
request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the collateral pool contained herein, shall be
deemed superseded, amended and supplemented in their entirety by such Prospectus
and Prospectus Supplement. To Our Readers Worldwide: In addition, please note
that this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION CONTAINED
IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
Bond Summary(1)
<TABLE>
<CAPTION>
First Last Principal Expected
Offered Approximate WAL Principal Principal Window Ratings
Certificates Size Coupon (Years) Payment Payment (Years) (Moody's/S&P)
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 64,000,000 Fixed 0.25 04/00 09/00 0.50 P-1/A-1+
A-2 $132,000,000 Fixed 1.00 09/00 10/01 1.17 Aaa/AAA
A-3 $ 80,000,000 Fixed 2.00 10/01 09/02 1.00 Aaa/AAA
A-4 $ 80,559,840 Fixed(2) 3.28 09/02 05/05 2.75 Aaa/AAA
- -----------------------------------------------------------------------------------------------
</TABLE>
(1) Pricing assumes 1.6% ABS to maturity.
(2) The pass-through interest rate for the Class A-4 Certificates for each
Distribution Date will be equal to its respective fixed rate per annum as
set forth in the final Prospectus Supplement; provided that such pass-
through interest rate will not exceed the "Net WAC Cap", which will equal,
for any Distribution Date, the weighted average coupon rates for the
Receivables, based on their respective principal balances, minus the sum of
the annualized rates used to calculate the Servicing/Other Fees (as
described herein).
DESCRIPTION OF THE RECEIVABLES AS OF THE
CUT-OFF DATE (02/29/00)
-----------------------
(complete collateral tables on pages 9-12)
<TABLE>
<CAPTION>
<S> <C>
Number of Loans: 20,329
Current Balance: $356,559,840
Average Balance: $ 17,540
Minimum Balance: $ 3,011
Maximum Balance: $ 123,596
Wtd. Average Coupon: 9.79%
Wtd. Average Original Term (months): 68
Wtd. Average Remaining Term (months): 57
Wtd. Average Seasoning (months): 11
- -----------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
PRICING INFORMATION
<TABLE>
<S> <C>
Pricing Assumption: 1.6% ABS.
Distribution Date: The 25th day of each month (or, if any such date is not
a business day, the next business day thereafter) commencing
in April of 2000.
Settlement Date: On or about March 29th, 2000.
Cut-off Date: February 29th, 2000 (close of business).
Payment Delay: 24 days.
Payment Terms: Monthly.
Servicing/Other Fees: The collateral is subject to certain fees, including a
monthly servicing fee and a monthly premium payable to the
Certificate Insurer.
Interest Accrual Period: With respect to the Class A-1 Certificates, interest will
accrue from and including the preceding Distribution Date
(or from and including the Closing Date in the case of the
first Distribution Date in April 2000) to and including the
day prior to the current Distribution Date at a fixed rate
on an Actual/360 day basis.
With the exception of the Class A-1 Certificates, interest
will accrue on the Certificates at a fixed rate during the
month prior to the month of the related Distribution Date
based on a 30/360 basis.
Optional Redemption: The Servicer has the right to purchase all of the Receivables
as of the last day of any Collection Period on which the aggregate
balance of the Receivables on the related Distribution Date (after
the distribution of all amounts to be paid on such Distribution Date)
will be equal to or less than 10% of the initial aggregate balance of the
Receivables as of the Cut-off Date.
Optional Redemption Price: The Optional Redemption Price for the Receivables will be equal to the
fair market value of the Receivables; provided that such amount may not
be less than the sum of:
(1) 100% of the outstanding aggregate certificate balance of all classes
of the Offered Certificates;
(2) accrued and unpaid interest on the outstanding certificate balances
of all outstanding classes of the Offered Certificates at the
weighted average interest rate of the Receivables; and
(3) any amounts due to the Certificate Insurer.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES
<TABLE>
<S> <C>
Title of Securities: Bay View 2000-LJ-1 Auto Trust.
Offering Amount: Approximately $356,559,840.
Seller and Servicer: Bay View Acceptance Corporation ("Bay View"), a Nevada corporation,
having its principal place of business in San Mateo, California.
