<PAGE>
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 15, 1998
ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
----------------------------
(State or Other Jurisdiction of Incorporation)
333-00365 13-3354848
- ---------------------- -------------------
Commission File Number (I.R.S. Employer
Identification No.)
11 MADISON AVENUE
NEW YORK, NEW YORK 10010
----------------------------
(Address of principal executive offices)
(212) 325-1811
----------------------------
(Registrant's telephone number)
NOT APPLICABLE
----------------------------
(Former Name or Former Address, if Changed Since Last Report
<PAGE>
ITEM 5. OTHER EVENTS.
The Registrant is filing its Servicer's Report and Monthly Noteholder
and Certificateholder Statement.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c). Exhibits.
EXHIBIT NO. Document Description
- ----------- ------------------------
20.1 Servicer's Report and Monthly Noteholder and
Certificateholders Statement, dated as of December 15,
1998.
<PAGE>
SIGNATURES
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.
ASSET BACKED SECURITIES CORPORATION
-----------------------------------
(Registrant)
Dated: December 31, 1998 By: /s/ Erik A. Falk
-----------------------------------
Name: Erik A. Falk
Title: Vice President
<PAGE>
CREDIT SUISSE FIRST BOSTON EXHIBIT 20.1
COMPASS BANK AUTO OWNER TRUST 1998-A page 1
COMPASS BANK - SERVICER
COMPASS BANK "ALABAMA", COMPASS BANK "TEXAS" - SELLERS
<TABLE>
<CAPTION>
<S> <C>
I. ORIGINAL DEAL PARAMETER INPUTS
- ---------------------------------
(A) Total Portfolio Balance $401,460,879.06
(B) Total Securities Balance $401,460,879.06
(C) Class A-1 Notes
(i) Class A-1 Notes Balance $127,235,000.00
(ii) Class A-1 Notes Percentage (C(i)/IB) 31.69%
(iii) Class A-1 Notes Rate 5.659%
(iv) Class A-1 Notes Accrual Basis Actual/360
(D) Class A-2 Notes
(i) Class A-2 Notes Balance $81,700,000.00
(ii) Class A-2 Notes Percentage (D(i)/IB) 20.35%
(iii) Class A-2 Notes Rate 5.709%
(iv) Class A-2 Notes Accrual Basis Actual/360
(E) Class A-3 Notes
(i) Class A-3 Notes Balance $170,445,000.00
(ii) Class A-3 Notes Percentage (E(i)/B) 42.46%
(iii) Class A-3 Notes Rate 5.90%
(iv) Class A-3 Notes Accrual Basis 30/360
(F) Certificates
(i) Certificates Balance $22,080,879.06
(ii) Certificates Percentage (G(i)/B) 5.50%
(iii) Certificates Rate 6.65%
(iv) Certificates Accrual Basis 30/360
(G) Servicing Fee Rate 1.00%
(H) Portfolio Summary
(i) Weighted Average Coupon (WAC) 9.84%
(ii) Weighted Average Original Maturity (WAOM) 57.78 months
(iii) Weighted Average Remaining Maturity (WAM) 42.27 months
(iv) Number of Receivables 35,744
(I) Reserve Account
(i) Reserve Account Initial Deposit Percentage 0.25%
(ii) Reserve Account Initial Deposit $1,003,652.20
(iii) Specified Reserve Account Balance (greater of J(iii)(a or
b) if 1.5% loss and delinquency triggers not hit - otherwise
J(iii)(c))
(a) Percent of Original Securities Balance 1.00%
(b) Trigger Percent of Remaining Securities Balance 6.00%
II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- -------------------------------------------------
(A) Total Portfolio Balance $318,978,986.11
(B) Total Securities Balance $318,978,986.11
(C) Cumulative Note and Certificate Pool Factor 0.7945456
(D) Class A-1 Notes
(i) Class A-1 Notes Balance $44,753,107.05
(ii) Class A-1 Notes Pool Factor 0.3517358
