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Previous: BUILDING MATERIALS CORP OF AMERICA, 10-Q, 1996-10-29 |
Next: AFG RECEIVABLES CORP, 8-K, 1996-10-29 |
<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): October 15, 1996
AFG RECEIVABLES CORPORATION
(Exact name of registrant as specified in its charter)
CALIFORNIA
(State of Incorporation)
33-99536 36-3792182
(Commission File Number) (IRS Employer Identification No.)
Oakmont Circle 1, 601 Oakmont Lane
Westmont, Illinois 60559-5549
(Address of Principal Executive Officer) (Zip Code)
(630) 953-6170
(Registrant's telephone number, including Area Code)
<PAGE> 2
ITEM - 5:
The Registrant entered into a certain Pooling and Servicing Agreement
dated as of February 1, 1996 (the "Agreement") among the Registrant, AutoFinance
Group, Inc., as Servicer, and The Chase Manhattan Bank (formerly known as
Chemical Bank) as Trustee. Pursuant to the Agreement, a new series of
certificates (the "1996-A Certificates") representing interests in the AFG
Receivables Trust, 1996-A, was created. The 1996-A Certificates consist of three
classes: the 5.45% Asset Backed Certificates, Class A; the 5.80% Asset Backed
Certificates, Class B; and the Asset Backed Certificates, Class C. Reference is
made to the Registration Statement, as amended, of Registrant on Form S-3,
Registration No. 33-99536, under the Securities Act of 1933, as amended (the
"Securities Act") and to the Prospectus Supplement thereto dated February 13,
1996, filed in connection therewith pursuant to Rule 424(b) of the Securities
and Exchange Commission under the Securities Act, which describes further the
Certificates and the offering thereof.
On October 15, 1996, a distribution was made to the holders of the
1996-A Certificates. Specific information with respect to the distribution, as
prepared by AutoFinance Group, Inc. as servicer, is filed as Exhibit 20 to this
Current Report on Form 8-K and is incorporated herein by reference.
EXHIBIT INDEX
Sequentially
Exhibit No. Description Numbered Page
----------- ----------- -------------
20 Settlement Statement of the Trust for 4
the period ended September 30, 1996
and the related distributions made on
October 15, 1996
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: October 24, 1996 AFG RECEIVABLES CORPORATION
By /s/ Thomas R Blend
---------------------------
Vice President and
Chief Accounting Officer
<PAGE> 1
CS FIRST BOSTON Exhibit 20 Page 1
AUTOFINANCE GROUP, INC.
MONTHLY SERVICING REPORT -- AFG Receivables Trust, 1996-A
September 1, 1996 through September 30, 1996
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
A. ORIGINAL DEAL PARAMETER INPUTS
(A) Original Total Portfolio $40,005,810.14
(B) Class A Certificate Ownership Interest of the Trust 90.00%
(C) Original Class A Certificate Balance $36,005,229.12
(D) Class A Certificate Rate 5.45%
(E) Class B Certificate Ownership Interest of the Trust 6.00%
(F) Original Class B Certificate Balance $ 2,400,348.60
(G) Class B Certificate Rate 5.80%
(H) Original Class C Certificate Balance $ 1,600,232.42
(I) Class C Certificate Rate 0.00%
(J) Servicing Fee Rate 3.50%
(K) Original Weighted Average Coupon (WAC) 20.20%
(L) Original Weighted Average Remaining Term (WAM) 51.66 months
(M) Number of Contracts 3,332
(N) Spread Account ("SA")
(i) Specified SA Balance Percent 4.00%
(ii) Specified SA Balance $ 1,600,232.41
(iii) Floor Amount 800,116.20
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS Total Trust
-------------------
(A) Total Portfolio Outstanding $31,041,782.60
(B) Total Portfolio Pool Factor 0.7759319
(C) Class A Certificate Balance $27,937,604.34
(D) Class A Principal Factor 0.7759319
(E) Class B Certificate Balance $ 1,862,506.96
(F) Class B Principal Factor 0.7759319
(G) Class C Certificate Balance $ 1,241,671.31
(H) Spread Account Balance 1,605,467.13
(I) Payahead Account Balance 179,481.70
(J) Cumulative Accrued Servicing Fee Balance 651,566.86
(K) Cumulative Net Losses for All Prior Periods 1,610,470.03
(L) Weighted Average Coupon of Remaining Portfolio (WAC) 20.13%
(M) Weighted Average Remaining Term of Remaining Portfolio (WAM) 45.06 months
(N) Number of Contracts 2,786
C. INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts
(i) Principal Payments Received $ 861,072.58
(ii) Interest Payments Received 476,202.20
(iii) Repurchased Loan Principal 0.00
(iv) Repurchased Loan Interest 0.00
(B) Partial Prepayments - Amount Added to Payahead Account 0.00
(C) Amount Applied From Payahead Account 48,683.61
(D) Weighted Average Coupon of Remaining Portfolio (WAC) 20.12%
(E) Weighted Average Remaining Maturity of Remaining Portfolio (WAM) 44.14 months
(F) Remaining Number of Contracts 2,686
(G) Delinquent Contracts
Contracts Amount
-------------- -----------------------------------------
(i) 30-59 Days Delinquent 49 1.82% $ 530,968.32 1.79%
(ii) 60-89 Days Delinquent 0 0.00% 0.00 0.00%
(iii) 90 Days or More Delinquent 0 0.00% 0.00 0.00%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) N/A
(B) N/A
(C) N/A
(D) Aggregate Net Losses for Collection Period $ 198,524.46
(E) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $ 440,150.01
(ii) Net Liquidation Proceeds Received During the Collection Period 178,988.42
(iii) Recoveries on Previously Liquidated Contracts 62,637.13
(F) Number of Vehicles that have been Repossessed but not yet Charged-off 75
I hereby certify that this Servicing Report has been prepared in accordance with the Pooling and Servicing Agreement
dated February 1, 1996, and is correct, to the best of my knowledge.
