-----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, T3quaELbYjZZeO7jcMwn74MJ4yXeyU7HTslKGgBoiC7bE70mLbUEk4xtFGFRcpEB hLHu8EfR7fXrKazZp0yHDg== 0000878032-99-000014.txt : 20000211 0000878032-99-000014.hdr.sgml : 20000211 ACCESSION NUMBER: 0000878032-99-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990831 ITEM INFORMATION: FILED AS OF DATE: 19990929 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: 99719587 BUSINESS ADDRESS: STREET 1: 990 W 190TH ST CITY: TORRANCE STATE: CA ZIP: 90502 BUSINESS PHONE: 3107198013 MAIL ADDRESS: STREET 1: 990 WEST 190TH STREET CITY: TORRANCE STATE: CA ZIP: 90502 8-K 1 FORM 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): September 15, 1999 Nissan Auto Receivables Corporation on behalf of Nissan Auto Receivables 1999-A Owner Trust (Exact name of registrant as specified in its charter) Delaware 333-82763 33-0479655 -------- --------- ---------- (State or other (Commission (I.R.S. Employer Jurisdiction of Registration Identification incorporation) Number) Number) 990 WEST 190TH STREET TORRANCE, CALIFORNIA 90502 -------------------------- (Address of principal executive office) Registrant's telephone number, including area code: (310) 719-8013 Exhibit Index is on Page 4 Page 1 of 11 Item 5. Other Events. On September 15, 1999, the principal and interest collected during the preceding calendar month, net of certain adjustments as provided for in the Sale and Servicing Agreement, dated as of August 1, 1999 (the "Agreement"), among Nissan Auto Receivables 1999-A Owner Trust, as Issuer, Nissan Auto Receivables Corporation, as Seller, and Nissan Motor Acceptance Corporation, as Servicer, were distributed to the holders of notes ("Noteholders") issued by Nissan Auto Receivables 1999-A Owner Trust. In accordance with the Agreement, the Servicer's Certificate, as defined in the Agreement, was furnished to the Indenture Trustee (as defined in the Agreement) for the benefit of the Noteholders. 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. The exhibit number corresponds with Item 601(a) of Regulation S-K. Exhibit No. Description 99.1 Servicer's Certificate for the month of August 1999 Page 2 of 11 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the undersigned thereunto duly authorized. NISSAN AUTO RECEIVABLES CORPORATION By: /s/ ------------------------ Name: Tomoaki Shimazu Title: Treasurer September 29, 1999 Page 3 of 11 EXHIBIT INDEX Sequentially Exhibit No. Description Numbered Page ----------- ----------- ------------- 99.1 Servicer's Certificate 5 for the month of August 1999 Page 4 of 11 Exhibit 99.1 Nissan Auto Receivables 1999-A Owner Trust Servicer's Certificate Collection Period # Beginning Date Aug-01-1999 Collection Period # End Date Aug-31-1999 Distribution Date Sep-15-1999
I. Available Amount in the Collection Account A. Collections 1. Payments from Obligors Applied to Collection Period a. Principal Payments .................... 28,932,460.83 b. Interest Payments ..................... 4,489,570.80 c. Total (a+b) ........................... 33,422,031.63 2. Repurchase Amount From Repurchased Receivable a. Principal Payments .................... 97,233.66 b. Interest Payments ..................... 812.32 c. Total (a+b) ........................... 98,045.98 3. Recovery of Defaulted Receivable a. Recovery Amount ........................ 0.00 b. Principal Portion of Recovery Allocable to Principal ........................... 0.00 c. Interest Portion of Recovery Allocable to Interest ............................ 0.00 d. Principal Balance of Defaulted Receivable ............................. 17,453.45 e. Net Principal loss ..................... 17,453.45 4. Advance by Servicer ............................ 7,104.82 5. Investment Earnings on Collection/Payment Account (as of month end) ...................... 0.00 6. Release from the Yield Supplement Account ...... 0.00 7. Total (sum 1 through 6) ........................ 33,527,182.43 B. Total Collections (Total Available Amount) ......... 33,527,182.43 1. Available Interest Collections ................. 4,480,034.49 2. Available Principal Collections ................ 29,047,147.94 II. Receivable Pool Balance A. Original Principal Pool Balance ..................... 