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Previous: ADVANTA AUTOMOBILE RECEIVABLES TRUST 1997-1, 8-K, 1998-06-12 |
Next: SCM MICROSYSTEMS INC, 10-Q/A, 1998-06-12 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 15, 1997
ADVANTA AUTO FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 333-19733-01 23-2826077
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
500 Office Center Drive
Suite 400
Fort Washington, PA 19034
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (215) 444-4200
<PAGE>
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
99.1 Monthly Servicing Report for the Collection Period ending
June 30, 1997 relating to the Advanta Auto Receivables
Trust 1997-1 Class A-1 Floating Rate Asset Backed Notes and
the Class A-2 Fixed Rate Asset Backed Notes.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ADVANTA AUTO FINANCE CORPORATION
Date: June 10, 1998 /s/ David E. Plante
----------------------------
Name: David E. Plante
Title: President
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
99.1 Monthly Servicing Report
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 07/15/97
Collection Period ending 06/30/97
Revised 7/16/97
<TABLE>
<S> <C> <C>
A. Original Deal Parameter Inputs
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Closing Date of the Transaction 03/31/97
(B) Initial Pool Balance $99,998,957.15
(C) Initial Class A-1 Note Balance $55,575,000.00
(D) Initial Class A-2 Note Balance $29,925,000.00
(E) Initial Certificate Balance $14,500,000.00
(F) Class A-1 Spread to LIBOR 0.14%
(G) Class A-1 Interest Rate Cap 11.00%
(H) Class A-2 Rate 6.75%
(I) Pass-Through Rate 6.75%
(J) Servicing Fee Rate 2.50%
(K) Security Insurer's Premium 0.35%
(L) Original Weighted Average Coupon (WAC) 19.08%
(M) Original Weighted Average Remaining Term (WAM) 41
(N) Number of Contracts 10,456
(O) Spread Account
(i) Spread Account Initial Deposit Percentage 3.00%
(ii) Spread Account Initial Deposit in Cash $3,000,000.00
B. Inputs from Previous Monthly Servicer Reports
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Trust Receivables
(i) Pool Balance $88,656,536.17
(ii) Pool Factor 0.8865746
(B) Class A-1 Notes
(i) Pool Balance $45,365,882.56
(ii) Pool Factor 0.8163002
(C) Class A-2 Notes
(i) Pool Balance $29,925,000.00
(ii) Pool Factor 1.0000000
(D) Certificates
(i) Pool Balance $14,500,000.00
(ii) Pool Factor 1.0000000
(E) Carryover Shortfall
(i) Class A-1 Interest Carryover Shortfall $0.00
(ii) Class A-1 Principal Carryover Shortfall $0.00
(iii) Class A-2 Interest Carryover Shortfall $0.00
(iv) Class A-2 Principal Carryover Shortfall $0.00
(v) Certificate Interest Carryover Shortfall $207,566.85
(vi) Certificate Principal Carryover Shortfall $1,134,346.39
(F) Spread Account Balance $5,687,066.37
(G) Unpaid Balance of Prior Draws Owed to Surety Provider $0.00
(H) Delinquency Ratio Test
(i) Second Preceding Monthly Period 9.10%
(ii) Preceding Monthly Period 9.25%
(I) Default Rate Test
(i) Second Preceding Monthly Period 12.52%
(ii) Preceding Monthly Period 15.45%
(J) Net Loss Rate Test
(i) Second Preceding Monthly Period 0.81%
(ii) Preceding Monthly Period 10.24%
(K) Weighted Average Coupon of Remaining Portfolio (WAC) 19.06%
(L) Weighted Average Remaining Term of Remaining Portfolio (WAM) 39
(M) Number of Contracts 9,901
</TABLE>
1
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 07/15/97
Collection Period ending 06/30/97
<TABLE>
<S> <C> <C> <C>
C. Inputs from the System
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Trust Receivables
(i) Principal Payments Received $2,566,567.84
(ii) Interest Payments Received $1,319,965.62
(v) Cram Down Losses $0.00
(vi) Late Fees $23,326.93
(vii) Mandatory Redemption $0.00
(viii) Other Fees $9,320.22
(ix) Other Funds Collected 7,128.63
(B) Liquidated Receivables
(i) Principal Balance of Liquidated Receivables 1,306,322.47
(ii) Interest Due and Unpaid on the Liquidated Receivables 0.00
(iii) Number of Liquidated Receivables 167
(D) Liquidation Proceeds
(i) Allocated to Interest $3,465.74
(ii) Allocated to Principal $573,975.27
(iii) Allocated to Fees $28,195.81
(G) Recoveries $78,770.68
(H) Purchased Receivables
(i) Principal Portion of the Purchase Amount $0.00
(ii) Interest Portion of the Purchase Amount $0.00
