<PAGE> 1
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):
August 20, 1997
Banc One Auto Grantor Trust 1997 - A
(Issuer with report to the Certificates)
Bank One, Texas, N.A.
(Exact name of registrant as specified in its charter)
United States
(State or other jurisdiction of organization)
333-25951 75-2270994
(Commission File Number) (Registrant IRS Employer
Identification Number)
c/o Bank One, Texas, N.A., as Servicer, 1717 Main Street,
Attn: Jeff Stewart, Dallas, Texas 75201
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(214) 290-7437
<PAGE> 2
ITEM 5. OTHER EVENTS
On August 20, 1997, Banc One Auto Grantor Trust 1997-A (the "Trust")
made a regular monthly distribution of principal and/or interest to
holders of the Trust's Class A 6.27% Asset Backed Certificates and
Class B 6.40% Asset Backed Certificates. Exhibit 99.1 of this Form
8-K, the Monthly Statement and certain additional information, was
distributed to the Certificateholders of record.
This Current Report on Form 8-K is being filed in accordance with a
no-action letter dated August 16, 1995 issued by the staff of the
Division of Corporation Finance of the Securities and Exchange
Commission to Bank One, Texas, N.A., as originator and servicer of
Banc One Auto Trust 1995-A. Consistent with such no-action letter,
the Trust is hereby filing the Monthly Statement and certain
additional information reflecting the Trust's activities for the
Interest Period from July 21, 1997 through August 20, 1997 and for
the Collection Period from July 1, 1997 through July 31, 1997.
ITEM 7. EXHIBITS
See page 4 for Exhibit Index
<PAGE> 3
SIGNATURE
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.
BANC ONE AUTO GRANTOR TRUST 1997-A
By: Bank One, Texas, N.A., as Servicer on
behalf of the Trust
Date: August 20, 1997 .....By /s/Jeff Stewart
------------------------- --------------------------------------
Name: Jeff Stewart
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description Page
- ------- ----------- ----
<S> <C> <C>
99.1 Monthly Statement and Additional Information...................... 5-13
</TABLE>
<PAGE> 1
SERVICER'S CERTIFICATE
(PURSUANT TO SECTION 3.9
OF THE POOLING AND SERVICING
AGREEMENT, DATED MAY 31, 1997)
BANC ONE AUTO TRUST 1997-A
Interest Period July 21, 1997 through August 20, 1997
Collection Period July 1, 1997 through July 31, 1997
The undersigned officer of Bank One, Texas N.A., pursuant to the Pooling and
Servicing Agreement, as Servicer, does hereby certify to the best of his
knowledge and belief that the attached information is true and correct.
Date: August 20, 1997
---------------
Signed by: /s/ Jeff Stewart
----------------
Jeff Stewart
Vice President
Bank One, Texas, N.A.
<PAGE> 2
A. ORIGINAL DEAL PARAMETER INPUTS
------------------------------
(A) Total Receivable Balance $800,271,576.72
(B) Total Certificate balance $800,271,576.72
(C) Class A Certificates
(i) Class A Percentage 93.00%
(ii) Original Class A Principal Balance $744,252,000.00
(iii) Class A Pass-Through Rate 6.27%
(D) Class B Certificates
(i) Class B Percentage 7.00%
(ii) Original Class B Principal Balance $56,019,576.72
(iii) Class B Pass-Through Rate 6.40%
(E) Servicing Fee Rate (per annum) 1.00%
(F) Weighted Average Coupon (WAC) 10.35%
(G) Weighted Average Original Maturity (WAOM) 58.80
(H) Weighted Average Remaining Maturity (WAM) 53.30
(I) Number of Receivables 64,763
(J) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage
(of initial Certificate Balance) 6.00%
(ii) Reserve Fund Initial Deposit $48,016,294.60
(iii) Specified Reserve Balance
On any Distribution Date, if Charge-Off and Delinquency
Triggers not hit, greater of (J)(iii)(a) and (J)(iii)(b).
(a) Percent of Remaining Certificate Balance: 6.00%
(b) Percent of Initial Certificate Balance (Floor) 1.50%
On any Distribution Date, if Charge-Off and Delinquency
Triggers hit, greater of (J)(iii)(b) and (J)(iii)(c).
