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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): September 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
August 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-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: September 22, 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
August 31, 1999
-3-
UACSC 99-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 8/31/99
<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 72,500,000.00 94,500,000.00 88,000,000.00 95,200,000.00
Beginning Period Note Balances 72,500,000.00 94,500,000.00 88,000,000.00 95,200,000.00
Principal Collections - Scheduled Payments 4,097,760.47 - - -
Principal Collections - Payoffs 7,742,728.51 - - -
Principal Withdrawal from Payahead - - - -
Gross Principal Charge Offs 4,271.35 - - -
Repurchases - - - -
Accelerated Principal 957,657.46 - - -
Principal shortfall, up to Accelerated Principal - - - -
Total Principal to be Distributed 12,802,417.79 - - -
------------- ------------- ------------- -------------
Ending Note Balances 59,697,582.21 94,500,000.00 88,000,000.00 95,200,000.00
============= ============= ============= =============
Note Factor 0.8234149 1.0000000 1.0000000 1.0000000
Interest Rate 5.4730% 6.1900% 6.6100% 6.820%
</TABLE>
<TABLE>
<CAPTION>
NOTE BALANCE RECONCILIATION DOLLARS NUMBER
CLASS B TOTAL
------------- -------------- ------
<S> <C> <C> <C>
Original Note Balances 14,591,551.00 364,791,551.00 24,594
Beginning Period Note Balances 14,591,551.00 364,791,551.00 24,594
Principal Collections - Scheduled Payments - 4,097,760.47
Principal Collections - Payoffs - 7,742,728.51 581
Principal Withdrawal from Payahead - - 0
Gross Principal Charge Offs - 4,271.35 0
Repurchases - - 0
Accelerated Principal - 957,657.46
Principal shortfall, up to Accelerated Principal - -
Total Principal to be Distributed - 12,802,417.79
------------- -------------- ------
Ending Note Balances 14,591,551.00 351,989,133.21 24,013
============= ============== ======
Note Factor 1.0000000 0.9649048
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 364,791,551.99
Principal Collections - Scheduled Payments 4,097,760.47
Principal Collections - Payoffs 7,742,728.51
Principal Withdrawal from Payahead -
Gross Principal Charge Offs 4,271.35
Repurchases -
--------------
Ending Principal Balance 352,946,791.66
==============
Ending Note Balances 351,989,133.21
==============
Tail not sold 0.99
==============
Cumulative Accelerate Principal 957,657.46
==============
CASH FLOW RECONCILIATION
Principal Wired 11,843,306.99
Interest Wired 2,693,157.97
Withdrawal from Payahead Account -
Repurchases (Principal and Interest) -
Charge Off Recoveries 11.33
Interest Advances 34,732.32
Collection Account Interest Earned 23,179.25
Spread Account Withdrawal -
Policy Draw for Principal or Interest -
--------------
Total Cash Flow 14,594,387.86
==============
TRUSTEE DISTRIBUTION (9/8/99)
Total Cash Flow 14,594,387.86
Unrecovered Advances on Defaulted Receivables -
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Noteholders, including any overdue amounts 308,616.39
Interest to Class A-2 Noteholders, including any overdue amounts 438,716.25
Interest to Class A-3 Noteholders, including any overdue amounts 436,260.00
Interest to Class A-4 Noteholders, including any overdue amounts 486,948.00
Interest to Class B Noteholders, including any overdue amounts 77,152.83
Principal to Class A-1 Noteholders, including any overdue amounts 12,802,417.79
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 40,836.39
Interest Advance Recoveries from Payments -
Unreimbursed draws on the Policy for Principal or Interest -
Deposit to Payahead 3,440.21
Payahead Account Interest to Servicer -
Excess -
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 202,661.97
SPREAD ACCOUNT RECONCILIATION
Original Balance 911,978.88
Beginning Balance 911,978.88
Trustee Distribution of Excess -
Interest Earned 2,554.67
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer (2,554.67)
--------------
Ending Balance 911,978.88
==============
Required Balance 911,978.88
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,591,662.08
Beginning Balance 14,591,662.08
Reduction Due to Spread Account (911,978.88)
Reduction Due to Accelerated Principal (957,657.46)
Reduction Due to Principal Reduction -
--------------
Ending Balance 12,722,025.74
==============
First Loss Protection Required Amount 12,722,025.74
First Loss Protection Fee % 2.00%
First Loss Protection Fee 21,910.16
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
POLICY RECONCILIATION
<S> <C>
Original Balance 364,791,551.00
Beginning Balance 364,791,551.00
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 364,791,551.00
==============
Adjusted Ending Balance Based Upon Required Balance 353,027,509.78
==============
Required Balance 353,027,509.78
PAYAHEAD RECONCILIATION
Beginning Balance -
Deposit 3,440.21
Payahead Interest -
Withdrawal -
--------------
Ending Balance 3,440.21
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT DELINQUENCY
PRINCIPAL % OF ENDING
# PAYMENTS DELINQUENT NUMBER BALANCE POOL BALANCE
--------------------- ------ ------- ------------
<C> <C> <C> <C>
1 Payment 199 2,546,406.92 0.72%
2 Payments 1 3,597.54 0.00%
3 Payments 0 - 0.00%
-------- ------------ ----
Total 200 2,550,004.46 0.72%
======== ============ ====
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 3,597.54 351,989,133.21 0.00%
1st Previous - - 0.00%
2nd Previous - - 0.00%
</TABLE>
<TABLE>
<CAPTION>
NET LOSS RATE
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 4,271.35 11.33 358,390,342.11 0.01%
1st Previous - - - 0.00%
2nd Previous - - - 0.00%
Gross Cumulative Charge Offs 4,271.35 Number of Repossessions 0
Gross Liquidation Proceeds 11.35 Number of Inventoried Autos EOM 0
Net Cumulative Loss Percentage 0.00% Amount of Inventoried Autos EOM -
Net Cumulative Loss Percentage
(adjusted for estimated
future Liquidation Proceeds) 0.00%
Trigger 0.50%
Status OK
</TABLE>
DATE: September 3, 1999 /s/ Ashley Vukovits
-----------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
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