<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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- --------------------------------------------------------------------------------
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): February 16, 1999
-----------------
FIRST SECURITY AUTO OWNER TRUST 1999-1
(Exact name of registrant as specified in its charter)
United States of America 333-70003 87-6242432
- ------------------------- ------------------------ ------------------
(State or other (Commission File Number) (I.R.S. employer
Jurisdiction of Identification No.)
Incorporation)
79 South Main Street
Salt Lake City, Utah 84111
(Address of principal executive offices)
------------------------------------------
Registrant's telephone number, including area code: 801-246-5976
Page 1 of 4
Exhibit Index appears on Page 4
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<PAGE>
ITEM 5. OTHER EVENTS
On February 16, 1999, the registrant made available to prospective
investors a series term sheet setting forth a description of the collateral pool
and the proposed structure of $170,000,000.00 aggregate principal amount of
Class A-1 ___% Asset Backed Notes, $300,800,000.00 aggregate principal amount of
Class A-2 ___% Asset Backed Notes, $240,000,000.00 aggregate principal amount of
Class A-3 ___% Asset Backed Notes, $252,000,000.00 aggregate principal amount of
Class A-3 ___% Asset Backed Notes and $45,347,000.00 aggregate principal amount
of Class B ___% Asset Backed Notes of First Security Auto Owner Trust 1999-1.
The term sheet is attached hereto as Exhibit 99.
EXHIBIT 99 The following is filed as an Exhibit to this Report under Exhibit
99.
Term Sheet dated February 16, 1999, with respect to the
proposed issuance of the Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, Class A-4 Notes and Class B Notes of First
Security Auto Owner Trust 1999-1.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
FIRST SECURITY AUTO OWNER TRUST
1999-1
(Registrant)
Dated: February 16, 1999 By: First Security Bank, N.A.,
as administrator
By:
--------------------------------
Name: Brad D. Hardy
Title: Executive Vice President and
Chief Financial Officer
<PAGE>
INDEX TO EXHIBITS
Sequentially
Exhibit Number Exhibit Numbered Page
- --------------- ---------------------------------------- -------------
99 Term Sheet dated as of February 16, 1999 5
<PAGE>
SUBJECT TO REVISION - TERM SHEET DATED FEBRUARY 16, 1999
EXHIBIT 99
$1,008,147,000.00
$170,000,000.00 CLASS A-1 ___% ASSET BACKED NOTES
$300,800,000.00 CLASS A-2 ___% ASSET BACKED NOTES
$240,000,000.00 CLASS A-3 ___% ASSET BACKED NOTES
$252,000,000.00 CLASS A-4 ___% ASSET BACKED NOTES
$ 45,347,000.00 CLASS B ___% ASSET BACKED NOTES
FIRST SECURITY-Registered Trademark- AUTO OWNER TRUST 1999-1
ISSUER
FIRST SECURITY BANK-Registered Trademark-, N.A.
SELLER AND SERVICER
Attached is a preliminary term sheet (the "TERM SHEET") describing the
structure, collateral pool and certain aspects of the First Security-Registered
Trademark- Auto Owner Trust 1999-1 (the "TRUST"). The information contained in
the attached Term Sheet is referred to as the "INFORMATION".
The attached Term Sheet has been prepared with the cooperation of First Security
Bank, N.A. (the "BANK"). Neither the underwriters, nor any of their affiliates,
makes any representation as to the accuracy or completeness of the Information.
The description of the collateral pool and other Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission. In addition, the attached Term Sheet supersedes any prior term
sheet.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, a final prospectus supplement relating
to the securities discussed in this communication has not been filed with the
Securities and Exchange Commission. A final prospectus supplement will be filed
after the securities have been priced and all of the terms and information are
finalized. This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
discussed in this communication in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication ("OFFERING
DOCUMENTS") for definitive Information on any matter discussed in this
communication. Any investment decision should be based on the data in the
Offering Documents and the then current version of the Information. Offering
Documents contain data that is current as of their publication dates and after
publication may no longer be complete or current. A final prospectus and
prospectus supplement may be obtained by contacting the J.P. Morgan Asset
Finance Group at (212) 648-4506.
Sales of the securities to be offered by the Trust may not be consummated unless
the purchaser has received the Offering Documents. The securities to be offered
by the Trust under the Offering Documents have not been approved or disapproved
by the Commission or any state securities commission; any representation to the
contrary is a criminal offense.
UNDERWRITERS OF THE CLASS A NOTES
J.P. MORGAN & CO.
CREDIT SUISSE FIRST BOSTON
FIRST SECURITY CAPITAL MARKETS, INC.
LEHMAN BROTHERS
UNDERWRITERS OF THE CLASS B NOTES
J.P. MORGAN & CO. FIRST SECURITY CAPITAL MARKETS, INC.
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<PAGE>
FIRST SECURITY-Registered Trademark- AUTO OWNER TRUST 1999-1
FIRST SECURITY BANK-Registered Trademark-, N.A., SELLER AND SERVICER
Subject to Revision
Term Sheet Dated February 16, 1999
Capitalized terms used below which are not defined have the meanings specified
in the Base Prospectus of First Security Bank-Registered
Trademark-, N.A. Dated January 20, 1999 and pertaining
to First Security-Registered Trademark- Auto Owner Trusts. A copy
of such Prospectus is available from the Securities and Exchange
Commission and by contacting the J.P. Morgan Asset Finance
Group at (212) 648-4506.
<TABLE>
<CAPTION>
<S> <C>
Issuer . . . . . . . . . . . . . . . . . . . . . First Security Auto Owner Trust 1999-1 (the
"TRUST" or the "ISSUER").
Indenture Trustee. . . . . . . . . . . . . . . . Bankers Trust Company will act as the Indenture
Trustee.
Owner Trustee. . . . . . . . . . . . . . . . . . Wilmington Trust Company will act as the Owner
Trustee.
The Notes. . . . . . . . . . . . . . . . . . . . The Notes offered hereby are:
1) Class A-1 ____% Asset Backed Notes in the
aggregate principal amount of $170,000,000.
2) Class A-2 ____% Asset Backed Notes in the
aggregate principal amount of $300,800,000.
3) Class A-3 ____% Asset Backed Notes in the
aggregate principal amount of $240,000,000.
4) Class A-4 ____% Asset Backed Notes in the
aggregate principal amount of $252,000,000.
