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Previous: CHEVY CHASE AUTO RECEIVABLES TRUST 1997-4, 8-K, 1998-09-21 |
Next: OMI TRUST 1998-A, 8-K, 1998-09-21 |
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) September 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 September 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 September 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
September 23, 1998 /s/ DOUGLAS R. MUIR
-------------------
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 September 15, 1998....................... 5-10
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC,1998-I REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #8
REMITTANCE REPORT PAGE 1 0F 7
REPORTING MONTH: Aug-98
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------
220,358,483.57 (249,661.49) (1,397,851.31) (261,286.55) 0.00 218,449,684.22
==========================================================================================
<CAPTION>
Amount
Scheduled Scheduled Available
Gross Servicing Pass Thru Liquidation Reserve for
Interest Fee Interest Proceeds Fund Draw Distribution
- ------------------------------------------------------------------------------------
1,880,130.54 183,632.07 1,696,498.47 135,684.73 0.00 3,663,328.07
====================================================================================
Certificate
Account
- ------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------
1,959,056.16 1,886,668.42 1,714,154.90 (3,951,421.34) 5,739.05 1,614,197.19
==========================================================================================
P&I Advances at Distribution Date
--------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
--------------------------------------------------------
613,480.49 549,695.13 913,001.46 976,786.82
========================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 2 of 7
Class B Crossover Test Test Met?
- ---------------------------------------------------- ----------
(a) Remittance date on or after August 2002 N
(b) Average 60 day Delinquency rate < = 5% Y
(c) Average 30 day Delinquency rate < = 7% Y
(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 1,720,440.30 N
--------------
49,893,486.30
Divided by
beginning pool
balance 220,358,483.57
--------------
22.642%
==============
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
----------------------------------------
Current Mo 9,333,571.46 218,449,684.22 4.27%
1st Preceding Mo 7,122,858.52 220,358,483.57 3.23%
2nd Preceding Mo 6,108,828.56 222,411,420.32 2.75%
Divided by 3
---------
3.42%
=========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
----------------------------------------
Current Mo 18,760,262.99 218,449,684.22 8.59%
1st Preceding Mo 13,586,115.35 220,358,483.57 6.17%
2nd Preceding Mo 11,328,184.12 222,411,420.32 5.09%
Divided by 3
---------
6.62%
=========
Cumulative loss ratio:
Cumulative losses 382,222.05
--------------
229,392,048.00 0.167%
=========
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------
Current Mo 125,601.82 218,449,684.22
1st Preceding Mo 130,362.76 220,358,483.57
2nd Preceding Mo 64,784.40 222,411,420.32
0.583%
=========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT Page 3 of 7
REPORTING MONTH: Aug-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
--------------------------------------------------------------------------------------------------
Non Repos 5,409 213,781,119.52 251 9,197,165.29 59 2,352,562.04 63 2,541,970.96 373 14,091,698.29
Repos 133 4,668,564.70 6 229,526.24 25 837,418.84 102 3,601,619.62 133 4,668,564.70
--------------------------------------------------------------------------------------------------
Total 5,542 218,449,684.22 257 9,426,691.53 84 3,189,980.88 165 6,143,590.58 506 18,760,262.99
==================================================================================================
9.1% 8.59%
======================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- ------------------------------------------------------------------------
