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Previous: AZTEC TECHNOLOGY PARTNERS INC /DE/, DEF 14A, 1998-08-21 |
Next: EATON VANCE ADVISERS SENIOR FLOATING RATE FUND, NSAR-A, 1998-08-21 |
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) August 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 August 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 August 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
August 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 August 15, 1998.......................... 5-10
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: AUGUST 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT Page 1 of 7
REPORTING MONTH: Jul-98
Scheduled Principal Balance of Contracts
- -----------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- -----------------------------------------------------------------------------------------
222,411,420.32 (248,931.43) (1,461,871.84) (342,133.48) 0.00 220,358,483.57
=========================================================================================
Certificate Account
- -----------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------
1,246,312.83 2,042,564.67 1,818,312.86 (3,152,809.10) 4,674.90 1,959,056.16
=========================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- -----------------------------------------------------------------------------------
1,893,809.69 185,342.85 1,708,466.84 211,770.72 0.00 3,816,383.68
===================================================================================
P&I Advances at Distribution Date
--------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
--------------------------------------------------------
532,892.70 480,263.80 560,851.59 613,480.49
========================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: AUGUST 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT
REPORTING MONTH: Jul-98 Page 2 of 7
Class B Crossover Test Test Met? Average 60 day delinquency ratio:
- --------------------------------------------------- ----------
(a) Remittance date on or after August 2002 N Over 60s Pool Balance %
---------------------------------------
(b) Average 60 day Delinquency rate <=5% Y Current Mo 7,122,858.52 220,358,483.57 3.23%
1st Preceding Mo 6,108,828.56 222,411,420.32 2.75%
(c) Average 30 day Delinquency rate <=7% Y 2nd Preceding Mo 4,883,154.02 223,653,307.99 2.18%
Divided by 3
---------
(d) Cumulative losses do not exceed the following 2.72%
=========
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 Over 30s Pool Balance %
---------------------------------------
Current Mo 13,586,115.35 220,358,483.57 6.17%
1st Preceding Mo 11,328,184.12 222,411,420.32 5.09%
(e) Current realized loss ratio <=2.75% Y 2nd Preceding Mo 10,401,076.56 223,653,307.99 4.65%
Divided by 3
---------
(f) Does subordinate certificate percentage equal or 5.30%
=========
exceed 36.751%
of stated scheduled pool balance Cumulative loss ratio:
Cumulative losses 256,620.23
----------------
Divided by Initial Certificate
Principal 229,392,046.00
0.112%
=========
Beginning M balance 18,352,000.00
Beginning B-1 balance 20,645,000.00
Beginning B-2 balance 9,176,046.00 Current realized loss ratio:
Current Overcollateralization 1,720,440.30 N Liquidation Pool
---------------- Losses Balance
49,893,486.30 ------------------------------
Divided by beginning pool
balance 222,411,420.32
----------------
22.433%
================
Current Mo 130,362.76 220,358,483.57
1st Preceding Mo 64,784.40 222,411,420.32
2nd Preceding Mo 37,622.19 223,653,307.99
0.420%
=========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: AUGUST 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT Page 3 of 7
REPORTING MONTH: Jul-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 5,479 216,780,659.14 162 6,288,230.63 49 1,875,047.50 47 1,845,012.79 258 10,008,290.92
Repos 101 3,577,824.43 5 175,026.20 13 388,293.92 83 3,014,504.31 101 3,577,824.43
----------------------------------------------------------------------------------------------------
Total 5,580 220,358,483.57 167 6,463,256.83 62 2,263,341.42 130 4,859,517.10 359 13,586,115.35
====================================================================================================
6.4% 6.17%
======================
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
-------------------------------------------------------------------------
Non Repos 101 3,577,824.43 -1 (54,883.46 23 741,721.13 122 4,217,958.57
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: AUGUST 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #7
REMITTANCE REPORT
REPORTING MONTH: Jul-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
- ----------------------------------------------------------------------------------------------------
122282-7 S. PEREZ 29,981.45 30,500.00 0.00 30,500.00 5,770.00 24,730.00
