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Previous: COMMUNITY SAVINGS BANKSHARES INC /DE/, 10-Q, 1999-11-03 |
Next: PECKS MANAGEMENT PARTNERS LTD, 13F-HR, 1999-11-03 |
<PAGE>
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) October 15, 1999
----------------
Paragon Auto Receivables Corporation
------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware
--------
(State or Other Jurisdiction of Incorporation)
333-63697 33-0780543
--------- ----------
(Commission File Number) (I.R.S. Employer Identification No.)
27405 Puerta Real, Suite 200, Mission Viejo, California 92691
-------------------------------------------------------------
(Address of Principal Executive Offices)
(949) 348-8700
--------------
(Registrant's Telephone Number, Including Area Code)
Not Applicable
--------------
(Former Name or former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events.
The Registrant is filing its monthly Servicer's Certificate and
Statement to Noteholders.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Document Description
- ----------- --------------------
20.1 Servicer's Certificate and Statement to Noteholders, dated as of
October 15, 1999.
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.
PARAGON AUTO RECEIVABLES CORPORATION
(Registrant)
Dated: November 3, 1999 By: /s/ James E. Stublarec
-----------------------------
Name: James E. Stublarec
Title: Assistant Secretary and
Treasurer
3
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Document Description
- ----------- --------------------
20.1 Servicer's Certificate and Statement to Noteholders, dated as of
October 15, 1999.
4
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes EXHIBIT 20.1
Servicer's Certificate
Distribution Date: October 15, 1999
Collection Period: September 1 to 30, 1999
<TABLE>
<CAPTION>
I. Available Funds
- ------------------
<S> <C>
Scheduled Principal Payments Received $ 1,416,277.09
Partial and Full Prepayments Received 1,238,519.27
Interest Payments Received 753,499.84
Policy Claim Amount -
Pre-Funding Earnings -
Class A Redemption Amount -
Income From Collection Account Eligible Investments 10,639.89
Recoveries On Previously Liquidated Receivables 8,900.00
Liquidation Proceeds 94,144.38
Recoveries From Insurance -
Purchase Amount of Purchased Receivables -
---------------
Total Available Funds $ 3,521,980.47
===============
II. Distributions
- -----------------
A. Calculation of Total Principal Payment Amount
- -------------------------------------------------
Beginning Principal Balance of Notes $ 80,440,465.59
Principal Portion of Scheduled Payments Received 1,107,183.02
Principal Portion of Prepayments 968,219.79
Principal Portion of Purchased Receivables -
Principal Balance of Liquidated Receivables 159,565.23
Aggregate Amount of Cram Down Losses -
Class A Redemption Amount -
---------------
Total Principal Payment Amount $ 2,234,968.04
---------------
Overcollateralization Amount to Principal -
---------------
Ending Principal Balance of Notes $ 78,205,497.55
===============
B. Priority of Distributions
- -----------------------------
1. Indenture Trustee, Backup Servicer, Owner Trustee $ 4,918.84
2a. Basic Servicing Fee 70,269.14
b. Supplemental Servicing Fee 3,599.80
3. Class A Interest Payment Amount 398,850.64
4. Class A Principal Payment Amount 2,234,968.04
5. Note Insurer Payment 40,220.23
6. To The Reserve Fund 769,153.78
7. Accrued or Unpaid Fees to Indenture Trustee, Backup Servicer, Owner Trustee or successor Servicer -
---------------
Total Distributions Before Overcollateralization or Certificateholder Payments $ 3,521,980.47
---------------
8. Overcollateralization Amount to Class A Principal -
9. Accrued or Unpaid Basic and Supplemental Servicing Fees -
10. Remaining Payment To The Certificateholder, Including Reserve Account Release -
---------------
Total Payments $ 3,521,980.47
===============
</TABLE>
Page 1 of 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Servicer's Certificate
Distribution Date: October 15, 1999
Collection Period: September 1 to 30, 1999
<TABLE>
<CAPTION>
III. Note Balances
- ------------------
<S> <C>
Beginning Note Balance $ 80,440,465.59
Ending Note Balance $ 78,205,497.55
Class A Note Factor 0.782055
Class A Original Balance $100,000,000.00
Class A Beginning Balance $ 80,440,465.59
Class A Ending Balance $ 78,205,497.55
Class A Interest Carryover Shortfall $ -
Class A Principal Carryover Shortfall $ -
Overcollateralization Amount 3,258,562.40
Target Overcollateralization Amount 3,258,562.40
IV. Interest Reserve Requirement
- --------------------------------
Sum of Distributions to Indenture Trustee, Backup Servicer, Owner Trustee, Class A Interest
Payment Amount, and Note Insurer Payment $ -
Less: Class A Interest Calculated On Principal Balance Of Receivables -
Less: Pre-Funding Earnings -
---------------
Interest Reserve Requirement $ -
===============
V. Pre-Funded Amount
- --------------------
Beginning Balance $ -
Plus: Pre-Funding Earnings -
Less: Pre-Funding Distributions -
Less: Class A Redemption Amount -
---------------
Ending Balance $ -
===============
</TABLE>
Page 2 of 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Servicer's Certificate
Distribution Date: October 15, 1999
Collection Period: September 1 to 30, 1999
VI. Receivables Performance
- ---------------------------
<TABLE>
<CAPTION>
Beginning End
A. General Information Of Period Of Period
- ----------------------- --------------- ---------------
<S> <C> <C>
Principal Balance $ 84,322,967.62 $ 81,464,059.95
=============== ===============
Number of Receivables 4,819 4,725
=============== ===============
Weighted Average Coupon (WAC) 10.63%
Weighted Average Remaining Maturity (WAM) in months 55.4
B. Delinquency/Repossession Information
- ----------------------------------------
<CAPTION>
No. Of Principal % of Rec.
