-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JrlHy0BBf/uXeJKJH4LFsfSPtTtK6DWos85XiISK6zb3frnBHbqTHMoD2EWfcIWk snixOLyKZdwc+/AFIlmKIw== 0001024739-97-000398.txt : 19970701 0001024739-97-000398.hdr.sgml : 19970701 ACCESSION NUMBER: 0001024739-97-000398 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970616 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970630 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANC ONE ABS CORP CENTRAL INDEX KEY: 0001013866 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-03457 FILM NUMBER: 97633064 BUSINESS ADDRESS: STREET 1: 100 EAST BROAD ST CITY: COLUMBUS STATE: OH ZIP: 43271-0133 BUSINESS PHONE: 6142486347 MAIL ADDRESS: STREET 1: 100 EAST BROAD ST CITY: COLUMBUS STATE: OH ZIP: 43271-0133 8-K 1 FORM 8-K 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 (Date of earliest event reported): ------------------------------------------------- June 16, 1997 Banc One Auto Grantor Trust 1996 - B ----------------------------------------- (Issuer with respect to the Certificates) Banc One ABS Corporation ------------------------------------------------------ (Exact name of registrant as specified in its charter) Ohio --------------------------------------------- (State or other jurisdiction of organization) 333-3457 31-1467431 ------------------------ ------------------------------------ (Commission File Number) (IRS Employer Identification Number) c/o Bank One, Arizona, N.A., as Servicer, 201 North Central Avenue, Attn: Tom Lewis, Phoenix, Arizona 85004 ------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: --------------------------------------------------- (602) 221-3704 Item 5. Other Events On June 16, 1997, the Banc One Auto Grantor Trust 1996-B (the "Trust") made a regular monthly distribution of principal and/or interest to holders of the Trust's Class A 6.55% Asset Backed Certificates and Class B 6.70% Asset Backed Certificates. Exhibit 99.1 of this Form 8-K, the Monthly Statement and certain additional information, was distributed to the Certificateholders of record. This report on Form 8-K is being filed in accordance with a no-action letter dated August 16, 1995 issued by the staff of the Division of Corporation Finance of the Securities and Exchange Commission to Bank One,Texas, N.A., as originator and servicer of Bank One Auto Trust 1995-A. Consistent with such no-action letter, the Trust is hereby filing the Monthly Statement and certain additional information reflecting the Trust's activities for the Interest Period from May 15, 1997 through June 13, 1997 and for the Collection Period from May 1, 1997 through May 31, 1997. Item 7. Exhibits See page 4 for Exhibit Index SIGNATURE 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. BANC ONE AUTO GRANTOR TRUST 1996-B By: Bank One, Arizona, N.A., as Servicer on ..... behalf of the Trust Date: June 12, 1997 By: /s/ Tom Lewis ---------------------------- Name: Tom Lewis ----------------------------- Title: Vice President ---------------------------- EXHIBIT INDEX Exhibit Description Page - ------- ----------- ---- 99.1 Monthly Statements and Additional Information.............5-13 EX-99.1 2 MONTHLY STATEMENTS A. ORIGINAL DEAL PARAMETER INPUTS (A) Total Receivable Balance $305,686,731.00 (B) Total Certificate Balance $305,686,731.00 (C) Class A Certificates (i) Class A Percentage 96.00% (ii) Original Class A Principal Balance $293,459,000.00 (iii) Class A Pass-Through Rate 6.55% (D) Class B Certificates (i) Class B Percentage 4.00% (ii) Original Class B Principal Balance $12,227,731.00 (iii) Class B Pass-Through Rate 6.70% (E) Servicing Fee Rate (per annum) 1.00% (F) Weighted Average Coupon (WAC) 12.15% (G) Weighted Average Original Maturity (WAOM) 60.12 months (H) Weighted Average Remaining Maturity (WAM) 45.97 months (I) Number of Receivables 31,595 (J) Reserve Fund (i) Reserve Fund Initial Deposit Percentage (of initial Certificate Balance) 1.50% (ii) Reserve Fund Initial Deposit $4,585,300.97 (iii) Specified Reserve Balance: (a) On any Distribution Date: The greater of J(iii)(b or c) if 1.75% charge-off and delinquency triggers not hit - otherwise J(iii)(d) (b) Percent of Initial Certificate Balance 1.00% (c) Percent of Remaining Certificate Balance 3.25% (d) Trigger Percent of Remaining Certificate Balance 8.00% B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS (A) Total Receivable Balance $175,668,724.89 (B) Total Certificate Balance $175,668,724.89 (C) Total Certificate Pool Factor 0.5746691 (D) Class A Certificates (i) Class A Certificate Balance $168,641,825.53 (ii) Class A Certificate Pool Factor 0.5746691 (E) Class B Certificates (i) Class B Certificate Balance $7,026,899.36 (ii) Class B Certificate Pool Factor 0.5746691 (F) Reserve Fund Balance 5,709,233.56 (G) Cumulative Net Losses for All Prior Periods 3,818,228.77 (H) Charge-off Rate for Second Preceding Period 0.72% (I) Charge-off Rate for Preceding Period 0.37% (J) Delinquency Percentage for Second Preceding Period 0.37% (K) Delinquency Percentage for Preceding Period 0.48% (L) Weighted Average Coupon (WAC) 11.460% (M) Weighted Average Remaining Maturity (WAM) 36.33 months (N) Number of Receivables 22,775 C. INPUTS FROM THE MAINFRAME (A) Simple Interest Receivables Principal (i) Principal Collections 8,887,453.53 (ii) Prepayments in Full 0.00 (iii) Repurchased Loan Proceeds Related to Principal 0.00 (iv) Other Refunds Related to Principal 0.00 (B) Simple Interest Receivables Interest (i) Interest Collections 1,729,456.68 (ii) Repurchased Loan Proceeds Related to Interest 0.00 (C) Weighted Average Coupon (WAC) 11.49% (D) Weighted Average Remaining Maturity (WAM) 35.80 months (E) Remaining Number of Receivables 21,850
(F) Delinquent Receivables Dollar Amount # Units -------------- -------- (i) 30-59 Days Delinquent 3,469,706 1.98% 450 (ii) 60-89 Days Delinquent 498,289 0.28% 69 (iii) 90 Days or More Delinquent 294,005 0.17% 35
D. INPUTS DERIVED FROM OTHER SOURCES (A) Reserve Fund Investment Income 25,589.57 (B) Collection Account Investment Income 0.00 (C) Realized Losses for Collection Period: (i) Charge-offs for current Collection Period - Principal 212,357.92 (ii) Realized Losses for Collection Period (B)(i)-(C)(i) 126,792.50 (D) Net Loss and Liquidated Receivables Information (i) Liquidation Proceeds Related to Principal 85,565.42 (ii) Liquidation Proceeds Related to Interest 0.00 (iii) Recoveries from Prior Month Charge Offs 84,683.42 E. COLLECTIONS Interest Collections: (A) Interest Payments Received 1,729,456.68 (B) Liquidation Proceeds Related to Interest 0.00 (C) Repurchased Loan Proceeds 0.00 (D) Recoveries from Prior Month Charge Offs 84,683.42 ---------- (E) Interest Collections 1,814,140.10 Principal Collections: (F) Principal Payments Received $8,887,453.53 (G) Liquidation Proceeds Related to Principal 85,565.42 (H) Repurchased Loan Proceeds 0.00 ----------- (I) Principal Collections 8,973,018.95 (J) Total Collections $10,787,159.05 F. DISTRIBUTABLE AMOUNTS --------------------- (A) Servicing Fee : (i) Servicing Fee $146,390.60 (ii) Prior Collection Period unpaid Servicing Fees 0.00 -------------- (iii) Total Servicing Fee $146,390.60 Interest: (B) Class A Certificates (i) Class A Monthly Interest $920,503.30 (ii) Class A prior period Interest Carryover Shortfall 0.00 ----------- (iii) Class A Interest Distribution $920,503.30 (C) Class B Certificates (i) Class B Monthly Interest $39,233.52 (ii) Class B prior period Interest Carryover Shortfall 0.00 ------------ (iii) Class B Interest Distribution $39,233.52 (D) Total Certificate Interest Distribution $959,736.82 (E) Total Certificate Interest Distribution plus Total Servicing Fee $1,106,127.42 F. DISTRIBUTABLE AMOUNTS --------------------- Principal: (F) Principal Collections $8,973,018.95 (G) Realized Losses 126,792.50 ------------- (H) Total Monthly Principal $9,099,811.45 (I) Class A Certificates (i) Class A Monthly Principal 8,735,811.20 (ii) Class A prior