-----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, JamS7DXf8Jugucacd+pCicS8ctGwuL5j/TvD8E5ddIoNyHE/FxUyVE9sQZadwf/j VrV3n8Q68jlxoC135avzxg== 0001024739-98-000333.txt : 19980331 0001024739-98-000333.hdr.sgml : 19980331 ACCESSION NUMBER: 0001024739-98-000333 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980330 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: 10-K SEC ACT: SEC FILE NUMBER: 333-03457 FILM NUMBER: 98579418 BUSINESS ADDRESS: STREET 1: 201 NORTH CENTRAL AVE STREET 2: C/O BANK ONE ARIZONA N A CITY: PHOENIX STATE: AZ ZIP: 85004 BUSINESS PHONE: 6142486347 MAIL ADDRESS: STREET 1: 100 EAST BROAD ST CITY: COLUMBUS STATE: OH ZIP: 43271-0133 10-K 1 FORM 10-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------- FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1997 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 333-3457 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 31-1467431 ---- ---------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 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 -------------- Securities Registered pursuant to Section 12(b) of the Act: None ---- Securities Registered pursuant to Section 12(g) of the Act: None ---- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- ================================================================================ The Issuer has no officer, director or beneficial owner of more than 10% of equity securities to whom Section 16(a) of the Act applies and consequently Item 405 of Regulation S-K does not apply. The Issuer does not have any voting stock, has not been involved in bankruptcy proceedings during the past five years and is not a corporate registrant. No documents are incorporated by reference into this Form 10-K. Exhibit Index on Page 9 Page 2 of 26 pages. Page 2 This Annual Report on Form 10-K is filed in accordance with a no-action letter dated August 16, 1995 issued by the Office of Chief Counsel, Division of Corporation Finance of the Securities and Exchange Commission, to Bank One,Texas, N.A., as originator and servicer of Banc One Auto Trust 1995-A. Consistent with such no-action letter, certain items have been omitted from or modified in this Annual Report on Form 10-K. PART I Item 1. Business -------- Omitted. Item 2. Properties ---------- The property of Banc One Auto Grantor Trust 1996-B (the "Trust") consists of certain motor vehicle retail installment sale contracts secured by new or used automobiles, vans or light duty trucks. Information regarding the property of the Trust and the activities of Bank One, Arizona, N.A., as Servicer (the "Servicer"), during the year ended December 31, 1997 is contained in (i) the Annual Servicer's Certificate filed as Exhibit 99.1 hereto and (ii) the Annual Statement prepared by the Servicer and filed as Exhibit 99.2 hereto. Item 3. Legal Proceedings ----------------- Nothing to report Item 4. Submission of Matters to a Vote of Security Holders --------------------------------------------------- No matters were submitted to a vote of security holders during 1997. PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters ------------------------------------------------------------- Investor Certificates are held and delivered in book-entry form through the facilities of the Depository Trust Company ("DTC"), a clearing agency registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. The Certificates are held by Cede & Co, the nominee of DTC. Page 3 The records of DTC indicate that, at December 31, 1997, there were: (i) thirty (30) DTC Participants holding a position in the 6.55% Class A Asset Backed Certificates, Series 1996-B; and (ii) one (1) DTC Participant holding a position in the 6.70% Class B Asset Backed Certificates, Series 1996-B. There is no established public market in which the Certificates are traded. Item 6. Selected Financial Data ----------------------- Omitted. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations --------------------------------------------------------------- Omitted. Item 8. Financial Statements and Supplementary Data ------------------------------------------- Omitted. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure --------------------------------------------------------------- None. PART III Item 10. Directors and Executive Officers of the Registrant -------------------------------------------------- Omitted. Item 11. Executive Compensation ---------------------- Omitted. Page 4 Item 12. Security Ownership of Certain Beneficial Owners and Management -------------------------------------------------------------- At December 31, 1997, the Certificates were registered in the name of Cede & Co., as nominee of DTC. The records of DTC indicate that, at December 31, 1997, there were eight (8) DTC Participants holding positions in excess of five (5) percent of any class of outstanding Certificates. Such persons are described in the table below:
