<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: November 24, 1998
(Date of earliest event reported)
ONYX ACCEPTANCE FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 333-51239 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
<PAGE> 2
Item 5. Other Events.
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Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 333-51239) filed with the Securities and Exchange Commission
(the "Commission") on April 28, 1998 (the "Registration Statement"), pursuant to
which the Registrant registered $1,000,000,000 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 (the "Act"). Reference is also hereby made to the Prospectus
and the related Prospectus Supplement (collectively, the "Prospectus"), each
dated November 19, 1998, 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 1998-C, consisting of (A) 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 (B) Auto Loan Backed
Certificates (the "Certificates" and, together with the Notes, the "Offered
Securities").
The Registrant is filing this Current Report on Form 8-K/A to amend that
certain Current Report on Form 8-K dated as of November 24, 1998 (the "Original
Current Report") which was filed with the Commission on December 9, 1998, in
order to include certain data concerning the Contracts (defined below) which was
inadvertently omitted from the Original Current Report.
The Offered Securities were sold to Merrill Lynch, Pierce, Fenner &
Smith Incorporated ("Merrill Lynch") and Salomon Smith Barney Inc. ("Salomon"
and, together with Merrill Lynch, the "Underwriters") pursuant to the terms of
the Underwriting Agreement dated as of November 19, 1998 (the "Underwriting
Agreement") between the Registrant and Merrill Lynch, as representative of
itself and of Salomon. A copy of the Underwriting Agreement was filed with the
Original Current Report as Exhibit 1.2.
The Notes were issued pursuant to an Indenture dated as of November 1,
1998 (the "Indenture") among ONYX ACCEPTANCE OWNER TRUST 1998-C (the "Issuer" or
the "Trust") and The Chase Manhattan Bank, as Indenture Trustee (the "Indenture
Trustee"). A copy of the Indenture was filed with the Original Current Report as
Exhibit 4.3.
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 and light-duty trucks (the
"Financed Vehicles"), certain monies due under the Contracts and certain monies
received with respect to the Contracts on or after the 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 November 1, 1998
(the "Trust Agreement") among the Registrant, as Depositor, Bankers Trust
(Delaware), as Owner Trustee (the "Owner Trustee"), and The Chase Manhattan
Bank, as Trust Agent (the "Trust Agent"). A copy of the Trust Agreement was
filed with the Original Current Report as Exhibit 4.4.
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The Contracts were sold by the Seller to the Trust pursuant to the Sale
and Servicing Agreement dated as of November 1, 1998 (the "Sale and Servicing
Agreement") among the Trust, the Registrant, as Seller, Onyx, as Servicer, and
The Chase Manhattan Bank, as Indenture Trustee and Trust Agent. A copy of the
Sale and Servicing Agreement was filed with the Original Current Report as
Exhibit 10.2. The Trust acquired certain contracts (the "Initial Contracts")
with a total principal balance of $218,237,184 (the "Initial Cut-Off Pool
Balance') as of November 1, 1998 (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 November 24, 1998 (the
"Final Cut-Off Date') with a total principal balance of $61,762,823.
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........................$218,237,184
Number of Contracts......................................17,979
Average principal balance outstanding................$12,138.45
Average original amount financed.....................$12,209.96
Original amount financed (range)..........1,179.81 to 63,591.08
Weighted average APR.....................................14.89%
APR (range).....................................4.97% to 27.00%
Weighted average original term............................57.78
Original term (range)..............................6 to 72 mos.
Weighted average remaining term...........................57.15
Remaining term (range).............................5 to 72 mos.
