UNITED STATES
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):
October 15, 1999
Nissan Auto Receivables Corporation
on behalf of Nissan Auto Receivables 1999-A Owner Trust
(Exact name of registrant as specified in its charter)
Delaware 333-82763 33-0479655
-------- --------- ----------
(State or other (Commission (I.R.S. Employer
Jurisdiction of Registration Identification
incorporation) Number) Number)
990 WEST 190TH STREET
TORRANCE, CALIFORNIA 90502
--------------------------
(Address of principal executive office)
Registrant's telephone number, including area code: (310) 719-8013
Exhibit Index is on Page 4
Page 1 of 11
<PAGE>
Item 5. Other Events.
On October 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 August 1, 1999 (the "Agreement"), among
Nissan Auto Receivables 1999-A Owner Trust, as Issuer, Nissan Auto Receivables
Corporation, as Seller, and Nissan Motor Acceptance Corporation, as Servicer,
were distributed to the holders of notes ("Noteholders") issued by Nissan Auto
Receivables 1999-A Owner Trust. In accordance with the Agreement, the Servicer's
Certificate, as defined in the Agreement, was furnished to the Indenture Trustee
(as defined in the Agreement) for the benefit of the Noteholders. A copy of the
Servicer's Certificate is being filed as Exhibit 99.1 to this Current Report on
Form 8-K.
Item 7(c). Exhibits.
The exhibit number corresponds with Item 601(a) of Regulation
S-K.
Exhibit No. Description
99.1 Servicer's Certificate for the
month of September 1999
Page 2 of 11
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the undersigned
thereunto duly authorized.
NISSAN AUTO RECEIVABLES CORPORATION
By: /s/
------------------------
Name: Tomoaki Shimazu
Title: Treasurer
October 19, 1999
Page 3 of 11
<PAGE>
EXHIBIT INDEX
Sequentially
Exhibit No. Description Numbered Page
----------- ----------- -------------
99.1 Servicer's Certificate 5
for the month of
September 1999
Page 4 of 11
<PAGE>
Exhibit 99.1
Nissan Auto Receivables 1999-A Owner Trust
Servicer's Certificate
<TABLE>
<S> <C>
Collection Period # Beginning Date Sep-01-1999
Collection Period # End Date Sep-30-1999
Distribution Date Oct-15-1999
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
I. Available Amount in the Collection Account
A. Collections
1. Payments from Obligors Applied to Collection Period
a. Principal Payments .................... 26,621,414.48
b. Interest Payments ..................... 4,320,785.85
c. Total (a+b) ........................... 30,942,200.33
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments .................... 315,993.75
b. Interest Payments ..................... 2,460.93
c. Total (a+b) ........................... 318,454.68
3. Recovery of Defaulted Receivable
a. Recovery Amount ........................ 0.00
b. Principal Portion of Recovery Allocable
to Principal ........................... 0.00
c. Interest Portion of Recovery Allocable
to Interest ............................ 0.00
d. Principal Balance of Defaulted
Receivable ............................. 0.00
e. Net Principal loss ..................... 0.00
4. Advance by Servicer ............................ 0.00
5. Investment Earnings on Collection/Payment
Account (as of month end) ...................... 0.00
6. Release from the Yield Supplement Account ...... 1,452,008.71
7. Total (sum 1 through 6) ........................ 32,712,663.72
B. Total Collections (Total Available Amount) ......... 32,712,663.72
1. Available Interest Collections ................. 5,775,255.49
2. Available Principal Collections ................ 26,937,408.23
II. Receivable Pool Balance
A. Original Principal Pool Balance ..................... 732,143,742.24
B. Principal Pool Balance as of the
Beginning of the Collection Period ................. 703,096,594.30
C. Principal Pool Balance as of the End
of the Collection Period ........................... 676,159,186.07
III. Note Principal Balances For the Collection Period
A. Class A-1 Notes
1. Beginning Class A-1 Balance .................... 166,802,852.06
2. Ending Class A-1 Balance ....................... 139,865,443.83
Class A-2 Notes
