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): January 8, 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
December 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: January 25, 1999 /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
December 31, 1998
-3-
UACSC 98-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 12/31/98
<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 19,314,771.48 110,900,000.00 74,675,000.00 72,575,000.00 43,429,110.20
Principal Collections - Scheduled Payments 4,163,368.05 - - - -
Principal Collections - Payoffs 3,452,163.54 - - - -
Principal Withdrawal from Payahead 3,999.17 - - - -
Gross Principal Charge Offs 480,510.55 - - - -
Repurchases 9,394.23 - - - -
------------- -------------- ------------- ------------- -------------
Ending Balance 11,205,335.94 110,900,000.00 74,675,000.00 72,575,000.00 43,429,110.20
============= ============== ============= ============= =============
Certificate Factor 0.2250067 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 320,893,881.69 23,730
Principal Collections - Scheduled Payments 4,163,368.05
Principal Collections - Payoffs 3,452,163.54 362
Principal Withdrawal from Payahead 3,999.17
Gross Principal Charge Offs 480,510.55 35
Repurchases 9,394.23 1
-------------- ------
Ending Balance 312,784,446.15 23,332
============== ======
Certificate Factor 0.8901623
Pass Through Rate 5.4872%
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 7,630,210.23
Interest Wired 3,117,181.70
Withdrawal from Payahead Account 6,127.93
Repurchases (Principal and Interest) 9,770.00
Charge Off Recoveries 12,239.22
Interest Advances 74,661.71
Certificate Account Interest Earned 30,587.25
Spread Account Withdrawal -
Class A Policy Draw for Class A Principal or Interest -
--------------
Total Cash Flow 10,880,778.04
==============
TRUSTEE DISTRIBUTION (1/8/99)
Total Cash Flow 10,880,778.04
Unrecovered Advances on Defaulted Receivables 15,373.86
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Certificateholders 91,924.31
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 8,109,435.54
Principal to Class A-2 Certificateholders -
Principal to Class A-3 Certificateholders -
Principal to Class A-4 Certificateholders -
Principal to Class A-5 Certificateholders -
Insurance Premium 35,014.48
Interest Advance Recoveries from Payments 39,772.62
Unreimbursed draws on Class A's Policy for Class A Principal -
Deposit to Payahead 16,496.06
Certificate Account Interest to Servicer 30,587.25
Payahead Account Interest to Servicer 271.07
Excess 1,164,534.57
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 267,411.57
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance -
Beginning Balance 4,209,667.39
Trustee Distribution of Excess 1,164,534.57
Interest Earned 15,553.60
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer (119,068.91)
--------------
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 11,032,791.99
Reduction Due to Spread Account (1,061,019.26)
Reduction Due to Principal Reduction (385,198.19)
--------------
Ending Balance 9,586,574.54
==============
First Loss Protection Required Amount 9,586,574.54
First Loss Protection Fee % 2.00%
First Loss Protection Fee 16,510.21
POLICY RECONCILIATION
Original Balance 351,379,110.20
Beginning Balance 318,460,774.57
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 318,460,774.57
==============
Adjusted Ending Balance Based Upon Required Balance 309,250,463.66
==============
Required Balance 309,250,463.66
PAYAHEAD RECONCILIATION
Beginning Balance 75,144.01
Deposit 16,496.06
Payahead Interest 271.07
Withdrawal 6,127.93
--------------
Ending Balance 85,783.21
==============
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
1 Payment 320 3,895,096.28 50,794.77 47,528.13
2 Payments 122 1,484,193.04 41,104.24 35,561.20
3 Payments 52 738,240.08 23,937.74 26,706.97
--- ------------ ---------- ----------
Total 494 6,117,529.40 115,836.75 109,796.30
=== ============ ========== ==========
Percent Delinquent 2.117% 1.956%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 2,222,433.12 312,784,446.15 0.71%
1st Previous 1,670,763.48 320,893,881.69 0.52%
2nd Previous 728,851.57 329,556,487.66 0.22%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 480,510.55 12,239.22 316,839,163.92 1.77%
1st Previous 34,078.58 1,725.48 325,225,184.69 0.12%
2nd Previous 65,237.77 7,275.08 334,709,936.74 0.21%
Gross Cumulative Charge Offs 623,736.26 Net Cumulative Loss Percentage
Gross Liquidation Proceeds 20,946.31 0.17%
Number of Repossessions 33
Number of Inventoried Autos EOM 32
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 1,236,448.18 312,784,446.15 4.74%
1st Previous 1,888,032.10 320,893,881.69 7.06%
2nd Previous 1,890,880.34 329,556,487.68 6.89%
3rd Previous 578,504.51 339,863,385.79 2.04%
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: 1/8/99 /s/ Ashley Vukovits
--------------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