(c) Percent of Remaining Certificate Balance: 9.00%
Delinquency Trigger: 1.75%
Loss Trigger:
Months 1 to 6: 2.00%
Months 7 to 15: 3.00%
Months 16 to 72: 2.50%
<PAGE> 3
<TABLE>
<CAPTION>
<S> <C> <C> <C>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
---------------------------------------------
(A) Total Receivable Balance $774,879,158.71
(B) Total Certificate Balance $774,879,158.71
(C) Total Certificate Pool Factor 0.9682702
(D) Class A Certificates
(i) Class A Certificate Balance $720,637,069.21
(ii) Class A Certificate Pool Factor 0.9682702
(E) Class B Certificates
(i) Class B Certificate Balance $ 54,242,089.49
(ii) Class B Certificate Pool Factor 0.9682702
(F) Reserve Fund Balance $ 46,492,749.52
(G) Cumulative Net Losses for All Prior Periods 0.00
(H) Charge-off Rate for Second Preceding Period 0.00%
(I) Charge-off Rate for Preceding Period 0.00%
(J) Delinquency Percentage for Secondary Preceding Period 0.00%
(K) Delinquency Percentage for Preceding Period 0.03%
(L) Weighted Average Coupon (WAC) 10.35%
(M) Weighted Average Remaining Maturity (WAM) 52.75
(N) Number of Receivables 63,766
C. INPUTS FROM THE MAINFRAME
-------------------------
(A) Simple Interest Receivables Principal $24,526,091.25
(i) Principal Collections $0.00
(ii) Prepayments in Full $0.00
(iii) Repurchased Loan Proceeds Related to Principal $0.00
(iv) Other Refunds Related to Principal
(B) Simple Interest Receivables Interest $6,757,828.81
(i) Interest Collections 0.00
(ii) Repurchased Loan Proceeds Related to Interest 10.35%
(C) Weighted Average Coupon (WAC) 51.84
(D) Weighted Average Remaining Maturity (WAM) 62,725
(E) Remaining Number of Receivables
(F) Delinquent Receivables Dollar Amount Percent # Units
------------- ------- -------
(i) 10-59 Days Delinquent $7,105,002 0.95% 561
(ii) 60-89 Days Delinquent $1,648,134 0.22% 138
(iii) 90 Days or More Delinquent $105,207 0.01% 8
D. INPUTS FROM OTHER SOURCES
-------------------------
(A) Reserve Fund Investment Income $207,290.42
(B) Collection Account Investment Income $0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal $23,401.75
(ii) Realized Losses for Collection Period (C)(i) - (D)(i) $23,401.75
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal $0.00
(ii) Liquidation Proceeds Related to Interest $0.00
(iii) Recoveries from Prior Month Charge Offs $0.00
</TABLE>
<PAGE> 4
E. COLLECTIONS
-----------
(A) Collections allocable to interest $6,757,828.81
(B) Liquidation Proceeds Related to Interest 0.00
(C) Repurchased Loan Proceeds Attributable to Interest 0.00
(D) Recoveries from Prior Month Charge Offs 0.00
--------------
(E) Interest Collections $6,757,828.81
Principal Collection:
(F) Collections allocable to principal $24,526,091.25
(G) Liquidation Proceeds Related to Principal 0.00
(H) Repurchased Loan Proceeds Attributable to Principal 0.00
(I) Other Refunds Related to Principal 0.00
---------------
(J) Principal Collections $24,526,091.25
(K) Total Collections $31,283,920.06
F. DISTRIBUTABLE AMOUNTS
---------------------
(A) Servicing Fee:
(i) Servicing Fee $645,732.63
(ii) Prior Collection Period unpaid Servicing Fees 0.00
---------------
(iii) Total Servicing Fee $645,732.63
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $3,765,328.69
(ii) Class A prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class A Interest Distribution $3,765,328.69
(C) Class B Certificates
(i) Class B Monthly Interest $289,291.14
(ii) Class B prior period Interest Carryover Shortfall 0.00
---------------
(iii) Class B Interest Distribution $289,291.14
(D) Total Certificate Interest Distribution $4,054,619.81
(E) Total Certificate Interest Distribution plus
Total Servicing Fee $4,700,352.46
Principal:
(F) Principal Collections $24,526,091.25
(G) Realized Losses 23,401.75
---------------
(H) Total Monthly Principal $24,549,493.00
(I) Class A Certificates
(i) Class A Monthly Principal $22,831,011.12
(ii) Class A prior period Principal Carryover Shortfall 0.00
---------------
