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Previous: MORGAN STANLEY DEAN WITTER MARKET LEADER TRUST, N-30D, 2000-04-27 |
Next: WESLEY JESSEN VISIONCARE INC, SC 14D9/A, 2000-04-27 |
<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): April 17, 2000
Bay View Securitization Corporation
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
<TABLE>
<CAPTION>
Delaware 333-16233 93-1225376
- -------------------------------------- ---------------------- ------------------------------------
<S> <C> <C>
State or other jurisdiction of (Commission File No.) (I.R.S. Employer Identification No.)
incorporation or organization
c/o Bay View Bank
1840 Gateway Drive
San Mateo, California 94404
- -------------------------------------- ------------------------------------
Address of principal executive offices Zip Code
</TABLE>
Registrant's telephone number, including area code: (650) 573-7310
2121 So. El Camino Real, San Mateo, California 94403, (415) 573-7310
- -------------------------------------------------------------------------------
(Former name, former address, and former fiscal year,
if changed since last report)
<PAGE>
Item 7. Financial Statements, Pro forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated March 31, 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 1997 RA-1 Auto Trust
by: Bay View Securitization Corporation
Originator of Trust
Dated: April 27, 2000 By: /s/ Scott Ray
-------------------------------------
Scott Ray
Treasurer and Chief Financial Officer
<PAGE>
Exhibit 99.1
Bay View Securitization Corporation
Bay View 1997 RA-1 Auto Trust
For Remittance Date: March 31, 2000
A. Principal Balance Reconciliation
<TABLE>
<CAPTION>
Number of
A-1 A-2 Total Accounts
------------------ ------------------- --------------------- ------------
<S> <C> <C> <C> <C>
(A) Original Principal Balance 200,979,000.00 52,245,989.00 253,224,989.00 21,106
------------------ ------------------- --------------------- ------------
(B) Beginning Period Principal Balance 0.00 31,501.274.52 31,501.274.52 4,187
------------------ ------------------- --------------------- ------------
(C) Collections (Regular Payments) 0.00 1,266,237.68 1,266,237.68 N/A
------------------ ------------------- --------------------- ------------
(D) Collections (Principal Payoffs) 0.00 940,061.27 940,061.27 218
------------------ ------------------- --------------------- ------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00 0
------------------ ------------------- --------------------- ------------
(F) Withdrawal from Payahead (Principal) 0.00 2,889.38 2,889.38 N/A
------------------ ------------------- --------------------- ------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
------------------ ------------------- --------------------- ------------
(H) Gross Charge Offs 0.00 109,721.50 109,721.50 16
------------------ ------------------- --------------------- ------------
(I) Repurchases 0.00 24,373.43 24,373.43 17
------------------ ------------------- --------------------- ------------
(J) Ending Balance 0.00 29,157,991.26 29,157,991.26 3,936
------------------ ------------------- --------------------- ------------
Notional Principal Balance:
---------------------
(K) Beginning 1,007,931.16
---------------------
(L) Ending 696,642.24
---------------------
------------------ ------------------- ---------------------
(M) Certificate Factor 0.0000000% 55.8090522% 11.5146579%
------------------ ------------------- ---------------------
B. Cash Flow Reconciliation
Total
---------------------
(A) Cash Wired 2,659,195.47
---------------------
(B) Interest Wired/Earned 10,999.67
---------------------
(C) Withdrawal from Payahead Account 2,889.38
---------------------
(D) Advances 0.00
---------------------
(E) Repurchases 24,373.43
---------------------
(F) Gross Charge-Off Recoveries 53,928.24
---------------------
(G) Gross Charge-Off Advances 5,185.18
---------------------
(H) Spread Account Withdrawal 0.00
---------------------
(I) "A" Surety Bond Draw for "I" Interest 0.00
---------------------
