UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE
--- ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000, OR
TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE
--- ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO __________.
CAPITAL AUTO RECEIVABLES ASSET TRUST 2000-1 333-06039
---------------------------------------------- ---------------------
(Exact name of registrant as Commission file
specified in its charter) number
A Delaware Business Trust 38-3082892
-------------------------------- ---------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Bankers Trust (Delaware)
1011 Centre Road, Suite 200
Wilmington, Delaware 19805
---------------------------------------- ---------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 250-6864
---------------------
Securities registered pursuant to Section 12(b) of the Act: (None)
Section 12(g) of the Act: (None).
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 of the Securities Exchange Act of 1934 during the
preceding 12 months, and (2) has been subject to such filing requirements for
the past 90 days. Yes X. No .
---- ----
<PAGE>
This quarterly report, filed pursuant to Rule 13a-13 of the General Rules and
Regulations under the Securities Exchange Act of 1934, consists of the following
information as specified in Form 10-Q:
PART I. FINANCIAL INFORMATION
The required information is given as to the registrants as shown on page 1
herein.
ITEM 1. FINANCIAL STATEMENTS
1. Statement of Assets, Liabilities and Equity, September 30, 2000.
2. Statement of Distributable Income for the Third Quarter and Nine
Months ended September 30, 2000.
3. Notes to Financial Statements.
The above described Financial Statements for the registrant are submitted
herewith as Exhibits 20.1.
In the opinion of management, the interim financial statements reflect all
adjustments, consisting of normal recurring items, which are necessary for a
fair presentation of the results for the interim periods presented.
-2-
<PAGE>
PART II
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Capital Auto Receivables Asset Trust 2000-1 (the "Trust") was formed pursuant to
a trust agreement between Capital Auto Receivables, Inc. (the "Seller") and
Bankers Trust (Delaware), as Owner Trustee and issued the following Asset-Backed
Notes and Certificates. The Trust acquired retail finance receivables from the
Seller in the aggregate amount as shown below in exchange for Asset-Backed Notes
and Asset-Backed Certificates representing undivided ownership interests in the
Trust. The Trust's property includes a pool of retail instalment sale contracts
secured by new and used automobiles and light trucks, certain monies due
thereunder, security interests in the vehicles financed thereby and certain
other property.
<TABLE>
<CAPTION>
Retail
Finance
Date of Sale Receivables
and Servicing Aggregate Asset-Backed Asset-Backed
Trust Agreement Amount Notes Certificates
---------- ---------------- --------- ---------------- ------------
(millions) (millions) (millions)
<S> <C> <C> <C> <C> <C>
Capital April 19, 2000 $2,193.8 Class A-1 $ 455.0 $ 65.8
Auto (Private Placement)
Receivables Class A-2 $ 390.0
Asset Trust Class A-3 $ 319.0
2000-1 Class A-4 $ 390.0
Class A-5 $ 58.9
Variable Pay Term
$ 515.1
(Private Placement)
</TABLE>
General Motors Acceptance Corporation, the originator of the retail receivables,
continues to service the receivables for the aforementioned Trust and receives
compensation and fees for such services. Investors receive periodic payments of
principal and interest for each class of Notes and Certificates as the
receivables are liquidated.
--------------------
-3-
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
20.1 Capital Auto Receivables Asset Trust 2000-1 Financial
Statements for the Period April 19, 2000 (inception)
through September 30, 2000.
(b) Reports on Form 8-K
No current reports on Form 8-K have been filed by the above
mentioned Trust during the third quarter ended September
30, 2000.