(iii) Class A Principal Distribution $22,831,011.12
(J) Class B Certificates
(i) Class B Monthly Principal $1,718,481.88
(ii) Class B prior period Principal Carryover Shortfall 0.00
---------------
(iii) Class B Principal Distribution $1,718,481.88
(K) Total Principal Distribution $24,549,493.00
(L) Total Interest and Principal Distribution Amounts
plus Servicing fee $29,249,845.46
<PAGE> 5
G. DISTRIBUTIONS
-------------
(A) Total Interest Collections available to be distributed $6,757,828.81
(B) Class B Percentage of Principal Collections $1,716,843.74
(C) Servicing Fee
(i) Total Servicing Fee $645,732.63
(ii) Servicing Fee Paid $645,732.63
(iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be
distributed after Servicing Fee paid $6,112,096.18
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution $3,765,328.69
(ii) Class A Interest Distribution paid from Interest
Collections after Servicing Fee $3,765,328.69
(iii) Total Interest Collections available after
Class A Interest Distribution paid $2,346,767.49
(iv) Class A Interest Distribution remaining to be paid $0.00
(v) Class A Interest Distribution paid from Class B
Percentage or Principal Collection $0.00
(vi) Class A Interest Distribution remaining to be paid $0.00
(vii) Class A Interest Distribution paid from Reserve Fund $0.00
(viii) Class A Interest Carryover Shortfall $0.00
(ix) Class A Interest Distribution paid $3,765,328.69
(F) Class B Certificates
(i) Class B Interest Distribution $289,291.14
(ii) Class B Interest Distribution paid from Interest
Collections after Class A Interest Distribution $289,291.14
(iii) Total Interest Collections available after Class B
Interest Distribution paid $2,057,476.35
(iv) Class B Interest Distribution remaining to be paid $0.00
(v) Class B Interest Distribution paid from
Reserve Fund $0.00
(vi) Class B Interest Carryover Shortfall $0.00
(vii) Class B Interest Distribution paid $289,291.14
(G) Total Interest Paid $4,054,619.83
(H) Total Interest and Servicing Fee Paid $4,700,352.46
(I) Total Interest Collection available after Servicing Fee
and Class A and Class B Interest Distribution paid $2,057,476.35
Total Collections available to be distributed:
(J) Total Principal Collections $24,526,091.25
(K) Excess Interest $2,057,476.35
(L) Less: Class B Percentage of Principal Collections used
to pay Class A Interest Distribution $0.00
(M) Total Collections available to be distributed
as principals $26,583,567.60
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution $22,831,011.12
(ii) Class A Principal Distribution paid from total
Collections available to be distributed $22,831,011.12
(iii) Total Collections available after Class A
Principal Distribution paid $3,752,556.48
(iv) Class A Principal Distribution remaining to
be paid $0.00
(vii) Class A Principal Distribution paid from
Reserve Fund $0.00
(viii) Class A Principal Carryover Shortfall $0.00
(ix) Class A Principal Distribution paid $22,831,011.12
(O) Class B Certificates
(i) Class B Principal Distribution $1,718,481.88
(ii) Class B Principal Distribution paid from total
Collections available to be distributed $1,718,481.88
(iii) Total Collections available after Class B
Principal Distribution paid $2,034,074.60
(iv) Class B Principal Distribution remaining to
be paid $0.00
(vii) Class B Principal Distribution paid from
Reserve Fund $0.00
(viii) Class B Principal Carryover Shortfall $0.00
(ix) Class B Principal Distribution paid $1,718,481.88
(P) Total Excess Cash to the Reserve Fund $2,034,074.60
<PAGE> 6
H. POOL BALANCE AND PORTFOLIO INFORMATION
--------------------------------------
<TABLE>
<CAPTION>
Beginning of Period End of Period
------------------- ---------------
<S> <C> <C>
(A) Balance and Pool Factors
(i) Aggregate Balance of Certificates $774,879,158.71 $750,329,665.71
(ii) Aggregate Certificate Pool Factor 0.9682702 0.9375938
(iii) Class A Principal Balance $720,637,069.22 $697,806,058.10
(iv) Class A Pool Factor 0.9682702 0.9375938
(v) Class B Principal Balance $54,242,089.49 $52,523,607.61
