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):December 15, 1997
Onyx Acceptance Grantor Trust 1997-2
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(Issuer with respect to Certificates)
Onyx Acceptance Financial Corporation
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(Exact Name of Registrant as Specified in Its Charter)
Commission File Number
333-28893 (I.R.S. Employer
Identification No.)
33-0639768
State or other jurisdiction of incorporation or organization
Delaware
Onyx Acceptance Financial Corporation
8001 Irvine Center Drive, 6th Floor
Irvine, Ca. 92618
714 450-5500
Item 5. Other Events
On behalf of the Onyx Acceptance Grantor Trust
1997-2, (the"Trust"), a trust created pursuant to the Pooling and Servicing
Agreement dated as of June 1, 1997 with Onyx Acceptance Financial Corporation as
registrant and seller and Onyx Acceptance Corporation as servicer, and Bankers
Trust Company of New York, as trustee, the registrant has caused to be filed
with the Commission, the December,1997 monthly Distribution Date Statement with
respect to the Trust. This Distribution Date Statement is filed pursuant to and
in accordance with a no action request filed on August 21, 1995 with the
Commission by Onyx Acceptance Financial Corporation, originator of the Onyx
Acceptance Grantor Trust 1997-2 and Onyx Acceptance Corporation as servicer and
the affirmative response thereto by the Securities and Exchange Commission dated
September 22, 1995. The filing of the monthly Distribution Date Statement will
occur subsequent to each monthly distribution to the Trust's Certificateholders
until and unless exempted under provisions of the Securities and Exchange Act.
Item 7. Financial Statements and Exhibits
(a) Financial Statements
None
(c) Exhibits
Exhibit No. 19
`Monthly Distribution Date Statement of the
Onyx Acceptance Grantor Trust 1997-2 for the month of December 1997.
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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, thereunto duly authorized.
Onyx Acceptance Financial Corporation
REGAN E. KELLY
By:_____________________________________________________
Regan E. Kelly Executive Vice President
Date: December 26, 1997
DON P. DUFFY
By:_____________________________________________________
Don P. Duffy Executive Vice President
Date: December 26, 1997
EXHIBIT 19
Onyx Acceptance Grantor Trust 1997-2 Distribution Date Statement
6.35% Auto Loan Pass-Through Certificates 23-Dec-97
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Collection Period Beginning on: 11/01/97
Collection Period Ending on: 11/30/97
Distribution Date: 12/15/97
1 Original Pool Balance $121,676,091.00
2 Collection Period Beginning Pool Balance $104,166,840.01
3 Collection Period Beginning Pool Balance Factor 0.856099
Computation of Collection Account Amounts Available for Distribution
4 Total Collections from Obligors 01-Nov-97to 30-Nov-97 $3,946,130.66
5 Full Prepayments through first 5 business days of current month (Precompute only) 209,943.08
5a Full Prepayments through first 5 business days of current month (Simple interest only) 161,551.47
6 Full Prepayments included in Prior Collection Period (Precompute only) 216,973.07
6a Full Prepayments included in Prior Collection Period (Simple Interest only) 122,733.88
7 Partial Prepayments deposited to PayAhead Acct 66,891.48
8 Amounts Withdrawn from PayAhead Acct & Deposited to Collection Acct 0.00
9 Yield Supplement Amount to be Deposited to Collection Account 0.00
10 Net Liquidation Proceeds on Defaulted Contracts 01-Nov-97to 30-Nov-97 124,303.56
11 Net Liquidation Proceeds first 5 business days of current month 0.00
12 Net Liquidation Proceeds included in Prior Collection Period 0.00
13 Net Insurance Proceeds 0.00
14 Net Insurance Proceeds first 5 business days of current month 0.00
15 Net Insurance Proceeds included in Prior Collection Period 0.00
16 Aggregate Amount of Repurchased Contracts 7,955.91
17 Reinvestment Earnings on Funds in Collection Acct (#010591) 01-Nov-97to 30-Nov-97 14,275.99
18 Collection Account Amounts Available (4+5+5a-6-6a-7+8+9+10+11-12+13+14-15+16+17) $4,057,562.24
Computation of Certificate Ending Pool Balance
19 Collection Period Beginning Pool Balance $104,166,840.01
20 Scheduled Principal Decline (recomputed actuarial) Precompute contracts only 935,126.73
20a Principal Collected: Payments only - Simple Interest contracts 602,050.77
20b Principal Collected: Full Prepayments - S.I. through month-end 01-Nov-97to 30-Nov-97 403,043.15
20c Full Prepayments through first 5 business days of current month: Simple Interest only 161,551.47
21 Full Prepayments: Precompute only through month end 01-Nov-97to 30-Nov-97 417,657.60
22 Full Prepayments through first 5 business days of current month: Precompute only 209,943.08
23 Defaulted Contracts (Liquidated Proceeds received) 01-Nov-97to 30-Nov-97 244,981.17
23a Defaulted Contracts (Liquidated Proceeds received) thru 1st 5 business days of current month 0.00
24 Defaulted Contracts (4 or more periods.Liquidated Proceeds not received) 0.00
24a Defaulted Contracts (4 or more periods.Liquidated Proceeds not received) thru 1st 5 bus. days of current mo. 0.00
25 Repurchased Contracts 7,955.91
