<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: December 6, 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
<PAGE> 2
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").
The 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.
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.
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
interest in the Trust was 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.
The Contracts were 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. 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 Contracts (the "Subsequent
Contracts") originated or purchased after the Initial CutOff 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 Trust used funds on deposit in a segregated trust account (the "Prefunding
Account") to acquire additional
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<PAGE> 3
Contracts (the "Prefunded Contracts") with a total principal balance of
$75,341,420.53 as of the related cut-off dates (each a "Prefunding Cut-Off
Date") during the period from the Closing Date until December 6, 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.............................$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 mos.
Remaining term (range).....................................6 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% .......... 13 0.06% $ 245,661.12 0.09%
7.001% 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
21.001% to 30.000% ......... 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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<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 ................ 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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<PAGE> 5
Set forth below is certain data concerning the Subsequent Contracts as
of the Subsequent Cut-Off Date:
COMPOSITION OF THE SUBSEQUENT CONTRACTS
<TABLE>
<S> <C>
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.
</TABLE>
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 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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<PAGE> 6
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 ................ 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 1.14 456,372.44 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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<PAGE> 7
Set forth below is certain data concerning the Prefunded Contracts as of
the Prefunding Cut-Off Date:
COMPOSITION OF THE PREFUNDED CONTRACTS
<TABLE>
<S> <C>
Aggregate principal balance...........................$75,341,420.53
Number of Contracts............................................5,544
Average principal balance outstanding.....................$13,589.72
Average original amount financed..........................$13,588.38
Original amount financed (range).............$1,666.33 to $64,337.25
Weighted average APR..........................................13.81%
APR (range)........................................8.014% to 25.000%
Weighted average original term.................................58.02
Original term (range)..................................12 to 72 mos.
Weighted average remaining term................................57.98
Remaining term (range).................................12 to 72 mos.
</TABLE>
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% ........ 0 0.00% $ 0.00 0.00%
7.001% to 8.000% ........ 0 0.00 0.00 0.00
8.001% to 9.000% ........ 576 10.39 10,786,884.81 14.32
9.001% to 10.000% ....... 542 9.78 9,415,816.14 12.50
10.001% to 11.000% ....... 370 6.67 5,974,531.46 7.93
11.001% to 12.000% ....... 314 5.66 4,508,632.76 5.98
12.001% to 13.000% ....... 336 6.06 4,552,469.85 6.04
13.001% to 14.000% ....... 403 7.27 5,410,861.36 7.18
14.001% to 15.000% ....... 481 8.68 6,248,636.50 8.29
15.001% to 16.000% ....... 501 9.04 6,437,231.03 8.54
16.001% to 17.000% ....... 511 9.22 6,195,449.05 8.22
17.001% to 18.000% ....... 492 8.87 5,638,696.79 7.48
18.001% to 19.000% ....... 300 5.41 3,258,395.40 4.32
19.001% to 20.000% ....... 249 4.49 2,542,779.18 3.38
20.001% to 21.000% ....... 248 4.47 2,605,359.53 3.46
Over 21.000% ............. 221 3.99 1,765,676.67 2.34
----- ------ -------------- ------
Totals ......... 5,544 100.00%* $75,341,420.53 100.00%*
===== ====== ============== ======
</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>
Alabama 63 1.14 868,378.97 1.15
Arizona 203 3.66 2,700,440.71 3.58
California 1,510 27.24 21,913,436.61 29.09
Colorado 111 2.00 1,472,946.40 1.96
Connecticut 6 0.11 70,241.71 0.09
Delaware 74 1.33 870,517.24 1.16
Florida 458 8.26 5,911,675.66 7.85
Georgia 255 4.60 3,781,585.64 5.02
Idaho 56 1.01 691,287.56 0.92
Illinois 272 4.91 3,421,481.16 4.54
Indiana 106 1.91 1,272,247.25 1.69
Iowa 29 0.52 450,614.97 0.60
Kansas 19 0.34 260,924.24 0.35
Kentucky 54 0.97 722,029.60 0.96
Maryland 112 2.02 1,745,587.24 2.32
Michigan 335 6.04 4,337,481.60 5.76
Minnesota 27 0.49 329,316.19 0.44
Mississippi 3 0.05 31,400.51 0.04
Missouri 62 1.12 873,715.50 1.16
Montana 12 0.22 164,244.06 0.22
Nebraska 9 0.16 117,186.97 0.16
Nevada 156 2.81 2,147,478.25 2.85
New Jersey 367 6.62 4,573,178.53 6.07
North Carolina 196 3.54 2,705,033.92 3.59
Oklahoma 44 0.79 557,760.84 0.74
Oregon 129 2.33 1,797,237.97 2.39
Pennsylvania 163 2.94 1,910,096.52 2.54
Rhode Island 21 0.38 255,521.43 0.34
South Carolina 71 1.28 799,852.05 1.06
Tennessee 46 0.83 573,857.56 0.76
Texas 185 3.34 2,386,423.79 3.17
Utah 27 0.49 409,267.92 0.54
Virginia 199 3.59 2,749,048.88 3.65
Washington 162 2.92 2,451,622.63 3.25
West Virginia 2 0.04 18,300.50 0.02
----- ------ ------------- ------
Totals 5,544 100.00* 75,341,420.53 100.00*
</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 15, 2000 By: /s/ Michael A. Krahelski
------------------------------------
Michael A. Krahelski,
Senior Vice President
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