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Previous: STRONG HIGH YIELD MUNICIPAL BOND FUND INC, 497J, 1999-01-05 |
Next: MMCA AUTO RECEIVABLES INC, 10-K, 1999-01-05 |
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):
December 10, 1996
MMCA AUTO OWNER TRUST 1995-1
(MMCA Auto Receivables, Inc. - Originator)
------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 33-97670 33-0570905
--------------------------------------------------------------------------
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
P.O. Box 6038
Cypress, California 90630-0038
(714) 236-1500
--------------------------------------------------------------------------
(Address of Registrant's principal executive office and Registrant's
telephone number, including area code)
ITEM 5. OTHER EVENTS.
The Registrant hereby incorporates by reference the information
contained in the attached exhibits in response to this Item 5.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
MMCA Auto Owner Trust 1995-1
5.7% Asset Backed Notes and
6.1% Asset Backed Certificates.
Monthly "Servicer's Certificate," dated:
December 10, 1996
Monthly Servicing Report," for the following reporting
period: November 1, 1996 through November 30, 1996
SIGNATURES
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.
MMCA AUTO RECEIVABLES, INC.
Dated: December 17, 1998 By: /s/ Hideyuki Kitamura
--------------------------
Hideyuki Kitamura
Secretary and Treasurer
SERVICER'S CERTIFICATE
The undersigned certifies that he is Assistant Secretary of
Mitsubishi Motors Credit of America, Inc., a corporation in good standing
under the laws of the state of its incorporation (the "Company"), and that
as such he is duly authorized to execute and deliver this certificate on
behalf of the company pursuant to Section 3.9 of the Sale and Servicing
Agreement, dated as of December 1, 1995, by and among the Company, as
Servicer, MMCA Auto Receivables, Inc., as Seller, and MMCA Auto Owner Trust
1995-1, as Issuer (the "Sale and Servicing Agreement") (all capitalized
terms used herein without definition have the respective meanings specified
in the Sale and Servicing Agreement), and further certifies that:
(a) The Servicer's report for the period from November 1,
1996 through November 30, 1996 attached to this
certificate is complete and accurate and contains all
information required by Section 3.9 of the Sale and
Servicing Agreement, and
(b) As of the date hereof, no Event of Servicing Termination
or event that with notice or lapse of time or both would
become an Event of Servicing
Termination has occurred.
IN WITNESS WHEREOF, I have affixed hereunto my signature and the
corporate seal of the Company this Tenth day of December 1996.
MITSUBISHI MOTORS CREDIT OF
AMERICA, INC.
By: /s/ Eric L. Eckes
----------------------------
Eric L. Eckes
Assistant Secretary
<TABLE>
<CAPTION>
MITSUBISHI MOTORS CREDIT OF AMERICA, INC.
Monthly Servicing Report -- MMCA Auto Owner Trust 1995-1
November 1, 1996 through November 30, 1996
<S> <C> <C> <C>
I. ORIGINAL DEAL PARAMETERS
- ----------------------------
(A) Original Pool Balance $579,315,248.36
(B) Original Level Payment Portfolio Balance $469,758,585.99
(C) Notes
(i) Approximate Percentage of Level Payment
Principal 95%
(ii) Percentage of Aggregate Original Pool
Balance 77.03%
(iii) Initial Balance $446,270,000.00
(iv) Note Interest Rate 5.70%
(v) Noteholders' Final Scheduled Payment Date 11/15/97
(D) Certificates
(i) Approximate Percentage of Level Payment
Principal 5%
(ii) Percentage of Aggregate Original Principal
Amount 4.05%
(iii) Initial Balance $23,488,585.99
(iv) Certificate Interest Rate 6.10%
(v) Certificateholders' Final Scheduled
Payment Date 11/15/99