(J) "A" Surety Bond Draw for "A-1" Principal or Interest 0.00
---------------------
(K) "A" Surety Bond Draw for "A-2" Principal or Interest 0.00
---------------------
Total Collections 2,756,571.37
---------------------
C. Trustee Distribution
Total
---------------------
(A) Total Cash Flow 2,756,571.37
---------------------
(B) Unrecovered Interest Advances 5,143.62
---------------------
(C) Servicing Fee (Due and Unpaid) 26,251.06
---------------------
(D) Interest to "A-1" Certificate Holders, including Overdue 0.00
---------------------
(E) Interest to "A-2" Certificate Holders, including Overdue 172,994.50
---------------------
(F) Interest to "I" Certificate Holders, including Overdue 2,645.82
---------------------
(G) Principal to "A-1" Certificate Holders, including Overdue 0.00
---------------------
(H) Principal to "A-2" Certificate Holders, including Overdue 2.343.283.26
---------------------
(I) Reinsurance Fee 0.00
---------------------
(J) Surety Bond Fee 3,937.66
-------------------
(K) First Loss Protection 0.00
-------------------
(L) Surety Bond Premium 3,937.66
------------------- ---------------------
(M) Interest Advance Recovery Payments 3,835.55
---------------------
(N) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" Interest 0.00
---------------------
(O) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" Interest 0.00
---------------------
(P) Unreimbursed Draws on Class "A" Surety Bond for Class "I" Interest 0.00
---------------------
(Q) Deposit to Payahead 0.00
---------------------
</TABLE>
<PAGE>
Bay View Securitization Corporation
Bay View 1997 RA-1 Auto Trust
For Remittance Date March 31, 2000
<TABLE>
<S> <C> <C> <C> <C>
---------------------
(R) Bank Account Interest to Servicer 10,999.67
---------------------
(S) Excess Yield 187,480.23
---------------------
---------------------
Balance 0.00
---------------------
D. Spread Account and Surety Reconciliation
Spread Account Surety Bond
------------------- ---------------------
(A) Beginning Balance 3,241,129.34 28,552,758.68
------------------- ---------------------
(B) Additions to Spread Amount 187,480.23 N/A
------------------- ---------------------
(C) Interest Earned 15,630.71 0.00
------------------- ---------------------
(D) Draws 0.00 0.00
------------------- ---------------------
(E) Reimbursement for Prior Draws NA 0.00
------------------- ---------------------
(F) Distribution of Funds to "IC" Class or Servicer 75,816.98 0.00
------------------- ---------------------
(G) Ending Balance 3,368,423.30 26,194,570.28
------------------- ---------------------
------------------- ---------------------
(H) Required Balance 3,165,312.36 26,194,570.28
------------------- ---------------------
(I) Distribution to "IC" Class 203,110.94
-------------------
E. Current Receivables Delinquency
#Payment Delinquency
-------------------- Number Balance
------------------ -------------------
(A) 31-60 17 101,816.60
------------------ -------------------
(B) 61-90 7 68,114.52
------------------ -------------------
(C) 91+ 2 23,192.96
------------------ -------------------
(D) Total 26 193,124.08
------------------ -------------------
F. Excess Yield
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------------------ ------------------- ---------------------
(A) Current 187,480.23 29,157,991.26 7.7158%
------------------ ------------------- ---------------------
(B) 1st Previous 61,440.17 31,501,274.52 2.3405%
------------------ ------------------- ---------------------
(C) 2nd Previous 158,129.82 33,724,121.45 5.6267%
------------------ ------------------- ---------------------
(D) 3rd Previous 137,399.69 35,946,774.70 4.5868%
------------------ ------------------- ---------------------
(E) 4th Previous 133,173.80 38,490,490.46 4.1519%
------------------ ------------------- ---------------------
(F) 5th Previous 227,915.17 41,049,306.32 6.6627%
------------------ ------------------- ---------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 150,923.15 34,978,326.45 5.1777%
