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Previous: COMMERCIAL MORTGAGE ACCEPTANCE CORP SERIES 1999-C1 TRUST, 8-K, 1999-12-21 |
Next: CONSOLIDATED DATA INC, 10SB12G/A, 1999-12-21 |
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): December 8, 1999
UACSC 1999-C AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-77535-02 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-C Owner Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Trust and
Servicing Agreement dated as of August 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
November 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-C Auto Trust,
for and on behalf of UACSC 1999-C Auto Trust.
UACSC 1999-C Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: December 8, 1999 /s/ Melanie S. Otto
-----------------------------------
Melanie S. Otto
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1999-C Auto Trust Monthly Servicer's Certificate Report for
November 30, 1999
-3-
UACSC 99-C
UNION ACCEPTANCE CORPORATION
(Servicer)
NOVEMBER 1999
<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 72,500,000.00 94,500,000.00 88,000,000.00 95,200,000.00
Beginning Period Note Balances 39,489,605.49 94,500,000.00 88,000,000.00 95,200,000.00
Principal Collections - Scheduled Payments 4,171,816.50 - - -
Principal Collections - Payoffs 4,029,934.56 - - -
Principal Withdrawal from Payahead 425.85 - - -
Gross Principal Charge Offs 684,674.39 - - -
Repurchases - - - -
Accelerated Principal 1,108,929.18 - - -
Principal shortfall, up to Accelerated Principal - - - -
Total Principal to be Distributed 9,995,780.48 - - -
------------- ------------- ------------- -------------
Ending Note Balances 29,493,825.01 94,500,000.00 88,000,000.00 95,200,000.00
============= ============= ============= =============
Note Factor 0.4068114 1.0000000 1.0000000 1.0000000
Interest Rate 5.4730% 6.1900% 6.6100% 6.820%
</TABLE>
<TABLE>
<CAPTION>
CLASS B TOTAL NUMBERS
------------- -------------- ------
<S> <C> <C> <C>
Original Note Balances 14,591,551.00 364,791,551.00 24,594
Beginning Period Note Balances 14,591,551.00 331,781,156.49 23,230
Principal Collections - Scheduled Payments - 4,171,816.50
Principal Collections - Payoffs - 4,029,934.56 393
Principal Withdrawal from Payahead - 425.85 0
Gross Principal Charge Offs - 684,674.39 45
Repurchases - - 0
Accelerated Principal - 1,108,929.18
Principal shortfall, up to Accelerated Principal - -
Total Principal to be Distributed - 9,995,780.48
------------- -------------- ------
Ending Note Balances 14,591,551.00 321,785,376.01 22,792
============= ============== ======
Note Factor 1.0000000 0.8821075
Interest Rate 7.050% 6.3476%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION
<S> <C>
Original Principal Balance 364,791,551.99
Beginning Period Principal Balance 336,076,510.62
Principal Collections - Scheduled Payments 4,171,816.50
Principal Collections - Payoffs 4,029,934.56
Principal Withdrawal from Payahead 425.85
Gross Principal Charge Offs 684,674.39
Repurchases -
--------------
Ending Principal Balance 327,189,659.32
==============
Ending Note Balances 321,785,376.01
==============
Tail not sold 0.99
==============
Cumulative Accelerate Principal 5,404,282.32
==============
CASH FLOW RECONCILIATION
Principal Wired 8,203,414.53
Interest Wired 3,543,103.86
Withdrawal from Payahead Account 624.83
Repurchases (Principal and Interest) -
Charge Off Recoveries 30,536.98
Interest Advances 80,922.43
Collection Account Interest Earned 36,097.23
Spread Account Withdrawal -
Policy Draw for Principal or Interest -
--------------
Total Cash Flow 11,894,699.86
==============
TRUSTEE DISTRIBUTION(12/8/99)
Total Cash Flow 11,894,699.86
Unrecovered Advances on Defaulted Receivables 23,963.38
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Noteholders, including any overdue amounts 180,105.51
Interest to Class A-2 Noteholders, including any overdue amounts 487,462.50
Interest to Class A-3 Noteholders, including any overdue amounts 484,733.33
Interest to Class A-4 Noteholders, including any overdue amounts 541,053.33
Interest to Class B Noteholders, including any overdue amounts 85,725.36
Principal to Class A-1 Noteholders, including any overdue amounts 9,995,780.48
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 35,942.96
Interest Advance Recoveries from Payments 57,728.18
Unreimbursed draws on the Policy for Principal or Interest -
Deposit to Payahead 2,177.74
Payahead Account Interest to Servicer 27.09
Excess -
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 280,063.76
SPREAD ACCOUNT RECONCILIATION
Original Balance 911,978.88
Beginning Balance 911,978.88
Trustee Distribution of Excess -
Interest Earned 4,088.99
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer (4,088.99)
--------------
Ending Balance 911,978.88
==============
Required Balance 911,978.88
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
<S> <C>
Original Balance 14,591,662.08
Beginning Balance 10,107,782.75
Reduction Due to Spread Account 0.00
Reduction Due to Accelerated Principal (1,547,203.23)
Reduction Due to Principal Reduction (324,851.12)
--------------
Ending Balance 8,235,728.40
==============
First Loss Protection Required Amount 8,235,728.40
First Loss Protection Fee % 2.00%
First Loss Protection Fee 13,726.21
POLICY RECONCILIATION
Original Balance 364,791,551.00
Beginning Balance 332,986,658.85
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 332,986,658.85
==============
Adjusted Ending Balance Based Upon Required Balance 322,932,540.92
==============
Required Balance 322,932,540.92
PAYAHEAD RECONCILIATION
Beginning Balance 6,555.26
Deposit 2,177.74
Payahead Interest 27.09
Withdrawal 624.83
--------------
Ending Balance 8,135.26
==============
</TABLE>
<PAGE>
CURRENT DELINQUENCY
PRINCIPAL % OF ENDING
# PAYMENTS DELINQUENT NUMBER BALANCE POOL BALANCE
--------------------- ------ ------- ------------
1 Payment 288 3,625,467.69 1.13%
2 Payments 134 1,843,473.95 0.57%
3 Payments 67 1,020,528.28 0.32%
--- ------------ ----
Total 489 6,489,469.92 2.02%
=== ============ ====
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 2,864,002.23 321,785,376.01 0.89%
1st Previous 2,498,060.83 331,781,156.49 0.75%
2nd Previous 1,061,304.39 341,449,637.63 0.31%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 684,674.39 30,536.98 326,783,266.25 2.40%
1st Previous 97,285.94 6,618.82 336,615,397.06 0.32%
2nd Previous 58,760.56 589.85 346,719,385.42 0.20%
Gross Cumulative Charge Offs 844,992.24 Number of Repossessions 37
Gross Liquidation Proceeds 37,757.00 Number of Inventoried Autos EOM 42
Net Cumulative Loss Percentage 0.22% Amount of Inventoried Autos EOM 317,500.00
Net Cumulative Loss Percentage
(adjusted for estimated
future Liquidation Proceeds) 0.13%
Trigger 0.50%
Status OK
</TABLE>
DATE: December 8, 1999 /s/ Ashley Vukovits
-------------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
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