(vi) Initial Balance of Seller's Retained
Certificates $470,585.99
(E) Final Payment Certificates
(i) Final Payment Certificates Percentage
(of Balloon Payment Principal) 100.00%
(ii) Final Payment Certificates Percentage
(of Aggregate Principal Amount) 18.91%
(iii) Final Payment Certificates Initial Balance $109,556,662.37
(iv) Final Payment Certificates Rate 0
(F) Servicing Fee Rate 1.00%
(G) Original Weighted Average Coupon (WAC) 11.63%
(H) Weighted Average Original Maturity (WAOM)
in months 55.64
(I) Weighted Average Remaining Maturity (WAM)
in months 46.86
(J) Number of Contracts 41,542
(K) Reserve Fund
(i) Reserve Initial Deposit $704,637.88
(ii) Specified Reserve Balance $3,523,189.39
(iii) Loss & Delinquency Trigger Specified
Reserve Balance $9,395,171.72
(iv) Loss Trigger Percentage 3.5%
(v) Delinquency Trigger Percentage 2.5%
(L) Yield Supplement Account Initial Deposit $1,849,754.93
II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- --------------------------------------------------
(A) Total Pool Balance $373,347,614.04
(B) Total Portfolio Pool Factor 0.6444636
(C) Level Payment Portfolio Balance $283,647,470.80
(D) Level Payment Portfolio Pool Factor 0.6038154
(E) Notes
(i) Note Balance $257,753,580.38
(ii) Note Pool Factor 0.5775732
(iii) Noteholders' Interest Carryover Shortfall 0
(iv) Noteholders' Principal Carryover Shortfall 0
(F) Certificates
(i) Certificate Balance $23,488,585.99
(ii) Certificate Pool Factor 1.0000000
(iii) Certificateholders' Interest Carryover
Shortfall 0
(iv) Certificateholders' Principal Carryover
Shortfall 0
(G) Final Payment Certificates
(i) Last Scheduled Payment Pool Balance $89,700,143.24
(ii) Final Payment Certificates Balance $104,159,839.86
(iii) Final Payment Certificates Pool Factor 0.9507394
(H) Reserved Fund Balance $9,395,171.72
(I) Yield Supplement Account Balance $744,446.48
(J) Payahead Account Balance $1,104,250.99
Inc. Recoveries Exc. Recoveries
--------------- ---------------
(K) Cumulative Level Payment Losses for All Prior
Periods $20,578,888.36 $28,128,145.35
(L) Cumulative Last Scheduled Payment Losses for
All Prior Periods $7,903,491.67
(M) Weighted Average Coupon of Remaining
Portfolio (WAC) 11.52%
(N) Weighted Average Remaining Term of Remaining
Portfolio (WAM) in months 36.82
(O) Number of Contracts 31,599
<S> <C> <C> <C> <C>
III. INPUTS FROM THE MAINFRAME (FROM LEWTAN REPORTS)
- ----------------------------------------------------
(A) Precomputed Contracts Level Payment Principal
(i) Scheduled Principal Reduction 6,277,636.49
(ii) Prepayments in Full 2,865,370.08
(iii) Prepayments in Full Due to Repurchases 56,669.27
(B) Total Collections for Precomputed Contracts
(excluding Principal on Last Scheduled
Payments) 11,448,335.98
(C) Precomputed contracts - Principal on Last
Scheduled Payments
(i) Collected Principal 805,084.54
(ii) Repurchased Receivables Principal 16,273.07
(D) Simple Interest Contracts (excluding Principal
on Last Scheduled Payments)
(i) Principal Reduction 1,310,523.94
(ii) Collected Principal 1,366,307.79
(iii) Collected Interest 393,293.15
(iv) Repurchased Receivables Principal 7,303.42
(v) Repurchased Receivables Interest 0.00
(E) Simple Interest Contracts - Principal on Last
Scheduled Payments
(i) Collected Principal 201,072.22
(ii) Principal Reduction 201,072.22
(iii) Repurchased Receivables Principal 8,699.25
(F) Yield Supplement Information
(i) Yield Supplement Payment Amount for
Subvened Contracts 73,167.85
(ii) Specified Yield Supplement Account
Balance 663,677.48
(G) Current Period Payment Advance for Precomputes 1,472,731.94
(H) Payahead Account Activity
(i) Net Change in Payahead Account Balance
(for level payments) (95,788.02)
(ii) Payahead Balance of Loans Defaulted this
