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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 4, 2000
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PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 333-52021 13-3526694
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
One New York Plaza, New York, New York 10292
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-1000
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
The PeopleFirst.com Auto Receivables Owner Trust 1999-1 (the "Trust") was
formed pursuant to the Trust Agreement, dated as of November 1, 1999 between
Prudential Securities Secured Financing Corporation, as Depositor, and
Wilmington Trust Company, as Owner Trustee. The assets of the Trust include,
among other things, receivables consisting of auto loans ("Receivables") secured
by new or used automobiles, light duty trucks and vans. As described in the
Prospectus Supplement dated November 17, 1999 (the "Prospectus Supplement"),
filed under Registration Statement No. 333-52021, PF Funding II, LLC (the
"Transferor") agreed to transfer additional Receivables to the Depositor for
transfer to the Trust on one or more subsequent transfer dates during the Pre-
Funding Period. On January 18, 2000 and February 4, 2000, the Transferor
transferred additional Receivables to the Depositor for transfer to the Trust
having an aggregate principal balance of $37,078,626.36 and $2,451,868.81,
respectively. Set forth below is information comparable to that contained in the
tables set forth in the Prospectus Supplement regarding the characteristics of
the Receivables that have been transferred to the Trust as of the February 1
cut-off preceding the completion of the Pre-Funding Period.
Composition of the Receivables Pool
as of the end of the Pre-Funding Period
<TABLE>
<S> <C>
Aggregate Principal Balance $109,948,992.44
Number of Receivables 6,710
Average Principal Balance $16,385.84
(Range) $9.70 to $70,386.88
Average Original Amount Financed $19,165.76
(Range) $5,500.00 to $75,730.97
Weighted Average APR 7.192%
(Range) 6.740% to 8.350%
Weighted Average Original Term to Stated Maturity 55.78 Months
(Range) 12 to 60 Months
Weighted Average Remaining Term to Stated Maturity 47.63 Months
(Range) 6 to 57 Months
</TABLE>
2
<PAGE>
Distribution by Remaining Principal Balance of the Receivables
as of the end of the Pre-Funding Period
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Aggregate
Range of Remaining Principal Balances Receivables Principal Balances Principal Balance(1)
- ------------------------------------- ----------- ------------------ --------------------
<S> <C> <C> <C>
$0.01 to $5,000.00 74 $ 276,522.90 0.25%
$5,000.01 to $10,000.00 1,240 9,857,959.39 8.97
$10,000.01 to $15,000.00 1,982 25,000,973.43 22.74
$15,000.01 to $20,000.00 1,679 29,060,387.08 26.43
$20,000.01 to $25,000.00 946 21,043,598.24 19.14
$25,000.01 to $30,000.00 445 12,089,986.96 11.00
$30,000.01 to $35,000.00 188 5,996,131.71 5.45
$35,000.01 to $40,000.00 83 3,100,701.42 2.82
$40,000.01 to $45,000.00 35 1,479,440.86 1.35
$45,000.01 to $50,000.00 16 754,387.42 0.69
$50,000.01 and greater 22 1,288,903.03 1.17
----- --------------- ------
Total 6,710 $109,948,992.44 100.00%
===== =============== ======
</TABLE>
_________________________
(1) Percentages may not add to 100.00% due to rounding
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<PAGE>
Geographic Distribution of the Receivables Pool
as of the end of the Pre-Funding Period
Percentage of
Number of Aggregate Aggregate
Stage (1) Receivables Principal Balance Principal Balance (2)
- --------- ----------- ----------------- --------------------
Alabama 92 $ 1,544,913.01 1.41%
Arizona 159 2,874,336.88 2.61
Arkansas 55 807,686.08 0.73
California 1,573 27,320,491.92 24.85
Colorado 164 2,519,560.53 2.29
Connecticut 164 2,515,969.02 2.29
Delaware 1 17,925.82 0.02
District of Columbia 10 168,304.64 0.15
Florida 356 5,829,966.31 5.30
Georgia 218 3,512,084.14 3.19
Idaho 32 542,072.04 0.49
Indiana 79 1,119,623.26 1.02
Iowa 43 592,909.25 0.54
Kansas 89 1,464,143.84 1.33
Kentucky 53 875,461.30 0.80
Maine 21 281,027.68 0.26
Maryland 73 1,273,872.26 1.16
Massachusetts 220 3,471,455.96 3.16
Michigan 174 2,708,498.47 2.46
Minnesota 132 2,125,618.59 1.93
Missouri 138 2,019,389.05 1.84
Montana 28 478,592.03 0.44
Nebraska 39 541,516.46 0.49
New Jersey 321 5,882,105.77 5.35
New Mexico 52 689,462.59 0.63
New York 538 8,338,169.15 7.58
North Carolina 124 2,002,427.12 1.82
Ohio 269 3,926,428.31 3.57
Oklahoma 41 629,169.19 0.57
Oregon 124 1,943,361.78 1.77
Rhode Island 8 93,569.00 0.09
South Carolina 38 600,768.14 0.55
Tennessee 28 444,714.51 0.40
Texas 613 10,897,667.13 9.91
Utah 24 375,501.41 0.34
Vermont 3 55,677.54 0.05
Virginia 205 3,028,447.46 2.75
Washington 263 4,343,946.92 3.95
West Virginia 33 495,294.25 0.45
Wisconsin 113 1,596,863.63 1.45
----- --------------- -------
Total 6,710 $109,948,992.44 100.00%
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_____________________________
(1) Based on mailing addresses of the Obligors as of the date of origination.
