<PAGE>
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): September 15, 1998
Advanta Automobile Receivables Trust 1998-1
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(Exact name of registrant as specified in its charter)
Application
Delaware 333-19733 Pending
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation File Number) Identification No.)
c/o Advanta Auto Finance Corporation
500 Office Center Drive, Suite 400
Fort Washington, Pennsylvania 19034 19034
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code:
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(215) 444-4663
No Change
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(Former name or former address, if changed since last report)
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<PAGE>
Item 5. Other Events
In connection with the offering of Advanta Automobile Receivables Trust
1998-1 Asset-Backed Notes, Series 1998-1, described in a Prospectus Supplement
dated as of June 25, 1998, certain "Computational Materials" within the
meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and the February
17, 1995 Public Securities Association No-Action Letter were furnished to
certain prospective investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in Item 5
above).
2
<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 hereunto duly authorized.
ADVANTA AUTOMOBILE RECEIVABLES TRUST 1998-1
(Registrant)
By: /s/ David Plante
--------------------------
Name: David Plante
Title: President
Dated: October 21, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
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99.1 Monthly Servicing Report. 5
4
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1998-1
Monthly Servicing Report
Distribution Date 09/15/98
Collection Period ending 08/31/98
<TABLE>
<CAPTION>
A. Original Deal Parameter Inputs
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
(A) Closing Date of the Transaction 06/29/98
(B) Initial Pool Balance $73,849,641.82
(C) Initial Class A-1 Note Balance $41,000,000.00
(D) Initial Class A-2 Note Balance $16,602,000.00
(E) Initial Certificate Balance $16,247,641.82
(G) Class A-1 Interest Rate 5.90%
(H) Class A-2 Interest Rate 6.09%
(I) Pass-Through Rate 6.09%
(J) Servicing Fee Rate 2.50%
(K) Security Insurer's Premium 0.45%
(L) Trust Collateral Agent Rate 0.02%
(M) Original Weighted Average Coupon (WAC) 19.86%
(N) Original Weighted Average Remaining Term (WAM) 49.30
(O) Number of Contracts 6,311
(P) Spread Account
(i) Spread Account Initial Deposit Percentage 2.00%
(ii)Spread Account Initial Deposit in Cash $1,476,992.84
<CAPTION>
B. Inputs from Previous Monthly Servicer Reports
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
(A) Trust Receivables
(i) Pool Balance $71,352,168.72
(ii) Pool Factor 0.9661816
(B) Class A-1 Notes
(i) Pool Balance $39,051,970.98
(ii) Pool Factor 0.9524871
(C) Class A-2 Notes
(i) Pool Balance $16,602,000.00
(ii) Pool Factor 1.0000000
(D) Certificates
(i) Pool Balance $16,247,641.82
(ii) Pool Factor 1.0000000
(E) Carryover Shortfall
(i) Class A-1 Interest Carryover Shortfall $0.00
(ii) Class A-1 Principal Carryover Shortfall $0.00
(iii) Class A-2 Interest Carryover Shortfall $0.00
(iv) Class A-2 Principal Carryover Shortfall $0.00
(v) Certificate Interest Carryover Shortfall $126,656.92
(vi) Certificate Principal Carryover Shortfall $549,444.08
(F) Spread Account Balance $3,248,374.55
(G) Unpaid Balance of Prior Draws Owed to Surety Provider $0.00
(H) Delinquency Ratio Test
(i) Second Preceding Monthly Period 3.84%
(ii) Preceding Monthly Period 5.63%
(I) Default Rate Test
(i) Second Preceding Monthly Period 0.21%
(ii) Preceding Monthly Period 2.59%
(J) Net Loss Rate Test
(i) Second Preceding Monthly Period 0.05%
(ii) Preceding Monthly Period 0.13%
(K) Weighted Average Coupon of Remaining Portfolio (WAC) 19.87%
(L) Weighted Average Remaining Term of Remaining Portfolio (WAM) 43.23
(M) Number of Contracts 6,225
(N) Security Insurer's Premium Supplement Balance $0.00
</TABLE>
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1998-1
Monthly Servicing Report
Distribution Date 09/15/98
Collection Period ending 08/31/98
<TABLE>
<CAPTION>
C. Inputs from the System
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<S> <C> <C> <C>
(A) Trust Receivables
(i) Principal Payments Received $1,355,698.80
(ii) Interest Payments Received $1,114,414.17
(v) Cram Down Losses $0.00
(vi) Late Fees $5,443.46
(vii) Mandatory Redemption $0.00
(viii) Other Fees $3,373.36