Period 47,723.96
(I) Rule of 78s Payment 17,190.72
(J) Weighted Average Coupon of Remaining Level
Payment Portfolio (WAC) 11.53%
(K) Weighted Average Remaining Maturity of Level
Payment Portfolio (WAM) in months 36.00
(L) Remaining Number of Receivables 30,809
(M) Delinquent Contracts
Contracts Amount
----------------- -----------------------------
(i) 30-59 Days Delinquent 2,251 7.12% $20,573,586.63 7.25%
(ii) 60-89 Days Delinquent 767 2.43% $6,975,804.19 2.46%
(iii) 90 Days or more Delinquent 521 1.65% $5,032,286.92 1.77%
(N) Net Loss and Defaulted Receivables Information
(i) Vehicles Repossessed During Month 194 $1,694,131.93
(ii) Loans Defaulted During the Month 309
(iii) Level Payment Principal Balance of
Defaulted Receivables $2,871,222.23
(iv) Last Scheduled Payment Principal Balance
of Defaulted Receivables 814,638.93
(v) Last Payment Liquidation Proceeds 555,690.34
(vi) Last Scheduled Payment Liquidation
Proceeds 19,532.68
(vii) Recoveries of Level Payment and Last
Scheduled Payment on Previously
Defaulted Receivables 898,123.86
(O) Noteholders' Accelerated Principal Information
(i) Noteholders' Accelerated Principal
"Deficiency Amount" 2,405,304.43
(ii) Noteholders' Accelerated Principal
Percentage 100%
(P) Matured Final Payment Receivables Information
(i) Principal Balance of Matured Final
Payment Receivables with Vehicles
Returned This Period 0.00
(ii) Number of Final Payment Receivables
Maturing This Period 1
(iii) Vehicles Returned to Servicer this
Period in Satisfaction of Final
Payment Obligation 0
(iv) Returned Vehicle Sales, Excess Wear &
Tear, and Excess Mileage Proceeds
Received This Period 0.00
(v) Cumulative Principal Balance of Matured
Final Payment Receivables with
Vehicles Returned
(vi) Cumulative Number of Matured Final
Payment Receivables 1
(vii) Cumulative Vehicles Returned to Servicer
in Satisfaction of Final Payment
Obligation 0
(viii) Cumulative Returned Vehicle Sales,
Excess Wear & Tear, Excess Mileage
Proceeds 0
(ix) Cumulative Return Rate [(viii)/(vi)] 0.00%
(x) Cumulative Recovery Rate on Returned
Vehicles [(viii)/(v)] 0.00%
IV. INPUTS DERIVED FROM OTHER SOURCES
- --------------------------------------
(A) Reserve Fund Investment Income 36,536.11
(B) Collection Account Investment Income 55,919.53
(C) Payahead Account Investment Income 4,503.66
(D) Yield Supplement Account Investment Income 3036.20
<S> <C> <C>
V. COLLECTIONS
- ----------------
(A) Level Payments Received (Excluding Repurchases) $13,376,892.79
[III(B)+(D)(ii)+(iii)+(F)(i)-(H)(i)]
(B) Last Scheduled Payments Received on Final Pmt Receivables
(Exc. Repurchases) [III(C)(i)+(E)(i)] 1,006,156.76
(C) Net Liquidation Proceeds and Recoveries Received
[III(N)(v)+(vi)+(vii)] 1,473,346.88
(D) Principal and Interest on Repurchased Contracts
[III(A)(iii)+(C)(ii)+(D)(iv)+(v)+(E)(iii)] 88,945.01
(E) Exclusion of Rule of 78s Payments (not available for
distribution to investors) [-III(I)] (17,190.72)
--------------
(F) Total Available Amount [A+B+C+D+E] 15,928,150.72
(G) Reserve Fund Draw for Current Period Payment Advances [VIII(B)] 1,472,731.94
(H) Reserve Fund Draw for Total Required Payment [VIII(C)] 0.00
(I) Total Available Amount Including Reserve Fund Draws [F+G+H] $17,400,882.66
==============
VI. DISTRIBUTIONS
- ------------------
(A) Level Payment Portfolio
(i) Level Payment Principal (Excluding Repurchases)
[III(A)(i)+(ii)+(D)(i)] $10,453,530.51
(ii) Level Payment Principal on Repurchased Contracts
[III(A)(iii)+(D)(iv)] 63,972.69
(iii) Level Payment Principal Balance of Defaulted receivables
[III(N)(iii)] 2,871,222.23
--------------
(iv) Total Level Payment Principal Reduction
[VI(A)(i)+(ii)+(iii)] $13,388,725.43
==============
(B) Total Required Payment
