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Previous: AFG RECEIVABLES CORP, 8-K, 1996-08-28 |
Next: ONYX ACCEPTANCE FINANCIAL CORP, 8-K, 1996-08-28 |
<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): August 15, 1996
ONYX ACCEPTANCE GRANTOR TRUST 1996-1
- ------------------------------------------------------------------------------
(Issuer with respect to Certificates)
ONYX ACCEPTANCE FINANCIAL CORPORATION
- ------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Commission File Number 33-99608
Delaware 33-0639768
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Onyx Acceptance Financial Corporation
8001 Irvine Center Drive, Suite 500 Irvine, Ca. 92718
(714) 753-1191
<PAGE> 2
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 August 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
Unaudited Financial Statements of Capital Markets Assurance
Corporation for the period ended June 30, 1996.
(c) Exhibits
Exhibit No.
-----------
19 Monthly Distribution Date Statement of the Onyx Acceptance
Grantor Trust 1996-1 for the month of August 1996.
<PAGE> 3
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
By: REGAN E. KELLY
------------------------------
Regan E. Kelly
Executive Vice President
Date: August 26, 1996
By: DON P. DUFFY
------------------------------
Don P. Duffy
Executive Vice President
Date: August 26, 1996
<PAGE> 1
EXHIBIT 19
<PAGE> 2
<TABLE>
<S> <C>
Onyx Acceptance Grantor Trust 1996-1 Distribution Date Statement
5.40% AUTO LOAN PASS-THROUGH CERTIFICATES 14-Aug-96
Collection Period Beginning on: 07/01/96
Collection Period Ending on: 07/31/96
Distribution Date: 08/15/96
1 Original Pool Balance $100,499,912.72
2 Collection Period Beginning Pool Balance $81,757,807.85
3 Collection Period Beginning Pool Balance Factor 0.813511
COMPUTATION OF COLLECTION ACCOUNT AMOUNTS AVAILABLE FOR DISTRIBUTION
4 Total Collections from Obligors 01-Jul-96 to 31-Jul-96 $3,572,697.65
5 Full Prepayments through first 5 business days of current month 284,281.66
6 Full Prepayments included in Prior Collection Period 94,719.78
7 Partial Prepayments deposited to PayAhead Acct 61,140.86
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 Default 01-Jul-96 to 31-Jul-96 292,978.63
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 181,420.19
17 Reinvestment Earnings on Funds in C 01-Jul-96 to 31-Jul-96 10,365.45
18 COLLECTION ACCOUNT AMOUNTS AVAILABLE (4+5-6-7+8+9+10+11-12+13+14+15+16+17) $4,185,882.94
COMPUTATION OF CERTIFICATE ENDING POOL BALANCE
19 Collection Period Beginning Pool Balance $81,757,807.85
20 Scheduled Principal Decline (recomputed actuarial) 1,391,842.68
21 Full Prepayments 08-Jul-96 to 31-Jul-96 1,136,269.19
22 Full Prepayments through first 5 business days of current month 284,281.66
23 Defaulted Contracts (Liquidated Proceeds 08-Jul-96 to 31-Jul-96 592,014.78
23a Defaulted 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
24a Defaulted Contracts (4 or more periods. Liquidated Proceeds not received) thru 1st bus. days
of current month 0.00
25 Repurchased Contracts 181,420.19
26 CERTIFICATE ENDING POOL BALANCE (19-20-21-22-23-23a-24-24a-25) $78,171,979.35
CERTIFICATE ENDING BALANCE POOL FACTOR 0.777831
27 PRINCIPAL DISTRIBUTION AMOUNT (19-26) $3,585,828.50
DISTRIBUTIONS FROM COLLECTION ACCOUNT
28 Principal Distribution Amount $3,585,828.50
29 Interest Distribution Amount (5.4% / 12) 367,910.14
30 Servicing Fee Payable to Servicer (1.0% / 12) 68,131.51
31 Surety Fee Payable to Surety (0.15% / 360 * Days in Collection Period) 10,560.38
31a Reinsurance Fee Payable to Surety (2.00% / 360 * Days in period * (lesser of $2,009,998.25 or 41-43) 3,357.59
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
32 Reinvestment Earnings Payable to Finco 10,365.45
33 TOTAL DISTRIBUTIONS FROM COLLECTION ACCOUNT (28+29+30+31+31a+32) $4,046,153.57