732,143,742.24 B. Principal Pool Balance as of the Beginning of the Collection Period ................. 732,143,742.24 C. Principal Pool Balance as of the End of the Collection Period ........................... 703,096,594.30 III. Note Principal Balances For the Collection Period A. Class A-1 Notes 1. Beginning Class A-1 Balance .................... 195,850,000.00 2. Ending Class A-1 Balance ....................... 166,802,852.06 Class A-2 Notes 1. Beginning Class A-2 Balance .................... 260,000,000.00 2. Ending Class A-2 Balance ....................... 260,000,000.00 Class A-3 Notes 1. Beginning Class A-3 Balance .................... 206,740,000.00 2. Ending Class A-3 Balance ....................... 206,740,000.00 Certificates 1. Beginning Certificate Balance .................. 69,553,742.24 2. Ending Certificate Balance ..................... 69,553,742.24 IV. Reserve Account Balance For the Collection Period A. Initial and Required Reserve Account Amount ......... 5,491,078.07 B. Beginning Reserve Account Balance ................... 5,491,078.07 C. Ending Reserve Account Balance ...................... 5,491,078.07 V. Reconciliation of Yield Supplement Account (A) Beginning Yield Supplement Account Balance ......... 19,198,358.85 (B) Release to Collection Account ...................... 0.00 (C) Accrued Interest on Yield Supplement Account ....... 0.00 (D) Ending Yield Supplement Account Balance ............ 19,198,358.85 Page 5 of 11 Exhibit 99.1 Nissan Auto Receivables 1999-A Owner Trust Servicer's Certificate VI. Summary of Cash Disbursements A. Available Collections ............................... 33,527,182.43 B. Withdrawals from Reserve Account .................... 0.00 C. Total Available Collections ......................... 33,527,182.43 D. Reimbursement of Advance ............................ 0.00 E. Payment of Servicing Fee ............................ 610,119.79 F. Interest paid to Class A-1 .......................... 427,964.89 G. Interest paid to Class A-2 .......................... 618,800.00 H. Interest paid to Class A-3 .......................... 520,180.81 I. Principal paid to Class A-1 ......................... 29,047,147.94 J. Principal paid to Class A-2 ......................... 0.00 K. Principal paid to Class A-3 ......................... 0.00 L. Principal paid to Certificates ...................... 0.00 M. Remaining Available Collections ..................... 2,302,969.00 N. Deposit from Remaining Available Collections to fund Reserve Account ................ 0.00 O. Remaining Available Collections Released to Seller .. 2,302,969.00 VII. Scheduled Monthly Interest Distribution A. Available Collections ............................... 33,527,182.43 B. Reimbursement of Advance 1. Prior Advance Outstanding ........................ 0.00 2. Current Period (Advances)/Advances Reimbursed .... 7,104.82 3. Advances Reimbursed Due This Collection Period ... 0.00 4. Payment of Advances Reimbursed from Collections .. 0.00 5. Payment of Advances Reimbursed from Reserve Account .................................. 0.00 6. Total Advance Outstanding for the Period ......... 7,104.82 C. Total Reimbursement of Advance paid ................. 0.00 D. Remaining Available Collections ..................... 33,527,182.43 E. Servicing Fee 1. Current Servicing Fee Accrued ................... 610,119.79 2. Unpaid Servicing Fees From Prior Collection Periods .............................. 0.00 3. Total Servicing Fee Due ......................... 610,119.79 4. Payment of Servicing Fee from Collections ....... 610,119.79 5. Payment of Servicing Fee from Reserve Account ... 0.00 6. This period unpaid Servicing Fee ................ 0.00 F. Total Servicing Fee paid ............................ 610,119.79 G. Remaining Available Collections ..................... 32,917,062.64 Page 6 of 11 Exhibit 99.1 Nissan Auto Receivables 1999-A Owner Trust Servicer's Certificate H. Aggregate Class A Interest Distribution Amount 1. Class A Monthly Interest ........................ 1,566,945.70 2. Class A Interest Carryover Shortfall ............ 0.00 3. Class A Interest on Interest Carryover Shortfall. 0.00 4. Class A Interest Distributable Amount ........... 