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Previous: PROVANT INC, S-4, 1998-06-25 |
Next: BEARCOM GROUP INC, S-1/A, 1998-06-25 |
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)
June 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 June 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
20.1Monthly Remittance Report relating to the Distribution
Date occurring on June 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
June 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 June 15, 1998........................ 5-10
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: JUNE 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
1111TTANCE REPORT Page 1 of 7
REPORTING MONTH: May-98
Scheduled Principal Balance of Contracts
- -------------------------------------------------------------------------------
Beginning Ending Scheduled Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross Servicing Pass Thru
Balance Principal Principal Principal Repurchased Balance Interest Fee Interest
- ------------------------------------------------------------------------------------------------------------------------------------
224,853,888.48 (247,328.03) (846,035.04) (107,217.42) 0.00 223,653,307.99 1,917,591.91 187,378.24 1,730,213.67
====================================================================================================================================
<CAPTION>
Amount
Liquidation Reserve Available for
Proceeds Fund Draw Distribution
- ----------------------------------------------------------------
69,595.23 0.00 3,080,550.21
================================================================
<CAPTION>
Certificate Account
- ----------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ----------------------------------------------------------------------------------------------------------
1,311,015.84 1,178,010.45 1,758,453.83 (2,992,357.30) 3,777.28 1,258,900.10
==========================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------
624,052.86 584,561.07 566,132.21 605,624.00
================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: JUNE 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH: May-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
Average 30 day delinquency ratio:
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
---------------------
49,893,486.30
Divided by beginning pool
balance 224,853,888.48
---------------------
22.189%
=====================
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
------------------------------------------------
Current Mo 4,883,154.02 223,653,307.99 2.18%
1st Preceding Mo 3,915,751.76 224,853,888.48 1.74%
2nd Preceding Mo 3,174,176.94 225,913,702.16 1.41%
Divided by 3
----------
1.78%
==========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
------------------------------------------------
Current Mo 10,401,076.56 223,653,307.99 4.65%
1st Preceding Mo 7,063,719.25 224,853,888.48 3.14%
2nd Preceding Mo 7,590,634.52 225,913,702.16 3.36%
Divided by 3
-------
3.72%
=======
Cumulative loss ratio:
Cumulative losses 61,473.07
----------------
Divided by Initial Certificate Principal 229,392,046.00 0.027%
========
Current realized loss ratio:
Liquidation Pool
Losses Balance
--------------------------------------------
Current Mo 37,622.19 223,653,307.99
1st Preceding Mo 0.00 224,853,888.48
2nd Preceding Mo 23,850.88 225,913,702.16
0.109%
=======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: JUNE 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT Page 3 of 7
REPORTING MONTH: May-98
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
--------------------------------------------------------------------------------------------------------------
Non Repos 5,616 222,656,313.42 143 5,371,354.44 31 1,116,558.96 29 1,159,498.06
Repos 29 996,994.57 5 146,568.10 14 554,009.77 56 2,053,087.23
--------------------------------------------------------------------------------------------------------------
Total 5,645 223,653,307.99 148 5,517,922.54 45 1,670,568.73 85 3,212,585.29
==============================================================================================================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
- ------------------------------------------------------------------------------------------------------------------------------------
203 7,647,411.46 29 996,994.57 -1 (53,147.00) 6 199,314.98 34 1,144,994.44
75 2,753,665.10
- ----------------------------
278 10,401,076.56
============================
4.9% 4.65%
===========================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: JUNE 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH: May-98 Page 4 of 7
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- ----------------------------------------------------------------------------------------------------------------------------
133436-6 L. ALFORD 35,101.06 35,268.00 0.00 35,268.00 6,123.40
141845-8 B. ROBERSTON 8,926.41 5,000.00 0.00 5,000.00 0.00
128219-8 D. SHARBONO 26,218.90 27,000.00 0.00 27,000.00 5,452.00
131730-4 D. FUDGE 36,971.05 40,000.00 0.00 40,000.00 20,678.90
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
--------------------------------------------------------------------------------------
107,217.42 107,268.00 0.00 107,268.00 32,254.30
======================================================================================
<CAPTION>
Net Net Current
Liquidation Unrecov. Pass Thru Period Net Cumulative
Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------
29,144.60 2,058.90 27,085.70 (8,015.36)
5,000.00 758.34 4,241.66 (4,684.75)
21,548.00 1,079.83 20,468.17 (5,750.73)
19,321.10 1,521.40 17,799.70 (19,171.35)
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
