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