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): September 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
September 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 September 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: September 29, 1997
DON P. DUFFY
By:_____________________________________________________
Don P. Duffy Executive Vice President
Date: September 29, 1997
EXHIBIT 19
Onyx Acceptance Grantor Trust 1997-1 Distribution Date Statement
6.55% Auto Loan Pass-Through Certificates 26-Sep-97
Collection Period Beginning on: 08/01/97
Collection Period Ending on: 08/31/97
Distribution Date: 09/15/97
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<S> <C> <C> <C>
1 Original Pool Balance $90,000,000.00
2 Collection Period Beginning Pool Balance $75,893,934.09
3 Collection Period Beginning Pool Balance Factor 0.843266
Computation of Collection Account Amounts Available for Distribution
4 Total Collections from Obligors 01-Aug-to 31-Aug-97 $3,117,473.61
5 Full Prepayments through first 5 business days of current month (Precompute only) 61,832.80
5aFull Prepayments through first 5 business days of current month (Simple interest only) 117,335.72
6 Full Prepayments included in Prior Collection Period (Precompute only) 161,332.24
6aFull Prepayments included in Prior Collection Period (Simple Interest only) 145,725.64
7 Partial Prepayments deposited to PayAhead Acct 0.00
8 Amounts Withdrawn from PayAhead Acct & Deposited to Collection Acct 3,413.92
9 Yield Supplement Amount to be Deposited to Collection Account 0.00
10 Net Liquidation Proceeds on Defaulted Contra01-Aug-to 31-Aug-97 115,483.71
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 10,449.43
17 Reinvestment Earnings on Funds in Collection01-Aug-to 31-Aug-97 10,600.18
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
18 Collection Account Amounts Available (4+5+5a-6-6a-7+8+9+10+11-12+13+14-15+16+17) $3,129,531.49
Computation of Certificate Ending Pool Balance
19 Collection Period Beginning Pool Balance $75,893,934.09 20 Scheduled
Principal Decline (recomputed actuarial) Precompute contracts only
691,796.63 20aPrincipal Collected: Payments only - Simple Interest
contracts 428,293.95 20bPrincipal Collected: Full Prepayments -
S.I.08-Aug-to month-end 31-Aug-97 466,767.97 20cFull Prepayments through
first 5 business days of current month: Simple Interest only 117,335.72 21
Full Prepayments: Precompute only through mo08-Aug-to 31-Aug-97 468,545.03
22 Full Prepayments through first 5 business days of current month:
Precompute only 61,832.80 23 Defaulted Contracts (Liquidated Proceeds
re08-Aug-to 31-Aug-97 230,989.40 23aDefaulted 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 24aDefaulted Contracts (4 or more periods.Liquidated Proceeds not
received) thru 1st 5 bus. days of current mo0.00 25 Repurchased Contracts
10,449.43
26 Certificate Ending Pool Balance (19-20-20a-20b-21-22-23-23a-24-24a-25) $73,417,923.16
Certificate Ending Balance Pool Factor 0.815755
27 Principal Distribution Amount (19-26) $2,476,010.93
Distributions From Collection Account
28 Principal Distribution Amount $2,476,010.93
29 Interest Distribution Amount (6.55% / 12) 414,254.39
30 Servicing Fee Payable to Servicer (1.0% / 12) 63,244.95
31 Surety Fee Payable to Surety (0.20% / 360 * Days in Collection Period) 13,070.62
31aReinsurance Fee Payable to Surety (2.50%/360 * Days in period * lesser of $1,800,000 or 41-43) 3,875.00
32 Reinvestment Earnings Payable to Finco 10,600.18
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33 Total Distributions from Collection Account (28+29+30+31+31a+32) $2,981,056.07
34 Total Excess Spread Available for Deposit to Spread Account (18-33) $148,475.42
Spread Account Reconciliation
35 Initial Deposit $100.00
36 Deposits to Spread Account Prior Collection Periods $1,852,772.18
37 Deposit to Spread Account this Collection Period (34) $148,475.42
38 Reinvestment Earnings on Funds in Spread Acc01-Aug-to 31-Aug-97 $7,953.24
39 Draws from Spread Account Prior Periods $0.00
