PRUDENTIAL SECURITIES SECURED FINANCING CORP
8-K, 2000-01-05
ASSET-BACKED SECURITIES
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<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, 1999
                                                      ---------------------


              Prudential Securities Secured Financing Corporation
- --------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)



                                    Delaware
- --------------------------------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)


        333-52021                                       13-3526694
- --------------------------                  ------------------------------------
 (Commission File Number)                   (I.R.S. Employer Identification No.)



     One New York Plaza, New York, New York                    10292
- --------------------------------------------------------------------------------
     (Address of Principal Executive Offices)                (Zip Code)


                                 (212) 778-1000
- --------------------------------------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)


                                   No Change
- --------------------------------------------------------------------------------
         (Former Name or Former Address, if Changed Since Last Report)



================================================================================
<PAGE>

ITEM 5.   OTHER EVENTS.

          This report and the attached exhibit are 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 PeopleFirst.com
Auto Receivables Owner Trust 1999-1 (the "Trust"). On December 15, 1999, the
principal and interest collected during the preceding calendar month, net of
certain adjustments as provided for in the Sale and Servicing Agreement dated as
of November 1, 1999 (the "Agreement"), among the Trust, PeopleFirst Finance,
LLC, as seller and servicer, PF Funding II, LLC, as transferor, Prudential
Securities Secured Financing Corporation, as depositor, and Norwest Bank
Minnesota, National Association, as indenture trustee (the "Indenture Trustee"),
backup servicer and custodian, were distributed to the holders of Notes issued
by the Trust (the "Noteholders"). In accordance with the Agreement, the Monthly
Noteholder Statement was furnished to the Indenture Trustee for the benefit of
the Noteholders, and, as such, was distributed by the Indenture Trustee to the
Noteholders. A copy of the Monthly Noteholder Statement with respect to the
December 15, 1999 distributions is filed as Exhibit 99.2. No other reportable
transactions or matters have occurred during the current reporting period.

ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS.

     (c)  Exhibits.


EXHIBIT
  NO.     DOCUMENT DESCRIPTION
- -------   --------------------

99.2      Monthly Noteholder Statement, with respect to December 15, 1999
          distributions.

                                      -2-
<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.



                              PRUDENTIAL SECURITIES SECURED FINANCING
                              CORPORATION
                                        (Registrant)



Dated: January 5, 2000        By: /s/ Joseph M. Donovan
                                  -------------------------
                              Name:  Joseph M. Donovan
                              Title: Vice President
<PAGE>

                               INDEX TO EXHIBITS

Exhibit
Number              Document Description
- ------              --------------------

99.2                Monthly Noteholder Statement, with respect to December 15,
                    1999 distributions.

<PAGE>



                                                                    Exhibit 99.2


                           PeopleFirst Finance, LLC
                         Monthly Noteholder Statement

              PeopleFirst.com Auto Receivables Owner Trust  99-1



Distribution Date: 12-15-99

Monthly Period:  November 1999

A)   Information Regarding the Current Monthly Distribution

     1.   Notes
     ----------

<TABLE>
<CAPTION>
<S>  <C>
(a)  The aggregate amount of the distribution with respect to:
       the Class A-1 Notes                                       $  2,711,256.46
   -----------------------------------------------------------------------------
       the Class A-2 Notes                                       $    233,975.00
   -----------------------------------------------------------------------------
       the Class A-3 Notes                                       $    102,525.00
   -----------------------------------------------------------------------------

(b)  The amount of the distribution set forth in paragraph A.1.(a) above in
     respect of interest on:
     the Class A-1 Notes                                         $    299,366.67
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $    233,975.00
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $    102,525.00
   -----------------------------------------------------------------------------

(c)  The amount of the distribution set forth in paragraph A.1.(a) above in
     respect of principal of:
     the Class A-1 Notes                                         $  2,411,889.79
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $            --
   -----------------------------------------------------------------------------

(d)  The amount of the distribution set forth in paragraph A.1.(a) payable
     pursuant to a claim on the Policy with respect to:
     the Class A-1 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $            --
   -----------------------------------------------------------------------------

(e)  The remaining outstanding balance available to be drawn
     under the Policy                                            $116,000,000.00
                                                                 ---------------

(f)  The amount of the distribution set forth in paragraph A.1.(a) above per
     $1,000 interest in:
     the Class A-1 Notes                                         $         48.42
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $          5.57
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $          5.70
   -----------------------------------------------------------------------------

(g)  The amount of the distribution set forth in paragraph A.1.(b) above per
     $1,000 interest in:
     the Class A-1 Notes                                         $          5.35
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $          5.57
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $          5.70
   -----------------------------------------------------------------------------

(h)  The amount of the distribution set forth in paragraph A.1.(c) above per
     $1,000 interest in:
     the Class A-1 Notes                                         $         43.07
   -----------------------------------------------------------------------------
</TABLE>
<PAGE>

                           PeopleFirst Finance, LLC
                         Monthly Noteholder Statement

              PeopleFirst.com Auto Receivables Owner Trust  99-1

<TABLE>
<CAPTION>
     <S>                                                         <C>
     the Class A-2 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $            --
   -----------------------------------------------------------------------------