------------------ ------------------- ---------------------
G. Delinquency Rate (31+)
Month Pool
Month Balance Balance %
----- ------------------ ------------------- ---------------------
(A) Current 193,124.08 29,157,991.26 0.6623%
------------------ ------------------- ---------------------
(B) 1st Previous 307,992.28 31,501,274.52 0.9777%
------------------ ------------------- ---------------------
(C) 2nd Previous 344,370.64 33,724,121.45 1.0211%
------------------ ------------------- ---------------------
(D) Three-Month Rolling Average (greater than 2%) 281,829.00 31,461,129.08 0.8958%
------------------ ------------------- ---------------------
H. Net Loss Rate
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------------ ------------------- --------------------- ------------
(A) Current 127,899.35 72,106.09 30,329,632.89 2.2075%
------------------ ------------------- --------------------- ---------------
(B) 1st Previous 116,827.35 24,176.39 32,612,697.99 3.4091%
------------------ ------------------- --------------------- ---------------
(C) 2nd Previous 58,944.35 15,040.51 34,835,448.08 1.5124%
------------------ ------------------- --------------------- ---------------
(D) Three-Month Rolling Average Net 101,223.68 37,107.66 32,592,592.98 2.3606%
Default Rate less than 3% ------------------ ------------------- --------------------- ---------------
</TABLE>
<PAGE>
Bay View Securitization Corporation
Bay View 1997 RA-1 Auto Trust
For Remittance Date: March 31, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
I. Charge-Off / Recoveries
Number Balance
------------------ -------------------
(A) Collection Period Charge-Off Receivables 16 109,721.50
------------------ -------------------
(B) Gross Charge-Offs Cumulative Receivables 1,098 7,964,585.22
------------------ -------------------
(C) Collection Period Recoveries on Charge-Offs NA 53,928.24
------------------ -------------------
(D) Recoveries on Charge-Offs To-Date NA 1,184,330.93
------------------ -------------------
J. Repossessions
------------------ -------------------
(A) Collection Period Repossessions 5 46,120.31
------------------ -------------------
(B) Aggregate Repossessions 682 7,915,561.08
------------------ -------------------
(C) Unliquidated Repossessions 6 55,300.62
------------------ -------------------
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 122,963.57
------------------
(B) Deposit 0.00
------------------
(C) Withdrawal 2,889.38
------------------
(D) Ending Balance 120,074.19
------------------
</TABLE>
Approved By: /s/ Michael LaOrange
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
<PAGE>
Bay View Securitization Corporation
Bay View 1999-LG-1 Auto Trust
For Remittance Date: March 31, 2000
A. Principal Balance Reconciliation
<TABLE>
<CAPTION>
Number
A-1 A-2 A-3 A-4 Total of
Accounts
-------------- --------------- ------------- ------------- ---------------- ---------
<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 17,753
-------------- --------------- ------------- ------------- ---------------- ---------
(B) Beginning Period Principal Balance 18,229,998.32 97,000,000.00 55,000,000.00 52,023,107.00 222,253,105.32 16,782
-------------- --------------- ------------- ------------- ---------------- ---------
(C) Collections (Regular Payments) 4,189,762.71 0.00 0.00 0.00 4,189,762.71 N/A
-------------- --------------- ------------- ------------- ---------------- ---------
(D) Withdrawal from Payahead (Principal) 0.00 0.00 0.00 0.00 0.00 N/A
-------------- --------------- ------------- ------------- ---------------- ---------
(E) Collections (Principal Payoffs) 4,762,173.07 0.00 0.00 0.00 4,762,173.07 404
-------------- --------------- ------------- ------------- ---------------- ---------
(F) Collections (Principal Recoveries) 16,227.06 0.00 0.00 0.00 16,227.06 N/A
-------------- --------------- ------------- ------------- ---------------- ---------
(G) Charge Offs Amount 362,636.43 0.00 0.00 0.00 362,636.43 35
-------------- --------------- ------------- ------------- ---------------- ---------