(vi) Class B Pool Factors 0.9682702 0.9375938
(B) Pool Information
(i) Weighted Average Coupon (WAC) 10.35% 10.35%
(ii) Weighted Average Remaining Maturity (WAM) 52.75 51.84
(iii) Remaining Number of Receivables 63,766 62,725
(iv) Pool Balance $774,879,158.71 $750,329,665.71
I. RECONCILIATION OF RESERVE ACCOUNT
---------------------------------
(A) Beginning Reserve Account Balance $46,492,749.52
(B) Less: Draw to pay Class A Interest Distribution $0.00
(C) Reserve Account Balance after draw $46,492,749.52
(D) Less: Draw to pay Class B Interest Distribution $0.00
(E) Reserve Account Balance after draw $46,492,749,52
(F) Less: Draw to pay Class A Principal Distribution $0.00
(G) Reserve Account Balance after draw $46,492,749.52
(H) Less: Draw to pay Class B Principal Distribution $0.00
(I) Reserve Account Balance after draw $46,492,749.52
(J) Total excess Collections deposited in the Reserve Fund $2,034,074.60
(K) Reserve Fund Balance $48,526,824.12
(L) Specified Reserve Account Balance $45,019,779.94
(M) Reserve Account Release to Seller $3,507,044.17
--------------
(N) Ending Reserve Account Balance $45,019,779.94
===============
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
-----------------------------------------
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $0.00
(ii) Liquidation Proceeds Related to Interest $0.00
-----------
(iii) Recoveries on Previously Liquidated Contracts $0.00
(B) Aggregate Net Losses for Collection Period $23,401.75
(C) Charge-off Rate for Collection Period (annualized) (Aggregate Net Losses) 0.04%
(D) Cumulative Aggregate Net Losses for all Periods $23,401.75
<CAPTION>
(E) Delinquent Receivables Dollar Amount # Units
-------------- -------
<S> <C> <C> <C> <C>
(i) 30-59 Days Delinquent $7,105,002.31 0.95% 561
(ii) 60-89 Days Delinquent $1,648,134.45 0.22% 138
(iii) 90 Days or More Delinquent $105,207.15 0.01% 8
(F) Aggregate Principal Balance of Repossessed Receivables $185,862.77
</TABLE>
<PAGE> 7
<TABLE>
<S> <C>
K. TEST FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
------------------------------------------------------
(A) Charge-off Plans
(i) Second Preceding Collection Period 0.00%
(ii) Preceding Collection Period 0.00%
(iii) Current Collection Period 0.04%
(iv) Three Month Average (Avg.(i,ii,iii)) 0.01%
(B) Delinquency Percentages
(i) Second Preceding Collection 0.00%
(ii) Preceding Collection Period 0.03%
(iii) Current Collection Period 0.23%
(iv) Three Month Average (Avg.(i,ii,iii)) 0.09%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
</TABLE>
<PAGE> 8
1. STATEMENT TO CERTIFICATEHOLDERS
-------------------------------
<TABLE>
<CAPTION>
Per $1,000 of Original
Dollars($) Principal Balance
--------------- ----------------------
<S> <C> <C> <C>
(A) Amount of distribution allocable to principal
(i) Class A Certificates $22,831,011.62 30.6764525
(ii) Class B Certificates $1,718,481.88 30.6764525
</TABLE>
<TABLE>
<CAPTION>
Per $1,000 of Original
Dollars($) Principal Balance
--------------- ----------------------
<S> <C> <C> <C>
(B) Amount of distribution allocable to interest:
(i) Class A Certificates $3,765,328.69 5.0591321
(ii) Class B Certificates $289,291.14 5.1641080
(C) Pool balance as at the close of business on the
last day of the Collection Period $750,329,665.71
</TABLE>
<TABLE>
<CAPTION>
Per $1,000 of Original
Dollars($) Principal Balance
--------------- ----------------------
<S> <C> <C> <C>
(D) Amount of the Servicing Fee paid to the Servicer
with respect to the related Collection Period
(i) Total Servicing Fee $645,732.63
(ii) Class A Percentage of the Servicing Fee $600,530.85 0.8068919
(iii) Class B Percentage of the Servicing Fee $45,201.74 0.8068919
</TABLE>
<TABLE>
<CAPTION>
Per $1,000 of Original
Dollars($) Principal Balance
--------------- ----------------------
<S> <C> <C> <C>
(E) (i) Class A Interest Carryover Shortfall $0.00 0.0000000
(ii) Class A Principal Carryover Shortfall $0.00 0.0000000
(iii) Class B Interest Carryover Shortfall $0.00 0.0000000
