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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 15, 1996
NATIONSBANK AUTO OWNER TRUST 1996-A
(Exact name of registrant as specified in its charter)
United States
of America 56-6486468
------------- --------- ----------
(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
NationsBank Auto Owner Trust 1996-A
NationsBank Plaza
NC1-002-21-40
101 South Tryon Street
Charlotte, North Carolina 28255
(704) 386-5000
(Address of principal executive offices)
Registrant's telephone number including area code: (704) 386-5000
<PAGE>
Item 5. Other Events
------------
The Registrant hereby incorporates by reference the information
contained in Exhibit 28 hereto in response to this Item 5.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
-----------------------------------------------------------------
(c) Exhibits
99 Monthly Servicers Certificate for NationsBank, N.A.
NationsBank Auto Owner Trust 1996-A
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NATIONSBANK AUTO OWNER TRUST 1996-A
-----------------------------------
(Registrant)
Dated: August 16, 1996 By: /S/Leslie J. Fitzpatrick
Name: Leslie J. Fitzpatrick
Title: Senior Vice President
(Duly Authorized Officer)
<PAGE>
INDEX TO EXHIBITS
-----------------
Sequentially
Exhibit Numbered
Number Exhibit Pages
- - - ------- ------- -------------
99 Monthly Servicers Certificate for NationsBank, N.A. 1-4
NationsBank Auto OwnerTrust 1996-A
<PAGE>
<TABLE>
Exhibit #99
MONTHLY SERVICERS CERTIFICATE
SERVICER: NATIONSBANK, N.A.
NATIONSBANK AUTO OWNER TRUST 1996-A
Collection Period July 1996
Determination Date 8/8/96
Deposit Date 8/14/96
Distribution Date 8/15/96
Pool Balance
<CAPTION>
Pool Balance on the close of the last day of the
<S> <C>
preceding Collection Period 2,136,187,667.91
Less: Collections and Liquidation Proceeds allocable
to Principal 81,475,274.94
Purchase Amount allocable to Principal 0.00
Realized Losses 23,814.15
-------------------
Pool Balance on the close of the last day of the
Collection Period 2,054,688,578.82
Collections allocable to Principal received from
Collection Period up to and including the Second
Business Day immediately preceding the Current
Determination Date 14,559,245.85
-------------------
Pool Balance as of the Second Business Day immediately
preceding the Current Determination Date 2,040,129,332.97
Original Pool Balance 2,136,187,667.91
Pool Factor 95.5032820%
Portfolio Balances and Pool Factors Beginning End
of Period of Period
-------------- --------------
Class A-1 Note Balance 588,952,000.00 492,893,665.06
Class A-1 Pool Factor 1.0000000 0.8368996
Class A-2 Note Balance 744,000,000.00 744,000,000.00
Class A-2 Pool Factor 1.0000000 1.0000000
Class A-3 Note Balance 457,323,000.00 457,323,000.00
Class A-3 Pool Factor 1.0000000 1.0000000
Class A-4 Note Balance 175,000,000.00 175,000,000.00
Class A-4 Pool Factor 1.0000000 1.0000000
Class B-1 Certificate Balance 96,129,000.00 96,129,000.00
Class B-1 Pool Factor 1.0000000 1.0000000
Class B-2 Certificate Balance 74,783,667.91 74,783,667.91
Class B-2 Pool Factor 1.0000000 1.0000000
Weighted Average Coupon 10.3775000%
Weighted Average Original Term 59.8
Weighted Average Remaining Term 47.8
Collections
Interest:
Collections and Liquidation Proceeds allocable to interest 19,069,867.31
Recoveries 230.57
Purchase Amount allocable to Interest 0.00
-------------------
Total Interest Collections 19,070,097.88
Advances for the related Distribution Date 2,264,355.34
Less: Outstanding Advances to be reimbursed 2,864,129.69
------------------
Available Interest 18,470,323.53
Principal:
Collections and Liquidation Proceeds allocable to
Principal (for the Collection Period) 81,475,274.94
Purchase Amount allocable to Principal
(for the Collection Period) 0.00
Collections allocable to Principal received up to
and including the Second Business Day immediately
preceding the Current Determination Date 14,559,245.85
Less: Prior Month Collections allocable to
Principal up to and including the Second Business
Day immediately preceding the Current Determination Date 0.00
-------------------
Available Principal 96,034,520.79
Available Funds 114,504,844.32
Regular Principal (equals Available Principal plus
Realized Losses) 96,058,334.94
Required Distributable Amounts
Reimbursement of Outstanding Advances on Defaulted Receivables 0.00
Servicing Fee (inc. unpaid amount from prior periods) 1,780,156.39
Noteholder Amounts
Class A-1 Monthly Interest 1,417,411.15
Class A-1 Interest Carryover Shortfall 0.00
------------------
Total 1,417,411.15
Class A-2 Monthly Interest 1,898,750.00
Class A-2 Interest Carryover Shortfall 0.00
------------------
Total 1,898,750.00
Class A-3 Monthly Interest 1,214,764.22
Class A-3 Interest Carryover Shortfall 0.00
------------------
Total 1,214,764.22
Class A-4 Monthly Interest 483,072.92
Class A-4 Interest Carryover Shortfall 0.00
------------------
Total 483,072.92
Total Accrued Note Interest 5,013,998.29
Class A-1 Monthly Principal 96,058,334.94
Class A-1 Principal Carryover Shortfall 0.00
------------------
Total 96,058,334.94
Class A-2 Monthly Principal 0.00
Class A-2 Principal Carryover Shortfall 0.00
------------------