(iii) Class A-1 Notes Interest Carryover Shortfall $0.00
(iv) Class A-1 Notes Principal Carryover Shortfall $0.00
(E) Class A-2 Notes
(i) Class A-2 Notes Balance $81,700,000.00
(ii) Class A-2 Notes Pool Factor 1.0000000
(iii) Class A-2 Notes Interest Carryover Shortfall $0.00
(iv) Class A-2 Notes Principal Carryover Shortfall $0.00
(F) Class A-3 Notes
(i) Class A-3 Notes Balance $170,445,000.00
(ii) Class A-3 Notes Pool Factor 1.0000000
(iii) Class A-3 Notes Interest Carryover Shortfall $0.00
(iv) Class A-3 Notes Principal Carryover Shortfall $0.00
(G) Certificates
(i) Certificates Balance $22,080,879.06
(ii) Certificates Pool Factor 1.0000000
(iii) Certificates Interest Carryover Shortfall $0.00
(iv) Certificates Principal Carryover Shortfall $0.00
(H) Servicing Fee
(i) Servicing Fee Shortfall $0.00
(I) End of Prior Month Account Balances
(i) Reserve Account $3,168,599.39
(J) Net Losses as of End of Prior Month
(i) Cumulative Net Losses for All Prior Periods $242,384.39
(ii) Net Losses for Second Preceding Period 0.21%
(iii) Net Losses for Preceding Period 0.62%
(K) Delinquencies as of End of Prior Month
(i) Delinquency Ratio for Preceding Period 0.09%
(ii) Delinquency Ratio for Second Preceding Period 0.07%
(L) Portfolio Summary as of End of Prior Month
(i) Weighted Average Coupon (WAC) 10.21%
(ii) Weighted Average Remaining Maturity (WAM) 37.27 months
(iii) Number of Receivables 31,811
(M) Previous Month Distribution Date 11/16/98
III. MONTHLY INPUTS FROM THE MAINFRAME
- --------------------------------------
(A) Receivables Principal
(i) Principal Collections $ 14,892,338.63
(ii) Prepayments in Full $0.00
(iii) Repurchased Loan Proceeds Related to Principal $0.00
(iv) Other Refunds Related to Principal $0.00
(B) Receivables Interest
(i) Interest Collections $ 2,546,811.92
(ii) Repurchased Loan Proceeds Related to Interest $0.00
(C) Portfolio Summary as of End of Month
</TABLE>
<PAGE>
CREDIT SUISSE FIRST BOSTON EXHIBIT 20.1
COMPASS BANK AUTO OWNER TRUST 1998-A page 2
COMPASS BANK - SERVICER
COMPASS BANK "ALABAMA", COMPASS BANK "TEXAS" - SELLERS
<TABLE>
<S> <C> <C>
(i) Weighted Average Coupon (WAC) 9.58%
(ii) Weighted Average Remaining Maturity (WAM) 36.51 months
(iii) Remaining Number of Receivables 31,136
(D) Delinquent Receivables Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent $ 260,351 0.09% 391 1.26%
(ii) 60-89 Days Delinquent 84,545.41 0.03% 86 0.28%
(ii) 90 Days or More Delinquent 240,354.48 0.08% 142 0.46%
(M) Current Month Distribution Date 12/15/98
IV. INPUTS DERIVED FROM OTHER SOURCES
- -------------------------------------
(A) Reserve Account Investment Income $11,674.31
(B) Collection Account Investment Income $62,270.19
(C) Total Liquidations $0.00
(D) Gross Losses for Collection Period $285,883.95
(E) Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal $0.00
(ii) Liquidation Proceeds Related to Interest $0.00
(iii) Recoveries from Prior Month Charge Offs $0.00
(iv) Aggregate Net Losses for Collection Period $285,883.95
(F) Days in Accrual Period 29
(G) Deal age 5
MONTHLY COLLECTIONS
-------------------
V. INTEREST COLLECTIONS
- ------------------------
(A) Interest Collections $2,546,811.92
(B) Repurchased Loan Proceeds Related to Interest 0.00
(C) Recoveries from Prior Month Charge Offs 0.00
--------------
(E) Total Interest Collections $2,546,811.92
VI. PRINCIPAL COLLECTIONS
