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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: November 29, 1999
(Date of earliest event reported)
ONYX ACCEPTANCE FINANCIAL CORPORATION
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 333-71045 33-0639768
- ------------------------ --------------------- -------------------
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
27051 Towne Centre Drive, Suite 200
Foothill Ranch, California 92610
- ---------------------------------------------- -------------------
(Address of Principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (949) 465-3500
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Item 5. Other Events.
Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 333-71045) filed with the Securities and Exchange Commission
(the "Commission") on January 22, 1999, and Amendment No. 1 thereto filed with
the Commission on February 12, 1999, pursuant to which the Registrant registered
$1,500,000,000 aggregate principal amount of its auto loan backed notes and auto
loan backed certificates, issuable in various series, for sale in accordance
with the provisions of the Securities Act of 1933, as amended. Reference is also
hereby made to the Prospectus dated August 25, 1999 and the related Prospectus
Supplement dated October 21, 1999, as filed with the Commission pursuant to Rule
424(b)(5), with respect to the Registrant's Auto Loan Backed Notes and Auto Loan
Backed Certificates, Series 1999-D, consisting of Class A-1 Auto Loan Backed
Notes, Class A-2 Auto Loan Backed Notes, Class A-3 Auto Loan Backed Notes and
Class A-4 Auto Loan Backed Notes (the "Notes"), and Auto Loan Backed
Certificates (the "Certificates" and, together with the Notes, the "Offered
Securities").
The Offered Securities were sold to Salomon Smith Barney Inc.
("Salomon"), Chase Securities Inc. ("Chase Securities") and Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("Merrill Lynch" and, together with Salomon
and Chase Securities, the "Underwriters") pursuant to the terms of the
Underwriting Agreement dated as of October 21, 1999 (the "Underwriting
Agreement") between the Registrant and Salomon, as representative of itself,
Chase Securities and Merrill Lynch.
The Notes were issued pursuant to an Indenture dated as of October 1,
1999 (the "Indenture") among ONYX ACCEPTANCE OWNER TRUST 1999-D (the "Trust")
and The Chase Manhattan Bank, as Indenture Trustee.
The Notes are secured by the assets of the Trust pursuant to the
Indenture. The assets of the Trust include primarily a pool of fixed rate motor
vehicle retail installment sales contracts and installment loan agreements (the
"Contracts") secured by new and used automobiles, light-duty trucks and vans
(the "Financed Vehicles"), certain monies due under the Contracts and certain
monies received with respect to the Contracts on or after the related Cut-Off
Date, as defined in the Indenture, security interests in the Financed Vehicles
and certain other property.
The Certificates represent undivided ownership interests in the Trust
and were issued pursuant to the Trust Agreement dated as of October 1, 1999 (the
"Trust Agreement") among the Registrant, as Depositor, Bankers Trust (Delaware),
as Owner Trustee, and The Chase Manhattan Bank, as Trust Agent.
The Contracts were sold by the Registrant to the Trust pursuant to the
Sale and Servicing Agreement dated as of October 1, 1999 (the "Sale and
Servicing Agreement") among the Trust, the Registrant, as Seller, Onyx, as
Servicer and Custodian, and The Chase Manhattan Bank, as Indenture Trustee and
Trust Agent. The Trust acquired certain Contracts (the "Initial Contracts") with
a total principal balance of $172,577,090.48 (the "Initial Cut-Off Pool
Balance") as of October 1, 1999 (the "Initial Cut-Off Date"). The Trust also
acquired certain additional Contracts (the "Subsequent Contracts") originated or
purchased after the Initial Cut-Off Date but on or before October 27, 1999 (the
"Subsequent Cut-Off Date") with a total principal balance of $103,580,521.51
(the "Subsequent
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<PAGE> 3
Cut-Off Pool Balance"). Additionally, the Trust used funds on deposit in a
segregated trust account (the "Prefunding Account") to acquire additional
Contracts (the "Prefunded Contracts") with a total principal balance of
$113,842,386.70 as of the related cut-off dates (each a "Prefunding Cut-Off
Date") during the period from the Closing Date until November 29, 1999.
Set forth below is certain data concerning the Initial Contracts as of
the Initial Cut-Off Date.
COMPOSITION OF THE INITIAL CONTRACTS
Aggregate principal balance.................................$172,577,090.48
Number of Contracts..................................................14,532
Average principal balance outstanding............................$11,875.66
Average original amount financed.................................$12,013.59
Original amount financed (range)....................$1,155.00 to $81,791.60
Weighted average APR.................................................15.09%
APR (range).................................................6.48% to 25.00%
Weighted average original term...................................56.76 mos.
Original term (range).........................................12 to 72 mos.