Receivables Balance Balance
--------------- --------------- ---------------
<S> <C> <C> <C>
30 - 59 Days Delinquent 41 $ 770,541.14 0.95%
60 - 89 Days Delinquent 4 $ 65,546.64 0.08%
90 + Days Delinquent 3 $ 69,404.34 0.09%
--------------- --------------- ---------------
Total 48 $ 905,492.12 1.11%
=============== =============== ===============
<CAPTION>
Principal/
(Proceeds)
---------------
<S> <C>
Principal Balance of Repossessed Vehicles Sold During Collection Period $ 151,184.94
Principal Balance of Other Liquidated Receivables 52,926.37
Cram Down Losses -
Liquidation Proceeds (94,144.38)
Deficiency Recoveries On Previously Liquidated Receivables (8,900.00)
Recoveries From Insurance -
Other Recoveries
---------------
Net Losses $ 101,066.93
===============
VII. Reserve Account
- --------------------
Beginning Balance $ 1,956,302.05
Income From Eligible Investments 6,809.75
Deposits 769,153.78
Release of Excess To The Noteholders -
Release of Excess To The Certificateholder -
---------------
Ending Balance $ 2,732,265.58
---------------
Reserve Account Required Amount $ 78,205,497.55
===============
</TABLE>
Page 3 of 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Servicer's Certificate
Distribution Date: October 15, 1999
Collection Period: September 1 to 30, 1999
VIII. Triggers
- --------------
A. Calculations
- ---------------
<TABLE>
<CAPTION>
Second Third
Preceding Preceding Preceding
Collection Collection Collection
Delinquency Ratio Period Period Period
- ----------------- --------------- --------------- ---------------
<S> <C> <C> <C>
Principal Balance of Receivables, Of Which 10% Or More
Of Any Scheduled Payment Is 60 Or More Days Past Due $ 134,950.98 $ 198,568.74 $ 148,282.57
Divided By: Beginning Aggregate Principal Balance $ 84,322,967.62 $ 87,402,198.46 $ 90,583,339.90
--------------- --------------- ---------------
Delinquency Ratio 0.16% 0.23% 0.16%
=============== =============== ===============
---------------
Average For The Three Preceding Collection Periods 0.18%
===============
Second Third
Preceding Preceding Preceding
Collection Collection Collection
Default Ratio Period Period Period
- ------------- --------------- --------------- ---------------
Principal Balance of all Liquidated Receivables $ 204,111.31 $ 69,173.06 216,907.74
Divided By: Beginning Aggregate Principal Balance $ 84,322,967.62 $ 87,402,198.46 90,583,339.90
--------------- --------------- ---------------
Default Ratio 0.24% 0.08% 0.24%
=============== =============== ===============
---------------
Average For The Three Preceding Collection Periods 0.19%
===============
<CAPTION>
Cumulative, Cumulative
During The As Of Second As Of The
Preceding Preceding Preceding
Collection Accounting Accounting
Cumulative Net Loss Ratio Period Date Date
- ------------------------- --------------- --------------- ---------------
<S> <C> <C> <C>
Principal Balance Of Liquidated Receivables $ 693,242.30 $ 489,130.99 $ 419,957.93
Less: Liquidation Proceeds And Recoveries Received (372,472.74) (269,428.36) (239,488.56)
Plus: Cram Down Losses 7,784.84 7,784.84 4,372.28
--------------- --------------- ---------------
Net Losses $ 328,554.40 $ 227,487.47 $ 184,841.65
=============== =============== ===============
Aggregate Principal Balance As Of The Cutoff Date $102,564,101.62 $102,564,101.62 $102,564,101.62
--------------- --------------- ---------------
Net Loss Ratio 0.32% 0.22% 0.18%
=============== =============== ==============
</TABLE>
Page 4 of 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Servicer's Certificate
