-----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, Gd1AqFJJmDWIaoSD9+naV9Kzi5DTtr6LQxC1twhYY0TebqAm3/7zos3IzMeTKwkt WedRA3NfbKu+PC5mudgtag== 0001024739-97-000595.txt : 19970930 0001024739-97-000595.hdr.sgml : 19970930 ACCESSION NUMBER: 0001024739-97-000595 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970217 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19970929 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/A SEC ACT: SEC FILE NUMBER: 333-03457 FILM NUMBER: 97687539 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/A 1 CURRENT REPORT ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------- FORM 8-K/A (Amendment No. 1) CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): ------------------------------------------------- February 17, 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 Charter) -------------------------------------------------- Ohio ---------------------------------------------- (State or Other Jurisdiction of Incorporation) 333-3457 31-1467431 - ------------------------ --------------------------------- (Commission File Number) (IRS Employer Identification No.) c/o Bank One, Arizona, N.A., as Servicer 201 North Central Avenue, Phoenix, Arizona 85004 ----------------------------------------------------------------- (Address of Principal Executive Offices)(Zip Code) Registrant's telephone number, including area code: (602) 221-3704 N/A ------------------------------------------------------------- (Former Name or Former Address, If Changed Since Last Report) ================================================================================ ITEM 5. OTHER EVENTS. On February 17, 1997, (the "Distribution Date"), 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 ("Class A Certificates") and Class B 6.70% Asset Backed Certificates ("Class B Certificates"). The amount of such distribution was based upon the information set forth in the Determination Date Statement (the "Original Statement") reflecting the Trust's activities for the Interest Period from January 15, 1997 through February 14, 1997 (the "January 1997 Interest Period") and for the Collection Period from January 1, 1997 through January 31, 1997 (the "January 1997 Collection Period"). The Original Statement was delivered to certificateholders and filed as Exhibit 99.1 to the Trust's Current Report on Form 8-K. On August 25, 1997, Bank One, Arizona, N.A., as servicer (the "Servicer"), provided notice to Bankers Trust Company, as trustee (the "Trustee"), of the Servicer's discovery of errors in the Original Statement which affected, among other things, the reported amount of principal and interest collections received by the Trust during the January 1997 Collection Period and the amounts actually distributed to certificateholders on the Distribution Date. This Amendment No. 1 on Form 8-K/A is being filed for the purpose of filing an amended and restated Determination Date Statement (the "Amended Monthly Statement") as Exhibit 99.1 hereto reflecting the Trust's activities for the January 1997 Interest Period and for the January 1997 Collection Period in substitution for the Original Statement. Exhibit 99.2 hereto includes a reconciliation showing for certain selected items the amounts reported on the Original Statement, the amounts reported on the Amended Statement and any variance between the two amounts. The Servicer has identified an aggregate underpayment of $322,489.46 in principal and an aggregate underpayment of $305.06 in interest to certificateholders on the Distribution Date. The aggregate amount of the underpayment has been deposited by the Servicer, out of its own funds, into the Collection Account for distribution on or about September 15, 1997 to certificateholders of record as of January 31, 1997. 