|
|
|
|
|
|
|
|
|
|
Previous: MONEY STORE AUTO TRUST 1997-2, 8-K, 1997-08-29 |
Next: BOX HILL SYSTEMS CORP, 8-A12B, 1997-08-29 |
<PAGE>
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) August 15, 1997.
DFC Securitization Trust 1997-I
(Exact name of registrant as specified in charter)
North Carolina 333-24351 Applied for
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o PNC Bank, National Association
Corporate Trust Department
Attention: Constantine Hromych
1700 Market Street
Philadelphia, Pennsylvania 19103
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 585-8738
-------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
DFC Securitization Trust 1997-I
Form 8-K
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
DFC Securitization Trust 1997-I (the "Trust"), the issuer of the
Deutsche Financial Capital Securitization LLC Senior/Subordinated Pass-Through
Certificates, Series 1997-I (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on August 15,
1997. Oakwood Acceptance Corporation, as Servicer for the Trust, has prepared a
monthly Remittance Report and delivered it to the Trustee.
<PAGE>
On June 27, 1997, Deutsche Financial Capital Securitization LLC closed its first
offering, Senior/Subordinated Pass-Through Certificates, Series 1997-I, under
its shelf registration on Form S-3 (Commission File No. 333-24351) which became
effective on June 18, 1997. The issue and use of net proceeds information is as
follows:
<TABLE>
<CAPTION>
Title of Class Issue Price Underwriting Discount Other Expenses Net Proceeds
- -------------- ----------- --------------------- -------------- ------------
<S> <C> <C> <C> <C>
A-1 34,710,159 -76,369 34,633,790
A-2 25,010,286 -65,055 24,945,231
A-3 19,971,754 -59,946 19,911,808
A-4 7,092,462 -24,868 7,067,594
A-5 20,792,632 -83,252 20,709,380
A-6 19,836,924 -89,402 19,747,522
M 12,500,085 -56,285 12,443,800
B-1 14,904,866 -74,644 14,830,222
Total 154,819,168 -529,821 -488,072 153,801,275
</TABLE>
Net proceeds were used to purchase the assets from Deutsche Financial Capital
Limited Liability Company. The underwriters were Credit Suisse First Boston and
Deutsche Morgan Grenfell.
Remittance Report. . . . . . . . . . . . .Exhibit 20.1
<PAGE>
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibits
20.1 Monthly Remittance Report relating to the Distribution
Date occurring on August 15, 1997.
Item 8. Change in Fiscal Year.
Not Applicable.
<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 thereunto duly authorized.
DFC Securitization TRUST 1997-I, Registrant
By: Oakwood Acceptance Corporation,
as servicer
August 23, 1997 /s/ DOUGLAS R. MUIR
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on August 15, 1997................................................................ 5-10
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1997-I REPORT DATE: August 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT Page 1 of 7
REPORTING MONTH: Jul-97
Scheduled Principal Balance of Contracts
- -----------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- -----------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
160,976,364.08 (184,760.23) (330,277.63) 0.00 0.00 160,461,326.22
=============================================================================================================================
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,391,635.06 134,146.97 1,257,488.09 0.00 0.00 1,906,672.92
==============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
553,904.65 484,212.64 1,321,297.62 (1,815,330.68) 1,643.57 545,727.80
=================================================================================================================================
<CAPTION>
P&I Advances at Distribution Date
----------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
----------------------------------------------------------------------------------
<S> <C> <C> <C>
583,563.17 576,107.68 585,645.24 593,100.73
==================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1997-I REPORT DATE: August 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT
REPORTING MONTH: Jul-97 Page 2 of 7
Class B Crossover Test Test Met?
- ---------------------------------------------------------------------------- ---------------
<S> <C>
(a) Remittance date on or after January 2002 N
(b) Average 60 day Delinquency rate <= 5% #DIV/0!
(c) Average 30 day Delinquency rate <= 7% #DIV/0!