(i) Accrued Note Interest [II(E)(iii)+(I(C)(iv) x II(E)(i))] $ 1,224,329.51
(ii) Noteholders' Regular Principal [II(E)(iv)+VI(A)(iv)
(if <II(E)(i) and if Today <I(C)(v))] 13,388,725.43
(iii) Accrued Certificate Interest
[II(F)(iii)+(I(D)(iv) x II(F)(i))] $ 119,400.31
(iv) Certificateholders' Regular Principal
[II(F)(iv)+VI(A)(iv)-(B)(ii)] 0.00
(v) Seller's Retained Certificates Distribution
[I(D)(vi)/(D)(iii) x VI(B)(iii)+(iv)] [2,392.15]
(vi) Servicing Fee [I(F) x II(A)] 311,123.01
--------------
(vii Total Required Payment [i+ii+iii+iv+vi; (note that (B)(v)
is included in (B)(iii)+(iv)] $15,043,578.26
(viii Total Required Payment shortfall [VI(B)(vii)-V(I)
if V(I) < VI(B)(vii)] 0.00
--------------
(ix) Total Required Payment Distributed
[VI(B)(vii)-VI(B)(viii)] $15,043,578.26
(C) Current Period Shortfalls
(i) Noteholders' Interest Carryover Shortfall 0.00
(ii) Noteholders' Principal Carryover Shortfall 0.00
(iii) Certificateholders' Interest Carryover Shortfall 0.00
(iv) Certificateholders' Principal Carryover Shortfall 0.00
(D) Reserve Fund
(i) Current Period funds Available for Reserve Fund Deposit
[V(I)-VI(B)(ix)] 2,357,304.40
(ii) Reserve Fund Deposit [VIII(G)] 1,472,731.94 $ 1,472,731.94
-------------- --------------
(iii) Current Period Funds Available after Reserve Fund
Deposit [(i)-(ii)] 884,572.46
==============
(E) Final Payment Receivables
(i) Last Scheduled Payment Principal (Excluding Repurchases)
[III(C)(i)+(E)(ii)] $ 1,006,156.76
(ii) Last Scheduled Payment Principal on repurchased Contracts
[III(C)(ii)+(E)(iii)] 24,972.32
(iii) Last Scheduled Pmt Principal Bal of Defaulted Receivables
[Not Applicable to Final Pmt Cert.] 814,638.93
--------------
(iv) Total Last Scheduled Payment Principal Reduction
[VI(E)(i)+(ii)] $ 1,845,768.01
==============
(v) Final Payment Certificate Principal [(E)(iv)-(iii),
not to exceed (D)(iii)] $ 884,572.46
(F) Remaining Available Funds ("Excess")
(i) Funds Remaining after distribution of Total Required
Payment, Reserve Fund Deposit, and Final Payment
Certificate Principal [VI(D)(iii)-(E)(v)] 0.00
(ii) Noteholders' Accelerated principal Percentage [III(O)(ii)] 100%
--------------
(iii) Noteholders Accelerated Principal [(i) x (ii)] 0.00
(iv) Remaining Funds ("Excess" distributed to Seller)
[(i)-(iii)] 0.00
--------------
(G) Total Distributions $17,400,882.66
==============
<S> <C> <C> <C> <C>
Beginning End
VII. POOL BALANCES AND PORTFOLIO INFORMATION of Period of Period
- --------------------------------------------- --------------- ---------------
(A) Balances and Principal Factors
(i) Total Pool Balance $373,347,614.04 $358,113,120.60
(ii) Total Pool Factor 0.6444636 0.6181662
(iii) Level Payment Pool Balance $283,647,470.80 $270,258,745.37
(iv) Level Payment Pool Factor 0.6038154 0.5753141
(v) Note balance 257,753,580.38 244,364,854.95
(vi) Note Pool Factor 0.5775732 0.5475718
(vii) Certificate Balance 23,488,585.99 23,488,585.99
(viii) Certificate Pool Factor 1.0000000 1.0000000
(ix) Last Scheduled Payment Pool Balance 89,700,143.24 87,854,375.23
(x) Final Payment Certificate Balance 104,159,839.86 103,275,267.40
(B) Portfolio Information
(i) Weighted Avg. Coupon of Level Payment
Portfolio (WAC) 11.52% 11.53%
(ii) Weighted Avg. Maturity of level Payment
Portfolio (WAM) in months 36.82 36.00
(iii) Remaining Number of Contracts 31,599 30,809
VIII. RESERVE FUND TRANSACTIONS
- -------------------------------
(A) Beginning Reserve Fund Balance [II(H)] $9,395,171.72
(B) Draw for Current Period Payment Advances
[III(G), not to exceed VIII(A)] 1,472,731.94
(C) Draw for Total Required Payment
[VI(B)(vii)-V(F)-VIII(B), not to exceed
VIII(A)-VIII(B)] 0.00
(D) Reserve Fund Investment Income [IV(A)] 36,536.11