2 The Trust's Current Report on Form 8-K filed August 29, 1997 contains additional information regarding the Servicer's discovery of errors in other monthly statements issued by the Trust as well as information regarding the net amounts due and owing to certificateholders as a result of the errors in such other monthly statements. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits. 99.1 Amended and Restated Monthly Statement to Certificateholders. 99.2 Reconciliation between Original Statement and Amended and Restated Monthly Statement. 3 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. BANC ONE AUTO GRANTOR TRUST 1996-B By: Bank One, Arizona, N.A., as Servicer on behalf of the Trust Date: September 23, 1997 By: /s/ Tom Lewis ------------------ ----------------------- Tom Lewis Vice President 4 Amended and Restated Servicer's Certificate (Pursuant to Section 3.9 of the Pooling and Servicing Agreement, dated June 1, 1996) Banc One Auto Grantor Trust 1996-B 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 Amended and Restated Determination Date Statement is true and correct. On February 17, 1997, (the "Distribution Date"), 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 ("Class A Certificates") and Class B 6.70% Asset Backed Certificates ("Class B Certificates"). The amount of such distribution was based upon the information set forth in the Determination Date Statement (the "Original Statement") reflecting the Trust's activities for the Interest Period from January 15, 1997 through February 14, 1997 (the "January 1997 Interest Period") and for the Collection Period from January 1, 1997 through January 31, 1997 (the "January 1997 Collection Period"). On August 25, 1997, Bank One, Arizona, N.A., as servicer (the "Servicer"), provided notice to Bankers Trust Company, as trustee (the "Trustee"), of the Servicer's discovery of errors in the Original Statement which affected, among other things, the reported amount of principal and interest collections received by the Trust during the January 1997 Collection Period and the amounts actually distributed to certificateholders on the Distribution Date. The Servicer has identified an aggregate underpayment of $322,489.46 in principal and an aggregate underpayment of $305.06 in interest to certificateholders on the Distribution Date. The aggregate amount of the underpayment has been deposited by the Servicer, out of its own funds, into the Collection Account for distribution on or about September 15, 1997 to certificateholders of record as of January 31, 1997. Signed by: /s/ Tom Lewis Date: September 23, 1997 ---------------------- ------------------ Vice President Bank One, Arizona, N.A. 5 EX-99.1 2 AMENDED AND RESTATED STATEMENT BANC ONE AUTO GRANTOR PAGE 1 TRUST 1996-B AMENDED AND RESTATED DETERMINATION DATE STATEMENT COLLECTION PERIOD JANUARY 1, 1997 THROUGH JANUARY 31, 1997 DISTRIBUTION DATE FEBRUARY 17, 1997
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%
BANC ONE AUTO GRANTOR PAGE 2 TRUST 1996-B AMENDED AND RESTATED DETERMINATION DATE STATEMENT COLLECTION PERIOD JANUARY 1, 1997 THROUGH JANUARY 31, 1997 DISTRIBUTION DATE FEBRUARY 17, 1997
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS - ------------------------------------------------ (A) Total Receivable Balance $216,332,382.39 (B) Total Certificate Balance $216,332,382.39 (C) Total Certificate Pool Factor 0.7076931 (D) Class A Certificates (i) Class A Certificate Balance $207,678,901.35 (ii) Class A Certificate Pool Factor 0.7076931 (E) Class B Certificates (i) Class B Certificate Balance $8,653,481.04 (ii) Class B Certificate Pool Factor 0.7076931 (F) Reserve Fund Balance 7,660,522.25 (G) Cumulative Net Losses for All Prior Periods 4,044,053.46 (H) Charge-off Rate for Second Preceding Period 1.83% (I) Charge-off Rate for Preceding Period 2.41% (J) Delinquency Percentage for Second Preceding Period 0.45% (K) Delinquency Percentage for Preceding Period 