<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: August 30, 2000
(Date of earliest event reported)
ONYX ACCEPTANCE FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 333-92245 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. 333-92245) filed with the Securities and Exchange Commission
(the "Commission") on December 7, 1999, Amendment No. 1 thereto filed with the
Commission on January 18, 2000 and Amendment No. 2 thereto filed with the
Commission on February 10, 2000 (as amended, the "Registration Statement"),
pursuant to which the Registrant registered $2,000,000,000 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 dated February 23, 2000 and the related Prospectus Supplement dated
July 20, 2000, as filed with the Commission pursuant to Rule 424(b)(5), with
respect to the Registrant's Auto Loan Backed Notes Series 2000-C, 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").
The Notes were sold to Salomon Smith Barney Inc. ("Salomon"), Chase
Securities Inc. ("Chase Securities"), Credit Suisse First Boston Corporation
("CS First Boston") and Merrill Lynch, Pierce, Fenner & Smith Incorporated
("Merrill Lynch" and, together with Salomon, Chase Securities and CS First
Boston, the "Underwriters") pursuant to the terms of the Underwriting Agreement
dated as of July 20, 2000 (the "Underwriting Agreement") between the Registrant
and Salomon, as representative of itself, Chase Securities, CS First Boston and
Merrill Lynch.
The Notes were issued pursuant to an Indenture dated as of July 1, 2000
(the "Indenture") among ONYX ACCEPTANCE OWNER TRUST 2000-C (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.
A Residual Interest Instrument that represents an undivided ownership
interests in the Trust was issued pursuant to the Trust Agreement dated as of
July 1, 2000 (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 July 1, 2000 (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 $227,077,814.86 (the "Initial Cut-Off Pool Balance") as of
July 1, 2000 (the "Initial Cut-Off Date"). The Trust also acquired certain
additional Contracts (the "Subsequent Contracts") originated or purchased on or
after the Initial Cut-Off Date but before July 26, 2000 (the "Subsequent Cut-Off
Date") with a total principal balance of $82,844,363.17 (the "Subsequent 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
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principal balance of $130,077,825.08 as of the related cut-off dates (each a
"Prefunding Cut-Off Date") during the period from the Closing Date until August
30, 2000.
Set forth below is certain data concerning the Initial Contracts as of
the Initial Cut-Off Date.
COMPOSITION OF THE INITIAL CONTRACTS
<TABLE>
<S> <C>
Aggregate principal balance....................... $227,077,814.86
Number of Contracts............................... 18,421
Average principal balance outstanding............. $12,327.12
Average original amount financed.................. $12,411.57
Original amount financed (range).................. $1,206.84 to $62,076.98
Weighted average APR.............................. 15.43%
APR (range)....................................... 6.00% to 25.80%
Weighted average original term.................... 57.15 mos.
Original term (range)............................. 12 to 72 mos.
Weighted average remaining term................... 56.59 mos.
Remaining term (range)............................ 10 to 72 mos.