/s/ Thomas R. Blend Controller 10/10/96
- --------------------------------------------------------- ----------------
Signature Title Date
</TABLE>
<PAGE> 2
CS FIRST BOSTON Exhibit 20 Page 2
AUTOFINANCE GROUP, INC.
MONTHLY SERVICING REPORT -- AFG Receivables Trust, 1996-A
September 1, 1996 through September 30, 1996
<TABLE>
<CAPTION>
<S> <C> <C>
I. COLLECTIONS
(A) Principal Payments Received (C(A)i) $ 861,072.58
(B) Interest Payments Received (C(A)ii) 476,202.20
(C) Aggregate Net Liquidation Proceeds Received (D(E)ii+iii) 241,625.55
(D) Principal on Repurchased Contracts (C(A)iii) 0.00
(E) Interest on Repurchased Contracts (C(A)iv) 0.00
--------------------
(F) Total Collections (A+B+C+D+E) $ 1,578,900.33
--------------------
(H) Total Available Amount (F+G) $ 1,578,900.33
II. DISTRIBUTIONS
(A) Principal Payments Received (C(A)i) $ 861,072.58
(B) Principal on Repurchased Contracts (C(A)iii) 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(E)i) 440,150.01
--------------------
(D) Total Principal Reduction (A+B+C) $ 1,301,222.59
(E) Class A Distributable Amount
(i) Class A Monthly Interest Payment (A(D)*B(C)) $ 126,883.29
(ii) Monthly Principal to Class A (II(D)*A(B)) 1,171,100.33
--------------------
(iii) Total Distributable Amount (i+ii) $ 1,297,983.62
(F) Class B Distributable Amount
(i) Class B Monthly Interest Payment (A(G)*B(E)) $ 9,002.12
(ii) Monthly Principal to Class B (II(D)*A(E)) 78,073.36
--------------------
(iii) Total Distributable Amount (i+ii+iii) $ 87,075.48
(G) Class C Distributable Amount
(i) Class C Monthly Interest Payment (A(I)*B(G)) $ 0.00
(ii) Monthly Principal to Class C (II(D)-(E)ii-(F)ii) 52,048.90
(iii) Excess Collections (I(H)-(II(E)iii+(F)iii+(H)+I(v))) 51,253.80
--------------------
(iv) Total Distributable Amount (i+ii+iii) $ 103,302.70
(H) Servicing Fee Distributable Amount (A(J)*B(A) $ 90,538.53
(I) Required Distributions
(i) Servicing Fee $ 90,538.53
(ii) Class A Amount (II(E)iii) 1,297,983.62
(iii) Class B Amount (II(F)iii) 87,075.48
(iv) Deposit to Spread Account (If Positive (IV(G)-(A))) 103,302.70
(v) Amount Applied to Accrued Servicing Fee 0.00
(vi) Class C Amount (VI(A)) 0.00
(vii) Excess Collections (VI(B)) 0.00
--------------------
(viii) Total Amount Distributed (i+ii+iii+iv+v+vi)) $ 1,578,900.33
(J) Amount of Draw from SA (IV(B)+IV(C)) $0.00
III. PAYAHEAD ACCOUNT INFORMATION
(A) Beginning Period Balance (B(J)) $ 179,481.70
(B) Amounts Applied to Payahead Account (C(B)) 0.00
(C) Amounts Withdrawn from Payahead Account (C(C)) 48,683.61
(D) Ending Period Balance $ 130,798.09
IV. POOL BALANCES AND PORTFOLIO INFORMATION
Begin. of Period End of Period
(A) Balances and Principal Factors ------------------- --------------------
(i) Total Pool Balance $31,041,782.60 $29,740,560.01
(ii) Total Pool Factor 0.7759319 0.7434060
(iii) Receivables Balance 31,041,782.60 29,740,560.01
(v) Class A Certificate Balance $27,937,604.34 $26,766,504.01
(vi) Class A Principal Factor 0.7759319 0.7434060
(vii) Class B Certificate Balance $ 1,862,506.96 $ 1,784,433.60
(viii) Class B Principal Factor 0.7759319 0.7434060
(ix) Class C Certificate Balance $ 1,241,671.31 $ 1,189,622.41
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 20.13% 20.12%
(ii) Weighted Average Remaining Maturity (WAM) 45.06 months 44.14 months
(iii) Remaining Number of Contracts 2,786 2,686
</TABLE>
<PAGE> 3
CS FIRST BOSTON Exhibit 20 Page 3
AUTOFINANCE GROUP, INC.