(iii) Number of Purchased Receivables 0
(I) Adjustment to Prior Month Certificate $0.00
(J) One Month LIBOR Rate 5.687500%
(K) Floating Rate Interest Accrual Period 29
(L) Fixed Rate Interest Accrual Period 31
(M) Weighted Average Coupon of Remaining Portfolio (WAC) 19.06%
(N) Weighted Average Remaining Maturity of Remaining Portfolio (WAM) 38
(O) Remaining Number of Contracts 9,775
(P) Defaulted Receivables
(i) Principal Amount of Defaulted Receivables $974,703.35
(ii) Number of Defaulted Receivables 109
(Q) 31 Days or More Delinquent Purchased Receivables $0.00
(R) Delinquent Receivables Contracts Amount
-----------------------------------------------
(i) 30-59 Days Delinquent 713 $6,408,734.50
(ii) 60-89 Days Delinquent 207 $2,095,086.99
(iii) 90 Days or More Delinquent 0 $0.00
(S) Owner Trustee and Indenture Trustee Fee not Paid by Servicer * $625.00
(T) Occurrence of an Event of Default NO
(U) Occurrence of an Insurance Event of Default NO
* Bankers Trust fee of $5,000 annually & Wilmington Trust fee of
$2,500 annually
</TABLE>
2
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 07/15/97
Collection Period ending 06/30/97
Revised 7/16/97
<TABLE>
<S> <C> <C> <C>
I. Total Distribution Amount
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Regular Principal Distribution Amount $4,446,865.58
(B) Realized Losses $1,306,322.47
(C) Interest Distribution Amount $1,402,202.04
(D) Fees Collected $67,971.59
(E) Investment Earnings on Collection Account $16,805.88
(F) Total Distribution Amount $4,627,522.62
II. Draw on Credit Enhancements
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Withdrawals from Spread Account $45,762.73
(B) Draw on the Insurance Policy $0.00
(C) Total Draw on Credit Enhancement $45,762.73
III. Monthly Distributions & Direction to Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Servicing Fees $262,349.96
Base Servicing Fee $184,701.12
Supplemental Servicing Fee $77,648.84
(B) Fees Paid to Indenture and Owner Trustee * $625.00
(C) Class A-1 Interest Distributable Amount $212,964.46
(D) Class A-2 Interest Distributable Amount $173,939.06
(E) Class A-1 Monthly Principal Distributable Amount: $4,002,179.02
(F) Class A-2 Monthly Principal Distributable Amount: $0.00
(G) Certificateholders' Interest Distributable Amount $0.00
(H) Certificateholders' Principal Distributable Amount $0.00
(I) Monthly Security Insurer's Premium $21,227.85
(J) Unreimbursed prior draws on the Insurance Policy $0.00
(K) Deposits into the Spread Account $0.00
(M) All remaining amount to the Collateral Agent $0.00
IV. Carryover Shortfall Accounts
- ------------------------------------------------------------------------------------------------------------------------------------
BOP EOP
(A) Class A-1 Interest Carryover Shortfall $0.00 $0.00
(B) Class A-1 Principal Carryover Shortfall $0.00 $0.00
(C) Class A-2 Interest Carryover Shortfall $0.00 $0.00
(D) Class A-2 Principal Carryover Shortfall $0.00 $0.00
(E) Certificate Interest Carryover Shortfall $207,566.85 $293,054.58
(F) Certificate Principal Carryover Shortfall $1,134,346.39 $1,579,032.95
V. Pool Balance and Portfolio Information
- ------------------------------------------------------------------------------------------------------------------------------------
BOP EOP
(A) Pool Balance $88,656,536.17 $84,209,670.59
(B) Pool Factor 0.8865746 0.8421055
(E) Balance of the Class A-1 Notes $45,365,882.56 $41,363,703.54
(F) Note Pool Factor of Class A-1 Notes 0.8163002 0.7442862
(G) Balance of the Class A-2 Notes $29,925,000.00 $29,925,000.00
(H) Note Pool Factor of Class A-2 Notes 1.0000000 1.0000000
(I) Certificate Balance $14,500,000.00 $14,500,000.00
(J) Certificate Pool Factor 1.0000000 1.0000000
* Bankers Trust fee of $5,000 annually & Wilmington Trust fee of
$2,500 annually
</TABLE>
3
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 07/15/97
Collection Period ending 06/30/97
Revised 7/16/97
<TABLE>
<S> <C> <C> <C>
VI. Spread Account Information
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Beginning Balance $5,687,066.37
(B) Required Spread Account Balance (Requisite Amount) $7,368,346.18
(C) Deposit into Spread Account $0.00
(D) Investment Earnings on Spread Account $21,387.49
(E) Spread Account Released to Collection Account $45,762.73
