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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): March 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
February 28, 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: March 19, 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
February 28, 1998
-3-
UACSC 97-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 2/28/98
<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 16,493,808.67 71,250,000.00 31,925,000.00 44,725,000.00
Principal Collections - Scheduled Payments 2,771,856.07 0.00 0.00 0.00
Principal Collections - Payoffs 2,422,583.33 0.00 0.00 0.00
Principal Withdrawal from Payahead 4,673.74 0.00 0.00 0.00
Gross Principal Charge Offs 173,059.03 0.00 0.00 0.00
Repurchases 37,012.69 0.00 0.00 0.00
------------- ------------- ------------- -------------
Ending Balance 11,084,623.81 71,250,000.00 31,925,000.00 44,725,000.00
============= ============= ============= =============
Certificate Factor 0.3333721 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 22,997,164.67 187,390,973.34 16,164
Principal Collections - Scheduled Payments 0.00 2,771,856.07
Principal Collections - Payoffs 0.00 2,422,583.33 338
Principal Withdrawal from Payahead 0.00 4,673.74
Gross Principal Charge Offs 0.00 173,059.03 15
Repurchases 0.00 37,012.69 6
------------- -------------- ------
Ending Balance 22,997,164.67 181,981,788.48 15,805
============= ============== ======
Certificate Factor 1.0000000 0.8914245
Pass Through Rate 6.410% 6.2914%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 5,217,988.03
Interest Wired 1,794,444.92
Withdrawal from Payahead Account 7,341.17
Repurchases (Principal and Interest) 37,534.53
Charge Off Recoveries 4,442.61
Interest Advances 28,230.08
Certificate Account Interest Earned 22,268.47
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 7,112,249.81
==============
TRUSTEE DISTRIBUTION (3/10/98)
Total Cash Flow 7,112,249.81
Unrecovered Advances on Defaulted Receivables 5,540.39
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 82,752.92
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 185,862.15
Principal to Class A-1 Certificateholders 5,409,184.86
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 21,231.21
Interest Advance Recoveries from Payments 18,333.77
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 25,139.68
Certificate Account Interest to Servicer 22,268.47
Payahead Account Interest to Servicer 183.82
Excess 450,181.44
--------------
Net Cash 0.00
==============
Servicing Fee Retained from Interest Collections 156,159.14
</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 450,181.44
Interest Earned 10,250.65
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer (460,432.09)
--------------
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 10,565,528.58
Reduction Due to Spread Account 0.00
Reduction Due to Principal Reduction (378,642.94)
--------------
Ending Balance 10,186,885.64
==============
First Loss Protection Required Amount 10,186,885.64
First Loss Protection Fee % 2.00%
First Loss Protection Fee 15,846.27
SURETY BOND RECONCILIATION
Original Balance 204,147,164.67
Beginning Balance 186,206,999.66
Draws 0.00
Reimbursement of Prior Draws 0.00
--------------
Ending Balance 186,206,999.66
==============
Adjusted Ending Balance Based
Upon Required Balance 180,746,294.24
==============
Required Balance 180,746,294.24
PAYAHEAD RECONCILIATION
Beginning Balance 48,155.56
Deposit 25,139.68
Payahead Interest 183.82
Withdrawal 7,341.17
--------------
Ending Balance 66,137.89
==============
</TABLE>
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
1 Payment 128 1,518,670.28 19,452.55 19,521.37
2 Payments 49 608,492.83 12,926.28 15,829.66
3 Payments 26 377,688.73 10,844.97 14,772.90
--- ------------ --------- ---------
Total 203 2,504,851.84 43,223.80 50,123.93
=== ============ ========= =========
Percent Delinquent 1.284% 1.376%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 986,181.56 181,981,788.48 0.54%
1st Previous 823,821.89 187,390,973.34 0.44%
2nd Previous 250,972.65 193,045,072.44 0.13%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 173,059.03 4,442.61 184,686,380.91 1.10%
1st Previous (1,751.82) (738.42) 190,218,022.89 -0.01%
2nd Previous 1,749.80 (15.00) 196,475,547.59 0.01%
Gross Cumulative Charge Offs 173,057.01 Net Cumulative Loss Percentage
Gross Liquidation Proceeds 3,689.19 8.30%
Number of Repossessions 17
Number of Inventoried Autos EOM 11
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 499,379.10 181,981,788.48 3.29%
1st Previous 838,893.99 187,390,973.34 5.37%
2nd Previous 976,474.46 193,045,072.44 6.07%
3rd Previous (34,871.76) 199,906,022.74 -0.21%
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: 3/5/98 /s/ Nancy Meltabarger
------------------------
NANCY MELTABARGER
ASSISTANT VICE PRESIDENT
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