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 10, 1998
UACSC 1997-C AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-06929-06 35-1937340
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
UAC Securitization
Corporation
9240 Bonita Beach Road, Suite 1109-A
Bonita Springs, Florida 34135
(address of principal (zip code)
executive offices)
UAC Securitization Corporation
Registrant's telephone number including area code (941) 948-1850
<PAGE>
The Registrant (the UACSC 1997-C Auto Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Pooling and
Servicing Agreement dated as of September 1, 1997 among UAC Securitization
Corporation, as "Depositor," Union Acceptance Corporation, as "Servicer," and
Harris Trust and Savings Bank, as "Trustee" (the "Agreement"). The Registrant is
filing this Form 8-K and plans to file similar current reports monthly in lieu
of reports on Form 10-Q and compliance with certain other requirements of
Section 15(d) of the Securities Exchange Act of 1934, as amended, which are
otherwise applicable to the Trust, on the basis of the SEC staff position
described in numerous no-action letters applicable to securities such as those
issued pursuant to the Agreement. See, e.g., Prime Credit Card Master Trust
(pub. available October 16, 1992), Private Label Credit Card Master Trust (pub.
available May 20, 1992), Sears Receivable Financing Group, Inc. (pub. available
March 31, 1992), Discover Financing Group, Incorporated, Discover Card Trust
1991-E (pub. available February 13, 1992), Bank One Auto Trust 1995-A (pub.
available August 16, 1995) and Volkswagen Credit Auto Master Trust (pub.
available May 9, 1997).
Item 5. Other Events.
Union Acceptance Corporation, as Servicer of the Trust, hereby files the
May 31, 1998 monthly Certificate Report with respect to the Trust as Exhibit
99-1.
Item 7. Financial Statements and Exhibits.
Exhibit 99-1--Monthly Servicer's Certificate Report to the Trust.
-2-
<PAGE>
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 hereunto duly authorized as Servicer of the UACSC 1997-C Auto Trust,
for and on behalf of UACSC 1997-C Auto Trust.
UACSC 1997-C Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: June 24, 1998 /s/ Rick A. Brown
-----------------------------------
Rick A. Brown
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1997-C Auto Trust Monthly Servicer's Certificate Report for
May 31, 1998
-3-
UACSC 97-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 5/31/98
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
------------- ------------- -------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 27,495,000.00 87,325,000.00 103,570,162.24 218,390,162.24 15,568
Beginning Period Principal Balance 0.00 69,623,577.67 103,570,162.24 173,193,739.91 13,373
Principal Collections - Scheduled Payments 0.00 2,171,233.23 0.00 2,171,233.23
Principal Collections - Payoffs 0.00 2,229,725.62 0.00 2,229,725.62 194
Principal Withdrawal from Payahead 0.00 5,576.54 0.00 5,576.54
Gross Principal Charge Offs 0.00 530,980.93 0.00 530,980.93 34
Repurchases 0.00 27,813.21 0.00 27,813.21 4
------------- ------------- -------------- -------------- ------
Ending Balance 0.00 64,658,248.14 103,570,162.24 168,228,410.38 13,141
============= ============= ============== ============== ======
Certificate Factor 0.0000000 0.7404323 1.0000000 0.7703113
Pass Through Rate 6.2104% 6.290% 6.490% 6.3748%
</TABLE>
CASH FLOW RECONCILIATION
Principal Wired 4,420,847.98
Interest Wired 1,686,173.42
Withdrawal from Payahead Account 9,277.84
Repurchases (Principal and Interest) 28,246.42
Charge Off Recoveries 51,534.43
Interest Advances 42,110.13
Certificate Account Interest Earned 18,628.83
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A
Principal or Interest 0.00
------------
Total Cash Flow 6,256,819.05
============
TRUSTEE DISTRIBUTION (6/10/98)
Total Cash Flow 6,256,819.05
Unrecovered Advances on Defaulted Receivables 16,410.73
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 0.00
Interest to Class A-2 Certificateholders 364,943.59
Interest to Class A-3 Certificateholders 560,141.96
Interest to Class I Certificateholders 173,195.64
Principal to Class A-1 Certificateholders 0.00
Principal to Class A-2 Certificateholders 4,965,329.53
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 21,729.50
Interest Advance Recoveries from Payments 18,900.10
Unreimbursed draws on Class A's Surety Bond
for Class I Interest 0.00
Unreimbursed draws on Class A's Surety Bond
for Class A Principal or 0.00
Interest
Deposit to Payahead 21,822.20
Certificate Account Interest to Servicer 18,628.83
Payahead Account Interest to Servicer 896.37
Excess 94,820.60
------------
Net Cash 0.00
============
Servicing Fee Retained from Interest Collections 144,328.12
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance 0.00
Beginning Balance 2,729,877.03
Trustee Distribution of Excess 94,820.60
Interest Earned 12,067.85
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer (106,888.45)
------------
Ending Balance 2,729,877.03
============
Required Balance 2,729,877.03
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 10,919,508.11
Beginning Balance 5,929,809.97
Reduction Due to Spread Account 0.00
Reduction Due to Principal Reduction (248,266.48)
------------
Ending Balance 5,681,543.49
============
First Loss Protection Required Amount 5,681,543.49
First Loss Protection Fee % 2.00%
First Loss Protection Fee 9,784.88
SURETY BOND RECONCILIATION
Original Balance 218,390,162.24
Beginning Balance 171,743,462.72
Draws 0.00
Reimbursement of Prior Draws 0.00
--------------
Ending Balance 171,743,462.72
==============
Adjusted Ending Balance Based Upon Required Balance 166,741,142.66
==============
Required Balance 166,741,142.66
PAYAHEAD RECONCILIATION
Beginning Balance 205,549.78
Deposit 21,822.20
Payahead Interest 896.37
Withdrawal 9,277.84
--------------
Ending Balance 218,990.51
==============
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
1 Payment 157 2,067,553.13 22,758.43 24,757.17
2 Payments 69 1,043,176.67 22,794.16 23,571.74
3 Payments 41 566,500.62 18,721.04 19,447.51
--- ------------ --------- ---------
Total 267 3,677,230.42 64,273.63 67,776.42
=== ============ ========= =========
Percent Delinquent 2.032% 2.186%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 1,609,677.29 168,228,410.38 0.96%
1st Previous 1,620,955.46 173,193,739.91 0.94%
2nd Previous 1,334,140.18 178,215,077.80 0.75%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 530,980.93 51,534.43 170,711,075.15 3.37%
1st Previous 229,708.78 161,027.22 175,704,408.86 0.47%
2nd Previous 335,218.43 137,085.42 181,154,346.78 1.31%
Gross Cumulative Charge Offs 2,297,234.12
Number of Repossessions 53
Number of Inventoried Autos EOM 42
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
Current 152,850.00 168,228,410.38 1.09%
1st Previous 648,306.14 173,193,739.91 4.49%
2nd Previous 595,110.73 178,215,077.80 4.01%
3rd Previous 451,422.87 184,093,615.75 2.94%
4th Previous 466,689.01 189,066,887.49 2.96%
5th Previous 692,491.32 194,224,739.57 4.28%
CURRENT
LEVEL TRIGGER STATUS
----- ------- ------
Six Month Average Excess Yield 3.30% 1.50% OK
Trigger Hit in Current
or any Previous Month NO
DATE: 6/5/98 /s/ Nancy Meltabarger
---------------------------
NANCY MELTABARGER
ASSISTANT VICE PRESIDENT