Weighted average remaining term..................................56.07 mos.
Remaining term (range).........................................6 to 72 mos.
DISTRIBUTION BY APRS OF THE INITIAL CONTRACTS
<TABLE>
<CAPTION>
NUMBER OF % OF % OF INITIAL
INITIAL INITIAL PRINCIPAL CUT-OFF
APR RANGE CONTRACTS CONTRACTS BALANCE POOL BALANCE
--------- --------- --------- -------------- ------------
<S> <C> <C> <C> <C>
0.000% to 7.000%........ 1 0.01 $ 6,782.20 0.00
7.001% to 8.000%........ 331 2.28 5,474,912.56 3.17
8.001% to 9.000%........ 498 3.43 7,450,654.92 4.32
9.001% to 10.000%....... 674 4.64 9,215,180.03 5.34
10.001% to 11.000%....... 608 4.18 7,902,185.58 4.58
11.001% to 12.000%....... 706 4.86 9,349,439.47 5.42
12.001% to 13.000%....... 862 5.93 10,723,738.10 6.21
13.001% to 14.000%....... 1,235 8.50 15,249,140.95 8.84
14.001% to 15.000%....... 1,424 9.80 17,635,739.71 10.22
15.001% to 16.000%....... 1,758 12.10 21,452,333.12 12.43
16.001% to 17.000%....... 1,689 11.62 20,070,418.07 11.63
17.001% to 18.000%....... 1,506 10.36 16,476,271.03 9.55
18.001% to 19.000%....... 926 6.37 9,809,834.00 5.68
19.001% to 20.000%....... 755 5.20 7,505,704.19 4.35
20.001% to 21.000%....... 998 6.87 9,985,144.10 5.79
Over 21.000%............. 561 3.86 4,269,612.45 2.47
------ ------ -------------- ------
Totals......... 14,532 100.00* 172,577,090.48 100.00*
====== ====== ============== ======
</TABLE>
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* Percentages may not add to 100% because of rounding.
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GEOGRAPHIC CONCENTRATION OF THE INITIAL CONTRACTS
<TABLE>
<CAPTION>
NUMBER % OF % OF
OF INITIAL INITIAL PRINCIPAL INITIAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
---------- --------- -------------- ---------------
<S> <C> <C> <C> <C>
Arizona 635 4.37 7,380,057.53 4.28
California 4,261 29.32 53,563,904.59 31.04
Colorado 340 2.34 3,661,914.19 2.12
Connecticut 4 0.03 21,752.26 0.01
Delaware 93 0.64 1,110,874.12 0.64
District of Columbia 2 0.01 25,308.03 0.01
Florida 1,333 9.17 15,354,278.29 8.90
Georgia 939 6.46 11,481,542.67 6.65
Idaho 175 1.20 1,793,222.42 1.04
Illinois 1,036 7.13 12,109,412.66 7.02
Indiana 321 2.21 3,574,098.40 2.07
Iowa 70 0.48 773,207.84 0.45
Kansas 3 0.02 36,653.92 0.02
Kentucky 160 1.10 1,688,630.98 0.98
Massachusetts 1 0.01 18,306.90 0.01
Michigan 898 6.18 10,473,601.83 6.07
Minnesota 5 0.03 42,207.88 0.02
Mississippi 3 0.02 40,904.93 0.02
Missouri 50 0.34 532,752.99 0.31
Montana 11 0.08 105,314.42 0.06
Nevada 386 2.66 4,305,165.14 2.49
New Jersey 915 6.30 10,940,638.70 6.34
New Mexico 1 0.01 14,929.11 0.01
New York 26 0.18 256,894.10 0.15
North Carolina 477 3.28 5,715,525.23 3.31
Ohio 2 0.01 22,143.14 0.01
Oklahoma 39 0.27 445,398.09 0.26
Oregon 370 2.55 3,993,710.16 2.31
South Carolina 256 1.76 2,813,896.59 1.63
Tennessee 288 1.98 3,287,306.67 1.90
Texas 342 2.35 4,415,010.55 2.56
Utah 12 0.08 119,429.64 0.07
Virginia 550 3.78 7,077,621.71 4.10
Washington 527 3.63 5,370,144.24 3.11
Wisconsin 1 0.01 11,330.56 0.01
------ ------ -------------- ------
Totals 14,532 100.00* 172,577,090.48 100.00*
====== ====== ============== ======
</TABLE>
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* Percentages may not add to 100% because of rounding.