0.46% (L) Weighted Average Coupon (WAC) 12.120% (M) Weighted Average Remaining Maturity (WAM) 41.02 months (N) Number of Receivables 25,822 C. INPUTS FROM THE MAINFRAME - ---------------------------- (A) Simple Interest Receivables Principal (i) Principal Collections 10,064,062.30 (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 2,433,746.44 (ii) Repurchased Loan Proceeds Related to Interest 0.00 (C) Weighted Average Coupon (WAC) 12.11% (D) Weighted Average Remaining Maturity (WAM) 40.31 months (E) Remaining Number of Receivables 25,119 (F) Delinquent Receivables Dollar Amount # Units -------------- -------- (i) 30-59 Days Delinquent 3,450,075 1.68% 395 (ii) 60-89 Days Delinquent 843,752 0.41% 95 (iii) 90 Days or More Delinquent 243,231 0.12% 33 D. INPUTS DERIVED FROM OTHER SOURCES - ------------------------------------ (A) Reserve Fund Investment Income 31,181.67 (B) Collection Account Investment Income 0.00 (C) Realized Losses for Collection Period: (i) Charge-offs for current Collection Period - Principal 669,750.40 (ii) Realized Losses for Collection Period (B)(i)-(C)(i) 634,965.06 (D) Net Loss and Liquidated Receivables Information (i) Liquidation Proceeds Related to Principal 34,785.34 (ii) Liquidation Proceeds Related to Interest 0.00 (iii) Recoveries from Prior Month Charge Offs 365,134.91
BANC ONE AUTO GRANTOR PAGE 3 TRUST 1996-B AMENDED AND RESTATED DETERMINATION DATE STATEMENT COLLECTION PERIOD JANUARY 1, 1997 THROUGH JANUARY 31, 1997 DISTRIBUTION DATE FEBRUARY 17, 1997
E. COLLECTIONS - -------------- Interest Collections: (A) Interest Payments Received 2,433,746.44 (B) Liquidation Proceeds Related to Interest 0.00 (C) Repurchased Loan Proceeds 0.00 (D) Recoveries from Prior Month Charge Offs 365,134.91 -------------- (E) Interest Collections 2,798,881.35 Principal Collections: (F) Principal Payments Received $10,064,062.30 (G) Liquidation Proceeds Related to Principal 34,785.34 (H) Repurchased Loan Proceeds 0.00 -------------- (I) Principal Collections 10,098,847.64 (J) Total Collections $12,897,728.99 F. DISTRIBUTABLE AMOUNTS - ------------------------ (A) Servicing Fee: (i) Servicing Fee $180,276.99 (ii) Prior Collection Period unpaid Servicing Fees 0.00 -------------- (iii) Total Servicing Fee $180,276.99 Interest: (B) Class A Certificates (i) Class A Monthly Interest $1,133,580.67 (ii) Class A prior period Interest Carryover Shortfall 0.00 -------------- (iii) Class A Interest Distribution $1,133,580.67 (C) Class B Certificates (i) Class B Monthly Interest $48,315.27 (ii) Class B prior period Interest Carryover Shortfall 0.00 -------------- (iii) Class B Interest Distribution $48,315.27 (D) Total Certificate Interest Distribution $1,181,895.94 (E) Total Certificate Interest Distribution plus Total Servicing Fee $1,362,172.92 Principal: (F) Principal Collections $10,098,847.64 (G) Realized Losses 634,965.06 -------------- (H) Total Monthly Principal $10,733,812.70 (I) Class A Certificates (i) Class A Monthly Principal 10,304,451.00 (ii) Class A prior period Principal Carryover Shortfall 0.00 -------------- (iii) Class A Principal Distribution 10,304,451.00 (J) Class B Certificates (i) Class B Monthly Principal 429,361.70 (ii) Class B prior period Principal Carryover Shortfall 0.00 -------------- (iii) Class B Principal Distribution 429,361.70 (K) Total Principal Distribution 10,733,812.70 (L) Total Interest and Principal Distribution Amounts 12,095,985.62 plus Servicing Fee
BANC ONE AUTO GRANTOR PAGE 4 TRUST 1996-B AMENDED AND RESTATED DETERMINATION DATE STATEMENT COLLECTION PERIOD JANUARY 1, 1997 THROUGH JANUARY 31, 1997 DISTRIBUTION DATE FEBRUARY 17, 1997
