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): April 8, 1999
UACSC 1999-A AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-70177-01 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 1999-A Auto Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Pooling and
Servicing Agreement dated as of February 1, 1999 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
March 31, 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 1999-A Auto Trust,
for and on behalf of UACSC 1999-A Auto Trust.
UACSC 1999-A Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: April 23, 1999 /s/ Melanie S. Otto
-----------------------------------
Melanie S. Otto
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1999-A Auto Trust Monthly Servicer's Certificate Report for
March 31, 1999
-3-
UACSC 1999-A
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 3/31/99
<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 61,200,000.00 67,525,000.00 96,050,000.00 39,950,000.00 55,820,134.82
Beginning Period Principal Balance 51,437,698.71 67,525,000.00 96,050,000.00 39,950,000.00 55,820,134.82
Principal Collections - Scheduled Payments 3,923,279.57 - - - -
Principal Collections - Payoffs 5,215,909.59 - - - -
Principal Withdrawal from Payahead 675.64 - - - -
Gross Principal Charge Offs 25,855.53 - - - -
Repurchases - - - - -
------------- ------------- ------------- ------------- -------------
Ending Balance 42,271,978.38 67,525,000.00 96,050,000.00 39,950,000.00 55,820,134.82
============= ============= ============= ============= =============
Certificate Factor 0.6907186 1.0000000 1.0000000 1.0000000 1.0000000
Pass Through Rate 4.9800% 5.4300% 5.5700% 5.700% 5.870%
</TABLE>
PRINCIPAL BALANCE RECONCILIATION
NUMBERS
TOTAL CLASS A's
------------- -----------
Original Principal Balance 320,545,134.82 20,263
Beginning Period Principal Balance 310,782,833.53 19,810
Principal Collections - Scheduled Payments 3,923,279.57
Principal Collections - Payoffs 5,215,909.59 373
Principal Withdrawal from Payahead 675.64
Gross Principal Charge Offs 25,855.53 2
Repurchases - 0
-------------- ------
Ending Balance 301,617,113.20 19,435
============== ======
Certificate Factor 0.9409505
Pass Through Rate 5.4963%
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 9,204,539.16
Interest Wired 3,381,221.19
Withdrawal from Payahead Account 1,094.01
Repurchases (Principal and Interest) -
Charge Off Recoveries 1,137.88
Interest Advances 51,486.24
Certificate Account Interest Earned 31,978.67
Spread Account Withdrawal -
Class A Policy Draw for Class A Principal or Interest -
--------------
Total Cash Flow 12,671,457.15
==============
TRUSTEE DISTRIBUTION (4/8/99)
Total Cash Flow 12,671,457.15
Unrecovered Advances on Defaulted Receivables 648.70
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Certificateholders 220,582.00
Interest to Class A-2 Certificateholders 305,550.63
Interest to Class A-3 Certificateholders 445,832.08
Interest to Class A-4 Certificateholders 189,762.50
Interest to Class A-5 Certificateholders 273,053.49
Interest to Class I Certificateholders 165,340.75
Principal to Class A-1 Certificateholders 9,165,720.33
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 33,764.36
Interest Advance Recoveries from Payments 13,819.69
Unreimbursed draws on Class A's Policy for Class A
Principal or Interest -
Deposit to Payahead 47,654.09
Payahead Account Interest to Servicer 23.24
Excess 1,809,705.29
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 258,985.69
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance -
Beginning Balance 12,324.08
Trustee Distribution of Excess 1,809,705.29
Interest Earned 37.14
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer -
--------------
Ending Balance 1,822,066.51
==============
Required Balance 4,808,177.02
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,424,531.07
Beginning Balance 14,412,206.99
Reduction Due to Spread Account (1,809,742.43)
Reduction Due to Principal Reduction (851,760.97)
--------------
Ending Balance 11,750,703.59
==============
First Loss Protection Required Amount 11,750,703.58
First Loss Protection Fee % 2.00%
First Loss Protection Fee 20,237.32
POLICY RECONCILIATION
Original Balance 320,545,134.82
Beginning Balance 311,898,494.67
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance
311,898,494.67
==============
Adjusted Ending Balance Based Upon Required Balance 301,654,153.83
==============
Required Balance 301,654,153.83
PAYAHEAD RECONCILIATION
Beginning Balance 7,712.88
Deposit 47,654.09
Payahead Interest 23.24
Withdrawal 1,094.01
--------------
Ending Balance 54,296.20
==============
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
1 Payment 202 2,880,273.97 30,725.96 36,834.63
2 Payments 62 1,017,116.29 18,443.35 25,304.31
3 Payments 4 78,508.45 1,857.91 2,986.37
--- ------------ --------- ---------
Total 268 3,975,898.71 51,027.22 65,125.31
=== ============ ========= =========
Percent Delinquent 1.379% 1.318%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 1,095,624.74 301,617,113.20 0.36%
1st Previous 171,947.71 310,782,833.53 0.06%
2nd Previous
<TABLE>
<CAPTION>
NET LOSS RATE
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 25,855.53 1,137.88 306,199,973.37 0.10%
1st Previous 29,260.10 - 315,663,984.18 0.11%
2nd Previous
Gross Cumulative Charge Offs 55,115.63 Number of Repossessions 3
Gross Liquidation Proceeds 1,137.88 Number of Inventoried Autos EOM 4
Net Cumulative Loss Percentage 0.02% Amount of Inventoried Autos EOM 18,900.00
Net Cumulative Loss Percentage
(adjusted for estimated
future Liquidation Proceeds) 0.01%
Trigger 0.50%
Status OK
</TABLE>
EXCESS YIELD TRIGGER
<TABLE>
<CAPTION>
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
<S> <C> <C> <C>
Current 1,871,851.01 301,617,113.20 7.45%
1st Previous 20,187.46 310,782,833.53 0.08%
2nd Previous
CURRENT
LEVEL TRIGGER STATUS
Six Month Average Excess Yield N/A 1.50% N/A
Trigger Hit in Current or any Previous Month NO
</TABLE>
DATE: /s/ Ashley Vukovits
------------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
