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): 3/13/98
USAA FEDERAL SAVINGS BANK
(Originator of the Trust referred to herein)
(Exact name of registrant as specified in its charter)
USAA AUTO LOAN GRANTOR TRUST 1997-1
(Issuer with respect to Certificates)
United States 333-37471 14-2291652
(State or other (Commission (IRS employee
jurisdiction of file number) identification
incorporation) no.)
10750 McDermott Freeway, San Antonio, Texas 78288
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code (210) 498-2265
Exhibit Index is on Page 4
Page 1 of 6 sequentially numbered pages
Doc #40578
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Item 5. Other Events
On March 10, 1998, the USAA Auto Loan Grantor Trust
1997-1 made the distribution to Certificateholders contemplated
by the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of October 1, 1997, between USAA
Federal Savings Bank, as Seller and Servicer (the "Bank"), and
The Chase Manhattan Bank, as Trustee.
A copy of the Certificateholder Report for such
Distribution Date delivered pursuant to Section 14.7 of the
Pooling and Servicing Agreement is being filed as an Exhibit to
this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibit
28.1 Certificateholder Report,
dated March 10, 1998, delivered pursuant to
Section 14.8 of the Pooling and Servicing
Agreement, dated as of October 1, 1997,
between USAA Federal Savings Bank, as Seller
and Servicer, and The Chase Manhattan Bank,
as Trustee.
Page 2
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SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the Bank has caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
USAA FEDERAL SAVINGS BANK
/s/ MICHAEL J. BROKER
-----------------------------
By: MICHAEL J. BROKER
Title: VICE PRESIDENT -
BANKING COUNSEL
Date: March 13, 1998
Page 3
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INDEX TO EXHIBITS
Sequentially
Exhibit Description Numbered Page
- ------- ----------- ------------------
28.1 Certificateholder 6
Report, dated
March 10, 1998
delivered pursuant to
Section 14.8 of the
Pooling and Servicing
Agreement, dated as of
October 1, 1997, between
USAA Federal Savings
Bank, as Seller and
Servicer, and The Chase
Manhattan Bank, as Trustee
Page 4
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EXHIBIT 28.1
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Page 1 USAA Auto Loan Grantor Trust 1997-1
$679,200,00 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
Collection Period # Beginning Date 02/01/98
Collection Period # End Date 02/28/98
Distribution Date 03/10/98
I. Available Amount in the Certificate Account
A. Credits
1. Payments from Obligors Applied to Collection Period
a. Principal Payments $24,864,809.75
b. Interest Payments $4,114,079.93
c. Total (a+b) $28,978,889.68
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $0.00
b. Interest Payments $0.00
c. Total (a+b) $0.00
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $54,241.09
b. Principal Balance of Defaulted Receivable $150,868.02
c. Net $96,626.93
4. Advance by Servicer $90,257.46
5. Investment Earnings on Certificate Account
(as of month end) $114,182.32
6. Overpayment from Obligors $0.00
7. Net Adjustments
a. to Interest Collections $0.00
b. to Principal Collections ($64,146.99)
8. Total Credits (sum 1 through 7) $29,173,423.56
B. Debits
1. Overpayment from Obligors $0.00
2. Total Debits $0.00
C. Total Collections (A-B) $29,173,423.56
1. Available Interest Collections $4,318,519.71
2. Available Principal Collections $24,854,903.85
II. Receivable Pool Balance
A. Original Principal Pool Balance $700,205,448.34
B. Principal Pool Balance as of the Beginning of
the Collection Period $597,427,818.62
C. Principal Pool Balance as of the End of the
Collection Period $572,476,287.84
III. Certificate Principal Balances For the
Collection Period
A. Class A Certificates
1. Beginning Class A Balance $579,505,699.17
2. Ending Class A Balance $555,302,714.31
B. Class B Certificates
1. Beginning Class B Balance $17,922,119.45
2. Ending Class B Balance $17,173,573.53
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $10,503,081.73
B. Beginning Reserve Account Balance $11,590,113.98
C. Ending Reserve Account Balance $11,449,525.76
V. Summary of Cash Disbursements
A. Available Collections $29,173,423.56
B. Withdrawals from Reserve Account $140,588.22
C. Total Available Collections $29,314,011.78
D. Reimbursement of Advance $197,773.62
E. Payment of Servicing Fee $497,856.52
F. Interest paid to Class A Certificates $2,897,528.50
G. Interest paid to Class B Certificates $91,850.86
H. Principal paid to Class A Certificates $24,202,984.86