5) Class B ____% Asset Backed Notes in the
aggregate principal amount of $45,347,000.
The Seller will retain a Class B Note in
the aggregate principal amount of $400.28,
which is not offered hereby.
Trust Property . . . . . . . . . . . . . . . . . The principal property of the Trust will
include, among other things: (i) a pool of
fixed rate motor vehicle installment sale
contracts and installment loans; (ii) all
monies due or received thereunder on and after
the Cutoff Date; (iii) security interests in
the Financed Vehicles; and (iv) amounts on
deposit in the Trust Accounts, including the
Reserve Account.
Terms of the Notes:
Distribution Dates . . . . . . . . . . . . . . . The 15th day of each month (or, if such day is
not a business day, the next succeeding
business day), beginning March 15, 1999.
Interest. . . . . . . . . . . . . . . . . . - The interest rate for each Class of Notes
is the fixed rate as
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<PAGE>
specified on the cover page of this Term
Sheet. Interest will be payable on all
Notes on each Distribution Date.
- Interest on the Class A-1 Notes and the
Class A-2 Notes will be calculated on the
basis of the actual number of days elapsed
from the last Distribution Date and a 360-day
year.
- Interest on the Class A-3 Notes, the Class
A-4 Notes and the Class B Notes will be
calculated on the basis of a 360-day year
of twelve 30-day months.
- Payments of interest on the Class B Notes
are subordinated to interest payments on
the Class A Notes as follows:
- On any Distribution Date, interest on
the Class B Notes will not be paid
until all accrued and unpaid interest
on the Class A Notes have been paid
in full.
- After an acceleration of the Notes
following an Event of Default, or if
any Notes remain outstanding
following the applicable Final
Scheduled Distribution Date, no
interest or principal will be paid on
the Class B Notes until all principal
and interest on the Class A Notes has
been paid in full.
Principal . . . . . . . . . . . . . . . . . - Principal on the Notes will be payable on
each Distribution Date in an aggregate
amount based on the amount of principal
collected on the Receivables during the
related Collection Period. Such payments
will be made, except as provided below, as
follows:
- first, 100% to the Class A-1 Notes
until the Class A-1 Notes are paid in
full; and
- second, approximately 94.5896% to the
Class A Notes until paid in full (all
of which shall be paid to the Class
A-2 Notes until paid in full, then to
the Class A-3 Notes until paid in
full and then to the Class A-4 Notes
until paid in full) and approximately
5.4104% to the Class B Notes until
paid in full.
- After the occurrence of a Gross Loss
Trigger Event, principal payments will be
made, except as provided below, as
follows:
- first, to the Class A Notes until
paid in full (all of which shall be
paid to the Class A-1 Notes until
paid in full, then to the Class A-2
Notes until paid in full, then to the
Class A-3 Notes until paid in full
and then to the Class A-4 Notes until
paid in full); and
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<PAGE>
- second, to the Class B Notes until
paid in full.
"CUMULATIVE GROSS LOSSES" shall equal, on
any Distribution Date, the aggregate
amount allocable to principal of all
Receivables which have been designated as
Liquidating Receivables on or after the
Cutoff Date and prior to such Distribution
Date.
"GROSS LOSS RATIO" means, on any
Distribution Date, an amount expressed as
a percentage, equal to the quotient of (i)
the Cumulative Gross Losses as of such
Distribution Date divided by (ii)
$1,008,147,400.28.
A "GROSS LOSS TRIGGER EVENT" shall occur
if, on any Distribution Date, the Gross
Loss Ratio exceeds 7%; provided, however,
that a Gross Loss Trigger Event will not
occur after the acceleration of the Notes
following an Event of Default or if any
Notes remain outstanding after the
applicable Final Scheduled Distribution
Date.
- In addition to the above, payments of
principal on the Class B Notes are
subordinated to payments of interest and
principal on the Class A Notes such that
after an acceleration of the Notes
following an Event of Default or if any
Notes remain outstanding following the
applicable Final Scheduled Distribution
Date:
- In lieu of the above, principal
payments will be made as follows:
- first, to the Class A
Noteholders ratably according to
the amount due and payable on
each class until all the Class A
Notes have been paid in full;
and
- second, to the Class B
Noteholders until the Class B
Notes have been paid in full.
- any amounts otherwise payable as
interest and principal on the Class B
Notes will be available to make
payments of principal on the Class A
Notes.
The outstanding principal amount, if any, of
each class of Notes will be payable in full on
the date set forth below. If any class of
Notes is not repaid in full on or prior to the
applicable Final Scheduled Distribution Date,
an Event of Default will occur. In addition,
in such event, no interest or principal will be
paid on the Class B Notes until all interest
and principal have been paid on the Class A
Notes.
-8-
<PAGE>
Final Scheduled
Distribution Dates. . . . . . . . . . . . NOTES FINAL SCHEDULED DISTRIBUTION DATE
----- ---------------------------------
Class A-1 Notes March 15, 2000
Class A-2 Notes April 15, 2002
Class A-3 Notes June 16, 2003
Class A-4 Notes June 15, 2004
Class B Notes March 15, 2005
Redemption. . . . . . . . . . . . . . . . . The Class A-4 Notes and the Class B Notes will
be redeemed in whole on any Distribution Date
if the Servicer exercises its option to
purchase from the Trust the Receivables and
other Trust Property. The Servicer may
exercise this option only if:
- the Aggregate Receivables Balance declines
to 10% or less of the Aggregate Starting
Receivables Balance;
- the aggregate of the Repurchase Amount of
the Receivables (other than Liquidating
Receivables) is greater than or equal to
the sum of the outstanding principal
balance of all Notes, plus accrued and
unpaid interest thereon; and
- the Class A-1 Notes, the Class A-2 Notes
and the Class A-3 Notes have been paid in
full.
The redemption price will be equal to the
unpaid principal amount of the Class A-4 Notes
and the Class B Notes, plus accrued and unpaid
interest thereon.
Voting Rights . . . . . . . . . . . . . . . If the Offering Documents specify certain
circumstances under which a specified
percentage in principal amount of the
outstanding Notes must consent, approve, direct
or request an action, such action shall be
valid only if such specified percentage in
principal amount of all outstanding Class A
Notes (or, if no Class A Notes remain
outstanding, all of the outstanding Class B
Notes) voting together as a single class have
voted to give such consent, approval,
direction, request or notice or take such
action.
