ITEM 1. BUSINESS
Not applicable.
ITEM 2.
ITEM 2. PROPERTIES
The information furnished by the Servicer on behalf of the Trust, with regard to aggregate principal amount of delinquent receivables, is hereby incorporated by reference to the monthly distribution date statements sent to the certificateholders for the distribution dates occurring on March 15, 1996 through February 15, 1997.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
There are no material pending legal proceedings with respect to the Registrant either as Originator or Servicer, or to the best of our knowledge, the Issuer or the Trustee, with respect to the Issuer, other than ordinary routine litigation, if any, incidental to the duties of the Issuer, the Trustee, or the Registrant under the Pooling and Servicing Agreement.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No vote or consent of the Class A or Class I Certificateholders has been solicited or required during the period covered by this Report.
PART II
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
(a) There is no established public trading market for the Certificates representing undivided interest in the pool established by the Registrant of retail installment sale contracts secured by new and used automobiles and light-duty trucks.
(b) At February 28, 1997, the approximate number of holders of record of the Certificates was as follows:
(c) 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 SUPPLEMENTARY DATA
Not applicable.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE 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
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a) Not applicable.
PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) 1. (1) Pursuant to the Pooling and Servicing Agreement, the Servicer is required to deliver an annual statement as to compliance with the provisions of the Pooling and Servicing Agreement and certain other matters (the "Annual Officer's Certificate"). The Servicer is also required to cause a firm of independent public accountants to deliver an annual report as to compliance with the servicing provisions of the Pooling and Servicing Agreement (the "Annual Report of the Firm of Accountants"). The Annual Officer's Certificate for the Issuer's fiscal year ended on February 28, 1997 and the Annual Report of the Firm of Accountants for said fiscal year are each included as Exhibits to this Form 10-K.
(2) Monthly statements sent to Certificate- holders with the distributions for the period ranging from March 1996 to February 1997, incorporated herein by reference as an exhibit to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 27, 1997.
2. Not applicable.
3. The required exhibits are as follows:
3(i)(a) Articles of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 to Registration Statement on Form S-1 (File No. 33-80699)).
3(i)(b) Certificate of Merger dated February 21, 1997 with respect to the merger of Normerge Corporation with and into Reliable Financial Services, Inc. which amended Articles of Incorporation of Registrant.
3(ii) Registrant's Bylaws (incorporated by reference to Exhibit 3.2 to Registration Statement on Form S-1 (File No. 33-80699)).
4. The Pooling and Servicing Agreement (incorporated by reference to Exhibit 4.1 to Amendment No. 1 to Regitration Statement on Form S-1 (File No. 33-80699)).
99.1 Annual Officer's Certificate
99.2 Annual Report of the Firm of Accountants
(b) Reports on Form 8-K filed during the last quarter of the period covered by this Report: None.
(c) Exhibits required to be filed by the Registrant pursuant to item 601 of Regulation S-K are listed in the Exhibit Index immediately following the signature page hereof.
(d) Not applicable.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT
No annual report, proxy statement, form of proxy or other soliciting material has been sent to Certificateholders.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
RELIABLE FINANCIAL SERVICES, INC., as originator of RELIABLE AUTO RECEIVABLES TRUST 1996-1, issuer of the 5.80% Asset Backed Certificates, Class A and 0.72% Asset Backed Certificates, Class I
By: Reliable Financial Services, Inc., as Servicer*
By: /s/ Jose Arbona Lago ---------------------------- Name: Jose Arbona Lago Title: Executive Vice President
Date: August 27, 1997
* This report is being filed by the Servicer on behalf of the Reliable Auto Receivables Grantor Trust 1996-1 (the "Trust"). The Trust does not have officers or directors.
EXHIBIT INDEX