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) : October 15, 1999
MELLON AUTO RECEIVABLES CORPORATION, (as depositor under the Pooling and
Servicing Agreement, dated April 1, 1999, which forms Mellon Auto Grantor Trust
1999-1, which will issue Asset-Backed Certificates).
MELLON AUTO RECEIVABLES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-65271-01 25-1831621
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
One Mellon Bank Center, Room 0410
Pittsburgh, PA 15258
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (412) 236-6559
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 7
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibit are being filed pursuant to
"no-action" positions taken by the Securities and Exchange Commission with
respect to alternative means of satisfying the Registrant's reporting
obligations under the Securities Exchange Act of 1934, as amended, with respect
to the Registrant's Mellon Auto Grantor Trust 1999-1. The Trust's Certificates
were issued, and this report and exhibit are being filed, pursuant to the terms
of the Pooling and Servicing Agreement, dated as of April 1, 1999 ( the
"Agreement"), among Mellon Auto Receivables Corporation, as depositor, Mellon
Bank, as servicer and seller, Norwest Bank Minnesota, National Association, as
trustee, and The Chase Manhattan Bank, as collateral agent. On October 15,
1999 distribution was made to the Certificateholders. Specific information with
respect to this distribution is filed as Exhibit 99.1. No other reportable
transactions or matters have occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on October 15, 1999,
as Exhibit 99.1.
<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.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Collateral Agent under the Agreement
referred to herein
Date: October 28, 1999 By: /s/ Jennifer Richardson
Jennifer Richardson
Assistant Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
October 15, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on October 15, 1999
<PAGE>
<TABLE>
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MELLON BANK AUTO LOAN TRUST SERIES 1999-1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
PERIOD: 6 PAGE # 1
DETERMINATION: 10/08/99 Beginning: 09/01/99
DISTRIBUTION: 10/15/99 Ending: 09/30/99
CLASS A 5.46% ASSET BACKED CERTIFICATES
CLASS B 5.76% ASSET BACKED CERTIFICATES
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING END
PRINCIPAL PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A $307,741,000.00 $260,571,438.38 $8,892,770.72 $1,185,600.04 $10,078,370.76 $251,678,667.66
CLASS B $9,517,887.13 $8,059,015.66 $275,037.74 $38,683.28 $313,721.02 $7,783,977.92
- ----------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE TOTALS $317,258,887.13 $268,630,454.04 $9,167,808.46 $1,224,283.32 $10,392,091.78 $259,462,645.58
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000
- -----------------------------------------------------------------------------------------
PRINCIPAL INTEREST END PRINCIPAL
DISTRIBUTION DISTRIBUTION BALANCE
- -----------------------------------------------------------------------------------------
CLASS A 28.896931901 3.852590458 817.826248891
CLASS B 28.896932296 4.064271773 817.826247956
- -----------------------------------------------------------------------------------------
CERTIFICATE TOTALS 28.896931912 3.858940977 817.826248863
- -----------------------------------------------------------------------------------------
If there are any questions or problems with this statement, please contact
the Administrator listed below:
---------------------------------------
JENNIFER RICHARDSON
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
</TABLE>
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MELLON BANK AUTO LOAN TRUST SERIES 1999-1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
PERIOD: 6 PAGE # 2
DETERMINATION: 10/08/99 Beginning: 09/01/99
DISTRIBUTION: 10/15/99 Ending: 09/30/99
Per $1000
---------
I. Servicing Fee $111,929.36 0.35280133
II. Pool Balance at the end of the Collection Period $259,462,645.58
III. Repurchase Amounts for Repurchased Receivable
By Seller $ -
By Servicer $ -
TOTAL $ -
IV. Realized Net Losses for Collection Period $78,399.76
V. Reservce Account Balance after Disbursement $7,783,879.37
VI. Specified Reserve Account Balance $7,783,879.37
VII. Total Distribution Amount
Servicing Fee $111,929.36
Certificateholders' Distribution Amount $10,392,091.78
Deposit to Reserve Account $668,962.31
VIII. Certificateholders' Distributable Amount
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Principal Interest Total Prin (per $1000/orig) Int (per $1000/orig) Total (per $1000/orig)
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS $8,892,770.72 $1,185,600.04 $10,078,370.76 28.8969319 3.852590458 32.74952236
CLASS $275,037.74 $38,683.28 $313,721.02 28.8969323 4.064271773 32.96120407
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Total $9,167,808.46 $1,224,283.32 $10,392,091.78 28.89693191 3.858940977 32.75587289
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IX. Reserve Fund Transfer Amount $668,962.31
X. Advance Summary for Collection Period
A. Unreimbursed Advances for the Period $299,433.88
B. Unreimbursed Advances for the Previous Period $311,297.47
C. Change from the Previous Period $(11,863.59)
D. Reimbursed Advance from the Collection $113,731.89
E. Reimbursed Advance from Liquidation Proceeds $ -
F. Reimbursed Advance from Reserve Account Withdrawals $ -
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