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 15, 1998
Onyx Acceptance Grantor Trust 1998-1
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(Issuer with respect to Certificates)
Onyx Acceptance Financial Corporation
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(Exact Name of Registrant as Specified in Its Charter)
Commission File Number
333-46359 (I.R.S. Employer
Identification No.)
33-0639768
State or other jurisdiction of incorporation or organization
Delaware
Onyx Acceptance Financial Corporation
8001 Irvine Center Drive, 6th Floor
Irvine, Ca. 92618
949 450-5500
Item 5. Other Events
On behalf of the Onyx Acceptance Grantor Trust 1998-1, (the"Trust"), a
trust created pursuant to the Pooling and Servicing Agreement dated as of
March 1, 1998 with Onyx Acceptance Financial Corporation as registrant and
seller and Onyx Acceptance Corporation as servicer, and Bankers Trust Company of
New York, as trustee, the registrant has caused to be filed with the Commission,
the April, 1998 monthly Distribution Date Statement with respect to the Trust.
This Distribution Date Statement is filed pursuant to and in accordance with a
no action request filed on August 21, 1995 with the Commission by Onyx
Acceptance Financial Corporation, originator of the Onyx Acceptance Grantor
Trust 1998-1 and Onyx Acceptance Corporation as servicer and the affirmative
response thereto by the Securities and Exchange Commission dated September 22,
1995. The filing of the monthly Distribution Date Statement will occur
subsequent to each monthly distribution to the Trust's Certificateholders until
and unless exempted under provisions of the Securities and Exchange Act.
Item 7. Financial Statements and Exhibits
(a) Financial Statements
None
(c) Exhibits
Exhibit No.
19 Monthly Distribution Date Statement of the Onyx Acceptance Grantor
Trust 1998-1 for the month of April, 1998.
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SIGNATURES
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, thereunto duly authorized.
Onyx Acceptance Financial Corporation
REGAN E. KELLY
By:_____________________________________________________
Regan E. Kelly Executive Vice President
Date: April 23, 1998
DON P. DUFFY
By:_____________________________________________________
Don P. Duffy Executive Vice President
Date: April 23, 1998
EXHIBIT 19
Onyx Acceptance Grantor Trust 1998-1
Distribution Date Statement
5.95% Auto Loan Pass-Through Certificates 15-Apr-97
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Onyx Acceptance Grantor Trust 1998-1 Distribution Date Statement
5.95% Auto Loan Pass-Through Certificates 24-Apr-98
Collection Period Beginning on: 03/01/98
Collection Period Ending on: 03/31/98
Distribution Date: 04/15/98
1 Original Pool Balance $173,000,000
2 Collection Period Beginning Pool Balance $173,000,000
3 Collection Period Beginning Pool Balance Factor 1
Computation of Collection Account Amounts Available for Distribution
4 Total Collections from Obligors 01-Mar-to 31-Mar-98 $8,441,638
5 Full Prepayments through first 5 business days of current month (Precompute only) 190,693
5aFull Prepayments through first 5 business days of current month (Simple interest only) 416,614
6 Full Prepayments included in Prior Collection Period (Precompute only) 0
6aFull Prepayments included in Prior Collection Period (Simple Interest only) 0
7 Partial Prepayments deposited to PayAhead Acct 342,147
8 Amounts Withdrawn from PayAhead Acct & Deposited to Collection Acct 0
9 Yield Supplement Amount to be Deposited to Collection Account 0
10 Net Liquidation Proceeds on Defaulted Contracts 01-Mar-to 31-Mar-98 0
11 Net Liquidation Proceeds first 5 business days of current month 0
12 Net Liquidation Proceeds included in Prior Collection Period 0
13 Net Insurance Proceeds 0
14 Net Insurance Proceeds first 5 business days of current month 0
15 Net Insurance Proceeds included in Prior Collection Period 0
16 Aggregate Amount of Repurchased Contracts 0
17 Reinvestment Earnings on Funds in Collection Acct (01-Mar-to 31-Mar-98 2,144
18 Collection Account Amounts Available (4+5+5a-6-6a-7+8+9+10+11-12+13+14-15+16+17) $8,708,942
Computation of Certificate Ending Pool Balance
19 Collection Period Beginning Pool Balance $173,000,000
20 Scheduled Principal Decline (recomputed actuarial) Precompute contracts only 743,694
20aPrincipal Collected: Payments only - Simple Interest contracts 1,571,219
20bPrincipal Collected: Full Prepayments - S.I. throu01-Mar-toend 31-Mar-98 2,587,272
20cFull Prepayments through first 5 business days of current month: Simple Interest only 416,614
21 Full Prepayments: Precompute only through month end01-Mar-to 31-Mar-98 1,127,412
22 Full Prepayments through first 5 business days of current month: Precompute only 190,693
23 Defaulted Contracts (Liquidated Proceeds received)01-Mar-to 31-Mar-98 0
23aDefaulted Contracts (Liquidated Proceeds received) thru 1st 5 business days of current month 0
24 Defaulted Contracts (4 or more periods.Liquidated Proceeds not received) 0
24aDefaulted Contracts (4 or more periods.Liquidated Proceeds not received) thru 1st 5 bus. days of curre0t mo.
