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 10, 1999
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
April 30, 1999 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: May 24, 1999
-----------------------------------
Melanie S. Otto
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1998-C Auto Trust Monthly Servicer's Certificate Report for
April 30, 1999
-3-
UACSC 98-C
UNION ACCEPTANCE CORPORATION
(Servicer)
Month Ending 4/30/99
<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 - 95,965,279.94 74,675,000.00 72,575,000.00 43,429,110.20
Principal Collections - Scheduled Payments - 3,909,197.56 - - -
Principal Collections - Payoffs - 4,193,234.43 - - -
Principal Withdrawal from Payahead - 1,555.54 - - -
Gross Principal Charge Offs - 775,399.35 - - -
Repurchases - - - - -
------------- ------------- ------------- ------------- -------------
Ending Balance - 87,085,893.06 74,675,000.00 72,575,000.00 43,429,110.20
============= ============= ============= ============= =============
Certificate Factor - 0.7852650 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 286,644,390.15 21,901
Principal Collections - Scheduled Payments 3,909,197.56
Principal Collections - Payoffs 4,193,234.43 476
Principal Withdrawal from Payahead 1,555.54
Gross Principal Charge Offs 775,399.35 57
Repurchases - 0
-------------- ------
Ending Balance 277,765,003.27 21,368
============== ======
Certificate Factor 0.7904995
Pass Through Rate 5.4872%
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 8,107,083.05
Interest Wired 2,795,985.90
Withdrawal from Payahead Account 2,398.50
Repurchases (Principal and Interest) -
Charge Off Recoveries 279,252.95
Interest Advances 68,106.57
Certificate Account Interest Earned 27,961.82
Spread Account Withdrawal -
Class A Policy Draw for Class A
Principal or Interest -
--------------
Total Cash Flow 11,280,788.79
==============
TRUSTEE DISTRIBUTION (5/10/99)
Total Cash Flow 11,280,788.79
Unrecovered Advances on Defaulted Receivables 24,123.23
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Certificateholders -
Interest to Class A-2 Certificateholders 435,042.60
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 -
Principal to Class A-2 Certificateholders 8,879,386.88
Principal to Class A-3 Certificateholders -
Principal to Class A-4 Certificateholders -
Principal to Class A-5 Certificateholders -
Insurance Premium 30,091.21
Interest Advance Recoveries from Payments 35,515.45
Unreimbursed draws on Class A's Policy for
Class A Principal or Interest -
Deposit to Payahead 6,117.37
Certificate Account Interest to Servicer 27,961.82
Payahead Account Interest to Servicer 302.62
Excess 967,626.00
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 238,870.33
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance -
Beginning Balance 5,270,686.65
Trustee Distribution of Excess 967,626.00
Interest Earned 19,704.38
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer (987,330.38)
--------------
Ending Balance 5,270,686.65
==============
Required Balance 5,270,686.65
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 16,690,507.73
Beginning Balance 8,344,921.88
Reduction Due to Spread Account (0.00)
Reduction Due to Principal Reduction (421,770.88)
--------------
Ending Balance 7,923,151.00
==============
First Loss Protection Required Amount 7,923,151.00
First Loss Protection Fee % 2.00%
First Loss Protection Fee 13,205.25
POLICY RECONCILIATION
Original Balance 351,379,110.20
Beginning Balance 282,976,130.89
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 282,976,130.89
==============
Adjusted Ending Balance Based Upon Required Balance 274,042,851.15
==============
Required Balance 274,042,851.15
PAYAHEAD RECONCILIATION
Beginning Balance 79,088.11
Deposit 6,117.37
Payahead Interest 302.62
Withdrawal 2,398.50
--------------
Ending Balance 83,109.60
==============
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
1 Payment 309 3,748,461.74 56,304.09 39,984.43
2 Payments 129 1,741,183.88 44,920.60 38,732.88
3 Payments 59 787,754.49 30,820.36 25,587.32
--- ------------ ---------- ----------
Total 497 6,277,400.11 132,045.05 104,304.63
=== ============ ========== ==========
Percent Delinquent 2.326% 2.260%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
- ------- ------------ -------------- -----------
Current 2,528,938.37 277,765,003.27 0.91%
1st Previous 2,345,593.86 286,644,390.15 0.82%
2nd Previous 2,274,633.11 296,686,537.32 0.77%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 775,399.35 279,252.95 282,204,696.71 2.11%
1st Previous 656,554.32 300,704.29 291,665,463.74 1.46%
2nd Previous 672,645.81 266,604.23 300,644,646.64 1.62%
Gross Cumulative Charge Offs 3,451,627.12 Net Cumulative Loss Percentage
Gross Liquidation Proceeds 964,230.82 0.71%
Number of Repossessions 41
Number of Inventoried Autos EOM 81
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 1,033,684.67 277,765,003.27 4.47%
1st Previous 1,368,591.04 286,644,390.15 5.73%
2nd Previous 960,826.95 296,686,537.32 3.89%
3rd Previous 1,061,841.48 304,602,755.96 4.18%
4th Previous 1,236,448.18 312,784,446.15 4.74%
5th Previous 1,888,032.10 320,893,881.69 7.06%
CURRENT
LEVEL TRIGGER STATUS
----- ------- ------
Six Month Average Excess Yield 5.01% 1.50% OK
Trigger Hit in Current or any Previous Month NO
DATE: 5/10/99 /s/ Ashley Vukovits
--------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
