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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): April 20, 2000
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BANC ONE AUTO GRANTOR TRUST 1997-B
-----------------------------------------
(Issuer with respect to the Certificates)
BANK ONE, TEXAS, N.A.
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(Exact name of registrant as specified in its charter)
United States
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(State or other jurisdiction of incorporation or organization)
333-38681 75-2270994
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(Commission File Number) (IRS Employer Identification Number)
1717 Main Street, Dallas, Texas 75201
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(214) 290-7437
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Registrant's telephone number, including area code
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<PAGE>
Item 5. Other Events
On April 20, 2000, the Banc One Auto Grantor Trust 1997-B (the "Trust")
made a regular monthly distribution of principal and/or interest to
holders of the Trust's Class A 6.29% Asset Backed Certificates and
Class B 6.46% Asset Backed Certificates. Exhibit 99.1 of this Form 8-K,
the Monthly Statement and certain additional information, was
distributed to the Certificateholders of record.
This report on Form 8-K is being filed in accordance with a no-action
letter dated August 16, 1995 issued by the staff of the Division of
Corporate Finance of the Securities and Exchange Commission to Bank
One, Texas, N.A., as originator and servicer of Banc One Auto Trust
1995-A. Consistent with such no-action letter, the Trust is hereby
filing the Monthly Statement and certain additional information
reflecting the Trust's activities for the Interest Period from March
20, 2000 through April 19, 2000 and for the Collection Period from
March 1, 2000 through March 31, 2000.
Item 7. Exhibits
See page 4 for Exhibit Index.
<PAGE>
SIGNATURE
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.
BANC ONE AUTO GRANTOR TRUST 1997-B
By: Bank One, Texas, N.A., as Servicer
on behalf of the Trust
By: /s/ Tracie H. Klein
---------------------
Name: Tracie H. Klein
Title: Vice President
Date: April 24, 2000
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<PAGE>
EXHIBIT INDEX
Exhibit Description Page
- ------- ----------- ----
99.1 Monthly Statement and Additional Information............. 5-13
Exhibit 99.1
Servicer's Certificate
(Pursuant to Section 3.9 of the
Pooling and Servicing Agreement,
Dated December 1, 1997)
Banc One Auto Grantor Trust 1997-B
Interest Period March 20, 2000 through April 19, 2000
Collection Period March 1, 2000 through March 31, 2000
The undersigned officer of Bank One, Texas, N.A., pursuant to the Pooling and
Servicing Agreement, as Servicer, does hereby certify to the best of her
knowledge and belief that the attached information is true and correct.
Signed by: /s/ Tracie H. Klein
-------------------
Tracie H. Klein
<PAGE>
<TABLE>
<S> <C>
A. ORIGINAL DEAL PARAMETER INPUTS
------------------------------
(A) Total Receivable Balance $609,110,423.59
(B) Total Certificate Balance $609,110,423.59
(C) Class A Certificates
(i) Class A Percentage 94.00%
(ii) Original Class A Principal Balance $572,563,000.00
(iii) Class A Pass-Through Rate 6.29%
(D) Class B Certificates
(i) Class B Percentage 6.00%
(ii) Original Class B Principal Balance $36,547,423.59
(iii) Class B Pass-Through Rate 6.46%
(E) Servicing Fee Rate (per annum) 1.00%
(F) Weighted Average Coupon (WAC) 10.19%
(G) Weighted Average Original Maturity (WAOM) 59.48 months
(H) Weighted Average Remaining Maturity (WAM) 57.17 months
(I) Number of Receivables 42,750
(J) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage (of initial
Certificate Balance) 5.00%
(ii) Reserve Fund Initial Deposit $30,455,521.18
(iii) Specified Reserve Balance:
On any Distribution Date, if Charge-Off and Delinquency
Triggers not hit, greater of (J) (iii) (a) and (J) (iii) (b).
(a) Percent of Remaining Certificate Balance: 5.00%
(b) Percent of Initial Certificate Balance (Floor) 1.50%
On any Distribution Date, if Charge-Off and Delinquency Triggers
hit, greater of (J) (iii) (b) and (J) (iii) (c).
