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Previous: FIRST SECURITY AUTO OWNER TRUST 1999-2, 8-K, 1999-07-22 |
Next: NUVEEN TAX FREE UNIT TRUST SERIES 1101, S-6, 1999-07-22 |
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): July 8, 1999
UACSC 1999-B AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-77535-01 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-B Owner Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Trust and
Servicing Agreement dated as of May 1, 1999 among UAC Securitization
Corporation, as "Seller," Union Acceptance Corporation, as "Servicer," and First
Union Trust Company, National Association, as "Owner 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
June 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-B Auto Trust,
for and on behalf of UACSC 1999-B Auto Trust.
UACSC 1999-B Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: July 20, 1999 /s/ Melanie S. Otto
-----------------------------------
Melanie S. Otto
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1999-B Auto Trust Monthly Servicer's Certificate Report for
June 30, 1999
-3-
UACSC 99-B
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 6/30/99
<TABLE>
<CAPTION>
NOTE BALANCE RECONCILIATION DOLLARS
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Original Note Balances 66,275,000.00 96,350,000.00 73,350,000.00 87,247,000.00
Beginning Period Note Balances 66,275,000.00 96,350,000.00 73,350,000.00 87,247,000.00
Principal Collections - Scheduled Payments 7,688,013.91 - - -
Principal Collections - Payoffs 12,888,676.62 - - -
Principal Withdrawal from Payahead 503.29 - - -
Gross Principal Charge Offs 81,828.43 - - -
Repurchases - - - -
Accelerated Principal 885,424.14 - - -
Principal shortfall, up to Accelerated Principal - - - -
Total Principal to be Distributed 21,544,446.39 - - -
------------- ------------- ------------- -------------
Ending Note Balances 44,730,553.61 96,350,000.00 73,350,000.00 87,247,000.00
============= ============= ============= =============
Note Factor 0.6749235 1.0000000 1.0000000 1.0000000
Interest Rate 4.9600% 5.4700% 5.8400% 6.110%
</TABLE>
<TABLE>
<CAPTION>
NOTE BALANCE RECONCILIATION NUMBERS
CLASS B TOTAL
------------- -------------- ------
<S> <C> <C> <C>
Original Note Balances 17,010,904.00 340,232,904.00 22,742
Beginning Period Note Balances 17,010,904.00 340,232,904.00 22,742
Principal Collections - Scheduled Payments - 7,688,013.91
Principal Collections - Payoffs - 12,888,676.62 504
Principal Withdrawal from Payahead - 503.29
Gross Principal Charge Offs - 81,828.43 1
Repurchases - - 0
Accelerated Principal - 885,424.14
Principal shortfall, up to Accelerated Principal - -
Total Principal to be Distributed - 21,544,446.39
------------- -------------- ------
Ending Note Balances 17,010,904.00 318,688,457.61 22,237
============= ============== ======
Note Factor 1.0000000 0.9366774
Interest Rate 6.310% 5.6565%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION
<S> <C>
Original Principal Balance 340,232,904.32
Beginning Period Principal Balance 340,232,904.32
Principal Collections - Scheduled Payments 7,688,013.91
Principal Collections - Payoffs 12,888,676.62
Principal Withdrawal from Payahead 503.29
Gross Principal Charge Offs 81,828.43
Repurchases -
--------------
Ending Principal Balance 319,573,882.07
==============
Ending Note Balances 318,688,457.61
==============
Tail not sold 0.32
==============
Cumulative Accelerate Principal 885,424.14
==============
CASH FLOW RECONCILIATION
Principal Wired 20,578,988.56
Interest Wired 4,030,614.68
Withdrawal from Payahead Account 913.37
Repurchases (Principal and Interest) -
Charge Off Recoveries 4,194.39
Interest Advances 69,712.42
Collection Account Interest Earned 71,906.17
Spread Account Withdrawal -
Policy Draw for Principal or Interest -
--------------
Total Cash Flow 24,756,329.59
==============
TRUSTEE DISTRIBUTION (7/8/99)
Total Cash Flow 24,756,329.59
Unrecovered Advances on Defaulted Receivables 467.44
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Noteholders, including any overdue amounts 392,642.56
Interest to Class A-2 Noteholders, including any overdue amounts 614,873.58
Interest to Class A-3 Noteholders, including any overdue amounts 499,758.00
Interest to Class A-4 Noteholders, including any overdue amounts 621,925.70
Interest to Class B Noteholders, including any overdue amounts 125,228.60
Principal to Class A-1 Noteholders, including any overdue amounts 21,544,446.39
Principal to Class A-2 Noteholders, including any overdue amounts -
Principal to Class A-3 Noteholders, including any overdue amounts -
Principal to Class A-4 Noteholders, including any overdue amounts -
Principal to Class B Noteholders, including any overdue amounts -
Insurance Premium 74,945.75
Interest Advance Recoveries from Payments 13,375.50
Unreimbursed draws on the Policy for Principal or Interest -
Deposit to Payahead 18,083.81
Payahead Account Interest to Servicer -
Excess 850,582.26
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 330,781.99
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance -
Beginning Balance -
Trustee Distribution of Excess 850,582.26
Interest Earned -
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer (0.00)
--------------
Ending Balance 850,582.26
==============
Required Balance 850,582.26
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 11,908,151.64
Beginning Balance 11,908,151.64
Reduction Due to Spread Account (850,582.26)
Reduction Due to Accelerated Principal (885,424.14)
Reduction Due to Principal Reduction -
--------------
Ending Balance 10,172,145.24
==============
First Loss Protection Required Amount 10,172,145.24
First Loss Protection Fee % 2.00%
First Loss Protection Fee 34,472.27
POLICY RECONCILIATION
Original Balance 340,232,904.00
Beginning Balance 340,232,904.00
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 340,232,904.00
==============
Adjusted Ending Balance Based Upon Required Balance 320,423,085.78
==============
Required Balance 320,423,085.78
PAYAHEAD RECONCILIATION
Beginning Balance -
Deposit 18,083.81
Payahead Interest -
Withdrawal 913.37
--------------
Ending Balance 17,170.44
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT DELINQUENCY
PRINCIPAL % OF ENDING
# PAYMENTS DELINQUENT NUMBER BALANCE POOL BALANCE
- --------------------- ------ ------- ------------
<C> <C> <C> <C>
1 Payment 214 2,989,160.02 0.94%
2 Payments 56 709,650.77 0.22%
3 Payments 2 13,144.84 0.00%
--- ------------ ----
Total 272 3,711,955.63 1.16%
=== ============ ====
<CAPTION>
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
- ------ ------- ------------ ----
<S> <C> <C> <C>
Current 722,795.61 318,688,457.61 0.23%
1st Previous - -
2nd Previous - -
NET LOSS RATE
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
- ------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 81,828.43 4,194.39 329,460,680.81 0.28%
1st Previous - - -
2nd Previous - - -
Gross Cumulative Charge Offs 94,671.43 Number of Repossessions 3
Gross Liquidation Proceeds 4,194.39 Number of Inventoried Autos EOM 4
Net Cumulative Loss Percentage 0.03% Amount of Inventoried Autos EOM 46,200.00
Net Cumulative Loss Percentage
(adjusted for estimated
future Liquidation Proceeds) 0.01%
Trigger 0.50%
Status OK
</TABLE>
DATE: July 6, 1999 /s/ Ashley Vukovits
-------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
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