Item 1. Business
Omitted.
Item 2.
Item 2. Properties
The Trust has acquired certain auto loan receivables from the Bank pursuant to a Sale and Servicing Agreement. The aggregate principal balance of the receivables, as of December 31, 1999, was $418,224,348.00.
The Trust also holds a reserve account, pursuant to the Sale and Servicing Agreement. The principal balance of the reserve account, as of December 31, 1999, was $12,546,730.43.
The aggregate balance of receivables that were 60 or more days past due, as of December 31, 1999, was $3,601,979.94, or 0.861% of the receivables by principal balance.
The aggregate amount of principal charge-offs, net of recoveries, for the year ended December 31, 1999, was $3,292,718.93, or 0.5906% of the average aggregate outstanding principal balance of the receivables for that year.
Item 3.
Item 3. Legal Proceedings
The Registrant knows of no material pending legal proceedings with respect to the Trust, the Trustee or The Bank.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of Certificateholders during the fiscal year covered by this report.
Part II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholders Matters
The registrant has no voting stock or class of common stock outstanding as of the date of this report. The beneficial interest in the Trust is represented by certificates of beneficial interest (the "Certificates"). The registrant is also the issuer of two outstanding classes of asset backed notes ("Notes"). To the knowledge of the registrant , the Certificates are traded in the over-the-counter market to a limited extent.
As of December 31, 1999, all of the Certificates were registered in the name of CEDE and Co. The registrant understands that CEDE and Co. is the nominee for the Depository Trust Company ("DTC"). The registrant further understands that DTC has no knowledge of the actual beneficial owners of the Certificates held of record by CEDE & Co., and that DTC knows only the identity of the participants to those whose accounts such Certificates are credited, who may or may not be the beneficial owners of the Certificates.
The records provided to the Trust by DTC indicate that as of December 31, 1999, the number of holders of record for each class of securities issued by the Trust were as follows:
CLasses # of Holders --------- ------------------ A3 24 A4 18 Certificates 2
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
Not applicable.
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 Registrant
Omitted.
Item 11.
Item 11. Executive Compensation
Omitted.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
The records of DTC indicate that at December 31, 1999, there were 17 participants in the DTC system that held positions in a class of securities of the Trust equal to more than 5% of the total principal amount of a class of securities outstanding on that date:
- ----------------------------------------------------------------------- Name & Address of Original % of Participant Certificate Class Principal Balance - ----------------------------------------------------------------------- Class A-3 Bank of New York 18,235,000 6.20% (The) 925 Patterson Plank Rd. Secaucus, NJ 07094 - ----------------------------------------------------------------------- Bankers Trust Company 24,420,000 8.31% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211 - ----------------------------------------------------------------------- Bank One Trust 12,055,000 6.87% Company, N. A. 1900 Polaris Parkway 4th Floor New York, NY 10004 - ----------------------------------------------------------------------- Boston Safe Deposit 20,210,000 6.87% and Trust Company C/O Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA - ----------------------------------------------------------------------- Chase Manhattan Bank 75,850,000 25.80% 4 New York Plaza 13th Floor New York, NY 10004 - ----------------------------------------------------------------------- Citibank, N.A. 19,000,000 6.46% P.O. Box 30576 Tampa, FL 33630-3576 - ----------------------------------------------------------------------- Investors Bank & 19,800,000 6.73% Trust/M.F. Custody 200 Clarendon Street 15th Fl Hancock Tower Boston, MA 02116 - -----------------------------------------------------------------------
- ----------------------------------------------------------------------- State Street Bank 56,785,000 19.31% and Trust Company 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 - ----------------------------------------------------------------------- Class A4 Bank of New York 25,940,000 10.54% (The) 925 Patterson Plank Rd. Secaucus, NJ 07094 - ----------------------------------------------------------------------- Bankers Trust Company 87,370,000 35.52% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211 - ----------------------------------------------------------------------- Boston Safe Deposit 13,100,000 5.33% and Trust Company C/O Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA - ----------------------------------------------------------------------- Chase Manhattan Bank 27,000,000 10.98% 4 New York Plaza 13th Floor New York, NY 10004 - ----------------------------------------------------------------------- Citibank, N.A. 17,750,000 7.22% P. O. Box 30576 Tampa, FL 33630-3576 - ----------------------------------------------------------------------- Northern Trust 21,500,000 8.47% Company (The) 801 S. Canal C-IN Chicago, IL 60607 - ----------------------------------------------------------------------- State Street Bank 29,755,000 12.10% and Trust Company 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 - ----------------------------------------------------------------------- Certificates Bank of New York 23,000,000 75.11% (The) 925 Patterson Plank Road Secaucus, NJ 07094 - ----------------------------------------------------------------------- Chase Manhattan Bank 7,620,000 24.89% 4 New York Plaza, 13th floor New York, NY 10004 - -----------------------------------------------------------------------
Item 13.
Item 13. Certain Relationships and Related Transactions
None.
Part IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports of Form 8-K
(a) Exhibits. The following documents are filed as part of this Annual Report on Form 10-K.
Exhibit Number Description --------------- ---------------- 23.1 Consent of Independent Accountants.
28.1 Annual Management Report on Internal Controls
28.2 Annual Servicer's Certificate pursuant to Section 4.10 of the Agreement.
28.3 Annual Independent Accountants' Servicing Reports pursuant to Section 4.11 of the Agreement.
28.4 Annual Issuer's Certificate of Compliance with the Indenture.
(b) Reports on Form 8-K.
The following reports were filed on Form 8-K in 1999:
Date Items Reported Financial Statements - ------------ ---------------- ----------------------------- 2/4/1999 5, 7 Monthly report to certificateholders dated 1/15/1999
3/16/1999 5, 7 Monthly report to certificateholders dated 2/15/99
6/18/1999 5, 7 Monthly report to certificateholders dated 3/15/1999, 4/15/1999 and 5/17/1999
6/30/1999 5, 7 Monthly report to certificateholders dated 6/15/1999
7/30/1999 5, 7 Monthly report to certificateholders dated 7/15/1999
8/27/1999 5, 7 Monthly report to certificateholders dated 8/16/1999
9/30/1999 5, 7 Monthly report to certificateholders dated 9/15/1999
10/29/1999 5, 7 Monthly report to certificateholders dated 10/15/1999
11/30/1999 5, 7 Monthly report to certificateholders dated 11/15/1999
12/23/1999 5, 7 Monthly report to certificateholders dated 12/15/1999
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.
Dated: March 29, 2000
Chase Manhattan Auto Owner Trust 1998-A
by: Chase Manhattan Bank USA, National Association
By: /s/ Patricia Garvey ----------------------------------- Name: Patricia Garvey Title: Vice President
INDEX TO EXHIBITS
Exhibit Number: Description: - --------------- ------------------------ 23.1 Consent of Independent Accountants
28.1 Annual Management Report on Internal Controls
28.2 Annual Servicer's Certificate pursuant to Section 4.10 of the Agreement
28.3 Annual Independent Accountant's Servicing Reports pursuant to Section 4.11 of the Agreement
28.4 Annual Issuer's Certificate of Compliance with the Indenture