-----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, ByLK1eDPLz+PZnznjGd2Wq+cgPABfaX5w62Q98q9GY1ced7LfFLRmQ+/m+AC5gvu crG4sUEJN06Elh1vWCHMuA== 0000878032-99-000005.txt : 19990222 0000878032-99-000005.hdr.sgml : 19990222 ACCESSION NUMBER: 0000878032-99-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990131 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NISSAN AUTO RECEIVABLES CORP /DE CENTRAL INDEX KEY: 0000878032 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 136978161 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-42130 FILM NUMBER: 99546175 BUSINESS ADDRESS: STREET 1: 990 W 190TH ST CITY: TORRANCE STATE: CA ZIP: 90502 BUSINESS PHONE: 3107198074 MAIL ADDRESS: STREET 1: 990 WEST 190TH STREET CITY: TORRANCE STATE: CA ZIP: 90502 8-K 1 NISSAN AUTO RECEIVABLES 8-K UNITED STATES 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): February 15, 1999 Nissan Auto Receivables 1998-A Grantor Trust ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 333-64565 33-0479655 --------------------- ------------- ------------ (State or other Juris- (Commission (I.R.S. Employer diction of incorporation) Registration Number) Identification Number) Nissan Auto Receivables 1998-A Grantor Trust c/o Nissan Motor Acceptance Corporation 900 West 190th Street Torrance, California 90502 (310) 719-8013 ---------------------------------------------------- (Registrant's telephone number, including area code) Exhibit Index is on Page 4 Page 1 Item 5. Other Events. On February 15, 1999, the principal and interest collected during the preceding calendar month, net of certain adjustments as provided for in the Pooling and Servicing Agreement, dated as of December 1, 1998 (the "Agreement"), between Nissan Motor Acceptance Corporation, as Servicer, Nissan Auto Receivables Corporation, as Seller, and Norwest Bank Minnesota, National Association, as Trustee (the "Trustee"), were distributed to holders ("Certificateholders") of certificates representing undivided fractional interests in Nissan Auto Receivables 1998-A Grantor Trust. In accordance with the Agreement, the Servicer's Certificate, as defined in the Agreement, was furnished to the Trustee for the benefit of the Certificateholders and, as such, was distributed by the Trustee to the Certificateholders. A copy of the Servicer's Certificate is being filed as Exhibit 99.1 to this Current Report on Form 8-K. Item 7(c). Exhibits. Exhibit No. Description ----------- ------------ 99.1 Servicer's Certificate for the month of January 1999 Page 2 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. Nissan Auto Receivables 1998-A Grantor Trust By: Nissan Motor Acceptance Corporation, as Servicer Date: February 19, 1999 By: /s/Tomoaki Shimazu Name: Tomoaki Shimazu Title: Vice President, Finance and Corporate Planning Page 3 EXHIBIT INDEX Sequentially Numbered Exhibit No. Description Page - ------------ ------------- ------------ 99.1 Servicer's Certificate 5 for the month of January 1999 Page 4 EX-99 2 SERVICER'S CERTIFICATE Exhibit 99.1 Page 5 Nissan Motor Acceptance Corporation Monthly Servicing Report -- Nissan Auto Receivables 1998-A Grantor Trust January 1, 1999 through January 31, 1999
A. ORIGINAL DEAL PARAMETER INPUTS (A) Original Total Portfolio $ $999,494,983.89 (B) Class A Certificate Ownership Interest of the Trust 89.00% (C) Original Class A Certificate Balance $ 889,550,535.00 (D) Class A Certificate Rate 5.45% (E) Original Class B Certificate Balance $ 109,944,448.89 (F) Class B Certificate Rate 5.45% (G) Servicing Fee Rate 1.00% (H) Original Weighted Average Coupon (WAC) 8.49% (I) Original Weighted Average Remaining Term (WAM) 42.58 months (J) Number of Contracts 93,300 (K) Class A Subordination Spread Account ("SSA") (i) Subordination Initial Deposit Percentage 1.00% (ii) Subordination Initial Deposit $ 9,994,949.84 (iii) Specified SSA Balance Percent 1.50% (iv) Specified SSA Balance $ 14,992,424.76 (v) Floor Percent 2.50% (vi) Floor Amount $ 24,987,374.60 (vii) Floor Trigger