period Principal Carryover Shortfall 0.00 ----------- (iii) Class A Principal Distribution 8,735,811.20 (J) Class B Certificates (i) Class B Monthly Principal 364,000.25 (ii) Class B prior period Principal Carryover Shortfall 0.00 ----------- (iii) Class B Principal Distribution 364,000.25 (K) Total Principal Distribution 9,099,811.45 (L) Total Interest and Principal Distribution Amounts 10,205,938.87 plus Servicing Fee G. DISTRIBUTIONS ------------- (A) Total Interest Collections available to be distributed 1,814,140.10 (B) Class B Percentage of Principal Collections 358,928.44 (C) Servicing Fee : (i) Total Servicing Fee 146,390.60 (ii) Servicing Fee paid 146,390.60 ----------- (iii) Unpaid Servicing Fee 0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid 1,667,749.50 Interest: (E) Class A Certificates (i) Class A Interest Distribution 920,503.30 (ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 920,503.30 (iii) Total Interest Collections available after Class A Interest Distribution paid 747,246.20 (iv) Class A Interest Distribution remaining to be paid 0.00 (v) Class A Interest Distribution paid from Class B Percentage of Principal Collections 0.00 (vi) Class A Interest Distribution remaining to be paid 0.00 (vii) Class A Interest Distribution paid from Reserve Fund 0.00 (viii) Class A Interest Carryover Shortfall 0.00 (ix) Class A Interest Distribution paid 920,503.30 (F) Class B Certificates (i) Class B Interest Distribution 39,233.52 (ii) Class B Interest Distribution paid from Interest Collections after Class A Interest Distribution 39,233.52 (iii) Total Interest Collections available after Class B Interest Distribution paid 708,012.68 (iv) Class B Interest Distribution remaining to be paid 0.00 (v) Class B Interest Distribution paid from Reserve Fund 0.00 (vi) Class B Interest Carryover Shortfall 0.00 (vii) Class B Interest Distribution paid 39,233.52 (G) Total Interest Paid 959,736.82 (H) Total Interest and Servicing Fee Paid 1,106,127.42 (I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest Distribution paid 708,012.68 Total Collections available to be distributed: (J) Total Principal Collections 8,973,018.95 (K) Excess Interest 708,012.68 (L) Less: Class B Percentage of Principal Collections used to pay Class A Interest Distribution 0.00 (M) Total Collections available to be distributed as principal 9,681,031.63 Principal: (N) Class A Certificates (i) Class A Principal Distribution 8,735,811.20 (ii) Class A Principal Distribution paid from total Collections available to be distributed 8,735,811.20 (iii) Total Collections available after Class A Principal Distribution paid 945,220.43 (iv) Class A Principal Distribution remaining to be paid 0.00 (v) Class A Principal Distribution paid from Reserve Fund 0.00 (vi) Class A Principal Carryover Shortfall 0.00 (vii) Total Class A Principal Distribution paid 8,735,811.20 (O) Class B Certificates (i) Class B Principal Distribution 364,000.25 (ii) Class B Principal Distribution paid from total Collections available to be distributed 364,000.25 (iii) Total Collections available after Class B Principal Distribution paid 581,220.18 (iv) Class B Principal Distribution remaining to be paid 0.00 (v) Class B Principal Distribution paid from Reserve Fund 0.00 (vi) Class B Principal Carryover Shortfall 0.00 (vii) Total Class B Principal Distribution paid 364,000.25 (P) Total Excess Cash to the Reserve Fund 581,220.18
H. POOL BALANCE AND PORTFOLIO INFORMATION --------------------------------------
Beginning End of Period of Period ----------------------- --------------------- (A) Balances and Pool Factors (i) Aggregate Balance of Certificates $175,668,724.89 $166,568,913.44 (ii) Aggregate Certificate Pool Factor 0.5746691 0.5449007 (iii) Class A Principal Balance 168,641,825.53 159,906,014.33 (iv) Class A Pool Factor 0.5746691 0.5449007 (v) Class B Principal Balance 7,026,899.36 6,662,899.11 (vi) Class B Pool Factor 0.5746691 0.5449007 (B) Pool Information (i) Weighted Average Coupon (WAC) 11.46% 11.49% (ii) Weighted Average Remaining Maturity (WAM) 36.33 months 35.80 months (iii) Remaining Number of Receivables 22,775 21,850 (iv) Pool Balance $175,668,724.89 $166,568,913.44