I. Principal paid to Class B Certificates $748,545.92
J. Remaining Available Collections $677,471.50
K. Deposit from Remaining Available Collections
to fund Reserve Account $0.00
L. Remaining Available Collections Released to Seller $677,471.50
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Page 2 USAA Auto Loan Grantor Trust 1997-1
$679,200,00 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
VI. Scheduled Monthly Interest Distribution
A. Available Interest Collections $4,318.519.71
B. Reimbursement of Advance
1. Prior Advance Outstanding $197,773.62
2. Reimbursement of Prior Advance Outstanding
from Interest Collections $197,773.62
3. Remaining Prior Advance Outstanding from
Interest Collections $0.00
4. Reimbursement of Prior Advance Outstanding
from Spread Account $0.00
5. Remaining Prior Advance Outstanding $0.00
6. Current Advance $90,257.46
7. Total Advance Outstanding for the Period $90,257.46
C. Total Reimbursement of Advance paid $197,773.62
D. Remaining Available Interest Collections $4,120,746.09
E. Servicing Fee
1. Current Servicing Fee Accrued $497,856.52
2. Unpaid Servicing Fees From Prior Collection Periods $0.00
3. Total Servicing Fee Due $497,856.52
4. Payment of Servicing Fee from Interest Collections $497,856.52
5. Payment of Servicing Eee from Reserve Account $0.00
6. This period unpaid Servicing Fee $0.00
F. Total Servicing Fee paid $497,856.52
G. Remaining Available Interest Collections $3,622,889.57
H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.00%
2. Class A Monthly Interest $2,897,528.50
3. Class A Interest Carryover Shortfall $0.00
4. Class A Interest on Interest Carryover Shortfall $0.00
5. Class A Interest Distributable Amount $2,897,528.50
6. Payment of Class A Interest Distributable
Amount from Interest Collections $2,897,528.50
7. Payment of Class A Interest Distributable
Amount from Spread Accuont $0.00
8. Payment of Class A Interest Distributable
Amount from Class B Percentage of Available $0.00
9. This period Class A Interest Carryover Shortfall $0.00
I. Total Interest paid to Class A Certificates $2,897,528.50
J. Remaining Available Interest Collections $725,361.07
K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.15%
2. Class B Monthly Interest $91,850.86
3. Class B Interest Carryover Shortfall $0.00
4. Class B Interest on Interest Carryover Shortfall $0.00
5. Class B Interest Distributable Amount $91,850.86
6. Payment of Class B Interest Distributable
Amount from Interest Collections $91,850.86
7. Payment of Class B Interest Distributable
Amount from Spread Account $0.00
8. This period Class B Interest Carryover Shortfall $0.00
L. Total Interest paid to Class B Certificates $91,850.86
M. Remaining Available Interest Collections $633,510.21
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Page 3 USAA Auto Loan Grantor Trust 1997-1
$679,200,00 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $24,854,903.85
2. Net Principal Losses $96,626.93
3. Total (1 + 2) $24,951,530.78
B. Total Available Collections
1. Remaining Available Principal Collections $24,854,903.85
2. Remaining Available Interest Collections $633,510.21
3. Total (1 + 2) $25,488,414.06
C. Class A Percentage of Principal Distribution Amount 97.00%
D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $579,505,699.17
2. Class A Monthly Principal $24,202,984.86
3. Class A Principal Carryover Shortfall $0.00
4. Total Class A Principal Distribution Amount $24,202,984.86
5. Payment of Class A Principal Distribution
Amount from Available Collections $24,202,984.86
6. Payment of Class A Principal Distribution
Amount from Spread Account $0.00
7. Class A Principal Carryover Shortfall for
the Period $0.00
8. Ending Class A Principal Balance $555,302,714.31
E. Total Principal paid to Class A Certificates $24,202,984.86
F. Remaining Available Collections $1,285,429.20
G. Class B Percentage of Principal Distribution Amount 3.00%
H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $17,922,119.45
2. Class B Monthly Principal $748,545.92
3. Class B Percentage of Available Principal
used to pay Class A Interest $0.00
3. Class B Principal Carryover Shortfall $0.00
4. Total Class B Principal Distribution Amount $748,545.92
5. Payment of Class B Principal Distribution
Amount from Available Collections $748,545.92
6. Payment of Class B Principal Distribution
Amount from Spread Account $0.00
7. Class B Principal Carryover Shortfall for the Period $0.00
8. Ending Class B Principal Balance $17,173,573.53
I. Total Principal paid to Class B Certificates $748,545.92
J. Remaining Available Collections $536,883.28
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Page 4 USAA Auto Loan Grantor Trust 1997-1