(c) Percent of Remaining Certificate Balance: 8.00%
Delinquency Trigger: 1.75%
Loss Trigger:
Months 1 to 7: 2.00%
Months 8 to 16: 3.00%
Months 17 to 72: 2.50%
</TABLE>
<PAGE>
<TABLE>
<S> <C>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
---------------------------------------------
(A) Total Receivable Balance $202,653,343.49
(B) Total Certificate Balance $202,653,343.49
(C) Total Certificate Pool Factor 0.3327038
(D) Class A Certificates
(i) Class A Certificate Balance $190,493,877.34
(ii) Class A Certificate Pool Factor 0.3327038
(E) Class B Certificates
(i) Class B Certificate Balance $12,159,466.15
(ii) Class B Certificate Pool Factor 0.3327038
(F) Reserve Fund Balance $10,132,667.17
(G) Cumulative Net Losses for All Prior Periods $8,088,651.69
(H) Charge-off Rate for Second Preceding Period 1.85%
(I) Charge-off Rate for Preceding Period 1.27%
(J) Delinquency Percentage for Secondary Preceding Period 1.32%
(K) Delinquency Percentage for Preceding Period 1.35%
(L) Weighted Average Coupon (WAC) 10.11%
(M) Weighted Average Remaining Maturity (WAM) 32.71 months
(N) Number of Receivables 23,855
C. INPUTS FROM THE MAINFRAME
-------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections $11,503,469.89
(ii) Prepayments in Full $0.00
(iii) Repuchased Loan Proceeds Related to Principal $0.00
(iv) Other Refunds Related to Principal $0.00
(B) Simple Interest Receivables Interest
(i) Interest Collections $1,748,495.99
(ii) Repurchased Loan Proceeds Related to Interest $0.00
(C) Weighted Average Coupon (WAC) 10.11%
(D) Weighted Average Remaining Maturity (WAM) 31.79 months
(E) Remaining Number of Receivables 23,042
(F) Delinquent Receivables
<CAPTION>
Dollar Amount Percent # Units
------------- ------- -------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent $4,107,311 2.15% 433
(ii) 60-89 Days Delinquent $1,379,236 0.72% 140
(iii) 90 Days or More Delinquent $1,060,600 0.56% 108
D. INPUTS FROM OTHER SOURCES
-------------------------
(A) Reserve Fund Investment Income $49,123.73
(B) Collection Account Investment Income $0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal $369,782.07
(ii) Realized Losses for Collection Period (C)(i) - (D)(i) $364,214.23
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal $5,567.84
(ii) Liquidation Proceeds Related to Interest $180.94
(iii) Recoveries from Prior Month Charge Offs $80,793.76
(E) Principal Balance of Repossessed Receivables $637,102.97
</TABLE>
<PAGE>
<TABLE>
<S> <C>
E. COLLECTIONS
-----------
(A) Collections allocable to interest $1,748,495.99
(B) Liquidation Proceeds Related to Interest $180.94
(C) Repurchased Loan Proceeds Attributable to Interest $0.00
(D) Recoveries from Prior Month Charge Offs $80,793.76
---------------
(E) Interest Collections $1,829,470.69
Principal Collection:
(F) Collections allocable to principal $11,503,469.89
(G) Liquidation Proceeds Related to Principal $5,567.84
(H) Repurchased Loan Proceeds Attributable to Principal $0.00
(I) Other Refunds Related to Principal $0.00
---------------
(J) Principal Collections $11,509,037.73
(K) Total Collections $13,338,508.42
F. DISTRIBUTABLE AMOUNTS
---------------------
(A) Servicing Fee:
(i) Servicing Fee $168,877.79
(ii) Prior Collection Period unpaid Servicing Fees $0.00
---------------
(iii) Total Servicing Fee $168,877.79
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $998,505.41
(ii) Class A prior period Interest Carryover Shortfall $0.00
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(iii) Class A Interest Distribution $998,505.41
(C) Class B Certificates
(i) Class B Monthly Interest $65,458.46
(ii) Class B prior period Interest Carryover Shortfall $0.00
---------------
(iii) Class B Interest Distribution $65,458.46
(D) Total Certificate Interest Distribution $1,063,963.87
(E) Total Certificate Interest Distribution plus Total Servicing Fee $1,232,841.65
Principal:
(F) Principal Collections $11,509,037.73
(G) Realized Losses $364,214.23
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(H) Total Monthly Principal $11,873,251.96
