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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): March 8, 2000
UACSC 1999-C OWNER 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
February 29, 2000 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: March 21, 2000 /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
February 29, 2000
-3-
UACSC 99-C
UNION ACCEPTANCE CORPORATION
(Servicer)
FEBRUARY 2000
<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 11,666,353.81 94,500,000.00 88,000,000.00 95,200,000.00
Principal Collections - Scheduled Payments 3,976,735.95 - - -
Principal Collections - Payoffs 2,959,099.67 - - -
Principal Withdrawal from Payahead 634.66 - - -
Gross Principal Charge Offs 654,341.57 - - -
Repurchases 4,042.01 - - -
Accelerated Principal 1,173,629.61 - - -
Principal shortfall, up to Accelerated Principal - - - -
Total Principal to be Distributed 8,768,483.47 - - -
------------ ------------- ------------- -------------
Ending Note Balances 2,897,870.34 94,500,000.00 88,000,000.00 95,200,000.00
============ ============= ============= =============
Note Factor 0.0399706 1.0000000 1.0000000 1.0000000
Interest Rate 5.4730% 6.1900% 6.6100% 6.820%
</TABLE>
<TABLE>
<CAPTION>
NOTE BALANCE RECONCILIATION NUMBERS
CLASS B TOTAL
------------- -------------- ------
<S> <C> <C> <C>
Original Note Balances 14,591,551.00 364,791,551.00 24,594
Beginning Period Note Balances 14,591,551.00 303,957,904.81 21,956
Principal Collections - Scheduled Payments - 3,976,735.95
Principal Collections - Payoffs - 2,959,099.67 307
Principal Withdrawal from Payahead - 634.66
Gross Principal Charge Offs - 654,341.57 52
Repurchases - 4,042.01 2
Accelerated Principal - 1,173,629.61
Principal shortfall, up to Accelerated Principal - -
Total Principal to be Distributed - 8,768,483.47
------------- -------------- ------
Ending Note Balances 14,591,551.00 295,189,421.34 21,595
============= ============== ======
Note Factor 1.0000000 0.8092003
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 311,189,737.22
Principal Collections - Scheduled Payments 3,976,735.95
Principal Collections - Payoffs 2,959,099.67
Principal Withdrawal from Payahead 634.66
Gross Principal Charge Offs 654,341.57
Repurchases 4,042.01
--------------
Ending Principal Balance 303,594,883.36
==============
Ending Note Balances 295,189,421.34
==============
Tail not sold 0.99
==============
Cumulative Accelerate Principal 8,405,461.03
==============
CASH FLOW RECONCILIATION
Principal Wired 6,947,323.42
Interest Wired 3,098,387.22
Withdrawal from Payahead Account 945.82
Repurchases (Principal and Interest) 4,125.46
Charge Off Recoveries 379,316.61
Interest Advances 87,927.55
Collection Account Interest Earned 30,734.31
Spread Account Withdrawal -
Policy Draw for Principal or Interest -
--------------
Total Cash Flow 10,548,760.39
==============
TRUSTEE DISTRIBUTION(3/8/00)
Total Cash Flow 10,548,760.39
Unrecovered Advances on Defaulted Receivables 22,988.02
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Noteholders, including any overdue amounts 51,434.69
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 8,768,483.47
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 31,831.15
Interest Advance Recoveries from Payments 62,966.72
Unreimbursed draws on the Policy for Principal or Interest -
Deposit to Payahead 12,033.51
Payahead Account Interest to Servicer 48.31
Excess -
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 259,324.78
</TABLE>
<PAGE>
SPREAD ACCOUNT RECONCILIATION
<TABLE>
<CAPTION>
<S> <C>
Original Balance 911,978.88
Beginning Balance 911,978.88
Trustee Distribution of Excess -
Interest Earned 4,154.94
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer (4,154.94)
--------------
Ending Balance 911,978.88
==============
Required Balance 911,978.88
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,591,662.08
Beginning Balance 5,696,165.57
Reduction Due to Spread Account -
Reduction Due to Accelerated Principal (1,092,787.28)
Reduction Due to Principal Reduction (299,599.10)
--------------
Ending Balance 4,303,779.19
==============
First Loss Protection Required Amount 4,303,779.19
First Loss Protection Fee % 2.00%
First Loss Protection Fee 6,933.87
POLICY RECONCILIATION
Original Balance 364,791,551.00
Beginning Balance 304,999,741.31
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 304,999,741.31
==============
Adjusted Ending Balance Based Upon Required Balance 296,187,176.45
==============
Required Balance 296,187,176.45
PAYAHEAD RECONCILIATION
Beginning Balance 11,187.54
Deposit 12,033.51
Payahead Interest 48.31
Withdrawal 945.82
--------------
Ending Balance 22,323.54
==============
</TABLE>
<PAGE>
CURRENT DELINQUENCY
PRINCIPAL % OF ENDING
# PAYMENTS DELINQUENT NUMBER BALANCE POOL BALANCE
--------------------- ------ ------- ------------
1 Payment 327 4,461,427.95 1.51%
2 Payments 155 1,975,177.80 0.67%
3 Payments 66 929,932.82 0.32%
--- ------------ ----
Total 548 7,366,538.57 2.50%
=== ============ ====
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 2,905,110.62 295,189,421.34 0.98%
1st Previous 2,863,603.25 303,957,904.81 0.94%
2nd Previous 2,870,076.66 312,540,669.52 0.92%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 654,341.57 379,316.61 299,573,663.08 1.10%
1st Previous 859,992.65 298,672.60 308,249,287.22 2.19%
2nd Previous 924,827.51 128,118.84 317,163,002.82 3.01%
Gross Cumulative Charge Offs 3,284,153.97 Number of Repossessions 42
Gross Liquidation Proceeds 843,865.05 Number of Inventoried Autos EOM 106
Net Cumulative Loss Percentage 0.67% Amount of Inventoried Autos EOM 719,917.00
Net Cumulative Loss Percentage
(adjusted for estimated
future Liquidation Proceeds) 0.47%
Trigger 1.50%
Status OK
</TABLE>
DATE:3/6/00 /s/ Ashley Vukovits
------------------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
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