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): June 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 June
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 June 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: June 26, 1997
DON P. DUFFY
By:_____________________________________________________
Don P. Duffy Executive Vice President
Date: June 26, 1997
EXHIBIT 19
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Onyx Acceptance Grantor Trust 1997-1 Distribution Date Statement
6.55% Auto Loan Pass-Through Certificates 26-Jun-97
Collection Period Beginning on: 05/01/97
Collection Period Ending on: 05/31/97
Distribution Date: 06/16/97
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1 Original Pool Balance $90,000,000.00
2 Collection Period Beginning Pool Balance $83,020,155.99
3 Collection Period Beginning Pool Balance Factor 0.922446
Computation of Collection Account Amounts Available for Distribution
4 Total Collections from Obligors 01-toy-97 31-May-97 $3,260,720.76
5 Full Prepayments through first 5 business days of current month (Precompute only) 154,935.24
5aFull Prepayments through first 5 business days of current month (Simple interest only) 120,764.03
6 Full Prepayments included in Prior Collection Period (Precompute only) 167,929.49
6aFull Prepayments included in Prior Collection Period (Simple Interest only) 158,273.65
7 Partial Prepayments deposited to PayAhead Acct 0.00
8 Amounts Withdrawn from PayAhead Acct & Deposited to Collection Acct 20,861.33
9 Yield Supplement Amount to be Deposited to Collection Account 0.00
10 Net Liquidation Proceeds on Defaulted C01-toy-97 31-May-97 9,021.00
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 Colle01-toy-97t 31-May-97 11,263.97
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18 Collection Account Amounts Available (4+5+5a-6-6a-7+8+9+10+11-12+13+14-15+16+17) $3,251,363.19
Computation of Certificate Ending Pool Balance
19 Collection Period Beginning Pool Balance $83,020,155.99
20 Scheduled Principal Decline (recomputed actuarial) Precompute contracts only 696,212.30
20aPrincipal Collected: Payments only - Simple Interest contracts 520,809.85
20bPrincipal Collected: Full Prepayments -08-toy-97rough month-end 31-May-97 387,005.02
20cFull Prepayments through first 5 business days of current month: Simple Interest only 120,764.03
21 Full Prepayments: Precompute only throu08-toy-97end 31-May-97 385,844.24
22 Full Prepayments through first 5 business days of current month: Precompute only 154,935.24
23 Defaulted Contracts (Liquidated Procee08-toy-97ed) 31-May-97 32,901.11
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 cu0.00t mo.
25 Repurchased Contracts 0.00
26 Certificate Ending Pool Balance (19-20-20a-20b-21-22-23-23a-24-24a-25) $80,721,684.20
Certificate Ending Balance Pool Factor 0.896908
27 Principal Distribution Amount (19-26) $2,298,471.79
Distributions From Collection Account
28 Principal Distribution Amount $2,298,471.79 29 Interest Distribution
Amount (6.55% / 12) 453,151.68 30 Servicing Fee Payable to Servicer
(1.0% / 12) 69,183.46 31 Surety Fee Payable to Surety (0.20% / 360 *
Days in Collection Period) 14,297.92 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 11,263.97
33 Total Distributions from Collection Account (28+29+30+31+31a+32) $2,850,243.82
34 Total Excess Spread Available for Deposit to Spread Account (18-33) $401,119.37
Spread Account Reconciliation
35 Initial Deposit $100.00
36 Deposits to Spread Account Prior Collection Periods $775,030.21
37 Deposit to Spread Account this Collection Period (34) $401,119.37
38 Reinvestment Earnings on Funds in Sprea01-toy-97 31-May-97 $2,574.23
39 Draws from Spread Account Prior Periods $0.00
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40 Spread Account Balance (35+36+37+38-39) $1,178,823.81
41 Required Spread Account Balance (Max of 6% x (26) or 2% x (1) ) $4,843,301.05
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) $1,178,823.81
Delinquency Statistics
44 Number of Accts Delinquent 30 - 59 Days 47
45 Number of Accts Delinquent 60 - 89 Days 26
45aNumber of Accts Deliquent 90 Days and Over 12
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46 Total Number of Delinquent Accounts 30 Days and Over 85
47 Aggregate Net Outstanding Balance of Delinquent Loans 30-59 days $533,639
48 Aggregate Net Outstanding Balance of Delinquent Loans 60 - 89 days $336,915
48aAggregate Net Outstanding Balance of Delinquent Loans 90 days and over $165,658
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49 Total Aggregate Net Outstanding Balance of Delinquent Loans (44 + 45) $1,036,213
50 Policy Claim Amount $0.00
Repossession Statistics
51 Number of Accounts in Repo Inventory @ Beginning of Collection Period 11
52 Number of Accounts Repossessed During Collection Period 14
53 Number of Repo'd Accounts Sold or Reinstated During Collection Period 2
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54 Number of Accounts in Repo Inventory @ End of Collection Period 23
55 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @
Beginning of Collection Per$146,354.54 56 Aggregate Net Outstanding
Balance of Accounts Repossessed During Month 168,558.25 57 Aggregate
Net Outstanding Balance of Repo Accounts Sold or Reinstated During
Month 24,872.46 58 Aggregate Net Outstanding Balance of Accounts in
Repo Inventory @ End of Collection Period $290,040.33
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 6,853
Net Yield
64 Interest Collected on Contracts 965,507.54
65 Interest Collected on Contracts - Prior Collection Period 994,943.52
66 Interest Collected on Contracts - Two Collection Periods Ago 759,021.16
67 Liquidated Contract Balances (less Liquidation proceeds) 23,880.11
68 Liquidated Contract Balances (less Liquidation proceeds) - Prior Collection Period 0.00
69 Liquidated Contract Balances (less Liquidation proceeds) - Two Collection Periods Ago 0.00
70 Interest Paid to Certificate Holders 453,151.68
71 Interest Paid to Certificate Holders - Prior Collection Period 468,287.68
72 Interest Paid to Certificate Holders - Two Collection Periods Ago 327,500.00
73 Servicing Fees Paid to Servicer $69,183.46
74 Servicing Fees Paid to Servicer - Prior Collection Period $71,494.30
75 Servicing Fees Paid to Servicer - Two Collection Periods Ago $75,000.00
76 Certificate Ending Pool Balance $80,721,684.20
77 Certificate Ending Pool Balance - Prior Collection Period $83,020,155.99
78 Certificate Ending Pool Balance - Two Collection Periods Ago $85,793,162.21
79 Net Yield 5.92%
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) $32,901.11
83 Recoveries during Collection Period (10+11-12) 9,021.00
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84 Net Credit Losses during Collection Period (82-83) $23,880.11
85 Cumulative Net Credit Losses $23,880.11
86 Cumulative Net Credit Losses as a Percent of Original Certificate Balance (85 / 1) 0.03%
87 Net Charge-off Percentage - Current Collection Period - (Annualized) 0.35%
88 Charge-off Percentage - Average of last 3 Collection Periods 0.12%
89 Repos in Inventory delinquent 30 to 60 days ($) $78,245.00 90
Delinquent Contract Percentage ($ past due 60 days or more + repo
inventory past due 30 to 60 days) 0.72% 91 Delinquency Percentage (3
month rolling avg) 0.38%
92 Remaining Weighted Average Maturity (Months) 53.9
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I certify that the computations reflected abo31-May-97e collection
period 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