Any Notes held by the Seller will not be deemed
outstanding and shall be disregarded when a
vote is taken.
Subordination . . . . . . . . . . . . . . . The Class B Notes are subordinated to the Class
A Notes. This provides additional credit
enhancement for the Class A Notes.
- No interest will be paid on the Class B
Notes on any Distribution Date until all
accrued and unpaid interest on the Class A
Notes has been paid in full.
- After the occurrence of a Gross Loss
Trigger Event,
- no principal will be paid on the
Class B Notes until all principal
owed on the Class A Notes has been
paid in full; and
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<PAGE>
- amounts otherwise payable as
principal on the Class B Notes will
be available to make payments of
principal on the Class A Notes.
- After an acceleration of the Notes
following an Event of Default or if any of
the Notes remain outstanding on and after
the applicable Final Scheduled
Distribution Date,
- no principal or interest will be paid
on the Class B Notes until all
principal and interest owed on the
Class A Notes has been paid in full;
and
- amounts otherwise payable as interest
and principal on the Class B Notes
will be available to make payments of
principal on the Class A Notes.
Reserve Account . . . . . . . . . . . . . . Funds on deposit in the Reserve Account will be
available on each Distribution Date to cover
shortfalls in distributions of interest and
principal on the Notes due to delinquencies and
defaults on the Receivables. Amounts in the
Reserve Account will also be available to pay
servicing fees.
The Reserve Account will be funded as follows:
- On the Closing Date, the Seller will
deposit the Reserve Account Initial
Deposit of $25,203,685.01 into the
Reserve Account.
- On each Distribution Date, any collections
on the Receivables remaining after
providing for all required payments to
holders of the Notes, the payment of the
Total Servicing Fee and reimbursement of
Outstanding Advances will be deposited in
the Reserve Account.
On each Distribution Date, any amount in the
Reserve Account in excess of the Specified
Reserve Account Balance will be paid to the
Certificateholders (which will initially be the
Seller). The Noteholders will have no further
rights to any amounts paid to the
Certificateholders from the Reserve Account.
The "SPECIFIED RESERVE ACCOUNT BALANCE" for any
Distribution Date will equal 4.5% of the
Aggregate Receivables Balance as of the last
day of the related Collection Period. However,
the Specified Reserve Account Balance will be
calculated as 9.0% of the Aggregate Receivables
Balance for any Distribution Date (beginning on
June 15, 1999) on which the Average Net Loss
Ratio exceeds 1.50% or the Average Delinquency
Ratio exceeds 1.25%. In no event will the
Specified Reserve Account Balance be less than
the lesser of (i) $20,162,948.01 and (ii) the
aggregate outstanding principal amount of the
Notes. We may change this definition without
your consent so long as the change does not
cause the ratings of the Notes to be reduced or
withdrawn.
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<PAGE>
Tax Status. . . . . . . . . . . . . . . . . As described in the Offering Documents, in the
opinion of Kirkland & Ellis, special tax
counsel to the Seller, the Trust will not be
classified as an association (or publicly
traded partnership) taxable as a corporation
and the Notes will be characterized as debt.
Prospective investors should consult their own
tax advisors to determine the federal, state,
local, and other tax consequences of the
purchase, ownership and disposition of the
Notes. Prospective investors should note that
no rulings have been or will be sought from the
Internal Revenue Service (the "IRS") with
respect to any of the federal income tax
consequences discussed herein and no assurance
can be given that the IRS will not take a
contrary position.
ERISA Considerations. . . . . . . . . . . . As described in the Offering Documents, the
Notes may be purchased by employee benefit
plans that are subject to the Employee
Retirement Income Security Act of 1974, as
amended ("ERISA"), upon satisfaction of certain
conditions described therein. Any benefit plan
fiduciary considering a purchase of Notes
should, among other things, consult with
experienced legal counsel in determining
whether all required conditions have been
satisfied.
Legal Investment. . . . . . . . . . . . . . The Class A-1 Notes will be eligible securities
for purchase by money market funds under
paragraph (a)(9) of Rule 2a-7 under the
Investment Company Act of 1940, as amended.
Ratings . . . . . . . . . . . . . . . . . . We will not issue the Notes unless (1) the
Class A-1 Notes are rated in the highest
short-term rating category, (2) the Class A-2
Notes, the Class A-3 Notes and the Class A-4
Notes are rated in the highest long-term rating
category and (3) the Class B Notes are rated at
least investment grade, in each case by at
least two nationally recognized statistical
rating agencies (the "RATING AGENCIES"). After
the Notes are issued, any ratings may be
lowered or withdrawn by the applicable Rating
Agency.
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</TABLE>
<PAGE>
THE RECEIVABLES
SELECTION CRITERIA
Approximately 98.16% of the Aggregate Receivables Balance of Motor Vehicle
Loans were originated by the Seller through Dealers in the ordinary course of
the Seller's business and in accordance with Seller's underwriting standards;
the remainder of the Motor Vehicle Loans were made directly by the Seller to the
Obligors in accordance with the Seller's underwriting standards. The Seller
will warrant in the Agreement that all the Receivables have the following
individual characteristics, among others: (i) the obligation of the related
Obligor under each Receivable is secured by a security interest in either a new
or used automobile or light truck; (ii) each Receivable has a contractual
interest rate ("CONTRACT RATE") of at least 6% and not more than 30%; (iii) each
Receivable had a remaining maturity, as of the Cutoff Date, of not less than 6
months and not more than 67 months; (iv) each Receivable had a remaining
principal balance of not less than $100 and not more than $86,000 as of the
Cutoff Date; (v) no Receivable was more than 29 days past due as of the Cutoff
Date; (vi) no Financed Vehicle had been repossessed as of the Cutoff Date; (vii)
each Receivable is a Simple Interest Receivable (as described below); (viii) the
Dealer of the Financed Vehicle, if any, has no participation in, or other right
to receive, any proceeds of the Receivable and (ix) each Receivable was
originated on or after February 8, 1993. No procedures adverse to Noteholders
were used by the Seller in selecting the Receivables to be transferred to the
Trust on the Closing Date. All terms of the retail motor vehicle installment
sale contracts and installment loans constituting the Receivables which are
material to the Noteholders are described in the Prospectus.
CERTAIN CHARACTERISTICS
As of the Cutoff Date, approximately 36.40% of the Aggregate Receivables
Balance was attributable to loans for purchases of new Financed Vehicles and
approximately 63.60% of the Aggregate Receivables Balance was attributable to
loans for purchases of used Financed Vehicles.