Depositor: Bay View Securitization Corporation
Lead Underwriter: PaineWebber Incorporated
Co-Underwriter: Morgan Stanley Dean Witter
Certificate Insurer: MBIA Insurance Corporation
Trustee: Bankers Trust Company
Offering: Public Shelf Offering - a prospectus and prospectus supplement will
be distributed after pricing.
Form of Offering: DTC, Euroclear, and Clearstream.
ERISA Considerations: The Certificates are expected to be ERISA eligible.
Tax Considerations: In the opinion of special tax counsel to the Depositor, for federal
income purposes, the Trust will not be treated as an association
taxable as a corporation or as a "publicly traded partnership"
taxable as a corporation.
The Trustee and the certficateholders will agree to treat the
Trust as a partnership for federal income tax purposes. As a
partnership, the Trust will not be subject to federal income tax,
and the certificateholders will be required to report their
respective shares of the Trust's taxable income, deductions and
other tax attributes.
Offered Certificates: The Class A-1, Class A-2, Class A-3, and the Class A-4 Certificates
(the "Offered Certificates").
The Trust will be formed and will issue the Offered Certificates,
pursuant to the Pooling and Servicing Agreement. The Offered
Certificates will have an aggregate principal amount of approximately
$356,559,840.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (Continued)
<TABLE>
<S> <C>
Assets of the Trust: The Trust assets will include:
(i) a pool of simple and precomputed interest installment sale and installment
loan contracts originated in various states and territories of the United
States of America, secured by new and used automobiles, light-duty trucks,
motorcycles, recreational vehicles, sport utility vehicles, and vans (the
"Receivables");
(ii) certain monies (including accrued interest) due in respect of the
receivables after February 29th, 2000;
(iii) security interests in the related financed vehicles financed through the
receivables;
(iv) funds on deposit in a certificate account;
(v) any proceeds from claims on certain insurance policies relating to the
financed vehicles or the related obligors;
(vi) an unconditional and irrevocable insurance policy issued by MBIA Insurance
Corporation guaranteeing payments of principal and interest on the Offered
Certificates; and
(vii) certain rights under the agreements by which the Receivables are sold from
Bay View Acceptance Corp. to the Seller and from the Seller to the Trust.
The Receivables have an aggregate principal balance of approximately $356,559,840
as of the Cut-off Date.
The Class A Certificates: Class A-1 Monthly Interest: Generally, the amount of monthly interest distributable
to the Class A-1 certificateholders on each Distribution Date is the product of:
(i) 1/360th of the interest rate for the Class A-1 certificates;
(ii) the actual number of days from the previous Distribution Date through the
day before the related Distribution Date or, in the case of the first
Distribution Date (in April 2000), from the closing date; and
(iii) the aggregate outstanding certificate balance of the Class A-1 Certificates
on the preceding Distribution Date (after giving effect to all distributions
to certificateholders on such date).
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (Continued)
<TABLE>
<S> <C>
The Class A Certificates
(continued): Other Class A Certificates Interest: Generally, the amount of
monthly interest distributable to each class of Class A
certificates (other than the Class A-1 certificateholders)
on each Distribution Date is the product of:
(i) 1/12th of the interest rate applicable to such class of certificates; and
(ii) the aggregate outstanding certificate balance of such class on the
preceding Distribution Date (after giving effect to all distributions to
certificateholders on such date) or, in the case of the first Distribution
Date, from the closing date.
The Net WAC Cap: The amount of interest distributable to the Class A-4
Certificates is subject to a Net WAC Cap (as defined in footnote #2 above).
The MBIA Insurance Policy does not cover any shortfall in interest on the
Class A-4 Certificates due to the Net WAC Cap. Such shortfalls will not be
carried forward for future payment.
Principal: On each Distribution Date, the Trustee will distribute principal to
each class of Class A certificateholders of record as of the record date.
Generally, the amount of monthly principal the Trust will pay is equal to the
decrease in the outstanding principal balance of the receivables pool during the
previous calendar month.