</TABLE>
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%....... 3 0.02 26,141.64 0.01
7.001% to 8.000%....... 325 1.76 5,908,717.15 2.60
8.001% to 9.000%....... 614 3.33 9,966,371.53 4.39
9.001% to 10.000%...... 793 4.30 12,041,187.41 5.30
10.001% to 11.000%...... 701 3.81 10,063,455.93 4.43
11.001% to 12.000%...... 765 4.15 10,640,178.74 4.69
12.001% to 13.000%...... 929 5.04 12,236,771.29 5.39
13.001% to 14.000%...... 1,084 5.88 14,074,472.70 6.20
14.001% to 15.000%...... 1,713 9.30 21,865,473.91 9.63
15.001% to 16.000%...... 2,071 11.24 26,566,685.97 11.70
16.001% to 17.000%...... 2,415 13.11 29,952,185.33 13.19
17.001% to 18.000%...... 2,395 13.00 27,543,287.75 12.13
18.001% to 19.000%...... 1,414 7.68 15,481,136.55 6.82
19.001% to 20.000%...... 1,095 5.94 11,207,234.86 4.94
20.001% to 21.000%...... 1,202 6.53 12,278,730.70 5.41
21.001% to 30.000%...... 902 4.90 7,225,783.40 3.18
------ ------ --------------- ------
Totals........ 18,421 100.00%* $227,077,814.86 100.00%*
</TABLE>
----------------
* 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 INITIAL PRINCIPAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
--------- --------- --------- ------------
<S> <C> <C> <C> <C>
Alabama................ 237 1.29 $ 2,976,848.51 1.31
Arizona................ 626 3.40 7,458,830.37 3.28
California............. 4,182 22.70 54,300,273.97 23.91
Colorado............... 307 1.67 3,365,646.38 1.48
Connecticut............ 3 0.02 23,756.74 0.01
Delaware............... 201 1.09 2,363,328.59 1.04
Florida................ 1,439 7.81 17,546,903.07 7.73
Georgia................ 1,091 5.92 14,453,292.29 6.36
Idaho.................. 150 0.81 1,659,980.92 0.73
Illinois............... 1,061 5.76 13,135,280.29 5.78
Indiana................ 441 2.39 5,011,650.70 2.21
Iowa................... 79 0.43 1,025,514.21 0.45
Kansas................. 3 0.02 29,139.04 0.01
Kentucky............... 292 1.59 3,402,077.88 1.50
Maryland............... 460 2.50 5,955,543.65 2.62
Michigan............... 1,006 5.46 12,413,704.83 5.47
Minnesota.............. 137 0.74 1,809,182.61 0.80
Mississippi............ 22 0.12 347,331.34 0.15
Missouri............... 269 1.46 3,321,792.54 1.46
Montana................ 5 0.03 64,939.57 0.03
Nevada................. 442 2.40 5,079,069.08 2.24
New Hampshire.......... 6 0.03 82,243.59 0.04
New Jersey............. 1,188 6.45 14,292,462.35 6.29
New York............... 2 0.01 19,559.36 0.01
North Carolina......... 591 3.21 7,646,525.70 3.37
Oklahoma............... 141 0.77 1,834,183.22 0.81
Oregon................. 367 1.99 4,032,573.44 1.78
Pennsylvania........... 1,217 6.61 13,791,762.22 6.07
Rhode Island........... 18 0.10 237,310.36 0.10
South Carolina......... 354 1.92 4,274,421.92 1.88
Tennessee.............. 349 1.89 4,340,332.72 1.91
Texas.................. 502 2.73 6,476,264.33 2.85
Utah................... 78 0.42 1,071,442.01 0.47
Virginia............... 609 3.31 7,318,027.05 3.22
Washington............. 541 2.94 5,860,759.46 2.58
West Virginia.......... 5 0.03 55,860.55 0.02
------ ------ --------------- ------
Totals....... 18,421 100.00%* $227,077,814.86 100.00%*
</TABLE>
----------------
* 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.................... $82,844,363.17
Number of Contracts............................ 6,728
Average principal balance outstanding.......... $12,313.37
Average original amount financed............... $12,313.37
Original amount financed (range)............... $1,613.15 to $52,070.99
Weighted average APR........................... 14.95%
APR (range).................................... 4.90% to 25.00%
Weighted average original term................. 57.02 mos.
Original term (range).......................... 12 to 72 mos.
Weighted average remaining term................ 56.90 mos.