The composition, distribution by Contract Rate and distribution by
remaining term of the Receivables as of the Cutoff Date are set forth in the
following tables. Due to rounding, the percentages shown in these tables may
not add to 100.00%.
COMPOSITION OF THE RECEIVABLES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
WEIGHTED AVERAGE
CONTRACT RATE OF AGGREGATE NUMBER OF AVERAGE WEIGHTED AVERAGE WEIGHTED AVERAGE
RECEIVABLES RECEIVABLES BALANCE RECEIVABLES IN POOL RECEIVABLE BALANCE ORIGINAL TERM REMAINING TERM
------------------ --------------------- ------------------- ------------------ ----------------- ----------------
9.931% $1,008,147,400.28 73,355 $ 13,743.40 64.12 mos. 57.84 mos.
</TABLE>
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<PAGE>
DISTRIBUTION BY CONTRACT RATE OF THE RECEIVABLES
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF AGGREGATE
CONTRACT RATE RANGE RECEIVABLES RECEIVABLES BALANCE RECEIVABLES BALANCE
------------------- -------------- -------------------- ---------------------
<S> <C> <C> <C>
6.00-6.99% . . . . . . . . . 3,187 $ 51,833,138.80 5.14%
7.00-7.99% . . . . . . . . . 9,436 $ 153,231,031.60 15.20%
8.00-8.99% . . . . . . . . . 13,913 $ 213,686,166.78 21.20%
9.00-9.99% . . . . . . . . . 15,593 $ 224,205,505.42 22.24%
10.00-10.99% . . . . . . . . 10,107 $ 134,144,742.13 13.31%
11.00-11.99% . . . . . . . . 6,347 $ 78,018,824.26 7.74%
12.00-12.99% . . . . . . . . 5,425 $ 62,173,100.07 6.17%
13.00-13.99% . . . . . . . . 2,945 $ 34,097,170.62 3.38%
14.00-14.99% . . . . . . . . 1,936 $ 19,271,939.52 1.91%
15.00-15.99% . . . . . . . . 1,579 $ 14,458,068.72 1.43%
16.00-16.99% . . . . . . . . 893 $ 8,177,537.41 0.81%
17.00-17.99% . . . . . . . . 507 $ 4,717,614.35 0.47%
18.00-18.99% . . . . . . . . 732 $ 5,291,873.10 0.52%
19.00-19,99% . . . . . . . . 279 $ 2,057,017.79 0.20%
20.00-20.99% . . . . . . . . 102 $ 822,695.86 0.08%
21.00-21.99% . . . . . . . . 208 $ 1,093,174.59 0.11%
22.00-22.99% . . . . . . . . 53 $ 363,912.43 0.04%
23.00-23.99% . . . . . . . . 32 $ 171,398.70 0.02%
24.00-24.99% . . . . . . . . 36 $ 156,346.49 0.02%
25.00-25.99% . . . . . . . . 27 $ 125,649.69 0.01%
26.00-26.99% . . . . . . . . 9 $ 27,839.75 0.00%
27.00-27.99% . . . . . . . . 1 $ 1,197.92 0.00%
28.00-28.99% . . . . . . . . 4 $ 9,091.35 0.00%
29.00-29.99% . . . . . . . . 4 $ 12,380.90 0.00%
-------------- -------------------- -----------------
Total . . . . . . . . . 73,355 $ 1,008,147,400.28 100.0%
-------------- -------------------- -----------------
-------------- -------------------- -----------------
</TABLE>
DISTRIBUTION BY REMAINING TERM OF THE RECEIVABLES
<TABLE>
<CAPTION>
PERCENTAGE OF
REMAINING TERM NUMBER OF AGGREGATE
(MONTHS) RECEIVABLES RECEIVABLE BALANCE RECEIVABLES BALANCE
- ------------------ -------------- -------------------- ----------------------
<S> <C> <C> <C>
1-12 . . . . . . . . . . . . . 1,428 $ 3,644,246.05 0.36%
13-24 . . . . . . . . . . . . . 2,709 $ 11,590,537.31 1.15%
25-36 . . . . . . . . . . . . . 5,211 $ 38,022,562.77 3.77%
37-48 . . . . . . . . . . . . . 9,193 $ 91,260,525.24 9.05%
49-60 . . . . . . . . . . . . . 29,814 $ 433,331,260.18 42.98%
61-66 . . . . . . . . . . . . . 21,496 $ 364,888,904.91 36.19%
67 . . . . . . . . . . . . . . 3,504 $ 65,409,363.82 6.49%
---------- -------------------- ---------------
Total . . . . . . . . . . 73,355 $ 1,008,147,400.28 100.0%
---------- -------------------- ---------------
---------- -------------------- ---------------
</TABLE>
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<PAGE>
GEOGRAPHIC DISTRIBUTION OF THE RECEIVABLES
The following table sets forth the percentage of the Aggregate Receivables
Balance of the Receivables in the states with the largest concentration of
Receivables. No other state accounts for more than 1.0% of the Aggregate
Receivables Balance of the Receivables.
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE
STATE RECEIVABLES BALANCE
----- -------------------
<S> <C>
Washington . . . . . . . . . . 26.57%
Idaho . . . . . . . . . . . . 20.71%
Utah . . . . . . . . . . . . . 19.99%
Oregon . . . . . . . . . . . . 10.20%
Nevada . . . . . . . . . . . . 8.74%
Montana . . . . . . . . . . . 4.19%
California . . . . . . . . . . 3.93%
Wyoming . . . . . . . . . . . 1.39%
South Dakota . . . . . . . . . 1.37%
</TABLE>
PAYMENTS ON THE RECEIVABLES
All Receivables provide for the allocation of payments according to the
"Simple Interest" method (each a "SIMPLE INTEREST RECEIVABLE"). A Simple
Interest Receivable provides for the amortization of the amount financed under
the Receivable over a series of fixed level months payments (except that the
last such payment may be different). However, each monthly payment consists of
an installment of interest which is calculated on the basis of the Receivable
Balance multiplied by the stated Contract Rate and further multiplied by the
period elapsed (as a fraction of a calendar year) since the preceding payment of
interest was made. As payments are received under a Simple Interest Receivable
the amount received is applied first to interest accrued and unpaid to the date
of payment and the balance is applied to reduce the unpaid Receivable Balance of
the Receivables. Accordingly, if an Obligor pays a fixed monthly installment
before its schedule date, the portion of the payment allocable to interest for
the period since the preceding payment was made will be less than it would have
been had the payment been made as scheduled, and the portion of the payment
applied to reduce the unpaid principal balance will be correspondingly greater,
thereby having the effect of a prepayment. Conversely, if an Obligor pays a
fixed monthly installment after its scheduled due date, the portion of the
payment allocable to interest for the period since the preceding payment was
made will be greater than it would have been had the payment been made as
scheduled, and the portion of the payment applied to reduce the unpaid principal
balance will be correspondingly less. In either case, the Obligor pays a fixed
monthly installment until the final scheduled payment date, at which time the
amount of the final installment is increased or decreased as necessary to repay
the Receivable Balance as of such date.