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40 Spread Account Balance (35+36+37+38-39) $2,009,300.84
41 Required Spread Account Balance (Max of 6% x (26) or 2% x (1) ) $4,405,075.39
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) $2,009,300.84
Delinquency Statistics
44 Number of Accts Delinquent 30 - 59 Days 99
45 Number of Accts Delinquent 60 - 89 Days 36
45aNumber of Accts Deliquent 90 Days and Over 48
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46 Total Number of Delinquent Accounts 30 Days and Over 183
47 Aggregate Net Outstanding Balance of Delinquent Loans 30-59 days $1,146,697
48 Aggregate Net Outstanding Balance of Delinquent Loans 60 - 89 days $422,111
48aAggregate Net Outstanding Balance of Delinquent Loans 90 days and over $561,958
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49 Total Aggregate Net Outstanding Balance of Delinquent Loans (44 + 45) $2,130,767
50 Policy Claim Amount $0.00
Repossession Statistics
51 Number of Accounts in Repo Inventory @ Beginning of Collection Period 38
52 Number of Accounts Repossessed During Collection Period 23
53 Number of Repo'd Accounts Sold or Reinstated During Collection Period 8
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54 Number of Accounts in Repo Inventory @ End of Collection Period 53
55 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ Beginning of Collection Period $481,935.76
56 Aggregate Net Outstanding Balance of Accounts Repossessed During Month 273,052.57
57 Aggregate Net Outstanding Balance of Repo Accounts Sold or Reinstated During Month 108,233.04
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58 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ End of Collection Period $646,755.29
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
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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 6,477
Net Yield
64 Interest Collected on Contracts 758,426.07
65 Interest Collected on Contracts - Prior Collection Period 924,450.65
66 Interest Collected on Contracts - Two Collection Periods Ago 870,369.53
67 Liquidated Contract Balances (less Liquidation proceeds) 115,505.69
68 Liquidated Contract Balances (less Liquidation proceeds) - Prior Collection Period 68,979.86
69 Liquidated Contract Balances (less Liquidation proceeds) - Two Collection Periods Ago 25,931.33
70 Interest Paid to Certificate Holders 414,254.39
71 Interest Paid to Certificate Holders - Prior Collection Period 428,350.74
72 Interest Paid to Certificate Holders - Two Collection Periods Ago 440,605.86
73 Servicing Fees Paid to Servicer $63,244.95
74 Servicing Fees Paid to Servicer - Prior Collection Period $65,397.06
75 Servicing Fees Paid to Servicer - Two Collection Periods Ago $67,268.07
76 Certificate Ending Pool Balance $73,417,923.16
77 Certificate Ending Pool Balance - Prior Collection Period $75,893,934.09
78 Certificate Ending Pool Balance - Two Collection Periods Ago $78,476,472.33
79 Net Yield 4.55%
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 13.91%
Credit Losses
82 Gross Credit Losses during Collection Period (23+23a+24+24a) $230,989.40
83 Recoveries during Collection Period (10+11-12) 115,483.71
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84 Net Credit Losses during Collection Period (82-83) $115,505.69
85 Cumulative Net Credit Losses $234,296.99
86 Cumulative Net Credit Losses as a Percent of Original Certificate Balance (85 / 1) 0.26%
87 Net Charge-off Percentage - Current Collection Period - (Annualized) 1.83%
88 Charge-off Percentage - Average of last 3 Collection Periods 1.09%
89 Repos in Inventory delinquent 30 to 60 days ($) $422,084.00
90 Delinquent Contract Percentage ($ past due 60 days or more + repo inventory past due 30 to 60 days) 1.92%
91 Delinquency Percentage (3 month rolling avg) 1.41%
92 Remaining Weighted Average Maturity (Months) 51.2
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I certify that the computations reflected above for the
co31-Aug-97period ended 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