(H) Principal Reductions
(Partial Charge-Offs) 0.00 0.00 0.00 0.00 0.00 N/A
-------------- --------------- ------------- ------------- ---------------- ---------
(I) Repurchases 0.00 0.00 0.00 0.00 0.00 0
-------------- --------------- ------------- ------------- ---------------- ---------
(J) Ending Balance 8,899,199.05 97,000,000.00 55,000,000.00 52,023,107.00 219,922,306.05 16,343
-------------- --------------- ------------- ------------- ---------------- ---------
Notional Principal Balance:
-----------------
(M) Beginning 160,526,941.32
-----------------
(N) Ending 152,174,005.46
-----------------
-------------- --------------- -------------- -------------- -----------------
(N) Certificate Factor 20.8168399% 100.000000% 100.000000% 100.000000% 86.2826216%
-------------- --------------- -------------- -------------- -----------------
B. Cash Flow Reconciliation
Total
-----------------
(A) Cash Wired 11,533,630.74
-----------------
(B) Interest Wired/Earned 45,239.13
-----------------
(C) Withdrawal from Payahead Account 0.00
-----------------
(D) Advances 15,435.03
-----------------
(E) Repurchases 0.00
-----------------
(F) Gross Charge-Off Recoveries 17,880.90
-----------------
(G) Gross Charge-Off Advances 3,425.12
-----------------
(H) Spread Account Withdrawal 0.00
-----------------
(I) "A" Surety Bond Draw for "I" Interest 0.00
-----------------
(J) "A" Surety Bond Draw for "A-1" Principal or Interest 0.00
-----------------
(K) "A" Surety Bond Draw for "A-2" Principal or Interest 0.00
-----------------
(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
-----------------
Total Collections 11,615,610.92
-----------------
C. Trustee Distribution
Total
----------------
(A) Total Cash Flow 11,615,610.92
----------------
(B) Unrecovered Interest Advances 3,425.12
----------------
(C) Servicing Fee (Due and Unpaid) 138,908.19
----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 102,422.69
----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 556,133.33
----------------
(F) Interest to "A-3" Certificate Holders, including Overdue 316,708.33
----------------
(G) Interest to "A-4" Certificate Holders, including Overdue 306,502.81
----------------
(H) Interest to "I" Certificate Holders, including Overdue 200,658.68
----------------
(I) Principal to "A-1" Certificate Holders, including Overdue 9,330,799.27
----------------
(J) Principal to "A-2" Certificate Holders, including Overdue 0.00
----------------
(K) Principal to "A-3" Certificate Holders, including Overdue 0.00
----------------
(L) Principal to "A-4" Certificate Holders, including Overdue 0.00
----------------
(M) Reinsurance Fee 0.00
----------------
(N) Surety Bond Fee 50,330.85
---------------- ----------------
(O) First Loss Protection 9,584.45
----------------
(P) Surety Bond Premium 40,746.40
---------------- ----------------
(Q) Interest Advance Recovery Payments 0.00
----------------
</TABLE>
<PAGE>
Bay View Securitization Corporation
Bay View 1999-LG-1 Auto Trust
For Remittance Date: March 31, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
----------------
(R) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" Interest 0.00
----------------
(S) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" Interest 0.00
----------------
(T) Unreimbursed Draws on Class "A" Surety Bond for Class "A-3" Interest 0.00
----------------
(U) Unreimbursed Draws on Class "A" Surety Bond for Class "A-4" Interest 0.00
----------------
(V) Unreimbursed Draws on Class "A" Surety Bond for Class "I" Interest 0.00
----------------
(W) Deposit to Payahead 16,311.67
----------------
(X) Bank Account Interest to Servicer 45,239.13
----------------
(Y) Excess Yield 548,170.85
----------------
BALANCE 0.00
----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
----------------- ----------------
(A) Beginning Balance 1,995,344.08 222,327,901.71
----------------- ----------------
(B) Additions to Spread Amount 548,170.85 N/A
----------------- ----------------