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Set forth below is certain data concerning the Subsequent Contracts as
of the Subsequent Cut-Off Date:
COMPOSITION OF THE SUBSEQUENT CONTRACTS
Aggregate principal balance.................................$103,580,521.51
Number of Contracts...................................................8,502
Average principal balance outstanding............................$12,183.08
Average original amount financed.................................$12,183.08
Original amount financed (range)....................$1,557.79 to $46,000.00
Weighted average APR.................................................14.77%
APR (range).................................................6.95% to 26.98%
Weighted average original term........................................56.84
Original term (range).........................................12 to 72 mos.
Weighted average remaining term.......................................56.70
Remaining term (range)........................................11 to 72 mos.
DISTRIBUTION BY APRS OF THE SUBSEQUENT CONTRACTS
<TABLE>
<CAPTION>
NUMBER OF % OF % OF SUBSEQUENT
SUBSEQUENT SUBSEQUENT PRINCIPAL CUT-OFF
APR RANGE CONTRACTS CONTRACTS BALANCE POOL BALANCE
- ----------------- ---------- ---------- ------------- ----------------
<S> <C> <C> <C> <C>
0.000% to 7.000%........ 2 0.02 22,954.95 0.02
7.001% to 8.000%........ 257 3.02 4,323,024.84 4.17
8.001% to 9.000%........ 342 4.02 5,178,886.48 5.00
9.001% to 10.000%....... 475 5.59 6,503,651.92 6.28
10.001% to 11.000%....... 407 4.79 5,482,247.64 5.29
11.001% to 12.000%....... 474 5.58 6,447,751.53 6.22
12.001% to 13.000%....... 528 6.21 6,824,574.11 6.59
13.001% to 14.000%....... 635 7.47 8,259,945.78 7.97
14.001% to 15.000%....... 798 9.39 10,132,877.33 9.78
15.001% to 16.000%....... 968 11.39 12,125,778.86 11.71
16.001% to 17.000%....... 943 11.09 11,222,316.07 10.83
17.001% to 18.000%....... 840 9.88 9,231,162.92 8.91
18.001% to 19.000%....... 531 6.25 5,667,107.87 5.47
19.001% to 20.000%....... 434 5.10 4,499,245.41 4.34
20.001% to 21.000%....... 529 6.22 5,321,907.03 5.14
Over 21.000%............. 339 3.99 2,337,088.77 2.26
--- ------ -------------- ------
Totals......... 8,502 100.00* 103,580,521.51 100.00*
===== ====== ============== ======
</TABLE>
- ----------------
* Percentages may not add to 100% because of rounding.
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<PAGE> 6
GEOGRAPHIC CONCENTRATION OF THE SUBSEQUENT CONTRACTS
<TABLE>
<CAPTION>
NUMBER % OF
OF % OF SUBSEQUENT
SUBSEQUENT SUBSEQUENT PRINCIPAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
---------- ---------- -------------- ------------
<S> <C> <C> <C> <C>
Arizona 389 4.58 4,575,586.73 4.42
California 2,424 28.51 31,518,548.79 30.43
Colorado 204 2.40 2,184,631.26 2.11
Delaware 70 0.82 865,365.85 0.84
Florida 764 8.99 9,251,203.21 8.93
Georgia 544 6.40 6,713,811.52 6.48
Idaho 140 1.65 1,450,186.37 1.40
Illinois 597 7.02 7,170,429.39 6.92
Indiana 218 2.56 2,459,025.41 2.37
Iowa 42 0.49 443,589.03 0.43
Kentucky 93 1.09 1,034,866.01 1.00
Michigan 495 5.82 5,793,541.53 5.59
Mississippi 1 0.01 23,572.51 0.02
Missouri 35 0.41 429,232.87 0.41
Montana 5 0.06 55,065.45 0.05
Nevada 212 2.49 2,560,752.73 2.47
New Jersey 530 6.23 6,342,763.16 6.12
New York 1 0.01 14,179.10 0.01
North Carolina 372 4.38 4,595,403.11 4.44
Oklahoma 28 0.33 354,572.75 0.34
Oregon 270 3.18 2,936,893.66 2.84
South Carolina 163 1.92 1,855,426.51 1.79
Tennessee 136 1.60 1,577,638.47 1.52
Texas 130 1.53 1,674,315.87 1.62
Utah 4 0.05 39,981.35 0.04
Virginia 294 3.46 3,878,046.64 3.74
Washington 341 4.01 3,781,925.23 3.65
----- ------ -------------- ------
Totals 8,502 100.00* 103,580,521.51 100.00*
===== ====== ============== ======
</TABLE>
- ----------------
* Percentages may not add to 100% because of rounding.