Remaining term (range)......................... 11 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%........ 1 0.01 $ 10,000.00 0.01
7.001% to 8.000%........ 150 2.23 2,708,448.78 3.27
8.001% to 9.000%........ 305 4.53 5,113,177.34 6.17
9.001% to 10.000%....... 369 5.48 5,679,435.89 6.86
10.001% to 11.000%....... 314 4.67 4,446,834.68 5.37
11.001% to 12.000%....... 317 4.71 4,244,133.92 5.12
12.001% to 13.000%....... 379 5.63 4,951,782.74 5.98
13.001% to 14.000%....... 422 6.27 5,413,339.44 6.53
14.001% to 15.000%....... 630 9.36 7,780,593.78 9.39
15.001% to 16.000%....... 701 10.42 8,687,118.66 10.49
16.001% to 17.000%....... 780 11.59 9,537,168.55 11.51
17.001% to 18.000%....... 776 11.53 8,804,722.36 10.63
18.001% to 19.000%....... 517 7.68 5,518,806.88 6.66
19.001% to 20.000%....... 375 5.57 3,718,830.40 4.49
20.001% to 21.000%....... 371 5.51 3,640,168.05 4.39
Over 21.000%............. 321 4.77 2,589,801.70 3.13
----- ------ -------------- ------
Totals......... 6,728 100.00%* $82,844,363.17 100.00%*
</TABLE>
----------------
* 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
SUBSEQUENT SUBSEQUENT PRINCIPAL FINAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
---------- ---------- --------- -------------
<S> <C> <C> <C> <C>
Alabama............ 129 1.92 1,591,802.69 1.92
Arizona............ 251 3.73 2,877,204.66 3.47
California......... 1,392 20.69 18,576,679.01 22.42
Colorado........... 97 1.44 1,104,144.56 1.33
Connecticut........ 1 0.01 11,054.18 0.01
Delaware........... 85 1.26 1,014,708.46 1.22
Florida............ 547 8.13 6,372,007.42 7.69
Georgia............ 399 5.93 5,180,947.02 6.25
Idaho.............. 79 1.17 916,940.44 1.11
Illinois........... 476 7.07 5,975,008.06 7.21
Indiana............ 163 2.42 1,893,774.46 2.29
Iowa............... 64 0.95 793,758.75 0.96
Kansas............. 9 0.13 123,391.71 0.15
Kentucky........... 93 1.38 1,022,810.16 1.23
Maryland........... 189 2.81 2,509,292.37 3.03
Michigan........... 295 4.38 3,668,331.94 4.43
Minnesota.......... 57 0.85 748,474.19 0.90
Mississippi........ 12 0.18 176,170.08 0.21
Missouri........... 151 2.24 1,927,801.00 2.33
Montana............ 8 0.12 104,415.58 0.13
Nevada............. 172 2.56 1,835,080.92 2.22
New Hampshire...... 2 0.03 32,906.89 0.04
New Jersey......... 446 6.63 5,337,717.50 6.44
North Carolina..... 189 2.81 2,458,683.83 2.97
Oklahoma........... 73 1.09 944,665.27 1.14
Oregon............. 150 2.23 1,603,529.74 1.94
Pennsylvania....... 255 3.79 2,893,144.46 3.49
Rhode Island....... 16 0.24 178,172.54 0.22
South Carolina..... 123 1.83 1,576,849.32 1.90
Tennessee.......... 111 1.65 1,370,869.90 1.65
Texas.............. 217 3.23 2,607,893.08 3.15
Utah............... 37 0.55 444,146.80 0.54
Virginia........... 261 3.88 3,054,389.17 3.69
Washington......... 178 2.65 1,906,663.66 2.30
West Virginia...... 1 0.01 10,933.35 0.01
----- ------ -------------- ------
Totals... 6,728 100.00%* $82,844,363.17 100.00%*
</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 Prefunding Cut-Off Date:
COMPOSITION OF THE PREFUNDED CONTRACTS
Aggregate principal balance....................... $130,077,825.08
Number of Contracts............................... 10,437
Average principal balance outstanding............. $12,463.14
Average original amount financed.................. $12,448.71
Original amount financed (range).................. $1,223.20 to $73,000.00
Weighted average APR.............................. 14.84%
APR (range)....................................... 6.90% to 25.90%
Weighted average original term.................... 56.79
Original term (range)............................. 12 to 72 mos.
