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Previous: PINNACLE MICRO INC, 10-Q, 1997-11-26 |
Next: PUEBLO XTRA INTERNATIONAL INC, 10-Q, 1997-11-26 |
================================================================================
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):
-------------------------------------------------
November 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>
Item 5. Other Events
On November 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 October 20, 1997 through November 19, 1997 and for the Collection
Period from October 1, 1997 through October 31, 1997.
Item 7. Exhibits
See page 4 for Exhibit Index
<PAGE>
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: November 17, 1997 By: /s/John Jaeger
------------------------
Name: John Jaeger
Title: Assistant Vice President
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
- ------- ----------- ----
99.1 Monthly Statement and Additional Information................ 5-13
Exhibit 99.1
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 October 20, 1997 through November 19, 1997
Collection Period October 1, 1997 through October 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: November 17, 1997
Signed by: /s/ John Jaeger
-----------------------
John Jaeger
Assistant Vice President
Bank One, Texas, N.A.
<PAGE>
<TABLE>
<CAPTION>
A. ORIGINAL DEAL PARAMETER INPUTS
- ---------------------------------
<S> <C>
(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 65,763
(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) Precent 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%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
(A) Total Receivable Balance $704,242,503.07
(B) Total Certificate Balance $704,242,503.07
(C) Total Certificate Pool Factor 0.8800044
(D) Class A Certificates
(i) Class A Certificate Balance $654,945,029.46
(ii) Class A Certificate Pool Factor 0.8800044
(E) Class B Certificates
(i) Class B Certificate Balance $ 49,297,473.61
(ii) Class B Certificate Pool Factor 0.8800044
(F) Reserve Fund Balance 42,254,550.18
(G) Cumulative Net Losses for All Prior Periods $715,383.47
(H) Charge-off Rate for Second Preceding Period 0.25%
(I) Charge-off Rate for Preceding Period 0.91%
(J) Delinquency Percentage for Second Preceding Period 0.45%
(K) Delinquency Percentage for Preceding Period 0.62%
(L) Weighted Average Coupon (WAC) 10.34%
(M) Weighted Average Remaining Maturity (WAM) 50.03
(N) Number of Receivables 60,802
C. INPUTS FROM THE MAINFRAME
- ----------------------------
(A) Simple Interest Receivables Principal
(i) Principal Collections $23,273,584.24
(ii) Prepayments in Full $0.00
(iii) Repurchased Loan Proceeds Related to Principal $0.00
(iv) Other Refunds Related to Principal $0.00
(B) Simple Interest Receivables Interest
(i) Interest Collections $6,143,046.83
(ii) Repurchased Loan Proceeds Related to Interest $0.00
(C) Weighted Average Coupon (WAC) 10.34%
(D) Weighted Average Remaining Maturity (WAM) 49.11
(E) Remaining Number of Receivables 59.679
<CAPTION>
(F) Delinquent Receivables Dollar Amount Percent # Units
-------------- -------- --------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent $8,989,271 1.32% 734
(ii) 60-89 Days Delinquent 2,785,958 0.41% 216
(iii) 90 Days or More Delinquent 1,798,926 0.26% 145
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------
(A) Reserve Fund Investment Income $0.00
(B) Collection Account Investment Income $0.00
(C) Realized Losses for Collection Period:
(i) Charge-offs for current Collection Period - Principal $1,091,211.22
(ii) Realized Losses for Collection Period (C)(i)-(D)(i) $1,078,486.30
(D) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Principal $12.724.92
(ii) Liquidation Proceeds Related to Interest $0.00
(iii) Recoveries from Prior Month Charge Offs $78,774.22
(E) Principal Balance of Repossessed Receivables $1,004,222.95
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
E. COLLECTIONS
- --------------
<S> <C>
(A) Collections allocable to interest $6,143,046.83
(B) Liquidation Proceeds Related to Interest $0.00
(C) Repurchased Loan Proceeds Attributable to Interest $0.00
(D) Recoveries from Prior Month Charge Offs $78,774.22
----------------
(E) Interest Collections $6,221,821.05
Principal Collection:
(F) Collections allocable to principal $23,273,584.24
(G) Liquidation Proceeds Related to Principal $12,724.92
(H) Repurchased Loan Proceeds Attributable to Principal
(I) Other Refunds Related to Principal $0.00
----------------
(J) Principal Collections $23,286,309.16
(K) Total Collections
$29,508,130.21
F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee:
(i) Servicing Fee $586,868.75
(ii) Prior Collection Period unpaid Servicing Fees $0.00
----------------
(iii) Total Servicing Fee $586,868.75
Interest:
(B) Class A Certificates
(i) Class A Monthly Interest $3,422,087.78
