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Previous: COMPUCREDIT CORP, 10-Q, 1999-05-28 |
Next: SAN FRANCISCO SENTRY INVESTMENT GROUP, 13F-HR/A, 1999-05-28 |
<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) May 13, 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.
In the Prospectus Supplement dated March 24, 1999 (the "Prospectus
----------
Supplement"), issued under Registration Number 333-63697, the Registrant stated
- ----------
that, periodic information regarding the Subsequent Receivables with respect to
Paragon Auto Receivables Owner Trust 1999-A (the "Trust") would be included in a
Current Report filed on Form 8-K.
Pursuant to the Sale and Servicing Agreement, dated March 30, 1999 (the
"Sale and Servicing Agreement"), between Paragon Acceptance Corporation, Paragon
- -----------------------------
Auto Receivables Corporation, the Trust, and Norwest Bank Minnesota, National
Association, and the Receivables Purchase Agreement, dated as of March 30, 1999,
between Paragon Acceptance Corporation and Paragon Auto Receivables Corporation,
on May 13, 1999 (the "Subsequent Transfer Date"), Paragon Auto Receivables
------------------------
Corporation (i) acquired Subsequent Receivables with a principal balance of
$26,015,155.08, as of April 30, 1999, from Paragon Acceptance Corporation
pursuant to Section 2.2 of the Receivables Purchase Agreement and (ii) conveyed
such Subsequent Receivables to the Trust pursuant to the Subsequent Transfer
Agreement, dated as of May 13, 1999, and Section 2.2 of the Sale and Servicing
Agreement.
Set forth below is information regarding the characteristics of the
receivables pool of the Trust as of April 30, 1999, including the Subsequent
Receivables, that is comparable to the information contained in the tables set
forth in the Prospectus Supplement.
<TABLE>
<CAPTION>
Composition of the Receivables
As of April 30, 1999
<S> <C>
Aggregate Principal Balance $102,564,101.62
Number of Receivables 5,376
Average Original Principal Balance $ 19,722.67
Range of Original Principal Balances $5,373.00 to $88,651.35
Average Remaining Principal Balance $ 19,078.14
Range of Remaining Principal Balances $5,036.78 to $83,864.55
Weighted Average APR 10.61%
Range of APR's 6.83% to 17.00%
Weighted Average Original Term to Maturity (1) 64 months
Range of Original Terms to Maturity 18 to 72 months
Weighted Average Remaining Term to Maturity (1) 61 months
Range of Remaining Terms to Maturity 14 to 72 months
New Vehicles (Percentage of Aggregate Principal Balance) 6.5%
Used Vehicles (Percentage of Aggregate Principal Balance) 93.5%
(1) Rounded to the nearest month.
</TABLE>
2
<PAGE>
Distribution of the Receivables by APR
As of April 30, 1999
<TABLE>
<CAPTION>
Percentage
by
Aggregate Aggregate Percentage
Principal Principal Number of by Number of
APR Range Balance Balance Receivables Receivables
- ---------------- -------------------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
6.75 to 6.99% $ 8,365,588.37 8.16% 443 8.24%
7.00 to 7.99% 4,801,099.69 4.68 229 4.26
8.00 to 8.99% 13,170,067.54 12.84 646 12.02
9.00 to 9.99% 17,258,673.60 16.83 862 16.03
10.00 to 10.99% 19,044,107.64 18.57 965 17.95
11.00 to 11.99% 15,191,438.78 14.81 801 14.90
12.00 to 12.99% 12,631,982.54 12.32 699 13.00
13.00 to 13.99% 7,110,673.62 6.93 403 7.50
14.00 to 14.99% 3,056,754.38 2.98 192 3.57
15.00 to 15.99% 1,228,199.73 1.20 84 1.56
16.00 to 16.99% 436,021.73 0.43 31 0.58
17.00 to 17.99% 269,494.00 0.26 21 0.39
--------------- ------ ----- ------
TOTAL $102,564,101.62 100.00% 5,376 100.00%
</TABLE>
3
<PAGE>
Distribution of Receivables by Principal Place of Business of Dealer
As of April 30, 1999
<TABLE>
<CAPTION>
Percentage
by Percentage
Aggregate Aggregate by Number
Principal Principal Number of of
State Balance Balance Receivables Receivables
- ------------------ ------------------------ ----------- ----------- -----------
