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Previous: SOVEREIGN CREDIT FINANCE II INC, SB-2/A, 1998-02-17 |
Next: HERITAGE BANCORP INC /SC/, 424B1, 1998-02-17 |
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): February 10, 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
January 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: February 16, 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
January 31, 1998
-3-
UACSC 97-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 1/31/98
<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 22,147,907.77 71,250,000.00 31,925,000.00 44,725,000.00
Principal Collections - Scheduled Payments 2,867,484.69 0.00 0.00 0.00
Principal Collections - Payoffs 2,770,929.76 0.00 0.00 0.00
Principal Withdrawal from Payahead 4,678.76 0.00 0.00 0.00
Gross Principal Charge Offs (1,751.82) 0.00 0.00 0.00
Repurchases 12,757.71 0.00 0.00 0.00
------------- ------------- ------------- -------------
Ending Balance 16,493,808.67 71,250,000.00 31,925,000.00 44,725,000.00
============= ============= ============= =============
Certificate Factor 0.4960544 1.0000000 1.0000000 1.0000000
Pass Through Rate 6.4507% 6.2000% 6.2600% 6.280%
</TABLE>
<TABLE>
<CAPTION>
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 22,997,164.67 193,045,072.44 16,518
Principal Collections - Scheduled Payments 0.00 2,867,484.69
Principal Collections - Payoffs 0.00 2,770,929.76 348
Principal Withdrawal from Payahead 0.00 4,678.76
Gross Principal Charge Offs 0.00 (1,751.82) 2
Repurchases 0.00 12,757.71 4
------------- -------------- ------
Ending Balance 22,997,164.67 187,390,973.34 16,164
============= ============== ======
Certificate Factor 1.0000000 0.9179210
Pass Through Rate 6.410% 6.2914%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 5,651,211.08
Interest Wired 2,022,661.57
Withdrawal from Payahead Account 7,914.71
Repurchases (Principal and Interest) 12,881.50
Charge Off Recoveries (738.42)
Interest Advances 30,262.30
Certificate Account Interest Earned 23,665.06
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 7,747,857.80
==============
TRUSTEE DISTRIBUTION (2/10/98)
Total Cash Flow 7,747,857.80
Unrecovered Advances on Defaulted Receivables 30.02
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 123,026.52
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 192,397.36
Principal to Class A-1 Certificateholders 5,654,099.10
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 24,204.67
Interest Advance Recoveries from Payments 9,798.45
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 15,179.56
Certificate Account Interest to Servicer 23,665.06
Payahead Account Interest to Servicer 151.84
Excess 813,734.12
--------------
Net Cash 0.00
==============
Servicing Fee Retained from Interest Collections 160,870.89
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 2,041,471.66
--------------
Beginning Balance 2,551,839.56
Trustee Distribution of Excess 813,734.12
Interest Earned 10,945.71
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer (824,679.83)
--------------
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 10,961,315.51
Reduction Due to Spread Account 0.00
Reduction Due to Principal Reduction (395,786.94)
--------------
Ending Balance 10,565,528.57
==============
First Loss Protection Required Amount 10,565,528.58
First Loss Protection Fee % 2.00%
First Loss Protection Fee 18,196.19
SURETY BOND RECONCILIATION
Original Balance 204,147,164.67
--------------
Beginning Balance 191,914,361.02
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 191,914,361.02
==============
Adjusted Ending Balance Based
Upon Required Balance 186,206,999.66
==============
Required Balance 186,206,999.66
PAYAHEAD RECONCILIATION
Beginning Balance 40,738.87
Deposit 15,179.56
Payahead Interest 151.84
Withdrawal 7,914.71
--------------
Ending Balance 48,155.56
==============
</TABLE>
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
1 Payment 140 1,529,072.66 22,214.90 19,371.20
2 Payments 47 604,157.72 12,949.96 15,628.86
3 Payments 16 219,664.17 6,261.31 8,335.43
--- ------------ --------- ---------
Total 203 2,352,894.55 41,426.17 43,335.49
=== ============ ========= =========
Percent Delinquent 1.256% 1.256%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 823,821.89 187,390,973.34 0.44%
1st Previous 250,972.65 193,045,072.44 0.13%
2nd Previous 19,357.68 199,906,022.74 0.01%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current (1,751.82) (738.42) 190,218,022.89 -0.01%
1st Previous 1,749.80 (15.00) 196,475,547.59 0.01%
2nd Previous 0.00 0.00 202,026,593.71 0.00%
Gross Cumulative Charge Offs (2.02) Net Cumulative Loss Percentage
Gross Liquidation Proceeds (753.42) 0.04%
Number of Repossessions 2
Number of Inventoried Autos EOM 0
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 838,893.99 187,390,973.34 5.37%
1st Previous 976,474.46 193,045,072.44 6.07%
2nd Previous (34,871.76) 199,906,022.74 -0.21%
3rd Previous
4th Previous
5th Previous
CURRENT
LEVEL TRIGGER STATUS
N/A 1.50% N/A
Six Month Average Excess Yield
NO
Trigger Hit in Current or any Previous Month
DATE: 2/5/98 /s/ Nancy Meltabarger
------------------------
NANCY MELTABARGER
ASSISTANT VICE PRESIDENT
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