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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 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
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Item 7. Financial Statements and Exhibits.
(c) Exhibits:
99.1 Monthly Servicing Report for the Collection Period ending
April 30, 1997 relating to the Advanta Auto Receivables
Trust 1997-1 Class A-1 Floating Rate Asset Backed Notes
and 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
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EXHIBIT INDEX
Exhibit No. Description
----------- -----------
99.1 Monthly Servicing Report
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Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 05/15/97
Collection Period ending 4/30/97
A. Original Deal Parameter Inputs
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(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 96,688,191.62
(ii) Pool Factor 0.9668920
(B) Class A-1 Notes
(i) Pool Balance 52,594,372.46
(ii) Pool Factor 0.9463675
(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 $40,781.25
(vi) Certificate Principal Carryover Shortfall $331,180.84
(F) Spread Account Balance $4,076,200.81
(G) Unpaid Balance of Prior Draws Owed to Surety Provider $0.00
(H) Delinquency Ratio Test
(i) Second Preceding Monthly Period 0.00%
(ii) Preceding Monthly Period 8.88%
(I) Default Rate Test
(i) Second Preceding Monthly Period 0.00%
(ii) Preceding Monthly Period 1.28%
(J) Net Loss Rate Test
(i) Second Preceding Monthly Period 0.00%
(ii) Preceding Monthly Period 0.42%
(K) Weighted Average Coupon of Remaining Portfolio (WAC) 19.07%
(L) Weighted Average Remaining Term of Remaining Portfolio (WAM) 41
(M) Number of Contracts 10,304
1 05/13/97
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Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 05/15/97
Collection Period ending 4/30/97
C. Inputs from the System
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(A) Trust Receivables
(i) Principal Payments Received 3,097,070.34
(ii) Interest Payments Received $1,521,073.83
(v) Cram Down Losses $0.00
(vi) Late Fees $25,465.85
(vii) Mandatory Redemption $0.00
(viii)Other Fees $9,019.26
(B) Liquidated Receivables
(i) Principal Balance of Liquidated Receivables $230,464.42
(ii) Interest Due and Unpaid on the
Liquidated Receivables $0.00
(iii) Number of Liquidated Receivables 46
(D) Liquidation Proceeds
(i) Allocated to Interest $0.00
(ii) Allocated to Principal $144,604.69
(iii) Allocated to Fees $6,783.93
(G) Recoveries $22,063.74
(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
(J) One Month LIBOR Rate 5.687500%
(K) Floating Rate Interest Accrual Period 30
(L) Fixed Rate Interest Accrual Period 30
(M) Weighted Average Coupon of Remaining Portfolio (WAC) 19.07%
(N) Weighted Average Remaining Maturity
of Remaining Portfolio (WAM) 40
(O) Remaining Number of Contracts 10,148
(P) Defaulted Receivables
(i) Principal Amount of Defaulted Receivables $991,214.62
(ii) Number of Defaulted Receivables 129
(Q) 31 Days or More Delinquent Purchased Receivables $0.00
(R) Delinquent Receivables Contracts Amount
(i) 31-59 Days Delinquent 748 $7,420,369.98
(ii) 60-89 Days Delinquent 201 $2,024,111.91
(iii) 90 Days or More Delinquent 80 $947,677.00
(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
2 05/13/97
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Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 05/15/97
Collection Period ending 4/30/97
I. Total Distribution Amount
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(A) Regular Principal Distribution Amount $3,472,139.45
(B) Realized Losses $230,464.42
(C) Interest Distribution Amount $1,543,137.57
(D) Fees Collected $41,269.04
(E) Investment Earnings on Collection Account $8,310.35
(F) Total Distribution Amount $4,834,391.99
II. Draw on Credit Enhancements
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(A) Withdrawals from Spread Account $0.00
(B) Draw on the Insurance Policy $0.00
(C) Total Draw on Credit Enhancement $0.00
III. Monthly Distributions & Direction to Trustee
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(A) Servicing Fees $251,013.12
Base Servicing Fee $201,433.73
Supplemental Servicing Fee $49,579.39
(B) Fees Paid to Indenture and Owner Trustee * $625.00
(C) Class A-1 Interest Distributable Amount $255,411.42
(D) Class A-2 Interest Distributable Amount $168,328.13
(E) Class A-1 Monthly Principal Distributable Amount: $3,124,925.51
(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 $24,068.15
(J) Unreimbursed prior draws on the Insurance Policy $0.00
(K) Deposits into the Spread Account $1,010,020.67
(M) All remaining amount to the Collateral Agent $0.00
IV. Carryover Shortfall Accounts
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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 $40,781.25 $122,573.14
(F) Certificate Principal Carryover Shortfall $331,180.84 $678,394.79
V. Pool Balance and Portfolio Information
