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): 01/15/01
USAA FEDERAL SAVINGS BANK
(Originator of the Trust referred to herein)
(Exact name of registrant as specified in its charter)
USAA AUTO OWNER TRUST 2000-1
(Issuer with respect to Certificates)
United States 333-30840-01 74-2291652
(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 January 15, 2001, the USAA Auto Owner Trust
2000-1 made the distribution to Certificateholders contemplated
by the Sales and Servicing Agreement (the "Sale and
Servicing Agreement"), dated as of August 1, 2000, between USAA
Federal Savings Bank, as Seller and Servicer (the "Bank"), and
The Chase Manhattan Bank, as Indenture Trustee.
A copy of the Certificateholder Report for such
Distribution Date delivered pursuant to Section 4.8 of the
Sale 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 January 15, 2001, delivered pursuant to
Section 4.9 of the Sale and Servicing
Agreement, dated as of August 1, 2000,
between USAA Federal Savings Bank, as Seller
and Servicer, and The Chase Manhattan Bank,
as Indenture 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: January 15, 2001
Page 3
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INDEX TO EXHIBITS
Sequentially
Exhibit Description Numbered Page
------- ----------- ------------------
28.1 Certificateholder 6
Report, dated
January 15, 2001
delivered pursuant to
Section 4.9 of the
Sale and Servicing
Agreement, dated as of
August 1, 2000, between
USAA Federal Savings
Bank, as Seller and
Servicer, and The
Chase Manhattan Bank,
as Indenture Trustee.
Page 4
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EXHIBIT 28.1
<PAGE>
Page 1 USAA Auto Owner Trust 2000-1
Seller & Servicer: USAA Federal Savings Bank
Indenture Trustee: The Chase Manhattan Bank
$465,279,000.00 Auto Owner Trust 2000-1, Class A
$18,127,781.00 Auto Owner Trust 2000-1, Class B
MONTHLY SERVICER CERTIFICATE REPORT
Collection Period # 4
Collection Period # Beginning Date 12/01/00
Collection Period # End Date 12/31/00
Distribution Date 01/15/01
I. Available Amount in the Collection Account
A. Credits
1. Payments from Obligors Applied to Collection Period
a. Principal Payments $12,475,359.92
b. Interest Payments $3,061,580.05
c. Total (a+b) $15,536,939.97
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 $11,404.73
b. Principal Balance of Defaulted Receivable $87,066.16
c. Net Principal loss (Realized Loss) $75,661.43
4a.Interest Advance of Servicer $114,428.90
4b.Reimbursement of Interest Advance by Servicer $114,428.90
5. Investment Earnings on Collection Account
(as of month end) $78,376.35
6. Overpayment from Obligors $0.00
7. Net Adjustments
a. to Interest Collections $0.00
b. to Principal Collections $0.00
8. Total Credits (sum 1 through 7) $15,741,149.95
B. Debits
1. Overpayment from Obligors $0.00
2. Reimbursement of Interest Advance by Servicer $114,428.90
3. Total Debits $114,428.90
C. Total Collections (A-B) $15,626,721.05
1. Available Interest Collections $3,151,361.13
2. Available Principal Collections $12,475,359.92
II. Receivable Pool & Securities Balance
A. Original Principal Pool Balance $483,406,781.47
B. Principal Pool Balance as of the Beginning
of the Collection Period $427,493,592.91
C. Principal Pool Balance as of the End of
the Collection Period $414,931,166.83
D. Aggregate Securities Balance as of the Beginning
of the Collection Period $427,493,592.44
E. Aggregate Securities Balance as of the end of the
Collection Period $414,931,166.36
III. Class A and Class B Principal Balances For
the Collection Period
A. Principal Balance
1. Class A-1 Beginning Balance $62,086,811.44
2. Class A-1 Ending Balance $49,524,385.36
3. Class A-2 Beginning Balance $128,000,000.00
4. Class A-2 Ending Balance $128,000,000.00
5. Class A-3 Beginning Balance $136,000,000.00
6. Class A-3 Ending Balance $136,000,000.00