(ii) Class A prior period Interest Carryover Shortfall $0.00
----------------
(iii) Class A Interest Distribution $3,422,087.78
(C) Class B Certificates
(i) Class B Monthly Interest $262,919.86
(ii) Class B prior period Interest Carryover Shortfall $0.00
----------------
(iii) Class B Interest Distribution $262,919.86
(D) Total Certificate Interest Distribution $3,685,007.64
(E) Total Certificate Interest Distribution plus Total Servicing Fee $4,271,876.39
Principal:
(F) Principal Collections $23,286,309.16
(G) Realized Losses $1,078,486.30
-----------------
(H) Total Monthly Principal $24,364,795.46
(I) Class A Certificates
(i) Class A Monthly Principal $22,659,242.53
(ii) Class A prior period Principal Carryover Shortfall $0.00
----------------
(iii) Class A Principal Distribution $22,659,242.53
(J) Class B Certificates
(i) Class B Monthly Principal $1,705,552.93
(ii) Class B prior period Principal Carryover Shortfall $0.00
-----------------
(iii) Class B Principal Distribution $1,705,552.93
(K) Total Principal Distribution $24,364,795.46
(L) Total Interest and Principal Distribution Amounts $28,636,671.85
plus Servicing Fee
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
G. DISTRIBUTIONS
- ----------------
<S> <C>
(A) Total Interest Collections available to be distributed $6,221,821.05
(B) Class B Percentage of Principal Collections $1,630,058.12
(C) Servicing Fee:
(i) Total Servicing Fee $586,868.75
(ii) Servicing Fee Paid $586,868.75
(iii) Unpaid Servicing Fee $0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid $5,634,952.30
Interest:
(E) Class A Certificates
(i) Class A Interest Distribution $3,422,087.78
(ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee $3,422,087.78
(iii) Total Interest Collections available after Class A Interest Distribution paid $2,212,864.52
(iv) Class A Interest Distribution remaining to be paid $0.00
(v) Class A Interest Distribution paid from Class B Percentage of 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 $3,422,087.78
(F) Class B Certificates
(i) Class B Interest Distribution $262,919.86
(ii) Class B Interest Distribution paid from Interest Collections after Class A
Interest Distribution $262,919.86
(iii) Total Interest Collections available after Class B Interest Distribution paid $1,949,944.66
(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 $262,919.86
(G) Total Interest Paid $3,685,007.64
(H) Total Interest and Servicing Fee Paid $4,271,876.39
(I) Total Interest Collection available after Servicing Fee and Class A and Class B Interest
Distribution paid $1,949,944.66
Total Collections available to be distributed:
(J) Total Principal Collections $23,286,309.16
(K) Excess Interest $1,949,944.66
(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 $25,236,253.82
Principal:
(N) Class A Certificates
(i) Class A Principal Distribution $22,659,242.53
(ii) Class A Principal Distribution paid from total Collections available to be distributed $22,659,242.53
(iii) Total Collections available after Class A Principal Distribution paid $2,577,011.28
(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 $22,659,242.53
(O) Class B Certificates
(i) Class B Principal Distribution $1,705,552.93
(ii) Class B Principal Distribution paid from total Collections available to be distributed $1,705,552.93
(iii) Total Collections available after Class B Principal Distribution paid $871,458.36
(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) Total Class B Principal Distribution paid $1,705,552.93
(P) Total Excess Cash to the Reserve Fund $871,458.36
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
H. POOL BALANCE AND PORTFOLIO INFORMATION
- -----------------------------------------
Beginning End
of Period of Period
--------------- ---------------
<S> <C> <C>
(A) Balances and Pool Factors
(i) Aggregate Balance of Certificates $704,242,503.07 $679,877,707.61
(ii) Aggregate Certificate Pool Factor 0.8800044 0.8495587
(iii) Class A Principal Balance $654,945,029.46 $632,285,786.93
(iv) Class A Pool Factor 0.8800044 0.8495587
(v) Class B Principal Balance $49,297,473.61 $47,591,920.68
(vi) Class B Pool Factor 0.8800044 0.8495587
(B) Pool Information
(i) Weighted Average Coupon (WAC) 10.34% 10.34%
(ii) Weighted Average Remaining Maturity (WAM) 50.03 49.11
(iii) Remaining Number of Receivables 60,802 59,679
(iv) Pool Balance $704,242,503.07 $679,877,707.61
I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance $42,254,550.18
(B) Less: Draw to pay Class A Interest Distribution $0.00
(C) Reserve Account Balance after draw $42,254,550.18
(D) Less: Draw to pay Class B Interest Distribution $0.00
(E) Reserve Account Balance after draw $42,254,550.18
(F) Less: Draw to pay Class A Principal Distribution $0.00
(G) Reserve Account Balance after draw $42,254,550.18
(H) Less: Draw to pay Class B Principal Distribution $0.00