1. Beginning Class A-2 Balance .................... 260,000,000.00
2. Ending Class A-2 Balance ....................... 260,000,000.00
Class A-3 Notes
1. Beginning Class A-3 Balance .................... 206,740,000.00
2. Ending Class A-3 Balance ....................... 206,740,000.00
Certificates
1. Beginning Certificate Balance .................. 69,553,742.24
2. Ending Certificate Balance ..................... 69,553,742.24
IV. Reserve Account Balance For the Collection Period
A. Initial and Required Reserve Account Amount ......... 5,491,078.07
B. Beginning Reserve Account Balance ................... 5,491,078.07
C. Ending Reserve Account Balance ...................... 5,491,078.07
V. Reconciliation of Yield Supplement Account
(A) Beginning Yield Supplement Account Balance ......... 19,198,358.85
(B) Release to Collection Account ...................... 1,452,008.71
(C) Accrued Interest on Yield Supplement Account ....... 72,713.17
(D) Ending Yield Supplement Account Balance ............ 17,819,063.31
Page 5 of 11
<PAGE>
Exhibit 99.1
Nissan Auto Receivables 1999-A Owner Trust
Servicer's Certificate
VI. Summary of Cash Disbursements
A. Available Collections ............................... 32,712,663.72
B. Withdrawals from Reserve Account .................... 0.00
C. Total Available Collections ......................... 32,712,663.72
D. Reimbursement of Advance ............................ 7,104.82
E. Payment of Base Servicing Fee ....................... 585,913.83
F. Interest paid to Class A-1 .......................... 781,054.35
G. Interest paid to Class A-2 .......................... 1,326,000.00
H. Interest paid to Class A-3 .......................... 1,114,673.17
I. Principal paid to Class A-1 ......................... 26,937,408.23
J. Principal paid to Class A-2 ......................... 0.00
K. Principal paid to Class A-3 ......................... 0.00
L. Principal paid to Certificates ...................... 0.00
M. Remaining Available Collections ..................... 1,960,509.32
N. Deposit from Remaining Available
Collections to fund Reserve Account ................ 0.00
O. Remaining Available Collections Released to Seller .. 1,960,509.32
VII. Scheduled Monthly Interest Distribution
A. Available Collections ............................... 32,712,663.72
B. Reimbursement of Advance
1. Prior Advance Outstanding ........................ 7,104.82
2. Current Period (Advances)/Advances Reimbursed .... -7,104.82
3. Advances Reimbursed Due This Collection Period ... 7,104.82
4. Payment of Advances Reimbursed from Collections .. 7,104.82
5. Payment of Advances Reimbursed from
Reserve Account .................................. 0.00
6. Total Advance Outstanding for the Period ......... 0.00
C. Total Reimbursement of Advance paid ................. 7,104.82
D. Remaining Available Collections ..................... 32,705,558.90
E. Base Servicing Fee
1. Current Servicing Fee Accrued ................... 585,913.83
2. Unpaid Servicing Fees From Prior
Collection Periods .............................. 0.00
3. Total Servicing Fee Due ......................... 585,913.83
4. Payment of Servicing Fee from Collections ....... 585,913.83
5. Payment of Servicing Fee from Reserve Account ... 0.00
6. This period unpaid Servicing Fee ................ 0.00
F. Total Servicing Fee paid ............................ 585,913.83
G. Remaining Available Collections ..................... 32,119,645.07
Page 6 of 11
<PAGE>
Exhibit 99.1
Nissan Auto Receivables 1999-A Owner Trust
Servicer's Certificate
H. Aggregate Class A Interest Distribution Amount
1. Class A Monthly Interest ........................ 3,221,727.52
2. Class A Interest Carryover Shortfall ............ 0.00
3. Class A Interest on Interest Carryover Shortfall. 0.00
4. Class A Interest Distributable Amount ........... 3,221,727.52
5. Payment of Class A Interest Distributable
Amount from Collections ....................... 3,221,727.52
6. Payment of Class A Interest Distributable
Amount from Reserve Account ................... 0.00
7. This period Class A Interest Carryover Shortfall 0.00
Total Interest paid to Class A Notes ................... 3,221,727.52