34 TOTAL EXCESS SPREAD AVAILABLE FOR DEPOSIT TO SPREAD ACCOUNT (18-33) $139,729.37
SPREAD ACCOUNT RECONCILIATION
35 Initial Deposit $100.00
36 Deposits to Spread Account Prior Collection Periods $2,590,222.79
37 Deposit to Spread Account this Collection Period (34) $139,729.37
38 Reinvestment Earnings on Funds in S 01-Jul-96 to 31-Jul-96 $10,696.05
39 Draws from Spread Account Prior Periods $0.00
40 SPREAD ACCOUNT BALANCE (35+36+37+38-39) $2,740,748.21
41 Required Spread Account Balance (Max of 6% x (26) or 2% x (1)) $4,690,318.76
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) $2,740,748.21
DELINQUENCY STATISTICS
44 Number of Accts Delinquent 30 - 59 Days 45
45 Number of Accts Delinquent 60 - 89 Days 31
45a Number of Accts Delinquent 90 Days and Over 24
46 Total Number of Delinquent Accounts 30 Days and Over 100
47 Aggregate Net Outstanding Balance of Delinquent Loans 30 - 59 days $562,972
48 Aggregate Net Outstanding Balance of Delinquent Loans 60 - 89 days $362,469
48a Aggregate Net Outstanding Balance of Delinquent Loans 90 days and over $314,036
49 Total Aggregate Net Outstanding Balance of Delinquent Loans (44 + 45) $1,239,478
50 Policy Claim Amount $0.00
REPOSSESSION STATISTICS
51 Number of Accounts in Repo Inventory @ Beginning of Collection Period 48
52 Number of Accounts Repossessed During Collection Period 39
53 Number of Repo'd Accounts Sold or Reinstated During Collection Period 58
54 Number of Accounts in Repo Inventory @ End of Collection Period 29
55 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ Beginning of Collection Period $590,014.39
56 Aggregate Net Outstanding Balance of Accounts Repossessed During Month 514,617.76
57 Aggregate Net Outstanding Balance of Repo Accounts Sold or Reinstated During Month 746,889.93
58 Aggregate Net Outstanding Balance of Accounts in Repo Inventory @ End of Collection Period $357,742.22
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
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
ACCOUNTS OUTSTANDING
62 Original Accounts Outstanding 8,407
63 Remaining Number of Accounts Outstanding @ End of Collection Period 7,320
NET YIELD
64 Interest Collected on Contracts 983,444.92
65 Interest Collected on Contracts - Prior Collection Period 1,176,670.34
66 Interest Collected on Contracts - Two Collection Periods Ago 1,351,122.09
67 Liquidated Contract Balances (less Liquidation proceeds) 299,036.15
68 Liquidated Contract Balances (less Liquidation proceeds) - Prior Collection Period 165,991.77
69 Liquidated Contract Balances (less Liquidation proceeds) - Two Collection Periods Ago 123,286.73
70 Interest Paid to Certificate Holders 367,910.14
71 Interest Paid to Certificate Holders - Prior Collection Period 381,538.38
72 Interest Paid to Certificate Holders - Two Collection Periods Ago 397,362.75
73 Servicing Fees Paid to Servicer $68,131.51
74 Servicing Fees Paid to Servicer - Prior Collection Period $70,655.26
75 Servicing Fees Paid to Servicer - Two Collection Periods Ago $73,585.69
76 Certificate Ending Pool Balance $78,171,979.35
77 Certificate Ending Pool Balance - Prior Collection Period $84,786,306.66
78 Certificate Ending Pool Balance - Two Collection Periods Ago $88,302,832.76
79 NET YIELD 7.47%
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 15.06%
CREDIT LOSSES
82 Gross Credit Losses during Collection Period (23+23a+24+24a) $592,014.78
83 Recoveries during Collection Period (10+11-12) 292,978.63
84 NET CREDIT LOSSES DURING COLLECTION PERIOD (82-83) $299,036.15
85 CUMULATIVE NET CREDIT LOSSES $698,332.73
86 CUMULATIVE NET CREDIT LOSSES AS A PERCENT OF ORIGINAL CERTIFICATE BALANCE (85 / 1) 0.69%
87 Remaining Weighted Average Maturity (Months) 46.4
I certify that the computations reflected above for the collection period end 31-Jul-96
are accurate and have been prepared in accordance with the Pooling and Servicing Agreement
dated January 1, 1996.
