<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: November 16, 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
November 1, 2000, as filed with the Commission pursuant to Rule 424(b)(5), with
respect to the Registrant's Auto Loan Backed Notes Series 2000-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"or the
"Offered Notes").
The Offered Notes were sold to Credit Suisse First Boston Corporation
("CS First Boston"), Chase Securities Inc. ("Chase Securities"), Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and Salomon Smith Barney
Inc. ("Salomon" and, together with CS First Boston, Chase Securities and Merrill
Lynch, the "Underwriters") pursuant to the terms of the Underwriting Agreement
dated as of November 1, 2000 (the "Underwriting Agreement") between the
Registrant and CS First Boston, as representative of itself, Chase Securities,
Merrill Lynch and Salomon. A copy of the Underwriting Agreement is filed
herewith as Exhibit 1.5.
The Notes were issued pursuant to an Indenture dated as of November 1,
2000 (the "Indenture") among Onyx Acceptance Owner Trust 2000-D (the "Trust")
and The Chase Manhattan Bank, as Indenture Trustee. A copy of the Indenture is
filed herewith as Exhibit 4.12.
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 (the "Contracts") secured by new and
used automobiles, light-duty trucks and vans (the "Financed Vehicles"), funds
deposited in a segregated trust account to acquire additional Contracts, 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
November 1, 2000 (the "Trust Agreement") among the Registrant, as Depositor,
Bankers Trust (Delaware), as Owner Trustee, and The Chase Manhattan Bank, as
Trust Agent. A copy of the Trust Agreement is filed herewith as Exhibit 4.13.
The Contracts were sold or will be sold by the Registrant to the Trust
pursuant to the Sale and Servicing Agreement dated as of November 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. A copy of the Sale and Servicing Agreement is filed
herewith as Exhibit 10.4. The Trust acquired certain Contracts (the "Initial
Contracts") with a total principal balance of $275,094,243.81 (the "Initial
Cut-Off Pool Balance") as of the close of business on October 31, 2000 (the
"Initial Cut-Off Date"). The Trust also acquired certain additional
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Contracts (the "Subsequent Contracts") originated or purchased after the Initial
Cut-Off Date but on or before November 13, 2000 (the "Subsequent Cut-Off Date")
with a total principal balance of $49,564,336.11 (the "Subsequent Cut-Off Pool
Balance"). Additionally, the Seller deposited $75,341,420.08 in a segregated
trust account (the "Prefunding Account") to be used by the Trust to acquire
additional Contracts (the "Prefunding Contracts") during the period after the
Subsequent Cut-Off Date until the earliest to occur of (i) the date on which the
balance remaining in the Prefunding Account is less than $2,500, (ii) the date
on which a Servicer Default or Indenture Event of Default (each as defined in
the Sale and Servicing Agreement) occurs or (iii) the close of business on
February 13, 2001.
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..........................$275,094,243.81
Number of Contracts...........................................21,309
Average principal balance outstanding.....................$12,909.77
Average original amount financed..........................$13,031.97
Original amount financed (range)...............$802.78 To $72,334.00
Weighted average APR......................................... 14.18%
APR (range)..........................................4.90% To 25.00%
Weighted average original term............................57.52 Mos.
Original term (range)...................................6 To 72 mos.