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<PAGE> 7
Set forth below is certain data concerning the Prefunded Contracts as
of the related Prefunding Cut-Off Date:
COMPOSITION OF THE PREFUNDED CONTRACTS
Aggregate principal balance.................................$113,842,386.70
Number of Contracts...................................................9,349
Average principal balance outstanding............................$12,176.96
Average original amount financed.................................$12,176.96
Original amount financed (range)....................$1,115.46 to $64,257.00
Weighted average APR.................................................15.10%
APR (range).................................................6.99% to 25.00%
Weighted average original term........................................56.97
Original term (range).........................................12 to 72 mos.
Weighted average remaining term.......................................56.95
Remaining term (range)........................................11 to 72 mos.
DISTRIBUTION BY APRS OF THE PREFUNDED CONTRACTS
<TABLE>
<CAPTION>
NUMBER OF % OF % OF PREFUNDED
PREFUNDED PREFUNDED PRINCIPAL CUT-OFF
APR RANGE CONTRACTS CONTRACTS BALANCE POOL BALANCE
--------- --------- --------- ------------- --------------
<S> <C> <C> <C> <C>
0.000% to 7.000%..... 3 0.03 37,077.13 0.03
7.001% to 8.000%..... 195 2.09 3,239,155.44 2.85
8.001% to 9.000%..... 280 2.99 4,587,908.54 4.03
9.001% to 10.000%.... 387 4.14 5,404,541.44 4.75
10.001% to 11.000%.... 421 4.50 5,964,951.95 5.24
11.001% to 12.000%.... 486 5.20 6,682,002.16 5.87
12.001% to 13.000%.... 603 6.45 7,722,283.99 6.78
13.001% to 14.000%.... 729 7.80 9,542,638.96 8.38
14.001% to 15.000%.... 939 10.04 11,798,502.95 10.36
15.001% to 16.000%.... 1,097 11.73 13,698,311.63 12.03
16.001% to 17.000%.... 1,099 11.76 13,510,881.79 11.87
17.001% to 18.000%.... 984 10.53 10,892,095.10 9.57
18.001% to 19.000%.... 657 7.03 6,955,911.94 6.11
19.001% to 20.000%.... 473 5.06 4,869,828.37 4.28
20.001% to 21.000%.... 624 6.67 6,184,694.28 5.43
Over 21.000% ......... 372 3.98 2,751,601.03 2.42
----- ------ -------------- ------
Totals...... 9,349 100.00* 113,842,386.70 100.00*
===== ====== ============== ======
</TABLE>
- ----------------
* Percentages may not add to 100% because of rounding.
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<PAGE> 8
GEOGRAPHIC CONCENTRATION OF THE PREFUNDED CONTRACTS
<TABLE>
<CAPTION>
NUMBER % OF
OF % OF PREFUNDING
PREFUNDED PREFUNDED PRINCIPAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
--------- --------- -------------- ------------
<S> <C> <C> <C> <C>
Arizona 424 4.54 4,872,509.17 4.28
California 2,568 27.47 33,140,479.41 29.11
Colorado 218 2.33 2,438,874.34 2.14
Delaware 80 0.86 988,886.24 0.87
Florida 943 10.09 11,233,570.38 9.87
Georgia 616 6.59 7,579,806.35 6.66
Idaho 131 1.40 1,388,738.02 1.22
Illinois 635 6.79 7,718,623.73 6.78
Indiana 260 2.78 3,037,423.10 2.67
Iowa 53 0.57 616,799.11 0.54
Kentucky 135 1.44 1,636,047.64 1.44
Michigan 504 5.39 5,801,525.25 5.10
Minnesota 14 0.15 190,353.32 0.17
Mississippi 10 0.11 145,952.96 0.13
Missouri 52 0.56 569,085.76 0.50
Montana 4 0.04 44,345.70 0.04
Nevada 280 2.99 3,396,982.00 2.98
New Jersey 630 6.74 7,670,602.31 6.74
New York 1 0.01 16,007.45 0.01
North Carolina 369 3.95 4,527,549.46 3.98
Oklahoma 51 0.55 657,331.26 0.58
Oregon 251 2.68 2,745,319.77 2.41
South Carolina 185 1.98 2,047,313.37 1.80
Tennessee 146 1.56 1,783,638.58 1.57
Texas 127 1.36 1,675,313.17 1.47
Utah 4 0.04 48,797.17 0.04
Virginia 346 3.70 4,593,919.72 4.04
Washington 312 3.34 3,276,591.96 2.88
----- ------ -------------- ------
Totals 9,349 100.00* 113,842,386.70 100.00*
===== ====== ============== ======
</TABLE>
- ----------------
* Percentages may not add to 100% because of rounding.
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<PAGE> 9
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 hereunto duly authorized.
ONYX ACCEPTANCE FINANCIAL
CORPORATION
December 2, 1999 By: /s/ Michael A. Krahelski
---------------------------------
Michael A. Krahelski,
Senior Vice President
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