---------------------
-4-
<PAGE>
SIGNATURE
Pursuant to the requirements of Section 13 of the Securities Exchange Act of
1934, the Owner Trustee has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
CAPITAL AUTO RECEIVABLES ASSET TRUST 2000-1
by: Bankers Trust (Delaware)
------------------------------------------------
(Owner Trustee, not in its individual
capacity but solely as Owner Trustee on
behalf of the Issuer.)
s\ Charles C. Greiter
-----------------------------------------------
(Charles Greiter, Vice President)
Date: November 09, 2000
-----------------
-5-
<PAGE>
Exhibit 20.1
Page 1 of 4
CAPITAL AUTO RECEIVABLES ASSET TRUST 2000-1
STATEMENT OF ASSETS, LIABILITIES AND EQUITY
September 30, 2000
-----------------------
(in millions of dollars)
ASSETS
Receivables-(Note 2) ...................... $1,835.8
--------
TOTAL ASSETS .............................. $1,835.8
========
LIABILITIES AND EQUITY (NOTES 2 and 3)
Asset-Backed Notes ........................ $1,780.7
Asset-Backed Certificates (Equity) ........ 55.1
--------
TOTAL LIABILITIES AND EQUITY .............. $1,835.8
========
Reference should be made to the Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Exhibit 20.1
Page 2 of 4
CAPITAL AUTO RECEIVABLES ASSET TRUST 2000-1
STATEMENT OF DISTRIBUTABLE INCOME
Period Ended September 30, 2000
Third Quarter Nine Months*
-------------------------------
(in millions of dollars)
Distributable Income
Allocable to Principal
<S> <C> <C>
Asset-Backed Notes ........................ $ 209.5 $ 347.3
Asset-Backed Certificates (Equity) ........ 6.5 10.7
-------- ---------
Total Principal $ 216.0 $ 358.0
======== =========
Allocable to Interest
Asset-Backed Notes ........................ $ 32.9 $ 55.0
Asset-Backed Certificates (Equity) ........ 1.1 1.8
--------- ---------
Total Interest $ 34.0 $ 56.8
======== =========
Distributable Income ............................. $ 250.0 $ 414.8
======== =========
Income Distributed ............................... $ 250.0 $ 414.8
======== =========
*Represents the period April 19, 2000 (inception) through September 30, 2000.
Reference should be made to the Notes to Financial Statements.
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 4
CAPITAL AUTO RECEIVABLES ASSET TRUST 2000-1
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF ACCOUNTING
The financial statements of Capital Auto Receivables Asset Trust 2000-1 (the
"Trust") are prepared on the basis of cash receipts and cash disbursements. Such
financial statements differ from financial statements prepared in accordance
with generally accepted accounting principles in that interest income and the
related assets are recognized when received rather than when earned and
distributions to Noteholders and Certificateholders are recognized when paid
rather than when the respective obligation is incurred. Certain expenses of the
Trust are paid by Capital Auto Receivables, Inc. (the "Seller").
NOTE 2. SALE OF NOTES AND CERTIFICATES
On April 19, 2000, Capital Auto Receivables Asset Trust 2000-1 acquired retail
finance receivables aggregating approximately $2,193.8 million from the Seller
in exchange for six classes of Asset-Backed Notes representing indebtedness of
the Trust of $455.0 million Class A-1; $390.0 million Class A-2; $319.0 million
Class A-3; $390.0 million Class A-4; $58.9 million Class A-5; $515.1 million
Initial Variable Pay Term Note; and $65.8 million of Asset-Backed Certificates
representing equity interests in the Trust. The Trust property includes a pool
of retail instalment sale contracts for new and used automobiles and light
trucks, monies due or received thereunder, security interests in the vehicles
financed thereby and certain other property. The Servicer has the option to
repurchase the remaining receivables as of the last day of any month on or after
which the principal balance declines to 10% or less of the aggregate amount
financed.