Weighted average remaining term................................56.80
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%............. 13 0.06 245,661.12 0.09
7.0001% to 8.000%............. 833 3.91 15,407,402.64 5.60
8.001% to 9.000%............. 1,497 7.03 26,780,765.94 9.74
9.001% to 10.000%............ 1,394 6.54 22,985,701.51 8.36
10.001% to 11.000%............ 1,163 5.46 17,706,427.25 6.44
11.001% to 12.000%............ 1,087 5.10 15,048,327.08 5.47
12.001% to 13.000%............ 1,242 5.83 16,524,006.70 6.01
13.001% to 14.000%............ 1,348 6.33 17,434,893.33 6.34
14.001% to 15.000%............ 1,810 8.49 23,041,204.22 8.38
15.001% to 16.000%............ 2,053 9.63 25,687,577.87 9.34
16.001% to 17.000%............ 2,212 10.38 26,707,590.12 9.71
17.001% to 18.000%............ 2,198 10.31 24,588,153.67 8.94
18.001% to 19.000%............ 1,352 6.34 14,116,009.93 5.13
19.001% to 20.000%............ 1,129 5.30 11,328,735.21 4.12
20.001% to 21.000%............ 1,114 5.23 10,804,086.12 3.93
Over 21.001% ................. 864 4.05 6,687,701.10 2.43
------ ------ --------------- ------
Totals.............. 21,309 100.00%* $275,094,243.81 100.00%*
</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.............. 277 1.30 $ 3,630,808.66 1.32
Arizona.............. 775 3.64 9,274,610.37 3.37
California........... 5,089 23.88 69,883,285.05 25.40
Colorado............. 308 1.45 3,415,495.32 1.24
Connecticut.......... 22 0.10 240,399.45 0.09
Delaware............. 254 1.19 3,127,391.78 1.14
Florida.............. 1,841 8.64 22,422,642.14 8.15
Georgia.............. 1,051 4.93 14,267,037.42 5.19
Idaho................ 227 1.07 2,568,071.85 0.93
Illinois............. 1,232 5.78 16,129,546.35 5.86
Indiana.............. 588 2.76 7,159,124.37 2.60
Iowa................. 132 0.62 1,584,625.01 0.58
Kansas............... 59 0.28 666,526.11 0.24
Kentucky............. 240 1.13 2,839,007.64 1.03
Maryland............. 546 2.56 7,699,485.50 2.80
Michigan............. 1,286 6.04 16,935,925.69 6.16
Minnesota............ 159 0.75 2,005,525.87 0.73
Mississippi.......... 17 0.08 251,756.03 0.09
Missouri............. 454 2.13 5,656,772.00 2.06
Montana.............. 20 0.09 328,561.55 0.12
Nebraska............. 12 0.06 158,319.02 0.06
Nevada............... 541 2.54 6,682,307.56 2.43
New Jersey........... 1,338 6.28 15,822,024.84 5.75
North Carolina....... 771 3.62 10,920,780.02 3.97
Oklahoma............. 225 1.06 2,876,149.44 1.05
Oregon............... 377 1.77 4,515,939.64 1.64
Pennsylvania......... 647 3.04 7,536,767.58 2.74
Rhode Island ........ 62 0.29 729,467.19 0.27
South Carolina....... 330 1.55 4,093,291.05 1.49
Tennessee............ 194 0.91 2,215,189.81 0.81
Texas................ 760 3.57 9,859,067.18 3.58
Utah................. 119 0.56 1,599,222.07 0.58
Virginia............. 872 4.09 11,962,556.11 4.35
Washington........... 475 2.23 5,928,367.46 2.16
West Virginia ....... 9 0.04 108,196.68 0.04
------ ------ --------------- ------
Totals..... 21,309 100.00% $275,094,243.81 100.00%*
</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............................$49,564,336.11
Number of contracts.............................................3,511
Average principal balance outstanding......................$14,116.87
Average original amount financed...........................$14,116.87
Original amount financed (range)..............$1,475.35 To $54,382.97
Weighted average APR...........................................12.87%
APR (range)...........................................7.25% To 25.00%
Weighted average original term.............................58.10 Mos.
Original term (range).................................. 12 To 72 mos.
Weighted average remaining term............................58.06 Mos.