133 4,668,564.70 -2 (89,947.16) 42 1,443,776.60 162 5,571,788.01
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: SEPTEMBER 8, 1998
REMITTANCE REPORT POOL REPORT # 8
REPORTING MONTH: Aug-98
Page 4 of 7
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ---------------------------------------------------------------------------------------------------
129465-1 G. SMITH 34,728.12 29,500.00 0.00 29,500.00 3,331.52 26,168.48
131130-7 P. MILLIGAN 7,678.10 5,000.00 0.00 5,000.00 745.72 4,254.28
136685-5 J. MORPHIS 54,844.35 40,000.00 0.00 40,000.00 1,058.31 38,941.69
139494-9 M. WILLIAMS 36,030.38 32,400.00 0.00 32,400.00 4,387.00 28,013.00
139906-2 M. JONES 34,189.85 23,900.00 0.00 23,900.00 2,200.00 21,700.00
139931-0 T. MASSEY 49,684.51 19,000.00 0.00 19,000.00 2,500.00 16,500.00
141207-1 J. PEOPLES 24,249.18 14,537.00 0.00 14,537.00 1,241.41 13,295.59
142339-1 G. GUNTER 19,882.06 4,000.00 0.00 4,000.00 59.50 3,940.50
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
------------------------------------------------------------------------
261,286.55 168,337.00 0.00 168,337.00 15,523.46 152,813.54
========================================================================
<CAPTION>
Net Current
Account Unrecov. Pass Thru Period Net Cumulative
Number Advances Proceeds Gain/(Loss) Gain/(Loss)
- -------------------------------------------------------------
129465-1 2,033.46 24,135.02 (10,593.10)
131130-7 705.46 3,548.82 (4,129.28)
136685-5 2,663.12 36,278.57 (18,565.78)
139494-9 1,644.80 26,368.20 (9,662.18)
139906-2 2,903.16 18,796.84 (15,393.01)
139931-0 3,668.12 12,831.88 (36,852.63)
141207-1 1,877.04 11,418.55 (12,830.63)
142339-1 1,633.65 2,306.85 (17,575.21)
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
----------------------------------------
17,128.81 135,684.73 (125,601.82)(382,222.05)
===================================================
As a percentage of the aggregate cut-off date
principal balance 0.00
===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
REPORT DATE: SEPTEMBER 8, 1998
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I POOL REPORT # 8
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT Page 5 of 7
REPORTING MONTH: Aug-98
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
----------------
(B) CURRENT OVERCOLLATERALIZATION AMOUNT
The positive difference, if any, between
Scheduled Principal Balance 220,358,483.57
Certificate Principal Balance of all
outstanding Classes of Certificates 218,638,043.27
----------------
1,720,440.30
----------------
(C) CURRENT CLASS X STRIP AMOUNT 384,753.03
----------------
ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 0.05
----------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. -SERVICER POOL REPORT# 8
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 6 of 7
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current Current
Cert. Certificate Certificate Carryover Principal Principal
Class Balances Balances Principal Due Paid
- ----------------------------------------------------------------------------------------
A-1 51,500,000.00 40,745,997.27 0.00 1,908,799.35 1,908,799.35
A-1 Outstanding
Writedown 0.00 0.00
A-2 39,300,000.00 39,300,000.00 0.00 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 0.00
A-3 Outstanding
Writedown 0.00 0.00
A-4 6,000,000.00 6,000,000.00 0.00 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 0.00
A-5 Outstanding
Writedown 0.00 0.00
A-6 12,000,000.00 12,000,000.00 0.00 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 0.00
A-7 Outstanding
Writedown 0.00
M 18,352,000.00 18,352,000.00 0.00 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 0.00
B-1 Outstanding
Writedown 0.00 0.00
B-2 9,176,046.00 9,176,046.00 0.00 0.00 0.00
B-2 Outstanding
Writedown 0.00
Excess Asset
Principal Balance 0.00 1,720,440.30 0.00 0.00 0.00
-------------------------------------------------------------------