Note 3: PRINCIPAL AND INTEREST PAYMENTS
Payments of interest on the Class A Notes, the Initial Variable Pay Term Note
and the Certificates will be made on the fifteenth day of each month, or, if any
such day is not a Business Day, on the next succeeding Business Day, commencing
May 15, 2000 (each a "Distribution Date"). In general, no principal payments
will be made on any class of the Class A Notes until its Targeted Final
Distribution Date. On the Targeted Final Distribution Date for each class of
Class A Notes, the Trust will pay the entire principal balance of that class of
Class A Notes, to the extent of funds available therefor. The Trust may issue
additional Variable Pay Term Notes on the Targeted Final Distribution Date for
each class of Class A Notes, subject to certain conditions. If issued, the
proceeds will be available to make payments of principal on the Targeted Final
Distribution Date for each of the Class A Notes. The Targeted Final Distribution
Dates for the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 Notes are
as follows, respectively: October 2000, April 2001, October 2001, April 2002 and
April 2003.
Amounts available to pay principal on the Class A Notes on each Distribution
Date that is not a Targeted Final Distribution Date for a class of Class A
Notes, will be applied to make principal payments on the Variable Pay Term Notes
and distribution of Certificate Balance, pro rata based on the outstanding
amount of the Notes and Certificates, to the extent of funds available therefor.
Payments of principal on the Variable Pay Term Notes on the Targeted Final
Distribution Dates for each class of Class A Notes will also be applied to the
extent of funds available therefor. The Final Scheduled Distribution Date for
the Variable Pay Term Notes will occur on the Distribution Date in September
2005.
On each Distribution Date, Certificateholders will receive, in respect of the
Certificate Balance, an amount equal to the Certificateholders' Principal
Distributable Amount, a pro rata portion based on the outstanding amount of the
Notes and Certificates, to the extent of funds available therefor. The Final
Scheduled Distribution Date for the Certificates will occur on the Distribution
Date in September 2005.
<PAGE>
Exhibit 20.1
Page 4 of 4
CAPITAL AUTO RECEIVABLES ASSET TRUST 2000-1
NOTES TO FINANCIAL STATEMENTS
NOTE 3. PRINCIPAL AND INTEREST PAYMENTS (concluded)
Interest on the outstanding principal amount of the Notes accrues from April 19,
2000 or from the most recent Distribution Date on which interest has been paid
to but excluding the following Distribution Date. The Class A-1 Notes receive
interest at the rate of 6.52% per annum. The Class A-2 Notes receive interest at
the rate of 6.81% per annum. The Class A-3 Notes receive interest at the rate of
6.96% per annum. The Class A-4 Notes receive interest at the rate of 7.00% per
annum. The Class A-5 Notes receive interest at the rate of 7.07% per annum. The
Initial Variable Pay Term Note receives interest at the rate of one Month LIBOR
plus 0.07% per annum. For the period April 19, 2000 through April 30, 2000, the
Initial Variable Pay Term Note interest rate was 6.20% per annum. Interest on
Class A-1 Note and the Initial Variable Pay Term Note is calculated on the basis
of actual days elapsed during the period for which interest is payable and a
360-day year. Interest on Class A-2, Class A-3, Class A-4 and Class A-5 Notes is
calculated on the basis of a 360-day year consisting of twelve 30-day months. On
each Distribution Date, the Owner Trustee distributes pro rata to
Certificateholders accrued interest at the pass-through rate of 7.28% per annum
on the outstanding Certificate Balance.
NOTE 4. FEDERAL INCOME TAX
The Trust is classified as a Grantor Trust for federal income tax purposes. Each
Noteholder by the acceptance of a Note agrees to treat the Notes as indebtedness
in the Trust for federal, state and local income and franchise tax purposes.
Each Certificateholder by the acceptance of a Certificate agrees to treat the
Certificates as equity interests in a grantor trust for federal, state and local
income and franchise tax purposes. A portion of the Certificates was issued to
the Seller on the closing date.
NOTE 5. SUBSEQUENT EVENTS
On October 16, 2000 the Trust issued a $455,000,000 Variable Pay Term Note. The
Trust used the proceeds to pay the Class A-1 Notes that matured on October 16,
2000.