DISTRIBUTION BY APRs OF THE INITIAL CONTRACTS
<TABLE>
<CAPTION>
NUMBER % OF % OF INITIAL CUT-
OF INITIAL PRINCIPAL OFF
APR RANGE INITIAL CONTRACTS BALANCE POOL BALANCE
--------- CONTRACTS --------- --------- -----------------
---------
<S> <C> <C> <C> <C>
0.000% to 7.000% ........ 6 0.03 55,475 0.03
7.001% to 8.000% ........ 213 1.18 3,629,859 1.66
8.001% to 9.000% ........ 642 3.57 10,392,841 4.76
9.001% to 10.000% ....... 927 5.16 13,708,457 6.28
10.001% to 11.000% ....... 871 4.84 12,609,609 5.78
11.001% to 12.000% ....... 1,025 5.70 14,083,678 6.45
12.001% to 13.000% ....... 1,260 7.01 16,964,679 7.77
13.001% to 14.000% ....... 1,606 8.93 21,081,842 9.66
14.001% to 15.000% ....... 1,887 10.50 23,802,869 10.91
15.001% to 16.000% ....... 1,822 10.13 22,962,385 10.52
16.001% to 17.000% ....... 1,773 9.86 20,892,272 9.57
17.001% to 18.000% ....... 1,674 9.31 18,606,567 8.53
18.001% to 19.000% ....... 1,064 5.92 10,973,331 5.03
19.001% to 20.000% ....... 928 5.16 9,121,916 4.18
20.001% to 21.000% ....... 1,356 7.54 13,159,185 6.03
21.001% and over ......... 925 5.14 6,192,219 2.84
------ ------ ----------- ------
Totals ......... 17,979 100.00%* 218,237,184 100.00%*
</TABLE>
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* Percentages may not add to 100% because of rounding.
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<PAGE> 4
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>
Alabama ........ 1 0.01 9,548 0.00
Arizona ........ 832 4.63 9,921,616 4.55
California ..... 6,719 37.37 82,423,853 37.77
Colorado ....... 579 3.22 6,425,556 2.94
Florida ........ 1,904 10.59 22,951,630 10.52
Georgia ........ 1,319 7.34 17,469,924 8.01
Idaho .......... 115 0.64 993,003 0.46
Illinois ....... 1,454 8.09 18,269,339 8.37
Indiana ........ 390 2.17 4,727,367 2.17
Iowa ........... 3 0.02 27,718 0.01
Kansas ......... 14 0.08 172,782 0.08
Kentucky ....... 22 0.12 243,033 0.11
Maryland ....... 1 0.01 9,805 0.00
Maine .......... 1 0.01 11,097 0.01
Michigan ....... 982 5.46 12,153,114 5.57
Missouri ....... 20 0.11 194,249 0.09
Montana ........ 3 0.02 39,433 0.02
Nevada ......... 577 3.21 6,983,643 3.20
New Jersey ..... 581 3.23 7,116,152 3.26
New York ....... 5 0.03 57,873 0.03
North Carolina . 124 0.69 1,737,958 0.80
Ohio ........... 1 0.01 15,128 0.01
Oklahoma ....... 58 0.32 627,590 0.29
Oregon ......... 644 3.58 6,518,017 2.99
South Carolina . 35 0.19 402,114 0.18
Tennessee ...... 37 0.21 541,544 0.25
Texas .......... 662 3.68 9,117,345 4.18
Utah ........... 15 0.08 148,543 0.07
Virginia ....... 4 0.02 70,045 0.03
Washington ..... 877 4.88 8,858,165 4.06
------ ------- ----------- ------
Totals 17,979 100.00%* 218,237,184 100.00%*
</TABLE>
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* Percentages may not add to 100% because of rounding.
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<PAGE> 5
Set forth below is certain data concerning the Subsequent Contracts as
of the Final Cut-Off Date.
COMPOSITION OF THE SUBSEQUENT CONTRACTS
Aggregate principal balance.........................$61,762,823
Number of Contracts.......................................5,158
Average principal balance outstanding................$11,974.18
Average original amount financed.....................$11,974.18
Original amount financed (range)........$1,000.25 to $58,082.28
Weighted average APR.....................................14.86%
APR (range).........................................1.9% to 25%
Weighted average original term.......................57.42 mos.
Original term (range)..............................9 to 72 mos.
Weighted average remaining term......................57.34 mos.
Remaining term (range).............................8 to 72 mos.