G. DISTRIBUTIONS - ---------------- (A) Total Interest Collections available to be distributed 2,798,881.35 (B) Class B Percentage of Principal Collections 403,962.55 (C) Servicing Fee: (i) Total Servicing Fee 180,276.99 (ii) Servicing Fee paid 180,276.99 -------------- (iii) Unpaid Servicing Fee 0.00 (D) Total Interest Collections available to be distributed after Servicing Fee paid 2,618,604.36 Interest: (E) Class A Certificates (i) Class A Interest Distribution 1,133,580.67 (ii) Class A Interest Distribution paid from Interest Collections after Servicing Fee 1,133,580.67 (iii) Total Interest Collections available after Class A Interest Distribution paid 1,485,023.69 (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 1,133,580.67 (F) Class B Certificates (i) Class B Interest Distribution 48,315.27 (ii) Class B Interest Distribution paid from Interest Collections after Class A Interest Distribution 48,315.27 (iii) Total Interest Collections available after Class B Interest Distribution paid 1,436,708.43 (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 48,315.27 (G) Total Interest Paid 1,181,895.94 (H) Total Interest and Servicing Fee Paid 1,362,172.92 (I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest Distribution paid 1,436,708.43 Total Collections available to be distributed: (J) Total Principal Collections 10,098,847.64 (K) Excess Interest 1,436,708.43 (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 11,535,556.07 Principal: (N) Class A Certificates (i) Class A Principal Distribution 10,304,451.00 (ii) Class A Principal Distribution paid from total Collections available to be distributed 10,304,451.00 (iii) Total Collections available after Class A Principal Distribution paid 1,231,105.07 (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 10,304,451.00 (O) Class B Certificates (i) Class B Principal Distribution 429,361.70 (ii) Class B Principal Distribution paid from total Collections available to be distributed 429,361.70 (iii) Total Collections available after Class B Principal Distribution paid 801,743.37 (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 429,361.70 (P) Total Excess Cash to the Reserve Fund 801,743.37
BANC ONE AUTO GRANTOR PAGE 5 TRUST 1996-B AMENDED AND RESTATED DETERMINATION DATE STATEMENT COLLECTION PERIOD JANUARY 1, 1997 THROUGH JANUARY 31, 1997 DISTRIBUTION DATE FEBRUARY 17, 1997 H. POOL BALANCE AND PORTFOLIO INFORMATION - -----------------------------------------
Beginning End of Period of Period ---------------- -------------- (A) Balances and Pool Factors (i) Aggregate Balance of Certificates $216,332,382.39 $205,598,569.69 (ii) Aggregate Certificate Pool Factor 0.7076931 0.6725793 (iii) Class A Principal Balance 207,678,901.35 197,374,450.35 (iv) Class A Pool Factor 0.7076931 0.6725793 (v) Class B Principal Balance 8,653,481.04 8,224,119.34 (vi) Class B Pool Factor 0.7076931 0.6725793 (B) Pool Information (i) Weighted Average Coupon (WAC) 12.12% 12.11% (ii) Weighted Average Remaining Maturity (WAM) 41.02 months 40.31 months (iii) Remaining Number of Receivables 25,822 25,119 (iv) Pool Balance $216,332,382.39 $205,598,569.69 I. RECONCILIATION OF RESERVE ACCOUNT - ------------------------------------ (A) Beginning Reserve Account Balance 7,660,522.25 (B) Less: Draw to pay Class A Interest Distribution 0.00 (C) Reserve Account Balance after draw 7,660,522.25 (D) Less: Draw to pay Class B Interest Distribution 0.00 (E) Reserve Account Balance after draw 7,660,522.25 (F) Less: Draw to pay Class A Principal Distribution 0.00 (G) Reserve Account Balance after draw 7,660,522.25 (H) Less: Draw to pay Class B Principal Distribution 0.00 (I) Reserve Account Balance after draw 7,660,522.25 (J) Total excess Collections deposited in the Reserve Fund 801,743.37 ----------------- (K) Reserve Fund Balance 8,462,265.62 (L) Specified Reserve Account Balance 16,447,885.58 (M) Reserve Account Release to Seller 0.00 ----------------- (N) Ending Reserve Account Balance 8,462,265.62 ================= J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY - -------------------------------------------- (A) Liquidated