(ix) Other Funds Collected 9,739.78
(B) Liquidated Receivables
(i) Principal Balance of Liquidated Receivables 57,555.03
(ii) Interest Due and Unpaid on the Liquidated Receivable 0.00
(iii) Number of Liquidated Receivables 15
(D) Liquidation Proceeds
(i) Allocated to Interest ($9,674.31)
(ii) Allocated to Principal $125,174.93
(iii) Allocated to Fees $1,073.50
(G) Recoveries
(i) Allocated to Principal and Interest $3,134.37
(ii) Allocated to Fees $0.00
(H) Purchased Receivables
(i) Principal Portion of the Purchase Amount $13,846.91
(ii) Interest Portion of the Purchase Amount $0.00
(iii) Number of Purchased Receivables 3
(I) Adjustment to Prior Month Certificate $0.00
(L) Fixed Rate Interest Accrual Period 30
(M) Weighted Average Coupon of Remaining Portfolio (WAC) 19.87%
(N) Weighted Average Remaining Maturity of Remaining
Portfolio (WAM) 42.48
(O) Remaining Number of Contracts 6,161
(P) Defaulted Receivables
(i) Principal Amount of Defaulted Receivables $808,000.08
(ii) Number of Defaulted Receivables 68
(Q) 31 Days or More Delinquent Purchased Receivables $0.00
(R) Delinquent Receivables Contracts Amount
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(i) 30-59 Days Delinquent 319 $3,760,813.93
(ii) 60-89 Days Delinquent 99 $1,126,313.65
(iii) 90 Days or More Delinquent 0 $0.00
(S) Owner Trustee Fee not Paid by Servicer $208.33
Co-Trustee Fee not Paid by Servicer $83.33
(T) Occurrence of an Event of Default NO
(U) Occurrence of an Insurance Event of Default NO
(V) Principal Balance of Loans Extended During the Period 572,545.36
(W) Number of Accounts Extended During the Period 46
</TABLE>
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1998-1
Monthly Servicing Report
Distribution Date 09/15/98
Collection Period ending 08/31/98
<TABLE>
<CAPTION>
I. Total Distribution Amount
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
(A) Regular Principal Distribution Amount $1,552,275.67
(B) Realized Losses $57,555.03
(C) Interest Distribution Amount $1,107,874.23
(D) Fees Collected $19,630.10
(E) Investment Earnings on Collection Account $12,692.86
(F) Total Distribution Amount $2,634,917.83
<CAPTION>
II. Draw on Credit Enhancements
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<S> <C> <C>
(A) Withdrawals from Spread Account $0.00
(B) Draw on the Insurance Policy $0.00
(C) Total Draw on Credit Enhancement $0.00
<CAPTION>
III. Monthly Distributions & Direction to Trustee
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<S> <C> <C> <C>
(A) Servicing Fees $171,233.53
Base Servicing Fee $148,650.35
Supplemental Servicing Fee $22,583.18
(B) Fees Paid to Trust Collateral Agent $1,189.20
(C) Fees Paid to Indenture and Owner Trustee $291.67
(D) Class A-1 Interest Distributable Amount $192,005.52
(E) Class A-2 Interest Distributable Amount $84,255.15
(F) Class A-1 Monthly Principal Distributable Amount $1,210,775.02
(G) Class A-2 Monthly Principal Distributable Amount $0.00
(H) Certificateholders' Interest Distributable Amount $0.00
(I) Certificateholders' Principal Distributable Amount $0.00
(J) Monthly Security Insurer's Premium $20,416.20
(K) Monthly Security Insurer's Premium Supplement $0.00
(M) Unreimbursed prior draws on the Insurance Policy $0.00
(N) Deposits into the Spread Account $954,751.53
(O) Withdrawls from the Spread Account $0.00
(P) All remaining amount to the Collateral Agent $0.00
<CAPTION>
IV. Carryover Shortfall Accounts
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BOP EOP
(A) Class A-1 Interest Carryover Shortfall $0.00 $0.00
(B) Class A-1 Principal Carryover Shortfall $0.00 $0.00
(C) Class A-2 Interest Carryover Shortfall $0.00 $0.00
(D) Class A-2 Principal Carryover Shortfall $0.00 $0.00
(E) Certificate Interest Carryover Shortfall $126,656.92 $209,756.49
(F) Certificate Principal Carryover Shortfall $549,444.08 $890,944.73
<CAPTION>
V. Pool Balance and Portfolio Information
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BOP EOP
(A) Pool Balance $71,352,168.72 $69,799,893.05
(B) Pool Factor 0.9661816 0.9451622
(E) Balance of the Class A-1 Notes $39,051,970.98 $37,841,195.96
(F) Note Pool Factor of Class A-1 Notes 0.9524871 0.9229560
(G) Balance of the Class A-2 Notes $16,602,000.00 $16,602,000.00
(H) Note Pool Factor of Class A-2 Notes 1.0000000 1.0000000
(I) Certificate Balance $16,247,641.82 $16,247,641.82
(J) Certificate Pool Factor 1.0000000 1.0000000
Wilmington Trust fee of $2,500 annually-Owner Trustee
Co-Trustee fee of $1,000 annually
</TABLE>