(iv) Class B Principal Carryover Shortfall $0.00 0.0000000
Change with respect to immediately preceding
Distribution Date:
(v) Class A Interest Carryover Shortfall $0.00 0.0000000
(vi) Class A Principal Carryover Shortfall $0.00 0.0000000
(vii) Class B Interest Carryover Shortfall $0.00 0.0000000
(viii) Class B Principal Carryover Shortfall $0.00 0.0000000
</TABLE>
<TABLE>
<CAPTION>
Pool Factor
----------------------
<S> <C> <C>
(F) Pool factors for each class of certificates after
giving effect to all payments allocated to
principal
(i) Class A Pool Factor 0.9375938
(ii) Class B Pool Factor 0.9375938
</TABLE>
<TABLE>
<S> <C> <C>
(G) Amount of the aggregate Realized Losses, if any,
for each Collection Period(3) $ 23,401.75
(H) Aggregate principal balance of all receivables
which were more than 60 days delinquent as of the
close of business on the last day of the preceding
Collection Period $ 1,753,341.60
(I) Amount on deposit in the Reserve Fund on such
Distribution Date, after giving effect to
distributions made on such Distribution Date $ 45,019,779.94
</TABLE>
<TABLE>
<CAPTION>
Principal Balance
----------------------
<S> <C> <C>
(J) Aggregate outstanding principal balances for each
class of certificates, after giving effect to
all payments allocated to principal
(i) Class A Principal Balance $697,806,058.10
(ii) Class B Principal Balance $ 52,523,607.61
----------------------
</TABLE>
<TABLE>
<S> <C> <C>
(K) Amounts otherwise distributable to the Class B
Certificateholders that is being distributed to
the Class A Certificateholders on such
Distribution Date $0.00
(L) Aggregate Purchase Amount of Receivables
repurchased by the Seller or purchased by the
Servicer with respect to the Related Collection
Period($) $0.00
</TABLE>
<PAGE> 9
<TABLE>
<CAPTION>
<S> <S> <S> <S>
M. INSTRUCTIONS TO THE TRUSTEE
---------------------------
On the Distribution Date, make the
following deposits and distributions:
(A) Withdraw from the Collection Account
and distribute to the Servicer:
(i) Servicing Fee $645,732.63
(ii) Servicing Fees retained
by the Seller $645,732.63
(iii) Servicing Fees to be -----------
distributed to the Seller
on the Distribution Date
(i-iii) $0.00
-----
(B) Withdraw from the Collection Account
and deposit in the Class A Distribution
Account:
(i) for the Class A Interest
Distribution $3,765,328.69
(ii) for the Class A Principal
Distribution $22,831.011.12
(iii) Total (i+ii) -------------- $26,596,339.80
--------------
(C) Withdraw from the Collection Account
and deposit in the Class B Distribution
Account:
(i) for the Class A Interest
Distribution $ 289,291.14
(ii) for the Class A Principal
Distribution $ 1,718,481.16
(iii) Total (i+ii) -------------- $ 2,007,773.03
--------------
$ 2,034,074.60
--------------
(D) Withdraw excess Collections from the
Collection Account and deposit in
the Reserve Fund
(E) Withdraw from the Reserve Fund and
deposit in the Class A Distribution
Account:
(i) Amount equal to the excess
of the Class A Interest
Distribution over the sum of
Interest Collections and the
Class B Percentage of
Principal Collections $0.00
(ii) Amount equal to the excess of
the Class A Principal
Distribution over the portion
of Principal Collections and
Interest Collections remaining
after the distribution of the
Class A Interest Distribution
and the Class B Interest
Distribution $0.00
(iii) Total ----- $0.00
-----
(F) Withdraw from the Reserve Fund and deposit
in the Class B Distribution Account:
(i) Amount equal to the excess of the
Class B Interest Distribution over
the portion of Interest Collections
remaining after the distribution of
the Class A Interest Distribution $0.00
(ii) Amount equal to the excess of the
Class B Principal Distribution
over the portion of Principal
Collections and Interest Collections
remaining after the distribution of
the Class A Interest Distribution, the
Class B Interest Distribution and
the Class A Principal Distribution $0.00
(iii) Total ----- $0.00
-----
</TABLE>