Contracts (i) Liquidation Proceeds Related to Principal $34,785.34 (ii) Liquidation Proceeds Related to Interest 0.00 (iii) Recoveries on Previously Liquidated Contracts 365,134.91 (B) Realized Net Losses for Collection Period 634,965.06 (C) Charge-off Rate for Collection Period (annualized) 1.53% (D) Cumulative Aggregate Net Losses for all Periods 4,679,018.52 (E) Delinquent Receivables Dollar Amount # Units -------------- -------- (i) 30-59 Days Delinquent 3,450,075 1.68% 395 (ii) 60-89 Days Delinquent 843,752 0.41% 95 (iii) 90 Days or More Delinquent 243,231 0.12% 33
BANC ONE AUTO GRANTOR PAGE 6 TRUST 1996-B AMENDED AND RESTATED DETERMINATION DATE STATEMENT COLLECTION PERIOD JANUARY 1, 1997 THROUGH JANUARY 31, 1997 DISTRIBUTION DATE FEBRUARY 17, 1997
K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE - ---------------------------------------------------------- (A) Charge-off Rate (i) Second Preceding Collection Period 1.83% (ii) Preceding Collection Period 2.41% (iii) Current Collection Period 1.53% (iv) Three Month Average (Avg(i,ii,iii)) 1.92% (B) Delinquency Percentages (i) Second Preceding Collection Period 0.45% (ii) Preceding Collection Period 0.46% (iii) Current Collection Period 0.53% (iv) Three Month Average (Avg(i,ii,iii)) 0.48% (C) Loss and Delinquency Trigger Indicator Trigger was hit
BANC ONE AUTO GRANTOR PAGE 7 TRUST 1996-B AMENDED AND RESTATED DETERMINATION DATE STATEMENT COLLECTION PERIOD JANUARY 1, 1997 THROUGH JANUARY 31, 1997 DISTRIBUTION DATE FEBRUARY 17, 1997 L. STATEMENT TO CERTIFICATEHOLDERS - -----------------------------------
Per $1,000 of Original Principal (A) Amount of distribution allocable to principal: Dollars ($) Balance --------------- -------------------- (i) Class A Certificates 10,304,451.00 35.1137672 (ii) Class B Certificates 429,361.70 35.1137672 Per $1,000 of Original Principal (B) Amount of distribution allocable to interest: Dollars ($) Balance --------------- -------------------- (i) Class A Certificates 1,133,580.67 3.8628247 (ii) Class B Certificates 48,315.27 3.9512866 (C) Pool Balance as of the close of business on the last day of the Collection Period $205,598,569.69 ---------------- Per $1,000 of Original Balance (D) Amount of the Servicing Fee paid to the Servicer with respect Dollars ($) Balance to the related Collection Period ------------- -------------------- (i) Total Servicing Fee 180,276.99 (ii) Class A Percentage of the Servicing Fee 173,065.75 0.5897442 (iii) Class B Percentage of the Servicing Fee 7,211.23 0.5897442 Per $1,000 of Original Balance Dollars ($) 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 0.6725793 (ii) Class B Pool Factor 0.6725793 (G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($) $634,965.06 ----------- (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 $1,086,982.92 (I) Amount on deposit in the Reserve Fund on such Distribution Date, after giving effect to distributions made on such Distribution Date $8,462,265.62 ------------- (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 197,374,450.35 (ii) Class B Principal Balance 8,224,119.34 (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 ------------
BANC ONE AUTO GRANTOR PAGE 8 TRUST 1996-B AMENDED AND RESTATED DETERMINATION DATE STATEMENT COLLECTION PERIOD JANUARY 1, 1997 THROUGH JANUARY 31, 1997 DISTRIBUTION DATE FEBRUARY 17, 1997
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 $180,276.99 (ii) Servicing Fees retained by the Seller 180,276.99 ------------ (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 $1,133,580.67 (ii) for the Class A Principal Distribution 10,304,451.00 ------------- (iii) Total (i+ii) $11,438,031.67 -------------- (C) Withdraw from the Collection Account and deposit in the Class B Distribution Account: (i) for the Class B Interest Distribution $48,315.27 (ii) for the Class B Principal Distribution 429,361.70 ------------- (iii) Total (i+ii) $477,676.97 ----------- (D) Withdraw excess Collections from the Collection Account and deposit in the Reserve Fund $801,743.37 ----------- (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 -------