<S> <C> <C> <C> <C>
California $ 27,121,884.21 26.44% 1,437 26.73%
North Carolina 15,602,928.52 15.21 767 14.27
Texas 13,868,740.99 13.52 719 13.37
Virginia 12,237,737.43 11.93 631 11.74
Florida 8,036,878.83 7.84 413 7.68
Oklahoma 5,515,145.42 5.38 312 5.80
Georgia 4,435,368.33 4.32 193 3.59
New Mexico 4,404,865.61 4.29 270 5.02
Maryland 3,758,930.39 3.66 204 3.79
Arizona 1,881,362.24 1.83 103 1.92
Colorado 1,691,028.09 1.65 88 1.64
Pennsylvania 1,097,550.79 1.07 70 1.30
Kentucky 838,672.09 0.82 51 0.95
Delaware 577,426.19 0.56 33 0.61
Indiana 359,662.65 0.35 19 0.35
South Carolina 324,727.47 0.32 19 0.35
Oregon 296,738.99 0.29 16 0.30
Connecticut 257,385.12 0.25 14 0.26
Missouri 99,473.82 0.10 7 0.13
Tennessee 64,593.69 0.06 5 0.09
Kansas 34,808.52 0.03 1 0.02
Nevada 28,779.44 0.03 2 0.04
Massachusetts 19,005.86 0.02 1 0.02
New Jersey 10,406.93 0.01 1 0.02
--------------- ------ ----- ------
TOTAL $102,564,101.62 100.00% 5,376 100.00%
</TABLE>
4
<PAGE>
Distribution by Original Term to Scheduled Maturity of the Receivables
As of April 30, 1999
<TABLE>
<CAPTION>
Percentage
by Percentage
Aggregate Aggregate by Number
Range of Principal Principal Number of of
Original Terms Balance Balance Receivables Receivables
- ------------------ ------------------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C>
18 to 23 months $ 19,837.88 0.02% 1 0.02%
24 to 47 months 1,887,340.79 1.84 161 2.99
48 to 53 months 4,850,481.79 4.73 376 6.99
54 to 59 months 796,928.76 0.78 52 0.97
60 to 65 months 50,855,933.19 49.58 2,905 54.04
66 to 71 months 3,057,238.07 2.98 150 2.79
72 months 41,096,341.14 40.07 1,731 32.20
--------------- ------ ----- ------
TOTAL $102,564,101.62 100.00% 5,376 100.00%
</TABLE>
<TABLE>
<CAPTION>
Distribution by Remaining Term to Scheduled Maturity of the Receivables
As of April 30, 1999
Percentage
by
Aggregate Aggregate Percentage
Range of Principal Principal Number of by Number of
Remaining Terms Balance Balance Receivables Receivables
- -------------------- -------------------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
12 to 47 months $ 6,890,551.67 6.72% 551 10.25%
48 to 53 months 5,806,486.75 5.66 386 7.18
54 to 59 months 32,437,643.18 31.63 1,859 34.58
60 to 65 months 15,585,160.21 15.20 816 15.18
66 to 71 months 31,211,938.22 30.43 1,326 24.67
72 months 10,632,321.59 10.37 438 8.15
--------------- ------ ----- ------
TOTAL $102,564,101.62 100.00% 5,376 100.00%
</TABLE>
5
<PAGE>
Distribution of Receivables by Amount Financed
As of April 30, 1999
<TABLE>
<CAPTION>
Percentage
by
Aggregate Aggregate Percentage
Principal Principal Number of by Number of
Amount Financed Balance Balance Receivables Receivables
- --------------------------- --------------------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
$5,000.00 to $9,999.99 $ 3,089,039.20 3.01% 375 6.98%
$10,000.00 to $14,999.99 15,042,635.39 14.67 1,258 23.40
$15,000.00 to $19,999.99 25,529,245.67 24.89 1,512 28.13
$20,000.00 to $24,999.99 24,031,517.49 23.43 1,110 20.65
$25,000.00 to $29,999.99 15,097,603.93 14.72 576 10.71
$30,000.00 to $34,999.99 8,605,279.24 8.39 274 5.10
$35,000.00 to $39,999.99 5,093,111.40 4.97 141 2.62
$40,000.00 to $44,999.99 2,504,463.11 2.44 61 1.13
$45,000.00 to $49,999.99 1,416,836.94 1.38 31 0.58
$50,000.00 to $54,999.99 803,262.28 0.78 16 0.30
$55,000.00 to $59,999.99 547,975.13 0.53 10 0.19
$60,000.00 to $89,999.99 803,131.84 0.78 12 0.22
--------------- ------ ----- ------
TOTAL $102,564,101.62 100.00% 5,376 100.00%
</TABLE>
Distribution of Receivables by Remaining Principal Balance
As of April 30, 1999
<TABLE>
<CAPTION>
Percentage
by
Aggregate Aggregate Percentage
Remaining Principal Principal Number of by Number of
Principal Balance Balance Balance Receivables Receivables
- ------------------------- --------------------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C>
