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Previous: PARENT HOLDING CORP, 8-A12B, 1997-12-17 |
Next: ENACT HEALTH MANAGEMENT SYSTEMS, S-1/A, 1997-12-17 |
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): December 10, 1997
UACSC 1997-D AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-06929-07 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-D Auto Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Pooling and
Servicing Agreement dated as of November 13, 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
November 30, 1997 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-D Auto Trust,
for and on behalf of UACSC 1997-D Auto Trust.
UACSC 1997-D Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: December 15, 1997 By: /s/ Rick A. Brown
-----------------------------------
Rick A. Brown
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1997-D Auto Trust Monthly Servicer's Certificate Report for
November 30, 1997
-3-
UACSC 97-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 11/30/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S
CLASS A-1 CLASS A-2 CLASS A-3
------------- ------------- -------------
<S> <C> <C> <C>
Original Principal Balance 33,250,000.00 71,250,000.00 31,925,000.00
Beginning Period Principal Balance 33,250,000.00 71,250,000.00 31,925,000.00
Principal Collections - Scheduled Payments 1,444,259.59 0.00 0.00
Principal Collections - Payoffs 2,786,108.53 0.00 0.00
Principal Withdrawal from Payahead 0.00 0.00 0.00
Gross Principal Charge Offs 0.00 0.00 0.00
Repurchases 10,773.81 0.00 0.00
------------- ------------- -------------
Ending Balance 29,008,858.07 71,250,000.00 31,925,000.00
============= ============= =============
Certificate Factor 0.8724469 1.0000000 1.0000000
Pass Through Rate 6.4507% 6.2000% 6.2600%
</TABLE>
<TABLE>
<CAPTION>
CLASS A-4 CLASS A-5 TOTAL CLASS A's NUMBERS
------------- ------------- -------------- ------
<S> <C> <C> <C> <C>
Original Principal Balance 44,725,000.00 22,997,164.67 204,147,164.67 17,123
Beginning Period Principal Balance 44,725,000.00 22,997,164.67 204,147,164.67 17,123
Principal Collections - Scheduled Payments 0.00 0.00 1,444,259.59
Principal Collections - Payoffs 0.00 0.00 2,786,108.53 235
Principal Withdrawal from Payahead 0.00 0.00 0.00
Gross Principal Charge Offs 0.00 0.00 0.00
Repurchases 0.00 0.00 10,773.81 2
------------- ------------- -------------- ------
Ending Balance 44,725,000.00 22,997,164.67 199,906,022.74 16,886
============= ============= ============== ======
Certificate Factor 1.0000000 1.0000000 0.9792251
Pass Through Rate 6.280% 6.410% 6.2914%
</TABLE>
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 4,237,626.16
Interest Wired 228,654.43
Withdrawal from Payahead Account 0.00
Repurchases (Principal and Interest) 10,882.88
Charge Off Recoveries 0.00
Interest Advances 9,860.72
Certificate Account Interest Earned 2,656.00
Spread Account Withdrawal 44,976.11
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 4,534,656.30
============
TRUSTEE DISTRIBUTION (12/10/97)
Total Cash Flow 4,534,656.30
Unrecovered Advances on Defaulted Receivables 0.00
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 35,747.63
Interest to Class A-2 Certificateholders 73,625.00
Interest to Class A-3 Certificateholders 33,308.42
Interest to Class A-4 Certificateholders 46,812.17
Interest to Class A-5 Certificateholders 24,568.64
Interest to Class I Certificateholders 41,532.55
Principal to Class A-1 Certificateholders 4,241,141.93
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Principal to Class A-4 Certificateholders 0.00
Principal to Class A-5 Certificateholders 0.00
Surety Bond Premium 25,159.61
Interest Advance Recoveries from Payments 0.00
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 10,104.35
Certificate Account Interest to Servicer 2,656.00
Payahead Account Interest to Servicer 0.00
Excess (0.00)
------------
Net Cash 0.00
============
Servicing Fee Retained from Interest Collections 34,024.53
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance 2,041,471.66
Beginning Balance 2,041,471.66
Trustee Distribution of Excess (0.00)
Interest Earned 1,787.67
Spread Account Draws (44,976.11)
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 1,998,283.22
============
Required Balance 2,551,839.56
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,290,301.53
Beginning Balance 14,290,301.53
Reduction Due to Spread Account (1,998,283.22)
Reduction Due to Principal Reduction (296,879.94)
Ending Balance 11,995,138.37
=============
First Loss Protection Required Amount 11,995,138.38
First Loss Protection Fee % 2.00%
First Loss Protection Fee 20,079.85
SURETY BOND RECONCILIATION
Original Balance 204,147,164.67
Beginning Balance 204,147,164.67
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 204,147,164.67
==============
Adjusted Ending Balance Based
Upon Required Balance 198,197,358.46
==============
Required Balance 198,197,358.46
PAYAHEAD RECONCILIATION
Beginning Balance 0.00
Deposit 10,104.35
Payahead Interest 0.00
Withdrawal 0.00
Ending Balance 10,104.35
==============
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
- --------------------- ------ ------- --------- --------
1 Payment 75 791,845.77 10,846.54 11,113.26
2 Payments 3 19,357.68 1,499.02 414.64
3 Payments 0 0.00 0.00 0.00
--- ---------- --------- ---------
Total 78 811,203.45 12,345.56 11,527.90
== ========== ========= =========
Percent Delinquent 0.462% 0.406%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
- ------ ------- ------------ ----
Current 19,357.68 199,906,022.74 0.01%
1st Previous 0.00 0.00 0.00%
2nd Previous 0.00 0.00 0.00%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
- ------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 0.00 0.00 202,026,593.71 0.00%
1st Previous 0.00 0.00 0.00 0.00%
2nd Previous 0.00 0.00 0.00 0.00%
Gross Cumulative Charge Offs 0.00 Net Cumulative Loss Percentage
Gross Liquidation Proceeds 0.00
Number of Repossessions 0
Number of Inventoried Autos EOM 0
</TABLE>
EXCESS YIELD TRIGGER
<TABLE>
<CAPTION>
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
YIELD POOL BALANCE (ANNUALIZED)
----- ------------ ------------
<S> <C> <C> <C>
PERIOD
Current (34,871.76) 199,906,022.74 -0.21%
1st Previous
2nd Previous
3rd Previous
4th Previous
5th Previous
CURRENT
LEVEL TRIGGER STATUS
Six Month Average Excess Yield N/A 1.50% N/A
Trigger Hit in Current or any Previous Month NO
</TABLE>
Date: December 5, 1997 /s/ Nancy Meltabarger
--------------------------- --------------------------------
Name Nancy Meltabarger
Title Assistant Vice President
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