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Previous: PRUDENTIAL SECURITIES SECURED FINANCING CORP, 8-K, 2000-01-04 |
Next: BAY VIEW CAPITAL CORP, SC 13D, 2000-01-04 |
===============================================================================
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 20, 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
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(Address of Principal Executive Offices) (Zip Code)
(212) 778-1000
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(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 Flagship Auto Receivables Owner Trust 1999-2 (the "Trust"). On December 20,
1999, Flagship Credit Corporation, as Servicer for the Trust, distributed the
Servicer's Certificate for the Collection Period preceding such date (the
"Servicer's Certificate") to the holders of securities issued by the Trust.
Specific information with respect to the distributions is filed as Exhibit 99.6.
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
- ------- --------------------
99.6 Servicer's Certificate, dated as of December 20, 1999.
-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 4, 2000 By: /s/ JOSEPH M. DONOVAN
--------------------------------
Name: Joseph M. Donovan
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Document Description
- ------- --------------------
99.6 Servicer's Certificate, dated as of December 20, 1999
<TABLE>
<CAPTION>
FLAGSHIP AUTO LOAN FUNDING LLC 1999-II
SERVICER REPORT
PAYMENT DATE 12/20/99
MONTH 1
<S> <C>
Cash Receipts
A1 Principal Payments 2,743,867.91
A2 Principal Prepayments 2,362,498.03
A3 Interest Payments 3,363,326.80
A4 Other Proceeds on Charged-Off Loans -
A5 Recoveries on Charged-Off Loans -
A6 Interest on Collection Account -
A7 Interest on the Spread Account -
A8 Franklin Buy Backs of Rep & Warr Loans (Principal) -
A9 Receipts Not Owing to the Trust 1.31
A10 Amounts Delivered by Insurer -
A11 Principal Subtotal (A1+A2+A8) 5,106,365.94
--------------
A12 Total Receipts [sum(A1:A11)] 8,469,694.05
==============
Aggregate Principal Balance
B1 Beginning Aggregate Loan Balance 270,270,700.73
B2 Aggregate Principal Balance of Additional Loans for Prepayment -
B3 Aggregate Principal Balance of Charged-Off Loans 67,473.80
B4 Cram Down Losses 777.25
B5 Principal Subtotal (A11) 5,106,365.94
--------------
B6 Ending Aggregate Loan Balance [B1-sum(B2:B5)] 265,096,083.74
==============
Disbursements From Collection Account
C1 To Trustee & Collateral all amounts Due -
C2 Servicing Fee (B1*.02/12) 450,451.17
C3 Noteholders Interest Payment Amount [sum(G3:G6)] 1,194,804.72
C4 Insurer Premium (B6*.00375/12) 62,500.00
C5 Noteholders Principal Payment Amount (A12+B3+B4) 5,174,616.99
C6 Payments Due Successor Servicer -
C7 Reimbursement Amounts due the Insurer -
C8 To the Collateral Agent For Spread Account [Max(D7-D1),(A16-sum(C1:C8))] -
C9 To the Noteholders, the Additional Noteholders Principal Payment Amount 1,587,321.17
C10 Payments of any Re-Leining Expenses -
C11 To the insurer, trustee & Collateral agent payables not paid under C1 & C6 -
C12 To the Issuer -
--------------
C12 Total Disbursements 8,469,694.05
==============
Spread Account
D1 Beginning Balance 8,108,121.02
D2 Payments from the Spread Account -
D3 Spread Account Balance before Reconciliation 8,108,121.02
D4 3% of Initial Balance 8,108,121.02
D5 5% of Outstanding 13,254,804.19
D6 Minimum of D4 & D5 8,108,121.02
D7 1% of Initial 2,702,707.01
D8 Amount to have OC and Spread = 2% of Initial [MAX(270,270,700*0.02-B6-G19,0)] -
D9 Floor Amount [Max (D7,D8)] 2,702,707.01
D10 Requisite Spread Amount [Max (D9,D6)] 8,108,121.02
D11 Deposit From Waterfall (C8) -
D12 Released to Issuer (D3-D10) (0.00)
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D13 Ending Balance (D1-D2+D8) 8,108,121.02
==============
D14 Ending Spread Account Percentage (D13/B6) 3.06%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Noteholders
G1 Beginning Aggregate Notes Balance 250,000,000.00
G2 Beginning Applicable Notes Percentage 92.50%
G3 Class A1 Notes Interest Payment 542,490.00
G4 Class A2 Notes Interest Payment 290,550.00
G5 Class A3 Notes Interest Payment 212,264.72
G6 Class A4 Notes Interest Payment 149,500.00
G7 Class A1 Notes Principal Beginning Balance 117,000,000.00
G8 Class A1 Notes Principal Payment 6,761,938.16
G9 Ending Class A1 Notes Principal Balance 110,238,061.84
G10 Class A2 Notes Principal Beginning Balance 60,000,000.00
G11 Class A2 Notes Principal Payment -
G12 Ending Class A2 Notes Principal Balance 60,000,000.00
G13 Class A2 Notes Principal Beginning Balance 43,000,000.00
G14 Class A3 Notes Principal Payment -
G15 Ending Class A3 Notes Principal Balance 43,000,000.00
G16 Class A4 Notes Principal Beginning Balance 30,000,000.00
G17 Class A4 Notes Principal Payment -
G18 Ending Class A4 Notes Principal Balance 30,000,000.00
--------------
G19 Ending Notes Balance 243,238,061.84
==============
G20 Ending Applicable Notes Percentage 91.75%
G21 Ending Target Amount 235,935,514.53
Compliance
1 Event of Default Occurring No
2 Noteholders Percentage 89.00%
2 Loans 1 - 2 months delinquent 3,972,277.64
3 Number of loans 1 - 2 months days delinquent 251
4 Loans 2 - 3 days delinquent 33,805.26
5 Number of loans 2 - 3 days delinquent 2
6 Loans 3 - 4 days delinquent -
7 Number of loans 3 - 4 days delinquent -
8 Loans >31 Days Delinquent 4,006,082.90
9 Delinquency Ratio 1.51%
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10 4 Month Average Delinquency Ratio 1.51%
==============
11 Delinquency Trigger Hit None
16 Charged-Off Auto Loans 67,473.80
17 Cram-Down Losses 777.25
18 Recoveries on Charged-Off Auto Loans -
19 Net Losses 68,251.05
20 Net Loss Rate 0.31%
--------------
21 4 Month Average Net Loss Rate 0.31%
==============
22 Net Loss Trigger Hit None
23 Cumulative Net Losses 68,251.05
24 Initial Aggregate Loan Balance 270,270,700.73
--------------
27 Cumulative Net Loss Rate 0.0253%
==============
28 Cumulative Net Loss Trigger Hit None
29 Class A-1 Note Pool Factor 94.22057%
30 Class A-2 Note Pool Factor 100.00000%
31 Class A-3 Note Pool Factor 100.00000%
32 Class A-4 Note Pool Factor 100.00000%
33 Unpaid Servicing Fee -
34 Change From Prior Period -
35 Unpaid Trustee & Collateral Agent Fee -
36 Change from prior period -
37 Weighted Average Remaining Term (months) 61.71
38 Weighted Average Coupon 14.86%
</TABLE>
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