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
JAN 2002 - JUNE 2003 7% N
JULY 2003 - JUNE 2004 8% N
JUNE 2004 and after 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Does Class B Percentage equal or
exceed 29.750%
of stated scheduled pool balance
Beginning B-1 balance 14,929,000.00
Beginning B-2 balance 0.00
-------------------
14,929,000.00
Divided by beginning pool
balance 160,976,364.08
-------------------
9.274% N
===================
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
----------------------------------------------------------
Current Mo 748,481.79 160,461,326.22 0.47%
1st Preceding Mo 0.00 71,378.33 0.00%
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
-------------
#DIV/0!
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
----------------------------------------------------------
Current Mo 1,726,080.81 160,461,326.22 1.08%
1st Preceding Mo 0.00 1,847,659.71 0.00%
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
-------------
#DIV/0!
=============
Cumulative loss ratio:
Cumulative losses 0.00
------------------------
Divided by Initial Certificate Principal 161,394,769.00 0.000%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1997-I REPORT DATE: August 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT Page 3 of 7
REPORTING MONTH: Jul-97
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 4,391 160,431,660.87 27 917,215.03 15 516,182.69 1 71,378.33
Repos 1 29,665.35 2 60,383.99 5 160,920.77 0 0.00
------------------------------------------------------------------------------------------------------------
Total 4,392 160,461,326.22 29 977,599.02 20 677,103.46 1 71,378.33
============================================================================================================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 43 1,504,776.05 1 29,665.35 0 0.00 1 29,665.35 1 29,665.35
Repos 7 221,304.76
-----------------------
Total 50 1,726,080.81
==========================
1.1% 1.08%
==========================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1997-I REPORT DATE: August 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT
REPORTING MONTH: Jul-97 Page 4 of 7
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
---------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00 0.00
===================================================================================================
<CAPTION>
Net Current
Unrecov. Pass Thru Period Net Cumulative
Advances Proceeds Gain/(Loss) Gain/(Loss)
- -----------------------------------------------------------------------
<S> <C> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
- ---------------------------------------------------
0.00 0.00 0.00 0.00
==================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1997-I REPORT DATE: August 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT
REPORTING MONTH: Jul-97 Page 5 of 7
ACCELERATED PRINCIPAL DISTRIBUTION CALCULATION:
The Accelerated Principal Distribution is equal to the lesser of
(A) or (C) - (B).
<S> <C>
(A) CURRENT CLASS X STRIP AMOUNT 323,907.74
----------------
(B) CURRENT OVERCOLLATERALIZATION AMOUNT
The positive difference, if any, between
Scheduled Principal Balance 160,976,364.08
Certificate Principal Balance of all outstanding Classes of Certificates 160,652,515.06
----------------
323849.02
----------------
(C) TARGET OVERCOLLATERALIZATION AMOUNT
(i) Prior to the Cross-over Date
Scheduled Principal Balance as of the Cut-off Date 161,394,769.36
Multiplied by 1.25%
----------------
2,017,434.62
----------------
(ii) Any other date of determination
Lesser of
(x) Calculation in (i) above 2,017,434.62
----------------
or
(y) Scheduled Principal Balance 160,976,364.08
Multiplied by 2.25%
----------------
3,621,968.19
----------------
however, not less than
(z) Scheduled Principal Balance as of the Cut-off Date 161,394,769.36
Multiplied by 0.50%
----------------
806,973.85
----------------
2,017,434.62
----------------
ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 323,907.74
----------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1997-I REPORT DATE: August 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT
REPORTING MONTH: Jul-97 Page 6 of 7
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current
Cert. Certificate Certificate Carryover Principal
Class Balances Balances Principal Due
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 34,713,000.00 33,970,746.06 0.00 515,037.86
A-1 Outstanding Writedown 0.00 0.00
A-2 25,021,000.00 25,021,000.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00
A-3 19,982,000.00 19,982,000.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00