(I) Class A Certificates
(i) Class A Monthly Principal $11,160,841.28
(ii) Class A prior period Principal Carryover Shortfall $0.00
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(iii) Class A Principal Distribution $11,160,841.28
(J) Class B Certificates
(i) Class B Monthly Principal $712,410.68
(ii) Class B prior period Principal Carryover Shortfall $0.00
---------------
(iii) Class B Principal Distribution $712,410.68
(K) Total Principal Distribution $11,873,251.96
(L) Total Interest and Principal Distribution Amounts $13,106,093.61
plus Servicing Fee
</TABLE>
<PAGE>
<TABLE>
<S> <C>
G. DISTRIBUTIONS
-------------
(A) Total Interest Collections available to be distributed $1,829,470.69
(B) Class B Percentage of Principal Collections $690,557.35
(C) Servicing Fee
(i) Total Servicing Fee $168,877.79
(ii) Servicing Fee Paid $168,877.79
(iii) Unpaid Servicing Fee $0.00
(D) Total Interest Collections available to be distributed after
Servicing Fee paid $1,660,592.90
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution $998,505.41
(ii) Class A Interest Distribution paid from Interest
Collections after Servicing Fee $998,505.41
(iii) Total Interest Collections available after Class A
Interest Distribution paid $662,087.50
(iv) Class A Interest Distribution remaining to be paid $0.00
(v) Class A Interest Distribution paid from Class B
Percentage of Principal Collection $0.00
(vi) Class A Interest Distribution remaining to be paid $0.00
(vii) Class A Interest Distribution paid from Reserve Fund $0.00
(viii) Class A Interest Carryover Shortfall $0.00
(ix) Class A Interest Distribution paid $998,505.41
(F) Class B Certificates
(i) Class B Interest Distribution $65,458.46
(ii) Class B Interest Distribution paid from Interest Collections after
Class A Interest Distribution $65,458.46
(iii) Total Interest Collections available after Class B Interest
Distribution paid $596,629.04
(iv) Class B Interest Distribution remaining to be paid $0.00
(v) Class B Interest Distribution paid from Reserve Fund $0.00
(vi) Class B Interest Carryover Shortfall $0.00
(vii) Class B Interest Distribution paid $65,458.46
(G) Total Interest Paid $1,063,963.87
(H) Total Interest and Servicing Fee Paid $1,232,841.65
(I) Total Interest Collection available after Servicing Fee and Class A
and Class B Interest Distribution paid $596,629.04
Total Collections available to be distributed:
(J) Total Principal Collections $11,509,037.73
(K) Excess Interest $596,629.04
(L) Less: Class B Percentage of Principal Collections used to pay Class A
Interest Distribution $0.00
(M) Total Collections available to be distributed as principals $12,105,666.77
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution $11,160,841.28
(ii) Class A Principal Distribution paid from total Collections
available to be distributed $11,160,841.28
(iii) Total Collections available after Class A Principal
Distribution paid $944,825.48
(iv) Class A Principal Distribution remaining to be paid $0.00
(v) Class A Principal Distribution paid from Reserve Fund $0.00
(vi) Class A Principal Carryover Shortfall $0.00
(vii) Class A Principal Distribution paid $11,160,841.28
(O) Class B Certificates
(i) Class B Principal Distribution $712,410.68
(ii) Class B Principal Distribution paid from total Collections
available to be distributed $712,410.68
(iii) Total Collections available after Class B Principal
Distribution paid $232,414.81
(iv) Class B Principal Distribution remaining to be paid $0.00
(v) Class B Principal Distribution paid from Reserve Fund $0.00
(vi) Class B Principal Carryover Shortfall $0.00
(vii) Class B Principal Distribution paid $712,410.68
(P) Total Excess Cash to the Reserve Fund $232,414.81
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
H. POOL BALANCE AND PORTFOLIO INFORMATION
--------------------------------------
Beginning End
of Period of Period
------------------ ----------------
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $202,653,343.49 $190,780,091.53
(ii) Aggregate Certificate Pool Factor 0.3327038 0.3132110