Amount $ 99,949,498.39 (L) Yield Supplement Reserve Account Initial Deposit $ 4,107,391.76 B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS (A) Total Portfolio Outstanding $ 924,677,294.90 (B) Total Portfolio Pool Factor 0.9251445 (C) Class A Certificate Balance $ 822,962,792.46 (D) Class A Certificate Factor 0.9251445 (E) Class B Certificate Balance $ 101,714,502.44 (F) Class A Pool Factor 0.8233786 (G) Subordination Spread Account Balance $ 14,992,424.76 (H) Yield Supplement Reserve Account Balance $ 3,554,660.15 (I) Outstanding Interest Advance $ 34,299.33 (J) Cumulative Net Losses for All Prior Periods 70,832.40 (K) Weighted Average Coupon of Remaining Portfolio (WAC) 8.50% (L) Weighted Average Remaining Term of Remaining Portfolio (WAM) 41.05 months (M) Number of Contracts 90,333 C. INPUTS FROM THE MAINFRAME (A) Simple Interest Loans (i) Principal Payments Received $ 35,877,013.64 (ii) Interest Payments Received $ 6,670,863.45 (iii) Repurchased Loan Principal $ 120,364.70 (iv) Repurchased Loan Interest $ 900.91 (B) Yield Supplement Release to Collection Account $ 221,132.93 (C) Yield Supplement Release to Seller $ 29,384.90 (D) Reimbursement of Previous Interest Advance $ 34,299.33 (E) Current Interest Advance Amount $ (105,731.55) (F) Weighted Average Coupon of Remaining Portfolio (WAC) 8.51% (G) Weighted Average Remaining Maturity of Remaining Portfolio (WAM) 40.31 months (H) Remaining Number of Contracts 88,288
(I) Delinquent Contracts Contracts Amount (i) 31-60 Days Delinquent 1,069 1.21% $11,970,898.98 1.35% (ii) 61-90 Days Delinquent 130 0.15% $1,345,456.69 0.15% (iii) 91 Days or More Delinquent 23 0.03% 266,309.82 0.03%
D. INPUTS DERIVED FROM OTHER SOURCES (A) Collection Account Investment Income -- Paid to Seller $ 14,866.96 (B) Class A Subordination Spread Account Investment Income -- Paid to Seller $ 20,133.88 (C) Yield Supplement Reserve Account Investment Income -- Paid to Seller $ 8,273.95 (D) Aggregate Net Losses for Collection Period $ 680,499.83 (E) Liquidated Contracts (i) Gross Principal Balance of Liquidated Receivables $ 868,278.30 (ii) Net Liquidation Proceeds Received During the Collection Period $ 187,778.47 (iii) Recoveries Received During the Collection Period $ 0.00 (F) Number of Vehicles Repossessed During the Collection 92 Page 6 Nissan Motor Acceptance Corporation Monthly Servicing Report -- Nissan Auto Receivables 1998-A Grantor Trust November 1, 1998 through December 31, 1998 I. COLLECTIONS (A) Principal Payments Received (C(A)i) $ 35,877,013.64 (B) Interest Payments Received (C(A)ii) $ 6,670,863.45 (C) Aggregate Net Liquidation Proceeds Received (D(E)ii) $ 187,778.47 (D) Principal on Repurchased Contracts (C(A)iii) $ 120,364.70 (E) Interest on Repurchased Contracts (C(A)iv) $ 900.91 (F) Yield Supplement Amount Payments (C(B)) $ 221,132.93 (G) Total Collections (A+B+C+D+E+F) $ 43,078,054.10 (H) Net Interest Advance Amount (C(E-D)) $ (140,030.88) (I) Total Available Amount (G+H) $ 42,938,023.22 II. DISTRIBUTIONS (A) Principal Payments Received (C(A)i) $ 35,877,013.64 (B) Principal on Repurchased Contracts (C(A)iii) $ 120,364.70 (C) Gross Principal Balance of Liquidated Receivables (D(E)i) $ 868,278.30 (D) Total Principal Reduction (A+B+C) $ 36,865.656.64 (E) Class A Distributable Amount (i) Class A Monthly Interest Payment (A(D)*B(C)/12) $ 3,737,622.68 (ii) Monthly Principal to Class A (II(D)*A(B)) $ 32,810,434.41 (iii) Total Distributable Amount (i+ii) $ 36,548,057.09 (F) Class B Distributable Amount (i) Class B Monthly Interest Payment ((A(F)*B(E))/12) $ 461,953.37 (ii) Monthly Principal to Class B (II(D)-(E)ii) $ 4,055,222.23 (iii) Excess Collections (I(I)-(II(E)iii+(F)i+ii+(G)i)) $ 1,102,226.12 (iv) Total Distributable Amount (i+ii+iii) $ 5,619,401.72 (G) Required Distributions (i) Servicing Fee (A(G)*B(A)) $ 770,564.41 (ii) Unpaid Trustee Fees and Expenses $ 0.00 (iii) Class A Amount (II(E)iii) $ 36,548,057.09 (iv) Deposit to Class A Subordination Spread Account (If Positive (IV(G)-(A))) $ 0.00 (v) Class B Amount (IV(F)i) $ 5,619 401.72 (vi) Yield Supplement Account Release to Seller (V(C)) $ 29,384.90 (vii) Total Amount Distributed (i+ii+iii+iv+v+vi) $ 42,967,408.12 (H) Amount of Draw from Class A SSA (IV(B)) $ 0.00 (I) Sum of Draw from SSA and Total Available Amount (I(I)+IV(B)) $ 42,938,023.22 (J) Release from Yield Supplement Account to Seller (V(C)) $ 29,384.90 (K) Total Distributed Amount (I+J) $ 42,967,408.12 Class A Servicing Fee (II(G)i*A(B)) $ 685,802.32