A-4 7,105,000.00 7,105,000.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00
A-5 20,813,000.00 20,813,000.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00
A-6 19,867,000.00 19,867,000.00 0.00 0.00
A-6 Outstanding Writedown 0.00 0.00
M 12,508,000.00 12,508,000.00 0.00 0.00
M Outstanding Writedown 0.00 0.00
B-1 14,929,000.00 14,929,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 6,456,769.00 6,456,769.00 0.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 0.00 323,848.66 0.00 0.00
----------------------------------------------------------------------------------------------
161,394,769.00 160,976,363.72 0.00 515,037.86
==============================================================================================
<CAPTION>
Current Ending Accelerated Ending Principal Paid
Cert. Principal Carryover Principal Certificate Pool Per $1,000
Class Paid Principal Distribution Balances Factor Denomination
- -------------------------------- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 515,037.86 0.00 323,907.74 33,131,800.46 95.44494% 14.84
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 0.00 0.00 25,021,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 0.00 0.00 19,982,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 0.00 0.00 7,105,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 0.00 0.00 0.00 20,813,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
A-6 0.00 0.00 0.00 19,867,000.00 100.00000% 0.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00
M 0.00 0.00 0.00 12,508,000.00 100.00000% 0.00
M Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 0.00 0.00 14,929,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 0.00 0.00 6,456,769.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 0.00 (323,907.74) 647,756.40
---------------------------------------------------------------
515,037.86 0.00 0.00 160,461,325.86
===============================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1997-I REPORT DATE: August 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT
REPORTING MONTH: Jul-97 Page 7 of 7
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 6.40000% 0.00 181,177.31 181,177.31 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-2 6.55000% 0.00 136,572.96 136,572.96 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-3 6.75000% 0.00 112,398.75 112,398.75 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-4 6.90000% 0.00 40,853.75 40,853.75 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-5 7.10000% 0.00 123,143.58 123,143.58 0.00
A-5 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-6 7.37500% 0.00 122,099.27 122,099.27 0.00
A-6 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-6 Writedown Interest 0.00 0.00 0.00 0.00 0.00
M 7.27500% 0.00 75,829.75 75,829.75 0.00
M Carryover Interest 0.00 0.00 0.00 0.00 0.00
M Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-1 7.52500% 0.00 93,617.27 93,617.27 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-2 8.90000% 0.00 47,887.70 47,887.70 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
X 323,848.66 323,907.74 0.00 323,907.74
R 0.00 0.00 0.00 0.00
Service Fee 0.00 134,146.97 134,146.97 0.00
-----------------------------------------------------------------------------------------------
323,848.66 1,391,635.06 1,067,727.32 323,907.74
==============================================================================================
<CAPTION>
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
-------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 5.33 A-1 1,020,122.91
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
A-2 0.00 5.46 A-2 136,572.96
A-2 Carryover Interest 0.00 0.00
A-2 Writedown Interest 0.00 0.00
A-3 0.00 5.63 A-3 112,398.75
A-3 Carryover Interest 0.00 0.00
A-3 Writedown Interest 0.00 0.00
A-4 0.00 5.75 A-4 40,853.75
A-4 Carryover Interest 0.00 0.00
A-4 Writedown Interest 0.00 0.00
A-5 0.00 5.92 A-5 123,143.58
A-5 Carryover Interest 0.00 0.00
A-5 Writedown Interest 0.00 0.00
A-6 0.00 6.15 A-6 122,099.27
A-6 Carryover Interest 0.00 0.00
A-6 Writedown Interest 0.00 0.00
M 0.00 6.06 M 75,829.75
M Carryover Interest 0.00 0.00
M Writedown Interest 0.00 0.00
B-1 0.00 6.27 B-1 93,617.27
B-1 Carryover Interest 0.00 0.00
B-1 Writedown Interest 0.00 0.00
B-2 0.00 7.42 B-2 47,887.70
B-2 Carryover Interest 0.00 0.00
B-2 Writedown Interest 0.00 0.00
X 647,756.40 X 0.00
CUMULATIVE X INTEREST SHORTFALL 647,756.40
R 0.00 R 0.00 CUMULATIVE ACCELERATED PRINCIPAL DISTRIB (647,756.40)
-------------
Service Fee 0.00 134,146.97 CUMULATIVE LOSSES 0.00
---------- -------------- =============
647,756.40 1,906,672.92
========== ==============
</TABLE>
|
|