Remaining term (range) .................................12 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%.............. 0 0.00 $ 0.00 0.00
7.001% to 8.000%.............. 256 7.29 4,895,795.97 9.88
8.001% to 9.000%.............. 428 12.19 7,828,999.62 15.80
9.001% to 10.000%............. 328 9.34 5,726,952.24 11.55
10.001% to 11.000%............. 240 6.84 3,860,239.13 7.79
11.001% to 12.000%............. 194 5.53 2,944,204.65 5.94
12.001% to 13.000%............. 210 5.98 2,921,727.22 5.89
13.001% to 14.000%............. 224 6.38 2,881,003.47 5.81
14.001% to 15.000%............. 258 7.35 3,218,756.40 6.49
15.001% to 16.000%............. 265 7.55 3,519,237.10 7.10
16.001% to 17.000%............. 289 8.23 3,426,666.85 6.91
17.001% to 18.000%............. 271 7.72 3,059,189.27 6.17
18.001% to 19.000%............. 164 4.67 1,778,525.52 3.59
19.001% to 20.000%............. 124 3.53 1,203,228.65 2.43
20.001% to 21.000%............. 144 4.10 1,386,359.64 2.80
Over 21.000%................... 116 3.30 913,450.38 1.84
----- ------ -------------- ------
Totals............... 3,511 100.00%* $49,564,336.11 100.00%*
</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 FINAL
SUBSEQUENT SUBSEQUENT PRINCIPAL CUT-OFF
CONTRACTS CONTRACTS BALANCE POOL BALANCE
---------- --------- -------------- ------------
<S> <C> <C> <C> <C>
Alabama............... 65 1.85 937,691.38 1.89
Arizona............... 124 3.53 1,667,353.66 3.36
California............ 859 24.47 13,275,858.73 26.79
Colorado.............. 66 1.88 883,709.71 1.78
Delaware.............. 40 1.14 456,372.47 0.92
Florida............... 244 6.95 3,395,813.09 6.85
Georgia............... 188 5.35 2,729,487.31 5.51
Idaho................. 35 1.00 481,828.47 0.97
Illinois.............. 237 6.75 3,132,175.56 6.32
Indiana............... 79 2.25 992,489.02 2.00
Iowa.................. 29 0.83 423,297.07 0.85
Kansas ............... 11 0.31 152,601.10 0.31
Kentucky.............. 52 1.48 808,731.94 1.63
Maryland.............. 83 2.36 1,249,858.92 2.52
Michigan.............. 228 6.49 3,318,279.87 6.69
Minnesota............. 29 0.83 359,763.05 0.73
Mississippi........... 2 0.06 30,026.38 0.06
Missouri.............. 46 1.31 643,906.25 1.30
Montana............... 5 0.14 64,199.95 0.13
Nebraska.............. 3 0.09 39,202.00 0.08
Nevada................ 78 2.22 1,036,409.10 2.09
New Jersey............ 209 5.95 2,595,794.89 5.24
North Carolina........ 96 2.73 1,258,629.88 2.54
Oklahoma.............. 39 1.11 513,643.61 1.04
Oregon................ 68 1.94 970,939.55 1.96
Pennsylvania.......... 103 2.93 1,344,761.56 2.71
Rhode Island ......... 26 0.74 337,305.02 0.68
South Carolina........ 55 1.57 658,720.71 1.33
Tennessee............. 23 0.66 310,806.24 0.63
Texas................. 157 4.47 2,059,504.76 4.16
Utah.................. 19 0.54 285,914.44 0.58
Virginia.............. 126 3.59 1,825,073.76 3.68
Washington............ 85 2.42 1,300,140.06 2.62
West Virginia ........ 2 0.06 24,046.60 0.05
----- ------ -------------- ------
Totals...... 3,511 100.00% $49,564,336.11 100.00%*
</TABLE>
----------------
* Percentages may not add to 100% because of rounding.
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Item 7. Financial Statements and Exhibits.
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
1.5 Underwriting Agreement dated as of November 1, 2000 by and
among the Registrant and CS First Boston, as representative of the
Underwriters
4.12 Indenture dated as of November 1, 2000 between Onyx Acceptance
Owner Trust 2000-D and The Chase Manhattan Bank, as Indenture
Trustee
4.13 Trust Agreement dated as of November 1, 2000 among the
Registrant, as Depositor, Bankers Trust (Delaware), as Owner
Trustee, and The Chase Manhattan Bank, as Trust Agent
10.4 Sale and Servicing Agreement dated as of November 1, 2000 among
the Registrant, as Seller, Onyx Acceptance Corporation, as Servicer
and Custodian, and The Chase Manhattan Bank, as Indenture Trustee
and Trust Agent
</TABLE>
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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
November 22, 2000 By: /s/ MICHAEL A. KRAHELSKI
------------------------------------
Michael A. Krahelski,
Senior Vice President
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
1.5 Underwriting Agreement dated as of November 1, 2000 by and
among the Registrant and CS First Boston, as representative of the
Underwriters
4.12 Indenture dated as of November 1, 2000 between Onyx Acceptance
Owner Trust 2000-D and The Chase Manhattan Bank, as Indenture
Trustee
4.13 Trust Agreement dated as of November 1, 2000 among the
Registrant, as Depositor, Bankers Trust (Delaware), as Owner
Trustee, and The Chase Manhattan Bank, as Trust Agent
10.4 Sale and Servicing Agreement dated as of November 1, 2000 among
the Registrant, as Seller, Onyx Acceptance Corporation, as Servicer
and Custodian, and The Chase Manhattan Bank, as Indenture Trustee
and Trust Agent
</TABLE>
