AutoBond Provides Credit Performance Information
19 May 1998
AutoBond Provides Credit Performance InformationAUSTIN, Texas, May 19 -- AutoBond Acceptance Corporation (Amex: ABD) ("AutoBond"), is pleased to provide amortization, charge-off acceleration, cumulative gross repossession and net cumulative loss data recognized by month since inception through March 1, 1998 for its outstanding securitization trusts. The presentation of this data emphasizes AutoBond's servicing efforts since the transfer of servicing from a third party, to in- house personnel and technology over the last few months of 1997. AutoBond believes this information will be helpful to both fixed income and equity investors. A -- CERTIFICATE DECLINING BALANCE REPORT Trust Size of Pool Beginning Balance Ending Balance Balance Reduction for Oct. 1997 for March 1998 from Oct. 1, 1997 to March 31,1998 A B C D 1 95A 27,841,007 13,577,044 8,989,592 4,587,451 96A 17,305,133 10,438,298 7,397,239 3,041,059 96B 19,104,925 12,000,646 8,976,471 3,024,174 96C 25,020,846 18,247,866 14,005,713 4,242,153 96D 25,879,508 21,861,591 16,522,353 5,339,238 97A 25,794,194 25,486,314 19,655,432 5,830,882 97B 34,725,196 33,937,873 28,513,561 5,424,312 97C 34,430,079 34,430,079 30,232,591 4,197,488 Total 210,100,888 169,979,711 134,292,953 35,686,758 CHARGE-OFF SCHEDULE Trust Size of Pool Actual Actual Actual The Ratio of Chargeoffs Chargeoff Chargeoffs Actual by the End Ratio by from Oct. 1, Chargeoffs from of Mar 1998 the End of 1997 to Oct. 1, 1997 to March 1998 March 31, March 31, 1998 1998 A B C D J D 95A 27,841,007 1,288,934 4.63% 635,767 2.28% 96A 17,395,133 629,941 3.64% 366,142 2.12% 96B 19,104,925 853,034 4.46% 578,722 3.03% 96C 25,020,846 816,850 3.26% 663,435 2.65% 96D 25,879,508 883,911 3.42% 717,018 2.77% 97A 25,794,194 1,188,812 4.61% 1,061,860 4.12% 97B 34,725,196 1,390,233 4.00% 1,244,830 3.58% 97C 34,430,079 687,270 2.00% 687,270 2.00% Total 210,100,888 7,738,985 5,955,044 Cumulative Gross Loss by date of Loss Date of Loss TRUSTS 95A 96A 96B 96C 96D 97A 97B 97C Dec-95 0.32% Jan-96 0.70% Feb-96 1.59% Mar-96 2.67% Apr-96 4.06% 0.32% May-96 4.98% 0.95% Jun-96 6.31% 1.51% Jul-96 7.23% 2.50% 0.16% Aug-96 8.54% 3.75% 0.52% Sep-96 9.98% 5.09% 0.84% Oct-96 10.99% 6.27% 0.38% 0.17% Nov-96 11.77% 8.67% 0.62% 0.62% Dec-96 12.70% 10.15% 0.25% 1.89% Jan-97 13.78% 11.68% 0.90% 3.22% 0.04% Feb-97 14.65% 13.24% 0.65% 4.60% 0.28% Mar-97 15.51% 14.40% 0.47% 5.96% 1.58% Apr-97 16.43% 16.11% 0.89% 7.81% 2.41% 0.20% May-97 17.06% 16.90% 0.88% 8.87% 3.65% 1.03% Jun-97 17.61% 18.29% 11.17% 10.44% 5.95% 2.50% Jul-97 18.38% 19.40% 12.28% 11.40% 7.38% 4.31% Aug-97 19.43% 20.02% 13.24% 12.71% 9.02% 5.77% 0.18% Sep-97 20.26% 20.93% 15.13% 13.64% 10.74% 7.36% 0.75% Oct-97 20.94% 22.08% 16.24% 14.79% 12.72% 8.98% 2.04% Nov-97 21.35% 22.98% 17.29% 15.76% 13.90% 10.13% 4.05% 0.40% Dec-97 22.07% 24.08% 18.39% 16.84% 15.63% 11.45% 6.14% 0.76% Jan-98 22.33% 24.66% 19.30% 18.19% 16.99% 13.10% 8.16% 2.20% Feb-98 22.75% 25.31% 20.17% 19.09% 18.44% 14.83% 10.06% 3.81% Cumulative Net Loss by Date of Loss Date of Loss TRUSTS 95A 96A 96B 96C 96D 97A 97B 97C Dec-95 0.02% Jan-96 0.09% Feb-96 0.19% Mar-96 0.27% Apr-96 0.38% 0.03% May-96 0.47% 0.11% Jun-96 0.62% 0.14% Jul-96 0.76% 0.31% 0.02% Aug-96 0.96% 0.46% 0.11% Sep-96 1.22% 0.71% 0.16% Oct-96 