Principal will be distributed to the Class A certificateholders in the order of
the alpha-numeric designation of each class of the Class A certificates,
starting with the Class A-1 certificates and ending with the Class A-4
certificates. For example, no principal will be distributed to the Class A-2
certificateholders until the outstanding certificate balance of the Class A-1
certificates has been reduced to zero.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (Continued)
<TABLE>
<S> <C>
Priority of Payments: Unless an Event of Default has occurred and is continuing:
(1) An amount equal to the sum of (i) the amount of outstanding advances in
respect of Receivables that became defaulted Receivables during the prior
collection period, plus (ii) the amount of outstanding advances in respect
of Receivables that the servicer determines to be unrecoverable, to the
Servicer;
(2) The monthly servicing fee, including any overdue monthly servicing fee, to
the Servicer, to the extent not previously distributed to the Servicer;
(3) Monthly interest, including any overdue monthly interest amounts, to the
Class A certificateholders;
(4) Monthly principal, together with any overdue monthly principal, to the
Class A certificateholders in accordance with the Principal Distribution
Sequence (as described above under "The Class A Certificates - Principal");
(5) The insurance premium (including any overdue insurance premium, plus
accrued interest thereon) to the Certificate Insurer;
(6) The amount of recoveries of advances to the servicer (to the extent not
applied pursuant to (1) above on or prior to such Distribution Date);
(7) The aggregate amount of any unreimbursed draws on the MBIA Insurance Policy
payable to the Certificate Insurer under the insurance and reimbursement
agreement, for monthly interest, monthly principal, and any other amounts
owing to the Certificate Insurer under the insurance and reimbursement
agreement, plus accrued interest thereon; and
(8) The excess, if any, to the Class IC certificateholder.
Credit Enhancement: Credit Enhancement is provided by the following two mechanisms:
(1) Excess spread; and
(2) 100% MBIA Insurance Policy covering timely payment of interest and ultimate
payment of principal on the Offered Certificates.
(1) Excess Spread: The weighted average coupon rate on the Receivables is generally expected
to be higher than the sum of (a) the monthly servicing fee and all other
fees, including the insurance premium, and (b) the weighted average
pass-through rate on the Offered Certificates, thus generating excess
interest collections which will be available, to the extent required,
to fund payments on the Offered Certificates on each Distribution Date.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement
(continued):
<TABLE>
<S> <C>
(2) MBIA Insurance Policy: MBIA will issue an Insurance Policy that will unconditionally
and irrevocably guarantee the payment of the monthly servicing
fee and the distribution of monthly interest and monthly principal
on the Offered Certificates up to the Policy Amount.
The Policy Amount with respect to any Distribution Date will be the sum:
(1) the monthly servicing fee;
(2) monthly interest; and
(3) the lesser of (a) the outstanding aggregate certificate balance of all
classes of Class A certificates on such Distribution Date (after giving
effect to any distributions of available funds to distribute monthly
principal on such Distribution Date) and (b) the initial aggregate
certificate balance of the Class A certificates minus all amounts drawn on
the MBIA Insurance Policy with respect to monthly principal.
Prospectus: The Offered Certificates are being offered pursuant to a Prospectus which
includes a Prospectus Supplement (together, the "Prospectus"). Complete
information with respect to the Offered Certificates and the collateral,
including the Receivables, is contained in the Prospectus. The material
presented herein is qualified in its entirety by the information appearing
in the Prospectus. To the extent that the foregoing is inconsistent
with the Prospectus, the Prospectus shall govern in all respects. Sales
of the Offered Certificates may not be consummated unless the purchaser
has received the Prospectus.
Legal Investment: The Class A-1 certificates will be eligible for purchase by money market
funds under Rule 2a-7 of the Investment Company Act of 1940, as amended.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
COMPOSITION OF THE RECEIVABLES
The sums and percentages in the following tables may not equal the totals shown
due to rounding.