MONTHLY SERVICING REPORT -- AFG Receivables Trust, 1996-A
September 1, 1996 through September 30, 1996
<TABLE>
<CAPTION>
<S> <C> <C> <C>
V. RECONCILIATION OF SPREAD ACCOUNT ("SA")
(A) Beginning SA Balance (B(H)) $1,605,467.13
(B) Draw for Class A Distributable Amount and Servicing Fee 0.00
(If Positive ((II(E)iii+(H)i)-I(H)))
(C) Draw for Class B Distributable Amount 0.00
(If Positive ((II(E)iii+(H)i+II(F)iii)-I(H)-IV(B)))
(D) Amount Available for Deposit to the SA 103,302.70
(If Positive (I(H)-II(E)iii-(G)i-II(F)iii)) -------------------
(E) SA Balance Prior to Release (IV(A-B-C+D)) $1,708,769.83
(F) Spread Account Required Amount (Was Trigger or Floor Hit?) $2,230,542.00
(G) Ending Spread Account Balance (Min(E,F)) $1,708,769.83
(H) Release from SSA, amount applied to Accrued Servicing Fees 0.00
VI. BREAKDOWN OF RELEASE TO CLASS C CERTIFICATEHOLDER
(A) Class C Amount $0.00
(B) Release from SSA 0.00
-------------------
(C) Total Distribution to Class C Certificateholder $0.00
VII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period (VII(B)i-ii-iii) $ 198,524.46
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(E)i) $ 440,150.01
(ii) Net Liquidation Proceeds Received During the Collection Period (D(E)ii) 178,988.42
(iii) Recoveries on Previously Liquidated Contracts (D(E)iii) 62,637.13
(C) Cumulative Net Losses for all Periods (VII(A)+B(K)) 1,808,994.49
(D) Delinquent and Repossessed Contracts
Contracts Amount
---------------------------------------------
(i) 30-59 Days Delinquent (C(G)i) 49 1.82% $ 530,968.32 1.79%
(ii) 60-89 Days Delinquent (C(G)ii) 0 0.00% 0.00 0.00%
(iii) 90 Days or More Delinquent (C(G)iii) 0 0.00% 0.00 0.00%
(iv) Vehicles that have been Repossessed but not yet Charged-off (D(E)) 75 2.79% 865,919.61 2.91%
VIII. TESTS FOR INCREASE IN SPREAD ACCOUNT BALANCE
(A) Ratio of Net Losses to the Pool Balance as of each Collection Period.
(i) Second Preceding Collection Period 9.78%
(ii) Preceding Collection Period 13.72%
(iii) Current Collection Period 7.67%
(iv) Three Month Average (Avg(i,ii,iii)) 10.39%
(B) Ratio of the Balance of Contracts Delinquent 60 Days or More and the Balance of Contracts
Repossessed and not yet Charged-off to the Outstanding Pool Balance as of each Collection Period.
(i) Second Preceding Collection Period 2.61%
(ii) Preceding Collection Period 1.96%
(iii) Current Collection Period 2.91%
(iv) Three Month Average (Avg(i,ii,iii)) 2.49%
(C) Loss and Delinquency Trigger Indicator Trigger Was Hit!!