$5,000.00 to $9,999.99 $ 4,207,919.47 4.10% 495 9.21%
$10,000.00 to $14,999.99 16,715,307.42 16.30 1,337 24.87
$15,000.00 to $19,999.99 25,710,683.94 25.07 1,471 27.36
$20,000.00 to $24,999.99 24,135,978.29 23.53 1,082 20.13
$25,000.00 to $29,999.99 13,958,065.89 13.61 513 9.54
$30,000.00 to $34,999.99 8,154,095.37 7.95 251 4.67
$35,000.00 to $39,999.99 4,208,286.33 4.10 113 2.10
$40,000.00 to $44,999.99 2,111,426.90 2.06 50 0.93
$45,000.00 to $49,999.99 1,697,153.64 1.65 36 0.67
$50,000.00 to $84,999.99 1,665,184.37 1.62 28 0.52
--------------- ------ ----- ------
TOTAL $102,564,101.62 100.00% 5,376 100.00%
</TABLE>
6
<PAGE>
Item 7. Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Document Description
- ----------- --------------------
20.1 Servicer's Certificate and Statement to Noteholders, dated as of
May 15, 1999.
7
<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: May 28, 1999 By: /s/ James E. Stublarec
----------------------
Name: James E. Stublarec
Title: Assistant Secretary and Treasurer
8
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Document Description
- ----------- --------------------
20.1 Servicer's Certificate and Statement to Noteholders, dated as of
May 15, 1999.
9
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Servicer's Certificate
Distribution Date: May 15, 1999
Collection Period: April 1 to 30, 1999
<TABLE>
<CAPTION>
<S> <C>
I. Available Funds
- ------------------
Scheduled Principal Payments Received $ 1,185,975.00
Partial and Full Prepayments Received 1,219,644.29
Interest Payments Received 661,335.80
Policy Claim Amount -
Pre-Funding Earnings 89,977.35
Interest Reserve Requirement 62,399.50
Income From Collection Account Eligible Investments 9,297.34
Recoveries On Previously Liquidated Receivables -
Liquidation Proceeds -
Recoveries From Insurance -
Purchase Amount of Purchased Receivables -
---------------
Total Available Funds $ 3,228,629.28
===============
II. Distributions
- -----------------
A. Calculation of Total Principal Payment Amount
- -------------------------------------------------
Beginning Principal Balance of Notes $ 97,125,129.90
Principal Portion of Scheduled Payments Received 1,185,975.00
Principal Portion of Prepayments 1,219,644.29
Principal Portion of Purchased Receivables -
Principal Balance of Liquidated Receivables -
Aggregate Amount of Cram Down Losses -
---------------
Total Principal Payment Amount $ 2,405,619.29
---------------
Overcollateralization Amount to Principal 295,313.71
---------------
Ending Principal Balance of Notes $ 94,424,196.90
===============
B. Priority of Distributions
- -----------------------------
1. Indenture Trustee, Backup Servicer, Owner Trustee $4,304.49
2a. Basic Servicing Fee 61,492.68
b. Supplemental Servicing Fee 1,257.53
3. Class A Interest Payment Amount 481,578.77
4. Class A Principal Payment Amount 2,405,619.29
5. Note Insurer Payment 32,375.04
6. To The Reserve Fund 242,001.48
7. Accrued or Unpaid Fees to Indenture Trustee, Backup Servicer, Owner Trustee or successor Servicer -
---------------
Total Distributions Before Overcollateralization or Certificateholder Payments $ 3,228,629.28
---------------
8. Overcollateralization Amount to Class A Principal 295,313.71
9. Accrued or Unpaid Basic and Supplemental Servicing Fees -
10. Remaining Payment To The Certificateholder, Including Reserve Account Release -
---------------
Total Payments $ 3,523,942.99
===============
</TABLE>
Page 1 of 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Servicer's Certificate
Distribution Date: May 15, 1999
Collection Period: April 1 to 30, 1999
<TABLE>
<CAPTION>
<S> <C>
III. Note Balances
- ------------------
Beginning Note Balance $ 97,125,129.90
Ending Note Balance $ 94,424,196.90
Class A Note Factor 0.944242
Class A Original Balance $100,000,000.00
Class A Beginning Balance $ 97,125,129.90
Class A Ending Balance $ 94,424,196.90