31-Jul-96
By: Date:
----------------------------------- ------------------------
Name: Don Duffy Title: CFO
</TABLE>
<PAGE> 5
CAPITAL MARKETS ASSURANCE CORPORATION
FINANCIAL STATEMENTS
JUNE 30, 1996
(UNAUDITED)
<PAGE> 6
CAPITAL MARKETS ASSURANCE CORPORATION
BALANCE SHEETS
(DOLLARS IN THOUSANDS)
ASSETS
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1996 1995
----------- ------------
(UNAUDITED)
<S> <C> <C>
Investments:
Bonds at fair value (amortized cost $282,241 at June 30, 1996 and
$210,651 at December 31, 1995)................................. $280,706 215,706
Short-term investments (at amortized cost which approximates fair
value)......................................................... 15,664 68,646
-------- -------
Total investments......................................... 296,370 284,352
-------- -------
Cash.............................................................. 459 344
Accrued investment income......................................... 3,715 3,136
Deferred acquisition costs........................................ 39,904 35,162
Premiums receivable............................................... 3,232 3,540
Prepaid reinsurance............................................... 16,175 13,171
Other assets...................................................... 3,537 3,428
-------- -------
Total assets.............................................. $363,392 343,133
======== =======
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Unearned premiums................................................. $ 56,743 45,767
Reserve for losses and loss adjustment expenses................... 8,369 6,548
Ceded reinsurance................................................. 2,395 2,469
Accounts payable and other accrued expenses....................... 9,582 10,844
Current income taxes.............................................. 278 136
Deferred income taxes............................................. 12,145 11,303
-------- -------
Total liabilities......................................... 89,512 77,067
-------- -------
Stockholder's Equity:
Common stock...................................................... 15,000 15,000
Additional paid-in capital........................................ 208,475 205,808
Unrealized (depreciation) appreciation on investments, net of
tax............................................................ (998) 3,286
Retained earnings................................................. 51,403 41,972
-------- -------
Total stockholder's equity................................ 273,880 266,066
-------- -------
Total liabilities and stockholder's equity................ $363,392 343,133
======== =======
</TABLE>
See accompanying notes to financial statements.
<PAGE> 7
CAPITAL MARKETS ASSURANCE CORPORATION
STATEMENTS OF INCOME
(UNAUDITED)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
------------------ ------------------
1996 1995 1996 1995
------- ------ ------ -------
<S> <C> <C> <C> <C>
Revenues:
Direct premiums written............................. $18,622 16,000 32,777 32,838
Assumed premiums written............................ 150 669 1,024 823
Ceded premiums written.............................. (5,103) (2,553) (7,013) (5,646)
------- ------ ------ -------
Net premiums written........................ 13,669 14,116 26,788 28,015
Increase in unearned premiums....................... (3,681) (6,813) (7,972) (13,611)
------- ------ ------ -------
Net premiums earned......................... 9,988 7,303 18,816 14,404
Net investment income............................... 4,112 2,956 7,989 5,593
Net realized capital gains.......................... 19 20 168 85
Other income........................................ 25 12 79 24
------- ------ ------ -------
Total revenues.............................. 14,144 10,291 27,052 20,106
------- ------ ------ -------
Expenses:
Losses and loss adjustment expenses................. 1,109 762 2,184 1,458
Underwriting and operating expenses................. 3,385 3,638 7,362 7,376
Policy acquisition costs............................ 2,059 1,734 4,123 3,459
------- ------ ------ -------
Total expenses.............................. 6,553 6,134 13,669 12,293
------- ------ ------ -------
Income before income taxes.................. 7,591 4,157 13,383 7,813
------- ------ ------ -------
Income Taxes:
Current federal income tax.......................... 1,316 344 1,981 664
Deferred federal income tax......................... 1,148 457 1,971 976
------- ------ ------ -------
Total income taxes.......................... 2,464 801 3,952 1,640
------- ------ ------ -------
NET INCOME.................................. $ 5,127 3,356 9,431 6,173
======= ====== ====== =======
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
CAPITAL MARKETS ASSURANCE CORPORATION
STATEMENT OF STOCKHOLDER'S EQUITY
(UNAUDITED)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
----------------
<S> <C>
Common stock:
Balance at beginning of period............................................. $ 15,000
--------
Balance at end of period................................................ 15,000
--------
Additional paid-in capital:
Balance at beginning of period............................................. 205,808
Capital contribution....................................................... 2,667