229,392,046.00 220,358,483.57 0.00 1,908,799.35 1,908,799.35
====================================================================
<CAPTION>
Principal
Ending Accelerated Ending Paid Per
Cert. Carryover Principal Certificate Pool $1,000
Class Principal Distribution Balances Factor Denomination
- -----------------------------------------------------------------------------------------
A-1 0.00 0.05 38,837,197.87 75.41203% 37.06
A-1 Outstanding
Writedown 0.00 0.00 0.00 0.00
A-2 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 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 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 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 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 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 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 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 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 (0.05) 1,720,440.35
--------------------------------------------
0.00 0.00 218,449,684.22
============================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: SEPTEMBER 8, 1998
POOL REPORT # 8
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT Page 7 of 7
REPORTING MONTH: Aug-98
CERTIFICATE INTEREST
ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
-----------------------------------------------------------
A-1 6.05000% 0.00 205,427.74 205,427.74 0.00
A-1 Carryover
Interest 0.00 0.00 0.00 0.00 0.00
A-1 Writedown
Interest 0.00 0.00 0.00 0.00 0.00
A-2 6.00000% 0.00 196,500.00 196,500.00 0.00
A-2 Carryover
Interest 0.00 0.00 0.00 0.00 0.00
A-2 Writedown
Interest 0.00 0.00 0.00 0.00 0.00
A-3 6.10000% 0.00 138,012.50 138,012.50 0.00
A-3 Carryover
Interest 0.00 0.00 0.00 0.00 0.00
A-3 Writedown
Interest 0.00 0.00 0.00 0.00 0.00
A-4 6.37500% 0.00 31,875.00 31,875.00 0.00
A-4 Carryover
Interest 0.00 0.00 0.00 0.00 0.00
A-4 Writedown
Interest 0.00 0.00 0.00 0.00 0.00
A-5 6.60000% 0.00 77,000.00 77,000.00 0.00
A-5 Carryover
Interest 0.00 0.00 0.00 0.00 0.00
A-5 Writedown
Interest 0.00 0.00 0.00 0.00 0.00
A-6 6.82500% 0.00 68,250.00 68,250.00 0.00
A-6 Carryover
Interest 0.00 0.00 0.00 0.00 0.00
A-6 Writedown
Interest 0.00 0.00 0.00 0.00 0.00
A-7 6.65000% 0.00 173,282.38 173,282.38 0.00
A-7 Carryover
Interest 0.00 0.00 0.00 0.00 0.00
A-7 Writedown
Interest 0.00 0.00 0.00 0.00 0.00
M 6.80000% 0.00 103,994.67 103,994.67 0.00
M Carryover
Interest 0.00 0.00 0.00 0.00 0.00
M Writedown
Interest 0.00 0.00 0.00 0.00 0.00
B-1 7.27500% 0.00 125,160.31 125,160.31 0.00
B-1 Carryover
Interest 0.00 0.00 0.00 0.00 0.00
B-1 Writedown
Interest 0.00 0.00 0.00 0.00 0.00
B-2 8.71500% 0.00 66,641.03 66,641.03 0.00
B-2 Carryover
Interest 0.00 0.00 0.00 0.00 0.00
B-2 Writedown
Interest 0.00 0.00 0.00 0.00 0.00
X 1,977,060.53 510,354.85 384,752.98 125,601.82
R 0.00 0.00 0.00 0.00
Service Fee 0.00 183,632.07 183,632.07 0.00
---------------------------------------------------
1,977,060.531,880,130.541,754,528.67 125,601.82
===================================================
<CAPTION>
Interest
Paid
Per
Ending $1,000 Cert. TOTAL
Balance Denomination Class DISTRIBUTION
- ----------------------------------------------------
0.00 5.04 A-1 2,114,227.14
0.00 0.00
0.00 0.00
0.00 5.00 A-2 196,500.00
0.00 0.00
0.00 0.00
0.00 5.08 A-3 138,012.50
0.00 0.00
0.00 0.00
0.00 5.31 A-4 31,875.00
0.00 0.00
0.00 0.00
0.00 5.50 A-5 77,000.00
0.00 0.00
0.00 0.00
0.00 5.69 A-6 68,250.00
0.00 0.00
0.00 0.00
0.00 5.54 A-7 173,282.38
0.00 0.00
0.00 0.00
0.00 5.67 M 103,994.67
0.00 0.00
0.00 0.00
0.00 6.06 B-1 125,160.31
0.00 0.00
0.00 0.00
0.00 7.26 B-2 66,641.03
0.00 0.00 CUMULATIVE X INTEREST SHORTFALL 2,102,662.40
CUMULATIVE ACCELERATED PRINCIPAL
0.00 0.00 DISTRIB (1,720,440.35)
------------
CUMULATIVE
2,102,662.40 X 384,752.98 LOSSES 382,222.05
============
0.00 R 0.00
0.00 183,632.07
- ------------- ------------
2,102,662.40 3,663,328.07
============= ============
</TABLE>
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