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1998-1
Monthly Servicing Report
Distribution Date 09/15/98
Collection Period ending 08/31/98
<TABLE>
<CAPTION>
VI. Spread Account Information
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
(A) Beginning Balance $3,248,374.55
(B) Required Spread Account Balance (Requisite Amount) $5,583,991.44
(C) Deposit into Spread Account $954,751.53
(D) Investment Earnings on Spread Account $8,646.29
(E) Spread Account Released to Collection Account $0.00
(F) Spread Account Released to Depositor $0.00
(G) Ending Balance $4,211,772.37
<CAPTION>
VII. Unreimbursed Draws on the Insurance Policy
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<S> <C> <C>
(A) Beginning Balance $0.00
(B) Reimbursement of Prior Draws $0.00
(C) Current Unpaid Insurance Premium $0.00
(D) Additional Draws on the Insurance Policy $0.00
(E) Ending Balance $0.00
<CAPTION>
IX. Portfolio Performance Tests
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<S> <C> <C>
(A) Delinquency Ratio
(i) Second Preceding Monthly Period 3.84%
(ii) Preceding Monthly Period 5.63%
(iii) Current Monthly Period 7.00%
(iv) 3 Month Rolling Average 5.49%
(v) Delinquency Trigger Indicator (11%) NO
(B) Default Rate
(i) Second Preceding Monthly Period 0.21%
(ii) Preceding Monthly Period 2.59%
(iii) Current Monthly Period 13.74%
(iv) 3 Month Rolling Average 5.51%
(v) Default Trigger Indicator (23.5%) NO
(C) Net Loss Rate
(i) Second Preceding Monthly Period 0.05%
(ii) Preceding Monthly Period 0.13%
(iii) Current Monthly Period 0.93%
(iv) 3 Month Rolling Average 0.37%
(v) Net Loss Trigger Indicator (12.5%) NO
(D) Trigger Event as of prior Determination Date cured as of this
Determination Date NO
<CAPTION>
X. Other Information
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<S> <C>
(A) Servicing Fee due but unpaid $0.00
(B) Aggregate Realized Losses for the second Preceding Period $0.00
(C) Deficiency Claim determined NO
(D) Listing of Warranty Receivables and Administrative Receivables N/A
(E) Listing of Receivables which became Liquidated Receivables under separate cover
(F) Listing of Receivables which Paid in Full under separate cover
</TABLE>
Date: 09/08/98
LSI FINANCIAL GROUP, as Subservicer
/s/ Teresa Lamb VP
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Officer Title
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1998-1
Monthly Servicing Report
Distribution Date of 09/15/98
Collection Period ending 08/31/98
<TABLE>
<CAPTION>
Distribution Date 09/15/98
<S> <C>
(1) The amount of the distribution allocable to interest on the Class A-1 Notes
(Per $1,000 of initial principal amount of Class A-1 Notes): $4.68
(2) The amount of the Noteholders' Interest Carryover Shortfall allocable to the Class A-1 Notes
(Per $1,000 of initial principal amount of Class A-1 Notes): $0.00
(3) The amount of the distribution allocable to interest on the Class A-2 Notes
(Per $1,000 of initial principal amount of Class A-2 Notes): $5.08
(4) The amount of the Noteholders' Interest Carryover Shortfall allocable to the Class A-2 Notes
(Per $1,000 of initial principal amount of Class A-2 Notes): $0.00
(5) The amount of the distribution allocable to principal of the Class A-1 Notes
(Per $1,000 of initial principal amount of Class A-1 Notes): $29.53
(6) The amount of the Noteholders' Principal Carryover Shortfall allocable to the Class A-1 Notes
(Per $1,000 of initial principal amount of Class A-1 Notes): $0.00
(7) The amount of the distribution allocable to principal of the Class A-2 Notes
(Per $1,000 of initial principal amount of Class A-2 Notes): $0.00
(8) The amount of the Noteholders' Principal Carryover Shortfall allocable to the Class A-2 Notes
(Per $1,000 of initial principal amount of Class A-2 Notes): $0.00
(9) The amount of the distribution allocable to interest on the Certificates
(Per $1,000 of initial principal amount of Certificates): $0.00
(10) The amount of the Certificateholders' Interest Carryover Shortfall
(Per $1,000 of initial principal amount of Certificates): $12.91
(11) The amount of the distribution allocable to principal of the Certificates
(Per $1,000 of initial principal amount of Certificates): $0.00
(12) The amount of the Certificateholders' Principal Carryover Shortfall
(Per $1,000 of initial principal amount of Certificates): $54.84
(13) The amount, if any, of the distribution payable pursuant to a claim under the Policy
(Per $1,000 of initial principal amount of Notes & Certificates): $0.00