7. Class A-4 Beginning Balance $83,279,000.00
8. Class A-4 Ending Balance $83,279,000.00
9. Class B Beginning Balance $18,127,781.00
10. Class B Ending Balance $18,127,781.00
<PAGE>
Page 2 USAA Auto Owner Trust 2000-1
Seller & Servicer: USAA Federal Savings Bank
Indenture Trustee: The Chase Manhattan Bank
$465,279,000.00 Auto Owner Trust 2000-1, Class A
$18,172,781.00 Auto Owner Trust 2000-1, Class B
MONTHLY SERVICER CERTIFICATE REPORT
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $3,625,550.86
B. Beginning Reserve Account Balance $5,343,669.91
C. Ending Reserve Account Balance $5,186,639.59
V. Summary of Cash Disbursements
A. Available Collections $15,626,721.05
B. Total Required Payment $2,662,841.41
C. Withdrawals from Reserve Account
(Total Required Payment minus Available Funds) $0.00
D. Funds Released From Reserve Account (to Seller) $157,030.33
E. Available Funds $15,783,751.38
F. Reimbursement of Servicer Advances on Defaulted Loans $0.00
G. Payment of Servicing Fee $178,122.33
H. Interest paid to Class A Notes
1. Class A-1 Notes $360,024.17
2. Class A-2 Notes $736,000.00
3. Class A-3 Notes $787,666.67
4. Class A-4 Notes $484,406.18
5. Total $2,368,097.02
I. Interest paid to Class B Certificates $116,622.06
J. Principal paid to Class A Notes
1. Class A-1 Notes $12,562,426.08
2. Class A-2 Notes $0.00
3. Class A-3 Notes $0.00
4. Class A-4 Notes $0.00
5. Total $12,562,426.08
K. Principal paid to Class B Certificates $0.00
L. Remaining Available Funds $558,483.89
M. Deposit from Remaining Available Collection
to fund Reserve Account $0.00
N. Remaining Available Funds Released to Seller $558,483.89
VI. Scheduled Monthly Interest Distribution
A. Available Interest Collections $15,626,721.05
B. Reimbursement of Advance
1. Prior Advance Outstanding on Defaulted Loans $0.00
2. Reimbursement of Prior Advance Outstanding
on Defaulted Loans from Available Funds $0.00
3. Remaining Prior Advance Outstanding on Defaulted Loans $0.00
4. Reimbursement of Prior Advance Outstanding
on Defaulted Loans from Reserve Account $0.00
5. Remaining Advance Outstanding on Defaulted Loans $0.00
C. Total Reimbursement of Advance paid $0.00
D. Remaining Available Collections $15,626,721.05
E. Servicing Fee
1. Current Servicing Fee Accrued $178,122.33
2. Unpaid Servicing Fees From Prior Collection Periods $0.00
3. Total Servicing Fee Due $178,122.33
4. Payment of Servicing Fee from Available Funds $178,122.33
5. Payment of Servicing Fee from Reserve Account $0.00
6. This period unpaid Servicing Fee $0.00
F. Total Servicing Fee paid $178,122.33
G. Remaining Available Collections $15,448,598.72
<PAGE>
Page 3 USAA Auto Owner Trust 2000-1
Seller & Servicer: USAA Federal Savings Bank
Indenture Trustee: The Chase Manhattan Bank
$465,279,000.00 Auto Owner Trust 2000-1, Class A
$18,127,781.00 Auto Owner Trust 2000-1, Class B
MONTHLY SERVICER CERTIFICATE REPORT
H. Class A Interest Distribution Amount
1. Class A-1 Coupon Rate 6.734%
1a. Class A-1 Accrual Days 31
2. Class A-1 Monthly Interest $360,024.17
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 $360,024.17
6. Payment of Class A-1 Interest Distributable Amount
from Available Funds $360,024.17
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
1. Class A-2 Coupon Rate 6.90%
1a. Class A-2 Accrual Days 30
2. Class A-2 Monthly Interest $736,000.00
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 $736,000.00
6. Payment of Class A-2 Interest Distributable
Amount from Available Funds $736,000.00
7. Payment of Class A-2 Interest Distributable
from Reserve Account $0.00
8. This period Class A-2 Interest Carryover Shortfall $0.00
1. Class A-3 Coupon Rate 6.95%
1a. Class A-3 Accrual Days 30
2. Class A-3 Monthly Interest $787,666.67
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 $787,666.67
6. Payment of Class A-3 Interest Distributable
Amount from Available Funds $787,666.67
