EX-25 7 dex25.htm STATEMENT OF ELIGIBILITY ON FORM T-1 Statement of Eligibility on Form T-1

Exhibit 25

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM T-1

 

 

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

 

¨ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2)

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

(Exact name of trustee as specified in its charter)

 

 

 

A National Banking Association   94-1347393
(Jurisdiction of incorporation or
organization if not a U.S. national bank)
  (I.R.S. Employer
Identification No.)
101 North Phillips Avenue
Sioux Falls, South Dakota
  57104
(Address of principal executive offices)   (Zip code)

Wells Fargo & Company Law Department, Trust Section

MAC N9305-175

Sixth Street and Marquette Avenue, 17th Floor

Minneapolis, Minnesota 55479

(612) 667-4608

(Name, address and telephone number of agent for service)

 

 

DriveTime Automotive Group, Inc.

(Exact name of obligor as specified in its charter)

 

 

 

Delaware   86-0721358
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)

DT Acceptance Corporation

(Exact name of obligor as specified in its charter)

 

Arizona   82-0587346
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)

 

Name of Additional Registrant

   State or Other Jurisdiction of
Incorporation or Formation
     I.R.S. Employer
Identification No.
 

DriveTime Car Sales Company, LLC

     Arizona         86-0683232   

DriveTime Sales and Finance Company, LLC

     Arizona         86-0657074   

DT Credit Company, LLC

     Arizona         86-0677984   

DT Jet Leasing, LLC

     Arizona         27-1063772   

Approval Services Company, LLC

     Arizona         27-3266484   

 

4020 East Indian School Road
Phoenix, Arizona
  85018
(Address of principal executive offices)   (Zip code)

 

 

12.625% Senior Secured Notes due 2017

(Title of the indenture securities)

 

 

 


Item 1. General Information. Furnish the following information as to the trustee:

 

  (a) Name and address of each examining or supervising authority to which it is subject.

Comptroller of the Currency

Treasury Department

Washington, D.C.

Federal Deposit Insurance Corporation

Washington, D.C.

Federal Reserve Bank of San Francisco

San Francisco, California 94120

 

  (b) Whether it is authorized to exercise corporate trust powers.

The trustee is authorized to exercise corporate trust powers.

Item 2. Affiliations with Obligor. If the obligor is an affiliate of the trustee, describe each such affiliation.

None with respect to the trustee.

No responses are included for Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.

Item 15. Foreign Trustee. Not applicable.

Item 16. List of Exhibits. List below all exhibits filed as a part of this Statement of Eligibility.

 

Exhibit 1.

   A copy of the Articles of Association of the trustee now in effect.*

Exhibit 2.

   A copy of the Comptroller of the Currency Certificate of Corporate Existence and Fiduciary Powers for Wells Fargo Bank, National Association, dated February 4, 2004.**

Exhibit 3.

   See Exhibit 2

Exhibit 4.

   Copy of By-laws of the trustee as now in effect.***

Exhibit 5.

   Not applicable.

Exhibit 6.

   The consent of the trustee required by Section 321(b) of the Act.

Exhibit 7.

   A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.

Exhibit 8.

   Not applicable.

Exhibit 9.

   Not applicable.

 

* Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated December 30, 2005 of file number 333-130784-06.
** Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of file number 022-28721.
*** Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated May 26, 2005 of file number 333-125274.


SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York and State of New York on the 23rd day of June, 2011.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

/s/    Raymond Delli Colli

Raymond Delli Colli
Vice President


EXHIBIT 6

June 23, 2011

Securities and Exchange Commission

Washington, D.C. 20549

Gentlemen:

In accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the undersigned made by Federal, State, Territorial, or District authorities authorized to make such examination may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

 

Very truly yours,
WELLS FARGO BANK, NATIONAL ASSOCIATION

/s/    Raymond Delli Colli

Raymond Delli Colli
Vice President


EXHIBIT 7

Consolidated Report of Condition of

Wells Fargo Bank National Association

of 101 North Phillips Avenue, Sioux Falls, SD 57104

And Foreign and Domestic Subsidiaries,

at the close of business March 31, 2011, filed in accordance with 12 U.S.C. §161 for National Banks.

 

     Dollar Amounts
In Millions
 

ASSETS

  

Cash and balances due from depository institutions:

  

Noninterest-bearing balances and currency and coin

   $ 17,369   

Interest-bearing balances

     74,672   

Securities:

  

Held-to-maturity securities

     0   

Available-for-sale securities

     145,551   

Federal funds sold and securities purchased under agreements to resell:

  

Federal funds sold in domestic offices

     6,481   

Securities purchased under agreements to resell

     10,955   

Loans and lease financing receivables:

  

Loans and leases held for sale

     19,408   

Loans and leases, net of unearned income

     686,307   

LESS: Allowance for loan and lease losses

     18,779   

Loans and leases, net of unearned income and allowance

     667,528   

Trading Assets

     34,595   

Premises and fixed assets (including capitalized leases)

     8,062   

Other real estate owned

     5,290   

Investments in unconsolidated subsidiaries and associated companies

     588   

Direct and indirect investments in real estate ventures

     108   

Intangible assets

  

Goodwill

     20,936   

Other intangible assets

     27,181   

Other assets

     54,306   
        

Total assets

   $ 1,093,030   
        

LIABILITIES

  

Deposits:

  

In domestic offices

   $ 749,729   

Noninterest-bearing

     171,738   

Interest-bearing

     577,991   

In foreign offices, Edge and Agreement subsidiaries, and IBFs

     93,508   

Noninterest-bearing

     1,895   

Interest-bearing

     91,613   

Federal funds purchased and securities sold under agreements to repurchase:

  

Federal funds purchased in domestic offices

     1,809   

Securities sold under agreements to repurchase

     14,094   


     Dollar Amounts
In Millions
 

Trading liabilities

     19,802   

Other borrowed money

  

(includes mortgage indebtedness and obligations under capitalized leases)

     38,506   

Subordinated notes and debentures

     17,445   

Other liabilities

     32,953   
        

Total liabilities

   $ 967,846   

EQUITY CAPITAL

  

Perpetual preferred stock and related surplus

     0   

Common stock

     519   

Surplus (exclude all surplus related to preferred stock)

     98,980   

Retained earnings

     19,029   

Accumulated other comprehensive income

     5,381   

Other equity capital components

     0   
        

Total bank equity capital

     123,909   

Noncontrolling (minority) interests in consolidated subsidiaries

     1,275   
        

Total equity capital

     125,184   
        

Total liabilities, and equity capital

   $ 1,093,030   
        

I, Timothy J. Sloan, EVP & CFO of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.

 

  Timothy J. Sloan
    EVP & CFO

We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.

 

John Stumpf   Directors
Dave Hoyt  
Michael Loughlin