I. RECONCILIATION OF RESERVE ACCOUNT --------------------------------- (A) Beginning Reserve Account Balance 5,709,233.56 (B) Less: Draw to pay Class A Interest Distribution 0.00 (C) Reserve Account Balance after draw 5,709,233.56 (D) Less: Draw to pay Class B Interest Distribution 0.00 (E) Reserve Account Balance after draw 5,709,233.56 (F) Less: Draw to pay Class A Principal Distribution 0.00 (G) Reserve Account Balance after draw 5,709,233.56 (H) Less: Draw to pay Class B Principal Distribution 0.00 (I) Reserve Account Balance after draw 5,709,233.56 (J) Total excess Collections deposited in the Reserve Fund 581,220.18 ----------------- (K) Reserve Fund Balance 6,290,453.74 (L) Specified Reserve Account Balance 5,413,489.69 (M) Reserve Account Release to Seller 876,964.05 ----------------- (N) Ending Reserve Account Balance 5,413,489.69 ================= J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY (A) Liquidated Contracts (i) Liquidation Proceeds Related to Principal $85,565.42 (ii) Liquidation Proceeds Related to Interest 0.00 (iii) Recoveries on Previously Liquidated Contracts 84,683.42 (B) Realized Net Losses for Collection Period 126,792.50 (C) Charge-off Rate for Collection Period (annualized) 0.30% (D) Cumulative Aggregate Net Losses for all Periods 3,945,021.27 (E) Delinquent Receivables
Dollar Amount # Units -------------- -------- (i) 30-59 Days Delinquent 3,469,706 1.98% 450 (ii) 60-89 Days Delinquent 498,289 0.28% 69 (iii) 90 Days or More Delinquent 294,005 0.17% 35
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE (A) Charge-off Rate (i) Second Preceding Collection Period 0.72% (ii) Preceding Collection Period 0.37% (iii) Current Collection Period 0.30% (iv) Three Month Average (Avg(i,ii,iii)) 0.46% (B) Delinquency Percentages (i) Second Preceding Collection Period 0.37% (ii) Preceding Collection Period 0.48% (iii) Current Collection Period 0.45% (iv) Three Month Average (Avg(i,ii,iii)) 0.43% (C) Loss and Delinquency Trigger Indicator Trigger was not hit
L. STATEMENT TO CERTIFICATEHOLDERS
Per $1,000 of Original Principal (A) Amount of distribution allocable to principal: Dollars ($) Balance ------------------------- --------------------- (i) Class A Certificates 8,735,811.20 29.7684215 (ii) Class B Certificates 364,000.25 29.7684215 Per $1,000 of Original Principal (B) Amount of distribution allocable to interest: Dollars ($) Balance ------------------------- --------------------- (i) Class A Certificates 920,503.30 3.1367356 (ii) Class B Certificates 39,233.52 3.2085692 (C) Pool Balance as of the close of business on the last day of the Collection Period $166,568,913.44 ------------------------- Per $1,000 of (D) Amount of the Servicing Fee paid to the Servicer with Original Principal respect to the related Collection Period Dollars ($) Balance ------------------------- --------------------- (i) Total Servicing Fee 146,390.60 (ii) Class A Percentage of the Servicing Fee 140,534.85 0.4788909 (ii) Class B Percentage of the Servicing Fee 5,855.75 0.4788909 Per $1,000 of Original Principal Dollars ($) Balance ------------------------- --------------------- (E) (i) Class A Interest Carryover Shortfall 0.00 0.0000000 (ii) Class A Principal Carryover Shortfall 0.00 0.0000000 (iii) Class B Interest Carryover Shortfall 0.00 0.0000000 (iv) Class B Principal Carryover Shortfall 0.00 0.0000000 Change with respect to immediately preceding Distribution Date: (v) Class A Interest Carryover Shortfall 0.00 0.0000000 (vi) Class A Principal Carryover Shortfall 0.00 0.0000000 (vii) Class B Interest Carryover Shortfall 0.00 0.0000000 (viii) Class B Principal Carryover Shortfall 0.00 0.0000000 (F) Pool factors for each class of certificates, after giving effect to all payments