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BOP EOP
(A) Pool Balance $96,688,191.62 $93,360,656.86
(B) Pool Factor 0.9668920 0.9336163
(E) Balance of the Class A-1 Notes $52,594,372.46 $49,469,446.96
(F) Note Pool Factor of Class A-1 Notes 0.9463675 0.8901385
(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
3 05/13/97
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Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 05/15/97
Collection Period ending 4/30/97
VI. Spread Account Information
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(A) Beginning Balance $4,076,200.81
(B) Required Spread Account Balance (Requisite Amount) $8,169,057.48
(C) Deposit into Spread Account $1,010,020.67
(D) Investment Earnings on Spread Account $16,220.09
(E) Spread Account Released to Collection Account $0.00
(F) Spread Account Released to Depositor $0.00
(G) Ending Balance $5,102,441.57
VII. Unreimbursed Draws on the Insurance Policy
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(A) Beginning Balance $0.00
(B) Reimbursement of Prior Draws $0.00
(C) Current Unpaid Insurance Premium $0.00
(D) Additional Draws on the Insurance Policy $0.00
(E) Ending Balance $0.00
VIII. Portfolio Performance Tests
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(A) Delinquency Ratio
(i) econd Preceding Monthly Period 0.00%
(ii) Preceding Monthly Period 8.88%
(iii)Current Monthly Period 10.64%
(iv) 3 Month Rolling Average 9.76%
(v) Delinquency Trigger Indicator NO
(B) Default Rate
(i) econd Preceding Monthly Period 0.00%
(ii) Preceding Monthly Period 1.28%
(iii)Current Monthly Period 12.52%
(iv) 3 Month Rolling Average 6.90%
(v) Default Trigger Indicator NO
(C) Net Loss Rate
(i) Second Preceding Monthly Period 0.00%
(ii) Preceding Monthly Period 0.42%
(iii)Current Monthly Period 2.63%
(iv) 3 Month Rolling Average 1.53%
(v) Net Loss Trigger Indicator NO
(D) Trigger Event as of prior Determination Date
cured as of this Determination Date N/A
IX. Other Information
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(A) Servicing Fee due but unpaid $0.00
(B) Aggregate Realized Losses for the second
Preceding Period $0.00
(C) Deficiency Claim determined NO
(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
Date: 05/13/97
LSI FINANCIAL GROUP, as Subservicer
/s/ (Illegible signature) Vice President
- -------------------------------------------------
Officer Title
4 05/13/97
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Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 05/15/97
Collection Period ending 4/30/97
Distribution Date 05/15/97
(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): $4.60
(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): $5.63
(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): $56.23
(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): $8.45
(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): $46.79
(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: $49,469,446.96
(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: 0.8901385
(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: $93,360,656.86
(21) The Pool Factor as of the close of business on
the last day of the related Collection Period: 0.9336163
(22) The amount of the Servicing Fee and the amount
of any fees paid to the Owner Trustee or the
Indenture Trustee from monies on deposit in the
Collection Account: $251,638.12
1 05/13/97
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Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1997-1
Monthly Servicing Report
Distribution Date of 05/15/97
Collection Period ending 4/30/97
(23) The amount of the Servicing Fee paid and/or due
but unpaid (Per $1,000 of initial Pool Balance): $2.51
(24) The amount of any deposit to the Spread Account: $1,010,020.67
(25) The amount and application of any funds
withdrawn from the Spread Account: $0.00
(26) The amount on deposit in the Spread account
(Cash & Receivables) after giving effect to all
distributions to and withdrawls from the Spread
Account on such date: $5,102,441.57
(27) The amount of aggregate Realized Losses, if any,
for the related Collection Period: $230,464.42
(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: $230,464.42
(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: $7,420,369.98
(33) The aggregate principal balance of Receivables
that are 60 to 89 days delinquent: $2,024,111.91
(34) The aggregate principal balance of Receivables
that are 90 days or more delinquent: $947,677.00
(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: $122,573.14
(44) Change in the Certificates Interest Carryover
Shortfall Balance, if any, after giving effect
to payment on such Distribution Date: ($81,791.89)
(45) The Certificates Principal Carryover Shortfall
Balance, if any, after giving effect to payments
on such Distribution Date: $678,394.79
(46) Change in the Certificates Principal Carryover
Shortfall Balance, if any, after giving effect
to payment on such Distribution Date: ($347,213.95)
2 05/13/97