1,566,945.70 5. Payment of Class A Interest Distributable Amount from Collections ....................... 1,566,945.70 6. Payment of Class A Interest Distributable Amount from Reserve Account ................... 0.00 7. This period Class A Interest Carryover Shortfall 0.00 Total Interest paid to Class A Notes ................... 1,566,945.70 Class A-1 Interest Distribution Amount 1. Class A-1 Coupon Rate ........................... 5.619% 2. Class A-1 Monthly Interest ...................... 427,964.89 3. Class A-1 Interest Carryover Shortfall .......... 0.00 4. Class A-1 Interest on Interest Carryover Shortfall 0.00 5. Class A-1 Interest Distributable Amount ......... 427,964.89 6. Payment of Class A-1 Interest Distributable Amount from Collections ....................... 427,964.89 7. Payment of Class A-1 Interest Distributable Amount from Reserve Account ................... 0.00 8. This period Class A-1 Interest Carryover Shortfall 0.00 Total Interest paid to Class A-1 Notes ................. 427,964.89 Class A-2 Interest Distribution Amount 1. Class A-2 Coupon Rate ........................... 6.120% 2. Class A-2 Monthly Interest ...................... 618,800.00 3. Class A-2 Interest Carryover Shortfall .......... 0.00 4. Class A-2 Interest on Interest Carryover Shortfall 0.00 5. Class A-2 Interest Distributable Amount ......... 618,800.00 6. Payment of Class A-2 Interest Distributable Amount from Collections ....................... 618,800.00 7. Payment of Class A-2 Interest Distributable Amount from Reserve Account ................... 0.00 8. This period Class A-2 Interest Carryover Shortfall 0.00 Total Interest paid to Class A-2 Notes ................. 618,800.00 Class A-3 Interest Distribution Amount 1. Class A-3 Coupon Rate ........................... 6.470% 2. Class A-3 Monthly Interest ...................... 520,180.81 3. Class A-3 Interest Carryover Shortfall .......... 0.00 4. Class A-3 Interest on Interest Carryover Shortfall 0.00 5. Class A-3 Interest Distributable Amount ......... 520,180.81 6. Payment of Class A-3 Interest Distributable Amount from Collections ....................... 520,180.81 7. Payment of Class A-3 Interest Distributable Amount from Reserve Account ................... 0.00 8. This period Class A-3 Interest Carryover Shortfall 0.00 Total Interest paid to Class A-3 Notes ................. 520,180.81 I. Total Interest paid to Class A Notes ................ 1,566,945.70 J. Total Remaining Available Collections ............... 31,350,116.94 Page 7 of 11 Exhibit 99.1 Nissan Auto Receivables 1999-A Owner Trust Servicer's Certificate VIII. Scheduled Monthly Principal Distributions A. Total Remaining Available Collections ............... 31,350,116.94 B. Principal Distribution Amount ....................... 29,047,147.94 C. Aggregate Class A Principal Distribution Amount 1. Beginning Class A Principal Balance ............. 662,590,000.00 2. Class A Monthly Principal ....................... 29,047,147.94 3. Class A Principal Carryover Shortfall ........... 0.00 4. Total Class A Principal Distribution Amount ..... 29,047,147.94 5. Payment of Class A Principal Distribution Amount from Available Collections ............. 29,047,147.94 6. Payment of Class A Principal Distribution Amount from Reserve Account ................... 0.00 7. Class A Principal Carryover Shortfall for the Period ................................ 0.00 8. Ending Class A Principal Balance ................ 633,542,852.06 Total Principal paid to Class A Notes .................. 29,047,147.94 Class A-1 Principal Distribution Amount 1. Beginning Class A-1 Principal Balance ............. 195,850,000.00 2. Class A-1 Monthly Principal ....................... 29,047,147.94 3. Class A-1 Principal Carryover Shortfall ........... 0.00 4. Total Class A-1 Principal Distribution Amount ..... 29,047,147.94 5. Payment of Class A-1 Principal Distribution Amount from Available Collections ............... 29,047,147.94 6. Payment of Class A-1 Principal Distribution Amount from Reserve Account ..................... 0.00 7. Class A-1 Principal Carryover Shortfall for the Period .................................. 0.00 8. Ending Class A-1 Principal Balance ................ 166,802,852.06 Total Principal paid to Class A-1 Notes .................. 