Class A Interest Carryover Shortfall $ -
Class A Principal Carryover Shortfall $ -
Overcollateralization Amount -
Target Overcollateralization Amount 2,855,423.88
IV. Interest Reserve Requirement
- --------------------------------
Sum of Distributions to Indenture Trustee, Backup Servicer, Owner Trustee, Class A Interest
Payment Amount, and Note Insurer Payment $ 518,258.30
Less: Class A Interest Calculated On Principal Balance Of Receivables 365,881.45
Less: Pre-Funding Earnings 89,977.35
----------------
Interest Reserve Requirement $ 62,399.50
================
V. Pre-Funded Amount
- --------------------
Beginning Balance $ 26,015,156.02
Plus: Pre-Funding Earnings 89,977.35
Less: Pre-Funding Distributions 89,977.35
----------------
Ending Balance $ 26,015,156.02
================
</TABLE>
Page 2 of 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Servicer's Certificate
Distribution Date: May 15, 1999
Collection Period: April 1 to 30, 1999
<TABLE>
<CAPTION>
VI. Receivables Performance
- ---------------------------
Beginning End
A. General Information Of Period Of Period
- ----------------------- ------------------ --------------------
<S> <C> <C> <C>
Principal Balance $ 73,791,216.20 $ 71,385,596.91
================== ====================
Number of Receivables 4,018 3,955
================== ====================
B. Delinquency/Repossession Information
- ----------------------------------------
No. Of Principal % of Rec.
Receivables Balance Balance
------------------ ------------------ ---------------------
30 - 59 Days Delinquent 19 $ 370,782.73 0.52%
60 - 89 Days Delinquent 3 $ 72,392.26 0.10%
90 + Days Delinquent 0 $ - 0.00%
------------------ ------------------ --------------------
Total 22 $ 443,174.99 0.62%
================== ================== ====================
Principal/
(Proceeds)
--------------------
Principal Balance of Repossessed Vehicles Sold During Collection Period $ -
Principal Balance of Other Liquidated Receivables -
Cram Down Losses -
Liquidation Proceeds -
Deficiency Recoveries On Previously Liquidated Receivables -
Recoveries From Insurance -
Other Recoveries
--------------------
Net Losses $ -
====================
VII. Reserve Account
- --------------------
Beginning Balance $ 1,475,824.32
Income From Eligible Investments 5,199.85
Deposits 242,001.48
Release of Excess To The Noteholders 295,313.71
Release of Excess To The Certificateholder -
-------------------
Ending Balance $ 1,427,711.94
--------------------
Reserve Account Required Amount $ 1,427,711.94
====================
</TABLE>
Page 3 of 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Servicer's Certificate
Distribution Date: May 15, 1999
Collection Period: April 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 $ 72,392.26 $ 12,842.50
Divided By: Beginning Aggregate Principal Balance $ 73,791,216.20 $ 76,548,946.54
---------------- ---------------- -----------------
Delinquency Ratio 0.10% 0.02%
================ ================ =================
----------------
Average For The Three Preceding Collection Periods 0.06%
=================
Second Third
Preceding Preceding Preceding
Collection Collection Collection
Default Ratio Period Period Period
- ------------- ---------------- ----------------- -----------------
Principal Balance of all Liquidated Receivables $ - $ -
Divided By: Beginning Aggregate Principal Balance $ 73,791,216.20 $ 76,548,946.54
---------------- ---------------- -----------------
Default Ratio 0.00% 0.00%
================ ================= =================
-----------------
Average For The Three Preceding Collection Periods 0.00%
=================
Cumulative, Cumulative
During The As Of Second As Of The
Preceding Preceding Preceding
Collection Accounting Accounting
Cumulative Net Loss Ratio Period Date Date
- ------------------------- ----------------- ----------------- -----------------
