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Previous: CAPITAL AUTOMOTIVE REIT, S-11/A, 1998-01-13 |
Next: TESCORP AQUISITION CORP, SC 14D1/A, 1998-01-13 |
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): January 8, 1998
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
December 31, 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: January 9, 1998 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
December 31, 1997
-3-
UACSC 97-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 12/31/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Original Principal Balance 33,250,000.00 71,250,000.00 31,925,000.00 44,725,000.00
Beginning Period Principal Balance 29,008,858.07 71,250,000.00 31,925,000.00 44,725,000.00
Principal Collections - Scheduled Payments 3,110,685.12 0.00 0.00 0.00
Principal Collections - Payoffs 3,746,325.59 0.00 0.00 0.00
Principal Withdrawal from Payahead 2,189.79 0.00 0.00 0.00
Gross Principal Charge Offs 1,749.80 0.00 0.00 0.00
Repurchases 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Ending Balance 22,147,907.77 71,250,000.00 31,925,000.00 44,725,000.00
============= ============= ============= =============
Certificate Factor 0.6661025 1.0000000 1.0000000 1.0000000
Pass Through Rate 6.4507% 6.2000% 6.2600% 6.280%
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION NUMBERS
CLASS A-5 TOTAL CLASS A's
------------- -------------- ------
<S> <C> <C> <C>
Original Principal Balance 22,997,164.67 204,147,164.67 17,123
Beginning Period Principal Balance 22,997,164.67 199,906,022.74 16,886
Principal Collections - Scheduled Payments 0.00 3,110,685.12
Principal Collections - Payoffs 0.00 3,746,325.59 366
Principal Withdrawal from Payahead 0.00 2,189.79
Gross Principal Charge Offs 0.00 1,749.80
Repurchases 0.00 0.00 2
------------- -------------- ------
Ending Balance 22,997,164.67 193,045,072.44 16,518
============= ============== ======
Certificate Factor 1.0000000 0.9456172
Pass Through Rate 6.410% 6.2914%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 6,885,918.41
Interest Wired 2,206,467.56
Withdrawal from Payahead Account 3,322.09
Repurchases (Principal and Interest) 0.00
Charge Off Recoveries (15.00)
Interest Advances 21,206.48
Certificate Account Interest Earned 25,661.19
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 9,142,560.73
==============
TRUSTEE DISTRIBUTION (1/08/98)
Total Cash Flow 9,142,560.73
Unrecovered Advances on Defaulted ReceivableS 0.00
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 161,137.52
Interest to Class A-2 Certificateholders 368,125.00
Interest to Class A-3 Certificateholders 166,542.08
Interest to Class A-4 Certificateholders 234,060.83
Interest to Class A-5 Certificateholders 122,843.19
Interest to Class I Certificateholders 201,831.17
Principal to Class A-1 Certificateholders 6,860,950.30
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 24,934.99
Interest Advance Recoveries from Payments 6,763.98
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 33,923.92
Certificate Account Interest to Servicer 25,661.19
Payahead Account Interest to Servicer 32.69
Excess 935,753.87
--------------
Net Cash 0.00
==============
Servicing Fee Retained from Interest Collections 166,588.35
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 2,041,471.66
Beginning Balance 1,998,283.22
Trustee Distribution of Excess 935,753.87
Interest Earned 9,131.41
Spread Account Draws 0.00
Reimbursement for Prior Spread
Account Draws 0.00
Distribution of Funds to Servicer (391,328.94)
--------------
Ending Balance 2,551,839.56
==============
Required Balance 2,551,839.56
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,290,301.53
--------------
Beginning Balance 11,995,138.38
Reduction Due to Spread Account (553,556.34)
Reduction Due to Principal Reduction (480,266.52)
==============
Ending Balance 10,961,315.52
==============
First Loss Protection Required Amount 10,961,315.51
First Loss Protection Fee % 2.00%
First Loss Protection Fee 18,877.82
SURETY BOND RECONCILIATION
Original Balance 204,147,164.67
--------------
Beginning Balance 198,197,358.46
Draws 0.00
Reimbursement of Prior Draws 0.00
--------------
Ending Balance 198,197,358.46
==============
Adjusted Ending Balance Based
Upon Required Balance 191,914,361.02
==============
Required Balance 191,914,361.02
PAYAHEAD RECONCILIATION
Beginning Balance 10,104.35
Deposit 33,923.92
Payahead Interest 32.69
Withdrawal 3,322.09
--------------
Ending Balance 40,738.87
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
- --------------------- ------ ------- --------- --------
<C> <C> <C> <C> <C>
1 Payment 118 1,313,690.55 16,712.77 17,903.69
2 Payments 23 250,972.65 6,188.36 6,557.46
3 Payments 0 0.00 0.00 0.00
--- ------------ --------- ---------
Total 141 1,564,663.20 22,901.13 24,461.15
=== ============ ========= =========
Percent Delinquent 0.854% 0.811%
</TABLE>
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
- ------ ------- ------------ ----
Current 250,972.65 193,045,072.44 0.13%
1st Previous 19,357.68 199,906,022.74 0.01%
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 1,749.80 (15.00) 196,475,547.59 0.01%
1st Previous 0.00 0.00 202,026,593.71 0.00%
2nd Previous 0.00 0.00 0.00 0.00%
Gross Cumulative Charge Offs 1,749.80 Net Cumulative Loss Percentage
Gross Liquidation Proceeds (15.00) 0.09%
Number of Repossessions 0
Number of Inventoried Autos EOM 0
</TABLE>
<TABLE>
<CAPTION>
EXCESS YIELD TRIGGER EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
YIELD POOL BALANCE (ANNUALIZED)
----- ------------ ------------
<S> <C> <C> <C>
PERIOD 976,474.46 193,045,072.44 6.07%
------
Current (34,871.76) 199,906,022.74 -0.21%
1st Previous 0.00 0.00 0.00%
2nd Previous
3rd Previous
4th Previous
5th Previous
CURRENT
LEVEL TRIGGER STATUS
----- ------- ------
N/A 1.50% N/A
Six Month Average Excess Yield
Trigger Hit in Current or any Previous Month NO
</TABLE>
DATE: 1/5/98 /s/ Nancy Meltabarger
------------------------
NANCY MELTABARGER
ASSISTANT VICE PRESIDENT
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