EX-99.2 3 RECONCILIATION BETWEEN STATEMENTS Exhibit 99.2 Reconciliation between originally filed and revised filings of the investor reports for Banc One Auto Grantor Trust 1996-B
-------------------------------------------------------------------- REVISED ORIGINAL JANUARY 97 JANUARY 97 VARIANCE -------------------------------------------------------------------- COLLECTIONS ----------- INTEREST PAYMENTS RECEIVED 2,433,746.44 2,430,482.41 3,264.03 (3) LIQUIDATION PROCEEDS - INTEREST (2) 0.00 0.00 0.00 RECOVERIES FROM PRIOR MONTHS (2) 365,134.91 95,552.07 269,582.84 (4) ---------- --------- ----------- TOTAL INTEREST RECEIVED 2,798,881.35 2,526,034.48 272,846.87 PRINCIPAL PAYMENTS RECEIVED 10,064,062.30 10,053,086.07 10,976.23 (3) REPURCHASED LOAN PROCEEDS 0.00 0.00 0.00 LIQUIDATION PROCEEDS - PRINCIPAL 34,785.34 108,929.57 (74,144.23) (4) --------- ---------- ----------- TOTAL PRINCIPAL RECEIVED 10,098,847.64 10,162,015.64 (63,168.00) TOTAL COLLECTIONS 12,897,728.99 12,688,050.12 209,678.87 DISTRIBUTABLE AMOUNTS (1) --------------------- SERVICING FEE AT 1.00% 180,276.99 180,230.45 46.54 CLASS A COUPON INTEREST AT 6.55% 1,133,580.67 1,133,288.08 292.59 CLASS B COUPON INTEREST AT 6.70% 48,315.27 48,302.80 12.47 --------- --------- ----- TOTAL COUPON INTEREST 1,181,895.94 1,181,590.88 305.06 COUPON INTEREST AND SERVICING 1,362,172.93 1,361,821.33 351.60 TOTAL PRINCIPAL RECEIVED 10,098,847.64 10,162,015.64 (63,168.00) REALIZED LOSS (GROSS-LIQUIDATION) 634,965.06 249,307.60 385,657.46 (5) ---------- ------- ---------- TOTAL PRINCIPAL 10,733,812.70 10,411,323.24 322,489.46 TOTAL COUPON INTEREST 1,181,895.94 1,181,590.88 305.06 TOTAL SERVICING FEE 180,276.99 180,230.45 46.54 ---------- ---------- ----- INTEREST, PRINCIPAL & SERVICE FEE 12,095,985.63 11,773,144.57 322,841.06 RESERVE FUND ------------ INTEREST COLLECTED 2,798,881.35 2,526,034.48 272,846.87 COUPON INTEREST (1,181,895.94) (1,181,590.88) (305.06) SERVICING FEE (180,276.99) (180,230.45) (46.54) REALIZED LOSS (GROSS-LIQUIDATION) (634,965.06) (249,307.60) (385,657.46) ------------ ------------ ------------ EXCESS CASH TO RESERVE FUND 801,743.36 914,905.55 (113,162.19) RESERVE FUND BEGINNING BALANCE 7,660,522.23 7,028,987.72 631,534.51 RESERVE ACCOUNT RELEASE TO SELLER 0.00 1,253,273.55 (1,253,273.55) ---- ------------ -------------- RESERVE FUND ENDING BALANCE (1) 8,462,265.59 6,690,619.72 1,771,645.87 WIRE TO TRUSTEE --------------- TOTAL COLLECTIONS 12,897,728.99 12,688,050.12 209,678.87 SERVICING FEE (180,276.99) (180,230.45) (46.54) ------------ ------------ ------- OVER/(UNDER) WIRED 12,717,452.00 12,507,819.67 (209,632.33) ============= ============= ============ OTHER REPORTED BALANCES ----------------------- RESERVE FUND INVESTMENT INCOME (6) 31,181.67 31,181.67 0.00 ========= ========= ====
FOOTNOTES: - ---------- (1) Monthly variances due to the differences with outstanding receivable balances. (2) Interest collections on liquidation proceeds and recoveries were not previously reported. (3) Principal and interest payments on loans erroneously transferred out of the securitized pool. (4) Monthly variances unexplainable; however, the total differences between recoveries and liquidation proceeds on page 6 indicates double counting in the original amounts reported. (5) Variance due to understating of recoveries and the reduction of gross losses for liquidation proceeds, thus double counting liquidation proceeds in the realized loss calculation. (6) Investment income reported as actual amounts earned, no adjustments were made for the incorrect reserve fund balance. -----END PRIVACY-ENHANCED MESSAGE-----