Principal Balance Of Liquidated Receivables $ - $ -
Less: Liquidation Proceeds And Recoveries Received - -
Plus: Cram Down Losses - -
---------------- --------------- -----------------
Net Losses $ - $ - $ -
================ ================ =================
Aggregate Principal Balance As Of The Cutoff Date $ 76,548,946.54 $ 76,548,946.54
----------------- ---------------- -----------------
Net Loss Ratio 0.00% 0.00%
================== ================== =================
</TABLE>
Page 4 of 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Servicer's Certificate
Distribution Date: May 15, 1999
Collection Period: April 1 to 30, 1999
<TABLE>
<CAPTION>
B. Triggers In Effect
- ---------------------
Actual Reserve Trigger
Ratio Event Event
------------------- ------------------- ---------------------
<S> <C> <C> <C>
1. Delinquency Ratio 0.06% 1.50% 2.00%
================== ================== ====================
2. Default Ratio 0.00% 7.00% N/A
================== ================== ====================
3. Cumulative Net Loss Ratio
Months 06-08 0.00% 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 No N/A
Servicer Termination Event No
5. The Collection Period Above Corresponds To Month No. 2
==================
</TABLE>
Executed by:
--------------------
James E. Stublarcc
Vice-President, Finance
Date: May 10, 1999
--------------------
Page 5 0f 5
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Statement to Noteholders
Distribution Date: May 15, 1999
Collection Period: April 1 to 30, 1999
<TABLE>
<CAPTION>
<S> <C> <C>
Per $1,000 Of
Payments Allocable To Principal Total Orig. Principal
- ------------------------------- ------------------ ------------------
Class A Noteholders $ 2,700,933.00 $ 27.01
Per $1,000 Of
Payments Allocable To Interest Total Orig. Principal
- ------------------------------ ------------------ ------------------
Class A Noteholders $ 481,578.77 $ 4.82
Remaining
Amount Of Above Payments Paid From Reserve Total Reserve
- ------------------------------------------ ------------------ ------------------
Principal $ -
Interest -
Total $ - $ 1,427,711.94
================== ==================
Per $1,000 Of
Note Balances Total Orig. Principal
- ------------- ------------------ ------------------
Class A Noteholders $ 94,424,196.90 $ 944.24
Amount Of Fees Paid By The Trust $ 99,429.74
- -------------------------------- ==================
Change From
Prior
Carryover Shortfalls Total Payment Date
- -------------------- ------------------ ------------------
Class A Interest $ - $ -
Class A Principal - -
Note Factor
- -----------
Class A 0.944242
Delinquency Ratio 0.10%
- ----------------- ==================
</TABLE>
Page 1 of 2
<PAGE>
PARAGON AUTO RECEIVABLES OWNER TRUST 1999-A
5.95% Class A Notes
Statement to Noteholders
Distribution Date: May 15, 1999
Collection Period: April 1 to 30, 1999
<TABLE>
<CAPTION>
<S> <C> <C>
Default Ratio 0.00%
- ------------- =================
Cumulative Net Loss Ratio 0.00%
- ------------------------- =================
Reserve/Trigger Events Occurrences Deemed Cured
- ---------------------- ----------------- ------------------
Reserve Event No N/A
Trigger Event No N/A
Servicer Termination Trigger Event No
Policy Claim Amount $ -
- ------------------- =================
Reimbursements to Note Insurer $ -
- ------------------------------ =================
Occurrences Continuing
----------------- ------------------
Insurer Default No N/A
- ---------------
During Funding Period
- ---------------------
Principal Balance of Subsequent Receivables $ -
Remaining Pre-Funded Amount $26,015,156.02
Class A Redemption Amount $ -
- ------------------------- =================
Overcollateralization
- ---------------------
Overcollateralization Amount $ - 0.00%
Target Overcollateralization Amount $ 2,855,423.88 4.00%
</TABLE>
Page 2 of 2
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