(2) Percentages may not add to 100.00% due to rounding.
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<PAGE>
Distribution by Annual Percentage Rate of the Receivables
as of the end of the Pre-Funding Period
Range of Annual Number of Aggregate Aggregate
Percentage Rates Receivables Principal Balance Principal Balance (1)
- ---------------- ----------- ----------------- --------------------
6.501% to 6.750% 230 $ 3,785,799.31 3.44%
6.751% to 7.000% 3,061 58,750,138.59 53.43
7.001% to 7.250% 515 8,783,743.14 7.99
7.251% to 7.500% 1,359 18,217,694.42 16.57
7.501% to 7.750% 1,041 13,860,839.05 12.61
7.751% to 8.000% 355 4,775,949.59 4.34
8.001% to 8.250% 111 1,323,852.70 1.20
8.251% to 8.500% 38 450,975.64 0.41
----- --------------- -------
Total 6,710 $109,948,992.44 100.00%
===== =============== =======
_______________________
(1) Percentages may not add to 100.00% due to rounding.
5
<PAGE>
Distribution by Original Term to Stated Maturity of the Receivables
as of the end of the Pre-Funding Period
Range of Number of Aggregate Percentage of Aggregate
Original Terms Receivables Principal Balance Principal Balance (1)
- -------------- ----------- ----------------- --------------------
7 to 12 Months 1 $ 7,663.97 0.01%
13 to 18 Months 5 49,229.27 0.04
19 to 24 Months 68 635,101.64 0.58
25 to 30 Months 24 215,534.73 0.20
31 to 36 Months 665 7,236,486.46 6.58
37 to 42 Months 67 672,595.44 0.61
43 to 48 Months 1,447 20,030,589.00 18.22
49 to 54 Months 47 707,782.35 0.64
55 to 60 Months 4,386 80,394,009.58 73.12
----- --------------- ------
Total 6,710 $109,948,992.44 100.00%
===== =============== ======
________________________
(1) Percentages may not add to 100.00% due to rounding.
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<PAGE>
Distribution by Remaining Term to Stated Maturity of the Receivables
as of the end of the Pre-Funding Period
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Aggregate
Range of Remaining Terms (1) Receivables Principal Balance Principal Balance (2)
- ---------------------------- ----------- ----------------- ---------------------
<S> <C> <C> <C>
0 to 6 Months 1 $ 7,663.97 0.01%
7 to 12 Months 19 126,326.87 0.11
13 to 18 Months 37 322,166.03 0.29
19 to 24 Months 191 1,691,870.91 1.54
25 to 30 Months 339 3,661,415.95 3.33
31 to 36 Months 598 7,247,980.59 6.59
37 to 42 Months 700 9,675,029.16 8.80
43 to 48 Months 1,467 23,244,089.49 21.14
49 to 54 Months 2,006 37,158,346.37 33.80
55 to 60 Months 1,352 26,814,103.10 24.39
----- --------------- ------
Total 6,710 $109,948,992.44 100.00%
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</TABLE>
_____________________
(1) Defined as the number of months from last payment to stated maturity.
(2) Percentages may not add to 100.00% due to rounding.
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<PAGE>
Distribution by Loan Purpose
as of the end of the Pre-Funding Period
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Aggregate
Loan Purpose Receivables Principal Balance Principal Balance (2)
- ------------ ----------- ----------------- --------------------
<S> <C> <C> <C>
New Vehicle Purchase 3,738 $ 70,452,367.61 64.08%
Used Vehicle Purchase 1,430 19,054,842.19 17.33
Refinance of Existing Loan 952 12,692,081.20 11.54
Lease Buyout 590 7,749,701.44 7.05
----- --------------- ------
Total 6,710 $109,948,992.44 100.00%
===== =============== ======
</TABLE>
___________________________
(1) Percentages may not add to 100.00% due to rounding.
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<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: February 23, 2000 By: /s/ Joseph M. Donovan
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Joseph M. Donovan
Vice President
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