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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: May 25, 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
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(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
April 26, 2000, as filed with the Commission pursuant to Rule 424(b)(5), with
respect to the Registrant's Auto Loan Backed Notes Series 2000-B, consisting of
Class A-1 Auto Loan Backed Notes, Class A-2 Auto Loan Backed Notes, Class A-3
Auto Loan Backed Notes, Class A-4 Auto Loan Backed Notes and Class B Notes (the
"Notes"or the "Offered Notes").
The Offered Notes were sold to Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill Lynch"), Chase Securities Inc. ("Chase Securities") and
Salomon Smith Barney Inc. ("Salomon" and, together with Merrill Lynch and Chase
Securities, the "Underwriters") pursuant to the terms of the Underwriting
Agreement dated as of April 26, 2000 (the "Underwriting Agreement") between the
Registrant and Merrill Lynch, as representative of itself, Chase Securities and
Salomon.
The Notes were issued pursuant to an Indenture dated as of April 1,
2000 (the "Indenture") among ONYX ACCEPTANCE OWNER TRUST 2000-B (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.
Residual Interest Instruments that represent undivided ownership
interests in the Trust were issued pursuant to the Trust Agreement dated as of
April 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 April 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 $243,723,872.48 (the "Initial Cut-Off Pool Balance") as of
April 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 April 27, 2000 (the "Subsequent
Cut-Off Date") with a total principal balance of $113,703,887.19 (the
"Subsequent Cut-Off Pool Balance"). Additionally, the Trust used funds on
deposit in a segregated trust account (the
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"Prefunding Account") to acquire additional Contracts (the "Prefunding
Contracts") with a total principal balance of $92,572,241.31 as of the related
cut-off dates (each a "Prefunding Cut-Off Date") during the period from the
Closing Date until May 25, 2000.
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 ............... $243,723,872.48
Number of Contracts ....................... 20,227
Average principal balance outstanding ..... $12,049.43
Average original amount financed .......... $12,160.06
Original amount financed (range) .......... $1,085.00 to $65,664.45
Weighted average APR ...................... 15.34%
APR (range) ............................... 7.23% to 25.27%
Weighted average original term ............ 57.24 mos.
Original term (range) ..................... 12 to 72 mos.
Weighted average remaining term ........... 56.50
Remaining term (range) .................... 9 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>
7.001% to 8.000%..... 439 2.17 $ 7,138,529.69 2.93
8.001% to 9.000%..... 692 3.42 10,658,058.13 4.37
9.001% to 10.000%.... 801 3.96 11,579,293.30 4.75
10.001% to 11.000%.... 783 3.87 10,848,113.52 4.45
11.001% to 12.000%.... 900 4.45 12,018,229.37 4.93
12.001% to 13.000%.... 1,009 4.99 13,084,053.09 5.37
13.001% to 14.000%.... 1,288 6.37 16,523,856.36 6.78
14.001% to 15.000%.... 1,972 9.75 25,267,987.93 10.37
15.001% to 16.000%.... 2,333 11.53 29,187,392.49 11.98
16.001% to 17.000%.... 2,600 12.85 31,499,605.49 12.92
17.001% to 18.000%.... 2,533 12.52 28,619,220.18 11.74
18.001% to 19.000%.... 1,433 7.08 15,446,171.66 6.34
19.001% to 20.000%.... 1,095 5.41 11,154,489.53 4.58
20.001% to 21.000%.... 1,337 6.61 12,621,938.02 5.18
21.001% to 30.000%.... 1,012 5.00 8,076,933.72 3.31
------ ------ --------------- ------
Totals...... 20,227 100.00%* $243,723,872.48 100.00%*
====== ====== =============== ======
</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 INITIAL
OF INITIAL INITIAL PRINCIPAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
---------- --------- --------------- -------------
<S> <C> <C> <C> <C>
Alabama ............ 277 1.37 $ 3,441,117.91 1.41
Arizona ............ 681 3.37 8,114,754.38 3.33
California ......... 4,171 20.62 52,311,174.25 21.46
Colorado ........... 378 1.87 4,140,366.67 1.70
Delaware ........... 193 0.95 2,158,366.67 0.89
Florida ............ 1,350 6.67 15,941,279.41 6.54
Georgia ............ 1,337 6.61 17,072,568.87 7.00
Idaho .............. 189 0.93 1,932,157.43 0.79
Illinois ........... 995 4.92 12,184,518.56 5.00
Indiana ............ 499 2.47 5,965,112.04 2.45
Iowa ............... 77 0.38 904,937.20 0.37
Kentucky ........... 249 1.23 2,909,636.78 1.19
Maryland ........... 631 3.12 8,015,843.56 3.29
Massachusetts ...... 1 0.00 8,968.53 0.00
Michigan ........... 1,027 5.08 12,020,452.85 4.93
Minnesota .......... 119 0.59 1,598,064.83 0.66