allocated to principal Pool Factor --------------------- (i) Class A Pool Factor 0.5449007 (ii) Class B Pool Factor 0.5449007 (G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $126,792.50 ------------------------- (H) Aggregate principal balance of all Receivables which were more than 60 days delinquent as of the close of business on the last day of the preceding Collection Period $792,293.99 (I) Amount on deposit in the Reserve Fund on such Distribution Date, after giving effect to distributions made on such Distribution Date $5,413,489.69 ------------------------- (J) Aggregate outstanding principal balances for each class of certificates, after giving effect to all payments allocated to principal Principal Balance ---------------------- (i) Class A Principal Balance 159,906,014.33 (ii) Class B Principal Balance 6,662,899.11 (K) Amount otherwise distributable to the Class B Certificateholders that is being distributed to the Class A Certificateholders on such Distribution Date $0.00 (L) Aggregate Purchase Amount of Receivables repurchased by the Seller or purchased by the Servicer with respect to the Related Collection Period ($) $0.00 --------------------------
M. INSTRUCTIONS TO THE TRUSTEE --------------------------- On the Distribution Date, make the following deposits and distributions: (A) Withdraw from the Collection Account and distribute to the Servicer: (i) Servicing Fee $146,390.60 (ii) Servicing Fees retained by the Seller 146,390.60 ---------- (iii) Servicing Fees to be distributed to the Seller on the Distribution Date (i-ii) $0.00 ---- (B) Withdraw from the Collection Account and deposit in the Class A Distribution Account: (i) for the Class A Interest Distribution $920,503.30 (ii) for the Class A Principal Distribution 8,735,811.20 ------------ (iii) Total (i+ii) $9,656,314.50 ------------ (C) Withdraw from the Collection Account and deposit in the Class B Distribution Account: (i) for the Class B Interest Distribution $39,233.52 (ii) for the Class B Principal Distribution 364,000.25 ---------- (iii) Total (i+ii) $403,233.77 ---------- (D) Withdraw excess Collections from the Collection Account and deposit in the Reserve Fund $581,220.18 ---------- (E) Withdraw from the Reserve Fund and deposit in the Class A Distribution Account: (i) Amount equal to the excess of the Class A Interest Distribution over the sum of Interest Collections and the Class B Percentage of Principal Collections $0.00 (ii) Amount equal to the excess of the Class A Principal Distribution over the portion of Principal Collections and Interest Collections remaining after the distribution of the Class A Interest Distribution and the Class B Interest Distribution 0.00 --------- (iii) Total $0.00 ---- (F) Withdraw from the Reserve Fund and deposit in the Class B Distribution Account: (i) Amount equal to the excess of the Class B Interest Distribution over the portion of Interest Collections remaining after the distribution of the Class A Interest Distribution $0.00 (ii) Amount equal to the excess of the Class B Principal Distribution over the portion of Principal Collections and Interest Collections remaining after the distribution of the Class A Interest Distribution, the Class B Interest Distribution, and the Class A Principal Distribution 0.00 --------- (iii) Total $0.00 ----
Servicer's Certificate (Pursuant to Section 3.9 of the Pooling and Servicing Agreement, dated June 1, 1996) Banc One Auto Trust 1996-B Interest Period May 15, 1997 through June 13, 1997 Collection Period May 1, 1997 through May 31, 1997 The undersigned officer of Bank One, Arizona, N.A., pursuant to the Pooling and Servicing Agreement, as Servicer, does hereby certify to the best of his knowledge and belief that the attached information is true and correct. Signed by: /s/ Tom Lewis .....Attested: /s/ Heather Smith Tom Lewis Accounting Specialist Vice President Bank One, Arizona, N.A. Bank One, Arizona, N.A. -----END PRIVACY-ENHANCED MESSAGE-----