<TABLE>
<CAPTION>
Aggregate Field Description Number of Current Original Weighted Average
Receivables Principal Principal Contract Rate
Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Product Type New Autos and Light-Duty Trucks 6,661 $118,294,001 $144,319,297 9.28%
Used Autos and Light-Duty Trucks 8,619 141,814,340 169,336,973 10.21
Used Motorcycles 4 59,290 67,729 10.91
New Recreational Vehicles 6 95,174 105,152 8.22
Used Recreational Vehicles 9 111,677 121,439 10.33
New Sport Utility Vehicles 1,637 36,434,497 43,490,550 9.22
Used Sport Utility Vehicles 2,009 36,719,812 43,019,076 10.28
New Vans 632 12,123,614 14,889,421 9.44
Used Vans 752 10,907,435 13,152,462 10.57
--------- -------------- ------------- ------
20,329 $356,559,840 $428,502,100 9.79%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Weighted Average Weighted Average Percent of Current
Remaining Term Original Term Principal Balance
to Maturity(1) to Maturity(2)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Product Type New Autos and Light-Duty Trucks 55.82 67.83 33.18%
Used Autos and Light-Duty Trucks 56.93 67.82 39.77
Used Motorcycles 51.09 60.00 0.02
New Recreational Vehicles 45.61 50.95 0.03
Used Recreational Vehicles 53.68 59.15 0.03
New Sport Utility Vehicles 58.76 69.96 10.22
Used Sport Utility Vehicles 59.90 70.40 10.30
New Vans 57.97 70.80 3.40
Used Vans 56.66 67.66 3.06
-------- -------- --------
57.08 68.39 100.00%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Expressed in months. Based on scheduled maturity as of the Cut-off Date and
assuming no prepayment of the Receivables.
(2) Expressed in months. Based on scheduled maturity as of the origination date
and assuming no prepayment of the Receivables.
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
COMPOSITION OF THE RECEIVABLES (Continued)
<TABLE>
<CAPTION>
Aggregate Field Description Number of Receivables Current Principal Percent of Current
Balance Principal Balance
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
State Texas 11,057 $172,396,438 48.35%
California 5,589 110,783,845 31.07
Illinois 1,168 25,031,039 7.02
Arizona 509 9,834,708 2.76
Colorado 358 7,468,072 2.09
New Mexico 280 5,413,285 1.52
Nevada 265 5,409,409 1.52
Oregon 228 4,742,461 1.33
Other 875 15,480,583 4.34
------ ------------- ------
20,329 $356,559,840 100.00%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Number of Receivables Current Principal Percent of Current
Balance Principal Balance
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Model Year 1990 or Prior 786 $ 12,580,346 3.53%
1991 242 4,254,056 1.19
1992 287 4,739,930 1.33
1993 445 6,593,092 1.85
1994 828 12,252,999 3.44
1995 1,730 26,976,056 7.57
1996 1,978 29,068,749 8.15
1997 3,794 59,364,143 16.65
1998 4,087 69,077,475 19.37
1999 4,683 97,487,347 27.34
2000 1,469 34,165,646 9.58
------ ------------- ------
20,329 $356,559,840 100.00%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
COMPOSITION OF THE RECEIVABLES (Continued)
<TABLE>
<CAPTION>
Aggregate Field Description Number of Current Principal Percent of Current
Receivables Balance Principal Balance
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Remaining Term 12 Months 17 $ 95,876 0.03%
13 to 24 Months 666 5,047,476 1.42
25 to 36 Months 2,981 32,034,786 8.98
37 to 48 Months 5,119 76,895,213 21.57
49 to 60 Months 5,855 106,103,169 29.76
61 to 72 Months 3,495 76,561,914 21.47
73 to 84 Months 1,345 35,900,887 10.07
85 to 96 Months 850 23,908,378 6.71
97 Months or Greater 1 12,141 0.00
------ ------------ ------
20,329 $356,559,840 100.00%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Number of Current Principal Percent of Current
Receivables Balance Principal Balance
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Original Term 13 to 24 Months 80 $ 651,301 0.18%
25 to 36 Months 528 5,372,847 1.51
37 to 48 Months 1,498 17,863,188 5.01
49 to 60 Months 9,854 146,774,487 41.16
61 to 72 Months 4,991 98,355,906 27.58
