1
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):
August 15, 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 its charter)
Ohio
(State or other jurisdiction of organization)
333-3457 31-1467431
(Commission File Number) (IRS Employer Identification Number)
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
2
ITEM 5. OTHER EVENTS
On August 15, 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 and Class B
6.70% Asset Backed Certificates. The amount of such
distribution was based upon the information set forth in the
Monthly Statement (the "Original Monthly Statement")
reflecting the Trust's activities for the Interest Period from
July 15, 1997 through August 14, 1997 (the "Interest Period")
and for the Collection Period from July 1, 1997 through July
31, 1997 (the "July 1997 Collection Period"). The Original
Monthly Statement was delivered to Bankers Trust Company, as
trustee (the "Trustee") on or about August 13, 1997.
On August 25, 1997, Bank One, Arizona, N.A., as servicer (the
"Servicer"), provided notice to the Trustee of the Servicer's
discovery of errors in the Original Monthly Statement which
affected, among other things, the reported amount of principal
and interest collections received by the Trust during the
Collection Period and the amounts of principal and interest
actually distributed to Certificateholders on the August 1997
Distribution Date.
Included as Exhibit 99.1 hereto is an amended and restated
Monthly Statement (the "Amended Monthly Statement") reflecting
the Trust's activities for the Interest Period and for the
July 1997 Collection Period in substitution for the
Original Monthly Statement.
Also, on August 25, 1997, the Servicer notified the Trustee of
its discovery of errors in each of the Original Monthly
Statements beginning with the Original Monthly Statement
reflecting the Trust's activities for the Collection Period
from June 1, 1996 through June 30, 1996 (the "June 1996
Collection Period") and continuing with each successive
Original Monthly Statement through and including the Original
Monthly Statement reflecting the Trust's activities for the
July 1997 Collection Period. Included as Exhibit 99.2 hereto
is a month-by-month reconciliation disclosing certain amounts
reported on each Original Monthly Statement, the respective
amounts as they should have been reported in the Original
Monthly Statement (each an "Amended Monthly Statement") and
any variance between each Original Monthly Statement and the
Amended Monthly Statement for such period.
The Servicer and the Trustee are currently in discussions to
satisfactorily determine the appropriate manner in which to
cause former and present Certificateholders to receive all
amounts due and oweing them through the July 1997 Collection
Period. Accordingly, based on these discussions, the Servicer
proposes to submit a month-by-month reconciliation to the
Trustee and the Depository Trust Company on or before
September 5, 1997 indicating the applicable amounts of
principal and/or interest underpaid in each respective
Distribution Date beginning with the September 1996
Distribution Date through and including the August 1997
Distribution Date. The aggregate amount of the principal
and/or interest underpaid in these months, which approximates
$1,500,000, will be deposited by the Servicer, from its own
funds, into the Collection Account for subsequent distribution
by the Depository Trust Company to the holders of record for
each respective Distribution Date, on or before the September
1997 Distribution Date. For the July 1996 and August 1996
Distribution Dates, the Servicer overpaid in the aggregate
approximately $121,000 in principal and underpaid
approximately $600 in interest. Due to the net cash
overpayment to the Trust in these two respective Distribution
Dates, the Servicer will waive all claims with respect to the
principal amount overpaid.
This report on Form 8-K is being filed in accordance with a
no-action letter dated August 16, 1995 issued by the staff of
the Division of Corporation Finance of the Securities and
Exchange Commission to Bank One, Texas, N.A., as originator
and servicer of Bank One Auto Trust 1995-A.
ITEM 7. EXHIBITS
See page 4 for Exhibit Index
3
SIGNATURE
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: August 28, 1997 By: / s/ Tom Lewis
------------------ -------------------------------
Name: Tom Lewis
Title: Vice President
4
EXHIBIT INDEX
Exhibit Description Page
- ------- ----------- ----
99.1 Amended and Restated Monthly Statement to
Certificateholders .......................................... 5-13
99.2 Reconciliation of Amended and Original Monthly Statements .... 14-30