- -------------------------
(A) Principal Payments Received $14,892,338.63
(B) Liquidation Proceeds 0.00
(C) Repurchased Loan Proceeds Related to Principal 0.00
(D) Other Refunds Related to Principal 0.00
--------------
(E) Total Principal Collections $14,892,338.63
VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS $17,439,150.55
- ---------------------------------------------
MONTHLY DISTRIBUTIONS
---------------------
VIII. FEE DISTRIBUTIONS
- -----------------------
(A) Reserve Account Investment Income $11,674.31
(B) Collection Account Investment Income $62,270.19
(C) Servicing Fee
(i) Servicing Fee Due $265,815.82
(ii) Servicing Fee Paid 265,815.82
--------------
(iii) Servicing Fee Shortfall $0.00
IX. INTEREST DISTRIBUTIONS
- --------------------------
(A) Class A-1 Notes
(i) Class A-1 Notes Interest Due $204,013.25
(ii) Class A-1 Notes Interest Paid 204,013.25
--------------
(iii) Class A-1 Notes Interest Shortfall $0.00
(B) Class A-2 Notes
(i) Class A-2 Notes Interest Due $375,731.49
(ii) Class A-2 Notes Interest Paid 375,731.49
--------------
(iii) Class A-2 Notes Interest Shortfall $0.00
(C) Class A-3 Notes
(i) Class A-3 Notes Interest Due $838,021.25
(ii) Class A-3 Notes Interest Paid 838,021.25
--------------
(iii) Class A-3 Notes Interest Shortfall $0.00
(D) Total Note Interest
(i) Total Note Interest Due $1,417,766.00
(ii) Total Note Interest Paid 1,417,766.00
--------------
(iii) Total Note Interest Shortfall $0.00
(E) Certificates
(i) Certificates Interest Due $122,364.87
(ii) Certificates Monthly Interest Paid 122,364.87
--------------
(iii) Certificates Monthly Interest Shortfall $0.00
(F) Total Note and Certificate Interest
(i) Total Note and Certificate Interest Due $1,540,130.87
(ii) Total Note and Certificate Interest Paid 1,540,130.87
--------------
(iii) Total Note and Certificate Interest Shortfall $0.00
(G) Excess Fund Available 15,633,203.86
X. PRINCIPAL DISTRIBUTIONS
- --------------------------
(A) Noteholders' Principal Distribution Amounts $15,178,222.58
(B) Class A-1 Notes Principal
(i) Class A-1 Notes Principal Due $15,178,222.58
(ii) Class A-1 Notes Principal Paid 15,178,222.58
--------------
(iii) Class A-1 Notes Principal Shortfall $0.00
(iv) Reserve Fund drawn $0.00
(C) Class A-2 Notes Principal
(i) Class A-2 Notes Principal Due $0.00
(ii) Class A-2 Notes Principal Paid 0.00
--------------
(iii) Class A-2 Notes Principal Shortfall $0.00
(iv) Reserve Fund drawn $0.00
(D) Class A-3 Notes Principal
</TABLE>
<PAGE>
CREDIT SUISSE FIRST BOSTON EXHIBIT 20.1
COMPASS BANK AUTO OWNER TRUST 1998-A page 3
COMPASS BANK - SERVICER
COMPASS BANK "ALABAMA", COMPASS BANK "TEXAS" - SELLERS
<TABLE>
<S> <C>
(i) Class A-3 Notes Principal Due $0.00
(ii) Class A-3 Notes Principal Paid 0.00
--------------
(iii) Class A-3 Notes Principal Shortfall $0.00
(iv) Reserve Fund drawn $0.00
(E) Total Notes Principal
(i) Total Notes Principal Due $15,178,222.58
(ii) Total Notes Principal Paid 15,178,222.58
--------------
(iii) Total Notes Principal Shortfall $0.00
(iv) Reserve Fund drawn $0.00
(F) Certificates Principal
(i) Certificates Principal Due $0.00
(ii) Certificates Principal Paid 0.00
--------------
(iii) Certificates Principal Shortfall $0.00
(iv) Release to Servicer $0.00
(G) Total Notes and Certificates Principal
(i) Total Notes and Certificates Principal Due $15,178,222.58