The Receivables are prepayable at any time. Prepayments may also result
from liquidations due to default, the receipt of monthly installments earlier
than the scheduled due dates for such installments, the receipt of proceedings
from credit life, disability, theft or physical damage, insurance, repurchases
by the Seller as a result of certain uncured breaches of the warranties made by
it in the Sale and Servicing Agreement with respect to the Receivables,
purchases by the Servicer as a result of certain uncured breaches of the
covenants made by it in the Sale and Servicing Agreement with respect to the
Receivables, or the Servicer exercising its option to purchase all of the
remaining Receivables. Prepayments on the Receivables may be influenced by a
variety of economic, social, and other factors, including decreases in interest
rates and the fact that an Obligor may not sell or transfer the Financed Vehicle
securing a Receivable without the consent of the Seller.
-14-
<PAGE>
WEIGHTED AVERAGE LIFE OF THE NOTES
Prepayments on automotive receivables can be measured relative to a
prepayment standard or model. The model used in this Prospectus Supplement, the
Absolute Prepayment Model (the "MODEL"), is based on an assumed rate of
prepayment (the "ABS") each month relative to the original number of receivables
in a pool of receivables. The Model further assumes that all the receivables
are the same size and amortize at the same rate and that each receivable in each
month of its life will either be paid as scheduled or be prepaid in full. For
example, in a pool of receivables originally containing 10,000 receivables, a 1%
ABS rate means that 100 receivables prepay each month. ABS does not purport to
be an historical description of prepayment experience or a prediction of the
anticipated rate of prepayment of any pool of receivables, including the
Receivables.
As the rate of payment of principal of each class of Notes will depend on
the rate of payment (including prepayments) of the principal balance of the
Receivables and the final payment in respect of any class of Notes could occur
significantly earlier than the respective Final Scheduled Distribution Dates.
Reinvestment risk associated with early payment of the Notes will be borne
exclusively by the Noteholders.
The table on the following pages captioned "Percent of Initial Principal
Balance at Various ABS Percentages" (the "ABS TABLE") has been prepared on the
basis of the characteristics of the Receivables, as described below. The ABS
Table assumes that (i) the Receivables prepay in full at the specified constant
percentage of ABS monthly, with no defaults, losses or repurchases, (ii) each
scheduled monthly payment on the Receivables is made on the last day of each
month and each month has 30 days, (iii) distributions on the Notes are made on
each Distribution Date (and each such date is assumed to be the fifteenth day of
each applicable month) and (iv) the Servicer does not exercise its option to
purchase the Receivables. The pool has an assumed cutoff date of January 25,
1999. The ABS Table indicates the projected weighted average life of each class
of Notes and sets forth the percent of the initial principal balance of each
class of the Notes that is projected to be outstanding after payments are made
on each of the Distribution Dates shown at various constant ABS percentages.
The ABS Table also indicates the month in which the Servicer can exercise its
optional clean-up call and the associated projected average weighted life.
The ABS Table also assumes that the Receivables have been aggregated into a
hypothetical pool, with all of the Receivables within the pool having the
following characteristics and that the level scheduled monthly payment (which is
based on its Aggregate Receivables Balance, annual percentage rate ("APR"),
original term to maturity and remaining term to maturity as of the Cutoff Date)
will be such that the pool will be fully amortized by the end of its remaining
term to maturity.
<TABLE>
<CAPTION>
AGGREGATE ORIGINAL TERM REMAINING TERM
RECEIVABLES BALANCE APR TO MATURITY (MOS.) TO MATURITY (MOS.)
- ---------------------- ----- ------------------ ------------------
<S> <C> <C> <C>
$1,008,147,400.28 9.931% 64 58
</TABLE>
-15-
<PAGE>
The actual characteristics and performance of the Receivables will differ
from the assumptions used in constructing the ABS Table. The assumptions used
are hypothetical and have been provided only to give a general sense of how the
principal cash flows might behave under varying prepayment scenarios. For
example, it is very unlikely that the Receivables will prepay at a constant
level of ABS until maturity or that all of the Receivables will prepay at the
same level of ABS. Moreover, the diverse terms of receivables within the
hypothetical pool could produce slower or faster principal distributions than
indicated in the ABS Table at the various constant percentages of ABS specified,
even if the original and remaining terms to maturity of the Receivables are as
assumed. Any difference between such assumptions and the actual characteristics
and performance of the Receivables, or actual prepayment experience, will affect
the percentages of initial amounts outstanding over time and the weighted
average lives of each class of the Notes.