29,047,147.94 Class A-2 Principal Distribution Amount 1. Beginning Class A-2 Principal Balance ............. 260,000,000.00 2. Class A-2 Monthly Principal ....................... 0.00 3. Class A-2 Principal Carryover Shortfall ........... 0.00 4. Total Class A-2 Principal Distribution Amount ..... 0.00 5. Payment of Class A-2 Principal Distribution Amount from Available Collections ............... 0.00 6. Payment of Class A-2 Principal Distribution Amount from Reserve Account ..................... 0.00 7. Class A-2 Principal Carryover Shortfall for the Period .................................. 0.00 8. Ending Class A-2 Principal Balance ................ 260,000,000.00 Total Principal paid to Class A-2 Notes .................. 0.00 Class A-3 Principal Distribution Amount 1. Beginning Class A-3 Principal Balance ............. 206,740,000.00 2. Class A-3 Monthly Principal ....................... 0.00 3. Class A-3 Principal Carryover Shortfall ........... 0.00 4. Total Class A-3 Principal Distribution Amount ..... 0.00 5. Payment of Class A-3 Principal Distribution Amount from Available Collections ............... 0.00 6. Payment of Class A-3 Principal Distribution Amount from Reserve Account ..................... 0.00 7. Class A-3 Principal Carryover Shortfall for the Period .................................. 0.00 8. Ending Class A-3 Principal Balance ................ 206,740,000.00 Total Principal paid to Class A-3 Notes .................. 0.00 Page 8 of 11 Exhibit 99.1 Nissan Auto Receivables 1999-A Owner Trust Servicer's Certificate D. Total Principal paid to Class A Notes ................. 29,047,147.94 E. Certificate Principal Distribution Amount 1. Beginning Certificate Principal Balance ........... 69,553,742.24 2. Certificate Monthly Principal ..................... 0.00 3. Certificate Carryover Principal Shortfall ......... 0.00 4. Total Certificate Principal Distribution Amount ... 0.00 5. Payment of Certificate Principal Distribution Amount from Available Collections ............... 0.00 6. Payment of Certificate Principal Distribution Amount from Reserve Account ..................... 0.00 7. Certificate Principal Carryover Shortfall for the Period .................................. 0.00 8. Ending Certificate Principal Balance ............. 69,553,742.24 Total Principal paid to Certificates ..................... 0.00 F. Total Principal paid to Class A Notes and Certificates ..................................... 29,047,147.94 G. Remaining Available Collections ....................... 2,302,969.00 IX. Required Reserve Account Amount for Next Distribution Date A. Reserve Account Required Amount 1. Floor Amount (Initial Deposit Amount) ............ 5,491,078.07 B. Reserve Account Triggers 1. Average Three Period Delinquency Percentage ....... 0.00% 2. Delinquency Percentage Trigger .................... 2.00% 3. Average Three Period Charge Off Rate .............. 0.00% 4. Charge Off Rate Trigger ........................... 3.50% 5. Required Reserve Account Percentage Specified ..... 10.00% 6. Reserve Account Trigger Amount (if 1. > 2. or 3. > 4. then 10% of Beginning Pool Balance, else 0 .......................................... 0.00 C. Required Reserve Account Amount for Next Period (Max: A or B) ......................................... 5,491,078.07 D. Remaining Available Collections ....................... 2,302,969.00 E. Reserve Account Activity 1. Beginning Reserve Account Balance ................. 5,491,078.07 2. Withdrawal from Reserve Account to pay Servicer Advance ............................ 0.00 3. Withdrawal from Reserve Account to pay Servicing Fee ............................... 0.00 4. Withdrawal from Reserve Account to pay Class A Interest ............................ 0.00 5. Withdrawal from Reserve Account to pay Class A Principal ........................... 0.00 6. Withdrawal from Reserve Account to pay Certificate Principal ....................... 0.00 7. Deposit from Remaining Available Collections to fund Reserve Account ............. 0.00 8. Withdrawal of funds in Reserve Account in Excess of Required Reserve Account Balance ... 0.00 9. Ending Reserve Account Balance .................... 