(iii) Class A Principal Balance $190,493,877.34 $179,333,036.06
(iv) Class A Pool Factor 0.3327038 0.3132110
(v) Class B Principal Balance $12,159,466.15 $11,447,055.47
(vi) Class B Pool Factors 0.3327038 0.3132110
(B) Pool Information
(i) Weighted Average Coupon (WAC) 10.11% 10.11%
(ii) Weighted Average Remaining Maturity (WAM) 32.71 months 31.79 months
(iii) Remaining Number of Receivables 23,855 23,042
(iv) Pool Balance $202,653,343.49 $190,780,091.53
I. RECONCILIATION OF RESERVE ACCOUNT
---------------------------------
(A) Beginning Reserve Account Balance $10,132,667.17
(B) Less: Draw to pay Class A Interest Distribution $0.00
(C) Reserve Account Balance after draw $10,132,667.17
(D) Less: Draw to pay Class B Interest Distribution $0.00
(E) Reserve Account Balance after draw $10,132,667.17
(F) Less: Draw to pay Class A Principal Distribution $0.00
(G) Reserve Account Balance after draw $10,132,667.17
(H) Less: Draw to pay Class B Principal Distribution $0.00
(I) Reserve Account Balance after draw $10,132,667.17
(J) Total excess Collections deposited in the Reserve Fund $232,414.81
(K) Reserve Fund Balance $10,365,081.98
(L) Specified Reserve Account Balance $9,539,004.58
(M) Reserve Account Release to Seller $826,077.40
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(N) Ending Reserve Account Balance $9,539,004.58
==================
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
-----------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $5,567.84
(ii) Liquidation Proceeds Related to Interest $180.94
-----------------
(iii) Recoveries on Previously Liquidated Contracts $80,793.76
(B) Aggregate Net Losses for Collection Period $283,420.47
(C) Charge-off Rate for Collection Period (annualized) (Aggregate Net Losses) 1.73%
(D) Cumulative Aggregate Net Losses for all Periods $8,372,072.16
(E) Delinquent Receivables
<CAPTION>
Dollar Amount # Units
------------- -------
<S> <C> <C> <C> <C> <C>
(i) 30-59 Days Delinquent $4,107,310.69 2.15% 433
(ii) 60-89 Days Delinquent $1,379,236.36 0.72% 140
(iii) 90 Days or More Delinquent $1,060,599.51 0.56% 108
(F) Aggregate Principal Balance of Repossessed Receivables $637,102.97
</TABLE>
<PAGE>
<TABLE>
<S> <C>
K. TEST FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
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(A) Charge-off Rate
(i) Second Preceding Collection Period 1.85%
(ii) Preceding Collection Period 1.27%
(iii) Current Collection Period 1.73%
(iv) Three Month Average (Avg. (i,ii,iii)) 1.62%
(B) Delinquency Percentages
(i) Second Preceding Collection 1.32%
(ii) Preceding Collection Period 1.35%
(iii) Current Collection Period 1.28%
(iv) Three Month Average (Avg. (i,ii,iii)) 1.32%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
</TABLE>
<PAGE>
L. STATEMENT TO CERTIFICATEHOLDERS
-------------------------------
(A) Amount of distribution allocable to principal:
<TABLE>
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
---------------- -----------------
<S> <C> <C>
(i) Class A Certificates $11,160,841.28 19.4927742
(ii) Class B Certificates $712,410.68 19.4927742
(B) Amount of distribution allocable to interest:
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
---------------- -----------------
<S> <C> <C>
(i) Class A Certificates $998,505.41 1.7439223
(ii) Class B Certificates $65,458.46 1.7910554
(C) Pool Balance as of the close of business on the last
day of the Collection Period $190,780,091.53
(D) Amount of the Servicing Fee paid to the Servicer with
respect to the related Collection Period
<CAPTION>
Per $1,000 of
Original Principal
Dollarsd($) Balance
---------------- -----------------
<S> <C> <C>
(i) Total Servicing Fee $168,877.79
(ii) Class A Percentage of the Servicing Fee $158,744.90 0.2772532
(iii) Class B Percentage of the Servicing Fee $10,132.89 0.2772532
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
---------------- -----------------
<S> <C> <C>
(E) (i) Class A Interest Carryover Shortfall $0.00 0.0000000
(ii) Class A Principal Carryover Shortfall $0.00 0.0000000
