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Previous: CYBERGUARD CORP, 10-K, EX-27.01, 2000-09-28 |
Next: AFG RECEIVABLES CORP, 10-K405, EX-99.1, 2000-09-28 |
| FORM 10-K | ||||||||
| Exhibit 99.1 | ||||||||
| Exhibit 99.2 | ||||||||
| Exhibit 99.3 | ||||||||
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
| X |
ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE YEAR ENDED JUNE 30, 2000 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO ______. |
| AFG RECEIVABLES TRUST, 1996-A | 33-99536 | |
| AFG RECEIVABLES TRUST, 1996-B | 33-99536 | |
| AFG RECEIVABLES TRUST, 1996-C | 33-99536 | |
| AFG RECEIVABLES TRUST, 1996-D | 33-99536 | |
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| Exact Name of registrant as specified in its charter |
Commission file number |
| California | 36-3792182 | |
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| State or other jurisdiction of incorporation or organization |
IRS Employer Identification Number |
Oakmont Circle 1, 601 Oakmont Lane
Westmont, Illinois 60559-5549
(Address of Principal Executive Office)
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(c) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. X Yes No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained herein, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]
PART I.
ITEM 1. BUSINESS
Each Trust was formed pursuant to a Pooling and Servicing Agreement between AFG Receivables Corporation as Seller, AutoFinance Group, Inc. (now known as Key Bank USA, National Association) as Servicer, and The Chase Manhattan Bank (formerly known as Chemical Bank) as Trustee dated February 1, 1996 for Trust 1996-A, May 1, 1996 for Trust 1996-B, August 1, 1996 for Trust 1996-C and November 1, 1996 for Trust 1996-D. The Trusts have each issued asset backed certificates. The Trusts include retail installment contracts secured by new and used automobiles and light trucks. All Trusts have been called during the year ended June 30, 2000.
ITEM 2. PROPERTIES
TRUST 1996-A (July 1, 1999 through August 31, 1999, Trust was called August 16, 1999)
| Class A Certificate Balance | $ | 0 | ||
| Class A Pass through Rate | 5.45 | % | ||
| Class B Certificate Balance | $ | 0 | ||
| Class B Pass through Rate | 5.80 | % | ||
| Class C Certificate Balance | $ | 0 | ||
| Subordinated Spread Account Balance | $ | 0 | ||
| Distributions Allocable to Principal | $ | 3,391,248 | ||
| Distributions Allocable to Interest | $ | 56,752 | ||
| Servicing Fees Paid or accrued to Servicer | $ | 9,891 | ||
| Net Losses | $ | -21,423 | ||
| Net Liquidation Proceeds Received | $ | 7,687 | ||
| Number of Charged off Accounts | 3 | |||
| Gross Principal Balance of Liquidated Accounts | $ | 17,488 | ||
| Recoveries of Previously Liquidated Contracts | $ | 31,224 | ||
| Average Annualized Net Loss Ratio | -7.58 | % | ||
| Number of Accounts in Repossession as of June 30, 2000 | 0 |
| Number of | Dollar | ||||||||
| Contracts | Amount | ||||||||
| Delinquency Ratios | |||||||||
| 30-59 Days Delinquent | 0.00 | % | 0.00 | % | |||||
| 60-89 Days Delinquent | 0.00 | % | 0.00 | % | |||||
| 90 Days and Over | 0.00 | % | 0.00 | % | |||||
Page 1
ITEM 2. (continued) PROPERTIES
TRUST 1996-B (July 1, 1999 through October 31, 1999, Trust was called October 15, 1999)
| Class A Certificate Balance | $ | 0 | ||
| Class A Pass Through Rate | 6.60 | % | ||
| Class B Certificate Balance | $ | 0 | ||
| Class B Pass Through Rate | 7.05 | % | ||
| Class C Certificate Balance | $ | 0 | ||
| Subordinated Spread Account Balance | $ | 0 | ||
| Distributions Allocable to Principal | $ | 5,547,944 | ||
| Distributions Allocable to Interest | $ | 253,426 | ||
| Servicing Fees Paid or accrued to Servicer | $ | 44,397 | ||
| Net Losses | $ | 10,150 | ||
| Net Liquidation Proceeds Received | $ | 16,007 | ||
| Number of Charged off Accounts | 31 | |||
| Gross Principal Balance of Liquidated Accounts | $ | 135,166 | ||
| Recoveries of Previously Liquidated Contracts | $ | 109,008 | ||
| Average Annualized Net Loss Ratio | .98 | % | ||
| Number of Accounts in Repossession as of June 30, 2000 | 0 |
| Number of | Dollar | ||||||||
| Contracts | Amount | ||||||||
| Delinquency Ratios | |||||||||
| 30-59 Days Delinquent | 0.00 | % | 0.00 | % | |||||
| 60-89 Days Delinquent | 0.00 | % | 0.00 | % | |||||
| 90 Days and over | 0.00 | % | 0.00 | % | |||||
TRUST 1996-C (July 1, 1999 through January 31, 2000, Trust was called January 18, 2000)
| Class A Certificate Balance | $ | 0 | ||
| Class A Pass Through Rate | 6.45 | % | ||
| Class B Certificate Balance | $ | 0 | ||
| Class B Pass Through Rate | 6.95 | % | ||
| Class C Certificate Balance | $ | 0 | ||
| Subordinated Spread Account Balance | $ | 0 | ||
| Distributions Allocable to Principal | $ | 9,385,953 | ||
| Distributions Allocable to Interest | $ | 739,628 | ||
| Servicing Fees Paid or accrued to Servicer | $ | 132,537 | ||
| Net Losses | $ | 26,195 | ||
| Net Liquidation Proceeds Received | $ | 143,767 | ||
| Number of Charged off Accounts | 103 | |||
| Gross Principal Balance of Liquidated Accounts | $ | 453,376 | ||
| Recoveries of Previously Liquidated Contracts | $ | 283,415 | ||
| Average Annualized Net Loss Ratio | .34 | % | ||
| Number of Accounts in Repossession as of June 30, 2000 | 0 |
| Number of | Dollar | ||||||||
| Contracts | Amount | ||||||||
