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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 30, 1996
ASTA FUNDING, INC.
(Exact name of Registrant as specified in charter)
Delaware
(State or other jurisdiction of incorporation)
0-26906 22-3388607
(Commission File Number) (IRS Employer Identification No.)
210 Sylvan Avenue, Englewood Cliffs, New Jersey 07632
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 201-567-5648
Not Applicable
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
On September 30, 1996, Asta Funding, Inc. (the "Registrant")
and its wholly-owned subsidiary, Asta Auto Receivables Company ("Asta")
consummated a securitization of automobile loan receivables. The transaction
involved the private placement by Asta of pass-through certificates evidencing
ownership interests in a trust. The assets of the trust are primarily comprised
of motor vehicle retail installment sale contracts having an aggregate principal
balance of $23,967,605 as of September 1, 1996. The contracts were transferred
by the Registrant to Asta which subsequently transferred such assets to the
trust. The Registrant received net proceeds of $22,627,030 from the sale of the
contracts to Asta. The difference between the sale price of the contracts and
the amount of net proceeds was deemed a contribution of capital by the
Registrant to Asta.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
Exhibits
1. Pooling and Servicing Agreement dated as of
September 1, 1996 among Asta Auto Receivables Company, the Registrant and
Harris Trust and Savings Bank.
2. Certificate Purchase Agreement dated
September 30, 1996 between Greenwich Capital Markets, Inc. and Asta Auto
Receivables Company.
3. Purchase Agreement dated as of September 1,
1996 between Asta Auto Receivables Company and the Registrant.
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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.
ASTA FUNDING, INC.
Dated: October 15, 1996 By: /s/ Gary Stern
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Gary Stern
President