Amount and Nature of Name and Address of Beneficial Ownership Percent Title of Beneficial Owners $(000's) of Class - -------------- ------------------- -------------------- -------- 6.55% Class A Bank of New York (The) $35,530 12.11% Asset Backed 925 Patterson Plank Road Certificates Secaucus, NJ 07094 Series 1996-B Bankers Trust Company $14,770 5.03% c/o BT Services Tennessee Inc. 648 Grassmere Park Road. Nashville, TN 37211 Boston Safe Deposit and Trust Company $19,380 6.60% c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA 15259 Chase Manhattan Bank $105,605 35.99% 4 New York Plaza Proxy Department, 13th Floor New York, NY 10004 SSB - Bank Portfolio $41,270 14.06% 225 Franklin Street Boston, MA 02110
Page 5
Amount and Nature of Name and Address of Beneficial Ownership Percent Title of Beneficial Owners $(000's) of Class - -------------- ------------------- -------------------- -------- SSB - Custodian $20,045 6.83% Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, MA 02105-1631 UBS Securities Inc./Union Bank $20,670 7.04% of Switzerland, New York Branch 299 Park Avenue New York, NY 10171-0026 6.70% Class B Chase Manhattan Bank $12,228 100.00% Asset Backed 4 New York Plaza Certificates Proxy Department, 13th Floor Series 1996-B New York, NY 10004
Item 13. Certain Relationships and Related Transactions ---------------------------------------------- None. Page 6 PART IV Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K --------------------------------------------------------------- (b) Reports on Form 8-K ------------------- (i) Reports on Form 8-K pursuant to Item 5 thereof, containing the monthly statements and other information reflecting the Trust's activities: Dated: For the monthly periods ended: ------ ------------------------------ February 17, 1997 January 31, 1997 March 17, 1997 February 28, 1997 April 15, 1997 March 31, 1997 May 15, 1997 April 30, 1997 June 16, 1997 May 31, 1997 July 15, 1997 June 30, 1997 August 15, 1997 July 31, 1997 September 15, 1997 August 31, 1997 October 15, 1997 September 30, 1997 November 17, 1997 October 31, 1997 December 15, 1997 November 30, 1997 January 15, 1998 December 31, 1997 (c) Exhibits. The following documents are filed as part of this Annual Report on Form 10-K. 99.1 Annual Servicer's Certificate 99.2 Annual Statement 99.3 Independent Accountants' Report of Coopers & Lybrand L.L.P. on Management's Assertions Page 7 SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: March 24, 1998 -------------- Banc One Auto Grantor Trust 1996-B By: Bank One, Arizona, N.A., as Servicer, on behalf of the Trust By: /s/ Tom Lewis ---------------------- Name: Tom Lewis Title: Vice President SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to Certificateholders during the period covered by this Annual Report on Form 10-K and the Registrant does not intend to furnish such materials to Certificateholders subsequent to the filing of this report. Page 8 INDEX OF EXHIBITS Exhibit Description Page - ------- ----------- ---- 99.1 Annual Servicer's Certificate 10 - 23 99.2 Annual Statement 24 99.3 Independent Accountants' Report of 25 - 26 Coopers & Lybrand L.L.P. on Management's Assertions Page 9 EX-99.1 2 ANNUAL SERVICER'S CERTIFICATE Exhibit 99.1 ANNUAL SERVICER'S CERTIFICATE BANK ONE, ARIZONA, N.A. BANK ONE AUTO GRANTOR TRUST 1996-B The undersigned, a duly authorized representative of Bank One, Arizona, N.A., as Servicer (the "Servicer"), pursuant to Section 3.10(a) of the Pooling and Servicing Agreement dated as of June 1, 1996 (the "Agreement") between the Servicer, Banc One ABS Corporation, as Seller, and Bankers Trust Company, as Trustee, does hereby certify on behalf of the Servicer as follows: 1) Bank One, Arizona, N.A., is, as of the date hereof, the Servicer under the Agreement. 2) Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement. 3) A review of the activities of the Servicer during the period from January 1, 1997 to December 31, 1997 (the "Applicable Period") and of its performance under the Agreement has been made by me or under my supervision. 4) Based on such review, the Servicer has, to the best of my knowledge, fulfilled all its obligations under the Agreement throughout the Applicable period and no default in the fulfillment of such obligations has occurred or is continuing except as set forth in paragraph 5 below. 5) The following is a description of each default in the performance of the Servicer's obligations under the provisions of the Agreement known to me to have been made by the Servicer during the year ended December 31, 1997. a) Errors were discovered in each of the Distribution Date Statements with respect to calculations, payments and reporting required to be made by the Servicer pursuant to the Agreement. The errors were found beginning with the Distribution Date Statement reflecting the Trust's activities for the Collection Period from June 1, 1996 through June 30, 1996 (Collection Period) and continuing with each successive Distribution Date Statement through and including the Distribution Date Statement reflecting the Trust's activities for the July 1997 Collection Period. The errors in each of the Distribution Date Statements affected, among other things, the reported amount of principal and interest collections received by the Trust during each collection period, beginning with the June 1996 Collection Period. In aggregate, the attached reconciliation (Exhibit A) reflects an underpayment to Certificateholders of $1,487,397.50 in principal and $3,633.41 in interest totaling $1,491,030.91. In addition, there was an overpayment of interest to the Certificateholders of approximately $25,000 from the June 1996 Collection Period through the July 1997 Collection Period. The Servicer deposited from its own funds, the sum of $1,491,030.91 into the Collection Account for subsequent distribution to the Certificateholders on the September 1997 Distribution Date. The Servicer waived all rights and claims with respect to the interest which the Servicer paid in excess of that required through the July 1997 Collection Period. The payment of the understated principal amount as noted above cured all deficiencies due the Certificateholders from the Closing Date through the July 1997 Collection Period. The Servicer prepared amended and restated Distribution Date Statements for the Collection Period beginning June 1, 1996 through June 30, 1996 and continuing with each successive Distribution Date Statement up through and including the Distribution Date Statement reflecting the Trust's collection activity through July 1997. The amended and restated Distribution Date Statements were delivered to the Trustee and the Rating Agencies (Standard and Poor's Corporation and Moody's Investors Service) in August 1997. b) The Servicer did not provide to the Trustee and Rating Agencies an Annual Independent Certified Public Accountants' Report, known generally as the Agreed Upon Procedures Report, for the period January 1, 1996 through December 31, 1996 as defined in the Agreement, section 3.11. The inability of the Servicer to provide such report is the direct result of a change in AICPA's Professional Standards (SAS#75) which governs the preparation and distribution of such report. In general, SAS#75 limits the usage of this report unless the users take responsibility for the specific procedures to be performed. The Servicer's inability to provide the Agreed Upon Procedures Report was discussed with the Trustee and the Rating Agencies. In lieu of providing the Agreed Upon Procedures Report, the Servicer provided to the Trustee and the Rating Agencies a report issued by a firm of independent certified public accountants to the effect that (i) such accountants have examined the assertions by The Servicer's management that, as of December 31, 1996, The Servicer maintained effective internal controls over the servicings of the receivables and (ii) such assertion is fairly stated in all material respects. Discussions with the Trustee and Rating Agencies on the matter resulted in the acceptance of the Accountant's