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Previous: DFCS TRUST 1998-I, 15-15D, 1998-10-27 |
Next: MORGAN STANLEY WITTER DEAN SEL EQU TR REIT PORT SER 98, 497, 1998-10-27 |
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) October 15, 1998.
-----------------
DFC Securitization Trust 1998-I
--------------------------------------------------
(Exact name of registrant as specified in charter)
North Carolina 333-24351 23-2947666
- ---------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o PNC Bank, National Association
Corporate Trust Department
Attention: Constantine Hromych
1700 Market Street
Philadelphia, Pennsylvania 19103
--------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 585-8738
--------------
================================================================================
(Former name or former address, if changed since last report.)
<PAGE>
DFC SECURITIZATION TRUST 1998-I
FORM 8-K
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable.
ITEM 5. OTHER EVENTS.
DFC Securitization Trust 1998-I (the "Trust"), the issuer of the Deutsche
Financial Capital Securitization LLC Senior/Subordinated Pass-Through
Certificates, Series 1998-I (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on October 15,
1998. Oakwood Acceptance Corporation, as Servicer for the Trust, has prepared a
monthly Remittance Report and delivered it to the Trustee.
Remittance Report. . . . . . . . . . . . .Exhibit 20.1
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
Exhibits
20.1 Monthly Remittance Report relating to the Distribution Date
occurring on October 15, 1998.
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
<PAGE>
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.
DFC Securitization TRUST 1998-I, Registrant
By: Oakwood Acceptance Corporation,
as servicer
October 23, 1998
---------------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
--------------------
20.1 Monthly Remittance Report relating to Distribution
Date occurring on October 15, 1998.............................
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
218,449,684.22 (249,623.37) (1,385,539.01) (281,002.48) 0.00 216,533,519.36 1,866,492.55
=========================================================================================================
Certificate Account
- ------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,614,197.19 1,899,615.90 1,742,677.02 (3,794,668.94) 4,561.26 1,466,382.43
==========================================================================================
REPORT DATE: OCTOBER 7, 1998
POOL REPORT # 9
Page 1 of 7
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for
Fee Interest Proceeds Fund Draw Distribution
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
182,041.40 1,684,451.15 136,517.70 0.00 3,638,172.63
========================================================================
P&I Advances at Distribution Date
- ---------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ---------------------------------------------------------
<S> <C> <C> <C>
976,786.82 913,202.20 840,530.90 904,115.52
=========================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
Class B Crossover Test Test Met?
- ---------------------------------------------------- ----------
<S> <C>
(a) Remittance date on or after August 2002 N
(b) Average 60 day Delinquency rate <= 5% Y
(c) Average 30 day Delinquency rate <= 7% N
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
AUG 2002 - JAN 2004 7% N
FEB 2004 - JAN 2005 8% N
FEB 2005 and after 9% N
(e) Current realized loss ratio 2.75% Y
(f) Does subordinate certificate percentage equal or
exceed 36.751%
of stated scheduled pool balance
Beginning M balance 18,352,000.00
Beginning B-1 balance 20,645,000.00
Beginning B-2 balance 9,176,046.00
Current Overcollateralization 1,720,440.35 N
--------------
49,893,486.35
Divided by beginning pool
balance 218,449,684.22
--------------
22.840%
==============
REPORT DATE: OCTOBER 7, 1998
POOL REPORT # 9
Page 2 of 7
Average 60 day delinquency ratio:
Over 60s Pool Balance %
----------------------------------------
<S> <C> <C> <C>
Current Mo 11,163,368.24 216,533,519.36 5.16%
1st Preceding Mo 9,258,423.59 218,449,684.22 4.24%
2nd Preceding Mo 7,122,858.52 220,358,483.57 3.23%
Divided by 3
--------
4.21%
========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
----------------------------------------
<S> <C> <C> <C>
Current Mo 18,292,895.20 216,533,519.36 8.45%
1st Preceding Mo 16,027,770.32 218,449,684.22 7.34%
2nd Preceding Mo 13,586,115.35 220,358,483.57 6.17%
Divided by 3
-------
7.32%
=======
Cumulative loss ratio:
Cumulative losses 526,706.83
--------------
Divided by Initial Certificate
Principal 229,392,046.00 0.230%
=======
Current realized loss ratio:
Liquidation Pool
Losses Balance
-----------------------------
<S> <C> <C>
Current Mo 144,484.78 216,533,519.36
1st Preceding Mo 125,601.82 218,449,684.22
2nd Preceding Mo 130,362.76 220,358,483.57
0.735%
=======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over Total Delinq.