Weighted average remaining term................... 56.75
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%..... 2 0.02 29,489.00 0.02
7.001% to 8.000%..... 277 2.65 4,919,655.43 3.78
8.001% to 9.000%..... 560 5.37 9,714,348.53 7.47
9.001% to 10.000%.... 583 5.59 9,129,569.60 7.02
10.001% to 11.000%.... 429 4.11 6,268,897.81 4.82
11.001% to 12.000%.... 508 4.87 6,880,217.44 5.29
12.001% to 13.000%.... 561 5.38 7,421,338.45 5.71
13.001% to 14.000%.... 638 6.11 8,386,550.74 6.45
14.001% to 15.000%.... 886 8.49 11,204,479.93 8.61
15.001% to 16.000%.... 1,072 10.27 13,382,736.36 10.29
16.001% to 17.000%.... 1,188 11.38 14,302,289.13 11.00
17.001% to 18.000%.... 1,296 12.42 14,475,324.95 11.13
18.001% to 19.000%.... 786 7.53 8,518,402.97 6.55
19.001% to 20.000%.... 589 5.64 6,014,119.85 4.62
20.001% to 21.000%.... 597 5.72 5,699,025.99 4.38
Over 21.000%.......... 465 4.46 3,731,378.90 2.87
------ ------ -------------- ------
Totals...... 10,437 100.00* 130,077,825.08 100.00*
</TABLE>
----------------
* Percentages may not add to 100% because of rounding.
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GEOGRAPHIC CONCENTRATION OF THE PREFUNDED CONTRACTS
<TABLE>
<CAPTION>
NUMBER OF % OF % OF PREFUNDED
PREFUNDED PREFUNDED PRINCIPAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
--------- --------- --------- --------------
<S> <C> <C> <C> <C>
Alabama 130 1.25 1,568,175.11 1.21
Arizona 329 3.15 3,999,642.63 3.07
California 2,191 20.99 29,460,313.35 22.65
Colorado 217 2.08 2,239,014.84 1.72
Connecticut 2 0.02 43,076.28 0.03
Delaware 138 1.32 1,534,817.49 1.18
Florida 886 8.49 10,653,400.65 8.19
Georgia 648 6.21 8,568,862.25 6.59
Idaho 93 0.89 957,640.94 0.74
Illinois 592 5.67 7,586,306.52 5.83
Indiana 258 2.47 3,027,815.26 2.33
Iowa 95 0.91 1,218,776.88 0.94
Kansas 19 0.18 291,100.72 0.22
Kentucky 137 1.31 1,683,168.67 1.29
Maryland 277 2.65 3,767,928.76 2.90
Michigan 673 6.45 8,537,769.12 6.56
Minnesota 130 1.25 1,775,172.23 1.36
Mississippi 14 0.13 179,673.79 0.14
Missouri 188 1.80 2,272,405.49 1.75
Montana 2 0.02 21,883.88 0.02
Nevada 288 2.76 3,165,347.33 2.43
New Hampshire 2 0.02 23,831.52 0.02
New Jersey 746 7.15 8,768,755.83 6.74
New York 1 0.01 21,842.46 0.02
North Carolina 319 3.06 4,402,509.98 3.38
Oklahoma 99 0.95 1,127,668.68 0.87
Oregon 219 2.10 2,488,257.92 1.91
Pennsylvania 390 3.74 4,324,189.51 3.32
Rhode Island 22 0.21 241,138.39 0.19
South Carolina 162 1.55 1,935,745.75 1.49
Tennessee 153 1.47 1,920,199.92 1.48
Texas 368 3.53 4,386,965.84 3.37
Utah 42 0.40 589,261.71 0.45
Virginia 373 3.57 4,731,649.15 3.64
Washington 232 2.22 2,546,744.38 1.96
West Virginia 2 0.02 16,771.85 0.01
------ ------ -------------- ------
Totals 10,437 100.00* 130,077,825.08 100.00*
</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
September 11, 2000 By: /s/ Michael A. Krahelski
-----------------------------------
Michael A. Krahelski,
Senior Vice President
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