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
- ---------------------------------------------------------------------
75,013.70 5,418.47 69,595.23 (37,622.19) (61,473.07)
======================================================================================
0.00
==========
</TABLE>
As a percentage of the aggregate cut-off date principal balance
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: JUNE 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH: May-98 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
----------------
(B) CURRENT OVERCOLLATERALIZATION AMOUNT
The positive difference, if any, between
Scheduled Principal Balance 224,853,888.48
Certificate Principal Balance of all outstanding Classes of Certificates 223,133,448.13
------------------
1,720,440.35
------------------
(C) CURRENT CLASS X STRIP AMOUNT 483,783.52
------------------
ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 0.00
------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: JUNE 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH: May-98 Page 6 of 7
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current
Cert. Certificate Certificate Carryover Principal
Class Balances Balances Principal Due
- ---------------------------------------------------------------------------------------------------------------------------
A-1 51,500,000.00 45,241,402.13 0.00 1,200,580.49
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 1,720,440.30 0.00 0.00
---------------------------------------------------------------------------------------------
229,392,046.00 224,853,888.43 0.00 1,200,580.49
=============================================================================================
<CAPTION>
Current Ending Accelerated Ending
Principal Carryover Principal Certificate
Paid Principal Distribution Balances
-------------------------------------------------------------------------------------------
A-1 1,200,580.49 0.00 0.00 44,040,821.64
A-1 Outstanding Writedown 0.00 0.00
A-2 0.00 0.00 0.00 39,300,000.00
A-2 Outstanding Writedown 0.00 0.00
A-3 0.00 0.00 0.00 27,150,000.00
A-3 Outstanding Writedown 0.00 0.00
A-4 0.00 0.00 0.00 6,000,000.00
A-4 Outstanding Writedown 0.00 0.00
A-5 0.00 0.00 0.00 14,000,000.00
A-5 Outstanding Writedown 0.00 0.00
A-6 0.00 0.00 0.00 12,000,000.00
A-6 Outstanding Writedown 0.00 0.00
A-7 0.00 0.00 0.00 31,269,000.00
A-7 Outstanding Writedown 0.00 0.00
M 0.00 0.00 0.00 18,352,000.00
M Outstanding Writedown 0.00 0.00
B-1 0.00 0.00 0.00 20,645,000.00
B-1 Outstanding Writedown 0.00 0.00
B-2 0.00 0.00 0.00 9,176,046.00
B-2 Outstanding Writedown 0.00 0.00
Excess Asset Principal Balance 0.00 0.00 0.00 1,720,440.30
----------------------------------------------------------------------------
1,200,580.49 0.00 0.00 223,653,307.99
============================================================================
<CAPTION>
Principal Paid
Pool Per $1,000
Factor Denomination
------------------------------------
A-1 85.51616% 23.31
A-1 Outstanding Writedown 0.00 0.00
A-2 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00
A-3 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00
A-4 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00
A-5 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00
A-6 100.00000% 0.00
A-6 Outstanding Writedown 0.00 0.00
A-7 100.00000% 0.00
A-7 Outstanding Writedown 0.00 0.00
M 100.00000% 0.00
M Outstanding Writedown 0.00 0.00
B-1 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00
Excess Asset Principal Balance
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: JUNE 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH: May-98 Page 7 of 7
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
--------------------------------------------------------------------------------------------------
A-1 6.05000% 0.00 228,092.07 228,092.07 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 1,744,291.18 521,405.71 483,783.52 37,622.19
R 0.00 0.00 0.00 0.00
Service Fee 0.00 187,378.24 187,378.24 0.00
---------------------------------------------------------------------------------------------
1,744,291.18 1,917,591.91 1,879,969.72 37,622.19
=============================================================================================
<CAPTION>
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
--------------------------------------------------------------------------------------------
A-1 0.00 5.04 A-1 1,428,672.56
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
A-2 0.00 5.00 A-2 196,500.00
A-2 Carryover Interest 0.00 0.00
A-2 Writedown Interest 0.00 0.00
A-3 0.00 5.08 A-3 138,012.50
A-3 Carryover Interest 0.00 0.00
A-3 Writedown Interest 0.00 0.00
A-4 0.00 5.31 A-4 31,875.00
A-4 Carryover Interest 0.00 0.00
A-4 Writedown Interest 0.00 0.00
A-5 0.00 5.50 A-5 77,000.00
A-5 Carryover Interest 0.00 0.00
A-5 Writedown Interest 0.00 0.00
A-6 0.00 5.69 A-6 68,250.00
A-6 Carryover Interest 0.00 0.00
A-6 Writedown Interest 0.00 0.00
A-7 0.00 5.54 A-7 173,282.38
A-7 Carryover Interest 0.00 0.00
A-7 Writedown Interest 0.00 0.00
M 0.00 5.67 M 103,994.67
M Carryover Interest 0.00 0.00
M Writedown Interest 0.00 0.00
B-1 0.00 6.06 B-1 125,160.31
B-1 Carryover Interest 0.00 0.00
B-1 Writedown Interest 0.00 0.00
B-2 0.00 7.26 B-2 66,641.03
B-2 Carryover Interest 0.00 0.00
B-2 Writedown Interest 0.00 0.00
X 1,781,913.37 X 483,783.52
R 0.00 R 0.00
Service Fee 0.00 187,378.24
------------ ----------------------
1,781,913.37 3,080,550.21
============ ======================
<CAPTION>
CUMULATIVE X INTEREST SHORTFALL 1,781,913.37
CUMULATIVE ACCELERATED PRINCIPAL DISTRIB (1,720,440.30)
------------------------
CUMULATIVE LOSSES 61,473.07
========================
</TABLE>
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