Class A-1 Interest Distribution Amount
1. Class A-1 Coupon Rate ........................... 5.619%
2. Class A-1 Monthly Interest ...................... 781,054.35
3. Class A-1 Interest Carryover Shortfall .......... 0.00
4. Class A-1 Interest on Interest Carryover Shortfall 0.00
5. Class A-1 Interest Distributable Amount ......... 781,054.35
6. Payment of Class A-1 Interest Distributable
Amount from Collections ....................... 781,054.35
7. Payment of Class A-1 Interest Distributable
Amount from Reserve Account ................... 0.00
8. This period Class A-1 Interest Carryover Shortfall 0.00
Total Interest paid to Class A-1 Notes ................. 781,054.35
Class A-2 Interest Distribution Amount
1. Class A-2 Coupon Rate ........................... 6.120%
2. Class A-2 Monthly Interest ...................... 1,326,000.00
3. Class A-2 Interest Carryover Shortfall .......... 0.00
4. Class A-2 Interest on Interest Carryover Shortfall 0.00
5. Class A-2 Interest Distributable Amount ......... 1,326,000.00
6. Payment of Class A-2 Interest Distributable
Amount from Collections ....................... 1,326,000.00
7. Payment of Class A-2 Interest Distributable
Amount from Reserve Account ................... 0.00
8. This period Class A-2 Interest Carryover Shortfall 0.00
Total Interest paid to Class A-2 Notes ................. 1,326,000.00
Class A-3 Interest Distribution Amount
1. Class A-3 Coupon Rate ........................... 6.470%
2. Class A-3 Monthly Interest ...................... 1,114,673.17
3. Class A-3 Interest Carryover Shortfall .......... 0.00
4. Class A-3 Interest on Interest Carryover Shortfall 0.00
5. Class A-3 Interest Distributable Amount ......... 1,114,673.17
6. Payment of Class A-3 Interest Distributable
Amount from Collections ....................... 1,114,673.17
7. Payment of Class A-3 Interest Distributable
Amount from Reserve Account ................... 0.00
8. This period Class A-3 Interest Carryover Shortfall 0.00
Total Interest paid to Class A-3 Notes ................. 1,114,673.17
I. Total Interest paid to Class A Notes ................ 3,221,727.52
J. Total Remaining Available Collections ............... 28,897,917.55
Page 7 of 11
<PAGE>
Exhibit 99.1
Nissan Auto Receivables 1999-A Owner Trust
Servicer's Certificate
VIII. Scheduled Monthly Principal Distributions
A. Total Remaining Available Collections ............... 28,897,917.55
B. Principal Distribution Amount ....................... 26,937,408.23
C. Aggregate Class A Principal Distribution Amount
1. Beginning Class A Principal Balance ............. 633,542,852.06
2. Class A Monthly Principal ....................... 26,937,408.23
3. Class A Principal Carryover Shortfall ........... 0.00
4. Total Class A Principal Distribution Amount ..... 26,937,408.23
5. Payment of Class A Principal Distribution
Amount from Available Collections ............. 26,937,408.23
6. Payment of Class A Principal Distribution
Amount from Reserve Account ................... 0.00
7. Class A Principal Carryover Shortfall
for the Period ................................ 0.00
8. Ending Class A Principal Balance ................ 606,605,443.83
Total Principal paid to Class A Notes .................. 26,937,408.23
Class A-1 Principal Distribution Amount
1. Beginning Class A-1 Principal Balance ............. 166,802,852.06
2. Class A-1 Monthly Principal ....................... 26,937,408.23
3. Class A-1 Principal Carryover Shortfall ........... 0.00
4. Total Class A-1 Principal Distribution Amount ..... 26,937,408.23
5. Payment of Class A-1 Principal Distribution
Amount from Available Collections ............... 26,937,408.23
6. Payment of Class A-1 Principal Distribution
Amount from Reserve Account ..................... 0.00
7. Class A-1 Principal Carryover Shortfall
for the Period .................................. 0.00
8. Ending Class A-1 Principal Balance ................ 139,865,443.83
Total Principal paid to Class A-1 Notes .................. 26,937,408.23
Class A-2 Principal Distribution Amount
1. Beginning Class A-2 Principal Balance ............. 260,000,000.00