(F) Spread Account Released to Depositor $0.00
(G) Ending Balance $5,662,691.13
VII. Unreimbursed Draws on the Insurance Policy
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Beginning Balance $0.00
(B) Reimbursement of Prior Draws $0.00
(C) Current Unpaid Insurance Premium $731.99
(D) Additional Draws on the Insurance Policy $0.00
(E) Ending Balance $731.99
VIII. Portfolio Performance Tests
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Delinquency Ratio
(i) Second Preceding Monthly Period 9.10%
(ii) Preceding Monthly Period 9.25%
(iii) Current Monthly Period 10.10%
(iv) 3 Month Rolling Average 9.48%
(v) Delinquency Trigger Indicator NO
(B) Default Rate
(i) Second Preceding Monthly Period 12.52%
(ii) Preceding Monthly Period 15.45%
(iii) Current Monthly Period 13.53%
(iv) 3 Month Rolling Average 13.83%
(v) Default Trigger Indicator NO
(C) Net Loss Rate
(i) Second Preceding Monthly Period 0.81%
(ii) Preceding Monthly Period 10.24%
(iii) Current Monthly Period 16.94%
(iv) 3 Month Rolling Average 9.33%
(v) Net Loss Trigger Indicator NO
(D) Trigger Event as of prior Determination Date cured as of this Determination Da N/A
IX. Other Information
- ------------------------------------------------------------------------------------------------------------------------------------
(A) Servicing Fee due but unpaid $0.00
(B) Aggregate Realized Losses for the second Preceding Period $0.00
(C) Deficiency Claim determined YES
(D) Listing of Warranty Receivables and Administrative Receivables N/A
(E) Listing of Receivables which became Liquidated Receivables under separate cover
(F) Listing of Receivables which Paid in Full under separate cover
</TABLE>
Date: 07/14/98
LSI FINANCIAL GROUP, as Subservicer
/s/ Shelly Thompson, Vice President
- --------------------------------------------------------------------
Officer Title
4
07/14/97
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 07/15/97
Collection Period ending 06/30/97
Revised 7/16/97
<TABLE>
Distribution Date 07/15/97
<S> <C> <C>
(1) The amount of the distribution allocable to interest on the Class A-1
Notes (Per $1,000 of initial principal amount of Class A-1 Notes): $3.83
(2) The amount of the Noteholders' Interest Carryover Shortfall allocable
to the Class A-1 Notes (Per $1,000 of initial principal amount of Class
A-1 Notes): $0.00
(3) The amount of the distribution allocable to interest on the Class A-2
Notes (Per $1,000 of initial principal amount of Class A-2 Notes): $5.81
(4) The amount of the Noteholders' Interest Carryover Shortfall allocable
to the Class A-2 Notes (Per $1,000 of initial principal amount of Class
A-2 Notes): $0.00
(5) The amount of the distribution allocable to principal of the Class A-1
Notes (Per $1,000 of initial principal amount of Class A-1 Notes): $72.01
(6) The amount of the Noteholders' Principal Carryover Shortfall allocable
to the Class A-1 Notes (Per $1,000 of initial principal amount of Class
A-1 Notes): $0.00
(7) The amount of the distribution allocable to principal of the Class A-2
Notes (Per $1,000 of initial principal amount of Class A-2 Notes): $0.00
(8) The amount of the Noteholders' Principal Carryover Shortfall allocable
to the Class A-2 Notes (Per $1,000 of initial principal amount of Class
A-2 Notes): $0.00
(9) The amount of the distribution allocable to interest on the
Certificates (Per $1,000 of initial principal amount of Certificates): $0.00
(10) The amount of the Certificateholders' Interest Carryover Shortfall (Per
$1,000 of initial principal amount of Certificates): $20.21
(11) The amount of the distribution allocable to principal of the
Certificates (Per $1,000 of initial principal amount of Certificates): $0.00
(12) The amount of the Certificateholders' Principal Carryover Shortfall
(Per $1,000 of initial principal amount of Certificates): $108.90
(13) The amount, if any, of the distribution payable pursuant to a claim
under the Policy (Per $1,000 of initial principal amount of Notes &
Certificates): $0.00
(14) The aggregate outstanding principal balance of Class A-1 Notes after
giving effect to all payments reported under (3) above on such date: $41,363,703.54
(15) The aggregate outstanding principal balance of Class A-2 Notes after
