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): April 10, 2000
UACSC 2000-A OWNER TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-77535-04 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 2000-A Owner Trust, or the "Trust") is an
automobile receivable securitization trust formed pursuant to a Trust and
Servicing Agreement dated as of February 1, 2000 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
March 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 2000-A Auto Trust,
for and on behalf of UACSC 2000-A Auto Trust.
UACSC 2000-A Auto Trust
By: Union Acceptance Corporation,
as Servicer
Date: April 18, 2000 /s/ Melanie S. Otto
-----------------------------------
Melanie S. Otto
Vice President
EXHIBIT INDEX
No. Description
99-1 UACSC 2000-A Auto Trust Monthly Servicer's Certificate Report for
March 31, 2000
-3-
UACSC 2000-A
UNION ACCEPTANCE CORPORATION
(Servicer)
March 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 30,000,000.00 90,425,000.00 88,175,000.00 57,158,000.00
Beginning Period Note Balances 20,469,101.52 90,425,000.00 88,175,000.00 57,158,000.00
Principal Collections - Scheduled Payments 3,871,946.75 - - -
Principal Collections - Payoffs 4,213,913.22 - - -
Principal Withdrawal from Payahead 4,624.50 - - -
Gross Principal Charge Offs 31,404.56 - - -
Repurchases 5,154.94 - - -
Accelerated Principal 1,261,391.25 - - -
Principal shortfall, up to Accelerated Principal - - - -
Total Principal to be Distributed 9,388,435.22 - - -
------------- ------------- ------------- -------------
Ending Note Balances 11,080,666.30 90,425,000.00 88,175,000.00 57,158,000.00
============= ============= ============= =============
Note Factor 0.3693555 1.0000000 1.0000000 1.0000000
Interest Rate 5.99250% 6.7200% 7.2700% 7.440%
</TABLE>
<TABLE>
<CAPTION>
NOTE BALANCE RECONCILIATION NUMBERS
CLASS B TOTAL
------------- -------------- ------
<S> <C> <C> <C>
Original Note Balances 16,963,339.00 282,721,339.00 19,851
Beginning Period Note Balances 16,963,339.00 273,190,440.52 19,397
Principal Collections - Scheduled Payments - 3,871,946.75
Principal Collections - Payoffs - 4,213,913.22 417
Principal Withdrawal from Payahead - 4,624.50
Gross Principal Charge Offs - 31,404.56 2
Repurchases - 5,154.94 1
Accelerated Principal - 1,261,391.25
Principal shortfall, up to Accelerated Principal -
Total Principal to be Distributed - 9,388,435.22
------------- -------------- ------
Ending Note Balances 16,963,339.00 263,802,005.30 18,977
============= ============== ======
Note Factor 1.0000000 0.9330813
Interest Rate 7.570% 7.0109%
</TABLE>
<PAGE>
PRINCIPAL BALANCE RECONCILIATION
Original Principal Balance 282,721,339.93
Beginning Period Principal Balance 273,446,271.14
Principal Collections - Scheduled Payments 3,871,946.75
Principal Collections - Payoffs 4,213,913.22
Principal Withdrawal from Payahead 4,624.50
Gross Principal Charge Offs 31,404.56
Repurchases 5,154.94
--------------
Ending Principal Balance 265,319,227.17
==============
Ending Note Balances 263,802,005.30
==============
Tail not sold 0.93
==============
Cumulative Accelerated Principal 1,517,220.94
==============
CASH FLOW RECONCILIATION
Principal Wired 8,092,053.50
Interest Wired 2,878,184.54
Withdrawal from Payahead Account 4,745.14
Repurchases (Principal and Interest) 5,235.22
Charge Off Recoveries 5,819.29
Interest Advances 38,192.45
Collection Account Interest Earned 35,431.00
Spread Account Withdrawal -
Policy Draw for Principal or Interest -
--------------
Total Cash Flow 11,059,661.14
==============
TRUSTEE DISTRIBUTION (4/10/00)
Total Cash Flow 11,059,661.14
Unrecovered Advances on Defaulted Receivables 157.52