examination of management's assertions as to the effectiveness of the internal controls over the loans being serviced. IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate as of the 31st day of December 1997. BANK ONE, ARIZONA, N.A., as Servicer By: /s/ Tom Lewis ----------------- Name: Tom Lewis Title: Vice President Exhibit A Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 09/16/96 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $266,038,310.56 $266,154,699.27 $116,388.71 906.5604 906.9570 0.3966 Interest Distribution: $1,452,125.78 $1,452,761.07 $635.29 4.9483 4.9505 0.0022 Ending Principal: $253,240,531.39 $253,371,564.28 $131,032.89 862.9503 863.3968 0.4465 Class B Cusip #058904AD5 Beginning Principal: $11,085,176.75 $11,090,026.96 $4,850.21 906.5604 906.9570 0.3967 Interest Distribution: $61,892.24 $61,919.32 $27.08 5.0616 5.0638 0.0022 Ending Principal: $10,551,924.04 $10,557,384.46 $5,460.42 862.9503 863.3968 0.4465
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 10/15/96 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $253,240,531.39 $253,371,564.28 $131,032.89 862.9503 863.3968 0.4465 Interest Distribution: $1,382,271.23 $1,382,986.46 $715.23 4.7103 4.7127 0.0024 Ending Principal: $241,499,007.73 $241,630,530.48 $131,522.75 822.9395 823.3877 0.4482 Class B Cusip #058904AD5 Beginning Principal: $10,551,924.04 $10,557,384.46 $5,460.42 862.9503 863.3969 0.4466 Interest Distribution: $58,914.91 $58,945.40 $30.49 4.8181 4.8206 0.0025 Ending Principal: $10,062,682.98 $10,068,163.81 $5,480.83 822.9394 823.3877 0.4481
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 11/15/96 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $241,499,007.73 $241,630,530.48 $131,522.75 822.9395 823.3877 0.4482 Interest Distribution: $1,318,182.08 $1,318,899.98 $717.90 4.4919 4.4943 0.0024 Ending Principal: $228,607,918.97 $228,750,063.39 $142,144.42 779.0114 779.4958 0.4844 Class B Cusip #058904AD5 Beginning Principal: $10,062,682.98 $10,068,163.81 $5,480.83 822.9395 823.3877 0.4482 Interest Distribution: $56,183.31 $56,213.91 $30.60 4.5947 4.5972 0.0025 Ending Principal: $9,525,542.30 $9,531,465.71 $5,923.41 779.0114 779.4958 0.4843
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 12/15/96 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $228,607,918.97 $228,750,063.39 $142,144.42 779.0114 779.4958 0.4844 Interest Distribution: $1,247,818.22 $1,248,594.10 $775.88 4.2521 4.2547 0.0026 Principal Distribution: $10,745,727.41 $10,824,119.71 $78,392.30 36.6175 36.8846 0.2671 Ending Principal: $217,862,191.56 $217,925,943.68 $63,752.12 742.3940 742.6112 0.2172 Class B Cusip #058904AD5 Beginning Principal: $9,525,542.30 $9,531,465.71 $5,923.41 779.0114 779.4958 0.4844 Interest Distribution: $53,184.28 $53,217.35 $33.07 4.3495 4.3522 0.0027 Principal Distribution: $447,748.63 $451,015.05 $3,266.42 36.6175 36.8846 0.2671 Ending Principal: $9,077,793.67 $9,080,450.66 $2,656.99 742.3940 742.6112 0.2172
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 01/15/97 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $217,862,191.56 $217,925,943.68 $63,752.12 742.3940 742.6112 0.2172 Interest Distribution: $1,189,164.46 $1,189,512.44 $347.98 4.0522 4.0534 0.0012 Principal Distribution: $10,236,893.55 $10,247,042.33 $10,148.78 34.8836 34.9181 0.0346 Ending Principal: $207,625,298.01 $207,678,901.35 $53,603.34 707.5104 707.6931 0.1827 Class B Cusip #058904AD5 Beginning Principal: $9,077,793.67 $9,080,450.66 $2,656.99 742.3940 742.6113 0.2173 Interest Distribution: $50,684.35 $50,699.18 $14.83 4.1450 4.1462 0.0012 Principal Distribution: $426,546.74 $426,969.62 $422.88 34.8836 34.9181 0.0346 Ending Principal: $8,651,246.93 $8,653,481.04 $2,234.11 707.5104 707.6931 0.1826
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 02/17/97 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $207,625,298.01 $207,678,901.35 $53,603.34 707.5104 707.6931 0.1827 Interest Distribution: $1,133,288.08 $1,133,580.67 $292.59 3.8618 3.8628 0.0010 Principal Distribution: $9,994,861.40 $10,304,451.00 $309,589.60 34.0588 35.1138 1.0550 Ending Principal: $197,630,436.61 $197,374,450.35 ($255,986.26) 673.4516 672.5793 -0.8723 Class B Cusip #058904AD5 Beginning Principal: $8,651,246.93 $8,653,481.04 $2,234.11 707.5104 707.6931 0.1827 Interest Distribution: $48,302.80 $48,315.27 $12.47 3.9503 3.9513 0.0010 Principal Distribution: $416,461.84 $429,361.70 $12,899.86 34.0588 35.1138 1.0550 Ending Principal: $8,234,785.09 $8,224,119.34 ($10,665.75) 673.4516 672.5793 -0.8724