$679,200,00 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
1. Floor Amount = min (1.00% of Initial Pool Balance,
Ending Pool Balance) $7,002,054.48
2. Maximum Amount = 2% of Ending Pool Balance $11,449,525.76
3. Reserve Account Amount (Max: 1. or 2.) $11,449,525.76
B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage 0.05%
2. Delinquency Percentage Trigger 1.25%
3. Average Three Period Charge Off Rate 0.15%
4. Charge Off Rate Trigger 1.25%
5. Required Reserve Account Percentage Specified 4.00%
6. Reserve account Trigger Amount (if 1. > 2.
or 3. > 4. then 4% of Ending Pool Balance, $0.00
C. Required Reserve Account Amount for Next Period
(Max: A or B) $11,449,525.76
D. Remaining Available Collections $536,883.28
E. Reserve Account Activity
1. Beginning Reserve Account Balance $11,590,113.98
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 B Interest $0.00
6. Withdrawal from Reserve Account to pay
Class A Principal $0.00
7. Withdrawal from Reserve Account to pay
Class B Principal $0.00
8. Deposit from Remaining Available Collections
to fund Reserve Account $0.00
9. Withdrawal of funds in Reserve Account in
Excess of Required Reserve Account Balance $140,588.22
10. Ending Reserve Account Balance $11,449,525.76
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Page 5 USAA Auto Loan Grantor Trust 1997-1
$679,200,00 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
IX. Delinquency and Default Information
A. Automobile Delinquency Information
Delinquency Principal
31-60 days $1,553,457.90
61-90 days $146,599.64
91-120 days $99,879.51
Total $1,799,937.05
Delinquency Units
31-60 days 167
61-90 days 18
91-120 days 10
Total 195
B. Delinquency Percentage
1. Outstanding Principal Balance for
Delinquency >=60 days $246,479.15
2. Portfolio Principal Ending Balance
for Collection Period $572,476,287.84
3. Delinquency Percentage (1/2) 0.04%
X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior 0.06%
B. Delinquency Ratio for Prior Collection Period 0.06%
C. Delinquency Ratio for Current Collection Period 0.04%
D. Average Delinquency Ratio ((sum A through C)/3) 0.05%
XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $54,241.09
2. Principal Balance of Defaulted Receivable $150,868.02
4. Average Pool Balance for Collection Period $584,952,053.23
5. Net Loss Ratio ((2-1)/3) 0.20%
A. Net Loss Ratio for 2 Collection Periods Prior 0.13%
B. Net Loss Ratio for Prior Collection Period 0.13%
C. Net Loss Ratio for Current Collection Period 0.20%
D. Average Net Loss Ratio ((sum A through C)/3) 0.15%
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Page 6 USAA Auto Loan Grantor Trust 1997-1
$679,200,00 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
On March 15, 1998, interest earned and principal paid of the underlying
assets for the month of February 1998 were paid to you by the paying
agent on behalf of Chase Manhattan Bank, in its capacity as Trustee
for the above referenced issue. The following information is being
provided pursuant to Section 14.8 of the Pooling and Servicing Agreement,
dated as of October 1, 1997. This payment per $1,000 of original issuance
of your holdings is allocated as follows:
1) Class A Principal $24,202,984.86
Principal Factor 0.0417649
2) Class A Interest $2,897,528.50
Interest Factor 0.0050000
Total per each individual Class A Certificate $27,100.51
3) Class B Principal $748,545.92
Principal Factor 0.0417666
4) Class B Interest $91,850.86
Interest Factor 0.0051250
Total per each individual Class B Certificate $840.40
5) Fees and Compensation paid to Servicer
(a) Total $497,856.52
(b) Per individual Class A and
Class B Certificate $497.86
6) The amount deposited into the Reserve Account $0.00
7) Aggregate Unreimbursed Advances
This Month $90,257.46
Previous Month $0.00
Change From Previous Month $90,257.46
8) (a) Pool Balance after this payment $572,476,287.84
(b) Pool Factor after this payment 0.7930568
9) (a) Available Reserve Account Amount $11,590,113.98
(b) Percent of Pool Balance 1.94%
10) Required Reserve Account Amount $11,449,525.76
Weighted Average Coupon 8.44%
Weighted Average Maturity 38.67
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