(I) Reserve Account Balance after draw $42,254,550.18
(J) Total excess Collections deposited in the Reserve Fund $871,458.36
(K) Reserve Fund Balance $43,126,008.54
(L) Specified Reserve Account Balance $40,792,662.46
(M) Reserve Account Release to Seller $2,333,346.08
---------------
(N) Ending Reserve Account Balance $40,792,662.46
===============
<CAPTION>
J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
<S> <C>
(A) Liquidated Contracts
(i) Liquidation Proceeds Related to Principal $12,724.92
(ii) Liquidation Proceeds Related to Interest $0.00
--------------
(iii) Recoveries on Previously Liquidated Contracts $78,774.22
(B) Aggregate Net Losses for Collection Period $999,712.08
(C) Charge-off Rate for Collection Period (annualized)
(Aggregate Net Losses) 1.73%
(D) Cumulative Aggregate Net Losses for all Periods $1,715,095.55
(E) Delinquent Receivables
<CAPTION>
Dollar Amount # Units
------------- -------
<S> <C> <C> <C>
(i) 30-59 Days Delinquent $8,989,270.51 1.32% 734
(ii) 60-89 Days Delinquent $2,785,957.59 0.41% 216
(iii) 90 Days or More Delinquent $1,798,925.60 0.26% 145
(F) Aggregate Principal Balance of Repossessed Receivables $1,004,222.95
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
<S> <C> <C>
(A) Charge-off Rate
(i) Second Preceding Collection Period 0.25%
(ii) Preceding Collection Period 0.91%
(iii) Current Collection Period 1.73%
(iv) Three Month Average (Avg.(i,ii,iii)) 0.96%
(B) Delinquency Percentages
(i) Second Preceding Collection 0.45%
(ii) Preceding Collection Period 0.62%
(iii) Current Collection Period 0.67%
(iv) Three Month Average (Avg.(i,ii,iii)) 0.58%
(C) Loss and Delinquency Trigger Indicator Trigger was not hit
</TABLE>
<PAGE>
<TABLE>
L. STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------
<CAPTION>
Per $1,000 of
Original Principal
(A) Amount of distribution allocable to principal: Dollars ($) Balance
------------------- ------------------
<S> <C> <C>
(i) Class A Certificates $22,659,242.53 30.4456589
(ii) Class B Certificates $1,705,552.93 30.4456589
<CAPTION>
Per $1,000 of
Original Principal
(B) Amount of distribution allocable to interest: Dollars ($) Balance
------------------ ------------------
<S> <C> <C>
(i) Class A Certificates $3,422,087.78 4.5980230
(ii) Class B Certificates $262,919.86 4.6933568
(C) Pool Balance as of the close of business on the last day of the Collection
Period $679,877,707.61
-----------------
<CAPTION>
Per $1,000 of
(D) Amount of the Servicing Fee paid to the Servicer with respect to the related Original Principal
Collection Period Dollars ($) Balance
------------------ -----------------
<S> <C> <C>
(i) Total Servicing Fee $586,868.75
(ii) Class A Percentage of the Servicing Fee $545,787.52 0.7333370
(ii) Class B Percentage of the Servicing Fee $41,081.23 0.7333370
<CAPTION>
Per $1,000 of
Original Principal
Dollars ($) Balance
------------------- -------------------
<S> <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 $0.00 0.0000000
(F) Pool factors for each class of certificates after giving effect to all payments
allocated to principal Pool Factor
----------------
(i) Class A Pool Factor 0.8495587
(ii) Class B Pool Factor 0.8495587
<CAPTION>
<S> <C> <C>
(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $1,078,486.30
-------------
(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 $4,584,883.19
(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
giving effect to distributors made on such Distribution Date $40,792,662.46
--------------
(J) Aggregate outstanding principal balances for each class of certificates, after
giving effect to all payments allocated to principal Principal Balance
-----------------
(i) Class A Principal Balance $632,285,786.93
(ii) Class B Principal Balance $47,591,920.68
(K) Amount 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>
<TABLE>
<CAPTION>
M. INSTRUCTIONS TO THE TRUSTEE
- ------------------------------
<S> <C> <C> <C>
On the Distribution Date, make the following deposits and distributions:
(A) Withdraw from the Collection Account and distribute to the Servicer:
(i) Servicing Fee $586,868.75
(ii) Servicing Fees retained by the Seller $586,868.75
------------------
(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 $3,422,087.78
(ii) for the Class A Principal Distribution $22,659,242.53
-------------------
(iii) Total (i+ii) $26,081,330.31
-----------------
(C) Withdraw from the Collection Account and deposit in the Class B
Distribution Account:
(i) for the Class B Interest Distribution $262,919.86
(ii) for the Class B Principal Distribution $1,705,552.93
----------------
(iii) Total (i+ii) $1,968,472.78
-----------------
(D) Withdraw excess Collections from the Collection Account and deposit
in the Reserve Fund $871,458.36
-----------------
(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>
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