(C) Interest Earned 8,952.39 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 2,552,467.32 212,548,295.99
----------------- ----------------
----------------- ----------------
(I) Required Balance 8,334,491.45 212,548,295.99
----------------- ----------------
(J) Distribution to "IC" Class 0.00
-----------------
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
--------------------
-------------- ----------------
(A) 31-60 66 835,423.62
-------------- ----------------
(B) 61-90 32 394,396.29
-------------- ----------------
(C) 91+ 20 257,444.01
-------------- ----------------
(D) Total 118 1,487,263.92
-------------- ----------------
F. EXCESS YIELD
Excess
Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------------- ----------------- ----------------
(A) Current 548,170.85 212,922,306.05 3.0894%
------------- ----------------- ----------------
(B) 1st Previous 399,881.12 222,253,105.32 2.1591%
------------- ----------------- ----------------
(C) 2nd Previous 869,463.56 230,531,230.25 4.5259%
------------- ----------------- ----------------
(D) 3rd Previous 712,039.88 238,136,517.97 3.5881%
------------- ----------------- ----------------
(E) Four-Month Rolling Excess Yield 632,388.85 225,960,789.90 3.3584%
------------- ----------------- ----------------
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------------- ----------------- ---------------
(A) Current 1,487,263.92 212,922,306.05 0.6985%
------------- ----------------- ---------------
(B) 1st Previous 1,468,985.74 222,253,105.32 0.6610%
------------- ----------------- ---------------
(C) 2nd Previous 1,558,139.21 230,531,230.25 0.6759%
------------- ----------------- ---------------
(D) 3rd Previous 958,777.15 238,136,517.97 0.4026%
------------- ----------------- ---------------
(E) Four-Month Rolling Average 1,368,291.51 225,960,789.90 0.6055%
------------- ----------------- ---------------
</TABLE>
<PAGE>
Bay View Securitization Corporation
Bay View 1999-LG-1 Auto Trust
For Remittance Date: March 31, 2000
<TABLE>
<CAPTION>
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
-----
<S> <C> <C> <C> <C>
------------------------------------------------------------
(A) Current 378,863.49 34,107.96 217,587,705.69 1.9013%
------------------------------------------------------------
(B) 1st Previous 354,113.77 62,519.91 226,392,167.79 1.5456%
------------------------------------------------------------
(C) 2nd Previous 94,635.55 26.00 234,333,874.11 0.4845%
------------------------------------------------------------
(D) Three-Month Rolling Average 275,870.94 32,317.96 226,104,582.53 1.2931%
------------------------------------------------------------
I. CHARGE-OFF / RECOVERIES
Number Balance
-------------------------
(A) Collection Period Charge-Off Receivables 35 362,636.43
-------------------------
(B) Gross Charge-Offs Cumulative Receivables 71 763,998.09
-------------------------
(C) Collection Period Recoveries on Charge-Offs NA 17,880.90
-------------------------
(D) Recoveries on Charge-Offs To-Date NA 17,690.59
-------------------------
J. REPOSSESSIONS
-------------------------
(A) Collection Period Repossessions 31 436,370.19
-------------------------
(B) Aggregate Repossessions 110 1,544,921.53
-------------------------
(C) Unliquidated Repossessions 41 575,802.63
-------------------------
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 233,052.98
-----------------
(B) Deposit 16,311.67
-----------------
(C) Withdrawal 0.00
-----------------
(D) Ending Balance 249,364.65
-----------------
</TABLE>
Approved By: /s/ Michael LaOrange
-------------------------------
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
<PAGE>
Bay View Securitization Corporation
Bay View 2000 LJ-1 Auto Trust
For Remittance Date: March 31, 2000
<TABLE>
<CAPTION>
A. PRINCIPAL BALANCE RECONCILIATION
Number
A-1 A-2 A-3 A-4 Total of
Accounts
------------- --------------- ------------ ------------- -------------- ----------
<S> <C> <C> <C> <C> <C> <C>
(A) Original Principal Balance 64,000,000.00 132,000,000.00 80,000,000.00 80,559,839.00 356,559,839.00 20,329