Mississippi ........ 32 0.16 494,614.88 0.20
Missouri ........... 122 0.60 1,376,429.83 0.56
Montana ............ 4 0.02 33,425.58 0.01
Nevada ............. 429 2.12 4,890,239.25 2.01
New Jersey ......... 1,254 6.20 14,772,723.38 6.06
New York ........... 1 0.00 6,591.24 0.00
North Carolina ..... 592 2.93 7,473,423.40 3.07
Ohio ............... 1 0.00 10,953.90 0.00
Oklahoma ........... 189 0.93 2,362,277.49 0.97
Oregon ............. 445 2.20 4,716,432.30 1.94
Pennsylvania ....... 2,141 10.58 24,356,229.82 9.99
South Carolina . . . 324 1.60 3,913,382.35 1.61
Tennessee .......... 317 1.57 4,096,506.15 1.68
Texas .............. 748 3.70 9,891,748.74 4.06
Utah ............... 49 0.24 556,082.73 0.23
Virginia ........... 769 3.80 9,347,531.12 3.84
Washington ......... 636 3.14 6,705,960.58 2.75
------ ------ --------------- ------
Totals ... 20,227 100.00%* $243,723,872.48 100.00%*
====== ====== =============== ======
</TABLE>
----------------
* 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 Subsequent Cut-Off Date:
COMPOSITION OF THE SUBSEQUENT CONTRACTS
Aggregate principal balance....................... $113,703,887.19
Number of Contracts............................... 9,268
Average principal balance outstanding............. $12,268.44
Average original amount financed.................. $12,268.44
Original amount financed (range).................. $1,625.23 to $47,200.00
Weighted average APR.............................. 15.13%
APR (range)....................................... 7.00% to 25.84%
Weighted average original term.................... 57.16 mos.
Original term (range)............................. 12 to 72 mos.
Weighted average remaining term................... 57.00 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%....... 2 0.02 $ 35,122.00 0.03
7.001% to 8.000%....... 193 2.08 3,419,411.28 3.01
8.001% to 9.000%....... 365 3.94 5,868,461.32 5.16
9.001% to 10.000%...... 478 5.16 7,035,178.11 6.19
10.001% to 11.000%...... 409 4.41 5,934,416.72 5.22
11.001% to 12.000%...... 407 4.39 5,583,093.35 4.91
12.001% to 13.000%...... 481 5.19 6,303,293.73 5.54
13.001% to 14.000%...... 593 6.40 7,771,615.27 6.83
14.001% to 15.000%...... 816 8.80 10,172,134.22 8.95
15.001% to 16.000%...... 1,048 11.31 13,220,642.03 11.63
16.001% to 17.000%...... 1,164 12.56 14,183,881.00 12.47
17.001% to 18.000%...... 1,123 12.12 12,791,758.33 11.25
18.001% to 19.000%...... 672 7.25 7,094,770.19 6.24
19.001% to 20.000%...... 548 5.91 5,488,358.23 4.83
20.001% to 21.000%...... 550 5.93 5,479,277.84 4.82
Over 21.000%............ 419 4.52 3,322,473.57 2.92
----- ------ --------------- ------
Totals........ 9,268 100.00%* $113,703,887.19 100.00%*
===== ====== =============== ======
</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 FINAL
SUBSEQUENT SUBSEQUENT PRINCIPAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
---------- ---------- --------------- -------------
<S> <C> <C> <C> <C>
Alabama.................. 140 1.51 $ 1,767,582.83 1.55
Arizona.................. 362 3.91 4,238,208.25 3.73
California............... 2,164 23.35 27,726,057.44 24.38
Colorado................. 168 1.81 1,745,663.82 1.54
Delaware................. 58 0.63 679,225.77 0.60
Florida.................. 733 7.91 8,899,246.49 7.83
Georgia.................. 571 6.16 7,480,684.28 6.58
Idaho.................... 98 1.06 1,076,835.06 0.95
Illinois................. 505 5.45 6,335,298.71 5.57
Indiana.................. 235 2.54 2,711,507.04 2.38
Iowa..................... 46 0.50 532,394.26 0.47
Kentucky................. 160 1.73 1,863,853.00 1.64
Maryland................. 337 3.64 4,260,517.48 3.75
Massachusetts............ 7 0.08 71,008.14 0.06
Michigan................. 537 5.79 6,463,866.68 5.68
Minnesota................ 73 0.79 878,063.35 0.77
Mississippi.............. 17 0.18 269,154.54 0.24
Missouri................. 62 0.67 678,316.13 0.60
Montana.................. 2 0.02 21,369.88 0.02
Nevada................... 198 2.14 2,324,144.12 2.04
New Jersey............... 694 7.49 8,371,853.79 7.36
New York................. 0 0 0 0
North Carolina........... 363 3.92 4,678,847.18 4.11
Ohio..................... 0 0 0 0
Oklahoma................. 75 0.81 992,945.50 0.87
Oregon................... 189 2.04 1,985,908.58 1.75
Pennsylvania............. 285 3.08 3,104,667.65 2.73
South Carolina........... 153 1.65 2,006,004.32 1.76
Tennessee................ 161 1.74 2,094,133.55 1.84
Texas.................... 238 2.57 3,024,917.73 2.66
Utah..................... 35 0.38 459,579.59 0.40
Virginia................. 332 3.58 4,121,647.28 3.62
Washington............... 270 2.91 2,840,384.75 2.50
----- ------ --------------- ------
Totals......... 9,268 100.00%* $113,703,887.19 100.00%*
===== ====== =============== ======
</TABLE>
----------------
* Percentages may not add to 100% because of rounding.