25 Repurchased Contracts 0
26 Certificate Ending Pool Balance (19-20-20a-20b-21-22-23-23a-24-24a-25) $166,363,096
Certificate Ending Balance Pool Factor 1
27 Principal Distribution Amount (19-26) $6,636,904
Distributions From Collection Account
28 Principal Distribution Amount $6,636,904
29 Interest Distribution Amount (5.95% Priced Flat: First Period add 2 days interest 914,978
30 Servicing Fee Payable to Servicer (1.0% / 12) 144,167
31 Surety Fee Payable to Surety (0.18% / 360 * Days in Collection Period) 26,815
31aReinsurance Fee Payable to Surety (2.50%/360 * Days in period * lesser of $3,460,000.00 or 41-43) 7,449
32 Reinvestment Earnings Payable to Finco 2,144
33 Total Distributions from Collection Account (28+29+30+31+31a+32) $7,732,456
34 Total Excess Spread Available for Deposit to Spread Account (18-33) $976,486
Spread Account Reconciliation
35 Initial Deposit $100
36 Deposits to Spread Account Prior Collection Periods $0
37 Deposit to Spread Account this Collection Period (34) $976,486
38 Reinvestment Earnings on Funds in Spread Acct 01-Mar-to 31-Mar-98 $0
39 Draws from Spread Account Prior Periods $0
40 Spread Account Balance (35+36+37+38-39) $976,586
41 Required Spread Account Balance (Max of 5% x (2) less (50b) or 2% x (1) ) $5,190,000
42 Draws from Spread Account this Collection Period ((40 - 41) if positive, 0 otherwise) $0
43 Spread Account Balance net of Draws this Collection Period (40 - 42) $976,586
Delinquency Statistics
44 Number of Accts Delinquent 30 - 59 Days 65
45 Number of Accts Delinquent 60 - 89 Days 2
45aNumber of Accts Deliquent 90 Days and Over 0
46 Total Number of Delinquent Accounts 30 Days and Over 67
47 Aggregate Net Outstanding Balance of Delinquent Loans 30-59 days $721,088
48 Aggregate Net Outstanding Balance of Delinquent Loans 60 - 89 days $21,723
48aAggregate Net Outstanding Balance of Delinquent Loans 90 days and over $0
49 Total Aggregate Net Outstanding Balance of Delinquent Loans (44 + 45) $742,811
50 Policy Claim Amount $0
50bReinsurance Amount Lesser of 2% of Orig bal and difference between 5% of end month pool $3,460,000 of orig bal
Repossession Statistics
51 Number of Accounts in Repo Inventory @ Beginning of Collection Period 0
52 Number of Accounts Repossessed During Collection Period 8
53 Number of Repo'd Accounts Sold or Reinstated During Collection Period 0
54 Number of Accounts in Repo Inventory @ End of Collection Period 8
55 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ Beginning of Collection Period $0
56 Aggregate Net Outstanding Balance of Accounts Repossessed During Month 124,726
57 Aggregate Net Outstanding Balance of Repo Accounts Sold or Reinstated During Month 0
58 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ End of Collection Period $124,726
Yield Supplement Account Balance
59 Initial Deposit $0
60 Draws from Yield Supplement to Collection Account $0
61 Yield Supplement Account Balance $0
Accounts Outstanding
62 Original Accounts Outstanding 14,451
63 Remaining Number of Accounts Outstanding @ End of Collection Period 14,123
Net Yield
64 Interest Collected on Contracts 2,069,894
65 Interest Collected on Contracts - Prior Collection Period 0
66 Interest Collected on Contracts - Two Collection Periods Ago 0
67 Liquidated Contract Balances (less Liquidation proceeds) 0
68 Liquidated Contract Balances (less Liquidation proceeds) - Prior Collection Period 0
69 Liquidated Contract Balances (less Liquidation proceeds) - Two Collection Periods Ago 0
70 Interest Paid to Certificate Holders 914,978
71 Interest Paid to Certificate Holders - Prior Collection Period 0
72 Interest Paid to Certificate Holders - Two Collection Periods Ago 0
73 Servicing Fees Paid to Servicer $144,167
74 Servicing Fees Paid to Servicer - Prior Collection Period $0
75 Servicing Fees Paid to Servicer - Two Collection Periods Ago $0
76 Certificate Ending Pool Balance $166,363,096
77 Certificate Ending Pool Balance - Prior Collection Period $173,000,000
78 Certificate Ending Pool Balance - Two Collection Periods Ago $0
79 Net Yield 4%
A.P.R. of Trust Contracts
80 Dollar Weighted A.P.R. of Contracts @ Cutoff Date 15%
81 Dollar Weighted A.P.R. of Remaining Contracts in Trust as of End of Collection Period 15%
Credit Losses
82 Gross Credit Losses during Collection Period (23+23a+24+24a) $0
83 Recoveries during Collection Period (10+11-12) 0
84 Net Credit Losses during Collection Period (82-83) $0
85 Cumulative Net Credit Losses $0
86 Cumulative Net Credit Losses as a Percent of Original Certificate Balance (85 / 1) 0%
87 Remaining Weighted Average Maturity (Months) 56
I certify that the computations reflected above for the collecti31-Mar-98 ended
are accurate and have been prepared in accordance with the Pooling and Servicing Agreement
dated March 1, 1998.
By : ______________________________Date:_________________
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