(ii) Total Notes and Certificates Principal Paid 15,178,222.58
--------------
(iii) Total Notes and Certificates Principal Shortfall $0.00
DISTRIBUTIONS SUMMARY
---------------------
(A) Total Collections $17,439,150.55
(B) Amount of Draw from Reserve Account 0.00
(C) Total Distributions 16,984,169.27
(D) Amount of Deposit available into Reserve Account 454,981.28
PORTFOLIO AND SECURITY SUMMARY
------------------------------
Beginning End
XI. POOL BALANCES AND PORTFOLIO INFORMATION of Period of Period
- ------------------------------------------- --------- ---------
(A) Balances and Principal Factors
(i) Aggregate Balance of Notes $296,898,107.05 $281,719,884.47
(ii) Note Pool Factor 0.7945456 0.7425797
(iii) Class A-1 Notes Balance 44,753,107.05 29,574,884.47
(iv) Class A-1 Notes Pool Factor 0.3517358 0.2324430
(v) Class A-2 Notes Balance 81,700,000.00 81,700,000.00
(vi) Class A-2 Notes Pool Factor 1.0000000 1.0000000
(vii) Class A-3 Notes Balance 170,445,000.00 170,445,000.00
(viii) Class A-3 Notes Pool Factor 1.0000000 1.0000000
(iv) Certificates Balance 22,080,879.06 22,080,879.06
(x) Certificates Pool Factor 1.0000000 1.0000000
(xi) Total Principal Balance of Notes
and Certificates 318,978,986.11 303,800,763.53
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 10.21% 9.58%
(ii) Weighted Average Remaining
Maturity (WAM) 37.27 months 36.51 months
(iii) Remaining Number of Receivables 31,811 31,136
(iv) Portfolio Receivable Balance $318,978,986.11 $303,800,763.53
SUMMARY OF ACCOUNTS
-------------------
XII. RECONCILIATION OF RESERVE ACCOUNT
- --------------------------------------
(A) Beginning Reserve Account Balance $3,168,599.39
(B) Draws
(i) Draw for Servicing Fee 0.00
(ii) Draw for Interest 0.00
(iii) Draw for Realized Losses 0.00
(C) Excess Interest Deposited into the Reserve
Account 454,981.28
(D) Reserve Account Balance Prior to Release 3,623,580.67
(E) Reserve Account Required Amount 4,014,608.79
(F) Final Reserve Account Required Amount 4,014,608.79
(G) Excess Reserve Account Amount 0.00
(H) Ending Reserve Account Balance 3,623,580.67
XIII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- -----------------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $0.00
(ii) Net Liquidation Proceeds Received During
the Collection Period 0.00
(iii) Recoveries on Previously Liquidated
Contracts 0.00
(B) Aggregate Net Losses for Collection Period 285,883.95
(C) Net Loss Rate for Collection Period
(annualized) 1.10%
(D) Cumulative Net Losses for all Periods 528,268.34
(E) Delinquent Receivables Dollar Amount # Units
------------- --------
(i) 30-59 Days Delinquent $260,350.73 0.09% 391 1.26%
(ii) 60-89 Days Delinquent $ 84,545.41 0.03% 86 0.28%
(ii) 90 Days or More Delinquent $240,354.48 0.08% 142 0.46%
XIV. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ------------------------------------------------------------
(A) Cumulative Net Losses
(i) Second Preceding Collection Period 0.21%
(ii) Preceding Collection Period 0.62%
(iii) Current Collection Period 1.10%
(B) Ratio of Balance of Contracts Delinquent
60 Days or More to the Outstanding Balance
of Receivables.
(i) Second Preceding Collection Period 0.07%
(ii) Preceding Collection Period 0.09%
(iii) Current Collection Period 0.11%
(iv) Three Month Average (Avg(i,ii,iii)) 0.09%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit.
</TABLE>
