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 1997-1
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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
333-22301 (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 1997-1, (the"Trust"), a
trust created pursuant to the Pooling and Servicing Agreement dated as of March
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 1997-1
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 1997-1 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 1997-1 Distribution Date Statement
6.55% 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 $90,000,000.00
2 Collection Period Beginning Pool Balance $68,318,359.71
3 Collection Period Beginning Pool Balance Factor 0.759093
Computation of Collection Account Amounts Available for Distribution
4 Total Collections from Obligors 01-Noto97 30-Nov-97 $2,481,435.07
5 Full Prepayments through first 5 business days of current month (Precompute only) 111,190.86
5a Full Prepayments through first 5 business days of current month (Simple interest only) 79,587.98
6 Full Prepayments included in Prior Collection Period (Precompute only) 117,890.49
6a Full Prepayments included in Prior Collection Period (Simple Interest only) 64,960.66
7 Partial Prepayments deposited to PayAhead Acct 0.00
8 Amounts Withdrawn from PayAhead Acct & Deposited to Collection Acct 30,183.57
9 Yield Supplement Amount to be Deposited to Collection Account 0.00
10 Net Liquidation Proceeds on Defaulted Contracts 01-Noto97 30-Nov-97 124,372.73
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 0.00
17 Reinvestment Earnings on Funds in Collection Acct (#010163) 01-Noto97 30-Nov-97 9,613.29
18 Collection Account Amounts Available (4+5+5a-6-6a-7+8+9+10+11-12+13+14-15+16+17) $2,653,532.35
Computation of Certificate Ending Pool Balance
19 Collection Period Beginning Pool Balance $68,318,359.71
20 Scheduled Principal Decline (recomputed actuarial) Precompute contracts only 678,799.35
20a Principal Collected: Payments only - Simple Interest contracts 403,078.93
20b Principal Collected: Full Prepayments - S.I. through month-end 08-Noto97 30-Nov-97 296,774.41
20c Full Prepayments through first 5 business days of current month: Simple Interest only 79,587.98
21 Full Prepayments: Precompute only through month end 08-Noto97 30-Nov-97 274,686.74
22 Full Prepayments through first 5 business days of current month: Precompute only 111,190.86
23 Defaulted Contracts (Liquidated Proceeds received) 08-Noto97 30-Nov-97 188,797.79
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 0.00
26 Certificate Ending Pool Balance (19-20-20a-20b-21-22-23-23a-24-24a-25) $66,285,443.65
Certificate Ending Balance Pool Factor 0.736505
27 Principal Distribution Amount (19-26) $2,032,916.06
Distributions From Collection Account
28 Principal Distribution Amount $2,032,916.06
29 Interest Distribution Amount (6.55% / 12) 372,904.38
30 Servicing Fee Payable to Servicer (1.0% / 12) 56,931.97
31 Surety Fee Payable to Surety (0.20% / 360 * Days in Collection Period) 11,386.39
31a Reinsurance Fee Payable to Surety (2.50%/360 * Days in period * lesser of $1,800,000 or 41-43) 3,750.00
32 Reinvestment Earnings Payable to Finco 9,613.29
33 Total Distributions from Collection Account (28+29+30+31+31a+32) $2,487,502.09
34 Total Excess Spread Available for Deposit to Spread Account (18-33) $166,030.26
Spread Account Reconciliation
35 Initial Deposit $100.00
36 Deposits to Spread Account Prior Collection Periods $2,507,939.15
37 Deposit to Spread Account this Collection Period (34) $166,030.26
38 Reinvestment Earnings on Funds in Spread Acct 01-Noto97 30-Nov-97 $9,822.26
39 Draws from Spread Account Prior Periods $0.00
40 Spread Account Balance (35+36+37+38-39) $2,683,891.67
41 Required Spread Account Balance (Max of 6% x (2) less (50b) or 2% x (1) ) $2,299,101.58
42 Draws from Spread Account this Collection Period ((40 - 41) if positive, 0 otherwise) $384,790.09
43 Spread Account Balance net of Draws this Collection Period (40 - 42) $2,299,101.58
