|
|
|
|
|
|
|
|
|
|
Previous: ENTERTAINMENT PROPERTIES TRUST, 8-K, 1998-04-21 |
Next: EVERGREEN SELECT EQUITY TRUST, N-30D, 1998-04-21 |
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): April 8, 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
March 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: April 21, 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
March 31, 1998
-3-
UACSC 97-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 3/31/98
<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 80,523,453.51 103,570,162.24 184,093,615.75 13,902
Principal Collections - Scheduled Payments 0.00 2,580,529.27 0.00 2,580,529.27
Principal Collections - Payoffs 0.00 2,914,158.39 0.00 2,914,158.39 247
Principal Withdrawal from Payahead 0.00 3,886.03 0.00 3,886.03
Gross Principal Charge Offs 0.00 335,218.43 0.00 335,218.43 23
Repurchases 0.00 44,745.83 0.00 44,745.83 14
------------- ------------- -------------- -------------- ------
Ending Balance 0.00 74,644,915.56 103,570,162.24 178,215,077.80 13,618
============= ============= ============== ============== ======
Certificate Factor 0.0000000 0.8547943 1.0000000 0.8160399
Pass Through Rate 6.2104% 6.290% 6.490% 6.3748%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 5,525,135.31
Interest Wired 1,911,469.92
Withdrawal from Payahead Account 6,448.66
Repurchases (Principal and Interest) 46,727.58
Charge Off Recoveries 137,085.42
Interest Advances 39,294.95
Certificate Account Interest Earned 22,800.50
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 7,688,962.34
==============
TRUSTEE DISTRIBUTION (4/08/98)
Total Cash Flow 7,688,962.34
Unrecovered Advances on Defaulted Receivables 11,915.39
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 0.00
Interest to Class A-2 Certificateholders 422,077.10
Interest to Class A-3 Certificateholders 560,141.96
Interest to Class I Certificateholders 187,274.65
Principal to Class A-1 Certificateholders 0.00
Principal to Class A-2 Certificateholders 5,878,537.95
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 23,019.45
Interest Advance Recoveries from Payments 24,771.96
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 Interest 0.00
Deposit to Payahead 33,805.05
Certificate Account Interest to Servicer 22,800.50
Payahead Account Interest to Servicer 728.87
Excess 523,889.46
--------------
Net Cash 0.00
==============
Servicing Fee Retained from Interest Collections 153,411.35
</TABLE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,729,877.03
Trustee Distribution of Excess 523,889.46
Interest Earned 12,102.77
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer (535,992.23)
--------------
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 6,474,803.76
Reduction Due to Spread Account 0.00
Reduction Due to Principal Reduction (293,926.90)
--------------
Ending Balance 6,180,876.86
==============
First Loss Protection Required Amount 6,180,876.86
First Loss Protection Fee % 2.00%
First Loss Protection Fee 10,644.84
SURETY BOND RECONCILIATION
Original Balance 218,390,162.24
Beginning Balance 182,723,280.21
Draws 0.00
Reimbursement of Prior Draws 0.00
--------------
Ending Balance 182,723,280.21
==============
Adjusted Ending Balance Based
Upon Required Balance 176,808,105.83
==============
Required Balance 176,808,105.83
PAYAHEAD RECONCILIATION
Beginning Balance 165,164.98
Deposit 33,805.05
Payahead Interest 728.87
Withdrawal 6,448.66
--------------
Ending Balance 193,250.24
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
<C> <C> <C> <C> <C>
1 Payment 133 1,830,250.66 19,637.19 21,871.42
2 Payments 69 1,025,786.19 20,364.04 24,552.22
3 Payments 23 308,353.99 10,056.68 10,933.21
--- ------------ --------- ---------
Total 225 3,164,390.84 50,057.91 57,356.85
=== ============ ========= =========
Percent Delinquent 1.652% 1.776%
</TABLE>
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------------ -------------- -----------
Current 1,334,140.18 178,215,077.80 0.75%
1st Previous 1,338,346.78 184,093,615.75 0.73%
2nd Previous 1,435,985.30 189,066,887.49 0.76%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 335,218.43 137,085.42 181,154,346.78 1.31%
1st Previous 445,896.94 236,671.35 186,580,251.62 1.35%
2nd Previous 473,753.57 89,155.43 191,645,813.53 2.41%
Gross Cumulative Charge Offs 1,536,544.41
Number of Repossessions 17
Number of Inventoried Autos EOM 27
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 595,110.73 178,215,077.80 4.01%
1st Previous 451,422.87 184,093,615.75 2.94%
2nd Previous 466,689.01 189,066,887.49 2.96%
3rd Previous 692,491.32 194,224,739.57 4.28%
4th Previous 752,439.79 199,284,317.31 4.53%
5th Previous 978,388.26 204,085,456.33 5.75%
CURRENT
LEVEL TRIGGER STATUS
----- ------- ------
Six Month Average Excess Yield 4.08% 1.50% OK
Trigger Hit in Current or any Previous Month NO
DATE: 4/6/98 /s/ Nancy Meltabarger
---------------------------
NANCY MELTABARGER
ASSISTANT VICE PRESIDENT
|
|