Distribution Date: October 15, 1999
Collection Period: September 1 to 30, 1999
B. Triggers In Effect
- ---------------------
<TABLE>
<CAPTION>
Actual Reserve Trigger
Ratio Event Event
------------ ------------- -----------
<S> <C> <C> <C>
1. Delinquency Ratio 0.18% 1.50% 2.00%
============ ============= ============
2. Default Ratio 0.19% 7.00% N/A
============ ============= ============
3. Cumulative Net Loss Ratio
Months 06-08 0.32% 0.75% 1.00%
Months 09-11 0.00% 1.35% 1.60%
Months 12-14 0.00% 2.00% 2.30%
Months 15-17 0.00% 2.50% 3.00%
Months 18-20 0.00% 3.35% 3.65%
Months 21-23 0.00% 4.65% 5.10%
Months 24-26 0.00% 5.50% 6.00%
Months 27-29 0.00% 5.75% 6.30%
Months 30 + 0.00% 5.90% 6.50%
4. Reserve/Trigger Events Occurrences Deemed Cured
------------ -------------
Reserve Event No N/A
Trigger Event Yes No
Servicer Termination Event Yes
5. The Collection Period Above Corresponds To Month No. 7
============
</TABLE>
Executed by: /s/ James E. Stublarec
______________________________
James E. Stublarec
Vice-President, Finance
Date: October 8, 1999
------------------------------
Page 5 of 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Statement to Noteholders
Distribution Date: October 15, 1999
Collection Period: September 1 to 30, 1999
<TABLE>
<CAPTION>
Per $1,000 Of
Payments Allocable To Principal Total Orig. Principal
- ------------------------------- -------------- ----------------
<S> <C> <C>
Class A Noteholders $ 3,079,230.84 $ 30.79
Per $1,000 Of
Payments Allocable To Interest Total Orig. Principal
- ------------------------------- -------------- ----------------
Class A Noteholders $ 398,850.64 $ 3.99
Remaining
Amount Of Above Payments Paid From Reserve Total Reserve
- ------------------------------------------ -------------- ----------------
Principal $ -
Interest -
-------------- ----------------
Total $ - $ 2,732,265.58
============== ================
Per $1,000 Of
Note Balances Total Orig. Principal
- ------------- -------------- ----------------
Class A Noteholders $78,205,497.55 $ 782.05
Amount Of Fees Paid By The Trust $ 119,008.01
- -------------------------------- ==============
Change From
Prior
Carryover Shortfalls Total Payment Date
- -------------------- -------------- ----------------
Class A Interest $ - $ -
Class A Principal - -
Note Factor
- -----------
Class A 0.782055
</TABLE>
Page 1 of 2
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Statement to Noteholders
Distribution Date: October 15, 1999
Collection Period: September 1 to 30, 1999
<TABLE>
<S> <C> <C>
Delinquency Ratio 0.16%
- -------------------- ==============
Default Ratio 0.24%
- ------------ ==============
Cumulative Net Loss Ratio 0.32%
- ------------------------- ==============
Reserve/Trigger Events Occurrences Deemed Cured
- ---------------------- -------------- ----------------
Reserve Event No N/A
Trigger Event Yes No
Servicer Termination Trigger Event Yes
Policy Claim Amount $ -
- ------------------- ==============
Reimbursements to Note Insurer $ -
- ------------------------------ ==============
Occurrences Continuing
-------------- ----------------
Insurer Default No N/A
- ---------------
During Funding Period
- ---------------------
Principal Balance of Subsequent Receivables $ -
Class A Redemption Amount $ -
Remaining Pre-Funded Amount $ -
Class A Redemption Amount $ -
- ------------------------- ==============
Overcollateralization
- ---------------------
Overcollateralization Amount $ 3,258,562.40 4.00%
Target Overcollateralization Amount $ 3,258,562.40 4.00%
</TABLE>
Page 2 of 2
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