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 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
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 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: May 25, 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
April 30, 1999
-3-
UACSC 1999-A
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 4/30/99
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION DOLLARS
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Original Principal Balance 61,200,000.00 67,525,000.00 96,050,000.00 39,950,000.00
Beginning Period Principal Balance 42,271,978.38 67,525,000.00 96,050,000.00 39,950,000.00
Principal Collections - Scheduled Payments 3,350,879.22 - - -
Principal Collections - Payoffs 4,113,259.84 - - -
Principal Withdrawal from Payahead 13,332.28 - - -
Gross Principal Charge Offs 133,121.88 - - -
Repurchases 25,112.22 - - -
------------- ------------- ------------- -------------
Ending Balance 34,636,272.94 67,525,000.00 96,050,000.00 39,950,000.00
============= ============= ============= =============
Certificate Factor 0.5659522 1.0000000 1.0000000 1.0000000
Pass Through Rate 4.9800% 5.4300% 5.5700% 5.700%
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION NUMBERS
CLASS A-5 TOTAL CLASS A's
------------- -------------- ------
<S> <C> <C> <C>
Original Principal Balance 55,820,134.82 320,545,134.82 20,263
Beginning Period Principal Balance 55,820,134.82 301,617,113.20 19,435
Principal Collections - Scheduled Payments - 3,350,879.22
Principal Collections - Payoffs - 4,113,259.84 310
Principal Withdrawal from Payahead - 13,332.28
Gross Principal Charge Offs - 133,121.88 8
Repurchases - 25,112.22 2
------------- -------------- ------
Ending Balance 55,820,134.82 293,981,407.76 19,115
============= ============== ======
Certificate Factor 1.0000000 0.9171295
Pass Through Rate 5.870% 5.4963%
</TABLE>
<PAGE>
CASH FLOW RECONCILIATION
Principal Wired 7,490,072.88
Interest Wired 3,052,002.78
Withdrawal from Payahead Account 14,170.18
Repurchases (Principal and Interest) 25,585.82
Charge Off Recoveries 11,548.28
Interest Advances 56,996.09
Certificate Account Interest Earned 27,704.36
Spread Account Withdrawal -
Class A Policy Draw for Class A Principal or Interest -
--------------
Total Cash Flow 10,678,080.39
==============
TRUSTEE DISTRIBUTION (5/10/99)
Total Cash Flow 10,678,080.39
Unrecovered Advances on Defaulted Receivables 3,217.83
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Certificateholders 187,123.96
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 159,850.21
Principal to Class A-1 Certificateholders 7,635,705.44
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 31,847.99
Interest Advance Recoveries from Payments 26,044.82
Unreimbursed draws on Class A's Policy for
Class A Principal or Interest -
Deposit to Payahead 27,227.25
Payahead Account Interest to Servicer 161.56
Excess 1,392,702.63
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 251,347.59
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance -
Beginning Balance 1,822,066.51
Trustee Distribution of Excess 1,392,702.63
Interest Earned 5,202.87
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer -
--------------
Ending Balance 3,219,972.01
==============
Required Balance 4,808,177.02
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,424,531.07
Beginning Balance 11,750,703.58
Reduction Due to Spread Account (1,397,905.50)
Reduction Due to Principal Reduction (343,606.74)
--------------
Ending Balance 10,009,191.34
==============
First Loss Protection Required Amount 10,009,191.34
First Loss Protection Fee % 2.00%
First Loss Protection Fee 16,681.99
POLICY RECONCILIATION
Original Balance 320,545,134.82
Beginning Balance 301,654,153.83
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 301,654,153.83
==============
Adjusted Ending Balance Based Upon Required Balance 292,573,956.21
==============
Required Balance 292,573,956.21
PAYAHEAD RECONCILIATION
Beginning Balance 54,296.20
Deposit 27,227.25
Payahead Interest 161.56
Withdrawal 14,170.18
--------------
Ending Balance 67,514.83
==============
<PAGE>
CURRENT DELINQUENCY
GROSS
# PAYMENTS DELINQUENT NUMBER BALANCE PRINCIPAL INTEREST
--------------------- ------ ------- --------- --------
1 Payment 227 3,178,308.00 41,383.97 34,690.62
2 Payments 91 1,339,271.02 28,145.09 32,854.63
3 Payments 41 688,498.69 18,478.59 24,271.11
--- ------------ --------- ---------
Total 359 5,206,077.71 88,007.65 91,816.36
=== ============ ========= =========
Percent Delinquent 1.878% 1.771%
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 2,027,769.71 293,981,407.76 0.69%
1st Previous 1,095,624.74 301,617,113.20 0.36%
2nd Previous 171,947.71 310,782,833.53 0.06%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 133,121.88 11,548.28 297,799,260.48 0.49%
1st Previous 25,855.53 1,137.88 306,199,973.37 0.10%
2nd Previous 29,260.10 - 315,663,984.18 0.11%
Gross Cumulative Charge Offs 188,237.51 Number of Repossessions 8
Gross Liquidation Proceeds 12,686.16 Number of Inventoried Autos EOM 10
Net Cumulative Loss Percentage 0.05% Amount of Inventoried Autos EOM 72,800.00
Net Cumulative Loss Percentage
(adjusted for estimated
future Liquidation Proceeds) 0.03%
Trigger 0.50%
Status OK
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
- -------------- ------------ -------------- -------------
Current 1,449,354.09 293,981,407.76 5.92%
1st Previous 1,871,851.01 301,617,113.20 7.45%
2nd Previous 20,187.46 310,782,833.53 0.08%
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: /s/ Ashley Vukovits
------------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