2. Class A-2 Monthly Principal ....................... 0.00
3. Class A-2 Principal Carryover Shortfall ........... 0.00
4. Total Class A-2 Principal Distribution Amount ..... 0.00
5. Payment of Class A-2 Principal Distribution
Amount from Available Collections ............... 0.00
6. Payment of Class A-2 Principal Distribution
Amount from Reserve Account ..................... 0.00
7. Class A-2 Principal Carryover Shortfall
for the Period .................................. 0.00
8. Ending Class A-2 Principal Balance ................ 260,000,000.00
Total Principal paid to Class A-2 Notes .................. 0.00
Class A-3 Principal Distribution Amount
1. Beginning Class A-3 Principal Balance ............. 206,740,000.00
2. Class A-3 Monthly Principal ....................... 0.00
3. Class A-3 Principal Carryover Shortfall ........... 0.00
4. Total Class A-3 Principal Distribution Amount ..... 0.00
5. Payment of Class A-3 Principal Distribution
Amount from Available Collections ............... 0.00
6. Payment of Class A-3 Principal Distribution
Amount from Reserve Account ..................... 0.00
7. Class A-3 Principal Carryover Shortfall
for the Period .................................. 0.00
8. Ending Class A-3 Principal Balance ................ 206,740,000.00
Total Principal paid to Class A-3 Notes .................. 0.00
Page 8 of 11
<PAGE>
Exhibit 99.1
Nissan Auto Receivables 1999-A Owner Trust
Servicer's Certificate
D. Total Principal paid to Class A Notes ................. 26,937,408.23
E. Certificate Principal Distribution Amount
1. Beginning Certificate Principal Balance ........... 69,553,742.24
2. Certificate Monthly Principal ..................... 0.00
3. Certificate Carryover Principal Shortfall ......... 0.00
4. Total Certificate Principal Distribution Amount ... 0.00
5. Payment of Certificate Principal Distribution
Amount from Available Collections ............... 0.00
6. Payment of Certificate Principal Distribution
Amount from Reserve Account ..................... 0.00
7. Certificate Principal Carryover Shortfall
for the Period .................................. 0.00
8. Ending Certificate Principal Balance ............. 69,553,742.24
Total Principal paid to Certificates ..................... 0.00
F. Total Principal paid to Class A Notes
and Certificates ..................................... 26,937,408.23
G. Remaining Available Collections ....................... 1,960,509.32
IX. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount
1. Floor Amount (Initial Deposit Amount) ............ 5,491,078.07
B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage ....... 0.02%
2. Delinquency Percentage Trigger .................... 2.00%
3. Average Three Period Charge Off Rate .............. 0.16%
4. Charge Off Rate Trigger ........................... 3.50%
5. Required Reserve Account Percentage Specified ..... 10.00%
6. Reserve Account Trigger Amount (if 1. > 2. or
3. > 4. then 10% of Beginning Pool Balance,
else 0) ......................................... 0.00
C. Required Reserve Account Amount for Next Period
(Max: A or B) ......................................... 5,491,078.07
D. Remaining Available Collections ....................... 1,960,509.32
E. Reserve Account Activity
1. Beginning Reserve Account Balance ................. 5,491,078.07
2. Withdrawal from Reserve Account to
pay Servicer Advance ............................ 0.00
3. Withdrawal from Reserve Account to
pay Servicing Fee ............................... 0.00
4. Withdrawal from Reserve Account to
pay Class A Interest ............................ 0.00
5. Withdrawal from Reserve Account to
pay Class A Principal ........................... 0.00
6. Withdrawal from Reserve Account to
pay Certificate Principal ....................... 0.00
7. Deposit from Remaining Available
Collections to fund Reserve Account ............. 0.00
8. Withdrawal of funds in Reserve Account
in Excess of Required Reserve Account Balance ... 0.00
9. Ending Reserve Account Balance .................... 5,491,078.07
Page 9 of 11
<PAGE>
Exhibit 99.1
Nissan Auto Receivables 1999-A Owner Trust
Servicer's Certificate
X. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency
31-60 days ................................ 2,803,540.03
61-90 days ................................ 351,163.36
91-120 days ............................... 0.00
Total .............................................. 3,154,703.39
Delinquency
31-60 days ................................ 261
61-90 days ................................ 26
91-120 days ............................... 0
Total .............................................. 287
B. Delinquency Percentage
1. Outstanding Units for Delinquency
>=60 days .................................... 26
2. Portfolio Principal Ending Units for
Collection Period ............................ 65,597
3. Delinquency Percentage (1/2) ................... 0.04%
XI. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior .... 0.00%
B. Delinquency Ratio for Prior Collection Period ....... 0.00%
C. Delinquency Ratio for Current Collection Period ..... 0.04%
D. Average Delinquency Ratio ((sum A through C)/3) ..... 0.02%
XII. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable ... 0.00
2. Principal on Defaulted Receivable .............. 188 245.87
3. Average Pool Balance for Collection Period ..... 689,627,890.19
4. Net Loss Ratio ((2- 1)/3) ...................... 0.33%
A. Net Loss Ratio for 2 Collection Periods Prior ....... 0.00
B. Net Loss Ratio for Prior Collection Period .......... 0.00
C. Net Loss Ratio for Current Collection Period ........ 0.33%
D. Average Net Loss Ratio ((sum A through C)/3) ........ 0.16%
</TABLE>
Page 10 of 11
<PAGE>
Exhibit 99.1
Nissan Auto Receivables 1999-A Owner Trust
Servicer's Certificate
<TABLE>
<CAPTION>
On October 15, 1999, interest earned and principal paid of the underlying
assets for the month of September 1999 were paid to you by the paying agent on
behalf of Norwest Bank, in its capacity as Trustee for the above referenced
issue. The following information is being provided pursuant to Section 5.06 of
the Sale and Servicing Agreement, dated as of August 1, 1999. This payment per
$1,000 of original issuance of your holdings is allocated as follows:
<S><C> <C>
1) Class A-1 Principal ...................................... 26,937,408.23
Principal Factor ......................................... 0.1614925
Class A-2 Principal ...................................... 0.00
Principal Factor ......................................... 0.0000000
Class A-3 Principal ...................................... 0.00
Principal Factor ......................................... 0.0000000
2) Class A-1 Interest ....................................... 781,054.35
Interest Factor .......................................... 0.00
Total per each individual Class A-1 Note ................. 27,718.46
Class A-2 Interest ....................................... 1,326,000.00
Interest Factor .......................................... 0.0051000
Total per each individual Class A-2 Note ................. 1,326.00
Class A-3 Interest ....................................... 1,114,673.17
Interest Factor .......................................... 0.0053917
Total per each individual Class A-3 Note ................. 1,114.67
3) Certificate Principal .................................... 0.00
Principal Factor ......................................... 0.0000000
4) Fees and Compensation paid to Servicer
(a) Total ................................................ 585,913.83
(b) Per individual Class A and Class B Certificate ....... 585.91
5) The amount deposited into the Reserve Account ............ 0.00
6) Aggregate Unreimbursed Advances
This Month .......................................... 0.00
Previous Month ...................................... 0.00
Change From Previous Month .......................... 0.00
7) (a) Pool Balance after this payment ...................... 676,159,186.07
(b) Pool Factor after this payment ....................... 0.83
8) (a) Available Reserve Account Amount ..................... 5,491,078.07
(b) Percent of Pool Balance .............................. 0.781%
9) Required Reserve Account Amount .......................... 5,491,078.07
</TABLE>
Page 11 of 11