Total 0.00
Class A-3 Monthly Principal 0.00
Class A-3 Principal Carryover Shortfall 0.00
------------------
Total 0.00
Class A-4 Monthly Principal 0.00
Class A-4 Principal Carryover Shortfall 0.00
------------------
Total 0.00
Total Noteholders' Principal Payment Amount 96,058,334.94
Certificateholder Amounts
Class B-1 Monthly Interest 270,362.81
Class B-1 Interest Carryover Shortfall 0.00
------------------
Total 270,362.81
Class B-2 Monthly Interest 214,224.05
Class B-2 Interest Carryover Shortfall 0.00
------------------
Total 214,224.05
Total Accrued Certificate Interest 484,586.86
Class B-1 Monthly Principal 0.00
Class B-1 Principal Carryover Shortfall 0.00
------------------
Total 0.00
Class B-2 Monthly Principal 0.00
Class B-2 Principal Carryover Shortfall 0.00
------------------
Total 0.00
Total Certificateholders' Principal Distribution Amount 0.00
Total required distributable amount 103,337,076.48
Less: Total Available Funds 114,504,844.32
------------------
Net Available Funds (Shortfall) Excess 11,167,767.84
Withdrawal from Reserve Account (If Shortfall) 0.00
Deposit to Reserve Account (If Excess) 11,167,767.84
Distributions
Deposit to the Collection Account
Available Interest 18,470,323.53
Available Principal 96,034,520.79
Withdrawal from Reserve Account 0.00
Less: Amounts to be withheld by Servicer
a) Reimbursement of Outstanding Advances
on Defaulted Receivables 0.00
b) Servicing Fee 1,780,156.39
------------------
Net Deposit to Collection Account 112,724,687.93
Deposit to Note Payment Account
Class A-1 Interest Distribution 1,417,411.15
Class A-2 Interest Distribution 1,898,750.00
Class A-3 Interest Distribution 1,214,764.22
Class A-4 Interest Distribution 483,072.92
Class A-1 Principal Distribution 96,058,334.94
Class A-2 Principal Distribution 0.00
Class A-3 Principal Distribution 0.00
Class A-4 Principal Distribution 0.00
------------------
Total Deposit to Note Payment Account 101,072,333.23
Deposit to Certificate Distribution Account
Class B-1 Interest Distribution 270,362.81
Class B-2 Interest Distribution 214,224.05
Class B-1 Principal Distribution 0.00
Class B-2 Principal Distribution 0.00
------------------
Total Deposit to Certificate Distribution Account 484,586.86
Deposit to Reserve Account 11,167,767.84
Specified Reserve Account Balance
Greater of:
(i) Sum of:
(a) Percentage applicable times 4.00%
Pool Balance as of the last day
of the prior Collection Period
less Principal collected up to
and including the second Business
Day preceding the most recent
Determination Date 2,040,129,332.97 81,605,173.32
and, ----------------
(b) Specified Interest Reserve Amount
(Three months interest 2,907,521.17
on the Certificates if Notes are Outstanding) ------------------
and 84,512,694.49
(ii) Lesser of:
(a) $26,702,346. 26,702,346.00
and
(b) Aggregate outstanding Note Principal Balance and
Aggregate sum of Certificate Balances 2,040,129,332.97
Specified Reserve Account Balance 84,512,694.49
Reserve Account Reconciliation
Beginning Balance (Initial Balance is 2.5% of
Original Pool Balance) 53,404,692.00
Deposit from Available Interest and Available Principal 11,167,767.84
Investment Earnings 27,535.88
Less:
Accrued and unpaid Servicing Fees 0.00
Amounts to be distributed to Securityholders' 0.00
------------------
Balance 64,599,995.72
Less: Withdrawal by holder of Contingent Payment
Right of Excess of Reserve Account Balance
Over Specified Reserve Account Balance 0.00
------------------
Ending Balance 64,599,995.72
Interest Reserve Amount 2,907,521.17
Available Reserve Amount 61,692,474.55
Instructions to the Trustee
Amount to be deposited from the Collection Account
into the Note Payment Account 101,072,333.23
Amount to be deposited from the Collection Account
into the Certificate Distribution Account 484,586.86
Amount to be deposited from the Collection Account
into the Reserve Account 11,167,767.84
Amount to be deposited from the Reserve Account to
the account of the holder of the Contingent Payment Right 0.00
Amount to be deposited from the Reserve Account into
the Collection Account 0.00
Net Loss and Delinquency Activity
Realized Losses 23,814.15
Net Loss Ratio (annualized)
For the current Collection Period 0.01%
For the preceding Collection Period N/A
For the second preceding Collection Period N/A
Average Net Loss Ratio (Specified Reserve Account Balance
increases if greater than 1.50%) 0.01%
Delinquency Analysis
Number of Principal
Loans Balance
-------------- ---------------
30 to 59 days past due 1846 22,226,394.36
60 to 89 days past due 46 635,544.62
90 or more days past due 1 26,222.24
-------------------------------
Total 1893 22,888,161.22
Collateral Repossessed and Held by the Trust
(included in above Delinquency Amounts) 47 669,735.94
Delinquency Ratio including Repossessions
For the current Collection Period 0.03%
For the preceding Collection Period N/A
For the second preceding Collection Period N/A
-----------------
Average Delinquency Ratio (Specified Reserve Account
Balance increases if greater than 1.25%) 0.03%
Loss and Delinquency Trigger Indicator NO
Equity Percentage 11.54%
Repurchased Receivables 0.00
</TABLE>
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