(E) Amount Available for Deposit to the Reserve
Fund [VI(D)(i)] 2,357,304.40
(F) Reserve Fund Required Amount (Was Trigger Hit?) YES $9,395,171.72
(G) Reserve Fund Deposit [VIII(F)-(A)+(B)+(C),
not to exceed (E)] 1,472,731.94
(H) Reserve Fund Balance [VIII(A)-(B)-(C)+(D)+(G)] 9,431,707.83
(I) Reserve Fund Investment Income Released to
Seller [VIII(D), if VIII(H) > (F)] 36,536.11
(J) Ending Reserve Fund Balance [VIII (H) - (I)] 9,395,171.72
Including Excluding
IX. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY Recoveries Recoveries*
- ----------------------------------------------- --------------- ---------------
(A) Level Payment Net Losses for Collection
Period [III(N)(iii)-(v)-(vii)*-H(ii)] $ 1,369,684.07 $ 2,267,807.93
(B) Cumulative Level Payment Losses for all
Periods [IX(A)+II(L)] 21,948,572.43 30,395,953.28
(C) Delinquent and Repossessed Contracts
Contracts Amount
-------------- ---------------------------------
(i) 30-59 Days Delinquent 2,251 7.12% $20,573,586.63 7.25%
(ii) 60-89 Days Delinquent 767 2.43% $6,975,804.19 2.46%
(iii) 90 Days or more Delinquent 521 1.65% $5,032,286.92 1.77%
(iv) Vehicles Repossessed During Collection
Period [III(N)(i)] 194 0.61% $1,694,131.93
Including Excluding
X. TESTS FOR INCREASE IN RESERVE FUND BALANCE Recoveries Recoveries*
- ------------------------------------------------ --------------- ---------------
(A) Annualized Ratio of Realized Losses to Pool
Balance for Each Collection Period
(i) Second Preceding Collection Period 6.82% 9.74%
(ii) Preceding Collection Period 6.24% 9.73%
(iii) Current Collection Period [IX(A) / II(C)] 5.79% 9.59%
(iv) Three Month Average [Avg (i, ii, iii)] 6.28% 9.69%
(B) Ratio of Balance of contracts Delinquent 60 Days
or More to the Level Payment Pool Balance as of
Each Collection Period
(i) Second Preceding Collection Period 4.17%
(ii) Preceding Collection Period 4.17%
(iii) Current Collection Period
[IX(C)(i)+(ii) / Ending VII(A)(iii)] 4.23%
(iv) Three Month Average [Avg (i, ii, iii)]
Trigger Was Hit 4.19%
* Recoveries excluded from annualized ratio of realized losses calculation
based on Sale & Servicing Agreement.
<S> <C> <C>
XII. RECONCILIATION OF COLLECTION, NOTEHOLDERS' AND CERTIFICATE
DISTRIBUTION ACCOUNTS
- ----------------------------------------------------------------
(A) Transfers into Collection Account
(i) Transfer of Daily Collections (input from bank records) $15,687,440.56
(ii) Reserve Fund Draw for Current Period Payment Advances 1,472,731.94
[VIII(C)]
(iii) Reserve Fund Draw for total Required payment [VIII(C)] 0.00
(iv) Deposit from Payahead Account [if <0, III(H)(i)] 95,788.02
(v) Collection Account Investment Income [IV(B)] 55,919.53
(vi) Total Transfers Into Collection Account $17,311,880.05
==============
(B) Transfers from Collection Account
(i) To Servicer [VI(B)(vi)+III(I)-III(F)(i)] 255,145.88
(ii) To Note Payment Account
[VI(B)(i)+(ii)+VI(F)(iii)-(VI(C)(i)-(ii)] 14,613,054.94
(iii) To Certificate Distribution Account 119,400.31
[VI(B)(iii)+(iv)-VI(C)(iii)-(iv)]
(iv) Deposit to Payahead Account [if >0, III(H)(i)] 0.00
(v) Reserve Fund Deposit [VIII(G)] 1,472,731.94
(vi) To Final Payment Certificateholder [VI(E)(v)+IV(B)] 940,491.99
(vii) To Seller [VI(F)(iv)] 0.00
(viii) Total Repurchases (netted from distributions to Servicer)
[-((III)(A)(iii)+(C)(ii)+(D)(iv+v)+(E)(iii))] (88,945.01)
(ix) Total Transfers from Collection Account $17,311,880.05
==============
XIII. RECONCILIATION OF RESERVE FUND
- -------------------------------------
(A) Beginning Balance 9,395,171.72
(B) Transfers Into Reserve Fund
(i) Reserve Fund Deposit [VIII(G)] 1,472,731.94
(ii) Reserve Fund Investment Income [IV(A)] 36,536.11
-------------
(iii) Total Transfers Into Reserve Fund 1,509,268.05
