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): June 15, 1996
Onyx Acceptance Grantor Trust 1996-2
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(Issuer with respect to Certificates)
Onyx Acceptance Financial Corporation
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(Exact Name of Registrant as Specified in Its Charter)
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
Delaware 33-0639768
Onyx Acceptance Financial Corporation
8001 Irvine Center Drive, Suite 500Irvine, Ca. 92718
714 753-1191
Item 5. Other Events
On behalf of the Onyx Acceptance Grantor Trust 1996-2, (the"Trust"), a
trust created pursuant to the Pooling and Servicing Agreement dated as of May 1,
1996 with Onyx Acceptance Financial Corporation as registrant and seller and
Onyx Acceptance Corporation as servicer, and Bankers Trust Company of New York,
as trustee, the registrant has caused to be filed with the Commission, the June
1996 monthly Distribution Date Statement with respect to the Trust. This
Distribution Date Statement is filed pursuant to and in accordance with a no
action request filed on August 21, 1995 with the Commission by Onyx Acceptance
Financial Corporation, originator of the Onyx Acceptance Grantor Trust 1996-2
and Onyx Acceptance Corporation as servicer and the affirmative response thereto
by the Securities and Exchange Commission dated September 22, 1995. The filing
of the monthly Distribution Date Statement will occur subsequent to each monthly
distribution to the Trust's Certificateholders until and unless exempted under
provisions of the Securities and Exchange Act.
Item 7. Financial Statements and Exhibits
(a) Financial Statements
None.
(c) Exhibits
Exhibit No.
19 Monthly Distribution Date Statement of the Onyx Acceptance Grantor
Trust 1996-2 for the month of June 1996.
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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, thereunto duly authorized.
Onyx Acceptance Financial Corporation
REGAN E. KELLY
By:_____________________________________________________
Regan E. Kelly Executive Vice President
Date: June 21, 1996
DON P. DUFFY
By:_____________________________________________________
Don P. Duffy Executive Vice President
Date: June 21, 1996
EXHIBIT 19
Onyx Acceptance Grantor Trust 1996-2 Distribution Date Statement
6.40% Auto Loan Pass-Through Certificates 19-JUN-96
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Collection Period Beginning on: 05/01/96
Collection Period Ending on: 05/31/96
Distribution Date: 06/17/96
1 Original Pool Balance $85,013,318.00
2 Collection Period Beginning Pool Balance $85,013,318.00
3 Collection Period Beginning Pool Balance Factor 1.000000
Computation of Collection Account Amounts Available for Distribution
4 Total Collections from Obligors 01-May-to 31-May-96 $3,887,432.87
5 Full Prepayments through first 5 business days of current month 228,078.24
6 Full Prepayments included in Prior Collection Period 0.00
7 Partial Prepayments deposited to PayAhead Acct 363,277.35
8 Amounts Withdrawn from PayAhead Acct & Deposited to Collection Acct 0.00
9 Yield Supplement Amount to be Deposited to Collection Account 0.00
10 Net Liquidation Proceeds on Defa01-May-totracts 31-May-96 58,957.37
11 Net Liquidation Proceeds first 5 business days of current month 0.00
12 Net Liquidation Proceeds included in Prior Collection Period 0.00
13 Net Insurance Proceeds 0.00
14 Net Insurance Proceeds first 5 business days of current month 0.00
15 Net Insurance Proceeds included in Prior Collection Period 0.00
16 Aggregate Amount of Repurchased Contracts 0.00
17 Reinvestment Earnings on Funds i01-May-toion Acct 31-May-96 5,392.88
18 Collection Account Amounts Available (4+5-6-7+8+9+10+11-12+13+14-15+16+17) $3,816,584.01
Computation of Certificate Ending Pool Balance
19 Collection Period Beginning Pool Balance $85,013,318.00
20 Scheduled Principal Decline (recomputed actuarial) 1,162,202.56
21 Full Prepayments 08-May-to 31-May-96 1,624,070.09
22 Full Prepayments through first 5 business days of current month 228,078.24
23 Defaulted Contracts (Liquidated08-May-to received) 31-May-96 69,703.51
23aDefaulted Contracts (Liquidated Proceeds received) thru 1st 5 business days of current 0.00
24 Defaulted Contracts (4 or more periods.Liquidated Proceeds not received) 0.00
24aDefaulted Contracts (4 or more periods.Liquidated Proceeds not received) thru 1st 5 bus
ys of current mo. 0.00
25 Repurchased Contracts 0.00
26 Certificate Ending Pool Balance (19-20-21-22-23-23a-24-24a-25) $81,929,263.60
Certificate Ending Balance Pool Factor 0.963723
27 Principal Distribution Amount (19-26) $3,084,054.40
