8-KOther Events

BANK OF AMERICA CORP /DE/ 8-K Report (Apr 30, 2001)

Filed April 30, 2001For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

This 8-K filing from Bank of America Corp /DE/ (BAC), filed on April 30, 2001, relates to the Barnett Auto Trust 1997-A. The report incorporates by reference information from Exhibit 99, which details the monthly servicer certificate for the trust. Specifically, it provides financial data regarding distributions to noteholders and the performance of the underlying auto loan receivables for the collection period of March 1, 2001, to March 31, 2001. Investors should note that while several classes of notes (A-1, A-2, A-3) show no distributions for the period, Class A-4 notes received a significant principal and interest distribution totaling $6,897,185.18. Other classes, including A-5 and B notes, also received interest payments but no principal. The report also details the pool balance, delinquency rates, and reserve account activity, indicating a pool balance of approximately $89.1 million and a noticeable percentage of receivables delinquent 31-60 days.

Key Highlights

  • 1Filing pertains to the Barnett Auto Trust 1997-A, a securitized auto loan pool, rather than direct BAC operations.
  • 2For the March 2001 collection period, no principal or interest distributions were made to Class A-1, A-2, or A-3 notes.
  • 3Class A-4 notes received a total distribution of $6,897,185.18, comprising $93,119.23 in interest and $6,804,065.95 in principal.
  • 4Class A-5 and Class B notes received interest payments ($217,514.13 and $192,081.81, respectively) but no principal distributions.
  • 5The total pool balance of receivables at the end of the collection period was $89,101,578.73.
  • 65.08% of the principal balance of receivables were delinquent 31-60 days, with smaller percentages for longer delinquency periods.
  • 7The Reserve Account had a balance of $12,042,484.82 as of the distribution date, with a small portion of excess yield transferred to it.

Frequently Asked Questions

This 8-K filing is to report on the monthly servicer certificate for the Barnett Auto Trust 1997-A. It provides details on the financial performance of the trust, including distributions made to noteholders and the status of the underlying auto loan receivables for the collection period of March 2001.

This filing pertains to a specific asset-backed securitization trust (Barnett Auto Trust 1997-A) where NationsBank, N.A. (a predecessor to Bank of America) acts as servicer and sponsor. While Bank of America is the ultimate parent entity, the financial events reported are specific to this trust and its noteholders, not the consolidated financial statements of BAC itself at this level of detail.

The absence of distributions for Class A-1, A-2, and A-3 notes typically indicates that either the collection of payments was insufficient to cover their contractual interest and principal payments, or that these classes are subordinated and received no payments after higher-priority tranches were paid. In this specific report, it appears that collections were allocated primarily to Class A-4, A-5, and B notes.

Key performance indicators include the total pool balance ($89.1 million), delinquency rates (5.08% 31-60 days past due), and the weighted average coupon (12.63%) and remaining term (21.61 months) of the underlying receivables. The report also shows cumulative realized losses and current period losses.