124410-2 A. LAMBERT 30,903.89 27,900.00 0.00 27,900.00 4,682.00 23,218.00
126619-6 R. WEST 29,723.39 27,900.00 0.00 27,900.00 4,826.00 23,074.00
131903-7 A. BALLI 30,081.77 29,000.00 0.00 29,000.00 6,225.00 22,775.00
134594-1 M. SMITH 58,711.12 47,900.00 0.00 47,900.00 16,082.71 31,817.29
136440-5 R. JAMES 31,463.47 21,500.00 0.00 21,500.00 4,165.00 17,335.00
139281-0 M. STALVEY 23,223.34 21,618.00 0.00 21,618.00 6,764.68 14,853.32
139584-7 P. MARKLAND 38,013.70 30,000.00 0.00 30,000.00 4,097.92 25,902.08
140087-8 T. LYTLE 38,935.45 35,000.00 0.00 35,000.00 7,575.00 27,425.00
144113-8 C. HAYNES 31,095.90 27,900.00 0.00 27,900.00 5,415.00 22,485.00
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
----------------------------------------------------------------------------
342,133.48 299,218.00 0.00 299,218.00 65,603.31 233,614.69
============================================================================
Net Current
Account Customer Unrecov. Pass Thru Period Net Cumulative
Number Name Advances Proceeds Gain/(Loss) Gain/(Loss)
- -----------------------------------------------------------------------------
122282-7 S. PEREZ 2,249.83 22,480.17 (7,501.28)
124410-2 A. LAMBERT 2,310.68 20,907.32 (9,996.57)
126619-6 R. WEST 1,462.73 21,611.27 (8,112.12)
131903-7 A. BALLI 1,600.15 21,174.85 (8,906.92)
134594-1 M. SMITH 3,364.60 28,452.69 (30,258.43)
136440-5 R. JAMES 2,197.86 15,137.14 (16,326.33)
139281-0 M. STALVEY 1,678.52 13,174.80 (10,048.54)
139584-7 P. MARKLAND 2,595.70 23,306.38 (14,707.32)
140087-8 T. LYTLE 2,482.55 24,942.45 (13,993.00)
144113-8 C. HAYNES 1,901.35 20,583.65 (10,512.25)
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
---------------------------------------------------
21,843.97 211,770.72 (130,362.76) (256,620.23)
===================================================
As a percentage of the aggregate cut-off date principal balance 0%
===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: AUGUST 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT
REPORTING MONTH: Jul-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 222,411,420.32
Certificate Principal Balance of all outstanding
Classes of Certificates 220,690,979.97
-------------------
1,720,440.35
-------------------
(C) CURRENT CLASS X STRIP AMOUNT 381,610.23
-------------------
ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 0.00
-------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: AUGUST 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT
REPORTING MONTH: Jul-98 Page 6 of 7
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current Current Ending
Cert. Certificate Certificate Carryover Principal Principal Carryover
Class Balances Balances Principal Due Paid Principal
- -------------------------------------------------------------------------------------------------------------------
A-1 51,500,000.00 42,798,933.97 0.00 2,052,936.75 2,052,936.75 0.00
A-1 Outstanding Writedown 0.00 0.00
A-2 39,300,000.00 39,300,000.00 0.00 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 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 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 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 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 0.00
A-7 Outstanding Writedown 0.00
M 18,352,000.00 18,352,000.00 0.00 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 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 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 0.00 1,720,440.30 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------
229,392,046.00 222,411,420.27 0.00 2,052,936.75 2,052,936.75 0.00
========================================================================================
Accelerated Ending Principal Paid
Cert. Principal Certificate Pool Per $1,000
Class Distribution Balances Factor Denomination
- ---------------------------------------------------------------------------------------------
A-1 0.00 40,745,997.27 79.11844% 39.86
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 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 27,150,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 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 14,000,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
A-6 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 31,269,000.00 100.00000% 0.00
A-7 Outstanding Writedown 0.00 0.00 0.00 0.00
M 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 20,645,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 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 1,720,440.30
----------------------------
0.00 220,358,483.57
============================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 1998-I REPORT DATE: AUGUST 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT
REPORTING MONTH: Jul-98 Page 7 of 7
CERTIFICATE INTEREST ANALYSIS
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000 Cert.