73 to 84 Months 2,432 61,142,662 17.15
85 to 96 Months 945 26,387,306 7.40
97 Months or Greater 1 12,141 0.00
------ ----------- ------
20,329 $356,559,840 100.00%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
COMPOSITION OF THE RECEIVABLES (Continued)
<TABLE>
<CAPTION>
Aggregate Field Description Number of Receivables Current Principal Percent of Current
Balance Principal Balance
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Current Balance $0.01 to $5,000.00 351 $ 1,492,317 0.42%
$5,000.01 to $10,000.00 3,110 24,631,029 6.91
$10,000.01 to $15,000.00 5,288 66,625,563 18.69
$15,000.01 to $20,000.00 5,030 87,296,390 24.48
$20,000.01 to $25,000.00 3,190 71,149,923 19.95
$25,000.01 to $30,000.00 1,831 49,927,273 14.00
$30,000.01 to $35,000.00 894 28,779,137 8.07
$35,000.01 to $40,000.00 374 13,822,720 3.88
$40,000.01 to $45,000.00 132 5,556,077 1.56
$45,000.01 to $50,000.00 59 2,762,085 0.77
$50,000.01 or Greater 70 4,517,326 1.27
------ ----------- ------
20,329 $356,559,840 100.00%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Number of Receivables Current Principal Percent of Current
Balance Principal Balance
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Contract Rate Up to 7.000% 808 $ 13,756,274 3.86%
7.001% - 7.500% 1,276 19,374,150 5.43
7.501% - 8.000% 1,697 27,761,068 7.79
8.001% - 8.500% 1,620 26,082,121 7.31
8.501% - 9.000% 2,243 37,061,184 10.39
9.001% - 9.500% 1,792 32,703,855 9.17
9.501% - 10.000% 3,095 56,945,610 15.97
10.001% - 10.500% 2,196 40,501,300 11.36
10.501% - 11.000% 3,019 55,067,705 15.44
11.001% - 11.500% 386 8,306,053 2.33
11.501% - 12.000% 482 10,532,214 2.95
12.001% - 12.500% 302 6,388,564 1.79
12.501% - 13.000% 332 6,256,444 1.75
13.001% - 13.500% 282 4,844,435 1.36
13.501% - 14.000% 238 4,161,778 1.17
14.001% or Greater 561 6,817,084 1.91
------ ----------- ------
20,329 $356,559,840 100.00%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
BAY VIEW 2000-LJ-1 AUTO TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS(1)
% ABS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 1.00% 1.40% 1.60% 2.00% 2.50% 3.00%
----- ----- ----- ----- ----- -----
AVERAGE LIFE (YEARS) 0.33 0.27 0.25 0.22 0.17 0.13
FIRST PAY 04/00 04/00 04/00 04/00 04/00 04/00
LAST PAY 11/00 09/00 09/00 08/00 07/00 06/00
WINDOW (YEARS) 0.67 0.50 0.50 0.42 0.33 0.25
- ------------------------------------------------------------------------------
</TABLE>
% ABS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
CLASS A-2 1.00% 1.40% 1.60% 2.00% 2.50% 3.00%
----- ----- ----- ----- ----- -----
AVERAGE LIFE (YEARS) 1.31 1.10 1.00 0.83 0.64 0.48
YIELD @ 100.000 7.24% 7.17% 7.12% 7.01% 6.83% 6.56%
DURATION 1.20 1.02 0.93 0.78 0.60 0.46
FIRST PAY 11/00 09/00 09/00 08/00 07/00 06/00
LAST PAY 04/02 12/01 10/01 07/01 03/01 01/01
WINDOW (YEARS) 1.50 1.33 1.17 1.00 0.75 0.67
- ------------------------------------------------------------------------------
</TABLE>
% ABS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
CLASS A-3 1.00% 1.40% 1.60% 2.00% 2.50% 3.00%
---- ---- ---- ---- ---- ----
AVERAGE LIFE (YEARS) 2.55 2.18 2.00 1.65 1.31 1.05
YIELD @ 100.000 7.31% 7.27% 7.25% 7.20% 7.12% 7.02%
DURATION 2.25 1.95 1.80 1.50 1.20 0.97
FIRST PAY 04/02 12/01 10/01 07/01 03/01 01/01
LAST PAY 05/03 12/02 09/02 04/02 11/01 07/01
WINDOW (YEARS) 1.17 1.08 1.00 0.83 0.75 0.58
- ------------------------------------------------------------------------------
</TABLE>
% ABS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
CLASS A-4 1.00% 1.40% 1.60% 2.00% 2.50% 3.00%
----- ----- ----- ----- ----- -----
AVERAGE LIFE (YEARS) 4.02 3.57 3.28 2.73 2.19 1.81
YIELD @ 100.000 7.42% 7.40% 7.39% 7.36% 7.31% 7.26%
DURATION 3.35 3.02 2.81 2.38 1.95 1.63
FIRST PAY 05/03 12/02 09/02 04/02 11/01 07/01
LAST PAY 05/06 02/06 05/05 04/04 06/03 12/02
WINDOW (YEARS) 3.08 3.25 2.75 2.08 1.67 1.50
- ------------------------------------------------------------------------------
</TABLE>
(1) Priced to maturity.