(C) Total Transfers In and Beginning Balance $10,904,439.77
==============
(D) Distributions From Reserve Fund
(i) Transfer to Collection Account for Current Period
Advances [VIII(B)] 1,472,731.94
(ii) Transfer to Collection Account for Total Required
payment [VIII(C)] 0.00
(iii) Reserve Fund Investment Income Distributed to
Seller [VIII(I)] 36,536.11
-------------
(iv) Total Transfers From Reserve Fund 1,509,268.05
(E) Ending balance [VIII(J)] 9,395,171.72
(F) Total Distributions and Ending Balance $10,904,439.77
==============
XIV. RECONCILIATION OF PAYAHEAD ACCOUNT
- ----------------------------------------
(A) Beginning Balance 1,104,250.99
(B) Transfers Into Payahead Account
(i) Distribution to Payahead Account from Certificate
Account [XII(B)(iv)] 0.00
(ii) Payahead Account Investment Income [IV(C)] 4,503.66
-------------
(iii) Total Transfers Into Payahead Account (i+ii) 4,503.66
(C) Total Transfers In and Beginning Balance [XIV(A)+XIV(B)(iii)] $ 1,108,754.65
==============
(D) Distributions From Payahead Account
(i) Net Payahead Transfer to Collection Account [XII(A)(iv)] 95,788.02
(ii) Transfer Investment Income to Servicer [IV(C)] 4,503.66
-------------
(iii) Total Transfers From Payahead Account 100,291.68
(E) Payahead Account Ending Balance [II(J)+III(H)(i)] 1,008,462.97
-------------
(F) Total Distributions and Ending Balance $ 1,108,754.65
==============
XV. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT
- -----------------------------------------------
(A) Beginning Balance [II(I)] $ 744,446.48
(B) Yield Supplement Account Investment Income [IV(D)] 3,036.20
-------------
(C) Total Investment Income and Beginning Balance [XV(A)+XV(B)] $ 747,482.68
==============
(D) Distributions From Yield Supplement Account
(i) Yield Supplement Amount [XVI(D)(i)] 0.00
(ii) Transfer Investment Income to Servicer [IV(D)] 3,036.20
(iii) Transfer Reduction in Specified Yield Supp. Account
Balance to Servicer [II(I)-III(F)(ii),
if III(F)(ii) < initial Specified Balance] 80,769.00
(iv) Total Transfers From Yield Supplement Account 83,805.20
(E) Yield Supplement Account Ending (Specified) Balance [III(F)(ii)] 663,677.48
-------------
(F) Total Distributions and Ending Balance $ 747,482.68
==============
XVI. DISTRIBUTION SUMMARY
- -------------------------
(A) Distributions From Collection Account
(i) To Note Payment Account [XII(B)(ii)] $14,613,054.94
(ii) To Certificate Distribution Account [XII(B)(iii)] 119,400.31
(iii) To Servicer / MMCA [XII(B) (i+viii)] 166,200.87
(iv) To Payahead Account [XII(B)(iv)] 0.00
(v) To Reserve Fund [XII(B)(v)] 1,472,731.94
(vi) To Final Payment Certificateholder [XII(B)(vi)] 940,491.99
(vii) To Seller / MARI [XII(B)(vii)] 0.00
-------------
(viii) Total Distributions From Collection Account
[confirm with XII(B)(ix)] $17,311,880.05
(B) Distributions From Reserve Fund
(i) To Collection Account [XIII(D)(i+ii)] $ 1,472,731.94
(ii) To MARI [XIII(D)(iii)] 36,536.11
-------------
(iii) Total Distributions From Reserve Fund [confirm with
XIII(D)(vi)] $ 1,509,268.05
(C) Distributions From Payahead Account
(i) To Collection Account [XIV(D)(i)] 95,788.02
(ii) Investment Income to Servicer / MMCA [IV(C)] 4,503.66
-------------
(iii) Total Distributions From Payahead Account [confirm with
XIV(D)(iii)] $ 100,291.68
(D) Distributions From Yield Supplement Account
(i) To Collection Account [III(F)(i), but only if Yield Supp
Amt. is not netted from XII(B)(i) dist. to Servicer] 0.00
(ii) Investment Income to Servicer / MMCA [IV(D)] 3,036.20
(iii) Transfer Reduct. in Specified Yield Supp Acct. Bal. to
Servicer [II(I)-(III)(F)(ii)] 80,769.00
-------------
(iv) Total Distributions From Yield Supplement Account
[confirm with XV(D)(iv)] $ 83,805.20
