Item 1. Business
As of December 31, 1996, NAFCO Auto Funding L.P. (The "Partnership") was the originator of three Auto Loan Trusts (the "Trusts") which had issued publicly registered securities. The Registrant for each of these trusts was, respectively, NAFCO Auto Trust-1, NAFCO Auto Trust- 2 and NAFCO Auto Trust-3. NAFCO Auto Trust-1 was formed pursuant to an Amended and Restated Pooling and Servicing Agreement dated August 1, 1994. NAFCO Auto Trust-2 was formed pursuant to an Amended and Restated Pooling and Servicing Agreement dated June 1, 1995. NAFCO Auto Trust-3 was formed pursuant to Amended and Restated Pooling and Servicing Agreement dated October 1, 1995. On August 16, 1996, the partners of the Partnership sold their partnership interests in the Partnership. Following the sale, NYLIFE SFD Holding Inc. as the Master Administrator for each of the Trusts (in such capacity, the "Master Administrator"), assumed responsibility for filing all reports pursuant to the Securities and Exchange Act of 1934 and accordingly is filing this report on behalf of each of the trusts.
The assets of each of the Trusts consists of consumer automobile loans and certain other rights and properties pertaining thereto, all as more fully described in the Registration Statements with respect to such Trusts. The Trusts do not engage in any business except as may be incidental to management of their assets.
NYLIFE SFD Holding Inc. is currently discussing certain aspects of the servicing of the auto loans with Electronic Data Systems Corporation, the servicer, in order to improve and maintain servicing functions. No determination has been made that an Event of Servicer Termination, as that term is defined in the Pooling and Servicing Agreements, has occurred, and it is anticipated that any necessary improvements will be effected.
Item 2.
Item 2. Properties
None.
Item 3.
Item 3. Legal Proceedings
None.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
(b) Reports on Form 8-K
None.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
Not Applicable.
Item 6.
Item 6. Selected Financial Data.
Not Applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Not Applicable.
Item 8.
Item 8. Financial Statements and Supplemental Data.
Not Applicable.
Item 9.
Item 9. Change in and Disagreements an Accounting and Financial Disclosure.
Not Applicable.
PART III
Item 10.
Item 10. Directors and Officers of the Registrant
Not Applicable.
Item 11.
Item 11. Executive Compensation
Not Applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
None.
Item 13.
Item 13. Certain Relationships and Related Transactions
Not Applicable.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
1. Financial Statements - None.
2. All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission have been omitted since either (1) the information required is disclosed in the financial statements and the notes thereto; (2) the schedules are not required under the related instructions; or (3) the schedules are inapplicable.
3. Trustee's Reports.
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, thereunto duly authorized.
NAFCO AUTO TRUST-1
By: NYLIFE SFD Holding Inc.
By: /s/ Kevin M. Micucci --------------------------- Name: Kevin M. Micucci Title:President and Director of NYLIFE SFD Holding Inc. Date: March 31, 1997
NAFCO AUTO TRUST-2
By: NYLIFE SFD Holding Inc.
By: /s/Kevin M. Micucci ------------------- Name: Kevin M. Micucci Title: President and Director of NYLIFE SFD Holding Inc. Date: March 31, 1997
NAFCO AUTO TRUST-3
By: NYLIFE SFD Holding Inc.
By: /s/Kevin M. Micucci ------------------- Name: Kevin M. Micucci Title: President and Director of NYLIFE SFD Holding Inc. Date: March 31, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant by the appropriate officers and directors of the Master Administrator and in the capacities and on the dates indicated.
INDEX TO EXHIBITS
Exhibit No. Description
99.1 Trust - 1 Master Administrator Report dated November 20, 1996 for the Due Period beginning August 1, 1996 and ending October 31, 1996, (ii) Servicer Report for the period beginning November 1, 1996 through November 30, 1996, (iii) Servicer Report for the period beginning December 1, 1996 through December 31, 1996.
99.2 Trust - 2 Master Administrator Report dated November 20, 1996 for the Due Period beginning October 1, 1996 and ending October 31, 1996, (ii) Master Administrator Report dated December 20, 1996 for the Due Period beginning November 1, 1996 through November 30, 1996, (iii) Master Administrator Report dated January 21, 1997 for the Due Period beginning December 1, 1996 through December 31, 1996.
99.3 Trust - 3 Master Administrator Report dated November 20, 1996 for the Due Period beginning October 1, 1996 and ending October 31, 1996, (ii) Master Administrator Report dated December 20, 1996 for the Due Period beginning November 1, 1996 through November 30, 1996, (iii) Master Administrator Report dated January 21, 1997 for the Due Period beginning December 1, 1996 through December 31, 1996.