26 Certificate Ending Pool Balance (19-20-20a-20b-21-22-23-23a-24-24a-25) $101,184,530.13
Certificate Ending Balance Pool Factor 0.831589
27 Principal Distribution Amount (19-26) $2,982,309.88
Distributions From Collection Account
28 Principal Distribution Amount $2,982,309.88
29 Interest Distribution Amount (6.35% / 12) 551,216.20
30 Servicing Fee Payable to Servicer (1.0% / 12) 86,805.70
31 Surety Fee Payable to Surety (0.18% / 360 * Days in Collection Period) 15,625.03
31a Reinsurance Fee Payable to Surety (2.50%/360 * Days in period * lesser of $2,433,521.82 or 41-43) 5,069.84
32 Reinvestment Earnings Payable to Finco 14,275.99
33 Total Distributions from Collection Account (28+29+30+31+31a+32) $3,655,302.64
34 Total Excess Spread Available for Deposit to Spread Account (18-33) $402,259.60
Spread Account Reconciliation
35 Initial Deposit $100.00
36 Deposits to Spread Account Prior Collection Periods $2,764,622.20
37 Deposit to Spread Account this Collection Period (34) $402,259.60
38 Reinvestment Earnings on Funds in Spread Acct 01-Nov-97to 30-Nov-97 $10,288.52
39 Draws from Spread Account Prior Periods $0.00
40 Spread Account Balance (35+36+37+38-39) $3,177,270.33
41 Required Spread Account Balance (Max of 6% x (2) less (50b) or 2% x (1) ) $3,816,488.58
42 Draws from Spread Account this Collection Period ((40 - 41) if positive, 0 otherwise) $0.00
43 Spread Account Balance net of Draws this Collection Period (40 - 42) $3,177,270.33
Delinquency Statistics
44 Number of Accts Delinquent 30 - 59 Days 126
45 Number of Accts Delinquent 60 - 89 Days 71
45a Number of Accts Deliquent 90 Days and Over 102
46 Total Number of Delinquent Accounts 30 Days and Over 299
47 Aggregate Net Outstanding Balance of Delinquent Loans 30-59 days $1,457,555
48 Aggregate Net Outstanding Balance of Delinquent Loans 60 - 89 days $798,711
48a Aggregate Net Outstanding Balance of Delinquent Loans 90 days and over $1,284,216
49 Total Aggregate Net Outstanding Balance of Delinquent Loans (44 + 45) $3,540,482
50 Policy Claim Amount $0.00
50b Reinsurance Amount Lesser of 2% of Orig bal and difference between 6% of beg month pool bal and 2% of ori2433522
Repossession Statistics
51 Number of Accounts in Repo Inventory @ Beginning of Collection Period 97
52 Number of Accounts Repossessed During Collection Period 35
53 Number of Repo'd Accounts Sold or Reinstated During Collection Period 25
54 Number of Accounts in Repo Inventory @ End of Collection Period 107
55 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ Beginning of Collection Period $1,138,587.48
56 Aggregate Net Outstanding Balance of Accounts Repossessed During Month 437,305.03
57 Aggregate Net Outstanding Balance of Repo Accounts Sold or Reinstated During Month 284,849.51
58 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ End of Collection Period $1,291,043.00
Yield Supplement Account Balance
59 Initial Deposit $0.00
60 Draws from Yield Supplement to Collection Account $0.00
61 Yield Supplement Account Balance $0.00
Accounts Outstanding
62 Original Accounts Outstanding 10,294
63 Remaining Number of Accounts Outstanding @ End of Collection Period 9,283
Net Yield
64 Interest Collected on Contracts 1,181,653.98
65 Interest Collected on Contracts - Prior Collection Period 1,370,449.50
66 Interest Collected on Contracts - Two Collection Periods Ago 1,317,472.80
67 Liquidated Contract Balances (less Liquidation proceeds) 120,677.61
68 Liquidated Contract Balances (less Liquidation proceeds) - Prior Collection Period 180,003.46
69 Liquidated Contract Balances (less Liquidation proceeds) - Two Collection Periods Ago 56,618.58
70 Interest Paid to Certificate Holders 551,216.20
71 Interest Paid to Certificate Holders - Prior Collection Period 569,069.64
72 Interest Paid to Certificate Holders - Two Collection Periods Ago 585,850.58
73 Servicing Fees Paid to Servicer $86,805.70
74 Servicing Fees Paid to Servicer - Prior Collection Period $89,617.27
75 Servicing Fees Paid to Servicer - Two Collection Periods Ago $92,259.93
76 Certificate Ending Pool Balance $101,184,530.13
77 Certificate Ending Pool Balance - Prior Collection Period $104,166,840.01
78 Certificate Ending Pool Balance - Two Collection Periods Ago $107,540,720.27
79 Net Yield 5.90%
A.P.R. of Trust Contracts
80 Dollar Weighted A.P.R. of Contracts @ Cutoff Date 14.86%
81 Dollar Weighted A.P.R. of Remaining Contracts in Trust as of End of Collection Period 14.90%
Credit Losses
82 Gross Credit Losses during Collection Period (23+23a+24+24a) $244,981.17
83 Recoveries during Collection Period (10+11-12) 124,303.56
84 Net Credit Losses during Collection Period (82-83) $120,677.61
85 Cumulative Net Credit Losses $386,461.32
86 Cumulative Net Credit Losses as a Percent of Original Certificate Balance (85 / 1) 0.32%
87 Remaining Weighted Average Maturity (Months) 50.6
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I certify that the computations reflected above for the collection
period ended 30-Nov-97 are accurate and have been prepared in accordance
with the Pooling and Servicing Agreement dated June 1, 1997.
By : ______________________________________ Date: _______________
Name: Don Duffy
Title: Executive Vice President