-------------- -------------- ------------ ------------- --------------------------
(B) Beginning Period Principal Balance 64,000,000.00 132,000,000.00 80,000,000.00 80,559,839.00 356,559,839.00 20,329
-------------- -------------- ------------- ------------- --------------------------
(C) Collections (Regular Payments) 6,575,864.84 0.00 0.00 0.00 6,575,864.84 N/A
-------------- -------------- ------------- ------------- --------------------------
(D) Withdrawal from Payahead 0.00 0.00 0.00 0.00 0.00 N/A
-------------- -------------- -------------- ------------- --------------------------
(E) Collections (Principal Payoffs) 7,645,618.49 0.00 0.00 0.00 7,645,618.49 437
-------------- -------------- -------------- ------------- --------------------------
(F) Net Liquidation Proceeds 12,978.97 0.00 0.00 0.00 12,978.97 N/A
-------------- -------------- -------------- ------------- --------------------------
(G) Charge Off Amount 140.02 0.00 0.00 0.00 140.02 1
-------------- -------------- -------------- ------------- --------------------------
(H) Partial Charge-Offs 0.00 0.00 0.00 0.00 0.00 N/A
------------- --------------- -------------- ------------- --------------------------
(I) Repurchases 0.00 0.00 0.00 0.00 0.00 0
------------- --------------- ------------- ------------- --------------------------
(J) Ending Balance 49,765,397.68 132,000,000.00 80,000,000.00 80,559,839.00 342,325,236.68 19,891
------------- --------------- ------------ ------------- --------------------------
-------------- ---------------- ------------ -------------- -----------------
(K) Certificate Factor 77.758434% 100.000000% 100.000000% 100.000000% 96.007794%
-------------- ---------------- ------------ -------------- -----------------
B. CASH FLOW RECONCILIATION
Totals
--------------
(A) Cash Wired 17,369,605.97
--------------
(B) Interest Wired 0.00
--------------
(C) Withdrawal from Payahead Account 0.00
--------------
(D) Advances 2,600.18
--------------
(E) Repurchases 0.00
--------------
(F) Gross Charge-Off Recoveries 0.00
--------------
(G) Gross Charge-Off Advances 0.00
--------------
(H) Spread Account Withdrawal 0.00
--------------
(I) "A" Surety Bond Draw for "A-1" Principal or Interest 0.00
--------------
(J) "A" Surety Bond Draw for "A-2" Principal or Interest 0.00
--------------
(K) "A" Surety Bond Draw for "A-3" Principal or Interest 0.00
--------------
(L) "A" Surety Bond Draw for "A-4" Principal or Interest 0.00
--------------
TOTAL COLLECTIONS 17,372,206.15
--------------
C. TRUSTEE DISTRIBUTION
Total
--------------
(A) Total Cash Flow 17,372,206.15
--------------
(B) Unrecovered Interest Advances 0.00
--------------
(C) Servicing Fee (Due and Unpaid) 222,849.90
--------------
(D) Interest to "A-1" Certificate Holders, including Overdue 299,291.52
--------------
(E) Interest to "A-2" Certificate Holders, including Overdue 829,400.00
--------------
(F) Interest to "A-3" Certificate Holders, including Overdue 509,333.33
--------------
(G) Interest to "A-4" Certificate Holders, including Overdue 512,897.64
--------------
(H) Principal to "A-1" Certificate Holders, including Overdue 14,234,602.32
--------------
(I) Principal to "A-2" Certificate Holders, including Overdue 0.00
--------------
(J) Principal to "A-3" Certificate Holders, including Overdue 0.00
--------------
(K) Principal to "A-4" Certificate Holders, including Overdue 0.00
--------------
(L) Surety Bond Fee 5,942.66
--------------
(M) Interest Advance Recovery Payments 0.00
--------------
(N) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" Int or Prin 0.00
--------------
(O) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" Int or Prin 0.00
--------------
(P) Unreimbursed Draws on Class "A" Surety Bond for Class "A-3" Int or Prin 0.00
--------------
(Q) Unreimbursed Draws on Class "A" Surety Bond for Class "A-4" Int or Prin 0.00
--------------
(R) Deposit to Payahead 250,968.09
---------------
(S) Bank Account Interest to Servicer 0.00
---------------
(T) Excess Yield 506,920.69
---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
