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Previous: OPPENHEIMER EUROPE FUND, 497, 1999-03-23 |
Next: AEI INCOME & GROWTH FUND 23 LLC, SB-2/A, 1999-03-23 |
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): March 8, 1999
UACSC 1998-D AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-52101-03 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-D Auto Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Pooling and
Servicing Agreement dated as of November 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
February 28, 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-D Auto Trust,
for and on behalf of UACSC 1998-D Auto Trust.
UACSC 1998-D Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: March 22, 1999
-----------------------------------
Melanie S. Otto
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1998-D Auto Trust Monthly Servicer's Certificate Report for
February 28, 1999
-3-
UACSC 99-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 2/28/99
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION DOLLARS
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 58,925,000.00 60,250,000.00 75,800,000.00 36,450,000.00 44,488,594.18
Beginning Period Principal Balance 34,279,447.78 60,250,000.00 75,800,000.00 36,450,000.00 44,488,594.18
Principal Collections - Scheduled Payments 3,338,333.26 - - - -
Principal Collections - Payoffs 3,015,424.84 - - - -
Principal Withdrawal from Payahead 1,040.14 - - - -
Gross Principal Charge Offs 432,944.06 - - - -
Repurchases 4,673.41 - - - -
------------- ------------- ------------- ------------- -------------
Ending Balance 27,487,032.07 60,250,000.00 75,800,000.00 36,450,000.00 44,488,594.18
============= ============= ============= ============= =============
Certificate Factor 0.4664749 1.0000000 1.0000000 1.0000000 1.0000000
Pass Through Rate 5.3630% 5.6250% 5.7500% 5.810% 5.960%
</TABLE>
PRINCIPAL BALANCE RECONCILIATION NUMBERS
TOTAL CLASS A's
-------------- ------
Original Principal Balance 275,913,594.18 19,733
Beginning Period Principal Balance 251,268,041.96 18,557
Principal Collections - Scheduled Payments 3,338,333.26
Principal Collections - Payoffs 3,015,424.84 296
Principal Withdrawal from Payahead 1,040.14
Gross Principal Charge Offs 432,944.06 35
Repurchases 4,673.41 1
-------------- ------
Ending Balance 244,475,626.25 18,225
============== ======
Certificate Factor 0.8860586
Pass Through Rate 5.6818%
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 6,360,417.48
Interest Wired 2,280,815.33
Withdrawal from Payahead Account 1,657.61
Repurchases (Principal and Interest) 4,845.96
Charge Off Recoveries 10,235.55
Interest Advances 55,814.58
Certificate Account Interest Earned 21,670.33
Spread Account Withdrawal -
Class A Policy Draw for Class A Principal or Interest -
--------------
Total Cash Flow 8,735,456.84
==============
TRUSTEE DISTRIBUTION (3/8/99)
Total Cash Flow 8,735,456.84
Unrecovered Advances on Defaulted Receivables 13,697.87
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Certificateholders 142,987.19
Interest to Class A-2 Certificateholders 282,421.88
Interest to Class A-3 Certificateholders 363,208.33
Interest to Class A-4 Certificateholders 176,478.75
Interest to Class A-5 Certificateholders 220,960.02
Principal to Class A-1 Certificateholders 6,792,415.71
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 24,719.20
Interest Advance Recoveries from Payments 40,158.62
Unreimbursed draws on Class A's Policy for Class A Principal
or Interest -
Deposit to Payahead 7,138.17
Certificate Account Interest to Servicer 21,670.33
Payahead Account Interest to Servicer 63.20
Excess 649,537.57
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 209,390.03
SPREAD ACCOUNT RECONCILIATION
Original Balance -
Beginning Balance 3,247,993.69
Trustee Distribution of Excess 649,537.57
Interest Earned 10,338.38
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer -
--------------
Ending Balance 3,907,869.64
==============
Required Balance 4,138,703.91
<PAGE>
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 12,416,111.74
Beginning Balance 8,059,068.20
Reduction Due to Spread Account (659,875.95)
Reduction Due to Principal Reduction (305,658.71)
--------------
Ending Balance 7,093,533.54
==============
First Loss Protection Required Amount 7,093,533.54
First Loss Protection Fee % 2.00%
First Loss Protection Fee 11,034.39
POLICY RECONCILIATION
Original Balance 275,913,594.18
Beginning Balance 249,464,845.29
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 249,464,845.29
==============
Adjusted Ending Balance Based Upon Required Balance 241,963,202.82
==============
Required Balance 241,963,202.82
PAYAHEAD RECONCILIATION
Beginning Balance 17,062.55
Deposit 7,138.17
Payahead Interest 63.20
Withdrawal 1,657.61
--------------
Ending Balance 22,606.31
==============
<PAGE>
CURRENT DELINQUENCY
<TABLE>
<CAPTION>
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
<C> <C> <C> <C> <C>
1 Payment 297 3,698,503.71 50,132.02 42,885.07
2 Payments 98 1,229,879.18 33,820.99 28,898.47
3 Payments 41 622,672.95 22,541.42 21,567.58
--- ------------ ---------- ---------
Total 436 5,551,055.84 106,494.43 93,351.12
=== ============ ========== =========
Percent Delinquent 2.392% 2.271%
</TABLE>
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 1,852,552.13 244,475,626.25 0.76%
1st Previous 1,711,416.01 251,268,041.96 0.68%
2nd Previous 734,978.30 257,510,531.15 0.29%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 432,944.06 10,235.55 247,871,834.11 2.05%
1st Previous 89,012.01 5,053.68 254,389,286.56 0.40%
2nd Previous 36,204.19 356.98 261,535,686.91 0.16%
Gross Cumulative Charge Offs 584,769.48 Net Cumulative Loss Percentage
Gross Liquidation Proceeds 16,027.13 0.21%
Number of Repossessions 28
Number of Inventoried Autos EOM 31
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 710,595.43 244,475,626.25 3.49%
1st Previous 1,311,627.81 251,268,041.96 6.26%
2nd Previous 1,387,820.04 257,510,531.15 6.47%
3rd Previous 611,309.44 265,560,842.66 2.76%
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: 3/4/99 /s/ Ashley Vukovits
------------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
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