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): November 9, 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
October 31, 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: November 23, 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
October 31, 1998
-3-
UACSC 98-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 10/31/98
UACSC 98-C
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Original Principal Balance 49,800,000.00 110,900,000.00 74,675,000.00 72,575,000.00
Beginning Period Principal Balance 38,284,275.59 110,900,000.00 74,675,000.00 72,575,000.00
Principal Collections - Scheduled Payments 4,502,642.39 0.00 0.00 0.00
Principal Collections - Payoffs 5,713,436.04 0.00 0.00 0.00
Principal Withdrawal from Payahead 22,724.24 0.00 0.00 0.00
Gross Principal Charge Offs 65,237.77 0.00 0.00 0.00
Repurchases 2,857.67 0.00 0.00 0.00
------------- -------------- ------------- -------------
Ending Balance 27,977,377.48 110,900,000.00 74,675,000.00 72,575,000.00
============= ============== ============= =============
Certificate Factor 0.5617947 1.0000000 1.0000000 1.0000000
Pass Through Rate 5.5269% 5.4400% 5.4100% 5.520%
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION NUMBERS
CLASS A-5 TOTAL CLASS A's
------------- -------------- ------
<S> <C> <C> <C>
Original Principal Balance 43,429,110.20 351,379,110.20 25,235
Beginning Period Principal Balance 43,429,110.20 339,863,385.79 24,640
Principal Collections - Scheduled Payments 0.00 4,502,642.39
Principal Collections - Payoffs 0.00 5,713,436.04 469
Principal Withdrawal from Payahead 0.00 22,724.24
Gross Principal Charge Offs 0.00 65,237.77 6
Repurchases 0.00 2,857.67 1
------------- -------------- ------
Ending Balance 43,429,110.20 329,556,487.68 24,164
============= ============== ======
Certificate Factor 1.0000000 0.9378944
Pass Through Rate 5.640% 5.4872%
</TABLE>
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 10,242,687.89
Interest Wired 3,462,085.49
Withdrawal from Payahead Account 22,724.24
Repurchases (Principal and Interest) 3,343.12
Charge Off Recoveries 7,275.08
Interest Advances 56,128.33
Certificate Account Interest Earned 38,069.75
Spread Account Withdrawal 0.00
Class A Policy Draw for Class A Principal or Interest 0.00
--------------
Total Cash Flow 13,832,313.90
==============
TRUSTEE DISTRIBUTION (11/08/98)
Total Cash Flow 13,832,313.90
Unrecovered Advances on Defaulted Receivables 742.74
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 182,205.40
Interest to Class A-2 Certificateholders 502,746.67
Interest to Class A-3 Certificateholders 336,659.79
Interest to Class A-4 Certificateholders 333,845.00
Interest to Class A-5 Certificateholders 204,116.82
Principal to Class A-1 Certificateholders 10,306,898.11
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 36,892.02
Interest Advance Recoveries from Payments 11,607.47
Unreimbursed draws on Class A's Policy
for Class A Principal or Interest 0.00
Deposit to Payahead 28,117.04
Certificate Account Interest to Servicer 38,069.75
Payahead Account Interest to Servicer 98.96
Excess 1,850,314.13
--------------
Net Cash 0.00
==============
Servicing Fee Retained from Interest Collections 283,219.49
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance 0.00
Beginning Balance 548,334.05
Trustee Distribution of Excess 1,850,314.13
Interest Earned 1,798.73
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
--------------
Ending Balance 2,400,446.91
==============
Required Balance 5,270,686.65
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 16,690,507.73
Beginning Balance 15,595,176.77
Reduction Due to Spread Account (1,852,112.86)
Reduction Due to Principal Reduction (489,577.66)
--------------
Ending Balance 13,253,486.25
==============
First Loss Protection Required Amount 13,253,486.25
First Loss Protection Fee % 2.00%
First Loss Protection Fee 22,825.45
POLICY RECONCILIATION
Original Balance 351,379,110.20
Beginning Balance 340,576,413.41
Draws 0.00
Reimbursement of Prior Draws 0.00
--------------
Ending Balance 340,576,413.41
==============
Adjusted Ending Balance Based Upon Required Balance 328,998,833.94
==============
Required Balance 328,998,833.94
PAYAHEAD RECONCILIATION
Beginning Balance 30,170.46
Deposit 28,117.04
Payahead Interest 98.96
Withdrawal 22,724.24
Ending Balance 35,662.22
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
- --------------------- ------ ------- --------- --------
1 Payment 289 3,523,648.40 42,303.30 46,454.85
2 Payments 58 728,851.57 18,345.63 18,973.81
3 Payments 0 0.00 0.00 0.00
--- ------------ --------- ---------
Total 347 4,252,499.97 60,648.93 65,428.66
=== ============ ========= =========
Percent Delinquent 1.436% 1.290%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 728,851.57 329,556,487.68 0.22%
1st Previous 63,000.01 339,863,385.79 0.02%
2nd Previous 0.00 0.00 0.00%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 65,237.77 7,275.08 334,709,936.74 0.21%
1st Previous 43,909.36 320.81 345,621,248.00 0.15%
2nd Previous 0.00 0.00 0.00 0.00%
Gross Cumulative Charge Offs 109,147.13 Net Cumulative Loss
Percentage 0.03%
Gross Liquidation Proceeds 6,981.61
Number of Repossessions 5
Number of Inventoried Autos EOM 4
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 1,890,880.34 329,556,487.68 6.89%
1st Previous 578,504.51 339,863,385.79 2.04%
2nd Previous 0.00 0.00 0.00%
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:11/5/98 /s/ NANCY MELTABARGER
---------------------
NANCY MELTABARGER
FINANCE OFFICER