1.37% 0.94% 0.24% 0.07% Nov-96 1.51% 1.35% 0.28% 0.12% Dec-96 1.65% 1.68% 0.39% 0.27% Jan-97 1.78% 1.94% 0.61% 0.46% 0.01% Feb-97 1.90% 2.13% 0.77% 0.66% 0.03% Mar-97 1.98% 2.28% 1.03% 0.78% 0.14% Apr-97 2.10% 2.45% 1.19% 0.99% 0.26% 0.08% May-97 2.15% 2.56% 1.29% 1.09% 0.38% 0.30% Jun-97 2.21% 2.67% 1.45% 1.23% 0.61% 0.57% Jul-97 2.31% 2.83% 1.59% 1.32% 0.71% 0.97% Aug-97 2.53% 2.89% 1.78% 1.45% 0.97% 1.31% 0.00% Sep-97 2.69% 3.12% 2.18% 1.55% 1.24% 1.79% 0.04% Oct-97 2.84% 3.34% 2.38% 1.63% 1.41% 2.41% 0.12% Nov-97 2.88% 3.43% 2.60% 1.71% 1.55% 2.84% 0.24% 0.02% Dec-97 2.91% 3.43% 2.63% 1.71% 1.62% 3.12% 0.33% 0.02% Jan-98 2.91% 3.43% 2.63% 1.72% 1.62% 3.26% 0.33% 0.02% Feb-98 2.91% 3.43% 2.63%. 1.72% 1.62% 3.28% 0.33% 0.02% Please note that deficiency coverage is not in place for the majority of the loans Repossession Analysis Trust Closed Accounts Open Accounts Units Gross Loss Net Loss Units Gross Loss Est. Net Loss 95A 441 4,492,171 764,898 155 1,482,209 268,842 96A 272 2,831,220 568,798 131 1,360,409 273,943 96B 202 2,174,932 468,456 134 1,421,236 310,758 96C 162 1,781,916 383,863 242 2,473,819 573,424 96D 170 1,898,324 405,608 246 2,711,941 586,939 97A1 118 1,328,762 737,527 113 1,135,105 706,276 97A2 44 436,106 109,059 90 925,925 223,075 97B 77 915,539 113,585 222 2,576,514 327,480 97C 4 47,566 7,160 108 1,262,881 193,313 Total 1490 15,906,536 3,558,954 1441 15,350,040 3,464,050 Trust Combined Units Gross Loss Est. Net Loss 95A 596 5,974,380 1,033,739 96A 403 4,191,629 842,741 96B 336 3,596,168 779,213 96C 404 4,255,735 957,287 96D 416 4,610,265 992,547 97A1 231 2,463,868 1,443,803 97A2 134 1,362,032 332,135 97B 299 3,492,053 441,065 97C 112 1,310,447 200,473 Total 2931 31,256,576 7,023,004 Trust Size of Pool Net Loss Original Revolver Adjusted Ratio 95A 26,261,009 1,579,998 27,841,007 3.71% 96A 16,563,366 741,767 17,305,133 4.87% 96B 17,832,885 1,272,040 19,104,925 4.08% 96C 22,296,719 2,724,127 25,020,846 3.83% 96D 25,000,000 879,508 25,879,508 3.84% 97A1 19,746,035 --- 19,746,035 7.31% 97A2 8,291,133 --- 8,291,133 4.01% 97B 34,725,196 --- 34,725,196 1.27% 97C 34,430,079 --- 34,430,079 0.58% Total 205,146,422 7,197,440 212,343,862 --- Note: 1. All repossessions occurred prior to the end of February 1998. 2. The status identification of being "Closed" vs. being "Open" was as of April 1, 1998. 3. Net loss calculation was based upon the information of recoveries on the (closed) loans as of April 1, 1998. 4. Within each trust, the estimated net loss for open loans equals the number of open loans times the average net loss for closed loans. 5. Net Loss Ratio equals the total estimated net loss divided by the adjusted pool size. 6. The Net Loss Ratio for 97A was particularly high due to the fact that no deficiency coverage had been available for 97A1. AutoBond currently has 6,531,311 shares outstanding. AutoBond is a specialty consumer finance company engaged in underwriting, acquiring, servicing and securitizing retail installment contracts originated primarily by franchised automobile dealers in connection with the sale of used and, to a lesser extent, new vehicles to selected consumers with limited access to traditional sources of credit. AutoBond is located in Austin, Texas and in 1997 acquired contracts nationwide from dealers in approximately 40 states.