-16-
<PAGE>
PERCENT OF INITIAL PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES
<TABLE>
<CAPTION>
CLASS A NOTES
-----------------------------------------------------------------------------
DISTRIBUTION DATE CLASS A-1 NOTES CLASS A-2 NOTES
- --------------------- ------------------------------------- -------------------------------------
0.0% 1.2% 1.5% 1.8% 0.0% 1.2% 1.5% 1.8%
------ ------ ------ ------- ------- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Closing Date . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
3/15/99. . . . . . . 91.99 84.43 82.35 80.19 100.00 100.00 100.00 100.00
4/15/99. . . . . . . 83.92 69.00 64.90 60.63 100.00 100.00 100.00 100.00
5/15/99. . . . . . . 75.78 53.71 47.65 41.34 100.00 100.00 100.00 100.00
6/15/99. . . . . . . 67.57 38.57 30.61 22.32 100.00 100.00 100.00 100.00
7/15/99. . . . . . . 59.29 23.58 13.77 3.57 100.00 100.00 100.00 100.00
8/15/99. . . . . . . 50.95 8.74 0.00 0.00 100.00 100.00 98.48 92.03
9/15/99. . . . . . . 42.53 0.00 0.00 0.00 100.00 96.82 89.70 82.30
10/15/99 . . . . . . 34.05 0.00 0.00 0.00 100.00 89.06 81.05 72.72
11/15/99 . . . . . . 25.50 0.00 0.00 0.00 100.00 81.37 72.51 63.29
12/15/99 . . . . . . 16.87 0.00 0.00 0.00 100.00 73.77 64.09 54.01
1/15/00. . . . . . . 8.18 0.00 0.00 0.00 100.00 66.26 55.79 44.90
2/15/00. . . . . . . 0.00 0.00 0.00 0.00 99.68 58.84 47.61 35.94
3/15/00. . . . . . . 0.00 0.00 0.00 0.00 94.96 51.50 39.56 27.14
4/15/00. . . . . . . 0.00 0.00 0.00 0.00 90.19 44.26 31.63 18.50
5/15/00. . . . . . . 0.00 0.00 0.00 0.00 85.39 37.10 23.84 10.03
6/15/00. . . . . . . 0.00 0.00 0.00 0.00 80.55 30.04 16.17 1.73
7/15/00. . . . . . . 0.00 0.00 0.00 0.00 75.66 23.07 8.63 0.00
8/15/00. . . . . . . 0.00 0.00 0.00 0.00 70.74 16.20 1.22 0.00
9/15/00. . . . . . . 0.00 0.00 0.00 0.00 65.77 9.43 0.00 0.00
10/15/00 . . . . . . 0.00 0.00 0.00 0.00 60.76 2.75 0.00 0.00
11/15/00 . . . . . . 0.00 0.00 0.00 0.00 55.72 0.00 0.00 0.00
12/15/00 . . . . . . 0.00 0.00 0.00 0.00 50.63 0.00 0.00 0.00
1/15/01. . . . . . . 0.00 0.00 0.00 0.00 45.50 0.00 0.00 0.00
2/15/01. . . . . . . 0.00 0.00 0.00 0.00 40.32 0.00 0.00 0.00
3/15/01. . . . . . . 0.00 0.00 0.00 0.00 35.10 0.00 0.00 0.00
4/15/01. . . . . . . 0.00 0.00 0.00 0.00 29.84 0.00 0.00 0.00
CLASS A NOTES
-----------------------------------------------------------------------------
DISTRIBUTION DATE CLASS A-3 NOTES CLASS A-4 NOTES
- --------------------- ------------------------------------ --------------------------------------
0.0% 1.2% 1.5% 1.8% 0.0% 1.2% 1.5% 1.8%
------ ------- ------- ------ ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Closing Date . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
3/15/99. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
4/15/99. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
5/15/99. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
6/15/99. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
7/15/99. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
8/15/99. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
9/15/99. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
10/15/99 . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
11/15/99 . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
12/15/99 . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1/15/00. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
2/15/00. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
3/15/00. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
4/15/00. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
5/15/00. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
6/15/00. . . . . . . 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
7/15/00. . . . . . . 100.00 100.00 100.00 91.97 100.00 100.00 100.00 100.00
8/15/00. . . . . . . 100.00 100.00 100.00 81.99 100.00 100.00 100.00 100.00
9/15/00. . . . . . . 100.00 100.00 92.41 72.23 100.00 100.00 100.00 100.00
10/15/00 . . . . . . 100.00 100.00 83.47 62.69 100.00 100.00 100.00 100.00
11/15/00 . . . . . . 100.00 95.20 74.70 53.37 100.00 100.00 100.00 100.00
12/15/00 . . . . . . 100.00 87.08 66.10 44.27 100.00 100.00 100.00 100.00
1/15/01. . . . . . . 100.00 79.09 57.68 35.41 100.00 100.00 100.00 100.00
2/15/01. . . . . . . 100.00 71.23 49.44 26.78 100.00 100.00 100.00 100.00
3/15/01. . . . . . . 100.00 63.50 41.39 18.38 100.00 100.00 100.00 100.00
4/15/01. . . . . . . 100.00 55.91 33.52 10.22 100.00 100.00 100.00 100.00
------------------------------------
DISTRIBUTION DATE CLASS B NOTES
- --------------------- ------------------------------------
0.0% 1.2% 1.5% 1.8%
------- ------ ------ ------
<S> <C> <C> <C> <C>
Closing Date . . . . 100.00 100.00 100.00 100.00
3/15/99. . . . . . . 100.00 100.00 100.00 100.00
4/15/99. . . . . . . 100.00 100.00 100.00 100.00
5/15/99. . . . . . . 100.00 100.00 100.00 100.00
6/15/99. . . . . . . 100.00 100.00 100.00 100.00
7/15/99. . . . . . . 100.00 100.00 100.00 100.00
8/15/99. . . . . . . 100.00 100.00 99.42 96.97
9/15/99. . . . . . . 100.00 98.79 96.09 93.28
10/15/99 . . . . . . 100.00 95.85 92.81 89.65
11/15/99 . . . . . . 100.00 92.93 89.57 86.07
12/15/99 . . . . . . 100.00 90.05 86.37 82.55
1/15/00. . . . . . . 100.00 87.20 83.23 79.09
2/15/00. . . . . . . 99.88 84.38 80.12 75.69
3/15/00. . . . . . . 98.09 81.60 77.07 72.36
4/15/00. . . . . . . 96.28 78.85 74.06 69.08
5/15/00. . . . . . . 94.46 76.14 71.10 65.87
6/15/00. . . . . . . 92.62 73.46 68.19 62.71
7/15/00. . . . . . . 90.77 70.81 65.33 59.63
8/15/00. . . . . . . 88.90 68.21 62.52 56.61
9/15/00. . . . . . . 87.01 65.63 59.76 53.65
10/15/00 . . . . . . 85.11 63.10 57.05 50.76
11/15/00 . . . . . . 83.20 60.61 54.40 47.94
12/15/00 . . . . . . 81.27 58.15 51.80 45.19
1/15/01. . . . . . . 79.32 55.73 49.25 42.51
2/15/01. . . . . . . 77.36 53.35 46.75 39.89
3/15/01. . . . . . . 75.38 51.01 44.32 37.35
4/15/01. . . . . . . 73.38 48.71 41.93 34.88
</TABLE>
______________________
-17-
<PAGE>
PERCENT OF INITIAL PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES
