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
Onyx Acceptance Grantor Trust 1996-1
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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)
Commission File Number
33-99608 (I.R.S. Employer
Identification No.)
33-0639768
State or other jurisdiction of
incorporation or organization
Delaware
Onyx Acceptance Financial Corporation
8001 Irvine Center Drive, Suite 500
Irvine, Ca. 92618
714 753-1191
Item 5. Other Events
On behalf of the Onyx Acceptance Grantor Trust 1996-1, (the"Trust"), a
trust created pursuant to the Pooling and Servicing Agreement dated as of
January 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 October 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 1996-1 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 1996-1 for the month of October 1996.
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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, thereunto duly authorized.
Onyx Acceptance Financial Corporation
REGAN E. KELLY
By:_____________________________________________________
Regan E. Kelly Executive Vice President
Date: October 23, 1996
DON P. DUFFY
By:_____________________________________________________
Don P. Duffy Executive Vice President
Date: October 23, 1996
EXHIBIT 19
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Onyx Acceptance Grantor Trust 1996-1
5.40% Auto Loan Pass-Through Certificates 23-Oct-96
Collection Period Beginning on: 09/01/96
Collection Period Ending on: 09/30/96
Distribution Date: 10/15/96
1 Original Pool Balance $100,499,912.72
2 Collection Period Beginning Pool Balance $75,159,848.33
3 Collection Period Beginning Pool Balance Factor 0.747860
Computation of Collection Account Amounts Available for Distribution
4 Total Collections from Obligors 01-Sep-96to 30-Sep-96 $3,340,899.88
5 Full Prepayments through first 5 business days of current month 185,215.42
6 Full Prepayments included in Prior Collection Period 194,673.01
7 Partial Prepayments deposited to PayAhead Acct 959.84
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 Defaulted Contracts 01-Sep-96to 30-Sep-96 205,035.16
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 14,145.17
17 Reinvestment Earnings on Funds in Collection Acct (Fa01-Sep-96to 30-Sep-96 10,196.40
18 Collection Account Amounts Available (4+5-6-7+8+9+10+11-12+13+14-15+16+17) $3,559,859.18
Computation of Certificate Ending Pool Balance
19 Collection Period Beginning Pool Balance $75,159,848.33
20 Scheduled Principal Decline (recomputed actuarial) 1,351,797.20
21 Full Prepayments 08-Sep-96to 30-Sep-96 1,019,847.83
22 Full Prepayments through first 5 business days of current month 185,215.42
23 Defaulted Contracts (Liquidated Proceeds received) 08-Sep-96to 30-Sep-96 320,249.69
23aDefaulted Contracts (Liquidated Proceeds received) thru 1st 5 business days of current month 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. days of current mo. 0.00
25 Repurchased Contracts 14,145.17
26 Certificate Ending Pool Balance (19-20-21-22-23-23a-24-24a-25) $72,268,593.02
Certificate Ending Balance Pool Factor 0.719091
27 Principal Distribution Amount (19-26) $2,891,255.31
Distributions From Collection Account
28 Principal Distribution Amount $2,891,255.31
29 Interest Distribution Amount (5.4% / 12) 338,219.32
30 Servicing Fee Payable to Servicer (1.0% / 12) 62,633.21
31 Surety Fee Payable to Surety (0.15% / 360 * Days in Collection Period) 9,394.98
31aReinsurance Fee Payable to Surety (2.00%/360 * Days in period * (lesser of $2,009,998.25 or 41-43) 1,594.82
32 Reinvestment Earnings Payable to Finco 10,196.40
33 Total Distributions from Collection Account (28+29+30+31+31a+32) $3,313,294.04
34 Total Excess Spread Available for Deposit to Spread Account (18-33) $246,565.14
Spread Account Reconciliation
35 Initial Deposit $100.00
36 Deposits to Spread Account Prior Collection Periods $3,120,278.81
