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 27, 1999
SSB Vehicle Securities, Inc. BMW Vehicle Owner Trust 1999-A (formed pursuant to
the Trust Agreement between Wilmington Trust company, as owner Trustee, and SSB
Vehicle Securities, Inc.)
SSB Vehicle Securities Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-63005-01 N/A
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
c/o The Chase Manhattan Bank, as Indenture Trustee
450 West 33rd Street
New York, New York 10001
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 783-7000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 8
consecutively numbered pages.
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Item 5. Other Events.
This report and the attached exhibit is 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
BMW Vehicle Owner Trust 1999-A (the "Trust"). On September 29, 1999 SSB Vehicle
Securities, Inc. entered into a sale and servicing agreement dated as of
September 1, 1999 between SSB Vehicle Securities, Inc., as depositor, BMW
Vehicle Owner Trust 1999-A, as issuer, BMW Financial Services NA, Inc., as a
seller and servicer, BMW FS Funding Corporation, as a seller, and The Chase
Manhattan Bank as indenture trustee. On December 27, 1999, BMW Financial
Services NA, Inc. (seller and servicer) distributed the Monthly Securityholders'
Statement for the December 27, 1999, Distribution Date (the "Monthly Report") to
the holders of securities issued by the Trust. Specific information with respect
to the distributions 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 exhibits are filed as part of this report:
Monthly Securityholders' Statement for the December 27, 1999,
Distribution Date filed as Exhibit 99.1 hereto.
Page 2 of 8
<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.
SSB VEHICLE SECURITIES INC.
Date: December 31, 1999 By: /s/ Ted Yarbrough
Ted Yarbrough
Assistant Vice President
Page 3 of 8
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Securityholders' Statement for 5
the December 27, 1999, Distribution Date
Page 4 of 8
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Exhibit 99.1
Monthly Securityholders' Statement on December 27, 1999
Page 5 of 8
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BMW Vehicle Owner Trust 1999-A
=================================================================================================================================
<S> <C> <C>
Collection Period Ending 11/30/1999
Distribution Date: 12/27/1999
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Balances
- ---------------------------------------------------------------------------------------------------------------------------------
Initial Period End
Initial Receivables $1,000,392,272 $902,284,105
Pre-Funding Account $112,777,957 $112,777,957
Capitalized Interest Account $2,509,221 $1,448,934
Reserve Account $37,514,710 $41,478,949
Certificate Interest Reserve Account $1,153,970 $1,153,970
Yield Supplement Overcollateralization $18,170,230 $18,170,230
Class A-1 Notes $190,000,000 $91,891,833
Class A-2 Notes $400,000,000 $400,000,000
Class A-3 Notes $300,000,000 $300,000,000
Class A-4 Notes $171,600,000 $171,600,000
Class B Certificates $33,400,000 $33,400,000
Current Collection Period
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Beginning Receivables Outstanding $935,008,733
Calculation of Total Distribution Amount
Regular Principal Distributable Amount
Receipts of Scheduled Principal $19,904,554
Receipts of Pre-Paid Principal $12,769,551
Principal Balance Allocable to Liquidated Receivables $50,523
Principal Balance Allocable to Purchased Receivables $0
Deposit from Pre-Funding Account $0
Total Receipts of Principal $32,724,628
Interest Distribution Amount
Receipts of Interest $6,329,540
Servicer Advances $622,692
Interest Allocable to Liquidated Receivables $0
Accrued Interest on Purchased Receivables $0
Recoveries $20,098
Net Investment Earnings $657,313
Total Receipts of Interest $7,629,642
Release from Yield Supplement Overcollateralization $0
Release from Capitalized Interest Account $362,233
Release from Reserve Account $0
Release from Certificate Interest Reserve Account $0
Total Distribution Amount $40,665,981
Ending Receivables Outstanding $902,284,105
Servicer Advance Amounts
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Beginning Period Unreimbursed Previous Servicer Advances $1,036,242
Current Period Servicer Advances $622,692
Current Reimbursement of Previous Servicer Advances $0
Ending Period Unreimbursed Previous Servicer Advances $1,658,934
Collection Account
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Deposits to Collection Account $40,665,981
Withdrawals from Collection Account
Servicing Fees $779,174
Noteholder Interest Distribution $5,196,274
Noteholder Principal Distribution $32,724,628
Certificateholder Interest Distribution $192,328
Certificateholder Principal Distribution $0
Reserve Account Deposit $1,773,576
Certificate Interest Reserve Deposit $0
Unpaid Trustee Fees $0
Total Distributions from Collection Account $40,665,981
Excess Funds Released to Servicer $0
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=================================================================================================================================