(E) Total Distributions From All Accounts to:
(i) Note Payment Account [XII(B)(ii)] $14,613,054.94
(ii) Certificate Distribution Account [XII(B)(iii)] 119,400.31
(iii) Servicer / MMCA [XII(B)(i)+(viii)+IV(C)+IV(D)+XV(D)(iii)] 254,509.73
(iv) Seller / MARI [VI(F)(iv)+VIII(I)] 36,536.11
(v) Collection Account [VIII(B)+VIII(C)+XII(A)(iv)+XV(D)(i)] 1,568,519.96
(vi) Final Payment Certificate Holder [VI(E)(v)+IV(B)] 940,491.99
(vii) Reserve Fund [VIII(G)] 1,472,731.94
(viii) Payahead Account [XII(B)(iv)] 0.00
(ix) Total Distributions From all Accounts $19,005,244.98
==============
[confirm with XVI(A)(viii)+(B)(iii)+(C)(iii)+(D)(iii)] 19,005,244.98
</TABLE>
<TABLE>
<CAPTION>
MITSUBISHI MOTORS CREDIT OF AMERICA, INC.
Statement to Noteholders, Certificateholders, and Final Payment Certificateholders
MMCA Auto Owner Trust 1995-1
November 1, 1996 through November 30, 1996
Per Original
Per Original $1,000
Aggregate $1,000 Note Certificate
-------------- ------------ ------------
<S> <C> <C> <C>
1. Distribution of Note Principal $13,388,725.43 $30.00
2. Distribution of Certificate Principal 0.00 0.00
3. Distribution of Final Payment Certificate Principal 884,572.46
4. Distribution of Note Interest 1,224,329.51 $2.74
5. Distribution of Certificate Interest 119,400.31 5.08
6. Yield Supplement Amount Distribution 73,167.85
7. Total Paid to Servicer 254,509.73 $0.57 10.84
8. Principal Balance and Pool Factors
(a) Note Principal Balance 244,364,854.95
(b) Note Pool Factor 0.5475718
(c) Certificate Principal Balance 23,488,585.99
(d) Certificate Pool Factor 1.0000000
(e) Final Payment Certificate Principal Balance 103,275,267.40
9. Pool Balance at end of This Collection Period 358,113,120.60
10. Carryover of Shortfalls
(a) Noteholders' Interest Carryover Shortfall 0.00 $0.00
(b) Noteholders' Principal Carryover Shortfall 0.00 $0.00
(c) Certificateholders' Interest Carryover Shortfall 0.00 0.00
(d) Certificateholders' Principal Carryover Shortfall 0.00 0.00
11. Aggregate Realized Losses for This Collection Period 2,267,807.93
12. Reserve Fund Balance on Payment Date 9,395,171.72
13. Purchase Amount of Receivables Repurchased by Seller 88,945.01
or Purchased by Servicer
14. Amount of Advances for This Collection Period 1,472,731.94
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
LIST OF LOANS PURCHASED BY SERVICER OR REPURCHASED BY SELLER:
- ------------------------------------------------------------
02020165909001 02023313049001 03010792849001 03011124739001 04012364139001 04042890219001
05054929889001 06062284239001 06062686769001 06062937579001 06063196699001 06063560679001
LIST OF DEFAULTED LOANS:
- -----------------------
02010246789001 03032445489001 03034767779001 05053606989001 05054899279001 05055535329001
02022707269001 03032878289001 03034776439001 05053657549001 05054901809001 05055552069001
02023056709001 03033040039001 03034781209001 05053668029001 05054940429001 05055558429001
02023066379001 03033205389001 03034787409001 05053688169001 05054953539001 05055571299001
02023071559001 03033216199001 03034793759001 05053696739001 05054956359001 05055606029001
02023237239001 03033279629001 03034796499001 05053698639001 05054988949001 05055607019001
02023323859001 03033341259001 03034821149001 05053750929001 05054991999001 05055608919001
02023589359001 03033350649001 03034827919001 05053754729001 05055004269001 05055631279001
02023603379001 03033356769001 03034830889001 05053756629001 05055018129001 05055648699001
02023667149001 03033365189001 04042307289001 05053765469001 05055025219001 05055678479001
02023668059001 03033397449001 04042509819001 05053903079001 05055032149001 05055714019001
02023676139001 03033472269001 04042547289001 05053917019001 05055033219001 05055716419001