37 Deposit to Spread Account this Collection Period (34) $246,565.14
38 Reinvestment Earnings on Funds in Spread Acct 01-Sep-96to 30-Sep-96 $12,279.20
39 Draws from Spread Account Prior Periods $0.00
40 Spread Account Balance (35+36+37+38-39) $3,379,223.15
41 Required Spread Account Balance (Max of 6% x (26) or 2% x (1) ) $4,336,115.58
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) $3,379,223.15
Delinquency Statistics
44 Number of Accts Delinquent 30 - 59 Days 75
45 Number of Accts Delinquent 60 - 89 Days 38
45aNumber of Accts Deliquent 90 Days and Over 35
46 Total Number of Delinquent Accounts 30 Days and Over 148
47 Aggregate Net Outstanding Balance of Delinquent Loans 30-59 days $890,575
48 Aggregate Net Outstanding Balance of Delinquent Loans 60 - 89 days $462,481
48aAggregate Net Outstanding Balance of Delinquent Loans 90 days and over $360,099
49 Total Aggregate Net Outstanding Balance of Delinquent Loans (44 + 45) $1,713,156
50 Policy Claim Amount $0.00
Repossession Statistics
51 Number of Accounts in Repo Inventory @ Beginning of Collection Period 27
52 Number of Accounts Repossessed During Collection Period 45
53 Number of Repo'd Accounts Sold or Reinstated During Collection Period 31
54 Number of Accounts in Repo Inventory @ End of Collection Period 41
55 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ Beginning of Collection Period $312,045.51
56 Aggregate Net Outstanding Balance of Accounts Repossessed During Month 533,211.44
57 Aggregate Net Outstanding Balance of Repo Accounts Sold or Reinstated During Month 341,234.71
58 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ End of Collection Period $504,022.24
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 8,407
63 Remaining Number of Accounts Outstanding @ End of Collection Period 6,988
Net Yield
64 Interest Collected on Contracts 968,295.01
65 Interest Collected on Contracts - Prior Collection Period 1,206,866.87
66 Interest Collected on Contracts - Two Collection Periods Ago 983,444.92
67 Liquidated Contract Balances (less Liquidation proceeds) 115,214.53
68 Liquidated Contract Balances (less Liquidation proceeds) - Prior Collection Period 125,076.11
69 Liquidated Contract Balances (less Liquidation proceeds) - Two Collection Periods Ago 299,036.15
70 Interest Paid to Certificate Holders 338,219.32
71 Interest Paid to Certificate Holders - Prior Collection Period 351,773.91
72 Interest Paid to Certificate Holders - Two Collection Periods Ago 367,910.14
73 Servicing Fees Paid to Servicer $62,633.21
74 Servicing Fees Paid to Servicer - Prior Collection Period $65,143.32
75 Servicing Fees Paid to Servicer - Two Collection Periods Ago $68,131.51
76 Certificate Ending Pool Balance $72,268,593.02
77 Certificate Ending Pool Balance - Prior Collection Period $78,171,979.35
78 Certificate Ending Pool Balance - Two Collection Periods Ago $81,757,807.85
79 Net Yield 7.06%
A.P.R. of Trust Contracts
80 Dollar Weighted A.P.R. of Contracts @ Cutoff Date 15.07%
81 Dollar Weighted A.P.R. of Remaining Contracts in Trust as of End of Collection Period 15.03%
Credit Losses
82 Gross Credit Losses during Collection Period (23+23a+24+24a) $320,249.69
83 Recoveries during Collection Period (10+11-12) 205,035.16
84 Net Credit Losses during Collection Period (82-83) $115,214.53
85 Cumulative Net Credit Losses $938,623.37
86 Cumulative Net Credit Losses as a Percent of Original Certificate Balance (85 / 1) 0.93%
87 Remaining Weighted Average Maturity (Months) 44.7
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I certify that the computations reflected above for the collection
period ended 30-Sep-96 are accurate and have been prepared in
accordance with the Pooling and Servicing Agreementdated January 1, 1996.
DON DUFFY OCTOBER 15, 1996 30-Sep-96
By : ____________________________Date:_________________
Name: Don Duffy Title: CFO