(i)  The amount of the distribution set forth in paragraph A.1.(d) above per
     $1,000 interest in:
     the Class A-1 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $            --
   -----------------------------------------------------------------------------


B)   Information Regarding the Performance of the Trust

     1.   Pool Balance and Note Principal Balance
     --------------------------------------------

(a)  The Pool Balance at the close of business on the
     last day of the Monthly Collection Period                   $ 78,830,610.41
                                                                 ---------------

(b)  The aggregate outstanding principal amount of each
     class of Notes after giving effect to payments
     allocated to principal as set forth in Paragraph A.1.(c)
     above with respect to:
     the Class A-1 Notes                                         $ 53,588,110.21
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $ 42,000,000.00
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $ 18,000,000.00
   -----------------------------------------------------------------------------

(c)  The Note Pool Factor for the Class A Notes after
     giving effect to the payments set forth in
     paragraph A.1.(c) with respect to:
     the Class A-1 Notes                                               0.9569305
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                               1.0000000
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                               1.0000000
   -----------------------------------------------------------------------------

(d)  The amount of aggregate Realized Losses for the
     second preceding Monthly Period                             $            --
                                                                 ---------------

(e)  The aggregate Purchase Amount for all Receivables
     that were repurchased in the Monthly Period                 $            --
                                                                 ---------------


     2.   Servicing Fee
     ------------------

(a)  The aggregate amount of the Servicing Fee Paid to
     the Servicer with respect to the preceding Monthly Period   $     32,846.09
                                                                 ---------------


     3.   Payment Shortfalls
     -----------------------

(a)  The amount of the Noteholders' Interest Carryover
     Shortfall after giving effect to the payments set forth
     in paragraph A.1.(b) above with respect to:
     the Class A-1 Notes                                         $            --
   -----------------------------------------------------------------------------
</TABLE>
<PAGE>


                           PeopleFirst Finance, LLC
                         Monthly Noteholder Statement

              PeopleFirst.com Auto Receivables Owner Trust  99-1

<TABLE>
<CAPTION>
     <S>                                                         <C>
     the Class A-2 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $            --
   -----------------------------------------------------------------------------

(b)  The amount of the Noteholders' Interest Carryover
     Shortfall set forth in paragraph B.3.(a) above per
     $1,000 interest with respect to:
     the Class A-1 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $            --
   -----------------------------------------------------------------------------

(c)  The amount of the Noteholders' Principal Carryover
     Shortfall after giving effect to the payments set
     forth in paragraph A.1.(b) above with respect to:
     the Class A-1 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $            --
   -----------------------------------------------------------------------------

(d)  The amount of the Noteholders' Principal Carryover
     Shortfall set forth in paragraph B.3.(a) above per
     $1,000 interest with respect to:
     the Class A-1 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $            --
   -----------------------------------------------------------------------------


     4.   Transfer of Subsequent Receivables
     ---------------------------------------

(a)  Aggregate amount on deposit in the Pre-Funding Account
     on such Payment Date after giving effect to all
     withdrawals therefrom on such Payment Date                  $ 38,746,001.80
                                                                 ---------------

(b)  Aggregate amount on deposit in the Capitalized
     Interest Account on such Distribution Date after giving
     effect to all withdrawals therefrom on such Payment Date    $    182,607.33
                                                                 ---------------

(c)  Aggregate amount on deposit in the Pre-Funding
     Account on the final subsequent transfer Date after
     giving effect to all withdrawals therefrom on such
     Payment Date                                                $            --
                                                                 ---------------

(d)  The amount set forth in paragraph B.4.(a) per
     $1,000 interest in:
     the Class A-1 Notes                                         $        691.89
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $        922.52
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $      2,152.56
   -----------------------------------------------------------------------------

(e)  The amount set forth in paragraph B.4.(b) to be
     distributed to Noteholders per $1,000 interest in:
     the Class A-1 Notes                                         $          3.26
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $          4.35
   -----------------------------------------------------------------------------
</TABLE>
<PAGE>

                           PeopleFirsst Finance, LLC
                          Monthly Noteholder Statement

               PeopleFirst.com Auto Receivables Owner Trust 99-1


<TABLE>
<CAPTION>
     <S>                                                         <C>
     the Class A-3 Notes                                         $         10.14
   -----------------------------------------------------------------------------

(f)  The amount set forth in paragraph B.4.(c) to be
     distributed to Noteholders per $1,000 interest in:
     the Class A-1 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-2 Notes                                         $            --
   -----------------------------------------------------------------------------
     the Class A-3 Notes                                         $            --
   -----------------------------------------------------------------------------


     5.   Servicer
     ---------------------------------------------------------------------------

(a)  The aggregate amount of collections by the Servicer
     during the preceding collection period                      $  2,942,705.68
                                                                 ---------------

(b)  The aggregate amount which was received by the
     Trust from the Servicer                                     $  2,942,711.28
                                                                 ---------------

(c)  The aggregate amount of reimbursements to the
     Security Insurer                                            $            --
                                                                 ---------------

(d)  The number of Receivables that are delinquent for over:
     30 days                                                     $            --
   -----------------------------------------------------------------------------
     60 days                                                     $            --
   -----------------------------------------------------------------------------
     90 days                                                     $            --
   -----------------------------------------------------------------------------
</TABLE>


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