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 10, 1998
UACSC 1998-A AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-06929-08 35-1937340
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
UAC Securitization
Corporation
9240 Bonita Beach Road, Suite 1109-A
Bonita Springs, Florida 34135
(address of principal (zip code)
executive offices)
UAC Securitization Corporation
Registrant's telephone number including area code (941) 948-1850
<PAGE>
The Registrant (the UACSC 1998-A Auto Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Pooling and
Servicing Agreement dated as of March 1, 1998 among UAC Securitization
Corporation, as "Depositor," Union Acceptance Corporation, as "Servicer," and
Harris Trust and Savings Bank, as "Trustee" (the "Agreement"). The Registrant is
filing this Form 8-K and plans to file similar current reports monthly in lieu
of reports on Form 10-Q and compliance with certain other requirements of
Section 15(d) of the Securities Exchange Act of 1934, as amended, which are
otherwise applicable to the Trust, on the basis of the SEC staff position
described in numerous no-action letters applicable to securities such as those
issued pursuant to the Agreement. See, e.g., Prime Credit Card Master Trust
(pub. available October 16, 1992), Private Label Credit Card Master Trust (pub.
available May 20, 1992), Sears Receivable Financing Group, Inc. (pub. available
March 31, 1992), Discover Financing Group, Incorporated, Discover Card Trust
1991-E (pub. available February 13, 1992), Bank One Auto Trust 1995-A (pub.
available August 16, 1995) and Volkswagen Credit Auto Master Trust (pub.
available May 9, 1997).
Item 5. Other Events.
Union Acceptance Corporation, as Servicer of the Trust, hereby files the
May 31, 1998 monthly Certificate Report with respect to the Trust as Exhibit
99-1.
Item 7. Financial Statements and Exhibits.
Exhibit 99-1--Monthly Servicer's Certificate Report to the Trust.
-2-
<PAGE>
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 hereunto duly authorized as Servicer of the UACSC 1998-A Auto Trust,
for and on behalf of UACSC 1998-A Auto Trust.
UACSC 1998-A Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: June 24, 1998 /s/ Rick A. Brown
-----------------------------------
Rick A. Brown
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1998-A Auto Trust Monthly Servicer's Certificate Report for
May 31, 1998
-3-
UACSC 98-A
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 5/31/98
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 28,825,000.00 74,725,000.00 45,200,000.00 51,000,000.00 29,188,158.83
Beginning Period Principal Balance 13,985,331.82 74,725,000.00 45,200,000.00 51,000,000.00 29,188,158.83
Principal Collections - Scheduled Payments 2,393,380.66 0.00 0.00 0.00 0.00
Principal Collections - Payoffs 2,970,389.09 0.00 0.00 0.00 0.00
Principal Withdrawal from Payahead 4,277.94 0.00 0.00 0.00 0.00
Gross Principal Charge Offs 78,290.43 0.00 0.00 0.00 0.00
Repurchases 0.00 0.00 0.00 0.00 0.00
------------ ------------- ------------- ------------- -------------
Ending Balance 8,538,993.70 74,725,000.00 45,200,000.00 51,000,000.00 29,188,158.83
============ ============= ============= ============= =============
Certificate Factor 0.2962357 1.0000000 1.0000000 1.0000000 1.0000000
Pass Through Rate 5.6111% 5.9200% 6.0500% 6.110% 6.230%
</TABLE>
PRINCIPAL BALANCE RECONCILIATION NUMBERS
TOTAL CLASS A's
-------------- ------
Original Principal Balance 228,938,158.83 15,924
Beginning Period Principal Balance 214,098,490.65 15,172
Principal Collections - Scheduled Payments 2,393,380.66
Principal Collections - Payoffs 2,970,389.09 227
Principal Withdrawal from Payahead 4,277.94
Gross Principal Charge Offs 78,290.43 8
Repurchases 0.00 0
-------------- ------
Ending Balance 208,652,152.53 14,937
============== ======
Certificate Factor 0.9113909
Pass Through Rate 5.9886%
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 5,378,513.17
Interest Wired 2,052,015.22
Withdrawal from Payahead Account 7,004.06