<TABLE>
<CAPTION>
CLASS A NOTES
-----------------------------------------------------------------------------------------------------
DISTRIBUTION DATE CLASS A-1 NOTES CLASS A-2 NOTES CLASS A-3 NOTES
- ----------------- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.0% 1.2% 1.5% 1.8% 0.0% 1.2% 1.5% 1.8% 0.0% 1.2% 1.5% 1.8%
---- ---- ---- ---- ----- ---- ---- ---- ------ ----- ----- ----
5/15/01. . . . . . . 0.00 0.00 0.00 0.00 24.54 0.00 0.00 0.00 100.00 48.45 25.83 2.31
6/15/01. . . . . . . 0.00 0.00 0.00 0.00 19.19 0.00 0.00 0.00 100.00 41.12 18.34 0.00
7/15/01. . . . . . . 0.00 0.00 0.00 0.00 13.80 0.00 0.00 0.00 100.00 33.94 11.03 0.00
8/15/01. . . . . . . 0.00 0.00 0.00 0.00 8.36 0.00 0.00 0.00 100.00 26.89 3.93 0.00
9/15/01. . . . . . . 0.00 0.00 0.00 0.00 2.88 0.00 0.00 0.00 100.00 19.99 0.00 0.00
10/15/01 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 96.69 13.23 0.00 0.00
11/15/01 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 89.70 6.62 0.00 0.00
12/15/01 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 82.66 0.15 0.00 0.00
1/15/02. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 75.56 0.00 0.00 0.00
2/15/02. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 68.40 0.00 0.00 0.00
3/15/02. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 61.18 0.00 0.00 0.00
4/15/02. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 53.90 0.00 0.00 0.00
5/15/02. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 46.56 0.00 0.00 0.00
6/15/02. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 39.16 0.00 0.00 0.00
7/15/02. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31.70 0.00 0.00 0.00
8/15/02. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24.18 0.00 0.00 0.00
9/15/02. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16.60 0.00 0.00 0.00
10/15/02 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.95 0.00 0.00 0.00
11/15/02 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.24 0.00 0.00 0.00
12/15/02 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1/15/03. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2/15/03. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3/15/03. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4/15/03. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5/15/03. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6/15/03. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
7/15/03. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
8/15/03. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
9/15/03. . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10/15/03 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
11/15/03 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
12/15/03 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Weighted Average Life
(years) (1). . . 0.52 0.29 0.25 0.23 1.85 1.12 1.00 0.89 3.22 2.26 2.02 1.81
*Weighted Average Life
to Optional Clean Up
Call (years) (1) .
*Optional Clean Up Call
Date (mo/yr) . . .
CLASS A NOTES
-----------------------------------------------------------------------------
DISTRIBUTION DATE CLASS A-4 NOTES CLASS B NOTES
- ----------------- -----------------------------------------------------------------------------
0.0% 1.2% 1.5% 1.8% 0.0% 1.2% 1.5% 1.8%
---- ---- ---- ---- ---- ---- ---- ----
5/15/01. . . . . . . 100.00 100.00 100.00 100.00 71.37 46.45 39.61 32.48
6/15/01. . . . . . . 100.00 100.00 100.00 94.89 69.34 44.23 37.34 30.16
7/15/01. . . . . . . 100.00 100.00 100.00 87.82 67.29 42.06 35.13 27.91
8/15/01. . . . . . . 100.00 100.00 100.00 80.98 65.23 39.93 32.97 25.74
9/15/01. . . . . . . 100.00 100.00 97.16 74.39 63.15 37.84 30.88 23.65
10/15/01 . . . . . . 100.00 100.00 90.76 68.05 61.06 35.79 28.85 21.63
11/15/01 . . . . . . 100.00 100.00 84.56 61.95 58.94 33.79 26.88 19.69
12/15/01 . . . . . . 100.00 100.00 78.56 56.10 56.81 31.83 24.97 17.83
1/15/02. . . . . . . 100.00 94.13 72.75 50.51 54.66 29.92 23.13 16.05
2/15/02. . . . . . . 100.00 88.27 67.15 45.17 52.49 28.06 21.34 14.36
3/15/02. . . . . . . 100.00 82.54 61.74 40.10 50.31 26.24 19.63 12.75
4/15/02. . . . . . . 100.00 76.97 56.54 35.29* 48.10 24.47 17.97 11.22*
5/15/02. . . . . . . 100.00 71.55 51.55 30.75 45.88 22.74 16.39 9.77
6/15/02. . . . . . . 100.00 66.28 46.77 26.47 43.64 21.07 14.87 8.42
7/15/02. . . . . . . 100.00 61.17 42.21 22.48 41.38 19.44 13.42 7.14
8/15/02. . . . . . . 100.00 56.21 37.86 18.76 39.11 17.87 12.03 5.96
9/15/02. . . . . . . 100.00 51.41 33.72* 15.32 36.81 16.34 10.72* 4.87
10/15/02 . . . . . . 100.00 46.78 29.81 12.17 34.50 14.87 9.48 3.87
11/15/02 . . . . . . 100.00 42.30 26.13 9.30 32.16 13.45 8.31 2.96
12/15/02 . . . . . . 93.78 38.00 22.67 6.73 29.81 12.08 7.21 2.14
1/15/03. . . . . . . 86.31 33.85* 19.44 4.45 27.43 10.76* 6.18 1.41
2/15/03. . . . . . . 78.78 29.88 16.45 2.47 25.04 9.50 5.23 0.79
3/15/03. . . . . . . 71.19 26.08 13.69 0.80 22.63 8.29 4.35 0.25
4/15/03. . . . . . . 63.54 22.46 11.17 0.00 20.20 7.14 3.55 0.00
5/15/03. . . . . . . 55.83 19.01 8.90 0.00 17.75 6.04 2.83 0.00
6/15/03. . . . . . . 48.05 15.74 6.86 0.00 15.27 5.00 2.18 0.00
7/15/03. . . . . . . 40.20 12.65 5.08 0.00 12.78 4.02 1.61 0.00
8/15/03. . . . . . . 32.29* 9.74 3.55 0.00 10.27* 3.10 1.13 0.00
9/15/03. . . . . . . 24.32 7.02 2.27 0.00 7.73 2.23 0.72 0.00
10/15/03 . . . . . . 16.28 4.49 1.25 0.00 5.17 1.43 0.40 0.00
11/15/03 . . . . . . 8.17 2.15 0.49 0.00 2.60 0.68 0.16 0.00
12/15/03 . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Weighted Average Life
(years) (1). . . 4.32 3.69 3.38 3.01 3.05 2.28 2.06 1.84
*Weighted Average Life
to Optional Clean Up
Call (years) (1) . 4.25 3.54 3.21 2.86 3.03 2.23 2.01 1.79
*Optional Clean Up Call
Date (mo/yr) . . . 8/03 1/03 9/02 4/02 8/03 1/03 9/02 4/02
</TABLE>
______________________
(1) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the
date of the issuance of the Note to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the related principal
balance of the Note.
