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-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
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-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: April 21, 1998 /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
March 31, 1998
-3-
UACSC 97-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 3/31/98
<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 11,084,623.81 71,250,000.00 31,925,000.00 44,725,000.00
Principal Collections - Scheduled Payments 3,182,232.38 0.00 0.00 0.00
Principal Collections - Payoffs 2,761,702.70 0.00 0.00 0.00
Principal Withdrawal from Payahead 3,693.10 0.00 0.00 0.00
Gross Principal Charge Offs 296,141.92 0.00 0.00 0.00
Repurchases 66,195.41 0.00 0.00 0.00
------------- ------------- ------------- -------------
Ending Balance 4,774,658.30 71,250,000.00 31,925,000.00 44,725,000.00
============= ============= ============= =============
Certificate Factor 0.1435987 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 22,997,164.67 181,981,788.48 15,805
Principal Collections - Scheduled Payments 0.00 3,182,232.38
Principal Collections - Payoffs 0.00 2,761,702.70 363
Principal Withdrawal from Payahead 0.00 3,693.10
Gross Principal Charge Offs 0.00 296,141.92 23
Repurchases 0.00 66,195.41 15
------------- -------------- ------
Ending Balance 22,997,164.67 175,671,822.97 15,404
============= ============== ======
Certificate Factor 1.0000000 0.8605156
Pass Through Rate 6.410% 6.2914%
</TABLE>
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 5,963,947.00
Interest Wired 1,854,451.32
Withdrawal from Payahead Account 5,539.91
Repurchases (Principal and Interest) 68,370.36
Charge Off Recoveries 67,103.70
Interest Advances 26,588.78
Certificate Account Interest Earned 24,104.59
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 8,010,105.66
==============
TRUSTEE DISTRIBUTION (4/08/98)
Total Cash Flow 8,010,105.66
Unrecovered Advances on Defaulted Receivables 10,765.44
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 61,572.53
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 179,484.24
Principal to Class A-1 Certificateholders 6,309,965.51
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 22,690.94
Interest Advance Recoveries from Payments 17,738.81
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 23,245.39
Certificate Account Interest to Servicer 24,104.59
Payahead Account Interest to Servicer 269.97
Excess 468,697.14
--------------
Net Cash 0.00
==============
Servicing Fee Retained from Interest Collections 151,651.49
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance 2,041,471.65
Beginning Balance 2,551,839.56
Trustee Distribution of Excess 468,697.14
Interest Earned 11,313.45
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer (480,010.59)
--------------
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 10,186,885.64
Reduction Due to Spread Account 0.00
Reduction Due to Principal Reduction (441,697.59)
--------------
Ending Balance 9,745,188.05
==============
First Loss Protection Required Amount 9,745,188.05
First Loss Protection Fee % 2.00%
First Loss Protection Fee 16,783.38
SURETY BOND RECONCILIATION
Original Balance 204,147,164.67
Beginning Balance 180,746,294.24
Draws 0.00
Reimbursement of Prior Draws 0.00
--------------
Ending Balance 180,746,294.24
==============
Adjusted Ending Balance Based
Upon Required Balance 174,404,262.77
==============
Required Balance 174,404,262.77
PAYAHEAD RECONCILIATION
Beginning Balance 66,137.89
Deposit 23,245.39
Payahead Interest 269.97
Withdrawal 5,539.91
--------------
Ending Balance 84,113.34
==============
<PAGE>
<TABLE>
<CAPTION>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
<C> <C> <C> <C> <C>
1 Payment 104 1,124,334.64 19,177.69 12,611.76
2 Payments 61 810,368.63 18,885.78 19,366.90
3 Payments 19 297,894.68 8,068.70 11,483.23
--- ------------ --------- ---------
Total 184 2,232,597.95 46,132.17 43,461.89
=== ============ ========= =========
Percent Delinquent 1.194% 1.271%
</TABLE>
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 1,108,263.31 175,671,822.97 0.63%
1st Previous 986,181.56 181,981,788.48 0.54%
2nd Previous 823,821.89 187,390,973.34 0.44%
<TABLE>
<CAPTION>
NET LOSS RATE
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 296,141.92 67,103.70 178,826,805.73 1.54%
1st Previous 173,059.03 4,442.61 184,686,380.91 1.10%
2nd Previous (1,751.82) (738.42) 190,218,022.89 -0.01%
Gross Cumulative Charge Offs 469,198.93 Net Cumulative Loss Percentage
Gross Liquidation Proceeds 70,792.89 0.20%
Number of Repossessions 18
Number of Inventoried Autos EOM 22
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 520,716.75 175,671,822.97 3.56%
1st Previous 499,379.10 181,981,788.48 3.29%
2nd Previous 838,893.99 187,390,973.34 5.37%
3rd Previous 976,474.46 193,045,072.44 6.07%
4th Previous (34,871.76) 199,906,022.74 -0.21%
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
DATE: 4/6/98 /s/ Nancy Meltabarger
------------------------
NANCY MELTABARGER
ASSISTANT VICE PRESIDENT
