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Previous: CATHAYONLINE INC, RW, 2000-01-18 |
Next: GRG INC, 10SB12G/A, 2000-01-18 |
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): January 10, 2000
UACSC 1999-D AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-77535-03 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-D Owner Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Trust and
Servicing Agreement dated as of November 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
December 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-D Auto Trust,
for and on behalf of UACSC 1999-D Auto Trust.
UACSC 1999-D Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: January 13, 2000 /s/ Melanie S. Otto
-----------------------------------
Melanie S. Otto
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 1999-D Auto Trust Monthly Servicer's Certificate Report for
December 31, 1999
-3-
UACSC 99-D
UNION ACCEPTANCE CORPORATION
(Servicer)
DECEMBER 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 58,575,000.00 82,125,000.00 66,050,000.00 77,781,000.00
Beginning Period Note Balances 48,634,781.42 82,125,000.00 66,050,000.00 77,781,000.00
Principal Collections - Scheduled Payments 3,721,222.89 - - -
Principal Collections - Payoffs 3,414,465.29 - - -
Principal Withdrawal from Payahead 2,948.53 - - -
Gross Principal Charge Offs 11,129.91 - - -
Repurchases - - - -
Accelerated Principal 1,570,469.19 - - -
Principal shortfall, up to Accelerated Principal - - - -
Total Principal to be Distributed 8,720,235.81 - - -
------------- ------------- ------------- -------------
Ending Note Balances 39,914,545.61 82,125,000.00 66,050,000.00 77,781,000.00
============= ============= ============= =============
Note Factor 0.6814263 1.0000000 1.0000000 1.0000000
Interest Rate 6.12875% 6.4500% 6.6700% 6.850%
</TABLE>
<TABLE>
<CAPTION>
NOTE BALANCE RECONCILIATION NUMBERS
CLASS B TOTAL
------------- -------------- ------
<S> <C> <C> <C>
Original Note Balances 18,161,808.00 302,692,808.00 24,594
Beginning Period Note Balances 18,161,808.00 292,752,589.42 20,952
Principal Collections - Scheduled Payments - 3,721,222.89
Principal Collections - Payoffs - 3,414,465.29 337
Principal Withdrawal from Payahead - 2,948.53 0
Gross Principal Charge Offs - 11,129.91 0
Repurchases - - 0
Accelerated Principal - 1,570,469.19
Principal shortfall, up to Accelerated Principal -
Total Principal to be Distributed - 8,720,235.81
------------- -------------- ------
Ending Note Balances 18,161,808.00 284,032,353.61 20,615
============= ============== ======
Note Factor 1.0000000 0.9383518
Interest Rate 7.070% 6.5758%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION
<S> <C>
Original Principal Balance 302,692,808.32
Beginning Period Principal Balance 293,363,650.54
Principal Collections - Scheduled Payments 3,721,222.89
Principal Collections - Payoffs 3,414,465.29
Principal Withdrawal from Payahead 2,948.53
Gross Principal Charge Offs 11,129.91
Repurchases -
--------------
Ending Principal Balance 286,213,883.92
==============
Ending Note Balances 284,032,353.61
==============
Tail not sold 0.32
==============
Cumulative Accelerate Principal 2,181,529.99
==============
CASH FLOW RECONCILIATION
Principal Wired 7,145,120.23
Interest Wired 3,170,670.50
Withdrawal from Payahead Account 3,381.85
Repurchases (Principal and Interest) -
Charge Off Recoveries 590.97
Interest Advances 69,887.92
Collection Account Interest Earned 33,069.07
Spread Account Withdrawal -
Policy Draw for Principal or Interest -
--------------
Total Cash Flow 10,422,720.54
==============
TRUSTEE DISTRIBUTION(1/10/2000)
Total Cash Flow 10,422,720.54
Unrecovered Advances on Defaulted Receivables -
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Noteholders, including any overdue amounts 273,231.22
Interest to Class A-2 Noteholders, including any overdue amounts 441,421.88
Interest to Class A-3 Noteholders, including any overdue amounts 367,127.92
Interest to Class A-4 Noteholders, including any overdue amounts 443,999.88
Interest to Class B Noteholders, including any overdue amounts 107,003.32
Principal to Class A-1 Noteholders, including any overdue amounts 8,720,235.81
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 37,813.88
Interest Advance Recoveries from Payments 22,183.42
Unreimbursed draws on the Policy forPrincipal orInterest -
Deposit to Payahead 9,682.38
Payahead Account Interest to Servicer 20.83
Excess -
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 244,469.71
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 756,732.02
Beginning Balance 756,732.02
Trustee Distribution of Excess -
Interest Earned 3,563.67
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer (3,563.67)
--------------
Ending Balance 756,732.02
==============
Required Balance 756,732.02
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 12,107,712.33
Beginning Balance 11,350,980.31
Reduction Due to Spread Account -
Reduction Due to Accelerated Principal (611,060.80)
Reduction Due to Principal Reduction (373,166.31)
--------------
Ending Balance 10,366,753.20
==============
First Loss Protection Required Amount 10,366,753.20
First Loss Protection Fee % 2.00%
First Loss Protection Fee 17,853.85
POLICY RECONCILIATION
Original Balance 302,692,808.00
Beginning Balance 293,593,162.86
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 293,593,162.86
==============
Adjusted Ending Balance Based Upon Required Balance 285,152,875.52
==============
Required Balance 285,152,875.52
PAYAHEAD RECONCILIATION
Beginning Balance 5,726.72
Deposit 9,682.38
Payahead Interest 20.83
Withdrawal 3,381.85
--------------
Ending Balance 12,048.08
==============
</TABLE>
<PAGE>
CURRENT DELINQUENCY
PRINCIPAL % OF ENDING
# PAYMENTS DELINQUENT NUMBER BALANCE POOL BALANCE
--------------------- ------ ------- ------------
1 Payment 331 4,035,727.02 1.42%
2 Payments 83 1,001,636.80 0.35%
3 Payments 8 126,590.75 0.04%
--- ------------ ----
Total 422 5,163,954.57 1.82%
=== ============ ====
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 1,128,227.55 284,032,353.61 0.40%
1st Previous 135,256.33 292,752,589.42 0.05%
2nd Previous - - 0.00%
<TABLE>
<CAPTION>
NET LOSS RATE
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 11,129.91 590.97 288,392,471.52 0.04%
1st Previous 726.12 914.66 297,722,698.71 0.00%
2nd Previous - - - 0.00%
Gross Cumulative Charge Offs 11,856.03 Number of Repossessions 0
Gross Liquidation Proceeds 1,505.63 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>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 31,886.63 284,032,353.61 0.13%
1st Previous 5,726.72 292,752,589.42 0.02%
2nd Previous - - 0.00%
3rd Previous - - 0.00%
4th Previous - - 0.00%
5th Previous - - 0.00%
CURRENT
LEVEL TRIGGER STATUS
----- ------- ------
Six Month Average Excess Yield N/A 1.50% N/A
Trigger Hit in Current or any Previous Month NO
DATE:1/6/00 /s/ Ashley Vukovits
------------------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
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