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<PAGE> 7
COMPOSITION OF THE PREFUNDED CONTRACTS
Aggregate principal balance..................... $92,572,241.31
Number of Contracts............................. 7,396
Average principal balance outstanding........... $12,516.53
Average original amount financed................ $12,516.53
Original amount financed (range)................ $1,276.77 to $71,000.00
Weighted average APR............................ 14.83%
APR (range)..................................... 6.90% to 25.00%
Weighted average original term.................. 57.13
Original term (range)........................... 12 to 72 mos.
Weighted average remaining term................. 57.09
Remaining term (range).......................... 12 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 0.03 $ 33,813.89 0.04
7.001% to 8.000%...... 203 2.74 3,640,824.55 3.93
8.001% to 9.000%...... 359 4.85 6,050,275.30 6.54
9.001% to 10.000%..... 407 5.50 6,059,792 79 6.55
10.001% to 11.000%..... 345 4.66 4,989,452.63 5.39
11.001% to 12.000%..... 356 4.81 4,909,249.09 5.30
12.001% to 13.000%..... 381 5.15 5,022.687.17 5.43
13.001% to 14.000%..... 493 6.67 6,477,190.60 7.00
14.001% to 15.000%..... 703 9.51 9,033,688.48 9.76
15.001% to 16.000%..... 729 9.86 9,302,984.45 10.05
16.001% to 17.000%..... 943 12.75 11,266,275.25 12.17
17.001% to 18.000%..... 865 11.70 9,821,984.94 10.61
18.001% to 19.000%..... 508 6.87 5,511,523.96 5.95
19.001% to 20.000%..... 412 5.57 4,174,515.11 4.51
20.001% to 21.000%..... 401 5.42 3,920,224.68 4.23
Over 21.000%........... 289 3.91 2,357,758.42 2.55
----- ------ -------------- ------
Totals....... 7,396 100.00* $92,572,241.31 100.00*
===== ====== ============== ======
</TABLE>
----------------
* Percentages may not add to 100% because of rounding.
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GEOGRAPHIC CONCENTRATION OF THE PREFUNDED CONTRACTS
<TABLE>
<CAPTION>
% OF
NUMBER OF % OF PREFUNDING
PREFUNDED PREFUNDED PRINCIPAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
--------- --------- -------------- ------------
<S> <C> <C> <C> <C>
Alabama.......... 97 1.31 $ 1,217,524.28 1.32
Arizona.......... 282 3.81 3,148,258.20 3.40
California....... 1,639 22.16 22,291,409.12 24.08
Colorado......... 137 1.85 1,507,380.07 1.63
Delaware......... 72 0.97 756,047.62 0.82
Florida.......... 593 8.02 7,208,781.52 7.79
Georgia.......... 456 6.17 6,283,239.65 6.79
Idaho............ 42 0.57 467,902.62 0.51
Illinois......... 451 6.10 5,650,996.14 6.10
Indiana.......... 177 2.39 2,053,316.60 2.22
Iowa............. 34 0.46 380,186.52 0.41
Kentucky......... 104 1.41 1,212,990.58 1.31
Maryland......... 219 2.96 2,855,159.14 3.08
Massachusetts.... 38 0.51 509,110.58 0.55
Michigan......... 373 5.04 4,436,900.51 4.79
Minnesota........ 59 0.80 735,203.33 0.79
Mississippi...... 11 0.15 149,203.92 0.16
Missouri......... 70 0.95 815,206.49 0.88
Montana.......... 1 0.01 15,000.00 0.02
Nevada........... 221 2.99 2,409,479.87 2.60
New Hampshire.... 1 0.01 11,300.00 0.01
New Jersey....... 539 7.29 6,663,675.73 7.20
North Carolina... 256 3.46 3,419,770.86 3.69
Oklahoma......... 63 0.85 784,185.12 0.85
Oregon........... 149 2.01 1,673,436.90 1.81
Pennsylvania..... 248 3.35 2,770,987.07 2.99
South Carolina... 118 1.60 1,422,648.53 1.54
Tennessee........ 137 1.85 1,626,488.48 1.76
Texas............ 234 3.16 3,157,188.37 3.41
Utah............. 30 0.41 341,795.74 0.37
Virginia......... 342 4.62 4,354,434.39 4.70
Washington....... 196 2.65 2,157,891.61 2.33
West Virginia.... 7 0.09 85,141.75 0.09
----- ------ -------------- ------
Totals.... 7,396 100.00* $92,572,241.31 100.00*
===== ====== ============== ======
</TABLE>
----------------
* Percentages may not add to 100% because of rounding.
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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
June 8, 2000 By: /s/ MICHAEL A. KRAHELSKI
-----------------------------------
Michael A. Krahelski,
Senior Vice President
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