5,491,078.07 Page 9 of 11 Exhibit 99.1 Nissan Auto Receivables 1999-A Owner Trust Servicer's Certificate X. Delinquency and Default Information A. Automobiles Delinquency Information Delinquency 31-60 days ................................ 2,924,495.38 61-90 days ................................ 5,417.63 91-120 days ............................... 0.00 Total .............................................. 2,929,913.01 Delinquency 31-60 days ................................ 253 61-90 days ................................ 2 91-120 days ............................... 0 Total .............................................. 255 B. Delinquency Percentage 1. Outstanding Principal Balance for Delinquency >=60 days .................................... 5,417.63 2. Portfolio Principal Ending Balance for Collection Period ............................ 703,096,594.30 3. Delinquency Percentage (1/2) ................... 0.00% XI. Portfolio Average Delinquency Ratio A. Delinquency Ratio for 2 Collection Periods Prior .... 0.00% B. Delinquency Ratio for Prior Collection Period ....... 0.00% C. Delinquency Ratio for Current Collection Period ..... 0.00% D. Average Delinquency Ratio ((sum A through C)/3) ..... 0.00% XII. Portfolio Average Net Loss Ratio 1. Principal Recoveries of Defaulted Receivable ... 0.00 2. Principal on Defaulted Receivable .............. 0.00 3. Average Pool Balance for Collection Period ..... 717,620,168.27 4. Net Loss Ratio ((2- 1)/3) ...................... 0.00% A. Net Loss Ratio for 2 Collection Periods Prior ....... 0.00 B. Net Loss Ratio for Prior Collection Period .......... 0.00 C. Net Loss Ratio for Current Collection Period ........ 0.00% D. Average Net Loss Ratio ((sum A through C)/3) ........ 0.00%
Page 10 of 11 Exhibit 99.1 Nissan Auto Receivables 1999-A Owner Trust Servicer's Certificate
On September 15, 1999, interest earned and principal paid of the underlying assets for the month of August 1999 were paid to you by the paying agent on behalf of Norwest Bank, in its capacity as Trustee for the above referenced issue. The following information is being provided pursuant to Section 5.06 of the Sale and Servicing Agreement, dated as of August 1, 1999. This payment per $1,000 of original issuance of your holdings is allocated as follows: 1) Class A-1 Principal ...................................... 29,047,147.94 Principal Factor ......................................... 0.1483132 Class A-2 Principal ...................................... 0.00 Principal Factor ......................................... 0.0000000 Class A-3 Principal ...................................... 0.00 Principal Factor ......................................... 0.0000000 2) Class A-1 Interest ....................................... 427,964.89 Interest Factor .......................................... 0.00 Total per each individual Class A-1 Note ................. 29,475.11 Class A-2 Interest ....................................... 618,800.00 Interest Factor .......................................... 0.0023800 Total per each individual Class A-2 Note ................. 618.80 Class A-3 Interest ....................................... 520,180.81 Interest Factor .......................................... 0.0025161 Total per each individual Class A-3 Note ................. 520.18 3) Certificate Principal .................................... 0.00 Principal Factor ......................................... 0.0000000 4) Fees and Compensation paid to Servicer (a) Total ................................................ 610,119.79 (b) Per individual Class A and Class B Certificate ....... 610.12 5) The amount deposited into the Reserve Account ............ 0.00 6) Aggregate Unreimbursed Advances This Month .......................................... 0.00 Previous Month ...................................... 0.00 Change From Previous Month .......................... 0.00 7) (a) Pool Balance after this payment ...................... 703,096,594.30 (b) Pool Factor after this payment ....................... 0.87 8) (a) Available Reserve Account Amount ..................... 5,491,078.07 (b) Percent of Pool Balance .............................. 0.750% 9) Required Reserve Account Amount .......................... 5,491,078.07
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