BMW Vehicle Owner Trust 1999-A
=================================================================================================================================
<S> <C> <C>
Collection Period Ending 11/30/1999
Distribution Date: 12/27/1999
Note Distribution Account
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Amount Deposited from the Collection Account $37,920,902
Amount Deposited from the Reserve Account $0
Amount Paid to Noteholders $37,920,902
Certificate Distribution Account
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Amount Deposited from the Collection Account $192,328
Amount Deposited from the Reserve Account $0
Amount Deposited from the Certificate Interest Reserve Account $0
Amount Paid to Certificateholders $192,328
Distributions
- ---------------------------------------------------------------------------------------------------------------------------
Monthly Principal Distributable Amount Current Payment Ending Balance Per $1,000 Factor
Class A-1 Notes $32,724,628 $91,891,833 $172.23 48.36%
Class A-2 Notes $0 $400,000,000 $0.00 100.00%
Class A-3 Notes $0 $300,000,000 $0.00 100.00%
Class A-4 Notes $0 $171,600,000 $0.00 100.00%
Class B Certificates $0 $33,400,000 $0.00 100.00%
Interest Distributable Amount Current Payment Per $1,000
Class A-1 Notes $605,221 $3.19
Class A-2 Notes $2,053,333 $5.13
Class A-3 Notes $1,602,500 $5.34
Class A-4 Notes $935,220 $5.45
Class B Certificates $192,328 $5.76
Carryover Shortfalls
- ---------------------------------------------------------------------------------------------------------------------------
Prior Period Carryover Current Payment Per $1,000
Class A-1 Interest Carryover Shortfall $0 $0 $0
Class A-2 Interest Carryover Shortfall $0 $0 $0
Class A-3 Interest Carryover Shortfall $0 $0 $0
Class A-4 Interest Carryover Shortfall $0 $0 $0
Certificate Interest Carryover Shortfall $0 $0 $0
Receivables Data
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Beginning Period Ending Period
Number of Contracts 47,454 46,256
Weighted Average Remaining Term 42.1 41.2
Weighted Average Annual Percentage Rate 7.88% 7.87%
Aggregate Principal Balance of Deferred Receivables $0 $0
Number of Deferred Contracts 0 0
Delinquencies Aging Profile End of Period Dollar Amount Percentage
Current $812,523,154 90.05%
1-29 days $78,222,715 8.67%
30-59 days $9,184,804 1.02%
60-89 days $1,690,413 0.19%
90 + days $663,019 0.07%
Total $902,284,105 100.00%
Delinquent Receivables +30 days past due $11,538,236 1.28%
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Page 7 of 8
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=================================================================================================================================
BMW Vehicle Owner Trust 1999-A
=================================================================================================================================
<S> <C> <C>
Collection Period Ending 11/30/1999
Distribution Date: 12/27/1999
Liquidated Receivables
Beginning Period Liquidated Receivables $6,247
Current Period Liquidated Receivables $50,523
Cumulative Liquidated Receivables $56,770
Recoveries $20,098
Realized Losses
Beginning Period Realized Losses $2,001
Current Period Realized Losses $30,425
Cumulative Realized Losses $32,426
Repossessions Dollar Amount Units
Beginning Period Repossessed Receivables Balance $406,944 16
Ending Period Repossessed Receivables Balance $787,063 31
Principal Balance of 90+ Day Repossessed Vehicles $663,019 21
Yield Supplement Overcollateralization
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Beginning Period Required Amount $16,888,112
Beginning Period Amount $18,170,229
Ending Period Required Amount $16,275,397
Ending Period Amount $18,170,230
Next Distribution Date Required Amount $15,673,397
Capitalized Interest Account
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Beginning Period Required Amount $1,811,167
Beginning Period Amount $1,811,167
Net Investment Earnings $7,917
Current Period Release for Deposit to Collection Account $362,233
Ending Period Required Amount $1,448,934
Ending Period Amount $1,448,934
Pre-Funding Account
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Beginning Period Amount $112,777,957
Net Investment Earnings $501,147
Release to Servicer for Additional Loans $0
Ending Period Amount $112,777,957
Reserve Account
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Beginning Period Required Amount $46,750,437
Beginning Period Amount $39,705,372
Net Investment Earnings $143,991
Current Period Deposit $1,773,576
Current Period Release for Deposit to Collection Account $0
Ending Period Required Amount $45,114,205
Ending Period Amount $41,478,949
Certificate Interest Reserve Account
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Beginning Period Required Amount $1,153,970
Beginning Period Amount $1,153,970
Net Investment Earnings $4,259
Current Period Deposit $0
Current Period Release for Deposit to Certificate Distribution Account $0
Ending Period Required Amount $1,153,970
Ending Period Amount $1,153,970
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