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 8, 1998
UACSC 1998-C AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-52101-02 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-C Auto Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Pooling and
Servicing Agreement dated as of September 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
September 30, 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-C Auto Trust,
for and on behalf of UACSC 1998-C Auto Trust.
UACSC 1998-C Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: October 16, 1998 /s/ Melanie S. Otto
-----------------------------------
Melanie S. Otto
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1998-C Auto Trust Monthly Servicer's Certificate Report for
September 30, 1998
-3-
UACSC 98-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 9/30/98
<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 49,800,000.00 110,900,000.00 74,675,000.00 72,575,000.00 43,429,110.20
Beginning Period Principal Balance 49,800,000.00 110,900,000.00 74,675,000.00 72,575,000.00 43,429,110.20
Principal Collections - Scheduled Payments 3,950,652.94 0.00 0.00 0.00 0.00
Principal Collections - Payoffs 7,521,162.11 0.00 0.00 0.00 0.00
Principal Withdrawal from Payahead 0.00 0.00 0.00 0.00 0.00
Gross Principal Charge Offs 43,909.36 0.00 0.00 0.00 0.00
Repurchases 0.00 0.00 0.00 0.00 0.00
------------- -------------- ------------- ------------- -------------
Ending Balance 38,284,275.59 110,900,000.00 74,675,000.00 72,575,000.00 43,429,110.20
============= ============== ============= ============= =============
Certificate Factor 0.7687606 1.0000000 1.0000000 1.0000000 1.0000000
Pass Through Rate 5.5269% 5.4400% 5.4100% 5.520% 5.640%
</TABLE>
PRINCIPAL BALANCE RECONCILIATION NUMBERS
TOTAL CLASS A's
-------------- ------
Original Principal Balance 351,379,110.20 25,235
Beginning Period Principal Balance 351,379,110.20 25,235
Principal Collections - Scheduled Payments 3,950,652.94
Principal Collections - Payoffs 7,521,162.11 592
Principal Withdrawal from Payahead 0.00
Gross Principal Charge Offs 43,909.36 3
Repurchases 0.00
-------------- ------
Ending Balance 339,863,385.79 24,640
============== ======
Certificate Factor 0.9672271
Pass Through Rate 5.4872%
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 11,478,356.36
Interest Wired 1,756,267.48
Withdrawal from Payahead Account 0.00
Repurchases (Principal and Interest) 0.00
Charge Off Recoveries 320.81
Interest Advances 21,413.37
Certificate Account Interest Earned 16,813.25
Spread Account Withdrawal 0.00
Class A Policy Draw for Class A Principal or Interest 0.00
-------------
Total Cash Flow 13,273,171.27
=============
TRUSTEE DISTRIBUTION (10/08/98)
Total Cash Flow 13,273,171.27
Unrecovered Advances on Defaulted Receivables 0.00
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 160,556.45
Interest to Class A-2 Certificateholders 351,922.67
Interest to Class A-3 Certificateholders 235,661.85
Interest to Class A-4 Certificateholders 233,691.50
Interest to Class A-5 Certificateholders 142,881.77
Principal to Class A-1 Certificateholders 11,515,724.41
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 37,414.86
Interest Advance Recoveries from Payments 0.00
Unreimbursed draws on Class A's Policy for
Class A Principal or Interest 0.00
Deposit to Payahead 30,170.46
Certificate Account Interest to Servicer 16,813.25
Payahead Account Interest to Servicer 0.00
Excess 548,334.05
-------------
Net Cash 0.00
=============
Servicing Fee Retained from Interest Collections 136,647.43
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance 0.00
Beginning Balance 0.00
Trustee Distribution of Excess 548,334.05
Interest Earned 0.00
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
-------------
Ending Balance 548,334.05
=============
Required Balance 5,270,686.65
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 16,690,507.73
Beginning Balance 16,690,507.73
Reduction Due to Spread Account (548,334.05)
Reduction Due to Principal Reduction (546,996.91)
-------------
Ending Balance 15,595,176.77
=============
First Loss Protection Required Amount 15,595,176.78
First Loss Protection Fee % 2.00%
First Loss Protection Fee 26,427.74
POLICY RECONCILIATION
Original Balance 351,379,110.20
Beginning Balance 351,379,110.20
Draws 0.00
Reimbursement of Prior Draws 0.00
--------------
Ending Balance 351,379,110.20
==============
Adjusted Ending Balance Based
Upon Required Balance 340,576,413.41
==============
Required Balance 340,576,413.41
PAYAHEAD RECONCILIATION
Beginning Balance 0.00
Deposit 30,170.46
Payahead Interest 0.00
Withdrawal 0.00
--------------
Ending Balance 30,170.46
==============
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
1 Payment 153 1,704,995.10 23,856.69 22,025.18
2 Payments 6 63,000.01 2,026.27 1,699.17
3 Payments 0 0.00 0.00 0.00
--- ------------ --------- ---------
Total 159 1,767,995.11 25,882.96 23,724.35
=== ============ ========= =========
Percent Delinquent 0.645% 0.520%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 63,000.01 339,863,385.79 0.02%
1st Previous 0.00 0.00 0.00%
2nd Previous 0.00 0.00 0.00%
<TABLE>
<CAPTION>
NET LOSS RATE
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 43,909.36 320.81 345,621,248.00 0.15%
1st Previous 0.00 0.00 0.00 0.00%
2nd Previous 0.00 0.00 0.00 0.00%
Gross Cumulative Charge Offs 43,909.36 Net Cumulative Loss Percentage
Gross Liquidation Proceeds 320.81 0.01%
Number of Repossessions 1
Number of Inventoried Autos EOM 2
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 578,504.51 339,863,385.79 2.04%
1st Previous 0.00 0.00 0.00%
2nd Previous 0.00 0.00 0.00%
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: 10/6/98 /s/ Nancy Meltabarger
---------------------
NANCY MELTABARGER
FINANCE OFFICER