Class Rate Balance Accrual Paid Shortfall Balance Denomination Class
------------------------------------------------------------------------------------------------------------
A-1 6.05000% 0.00 215,777.96 215,777.96 0.00 0.00 5.04 A-1
A-1 Carryover Interest 0.00 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 0.00
A-2 6.00000% 0.00 196,500.00 196,500.00 0.00 0.00 5.00 A-2
A-2 Carryover Interest 0.00 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 0.00
A-3 6.10000% 0.00 138,012.50 138,012.50 0.00 0.00 5.08 A-3
A-3 Carryover Interest 0.00 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 0.00
A-4 6.37500% 0.00 31,875.00 31,875.00 0.00 0.00 5.31 A-4
A-4 Carryover Interest 0.00 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 0.00
A-5 6.60000% 0.00 77,000.00 77,000.00 0.00 0.00 5.50 A-5
A-5 Carryover Interest 0.00 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 0.00
A-6 6.82500% 0.00 68,250.00 68,250.00 0.00 0.00 5.69 A-6
A-6 Carryover Interest 0.00 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 0.00
A-7 6.65000% 0.00 173,282.38 173,282.38 0.00 0.00 5.54 A-7
A-7 Carryover Interest 0.00 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 0.00
M 6.80000% 0.00 103,994.67 103,994.67 0.00 0.00 5.67 M
M Carryover Interest 0.00 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 0.00
B-1 7.27500% 0.00 125,160.31 125,160.31 0.00 0.00 6.06 B-1
B-1 Carryover Interest 0.00 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 0.00
B-2 8.71500% 0.00 66,641.03 66,641.03 0.00 0.00 7.26 B-2
B-2 Carryover Interest 0.00 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 0.00
X 1,846,697.77 511,972.99 381,610.23 130,362.76 1,977,060.53 X
R 0.00 0.00 0.00 0.00 0.00 R
Service Fee 0.00 185,342.85 185,342.85 0.00 0.00
----------------------------------------------------------------------
1,846,697.77 1,893,809.69 1,763,446.93 130,362.76 1,977,060.53
======================================================================
Certificate TOTAL
Class DISTRIBUTION
--------------------
A-1 2,268,714.71
A-1 Carryover Interest
A-1 Writedown Interest
A-2 196,500.00
A-2 Carryover Interest
A-2 Writedown Interest
A-3 138,012.50
A-3 Carryover Interest
A-3 Writedown Interest
A-4 31,875.00
A-4 Carryover Interest
A-4 Writedown Interest
A-5 77,000.00
A-5 Carryover Interest
A-5 Writedown Interest
A-6 68,250.00
A-6 Carryover Interest
A-6 Writedown Interest
A-7 173,282.38
A-7 Carryover Interest
A-7 Writedown Interest
M 103,994.67
M Carryover Interest
M Writedown Interest
B-1 125,160.31
B-1 Carryover Interest
B-1 Writedown Interest
B-2 66,641.03
B-2 Carryover Interest CUMULATIVE X INTEREST SHORTFALL 1,977,060.53
B-2 Writedown Interest CUMULATIVE ACCELERATED PRINCIPAL DISTRIB (1,720,440.30)
--------------
X 381,610.23 CUMULATIVE LOSSES 256,620.23
==============
R 0.00
Service Fee 185,342.85
-----------------
3,816,383.68
=================
</TABLE>
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