giving effect to all payments reported under (4) above on such date: $29,925,000.00
(16) The aggregate outstanding principal balance of Certificates after
giving effect to all payments reported under (6) above on such date: $14,500,000.00
(17) The Note Pool Factor for the Class A-1 Notes after giving effect to all
payments reported under (3) above on such date: 0.7442862
(18) The Note Pool Factor for the Class A-2 Notes after giving effect to all
payments reported under (4) above on such date: 1.0000000
(19) The Certificates Pool Factor for the Certificates after giving effect
to all payments reported under (6) above on such date: 1.0000000
(20) The Pool Balance as of the close of business on the last day of the
related Collection Period: $84,209,670.59
(21) The Pool Factor as of the close of business on the last day of the
related Collection Period: 0.8421055
(22) The amount of the Servicing Fee and the amount of any fees paid to the
Owner Trustee
</TABLE>
1
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 07/15/97
Collection Period ending 06/30/97
Revised 7/16/97
<TABLE>
<S> <C> <C>
or the Indenture Trustee from monies on deposit in the Collection
Account: $262,974.96
(23) The amount of the Servicing Fee paid and/or due but unpaid (Per $1,000
of initial Pool Balance): $2.62
(24) The amount of any deposit to the Spread Account: $0.00
(25) The amount and application of any funds withdrawn from the Spread
Account: $45,762.73
(26) The amount on deposit in the Spread account (Cash & Receivables) after
giving effect to all distributions to and withdrawals from the Spread
Account on such date: $5,662,691.13
(27) The amount of aggregate Realized Losses, if any, for the related
Collection Period: $1,306,322.47
(28) The amount of Cram Down Losses, if any, for the related Collection
Period: $0.00
(29) The aggregate principal balance of all Receivables that became
Liquidated Receivables during the related Collection Period: $1,306,322.47
(30) The aggregate principal balance of all Receivables that became
Purchased Receivables during the related Collection Period: $0.00
(31) The aggregate Purchase Amounts for Receivables, if any, that were
purchased during or with respect to such Collection Period: $0.00
(32) The aggregate principal balance of Receivables that are 31 to 59 days
delinquent: $6,408,734.50
(33) The aggregate principal balance of Receivables that are 60 to 89 days
delinquent: $2,095,086.99
(34) The aggregate principal balance of Receivables that are 90 days or more
delinquent: $0.00
(35) The Class A-1 Notes Interest Carryover Shortfall Balance, if any, after
giving effect to payments on such Distribution Date: $0.00
(36) Change in the Class A-1 Notes Interest Carryover Shortfall Balance, if
any, after giving effect to payment on such Distribution Date: $0.00
(37) The Class A-1 Notes Principal Carryover Shortfall Balance, if any,
after giving effect to payments on such Distribution Date: $0.00
(38) Change in the Class A-1 Notes Principal Carryover Shortfall Balance, if
any, after giving effect to payment on such Distribution Date: $0.00
(39) The Class A-2 Notes Interest Carryover Shortfall Balance, if any, after
giving effect to payments on such Distribution Date: $0.00
(40) Change in the Class A-2 Notes Interest Carryover Shortfall Balance, if
any, after giving effect to payment on such Distribution Date: $0.00
(41) The Class A-2 Notes Principal Carryover Shortfall Balance, if any,
after giving effect to payments on such Distribution Date: $0.00
(42) Change in the Class A-2 Notes Principal Carryover Shortfall Balance, if
any, after giving effect to payment on such Distribution Date: $0.00
(43) The Certificates Interest Carryover Shortfall Balance, if any, after
giving effect to payments on such Distribution Date: $293,054.58
(44) Change in the Certificates Interest Carryover Shortfall Balance, if
any, after giving effect to payment on such Distribution Date: ($85,487.73)
(45) The Certificates Principal Carryover Shortfall Balance, if any, after
giving effect to payments on such Distribution Date: $1,579,032.95
(46) Change in the Certificates Principal Carryover Shortfall Balance, if
any, after giving effect to payment on such Distribution Date: ($444,686.56)
</TABLE>
2
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