No. of Principal Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance # Balance
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Non Repos 5,345 210,844,655.03 193 6,954,289.55 77 2,917,779.04 72 2,756,483.92 342 12,628,552.51
Repos 155 5,688,864.33 4 175,237.41 16 606,028.67 134 4,883,076.61 154 5,664,342.69
-------------------------------------------------------------------------------------------------------
Total 5,500 216,533,519.36 197 7,129,526.96 93 3,523,807.71 206 7,639,560.53 496 18,292,895.20
=======================================================================================================
9.0% 8.45%
===========================
REPORT DATE: OCTOBER 7, 1998
POOL REPORT # 9
Page 3 of 7
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
155 5,688,864.33 -2 (61,243.63) 35 1,366,254.56 195 6,876,798.94
Count
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total
Number Name Balance Proceeds Refunds Proceeds
- ------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
132551-3 M. PEACOCK 21,727.92 23,500.00 0.00 23,500.00
138436-1 P. STINSONS 38,869.84 31,500.00 0.00 31,500.00
139396-6 E. DENNARD 28,395.38 31,993.00 0.00 31,993.00
123876-5 J. FERRARA 10,849.95 1,500.00 0.00 1,500.00
128425-6 D. JONES 24,012.77 24,900.00 0.00 24,900.00
128432-2 R. FELIX 13,064.67 4,500.00 0.00 4,500.00
135715-1 B. HOPE 25,641.34 25,351.07 0.00 25,351.07
139038-4 D. BELCHER 13,075.21 3,250.00 0.00 3,250.00
142545-3 T. COURINGTON 33,143.41 27,900.00 0.00 27,900.00
142638-6 G. LAW 58,879.82 22,000.00 0.00 22,000.00
142918-2 J. HERNANDEZ 13,342.17 6,300.00 0.00 6,300.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
---------------------------------------------
281,002.48 202,694.07 0.00 202,694.07
=============================================
REPORT DATE: OCTOBER 7, 1998
POOL REPORT # 9
Page 4 of 7
Net Net Current
Repossession Liquidation Unrecov. Pass Thru Period Net Cumulative
Expenses Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6,838.70 16,661.30 2,464.93 14,196.37 (7,531.55)
12,521.40 18,978.60 3,171.93 15,806.67 (23,063.17)
2,575.85 29,417.15 3,205.40 26,211.75 (2,183.63)
0.00 1,500.00 999.47 500.53 (10,349.42)
4,532.50 20,367.50 1,731.22 18,636.28 (5,376.49)
1,232.75 3,267.25 958.69 2,308.56 (10,756.11)
2,055.00 23,296.07 1,604.11 21,691.96 (3,949.38)
1,500.00 1,750.00 1,309.62 440.38 (12,634.83)
5,004.83 22,895.17 1,987.36 20,907.81 (12,235.60)
4,005.00 17,995.00 5,572.05 12,422.95 (46,456.87)
1,915.00 4,385.00 990.56 3,394.44 (9,947.73)
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
- --------------------------------------------------------------
42,181.03 160,513.04 23,995.34 136,517.70 (144,484.78) (526,706.83)
=============================================================================
As a percentage of the aggregate cut-off date principal balance 0%
==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
REPORT DATE: OCTOBER 7, 1998
POOL REPORT # 9
Page 5 of 7
ACCELERATED PRINCIPAL DISTRIBUTION CALCULATION:
The Accelerated Principal Distribution is equal to the lesser of (C) or the positive difference, if any, between
(A) and (B)
(A) TARGET OVERCOLLATERALIZATION AMOUNT 1,720,440.35
<S> <C>
-----------------
(B) CURRENT OVERCOLLATERALIZATION AMOUNT
The positive difference, if any, between
Scheduled Principal Balance 218,449,684.22
Certificate Principal Balance of all outstanding Classes of Certificates 216,729,243.87
-----------------
1,720,440.35
-----------------
(C) CURRENT CLASS X STRIP AMOUNT 363,446.28
-----------------
ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 0.00
-----------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current
Cert. Certificate Certificate Carryover Principal
Class Balances Balances Principal Due
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 51,500,000.00 38,837,197.87 0.00 1,916,164.86
A-1 Outstanding Writedown 0.00 0.00
A-2 39,300,000.00 39,300,000.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00
A-3 27,150,000.00 27,150,000.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00
A-4 6,000,000.00 6,000,000.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00
A-5 14,000,000.00 14,000,000.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00
A-6 12,000,000.00 12,000,000.00 0.00 0.00
A-6 Outstanding Writedown 0.00 0.00
A-7 31,269,000.00 31,269,000.00 0.00 0.00
A-7 Outstanding Writedown 0.00
M 18,352,000.00 18,352,000.00 0.00 0.00
M Outstanding Writedown 0.00 0.00