----------------
BALANCE 0.00
----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
--------------- ----------------
(A) Beginning Balance 0.00 0.00
--------------- ----------------
(B) Additions to Spread Amount 506,920.69 N/A
--------------- ----------------
(C) Interest Earned 0.00 0.00
--------------- ----------------
(D) Draws 0.00 0.00
--------------- ----------------
(E) Reimbursement for Prior Draws N/A 0.00
--------------- ----------------
(F) Distribution of Funds to Servicer N/A 0.00
--------------- ----------------
(G) Prior Month Distribution of Funds to "IC" Certificate Holder 0.00 N/A
--------------- ----------------
(H) Ending Balance 506,920.69 17,362,394.00
--------------- ----------------
--------------- ----------------
(I) Required Balance 4,456,997.99 17,362,394.00
--------------- ----------------
(J) Current Month Distribution of Funds to "IC" Certificate Holder 0.00
---------------
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency
-------------------- Number Balance
------------- ---------------
(A) 30-59 41 633,635.43
------------- ---------------
(B) 60-89 3 78,705.97
------------- ---------------
(C) 90+ 0 0.00
------------- ---------------
(D) Total 44 712,341.40
------------- ---------------
F. EXCESS YIELD
Excess
Month Yield Pool Excess Yield
----- Balance Balance (Annualized %)
------------- --------------- ----------------
(A) Current 506,920.69 342,325,236.68 1.7770%
------------- --------------- ----------------
(B) 1st Previous 0.00 0.00 0.0000%
------------- --------------- ----------------
(C) 2nd Previous 0.00 0.00 0.0000%
------------- --------------- ----------------
(D) 3rd Previous 0.00 0.00 0.0000%
------------- --------------- ----------------
(E) Four-Month Rolling Excess Yield 506,920.69 342,325,236.68 1.7770%
------------- --------------- ----------------
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------------- --------------- ----------------
(A) Current 712,341.40 342,325,236.68 0.2081%
------------- --------------- ----------------
(B) 1st Previous 0.00 0.00 0.0000%
------------- --------------- ----------------
(C) 2nd Previous 0.00 0.00 0.0000%
------------- --------------- ----------------
(D) 3rd Previous 0.00 0.00 0.0000%
------------- --------------- ----------------
(E) Four-Month Rolling Average 712,341.40 342,325,236.68 0.2081%
------------- --------------- ----------------
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------- ------------- ------------------ -----------
(A) Current 13,118.99 12,978.97 349,442,537.84 0.0005%
------------- ------------- ------------------ -----------
(B) 1st Previous 0.00 0.00 0.00 0.0000%
------------- ------------- ------------------ -----------
(C) 2nd Previous 0.00 0.00 0.00 0.0000%
------------- ------------- ------------------ -----------
(D) Three-Month Rolling Average 13,118.99 12,978.97 349,442,537.84 0.0005%
------------- ------------- ------------------ -----------
I. CHARGE-OFF / RECOVERIES
Number Balance
------------- -------------
(A) Collection Period Charge-Off Receivables 1 140.02
------------- -------------
(B) Gross Charge-Offs Cumulative Receivables 1 140.02
------------- -------------
(C) Collection Period Recoveries on Charge-Offs NA 0.00
------------- -------------
(D) Recoveries on Charge-Offs To-Date NA 0.00
------------- -------------
J. REPOSSESSIONS
------------- -------------
(A) Collection Period Repossessions 11 244,195.13
------------- -------------
(B) Aggregate Repossessions 11 244,195.13
------------- -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
-------------- ------------
(C) Unliquidated Repossessions 11 244,195.13
------------- -------------
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 0.00
-------------
(B) Deposit 250,968.09
-------------
(C) Withdrawal 0.00
-------------
(D) Ending Balance 250,968.09
-------------
</TABLE>
Approved By: /s/ Michael LaOrange
----------------------------
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
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