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original s Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 03/17/97 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $197,630,436.61 $197,374,450.35 ($255,986.26) 673.4516 672.5793 -0.8723 Principal Distribution: $9,294,701.30 $9,525,054.08 $230,352.78 31.6729 32.4579 0.7850 Ending Principal: $188,335,735.31 $187,849,396.27 ($486,339.04) 641.7787 640.1214 -1.6573 Class B Cusip #058904AD5 Beginning Principal: $8,234,785.09 $8,224,119.34 ($10,665.75) 673.4516 672.5793 -0.8723 Principal Distribution: $387,287.86 $396,886.10 $9,598.24 31.6729 32.4579 0.7850 Ending Principal: $7,847,497.23 $7,827,233.24 ($20,263.99) 641.7787 640.1214 -1.6573
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 04/15/97 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $188,335,735.31 $187,849,396.27 ($486,339.04) 641.7787 640.1214 -1.6573 Principal Distribution: $10,113,132.59 $10,433,897.73 $320,765.14 34.4618 35.5549 1.0930 Ending Principal: $178,222,602.72 $177,415,498.54 ($807,104.18) 607.3169 604.5666 -2.7503 Class B Cusip #058904AD5 Beginning Principal: $7,847,497.23 $7,827,233.24 ($20,263.99) 641.7787 640.1215 -1.6572 Principal Distribution: $421,389.92 $434,755.43 $13,365.51 34.4618 35.5549 1.0930 Ending Principal: $7,426,107.31 $7,392,477.81 ($33,629.50) 607.3169 604.5666 -2.7504
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 05/15/97 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $178,222,602.72 $177,415,498.54 ($807,104.18) 607.3169 604.5666 -2.7503 Principal Distribution: $9,580,777.19 $9,840,874.84 $260,097.65 32.6478 33.5341 0.8863 Ending Principal: $168,641,825.53 $167,574,623.70 ($1,067,201.83) 574.6691 571.0325 -3.6366 Class B Cusip #058904AD5 Beginning Principal: $7,426,107.31 $7,392,477.81 ($33,629.50) 607.3169 604.5666 -2.7503 Principal Distribution: $399,207.95 $410,045.60 $10,837.65 32.6478 33.5341 0.8863 Ending Principal: $7,026,899.36 $6,982,432.21 ($44,467.15) 574.6691 571.0325 -3.6367
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 06/16/97 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $168,641,825.53 $167,574,623.70 ($1,067,201.83) 574.6691 571.0325 -3.6366 Principal Distribution: $8,735,811.20 $8,923,027.17 $187,215.97 29.7684 30.4064 0.6380 Ending Principal: $159,906,014.33 $158,651,596.53 ($1,254,417.80) 544.9007 540.6261 -4.2746 Class B Cusip #058904AD5 Beginning Principal: $7,026,899.36 $6,982,432.21 ($44,467.15) 574.6691 571.0325 -3.6366 Principal Distribution: $364,000.25 $371,801.09 $7,800.84 29.7684 30.4064 0.6380 Ending Principal: $6,662,899.11 $6,610,631.12 ($52,267.99) 544.9007 540.6261 -4.2746
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 07/15/97 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $159,906,014.33 $158,651,596.53 ($1,254,417.80) 544.9007 540.6261 -4.2746 Ending Principal: $150,613,091.67 $149,370,946.81 ($1,242,144.86) 513.2338 509.0011 -4.2328 Class B Cusip #058904AD5 Beginning Principal: $6,662,899.11 $6,610,631.12 ($52,267.99) 544.9007 540.6261 -4.2745 Ending Principal: $6,275,685.36 $6,223,928.76 ($51,756.60) 513.2338 509.0011 -4.2328
Banc One Auto Grantor Trust 1996-B Reconciliation between revised and original investor reports
Original Revised Variance Original Revised Variance Distribution -------- ------- -------- -------- ------- -------- Date 08/15/97 Per $1,000 Per $1,000 Per $1,000 of of of Original Original Original Principal Principal Principal Dollars Dollars Dollars Balance Balance Balance ------- ------- ------- ------- ------- ------- Class A Cusip #058904AC7 Beginning Principal: $150,613,091.67 $149,370,946.81 ($1,242,144.86) 513.2338 509.0011 -4.2328 Principal Distribution: $8,401,167.53 $8,432,505.62 $31,338.09 28.6281 28.7349 0.1068 Ending Principal: $142,211,924.14 $140,938,441.19 ($1,273,482.95) 484.6058 480.2662 -4.3396 Class B Cusip #058904AD5 Beginning Principal: $6,275,685.36 $6,223,928.76 ($51,756.60) 513.2338 509.0011 -4.2327 Principal Distribution: $350,056.45 $351,362.24 $1,305.79 28.6281 28.7349 0.1068 Ending Principal: $5,925,628.91 $5,872,566.52 ($53,062.39) 484.6058 480.2662 -4.3396