--------
Balance at end of period................................................ 208,475
--------
Unrealized (depreciation) appreciation on investments, net of tax:
Balance at beginning of period............................................. 3,286
Unrealized depreciation on investments..................................... (4,284)
--------
Balance at end of period................................................ (998)
--------
Retained earnings:
Balance at beginning of period............................................. 41,972
Net income................................................................. 9,431
--------
Balance at end of period................................................ 51,403
--------
Total stockholder's equity.............................................. $273,880
========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 9
CAPITAL MARKETS ASSURANCE CORPORATION
STATEMENTS OF CASH FLOWS
(UNAUDITED)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 1996 JUNE 30, 1995
---------------- ----------------
<S> <C> <C>
Cash flows from operating activities:
Net income................................................ $ 9,431 6,173
--------- -------
Adjustments to reconcile net income to net cash provided
(used) by operating activities:
Reserve for losses and loss adjustment expenses........... 1,821 1,458
Unearned premiums......................................... 10,977 15,463
Deferred acquisition costs................................ (4,742) (5,428)
Premiums receivable....................................... 308 (3,603)
Accrued investment income................................. (579) (290)
Income taxes payable...................................... 2,113 1,123
Net realized capital gains................................ (168) (85)
Accounts payable and other accrued expenses............... 2,581 6,408
Prepaid reinsurance....................................... (3,004) (1,852)
Other, net................................................ (183) 692
--------- -------
Total adjustments................................. 9,124 13,886
--------- -------
Net cash provided by operating activities.............. 18,555 20,059
--------- -------
Cash flows from investing activities:
Purchases of investments.................................. (121,115) (53,597)
Proceeds from sale of investments......................... 19,875 7,829
Proceeds from maturities of investments................... 82,800 25,874
--------- -------
Net cash used in investing activities.................. (18,440) (19,894)
--------- -------
Net increase in cash...................................... 115 165
Cash balance at beginning of period....................... 344 85
--------- -------
Cash balance at end of period.......................... $ 459 250
========= =======
Supplemental disclosures of cash flow information:
Income taxes paid......................................... $ 1,725 150
========= =======
Tax and loss bonds purchased.............................. $ 112 18
========= =======
</TABLE>
See accompanying notes to financial statements.
<PAGE> 10
CAPITAL MARKETS ASSURANCE CORPORATION
NOTES TO UNAUDITED FINANCIAL STATEMENTS
JUNE 30, 1996
1. BACKGROUND
Capital Markets Assurance Corporation ("CapMAC") is a New York-domiciled
monoline stock insurance company which engages only in the business of
financial guaranty and surety insurance. CapMAC is a wholly-owned
subsidiary of CapMAC Holdings Inc. ("Holdings"). CapMAC is licensed in all
50 states in addition to the District of Columbia, the Commonwealth of
Puerto Rico and the territory of Guam. CapMAC insures structured
asset-backed, corporate, municipal and other financial obligations in the
U.S. and international capital markets. CapMAC also provides financial
guaranty reinsurance for structured asset-backed, corporate, municipal and
other financial obligations written by other major insurance companies.
CapMAC's claims-paying ability is rated triple-A by Moody's Investors
Service, Inc., Standard & Poor's Ratings Services, Duff & Phelps Credit
Rating Co., and Nippon Investors Service, Inc., a Japanese rating agency.
Such ratings reflect only the views of the respective rating agencies, are
not recommendations to buy, sell or hold securities and are subject to
revision or withdrawal at any time by such rating agencies.
2. BASIS OF PRESENTATION
CapMAC's unaudited interim financial statements have been prepared on the
basis of generally accepted accounting principles and, in the opinion of
management, reflect all adjustments necessary for a fair presentation of
the CapMAC's financial condition, results of operations and cash flows for
the periods presented. The results of operations for the six months ended
June 30, 1996 may not be indicative of the results that may be expected for
the full year ending December 31, 1996. These financial statements and
notes should be read in conjunction with the financial statements and notes
included in the audited financial statements of CapMAC as of December 31,
1995 and 1994, and for each of the years in the three-year period ended
December 31, 1995.
3. RECLASSIFICATIONS
Certain prior period balances have been reclassified to conform to the
current period presentation.
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