III. POOL BALANCES AND PORTFOLIO INFORMATION Beg. of Period End of Period (A) Balances and Principal Factors (i) Total Pool Balance $924,677,294.90 $ 887,811,638.26 (ii) Total Pool Factor 0.9251445 0.8882602 (iii) Class A Certificate Balance $822,962,792.46 $ 790,152,358.05 (iv) Class A Certificate Factor 0.9251445 0.8882602 (v) Class B Certificate Balance $101,714,502.44 $ 97,659,280.21 (vi) Class A Pool Factor 0.8233786 0.7905516 (B) Portfolio Information (i) Weighted Average Coupon (WAC) 8.50% 8.51% (ii) Weighted Average Remaining Maturity (WAM) 41.05 months 40.31 months (iii) Remaining Number of Contracts 90,333 88,288 (C) Outstanding Interest Advance $ 34,299.33 $ (105,731.55)
Page 7 Nissan Motor Acceptance Corporation Monthly Servicing Report -- Nissan Auto Receivables 1998-A Grantor Trust November 1, 1998 through December 31, 1998
IV. RECONCILIATION OF CLASS A SUBORDINATION SPREAD ACCOUNT ("SSA") (A) Beginning Class A SSA Balance (B(G)) $ 14,992,424.76 (B) Draw for Class A Distributable Amount and Servicing Fee (If Positive ((II(E)iii+(G)i)-I(I))) 0.00 (C) Amount Available for Deposit to the Class A SSA (If Positive (I(I)-II(E)iii-(G)i)) $ 5,619,401.72 (D) Class A SSA Balance Prior to Release (IV(A-B+C)) $ 20,611,826.48 (E) Class A Subordination Spread Account Required Amount (Was Trigger Hit?) $ 14,992,424.76 (F) Breakdown of Release to Class B Certificateholder (i) Class B Amount (Min(II(F)iv,IV(F)iii)) $ 5,619,401.72 (ii) Release from Class A SSA (iii-i) $ 0.00 (iii) Total Distribution to Class B Certificateholder (If Positive (D-E)) $ 5,619,401.72 (G) Ending Class A Subordinate Spread Account Balance (D-(F)iii) $ 14,992,424.76 V. RECONCILIATION OF YIELD SUPPLEMENT RESERVE ACCOUNT (A) Beginning Yield Supplement Reserve Account Balance (B(H)) $ 3,554,660.15 (B) Release to Collection Account (C(B)) $ 221,132.93 (C) Release to Seller (C(C)) $ 29,384.90 (D) Ending Yield Supplement Reserve Account Balance (A-B-C) $ 3,304,142.32 VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY (A) Aggregate Net Losses for Collection Period (VI(B)i-ii) $ 680,499.83 (B) Liquidated Contracts (i) Gross Principal Balance of Liquidated Receivables (D(F)i) $ 868,278.30 (ii) Net Liquidation Proceeds Received During the Collection Period (D(F)ii) $ 187,778.47 (C) Cumulative Net Losses for all Periods (VI(A)+B(J)) $ 751,332.23 (D) Delinquent and Repossessed Contracts
Contracts Amount (i) 31-60 Days Delinquent 1,069 1.21% $11,970,898.98 1.35% (ii) 61-90 Days Delinquent 130 0.15% $ 1,345,456.69 0.15% (iii) 91 Days or More Delinquent 23 0.03% $ 266,309.82 0.03% (iv) Vehicles Repossessed During 92 0.10% #N/A #N/A the Collection Period (D(F))
VII. TESTS FOR INCREASE IN CLASS A SUBORDINATION SPREAD ACCOUNT BALANCE (A) Ratio of Net Losses to the Pool Balance as of Each Collection Period (i) Second Preceding Collection Period 0.00% (ii) Preceding Collection Period 0.09% (iii) Current Collection Period 0.88% (iv) Three Month Average (Avg(i,ii,iii)) 0.32% (B) Ratio of Number of Contracts Delinquent 60 Days or More to the Outstanding Number of Receivables as of Each Collection Period (i) Second Preceding Collection Period 0.00% (ii) Preceding Collection Period 0.08% (iii) Current Collection Period 0.17% (iv) Three Month Average (Avg(i,ii,iii)) 0.08% (C) Loss and Delinquency Trigger Indicator Trigger Was Not Hit (i) Number of Months Three Month Loss Average is Below Trigger 3 (ii) Number of Months Three Month Delinquency Average is Below Trigger 3
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