DISTRIBUTION BY APRs OF THE SUBSEQUENT CONTRACTS
<TABLE>
<CAPTION>
NUMBER OF % OF % OF FINAL
SUBSEQUENT SUBSEQUENT PRINCIPAL CUT-OFF
APR RANGE CONTRACTS CONTRACTS BALANCE POOL BALANCE
--------- --------- --------- ------- ------------
<S> <C> <C> <C> <C>
0.000% to 7.000%....... 2 0.04 $ 13,316 0.00
7.001% to 8.000%....... 56 1.09 974,379 1.58
8.001% to 9.000%....... 189 3.66 2,847,798 4.61
9.001% to 10.000%...... 281 5.45 3,997,173 6.47
10.001% to 11.000%...... 290 5.62 4,083,067 6.61
11.001% to 12.000%...... 305 5.91 4,216,586 6.83
12.001% to 13.000%...... 325 6.30 4,364,096 7.07
13.001% to 14.000%...... 447 8.67 5,661,360 9.17
14.001% to 15.000%...... 494 9.58 6,441,670 10.43
15.001% to 16.000%...... 581 11.26 7,219,673 11.69
16.001% to 17.000%...... 521 10.10 6,009,752 9.73
17.001% to 18.000%...... 482 9.34 5,248,959 8.50
18.001% to 19.000%...... 285 5.53 2,914,632 4.72
19.001% to 20.000%...... 277 5.37 2,607,868 4.22
20.001% to 21.000%...... 373 7.23 3,542,877 5.74
21.001% to 28.000%...... 250 4.85 1,619,617 2.62
----- ------ ----------- ------
Totals........ 5,158 100.00* $61,762,823 100.00*
</TABLE>
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* Percentages may not add to 100% because of rounding.
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GEOGRAPHIC CONCENTRATION OF THE SUBSEQUENT CONTRACTS
<TABLE>
<CAPTION>
NUMBER OF % OF % OF FINAL
SUBSEQUENT SUBSEQUENT PRINCIPAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
---------- ---------- --------- ------------
<S> <C> <C> <C> <C>
Alabama ........ 1 0.02 33,027 0.05
Arizona ........ 186 3.61 2,181,508 3.53
Arkansas ....... 1 0.02 11,900 0.02
California ..... 1,938 37.57 24,033,783 38.91
Colorado ....... 193 3.74 2,109,113 3.41
Florida ........ 544 10.55 6,479,199 10.49
Georgia ........ 314 6.09 4,087,460 6.62
Idaho .......... 39 0.76 335,680 0.54
Illinois ....... 471 9.13 5,766,811 9.34
Indiana ........ 133 2.58 1,556,188 2.52
Iowa ........... 3 0.06 36,301 0.06
Kansas ......... 2 0.04 16,938 0.03
Kentucky ....... 10 0.19 113,367 0.18
Michigan ....... 296 5.74 3,510,384 5.68
Missouri ....... 3 0.06 48,942 0.08
Montana ........ 1 0.02 4,396 0.01
Nevada ......... 163 3.16 1,943,071 3.15
New Jersey ..... 235 4.56 2,638,393 4.27
New York ....... 1 0.02 14,923 0.02
Oklahoma ....... 13 0.25 156,501 0.25
Oregon ......... 195 3.78 1,912,628 3.10
Tennessee ...... 37 0.72 512,147 0.83
Texas .......... 142 2.75 1,877,292 3.04
Utah ........... 1 0.02 9,400 0.02
Virginia ....... 2 0.04 25,985 0.04
Washington ..... 233 4.52 2,334,643 3.78
Wisconsin ...... 1 0.02 12,843 0.02
----- ------ ----------- ------
Totals 5,158 100.00* $61,762,823 100.00*
</TABLE>
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* Percentages may not add to 100% because of rounding.
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<PAGE> 7
Item 7. Financial Statements And Exhibits.
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
*1.2 Underwriting Agreement dated as of November 19, 1998 by and
among the Registrant, Onyx Acceptance Corporation and Merrill
Lynch, Pierce, Fenner & Smith Incorporated
*4.3 Indenture dated as of November 1, 1998 between Onyx Acceptance
Owner Trust 1998-C and The Chase Manhattan Bank, as Indenture
Trustee
*4.4 Trust Agreement dated as of November 1, 1998 among the
Registrant, as Depositor, Bankers Trust (Delaware), as Owner
Trustee, and The Chase Manhattan Bank, as Trust Agent
*10.2 Sale and Servicing Agreement dated as of November 1, 1998 among
the Registrant, as Seller, Onyx Acceptance Corporation, as Servicer,
and The Chase Manhattan Bank, as Indenture Trustee and Trust
Agent
</TABLE>
* Previously filed with the Original Current Report.
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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 hereunto duly authorized.
ONYX ACCEPTANCE FINANCIAL
CORPORATION
March 17, 1999 By: /s/ Regan E. Kelly
--------------------------------
Regan E. Kelly,
Executive Vice President
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