02023709899001 03033666639001 04042568559001 05053929729001 05055037929001 05055729799001
02023718479001 03033782139001 04042575239001 05053978319001 05055078199001 05055734079001
02023793039001 03033803679001 04042590249001 05053991919001 05055086509001 05055737049001
02023816899001 03033852679001 04042692549001 05054003209001 05055141799001 05055746119001
02023839259001 03033872069001 04042746019001 05054021699001 05055162739001 05055778799001
02023845849001 03033911419001 04042772739001 05054025659001 05055174389001 06011565959001
02023846269001 03033915059001 04042772819001 05054044629001 05055190209001 06011746719001
02023884949001 03033948149001 04042787359001 05054100559001 05055199549001 06012062839001
02023912829001 03034023449001 04042794939001 05054156419001 05055207059001 06062026759001
02023941129001 03034045489001 04042796679001 05054176479001 05055209459001 06062554839001
02023964149001 03034063869001 04042821749001 05054194529001 05055215889001 06062653189001
02023973479001 03034076409001 04042884869001 05054196849001 05055245179001 06062797989001
02023975039001 03034110639001 04042910929001 05054203289001 05055245669001 06062831889001
02023979259001 03034151149001 04042926789001 05054243539001 05055246169001 06062944909001
02023994759001 03034156439001 04042976369001 05054313419001 05055267369001 06062996069001
02023999709001 03034177149001 04042989239001 05054316309001 05055271069001 06063001569001
02024032939001 03034208669001 04042992859001 05054321589001 05055274869001 06063011399001
02024122119001 03034265179001 04043002249001 05054343949001 05055283449001 06063017829001
02024259819001 03034295039001 04043010169001 05054375049001 05055285759001 06063022029001
02024332909001 03034303529001 04043012719001 05054486759001 05055289979001 06063032919001
02024395869001 03034370509001 04043016449001 05054504089001 05055297229001 06063044559001
02024397439001 03034371009001 05052634549001 05054571979001 05055298479001 06063106359001
02024407419001 03034408809001 05052718469001 05054615619001 05055302909001 06063117739001
02024411039001 03034411369001 05053027819001 05054648399001 05055333029001 06063122509001
02024412029001 03034412019001 05053225409001 05054658289001 05055359359001 06063186799001
02024443629001 03034423579001 05053229799001 05054661729001 05055359509001 06063254769001
02024445869001 03034473319001 05053271929001 05054669829001 05055375359001 06063282809001
02024450059001 03034479439001 05053299179001 05054722799001 05055378739001 06063284479001
02024561019001 03034488349001 05053352529001 05054759759001 05055381379001 06063292219001
02024581499001 03034498409001 05053440569001 05054763879001 05055383279001 06063473559001
02024588429001 03034518209001 05053469789001 05054775269001 05055406049001 06063487349001
02024593529001 03034575619001 05053482069001 05054776589001 05055430799001 06063489169001
02024598579001 03034618529001 05053491399001 05054779149001 05055458439001 06063498729001
02024609969001 03034618949001 05053517059001 05054785409001 05055473289001 06063509389001
02024619789001 03034630649001 05053522579001 05054822459001 05055495719001 06063522239001
02024627379001 03034644199001 05053557489001 05054863869001 05055505799001 06063545679001
03032349459001 03034680979001 05053563169001 05054868579001 05055523519001 06063558539001
03032363469001 03034711589001 05053594359001 05054869809001 05055524199001 06063570409001
LIST OF DEFAULTED LOANS (CONTINUED):
- -----------------------------------
06063587749001
06063624469001
06063661999001
06063704239001
06063707959001
06063713309001
06063791019001
07072153389001
07072203209001
</TABLE>
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