7. Payment of Class A-3 Interest Distributable
from Reserve Account $0.00
8. This period Class A-3 Interest Carryover Shortfall $0.00
1. Class A-4 Coupon Rate 6.98%
1a. Class A-4 Accrual Days 30
2. Class A-4 Monthly Interest $484,406.18
3. Class A-4 Interest Carryover Shortfall $0.00
4. Class A-4 Interest on Interest Carryover Shortfall $0.00
5. Class A-4 Interest Distributable Amount $484,406.18
6. Payment of Class A-4 Interest Distributable
Amount from Available Funds $484,406.18
7. Payment of Class A-4 Interest Distributable
Amount from Reserve Account $0.00
8. This period Class A-4 Interest Carryover Shortfall $0.00
1. Total Class A Interest Distributable Amount $2,368,097.02
1. Payment of Class A Interest Distributable
Amount from Available Funds $2,368,097.02
2. Payment of Class A Interest Distributable
Amount from Reserve Account $0.00
3. This period Class A Interest Carryover Shortfall $0.00
<PAGE>
Page 4 USAA Auto Owner Trust 2000-1
Seller & Servicer: USAA Federal Savings Bank
Indenture Trustee: The Chase Manhattan Bank
$465,279,000.00 Auto Owner Trust 2000-1, Class A
$18,127,781.00 Auto Owner Trust 2000-1, Class B
MONTHLY SERVICER CERTIFICATE REPORT
I. Total Interest paid to Class A Notes $2,368,097.02
J. Remaining Available Collections $13,080,501.70
K. Class B Interest Distribution Amount
1. Class B Coupon Rate 7.72%
1a. Class B Accrual Days 30
2. Class B Monthly Interest $116,622.06
3. Class B Interest Carryover Shortfall $0.00
4. Class B Interest on Interest Carryover Shortfall $0.00
5. Class B Interest Distributable Amount $116,622.06
6. Payment of Class B Interest Distributable Amount
from Available Funds $116,622.06
7. Payment of Class B Interest Distributable Amount
from Reserve Account $0.00
8. This period Class B Interest Carryover Shortfall $0.00
L. Total Interest paid to Class B Certificates $116,622.06
M. Remaining Available Collections $12,963,879.64
VII. Scheduled Monthly Principal Distributions
A. Remaining Available Collections $12,963,879.64
B. Class A Principal Distribution Amount
1. Beginning Class A-1 Principal Balance $62,086,811.44
2. Class A-1 Monthly Principal $12,562,426.08
3. Class A-1 Principal Carryover Shortfall $0.00
4. Class A-1 Principal Distribution Amount $12,562,426.08
5. Payment of Class A-1 Principal Distribution
Amount from Available Funds $12,562,426.08
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 $49,524,385.36
Total Principal paid to Class A-1 Notes $12,562,426.08
1. Beginning Class A-2 Principal Balance $128,000,000.00
2. Class A-2 Monthly Principal $0.00
3. Class A-2 Principal Carryover Shortfall $0.00
4. Class A-2 Principal Distribution Amount $0.00
5. Payment of Class A-2 Principal Distribution
Amount from Available Funds $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 $128,000,000.00
Total Principal paid to Class A-2 Notes $0.00
1. Beginning Class A-3 Principal Balance $136,000,000.00
2. Class A-3 Monthly Principal $0.00
3. Class A-3 Principal Carryover Shortfall $0.00
4. Class A-3 Principal Distribution Amount $0.00
5. Payment of Class A-3 Principal Distribution
Amount from Available Funds $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 $136,000,000.00
Total Principal paid to Class A-3 Notes $0.00
1. Beginning Class A-4 Principal Balance $83,279,000.00
2. Class A-4 Monthly Principal $0.00
3. Class A-4 Principal Carryover Shortfall $0.00
4. Class A-4 Principal Distribution Amount $0.00
5. Payment of Class A-4 Principal Distribution
Amount from Available Funds $0.00
6. Payment of Class A-4 Principal Distribution
Amount from Reserve Account $0.00
7. Class A-4 Principal Carryover Shortfall for the Period $0.00
8. Ending Class A-4 Principal Balance $83,279,000.00
Total Principal paid to Class A-4 Notes $0.00
<PAGE>
Page 5 USAA Auto Owner Trust 2000-1
Seller & Servicer: USAA Federal Savings Bank