(iii) Class B Interest Carryover Shortfall $0.00 0.0000000
(iv) Class B Principal Carryover Shortfall $0.00 0.0000000
Change with respect to immediately preceding
Distribution Date:
(v) Class A Interest Carryover Shortfall $0.00 0.0000000
(vi) Class A Principal Carryover Shortfall $0.00 0.0000000
(vii) Class B Interest Carryover Shortfall $0.00 0.0000000
(viii) Class B Principal Carryover Shortfall $0.00 0.0000000
(F) Pool factors for each class of certificates after
giving effect to all payments allocated to principal
<CAPTION>
Pool Factor
-----------------
<S> <C> <C>
(i) Class A Pool Factor 0.3132110
(ii) Class B Pool Factor 0.3132110
(G) Amount of the aggregate Realized Losses, if any, for
such Collection Period ($) $364,214.23
(H) Aggregate principal balance of all receivables which were
more than 60 days delinquent as of the close of business on
the last day of the preceding Collection Period $2,439,835.87
(I) Amount on deposit in the Reserve Fund on such Distribution
Date, after giving effect to distributors made on such
Distribution Date $9,539,004.58
(J) Aggregate outstanding principal balances for each class of
certificates, after giving effect to all payments allocated
to principal
<CAPTION>
Principal Balance
-----------------
<S> <C> <C>
(i) Class A Principal Balance $179,333,036.06
(ii) Class B Principal Balance $11,447,055.47
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(K) Amount otherwise distributable to the Class B Certificateholders
that is being distributed to the Class A Certificateholders on
such Distribution Date $0.00
(L) Aggregate Purchase Amount of Receivables repurchased by the
Seller or purchased by the Servicer with respect to the Related
Collection Period ($) $0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
M. INSTRUCTIONS TO THE TRUSTEE
---------------------------
On the Distribution Date, make the following deposits and distributions:
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $168,877.79
(ii) Servicing Fees retained by the Seller $168,877.79
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(iii) Servicing Fees to be distributed to the Seller on the
Distribution Date (i-iii) $0.00
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(B) Withdraw from the Collection Account and deposit in the Class A
Distribution Account:
(i) for the Class A Interest Distribution $998,505.41
(ii) for the Class A Principal Distribution $11,160,841.28
--------------
(iii) Total (i+ii) $12,159,346.69
--------------
(C) Withdraw from the Collection Account and deposit in the Class B
Distribution Account:
(i) for the Class B Interest Distribution $65,458.46
(ii) for the Class B Principal Distribution $712,410.68
--------------
(iii) Total (i+ii) $777,869.14
--------------
(D) Withdraw excess Collections from the Collection Account and deposit
in the Reserve Fund $232,414.81
--------------
(E) Withdraw from the Reserve Fund and deposit in the Class A Distribution
Account:
(i) Amount equal to the excess of the Class A Interest
Distribution over the sum of Interest Collections and the Class B
Percentage of Principal Collections 0.00
(ii) Amount equal to the excess of the Class A Principal
Distribution over the portion of Principal Collections and Interest
Collections remaining after the distribution of the Class A
Interest Distribution and the Class B Interest Distribution $0.00
--------------
(iii) Total $0.00
--------------
(F) Withdraw from the Reserve Fund and deposit in the Class B Distribution
Account:
(i) Amount equal to the excess of the Class B Interest Distribution over
the portion of Interest Collections remaining after the distribution
of the Class A Interest Distribution $0.00
(ii) Amount equal to the excess of the Class B Principal Distribution over
the portion of Principal Collections and Interest Collections
remaining after the distribution of the Class A Interest
Distribution, the Class B Interest Distribution, and the Class A
Principal Distribution $0.00
--------------
(iii) Total $0.00
--------------
</TABLE>