-18-
<PAGE>
The ABS Table has been prepared based on the assumptions described above
(including the assumptions regarding the characteristics and performance of the
Receivables which will differ from the actual characteristics and performance
thereof) and should be read in conjunction therewith.
DELINQUENCY AND LOSS EXPERIENCE OF SELLER
The tables set forth below indicate the delinquency and credit loss/repossession
experience for each of the last five calendar years of the Bank's entire
portfolio of Motor Vehicle Loans (including Motor Vehicle Loans that it
previously sold but continues to service). The tables include both Mother
Vehicle Loans originated directly by the Bank and through Dealers in a relative
proportion substantially similar to the Motor Vehicle Loans to be transferred to
the Trust. Fluctuations in delinquencies, repossessions and charge-offs
generally follow trends in the overall economic environment and may be affected
by such factors as increased competition for Obligors, rising consumer debt
burden per household and increases in personal bankruptcies.
No assurance can be made that the delinquency and loss experience for the Motor
Vehicle Loans as a whole or those transferred to the Trust will be similar to
the historical experience set forth below.
DELINQUENCY EXPERIENCE
AS OF DECEMBER 31,
<TABLE>
<CAPTION>
1998 1997 1996
-------------------- ------------------------ -----------------------
NUMBER NUMBER NUMBER
OF LOANS AMOUNT OF LOANS AMOUNT OF LOANS AMOUNT
--------- -------- ----------- ----------- ---------- ---------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
Portfolio at Period End . . . . . . . . . 303,595 3,495,181 242,396 $ 2,557,565 200,922 $ 1,979,782
Delinquency(1)
30-59 Days . . . . . . . . . . . . . . 5,002 53,150 3,557 $ 35,995 3,380 $ 31,646
60-89 Days . . . . . . . . . . . . . . 1,726 18,839 765 $ 8,035 1,209 $ 11,330
90 Days or More . . . . . . . . . . . . 792 8,891 444 $ 4,694 600 $ 5,947
Total Delinquencies . . . . . . . . . . . 7,520 80,880 4,766 $ 48,724 5,189 $ 48,923
Total Delinquencies
as Percentage of
the Portfolio . . . . . . . . . . . . . 2.48% 2.31% 1.97% 1.91% 2.58% 2.47%
1995 1994
-------------------- ------------------------
NUMBER NUMBER
OF LOANS AMOUNT OF LOANS AMOUNT
--------- -------- ----------- -----------
(DOLLARS IN THOUSANDS)
Portfolio at Period End . . . . . . . . . 193,634 $1,824,411 197,996 $ 1,885,491
Delinquency(1)
30-59 Days . . . . . . . . . . . . . . 2,867 $ 24,914 2,345 $ 20,775
60-89 Days . . . . . . . . . . . . . . 557 $ 5,358 603 $ 5,839
90 Days or More . . . . . . . . . . . . 255 $ 2,462 273 $ 2,594
Total Delinquencies . . . . . . . . . . . 3,679 $ 32,734 3,221 $ 29,208
Total Delinquencies
as Percentage of
the Portfolio . . . . . . . . . . . . . 1.90% 1.79% 1.63% 1.55%
</TABLE>
___________________
(1) The period of delinquency is based on the number of days payments are
contractually past due for all Motor Vehicle Loans other than Motor Vehicle
Loans previously charged off.
CREDIT LOSS/REPOSSESSION EXPERIENCE
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------
1998 1997 1996 1995 1994
------------ ------------ ------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
(DOLLARS IN THOUSANDS)
Portfolio Balance at Period End . . . . . . . . . . . . . . . . $ 3,495,181 $ 2,557,565 $ 1,979,782 $1,824,411 $ 1,885,491
Average Portfolio Balance During Period . . . . . . . . . . . . $ 3,020,363 $ 2,270,731 $ 1,883,171 $1,850,693 $ 1,670,756
Average Number of Loans Outstanding During the Period . . . . . 273,261 222,092 195,749 195,834 180,660
Number of Repossessions During the Period . . . . . . . . . . . 6,207 4,967 4,198 4,153 3,528
Number of Repossessions as percentage of Average Number of
Loans Outstanding . . . . . . . . . . . . . . . . . . . . . . . 2.27% 2.24% 2.14% 2.12% 1.95%
Gross Charge-offs(1) . . . . . . . . . . . . . . . . . . . . . $ 53,485 $ 39,184 $ 29,488 $ 25,644 $ 17,354
Recoveries on Loans Previously Charged Off(2) . . . . . . . . . $ 19,882 $ 16,901 $ 11,849 $ 11,321 $ 8,370
Net Charge-offs(3) . . . . . . . . . . . . . . . . . . . . . . $ 33,604 $ 22,283 $ 17,639 $ 14,323 $ 8,984
Net Charge-offs as a Percentage of Portfolio Balance at Period
End . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.96% 0.87% 0.89% 0.79% 0.48%
Net Charge-offs as a Percentage of Average Balance During
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.11% 0.98% 0.94% 0.77% 0.54%
</TABLE>
________________
(1) Gross Charge-offs are generally stated net of liquidation proceeds.
(2) Recoveries on Loans Previously Charged Off generally include amounts
received with respect to loans previously charged off, other than
liquidation proceeds, net of collection expenses. A portion of recoveries
has resulted from certain collection and recovery efforts used by the Bank
with respect to defaulted receivables acquired by the Bank from other
institutions as a result of mergers. Such defaulted receivables are not
being transferred to the Trust and such reported recoveries may not be
indicative of future results.
(3) Net Charge-offs equal Gross Charge-offs minus Recoveries on Loans
Previously Charged Off.
-19-