EX-99.2 3 ANNUAL STATEMENT Exhibit 99.2 Banc One Auto Grantor Trust 1996-B Annual Statement for Form 10-K December 31, 1997
Dollars ------- I. Amount of 1997 distributions allocable to principal: (i) Class A Certificateholders $102,495,504.09 (ii) Class B Certificateholders $4,270,741.24 II. Amount of 1997 distributions allocable to interest: (i) Class A Certificateholders $10,230,756.34 (ii) Class B Certificateholders $436,053.47 III. Pool Balance as of the close of business on December 31, 1997, after $109,566,137.06 giving effect to payments allocated to principal reported under (I) above IV. Aggregate outstanding principal balances and pool factors for each class of securities, as of December 31, 1997, after giving effect to all payments reported under clause (I) above on such date: (a) Class A Certificateholders $105,183,397.26 (b) Class A Pool Factor 0.3584262 (c) Class B Certificateholders $4,382,739.80 (d) Class B Pool Factor 0.3584262 V. Amount of the Total Servicing Fee paid to the Servicer with respect to the year ended December 31, 1997 (i) Total Servicing Fee $1,627,030.15 VI. Amount of the aggregate Realized Losses, if any, for the year ended December 31, 1997 $4,684,598.89 VII. (a) Aggregate amount withdrawn from the Reserve Account and deposited in the Collection Account $0.00 (b) Specified Reserve Account balance as of December 31, 1997 $3,560,899.45 (c) Aggregate Reserve Account release to seller for the year ended December 31, 1997 $9,600,742.77 (d) Balance of the Reserve Account as of December 31, 1997 $3,560,899.45 (e) 1997 Average Charge-off Rates 1.10% (f) 1997 Average of Delinquency Percentages 0.74% VIII. (a) Certificateholder's Interest Carryover Shortfall $0.00 (b) Certificateholder's Principal Carryover Shortfall $0.00 IX. Aggregate Purchase Amounts paid by the Seller or the Servicer with respect to the year ended December 31, 1997 $0.00 X. Delinquent Receivables as of December 31, 1997 Dollar Amount % # Units ------------- - ------- (a) 30-59 Days Delinquent $4,646,820 4.24% 626 (b) 60-89 Days Delinquent $951,339 0.87% 149 (c) 90 Days or More Delinquent $521,594 0.48% 71
EX-99.3 4 INDEPENDENT ACCOUNTANTS' REPORT [Letterhead of Coopers & Lybrand L.L.P.] Exhibit 99.3 REPORT OF INDEPENDENT ACCOUNTANTS We have examined the accompanying management's assertion that, as of December 31, 1997, Bank One, Arizona, N.A. maintained effective internal control over the servicing of motor vehicle retail installment sale contracts for the Banc One Auto Grantor Trust 1996-B. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included obtaining an understanding of the internal control over the loan servicing process, testing and evaluating the design and operating effectiveness of the internal control, and such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Because of inherent limitations in any internal control, errors or irregularities may occur and not be detected. Also, projections of any evaluation of the internal control over the loan servicing process to future periods are subject to the risk that the internal control may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate. In our opinion, management's assertion that Bank One, Arizona, N.A. maintained effective internal control over the servicing of motor vehicle retail installment sale contracts for the Banc One Auto Grantor Trust 1996-B as of December 31, 1997, is fairly stated, in all material respects, based upon criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) as described in Internal Control--Integrated Framework. /s/ Coopers & Lybrand L.L.P. Columbus, Ohio March 27, 1998 Assertion by Bank One, Arizona, N.A. Bank One, Arizona, N.A. services the motor vehicle retail installment sale contracts for the Banc One Auto Grantor Trust 1996-B. Bank One, Arizona, N.A. maintained effective internal control over the loan servicing for the Banc One Auto Grantor Trust 1996-B as of December 31, 1997, based upon criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) as described in Internal Control--Integrated Framework. /s/ Tom Lewis /s/ Paul H. Jones /s/ Joseph A. Pietrangelo - -------------------- ---------------------- --------------------------- Thomas Lewis Paul H. Jones Joseph A. Pietrangelo Vice President National Consumer Loan Senior Vice President Servicing Manager National Operations Manager -----END PRIVACY-ENHANCED MESSAGE-----