(14) The aggregate outstanding principal balance of Class A-1 Notes after giving effect to all
payments reported under (3) above on such date: $37,841,195.96
(15) The aggregate outstanding principal balance of Class A-2 Notes after giving effect to all
payments reported under (4) above on such date: $16,602,000.00
(16) The aggregate outstanding principal balance of Certificates after giving
effect to all payments reported under (6) above on such date: $16,247,641.82
(17) The Note Pool Factor for the Class A-1 Notes after giving effect to all payments reported
under (3) above on such date: 0.9229560
(18) The Note Pool Factor for the Class A-2 Notes after giving effect to all payments reported
under (4) above on such date: 1.0000000
(19) The Certificates Pool Factor for the Certificates after giving effect to all payments reported
under (6) above on such date: 1.0000000
(20) The Pool Balance as of the close of business on the last day of the related Collection Period: $69,799,893.05
(21) The Pool Factor as of the close of business on the last day of the related Collection Period: 0.9451622
</TABLE>
<PAGE>
Advanta Auto Finance Corporation
Advanta Automobile Receivables Trust 1998-1
Monthly Servicing Report
Distribution Date of 09/15/98
Collection Period ending 08/31/98
<TABLE>
<S> <C>
(22) The amount of the Servicing Fee and the amount of any fees paid to the
Owner Trustee or the Indenture Trustee from monies on deposit in the Collection Account: $171,525.20
(23) The amount of the Servicing Fee paid and/or due but unpaid
(Per $1,000 of initial Pool Balance): $2.32
(24) The amount of any deposit to the Spread Account: $954,751.53
(25) The amount and application of any funds withdrawn from the Spread Account: $0.00
(26) The amount on deposit in the Spread account (Cash & Receivables) after
giving effect to all distributions to and withdrawals from the Spread
Account on such date: $4,211,772.37
(27) The amount of aggregate Realized Losses, if any, for the related Collection Period: $57,555.03
(28) The amount of Cram Down Losses, if any, for the related Collection Period: $0.00
(29) The aggregate principal balance of all Receivables that became Liquidated
Receivables during the related Collection Period: $57,555.03
(30) The aggregate principal balance of all Receivables that became Purchased Receivables
during the related Collection Period: $13,846.91
(31) The aggregate Purchase Amounts for Receivables, if any, that were purchased during or with
respect to such Collection Period: $13,846.91
(32) The aggregate principal balance of Receivables that are 31 to 59 days delinquent: $3,760,813.93
(33) The aggregate principal balance of Receivables that are 60 to 89 days delinquent: $1,126,313.65
(34) The aggregate principal balance of Receivables that are 90 days or more delinquent: $0.00
(35) The Class A-1 Notes Interest Carryover Shortfall Balance, if any, after giving effect to payments
on such Distribution Date: $0.00
(36) Change in the Class A-1 Notes Interest Carryover Shortfall Balance, if any, after giving effect
to payment on such Distribution Date: $0.00
(37) The Class A-1 Notes Principal Carryover Shortfall Balance, if any, after giving effect to payments
on such Distribution Date: $0.00
(38) Change in the Class A-1 Notes Principal Carryover Shortfall Balance, if any, after giving effect
to payment on such Distribution Date: $0.00
(39) The Class A-2 Notes Interest Carryover Shortfall Balance, if any, after giving effect to payments
on such Distribution Date: $0.00
(40) Change in the Class A-2 Notes Interest Carryover Shortfall Balance, if any, after giving effect
to payment on such Distribution Date: $0.00
(41) The Class A-2 Notes Principal Carryover Shortfall Balance, if any, after giving effect to payments
on such Distribution Date: $0.00
(42) Change in the Class A-2 Notes Principal Carryover Shortfall Balance, if any, after giving effect
to payment on such Distribution Date: $0.00
(43) The Certificates Interest Carryover Shortfall Balance, if any, after
giving effect to payments on such Distribution Date: $209,756.49
(44) Change in the Certificates Interest Carryover Shortfall Balance, if any,
after giving effect to payment on such Distribution Date: ($83,099.57)
(45) The Certificates Principal Carryover Shortfall Balance, if any, after
giving effect to payments on such Distribution Date: $890,944.73
(46) Change in the Certificates Principal Carryover Shortfall Balance, if any,
after giving effect to payment on such Distribution Date: ($341,500.65)
</TABLE>