<PAGE>
-----------------------------
Bay View 2000-LJ-1 Auto Trust
-----------------------------
PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
Bay View Capital Corporation
Bay View 2000-LJ-1 Auto Trust
-----------------------------
DISCLAIMER
- --------------------------------------------------------------------------------
The Information contained in the attached materials (the "Information") is
produced and provided exclusively by PaineWebber Incorporated ("PW") and not by
or as agent for Bay View Acceptance Corporation ("Bay View" or the "Servicer"),
any affiliate of the issuer or any other person or entity acting in any other
capacity such as, for example, a servicer, trustee or other party to the
transaction or otherwise. Neither the issuer nor any other person or entity,
other than PW, has prepared, reviewed or participated in the preparation of the
Information, authorized its dissemination, or makes any representation as to its
accuracy or completeness. The Information is accurate and complete to the best
of PW's knowledge. Certain of the Information, however, may be based on data
supplied to PW by the issuer, servicer or other person ("Third Party Data").
Although PW believes that any Third Party Data was obtained from reliable
sources, PW makes no representation as to its accuracy or completeness or as to
the accuracy of any calculations derived from such data. The information
contained herein is preliminary and will be superceded in its entirety by the
applicable private placement memorandum, prospectus, prospectus supplement, or
other information, if any, subsequently filed with the Securities and Exchange
Commission (collectively, the "Offering Documents"). Any information herein
regarding the collateral or the securities supercedes any prior information
regarding the collateral or the securities and will be superceded by subsequent
information regarding the collateral and/or the securities contained in
subsequent versions of the Information, if any, or in the Offering Documents.
You should make your investment decision with respect to the securities
described herein based solely upon the information contained in the Offering
Documents related to the Bay View 2000-LJ-1 Auto Trust.
The Information is generally comprised of loan or asset pool information, which
is almost always entirely Third Party Data; security characteristics, such as,
for example, payment priorities, subordination levels, or the number or
principal amount of the various classes of securities described; and performance
analysis. Security characteristics may be described in such a manner as to
focus on a particular attribute without making a complete assessment of all the
security's characteristics. As such, the Information may not reflect the impact
of all structural characteristics of the security, such as call events, for
example, in a description of payment priorities. Security characteristics and
pool information are subject to change. Any investment decision should be based
only on the Offering Documents.
Performance analyses are typically produced using mathematical models that are
applied to data using different assumptions. The data, including Third Party
Data, may be either historical or hypothetical. The Information will generally
(but not always) identify the assumptions used in the analysis. Assumptions
about prepayments, future interest rates, volatility and collateral performance
are some of the assumptions typically used in modeling the types of performance
analyses that may be included in the Information. There may be others. Contact
your PW registered representative if you require further explanation of the
assumptions used or PW's modeling techniques. Also, there may be differences
between assumptions used in the Information and the assumptions, or range of
assumptions, that you would use to analyze performance. You should consider
whether performance analyses should be tested under different assumptions. In
addition, you are cautioned that there is no universally accepted method for
analyzing or modeling financial instruments. Models used by PW to produce
analyses contained in the Information may be proprietary making the results
difficult for any third party to recreate. PW makes no representation or
warranty as to the models used to produce the Information. PW does not
guarantee any results and there is no guarantee as to the liquidity of the
securities described in the Information.