(D) Unpaid Servicing Fee $ 0.00
(E) Ending Cumulative Accrued Servicing Fee Balance $ 651,566.86
</TABLE>
<PAGE> 4
Exhibit 20 Page 4
AFG Receivables Trust, 1996-A
5.45% Asset Backed Certificates
Statement to Class A Certificateholders
(Pursuant to Section 14.10 of the Pooling and Servicing
Agreement dated as of February 1, 1996)
<TABLE>
<CAPTION>
<S> <C> <C>
Distribution Date: October 15, 1996
Collection Period: September 1, 1996 through September 30, 1996
Period (Month) 8
Distribution Allocable to Principal (per $1,000 of beginning principal balance) $ 41.92
Distribution Allocable to Interest (per $1,000 of beginning principal balance) $ 4.54
Pool Balance as of the close of business on the last day of the preceding
collection period $ 29,740,560.01
Total Available Amount $ 1,578,900.33
Servicing Fees paid to the Servicer (per $1,000 of beginning principal balance) $ 3.24
Class A Certificateholder's Class A Percentage of the Servicing Fee paid (per $1,000
of beginning principal balance) $ 2.92
Unpaid Servicing Fee $ 0.00
Ending Cumulative Accrued Servicing Fee Balance $ 651,566.86
Class A Certificateholder's Class A Percentage of the Unpaid Servicing Fee (per
$1,000 of beginning principal balance) $ 0.00
Class A Principal Carryover Shortfall $ 0.00
Change in Class A Principal Carryover Shortfall from the preceding Distribution Date $ 0.00
Class A Interest Carryover Shortfall $ 0.00
Change in Class A Interest Carryover Shortfall from the preceding Distribution Date $ 0.00
Class A Certificate Factor as of the Distribution Date 0.7434060
Class A Certificate Balance as of the Distribution Date $ 26,766,504.01
Class B Certificate Factor as of the Distribution Date 0.7434060
Class B Certificate Balance as of the Distribution Date $ 1,784,433.60
Class C Certificate Balance as of the Distribution Date $ 1,189,622.41
The amount otherwise distributable to the Class B Certificateholders or the Class C
Certificateholders that is distributed to Class A Certificateholders or the Class B
Certificateholders on the Distribution Date $ 0.00
Balance of the Spread Account on the Distribution Date $ 1,708,769.83
Change in the balance of the Spread Account from the preceding Distribution
Date $ 103,302.70
Balance of the Payahead Account $ 130,798.09
Change in the balance of the Payahead Account from the preceding Distribution
Date $ (48,683.61)
The Number of contracts past due 30-59, 60-89, and over 90 days and contracts in repossession 124
The Aggregate Principal Outstanding of contracts past due 30-59, 60-89 and over 90 days or
in repossession $ 1,396,887.93
</TABLE>
<PAGE> 5
Exhibit 20 Page 5
AFG 1996-A Grantor Trust
5.80% Asset Backed Certificates
Statement to Class B Certificateholders
(Pursuant to Section 14.10 of the Pooling and Servicing
Agreement dated as of February 1, 1996)
<TABLE>
<CAPTION>
<S> <C> <C>
Distribution Date: October 15, 1996
Collection Period: September 1, 1996 through September 30, 1996
Distribution Allocable to Principal (per $1,000 of beginning principal balance) $ 41.92
Distribution Allocable to Interest (per $1,000 of beginning principal balance) $ 4.83
Pool Balance as of the close of business on the last day of the preceding
collection period $ 29,740,560.01
Total Available Amount $ 1,578,900.33
Servicing Fees paid to the Servicer (per $1,000 of beginning principal balance) $ 48.61
Class B Certificateholder's Class B Percentage of the Servicing Fee paid (per $1,000
of beginning principal balance) $ 2.92
Unpaid Servicing Fee $ 0.00
Ending Cumulative Accrued Servicing Fee Balance $ 651,566.86
Class B Certificateholder's Class B Percentage of the Unpaid Servicing Fee (per
$1,000 of beginning principal balance) $ 0.00
Class B Principal Carryover Shortfall $ 0.00
Change in Class B Principal Carryover Shortfall from the preceding Distribution Date $ 0.00
Class B Interest Carryover Shortfall $ 0.00
Change in Class B Interest Carryover Shortfall from the preceding Distribution Date $ 0.00
Class A Certificate Factor as of the Distribution Date 0.7434060
Class A Certificate Balance as of the Distribution Date $ 26,766,504.01
Class B Certificate Factor as of the Distribution Date 0.7434060
Class B Certificate Balance as of the Distribution Date $ 1,784,433.60
Class C Certificate Balance as of the Distribution Date $ 1,189,622.41
The amount otherwise distributable to the Class B Certificateholders or the Class C
Certificateholders that is distributed to Class A Certificateholders or the Class B
Certificateholders on the Distribution Date $ 0.00
Balance of the Spread Account on the Distribution Date $ 1,708,769.83
Change in the balance of the Spread Account from the preceding Distribution
Date $ 103,302.70
Balance of the Payahead Account $ 130,798.09
Change in the balance of the Payahead Account from the preceding Distribution
Date $ (48,683.61)
The Number of contracts past due 30-59, 60-89, and over 90 days and contracts in repossession 124
The Aggregate Principal Outstanding of contracts past due 30-59, 60-89 and over 90 days or
in repossession $ 1,396,887.93
</TABLE>
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