Item 1. Business.
Omitted.
Item 2.
Item 2. Properties.
The assets of the Trust include, among other things, receivables consisting of simple interest motor vehicle installment sales contracts secured by a motor vehicle, rights to receive certain principal and interest payments with respect to such Receivables, security interests in the motor vehicles financed thereby, and the proceeds thereof.
Item 3.
Item 3. Legal Proceedings.
None with respect to the Notes or the Trust.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
None with respect to the Notes or the Trust.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
To the best knowledge of Asset Backed Securities Corporation and the Trust, there is no established public trading market for the Notes.
One certificate representing a fractional undivided interest in the Trust (the "Certificate") was issued to Compass Auto Receivables Corporation in the principal amount of $22,080,879. All of the Notes are registered in the name of Cede & Co., as the nominee of The Depository Trust Company ("DTC"). As of January 21, 1999, there were 22 participants listed by DTC, in the DTC system, as holding positions in all Classes of the Notes.
The Trust does not pay dividends on the Notes.
The Trust used the net proceeds from the sale of the Notes and the Certificate to purchase the Receivables from the Company. The Company used the net proceeds paid to the Company by the Trust to purchase the Receivables from Compass Auto, which in turn used such proceeds to make the initial deposit into a reserve account and to purchase the Receivables from Compass Bank, an Alabama state banking corporation, and Compass Bank, a Texas state bank.
Item 6.
Item 6. Selected Financial Data.
Omitted.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Omitted.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Omitted.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Omitted.
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 Registrants.
Omitted.
Item 11.
Item 11. Executive Compensation.
Omitted.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Compass Auto Receivables Corporation holds 100% of the Certificate in the principal amount of $22,080,879.
Item 13.
Item 13. Certain Relationships and Related Transactions.
None.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Listed below are the documents filed as part of this report:
Exhibit No. Document Description ------- --------------------
20.1 Servicer's Report and Monthly Noteholder and Certificateholder Statement, dated as of January 15, 1999
(b) Reports on Form 8-K:
With respect to the last quarter of 1998, the following Form 8-K's were filed with the Commission:
Date Items Listed ---- ------------ October 1, 1998 Servicer's Report and Monthly Noteholder and Certificateholder Statement, dated as of September 15, 1998.
December 21, 1998 Servicer's Report and Monthly Noteholder and Certificateholder Statement, dated as of October 15, 1998.
January 4, 1999 Servicer's Report and Monthly Noteholder and Certificateholder Statement, dated as of November 16, 1998.
January 11, 1999 Servicer's Report and Monthly Noteholder and Certificateholder Statement, dated as of December 15, 1998.
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 hereunto duly authorized.
ASSET BACKED SECURITIES CORPORATION (Registrant)
Dated: March 24, 1999 By: /s/ Erik A. Falk ------------------------------------------ Name: Erik A. Falk Title: Vice President
INDEX TO EXHIBITS
Exhibit No. Document Description ------- --------------------
28 Servicer's Report and Monthly Noteholder and Certificateholder Statement, dated as of January 15, 1999.