Repurchases (Principal and Interest) 0.00
Charge Off Recoveries 1,645.14
Interest Advances 31,208.80
Certificate Account Interest Earned 23,045.20
Spread Account Withdrawal 0.00
Class A Policy Draw for Class I Interest 0.00
Class A Policy Draw for
Class A Principal or Interest 0.00
------------
Total Cash Flow 7,493,431.59
============
TRUSTEE DISTRIBUTION (6/10/98)
Total Cash Flow 7,493,431.59
Unrecovered Advances on Defaulted Receivables 1,190.90
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 67,574.05
Interest to Class A-2 Certificateholders 368,643.33
Interest to Class A-3 Certificateholders 227,883.33
Interest to Class A-4 Certificateholders 259,675.00
Interest to Class A-5 Certificateholders 151,535.19
Interest to Class I Certificateholders 221,035.02
Principal to Class A-1 Certificateholders 5,446,338.12
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Principal to Class A-4 Certificateholders 0.00
Principal to Class A-5 Certificateholders 0.00
Insurance Premium 26,950.90
Interest Advance Recoveries from Payments 12,064.09
Unreimbursed draws on Class A's Ploicy for
Class I Interest 0.00
Unreimbursed draws on Class A's Policy for
Class A Principal or Interest 0.00
Deposit to Payahead 16,860.18
Certificate Account Interest to Servicer 23,045.20
Payahead Account Interest to Servicer 106.69
Excess 670,529.59
------------
Net Cash (0.00)
============
Servicing Fee Retained from Interest Collections 178,415.41
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance 2,289,381.59
Beginning Balance 2,861,726.99
Trustee Distribution of Excess 670,529.59
Interest Earned 12,392.29
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer (682,921.88)
------------
Ending Balance 2,861,726.99
============
Required Balance 2,861,726.99
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,880,980.32
Beginning Balance 11,054,674.90
Reduction Due to Spread Account 0.00
Reduction Due to Principal Reduction (354,011.98)
-------------
Ending Balance 10,700,662.92
=============
First Loss Protection Required Amount 10,700,662.93
First Loss Protection Fee % 2.00%
First Loss Protection Fee 18,428.92
POLICY RECONCILIATION
Original Balance 228,938,158.83
Beginning Balance 212,751,622.25
Draws 0.00
Reimbursement of Prior Draws 0.00
--------------
Ending Balance 212,751,622.25
==============
Adjusted Ending Balance Based
Upon Required Balance 207,265,186.87
==============
Required Balance 207,265,186.87
PAYAHEAD RECONCILIATION
Beginning Balance 27,323.73
Deposit 16,860.18
Payahead Interest 106.69
Withdrawal 7,004.06
--------------
Ending Balance 37,286.54
==============
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
1 Payment 141 1,662,154.00 23,041.76 19,648.57
2 Payments 52 753,784.79 15,872.01 17,936.57
3 Payments 31 473,479.38 13,880.06 17,882.35
--- ------------ --------- ---------
Total 224 2,889,418.17 52,793.83 55,467.49
=== ============ ========= =========
Percent Delinquent 1.500% 1.385%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 1,227,264.17 208,652,152.53 0.59%
1st Previous 653,693.16 214,098,490.65 0.31%
2nd Previous 46,890.34 220,375,062.69 0.02%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
<S> <C> <C> <C> <C>
Current 78,290.43 1,645.14 211,375,321.59 0.44%
1st Previous 20,779.26 (2,555.60) 217,236,776.67 0.13%
2nd Previous 3,140.81 (265.16) 224,656,610.76 0.02%
Gross Cumulative Charge Offs 102,210.50 Net Cumulative Loss Percentage
Gross Liquidation Proceeds (1,175.62) 0.05%
Number of Repossessions 20
Number of Inventoried Autos EOM 6
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
Current 700,751.45 208,652,152.53 4.03%
1st Previous 894,068.47 214,098,490.65 5.01%
2nd Previous 320,227.29 220,375,062.69 1.74%
3rd Previous
4th Previous
5th Previous
CURRENT
LEVEL TRIGGER STATUS
----- ------- ------
Six Month Average Excess Yield N/A 1.50% N/A
Trigger Hit in Current or any Previous Month NO
DATE: 6/5/98 /s/ Nancy Meltabarger
------------------------
NANCY MELTABARGER
ASSISTANT VICE PRESIDENT