B-1 20,645,000.00 20,645,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 9,176,046.00 9,176,046.00 0.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 0.00 1,720,440.35 0.00 0.00
-------------------------------------------------------
229,392,046.00 218,449,684.22 0.00 1,916,164.86
=======================================================
REPORT DATE: OCTOBER 7, 1998
POOL REPORT # 9
Page 6 of 7
Current Ending Accelerated Ending Principal Paid
Cert. Principal Carryover Principal Certificate Pool Per $1,000
Class Paid Principal Distribution Balances Factor Denomination
- -----------------------------------------------------------------------------------------------------------------------------
<S> <S> <C> <C> <C> <C> <C>
A-1 1,916,164.86 0.00 0.00 36,921,033.01 71.69133% 37.21
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 0.00 0.00 39,300,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 0.00 0.00 27,150,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 0.00 0.00 6,000,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 0.00 0.00 0.00 14,000,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
A-6 0.00 0.00 0.00 12,000,000.00 100.00000% 0.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00
A-7 0.00 0.00 0.00 31,269,000.00 100.00000% 0.00
A-7 Outstanding Writedown 0.00 0.00 0.00 0.00
M 0.00 0.00 0.00 18,352,000.00 100.00000% 0.00
M Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 0.00 0.00 20,645,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 0.00 0.00 9,176,046.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 0.00 0.00 1,720,440.35
---------------------------------------------------------------
1,916,164.86 0.00 0.00 216,533,519.36
===============================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------
A-1 6.05000% 0.00 195,804.21 195,804.21 0.00 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-2 6.00000% 0.00 196,500.00 196,500.00 0.00 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-3 6.10000% 0.00 138,012.50 138,012.50 0.00 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-4 6.37500% 0.00 31,875.00 31,875.00 0.00 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-5 6.60000% 0.00 77,000.00 77,000.00 0.00 0.00
A-5 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-6 6.82500% 0.00 68,250.00 68,250.00 0.00 0.00
A-6 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-6 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-7 6.65000% 0.00 173,282.38 173,282.38 0.00 0.00
A-7 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-7 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
M 6.80000% 0.00 103,994.67 103,994.67 0.00 0.00
M Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
M Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-1 7.27500% 0.00 125,160.31 125,160.31 0.00 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-2 8.71500% 0.00 66,641.03 66,641.03 0.00 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
X 2,102,662.40 507,931.06 363,446.28 144,484.73 2,247,147.18
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 182,041.40 182,041.40 0.00 0.00
-----------------------------------------------------------------------
2,102,662.40 1,866,492.55 1,722,007.77 144,484.73 2,247,147.18
=======================================================================
REPORT DATE: OCTOBER 7, 1998
POOL REPORT # 9
Page 7 of 7
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
---------------------------------------------------
<S> <C> <C> <C>
A-1 5.04 A-1 2,111,969.07
A-1 Carryover Interest 0.00
A-1 Writedown Interest 0.00
A-2 5.00 A-2 196,500.00
A-2 Carryover Interest 0.00
A-2 Writedown Interest 0.00
A-3 5.08 A-3 138,012.50
A-3 Carryover Interest 0.00
A-3 Writedown Interest 0.00
A-4 5.31 A-4 31,875.00
A-4 Carryover Interest 0.00
A-4 Writedown Interest 0.00
A-5 5.50 A-5 77,000.00
A-5 Carryover Interest 0.00
A-5 Writedown Interest 0.00
A-6 5.69 A-6 68,250.00
A-6 Carryover Interest 0.00
A-6 Writedown Interest 0.00
A-7 5.54 A-7 173,282.38
A-7 Carryover Interest 0.00
A-7 Writedown Interest 0.00
M 5.67 M 103,994.67
M Carryover Interest 0.00
M Writedown Interest 0.00
B-1 6.06 B-1 125,160.31
B-1 Carryover Interest 0.00
B-1 Writedown Interest 0.00
B-2 7.26 B-2 66,641.03
B-2 Carryover Interest 0.00 CUMULATIVE X INTEREST SHORTFALL 2,247,147.18
B-2 Writedown Interest 0.00 CUMULATIVE ACCELERATED PRINCIPAL DISTRIB (1,720,440.35)
--------------
X
X 363,446.28 CUMULATIVE LOSSES 526,706.83
R ==============
Service Fee R 0.00
182,041.40
--------------
3,638,172.63
==============
</TABLE>
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