Distributions From Collection Account
28 Principal Distribution Amount $3,084,054.40
29 Interest Distribution Amount (6.4% / 12) 453,404.36
30 Servicing Fee Payable to Servicer (1.0% / 12) 70,844.43
31 Surety Fee Payable to Surety (0.20% / 360 * Days in Collection Period) 14,641.18
31aReinsurance Fee Payable to Surety (2.00%/360 * Days in period * $1,750,266.36) 2,928.24
32 Reinvestment Earnings Payable to Finco 5,392.88
33 Total Distributions from Collection Account (28+29+30+31+31a+32) $3,631,265.49
34 Total Excess Spread Available for Deposit to Spread Account (18-33) $185,318.52
Spread Account Reconciliation
35 Initial Deposit $100.00
36 Deposits to Spread Account Prior Collection Periods $0.00
37 Deposit to Spread Account this Collection Period (34) $185,318.52
38 Reinvestment Earnings on Funds i01-May-toAcct 31-May-96 $0.27
39 Draws from Spread Account Prior Periods $0.00
40 Spread Account Balance (35+36+37+38-39) $185,418.79
41 Required Spread Account Balance (Max of 6% x (26) or 2% x (1) ) $4,915,755.82
42 Draws from Spread Account this Collection Period ((40 - 41) if positive, 0 otherwise)$0.00
43 Spread Account Balance net of Draws this Collection Period (40 - 42) $185,418.79
Delinquency Statistics
44 Number of Accts Delinquent 30 - 59 Days 37
45 Number of Accts Delinquent 60 - 89 Days 4
45aNumber of Accts Deliquent 90 Days and Over 0
46 Total Number of Delinquent Accounts 30 Days and Over 41
47 Aggregate Net Outstanding Balance of Delinquent Loans 30-59 days $493,691
48 Aggregate Net Outstanding Balance of Delinquent Loans 60 - 89 days $72,251
48aAggregate Net Outstanding Balance of Delinquent Loans 90 days and over $0
49 Total Aggregate Net Outstanding Balance of Delinquent Loans (44 + 45) $565,943
50 Policy Claim Amount $0.00
Repossession Statistics
51 Number of Accounts in Repo Inventory @ Beginning of Collection Period 0
52 Number of Accounts Repossessed During Collection Period 18
53 Number of Repo'd Accounts Sold or Reinstated During Collection Period 8
54 Number of Accounts in Repo Inventory @ End of Collection Period 10
55 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ Beginning of Collecti$0.00riod
56 Aggregate Net Outstanding Balance of Accounts Repossessed During Month 211,891.93
57 Aggregate Net Outstanding Balance of Repo Accounts Sold or Reinstated During Month 83,762.58
58 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ End of Collecti$128,129.35
Yield Supplement Account Balance
59 Initial Deposit $0.00
60 Draws from Yield Supplement to Collection Account $0.00
61 Yield Supplement Account Balance $0.00
Accounts Outstanding
62 Original Accounts Outstanding 6,970
63 Remaining Number of Accounts Outstanding @ End of Collection Period 6,825
Net Yield
64 Interest Collected on Contracts 737,882.87
65 Interest Collected on Contracts - Prior Collection Period 0.00
66 Interest Collected on Contracts - Two Collection Periods Ago 0.00
67 Liquidated Contract Balances (less Liquidation proceeds) 10,746.14
68 Liquidated Contract Balances (less Liquidation proceeds) - Prior Collection Period 0.00
69 Liquidated Contract Balances (less Liquidation proceeds) - Two Collection Periods Ago 0.00
70 Interest Paid to Certificate Holders 453,404.36
71 Interest Paid to Certificate Holders - Prior Collection Period 0.00
72 Interest Paid to Certificate Holders - Two Collection Periods Ago 0.00
73 Servicing Fees Paid to Servicer $70,844.43
74 Servicing Fees Paid to Servicer - Prior Collection Period $0.00
75 Servicing Fees Paid to Servicer - Two Collection Periods Ago $0.00
76 Certificate Ending Pool Balance $81,929,263.60
77 Certificate Ending Pool Balance - Prior Collection Period $0.00
78 Certificate Ending Pool Balance - Two Collection Periods Ago $0.00
79 Net Yield 2.97%
A.P.R. of Trust Contracts
80 Dollar Weighted A.P.R. of Contracts @ Cutoff Date 14.84%
81 Dollar Weighted A.P.R. of Remaining Contracts in Trust as of End of Collection Period 14.86%
Credit Losses
82 Gross Credit Losses during Collection Period (23+23a+24+24a) $69,703.51
83 Recoveries during Collection Period (10+11-12) 58,957.37
84 Net Credit Losses during Collection Period (82-83) $10,746.14
85 Cumulative Net Credit Losses $10,746.14
86 Cumulative Net Credit Losses as a Percent of Original Certificate Balance (85 / 1) 0.01%
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I certify that the computations reflected above for th31-May-96ion
period ended
are accurate and have been prepared in accordance with the Pooling
and Servicing Agreement
dated September 1, 1994.
By : ________________Date:_________________
Name: Don Duffy
Title: Executive Vice President
