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Previous: LUMENON INNOVATIVE LIGHTWAVE TECHNOLOGY INC, 10-Q, 2000-02-18 |
Next: COMMERCEFIRST BANCORP INC, SB-2/A, 2000-02-18 |
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): February 8, 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
January 31, 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-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: February 16, 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
January 31, 2000
-3-
UACSC 99-D
UNION ACCEPTANCE CORPORATION
(Servicer)
JANUARY 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 58,575,000.00 82,125,000.00 66,050,000.00 77,781,000.00
Beginning Period Note Balances 39,914,545.61 82,125,000.00 66,050,000.00 77,781,000.00
Principal Collections - Scheduled Payments 3,481,373.75 - - -
Principal Collections - Payoffs 2,987,163.44 - - -
Principal Withdrawal from Payahead 2,380.72 - - -
Gross Principal Charge Offs 170,840.87 - - -
Repurchases - - - -
Accelerated Principal 1,482,728.15 - - -
Principal shortfall, up to Accelerated Principal - - - -
Total Principal to be Distributed 8,124,486.93 - - -
------------- ------------- ------------- -------------
Ending Note Balances 31,790,058.68 82,125,000.00 66,050,000.00 77,781,000.00
============= ============= ============= =============
Note Factor 0.5427240 1.0000000 1.0000000 1.0000000
Interest Rate 6.12875% 6.4500% 6.6700% 6.850%
</TABLE>
<TABLE>
<CAPTION>
NOTE BALANCE RECONCILIATION DOLLARS 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 18,161,808.00 284,032,353.61 20,615
Principal Collections - Scheduled Payments - 3,481,373.75
Principal Collections - Payoffs - 2,987,163.44 327
Principal Withdrawal from Payahead - 2,380.72 0
Gross Principal Charge Offs - 170,840.87 12
Repurchases - - 0
Accelerated Principal - 1,482,728.15
Principal shortfall, up to Accelerated Principal -
Total Principal to be Distributed - 8,124,486.93
------------- -------------- ------
Ending Note Balances 18,161,808.00 275,907,866.68 20,276
============= ============== ======
Note Factor 1.0000000 0.9115111
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 286,213,883.92
Principal Collections - Scheduled Payments 3,481,373.75
Principal Collections - Payoffs 2,987,163.44
Principal Withdrawal from Payahead 2,380.72
Gross Principal Charge Offs 170,840.87
Repurchases -
--------------
Ending Principal Balance 279,572,125.14
==============
Ending Note Balances 275,907,866.68
==============
Tail not sold 0.32
==============
Cumulative Accelerate Principal 3,664,258.14
==============
CASH FLOW RECONCILIATION
Principal Wired 6,471,316.80
Interest Wired 3,164,142.60
Withdrawal from Payahead Account 2,577.67
Repurchases (Principal and Interest) -
Charge Off Recoveries 3,444.78
Interest Advances 91,089.24
Collection Account Interest Earned 31,810.06
Spread Account Withdrawal -
Policy Draw for Principal or Interest -
--------------
Total Cash Flow 9,764,381.15
==============
TRUSTEE DISTRIBUTION(2/8/00)
Total Cash Flow 9,764,381.15
Unrecovered Advances on Defaulted Receivables 4,891.10
Servicing Fee (Due and Unpaid) -
Interest to Class A-1 Noteholders, including any overdue amounts 197,060.05
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 8,124,486.93
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 36,687.51
Interest Advance Recoveries from Payments 38,383.38
Unreimbursed draws on the Policy for Principal or Interest -
Deposit to Payahead 3,270.35
Payahead Account Interest to Servicer 48.83
Excess -
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 238,511.57
</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 3,616.64
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer (3,616.64)
--------------
Ending Balance 756,732.02
==============
Required Balance 756,732.02
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 12,107,712.33
Beginning Balance 10,366,753.20
Reduction Due to Spread Account -
Reduction Due to Accelerated Principal (1,570,469.19)
Reduction Due to Principal Reduction (285,990.66)
--------------
Ending Balance 8,510,293.35
==============
First Loss Protection Required Amount 8,510,293.35
First Loss Protection Fee % 2.00%
First Loss Protection Fee 14,656.62
POLICY RECONCILIATION
Original Balance 302,692,808.00
Beginning Balance 285,152,875.52
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 285,152,875.52
==============
Adjusted Ending Balance Based Upon Required Balance 276,946,259.28
==============
Required Balance 276,946,259.28
PAYAHEAD RECONCILIATION
Beginning Balance 12,048.08
Deposit 3,270.35
Payahead Interest 48.83
Withdrawal 2,577.67
--------------
Ending Balance 12,789.59
==============
</TABLE>
<PAGE>
CURRENT DELINQUENCY
PRINCIPAL % OF ENDING
# PAYMENTS DELINQUENT NUMBER BALANCE POOL BALANCE
--------------------- ------ ------- ------------
1 Payment 360 4,618,032.32 1.67%
2 Payments 141 1,798,300.53 0.65%
3 Payments 52 717,994.62 0.26%
--- ------------ ----
Total 553 7,134,327.47 2.59%
=== ============ ====
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 2,516,295.15 275,907,866.68 0.91%
1st Previous 1,128,227.55 284,032,353.61 0.40%
2nd Previous 135,256.33 292,752,589.42 0.05%
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 170,840.87 3,444.78 279,970,110.15 0.72%
1st Previous 11,129.91 590.97 288,392,471.52 0.04%
2nd Previous 726.12 914.66 297,722,698.71 0.00%
Gross Cumulative Charge Offs 182,696.90 Number of 11
Repossessions
Gross Liquidation Proceeds 4,950.41 Number of Inventoried Autos EOM 10
Net Cumulative Loss Percentage 0.06% Amount of Inventoried Autos EOM 68,800.00
Net Cumulative Loss Percentage
(adjusted for estimated
future Liquidation Proceeds) 0.04%
Trigger 0.60%
Status OK
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 46,593.66 275,907,866.68 0.20%
1st Previous 31,886.63 284,032,353.61 0.13%
2nd Previous 5,726.72 292,752,589.42 0.02%
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: 2/6/00 /s/ Ashley Vukovits
------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
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