PW (or any of its affiliates) or their officers, directors, analysts or
employees may have positions in securities, commodities or derivative
instruments thereon referred herein, and may, as principal or agent, buy or sell
such securities, commodities or derivative instruments. In addition, PW may
make a market in the securities referred to herein. This Information shall not
be construed to be, or constitute, an offer to sell or buy or a solicitation of
an offer to sell or buy any securities, which may be made only by prospectus
when required by law, in which event you may obtain such prospectus from PW, and
we will not sell the securities in any jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to the registration or
qualification under the securities laws of such jurisdiction. PW shall not be,
or be deemed to be, a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. Absent such
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISORE
IMMEDIATELY.
- --------------------------------------------------------------------------------
1
PaineWebber
<PAGE>
-----------------------------
Bay View 2000-LJ-1 Auto Trust
-----------------------------
- --------------------------------------------------------------------------------
agreement PW is acting as principal and PW strongly urges you to seek advice
from your counsel, accountant and tax advisor since you, and not PW, must
determine the appropriateness for you of any of the securities or potential
securities described in the Information.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISORE
IMMEDIATELY.
- --------------------------------------------------------------------------------
2
PaineWebber
<PAGE>
-----------------------------
Bay View 2000-LJ-1 Auto Trust
-----------------------------
Bay View Acceptance Corporation
-------------------------------
Delinquency Experience
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
December 31, 1996 December 31, 1997 December 31, 1998 December 31, 1999
No. Amount No. Amount No. Amount No. Amount
------- ------------- ------- ------------- ------- ------------- ------- -------------
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Total Servicing Portfolio 23,956 $296,625,349 32,694 $443,028,083 41,152 $616,444,530 48,421 $768,454,083
Delinquencies
30-59 days 127 $ 1,322,908 193 $ 2,403,399 248 $ 3,207,507 303 $ 3,493,287
60-89 days 67 $ 625,339 128 $ 1,576,297 107 $ 1,377,666 86 $ 1,131,934
90 days + 51 $ 454,682 49 $ 461,766 32 $ 468,126 51 $ 660,656
------ ------------ ------ ------------ ------ ------------ ------ ------------
Total Delinquencies 245 $ 2,402,929 370 $ 4,441,462 387 $ 5,053,299 440 $ 5,285,877
- -----------------------------------------------------------------------------------------------------------------------------
Total Delinquencies as % of 1.02% 0.81% 1.13% 1.00% 0.94% 0.82% 0.91% 0.69%
Servicing Portfolio
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISORE
IMMEDIATELY.
- --------------------------------------------------------------------------------
3
PaineWebber
<PAGE>
-----------------------------
Bay View 2000-LJ-1 Auto Trust
-----------------------------
Bay View Acceptance Corporation
-------------------------------
Credit Loss Experience
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1996 December 31, 1997 December 31, 1998 December 31,1999
No. Amount No. Amount No. Amount No. Amount
------- ------------- ------- ------------- ------- ------------- ------- -------------
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Avg. Servicing Portfolio 23,632 $288,360,500 28,765 $357,550,600 38,101 $546,359,500 44,626 $691,071,700
Gross Charge-Offs 709 $ 4,455,485 868 $ 6,644,502 1,002 $ 11,268,845 559 $ 8,847,805
Recoveries - $ 755,482 - $ 903,783 - $ 3,151,701 - $ 2,044,506
Net Losses - $ 3,700,003 - $ 5,740,719 - $ 8,117,144 - $ 6,803,299
Gross Charge-offs as a % of avg. 3.00% 1.55% 3.02% 1.86% 2.63% 2.06% 1.25% 1.28%
servicing portfolio
Recoveries as a % of gross - 16.96% - 13.60% - 27.97% - 23.11%
charge-offs
- -----------------------------------------------------------------------------------------------------------------------------------
Net losses as a % of - 1.28% - 1.61% - 1.49% - 0.98%
avg. servicing portfolio
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISORE
IMMEDIATELY.
- --------------------------------------------------------------------------------
4
PaineWebber