Indenture Trustee: The Chase Manhattan Bank
$465,279,000.00 Auto Owner Trust 2000-1, Class A
$18,127,781.00 Auto Owner Trust 2000-1, Class B
MONTHLY SERVICER CERTIFICATE REPORT
1. Total Class A Principal Distribution Amount $12,562,426.08
2. Payment of Class A Principal Distribution
Amount from Available Funds $12,562,426.08
3. Payment of Class A Principal Distribution
Amount from Reserve Account $0.00
C. Total Principal paid to Class A Noteholders $12,562,426.08
D. Remaining Available Collections $401,453.56
E. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $18,127,781.00
2. Class B Monthly Principal $0.00
3. Class B Principal Carryover Shortfall $0.00
4. Total Class B Principal Carryover Shortfall $0.00
5. Payment of Class B Principal Distribution
Amount from Available Collections $0.00
6. Payment of Class B Principal Distribution
Amount from Reserve Account $0.00
7. Class B Principal Carryover Shortfall
for the Period $0.00
8. Ending Class B Principal Balance $18,127,781.00
Total Principal paid to Class B Notes $0.00
F. Total Principal paid to Class B Certificates $0.00
G. Remaining Available Collections $401,453.56
VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
1. Floor Amount = min (0.50% of Initial Pool Balance,
Ending Pool Balance) $2,417,033.91
2. Maximum Amount = 1.25% of Ending Pool Balance $5,186,639.59
3. Required Reserve Account Amount (Max: 1. or 2.) $5,186,639.59
4. Required Reserve Deposit Amount $0.00
5. Withdrawal of funds in Reserve Account in Excess
of Required Reserve Account Balance $157,030.33
B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage 0.04%
2. Delinquency Percentage Trigger 0.85%
3. Average Three Period Charge off Rate 0.22%
4. Charge Off Rate Trigger 0.85%
5. Required Reserve Account Percentage Specified 2.50%
6. Has trigger #1 or #3 been hit this collection
period (Y=0, N=1) 1
7. Reserve Account Trigger Amount (if 1. > 2.
or 3. > 4. then 2.50% of Ending Pool Balance,
until 1. < 2 and 3. < 4. for six consecutive collection
periods else 0) $0.00
C. Required Reserve Account Amount for Next Period
(Max: A or B) $5,186,639.59
D. Remaining Available Collections $401,453.56
E. Reserve Account Activity
1. Beginning Reserve Account Balance $5,343,669.91
2. Withdrawal from Reserve Account to reimburse
Servicer Advance on Defaulted loans $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
a. Class A-1 $0.00
b. Class A-2 $0.00
c. Class A-3 $0.00
d. Class A-4 $0.00
e. Total $0.00
<PAGE>
Page 6 USAA Auto Owner Trust 2000-1
Seller & Servicer: USAA Federal Savings Bank
Indenture Trustee: The Chase Manhattan Bank
$465,279,000.00 Auto Owner Trust 2000-1, Class A
$18,127,781.00 Auto Owner Trust 2000-1, Class B
MONTHLY SERVICER CERTIFICATE REPORT
5. Withdrawal from Reserve Account to pay
Class B Interest $0.00
6. Withdrawal from Reserve Account to pay
Class A Principal $0.00
a. Class A-1 $0.00
b. Class A-2 $0.00
c. Class A-3 $0.00
d. Class A-4 $0.00
e. Total $0.00
7. Withdrawal from Reserve Account to pay
Class B Principal $0.00
8. Deposit from Remaining Available Funds
to fund Reserve Account $0.00
9. Withdrawal of funds in Reserve Account in
Excess of Required Reserve Account Balance $157,030.33
10. Ending Reserve Account Balance $5,186,639.59
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency $
31-60 days $1,028,493.36
61-90 days $133,914.46
91-120 days $93,387.12
Total $1,255,794.94
Delinquency Units
31-60 days 85
61-90 days 11
91-120 days 6
Total 102
B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency
>=60 days $227,301.58
2. Pool Principal Ending Balance for Collection Period $414,931,166.83
3. Delinquency Percentage (1/2) 0.05%
4. Outstanding Principal Balance for Delinquency
>=90 days $93,387.12
5. Pool Principal Ending Balance for Collection Period $414,931,166.83
6. Delinquency Percentage (4/5) 0.02%
X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior 0.03%