| Delinquency Ratios | |||||||||
| 30-59 Days Delinquent | 0.00 | % | 0.00 | % | |||||
| 60-89 Days Delinquent | .00 | % | .00 | % | |||||
| 90 Days and Over | .00 | % | .00 | % | |||||
Page 2
ITEM 2. (continued) PROPERTIES
TRUST 1996-D (July 1, 1999 through May 31, 2000, Trust was called May 15, 2000)
| Class A Certificate Balance | $ | 0 | ||
| Class A Pass Through Rate | 6.10 | % | ||
| Class B Certificate Balance | $ | 0 | ||
| Class B Pass Through Rate | 6.65 | % | ||
| Class C Certificate Balance | $ | 0 | ||
| Subordinated Spread Account Balance | $ | 0 | ||
| Distributions Allocable to Principal | $ | 15,668,164 | ||
| Distributions Allocable to Interest | $ | 1,854,972 | ||
| Servicing Fees Paid or accrued to Servicer | $ | 330,954 | ||
| Net Losses | $ | 198,903 | ||
| Net Liquidation Proceeds Received | $ | 296,924 | ||
| Number of Charged off Accounts | 217 | |||
| Gross Principal Balance of Liquidated Accounts | $ | 1,055,547 | ||
| Recoveries of Previously Liquidated Contracts | $ | 559,721 | ||
| Average Annualized Net Loss Ratio | 1.79 | % | ||
| Number of Accounts in Repossession as of June 30, 2000 | 0 |
| Number of | Dollar | ||||||||
| Contracts | Amount | ||||||||
| Delinquency Ratios | |||||||||
| 30-59 Days Delinquent | 0.00 | % | 0.00 | % | |||||
| 60-89 Days Delinquent | .00 | % | .00 | % | |||||
| 90 Days and over | .00 | % | .00 | % | |||||
| ITEM 3. | LEGAL PROCEEDINGS |
Nothing to report.
| ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
Nothing to report.
PART II.
| ITEM 5. | MARKET FOR REGISTRANT’S COMMON STOCK AND RELATED STOCKHOLDER MATTERS |
Nothing to report. All Trusts have been called during the year ended June 30, 2000.
| ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
Nothing to report.
Page 3
PART III
| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. |
Nothing to report. All Trusts have been called during the year ended June 30, 2000.
| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
Nothing to report.
| ITEM 14. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K | |
| (a) (1) FINANCIAL STATEMENTS | ||
| Not applicable. | ||
| (a) (2) FINANCIAL STATEMENT SCHEDULES | ||
| Not applicable. | ||
| (a) (3) EXHIBITS |
| Designation | Description | Method of Filing | ||
| Exhibit 19.1 | Monthly Servicing Report - for the period July 1 - To July 31, 1999 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated August 26, 1999 and incorporated herein by reference | ||
| Exhibit 19.2 | Monthly Servicing Report - for the period August 1 - To August 31, 1999 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated September 28, 1999 and incorporated herein by reference | ||
| Exhibit 19.3 | Monthly Servicing Report - for the period September 1- To September 30, 1999 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated October 25, 1999 and incorporated herein by reference |
Page 4
ITEM 14. (continued)
| Exhibit 19.4 | Monthly Servicing Report - for the period October 1- To October 31, 1999 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated November 23, 1999 and incorporated herein by reference | ||
| Exhibit 19.5 | Monthly Servicing Report - for the period November 1- To November 30, 1999 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated December 21, 1999 and incorporated herein by reference | ||
| Exhibit 19.6 | Monthly Servicing Report - for the period December 1- To December 31, 1999 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated January 27, 2000 and incorporated herein by reference | ||
| Exhibit 19.7 | Monthly Servicing Report - for the period January 1- To January 31, 2000 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated February 25, 2000 and incorporated herein by reference | ||
| Exhibit 19.8 | Monthly Servicing Report - for the period February 1- To February 29, 2000 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated March 16, 1999 and incorporated herein by reference | ||
| Exhibit 19.9 | Monthly Servicing Report - for the period March 1- To March 31, 2000 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated April 25, 2000 and incorporated herein by reference. | ||
| Exhibit 19.10 | Monthly Servicing Report - for the period April 1- To April 30, 2000 | Filed as Exhibit 20 to AFG Receivables Corp. Current Report on Form 8-K dated May 25, 2000 and incorporated herein by reference |
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ITEM 14. (continued)
| Exhibit 99.1 | Officers Certificate dated as Of June 30, 2000 | Filed with this report. | ||
| Exhibit 99.2 | Report of Independent Accountants on internal control over securitized receivables | Filed with this report. | ||
| Exhibit 99.3 | Management’s Report on Internal Control over Securitized Receivables | Filed with this report |
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: September 26, 2000 | AFG Receivables Trust, 1996-A | |
| AFG Receivables Trust, 1996-B | ||
| AFG Receivables Trust, 1996-C | ||
| AFG Receivables Trust, 1996-D | ||
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By: Key Bank USA, National Association, successor to AutoFinance Group, Inc., as servicer |
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| By: /s/ Michael R. Cavalco | ||
| Name: Michael R. Cavalco | ||
| Title: Vice President |
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