Servicing Fee (Due and Unpaid)
Interest to Class A-1 Noteholders, including any overdue amounts 112,439.33
Interest to Class A-2 Noteholders, including any overdue amounts 506,380.00
Interest to Class A-3 Noteholders, including any overdue amounts 534,193.54
Interest to Class A-4 Noteholders, including any overdue amounts 354,379.60
Interest to Class B Noteholders, including any overdue amounts 107,010.40
Principal to Class A-1 Noteholders, including any overdue amounts 9,388,435.22
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 37,639.57
Interest Advance Recoveries from Payments 12,649.94
Unreimbursed draws on the Policy for Principal or Interest -
Deposit to Payahead 6,348.97
Payahead Account Interest to Servicer 27.05
Excess -
--------------
Net Cash -
==============
Servicing Fee Retained from Interest Collections 227,871.89
<PAGE>
SPREAD ACCOUNT RECONCILIATION
Original Balance 2,120,410.05
Beginning Balance 2,120,410.05
Trustee Distribution of Excess
Interest Earned 10,514.08
Spread Account Draws -
Reimbursement for Prior Spread Account Draws -
Distribution of Funds to Servicer 5,003.42
--------------
Ending Balance 2,135,927.55
==============
Required Balance 3,534,016.75
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,136,067.00
Beginning Balance 12,015,656.95
Reduction Due to Spread Account -
Reduction Due to Accelerated Principal (255,829.69)
Reduction Due to Principal Reduction (463,753.44)
--------------
Ending Balance 11,296,073.82
==============
First Loss Protection Required Amount 11,296,073.82
First Loss Protection Fee % 2.00%
First Loss Protection Fee 19,454.35
POLICY RECONCILIATION
Original Balance 282,721,339.00
Beginning Balance 272,457,052.28
Draws -
Reimbursement of Prior Draws -
--------------
Ending Balance 272,457,052.28
==============
Adjusted Ending Balance Based Upon Required Balance 263,508,352.51
==============
Required Balance 263,508,352.51
PAYAHEAD RECONCILIATION
Beginning Balance 7,012.96
Deposit 6,348.97
Payahead Interest 27.05
Withdrawal 4,745.14
--------------
Ending Balance 8,643.84
==============
<PAGE>
CURRENT DELINQUENCY
PRINCIPAL % OF ENDING
# PAYMENTS DELINQUENT NUMBER BALANCE POOL BALANCE
--------------------- ------ ------- ------------
1 Payment 171 2,153,544.72 0.81%
2 Payments 46 698,947.98 0.26%
3 Payments 2 39,769.67 0.01%
--- ------------ ----
Total 219 2,892,262.37 1.09%
=== ============ ====
DELINQUENCY RATE (60+)
RECEIVABLE
END OF PERIOD DELINQUENCY
PERIOD BALANCE POOL BALANCE RATE
------ ------- ------------ ----
Current 738,717.65 265,319,227.17 0.28%
1st Previous 93,110.30 273,446,271.14 0.03%
2nd Previous
NET LOSS RATE
<TABLE>
<CAPTION>
DEFAULTED
LIQUIDATION AVERAGE NET LOSS
PERIOD BALANCE PROCEEDS POOL BALANCE (ANNUALIZED)
------ ------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Current 31,404.56 5,819.29 269,382,749.16 0.11%
1st Previous 16,435.98 246.97 278,083,805.54 0.07%
2nd Previous
Gross Cumulative Charge Offs 47,840.54 Number of Repossessions 2
Gross Liquidation Proceeds 6,066.25 Number of Inventoried Autos EOM 3
Net Cumulative Loss Percentage 0.01% Amount of Inventoried Autos EOM 13,600.00
Net Cumulative Loss Percentage
(adjusted for estimated
future Liquidation Proceeds) 0.01%
Trigger 0.60%
Status OK
</TABLE>
EXCESS YIELD TRIGGER
EXCESS YIELD
EXCESS END OF PERIOD PERCENTAGE
PERIOD YIELD POOL BALANCE (ANNUALIZED)
------ ----- ------------ ------------
Current 19,183.48 263,802,005.30 0.09%
1st Previous 7,012.96 273,190,440.52 0.03%
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: April 10, 2000 /s/ Ashley Vukovits
------------------------------
ASHLEY VUKOVITS
FINANCE OFFICER