Delinquency Statistics
44 Number of Accts Delinquent 30 - 59 Days 79
45 Number of Accts Delinquent 60 - 89 Days 50
45a Number of Accts Deliquent 90 Days and Over 80
46 Total Number of Delinquent Accounts 30 Days and Over 209
47 Aggregate Net Outstanding Balance of Delinquent Loans 30-59 days $907,384
48 Aggregate Net Outstanding Balance of Delinquent Loans 60 - 89 days $559,913
48a Aggregate Net Outstanding Balance of Delinquent Loans 90 days and over $966,550
49 Total Aggregate Net Outstanding Balance of Delinquent Loans (44 + 45) $2,433,847
50a Policy Claim Amount $0.00
50b ReinsurancLessernof 2% of Orig bal and difference between 6% of beg month pool bal and 2% of orig bal 1800000
Repossession Statistics
51 Number of Accounts in Repo Inventory @ Beginning of Collection Period 67
52 Number of Accounts Repossessed During Collection Period 31
53 Number of Repo'd Accounts Sold or Reinstated During Collection Period 18
54 Number of Accounts in Repo Inventory @ End of Collection Period 80
55 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ Beginning of Collection Period $852,205.81
56 Aggregate Net Outstanding Balance of Accounts Repossessed During Month 344,683.57
57 Aggregate Net Outstanding Balance of Repo Accounts Sold or Reinstated During Month 232,114.92
58 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ End of Collection Period $964,774.46
Yield Supplement Account Balance
59 Initial Deposit less Prior Period Drawdowns $0.00
60 Draws from Yield Supplement to Collection Account this Collection Period $0.00
61 Yield Supplement Account Balance $0.00
Accounts Outstanding
62 Original Accounts Outstanding 7,318
63 Remaining Number of Accounts Outstanding @ End of Collection Period 6,113
Net Yield
64 Interest Collected on Contracts 675,428.06
65 Interest Collected on Contracts - Prior Collection Period 827,276.54
66 Interest Collected on Contracts - Two Collection Periods Ago 829,995.78
67 Liquidated Contract Balances (less Liquidation proceeds) 64,425.06
68 Liquidated Contract Balances (less Liquidation proceeds) - Prior Collection Period 142,322.89
69 Liquidated Contract Balances (less Liquidation proceeds) - Two Collection Periods Ago 95,164.45
70 Interest Paid to Certificate Holders 372,904.38
71 Interest Paid to Certificate Holders - Prior Collection Period 386,594.02
72 Interest Paid to Certificate Holders - Two Collection Periods Ago 400,739.50
73 Servicing Fees Paid to Servicer $56,931.97
74 Servicing Fees Paid to Servicer - Prior Collection Period $59,021.99
75 Servicing Fees Paid to Servicer - Two Collection Periods Ago $61,181.60
76 Certificate Ending Pool Balance $66,285,443.65
77 Certificate Ending Pool Balance - Prior Collection Period $68,318,359.71
78 Certificate Ending Pool Balance - Two Collection Periods Ago $70,826,384.54
79 Net Yield 4.05%
A.P.R. of Trust Contracts
80 Dollar Weighted A.P.R. of Contracts @ Cutoff Date 13.86%
81 Dollar Weighted A.P.R. of Remaining Contracts in Trust as of End of Collection Period 13.90%
Credit Losses
82 Gross Credit Losses during Collection Period (23+23a+24+24a) $188,797.79
83 Recoveries during Collection Period (10+11-12) 124,372.73
84 Net Credit Losses during Collection Period (82-83) $64,425.06
85 Cumulative Net Credit Losses $536,209.39
86 Cumulative Net Credit Losses as a Percent of Original Certificate Balance (85 / 1) 0.60%
87 Net Charge-off Percentage - Current Collection Period - (Annualized) 1.13%
88 Charge-off Percentage - Average of last 3 Collection Periods 1.70%
89 Repos in Inventory delinquent 30 to 60 days ($) $38,255.05
90 Delinquent Contract Percentage ($ past due 60 days or more + repo inventory past due 30 to 60 days) 2.36%
91 Delinquency Percentage (3 month rolling avg) 2.08%
92 Remaining Weighted Average Maturity (Months) 48.4
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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 March 1, 1997.
By : ______________________________________ Date: _____
Name: Don Duffy
Title: Executive Vice President