B. Delinquency Ratio for Prior Collection Period 0.05%
C. Delinquency Ratio for Current Collection Period 0.05%
D. Average Delinquency Ratio ((sum A through C)/3) 0.04%
XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $11,404.73
2. Principal Balance of Defaulted Receivable $87,066.16
3. Average Pool Balance for Collection Period $421,212,379.87
4. Net Loss Ratio ((2-1)/3) 0.22%
A. Net Loss Ratio for 2 Collection Periods Prior 0.28%
B. Net Loss Ratio for Prior Collection Period 0.03%
C. Net Loss Ratio for Current Collection Period 0.22%
D. Average Net Loss Ratio ((sum A through C)/3) 0.17%
Weighted Average Coupon 8.91%
Weighted Average Maturity 47.19
<PAGE>
Page 6 USAA Auto Owner Trust 2000-1
Seller & Servicer: USAA Federal Savings Bank
Indenture Trustee: The Chase Manhattan Bank
$465,279,000.00 Auto Owner Trust 2000-1, Class A
$18,127,781.00 Auto Owner Trust 2000-1, Class B
MONTHLY SERVICER CERTIFICATE REPORT
On January 15, 2001, interest earned and principal paid of the underlying
assets for the month of December 2000 were paid to you by the paying
agent on behalf of Chase Bank of New York, in its capacity as Indenture Trustee
for the above referenced issue. The following information is being
provided pursuant to Section 4.9 of the Sale and Servicing Agreement,
dated as of August 1, 2000. This payment per dollar current outstandings
of your holdings is allocated as follows:
1)(a1) Class A-1 Principal Payment $12,562,426.08
Principal Factor 0.202336467
Class A-1 Outstanding Principal Balance $49,524,385.36
(a2) Class A-2 Principal $0.00
Principal Factor $0.00
Class A-2 Outstanding Principal Balance $128,000,000.00
(a3) Class A-3 Principal $0.00
Principal Factor $0.00
Class A-3 Outstanding Principal Balance $83,279,000.00
(a4) Class A-4 Principal $0.00
Principal Factor $0.00
Class A-4 Outstanding Principal Balance $83,279,000.00
2)(a1) Class A-1 Interest $360,024.17
Interest Factor 0.005798722
(a2) Class A-2 Interest $736,000.00
Interest Factor 0.00575
(a3) Class A-3 Interest $787,666.67
Interest Factor 0.005791667
(a4) Class A-4 Interest $484,406.18
Interest Factor 0.005816667
3) Class B Principal $0.00
Principal Factor $0.00
Class B Outstanding Principal Balance $18,127,781.00
4) Class B Interest $116,622.06
Interest Factor 0.006433333
5) Fees and Compensation paid to Servicer $178,122.33
6)(a) Interest Advance Amount $114,428.90
(b) Aggregate Unreimbursed Advances
This Month $0.00
Previous Month $0.00
Change From Previous Month $0.00
7)(a) Pool Balance after this payment $414,931,166.83
(b) Pool Factor after this payment 0.85834784
8) Reserve Account Activity
a. Beginning Reserve Account Balance $5,343,669.91
b. Withdrawal from Reserve Account to reimburse
Servicer Advance on Defaulted loans $0.00
c. Withdrawal from Reserve Account to pay
Servicing Fee $0.00
d. Withdrawal from Reserve Account to pay
Class A Interest $0.00
a. Class A-1 $0.00
b. Class A-2 $0.00
c. Class A-3 $0.00
d. Class A-4 $0.00
e. Total $0.00
e. Withdrawal from Reserve Account to pay
Class B Interest $0.00
f. Withdrawal from Reserve Account to pay
Class A Principal $0.00
a. Class A-1 $0.00
b. Class A-2 $0.00
c. Class A-3 $0.00
d. Class A-4 $0.00
e. Total $0.00
g. Withdrawal from Reserve Account to pay
Class B Principal $0.00
h. Deposit from Remaining Available Funds to
fund Reserve Account $0.00
i. Withdrawal of funds in Reserve Account in
Excess of Required Reserve Balance $157,030.33
j. Ending Reserve Account Balance $5,186,639.59
k. Percent of Pool Balance 1.21%
l. Required Reserve Amount $5,186,639.59
9)(a) Aggregate Principal Balance Designated as
Default Receivable in current collection Period $87,066.16
(b) Aggregate Gross Realized Losses $87,066.16
(c) Aggregate net Realized Losses $75,661.43
10) Aggregate Repurchase Amount of Receivables $0.00
11) Aggregate Collections $15,626,721.05
<PAGE>
