AutoBond Acceptance Corporation Updates Investors
16 April 1999
AutoBond Acceptance Corporation Updates Investors
AUSTIN, Texas, April 16 -- AutoBond Acceptance Corporation
(Amex: ABD) ("AutoBond"), listed on the Amex under the symbol ABD, updates
investors and announces that it continues to explore strategic alternatives to
replace Dynex Capital, Inc. ("Dynex"). To that end, AutoBond has retained
Ernst & Young's Financial Advisory Services Group and R.I. Heller LLC to
assist in this endeavor. In other recent developments, the Company filed its
1998 Form 10-K on April 15, 1999. Included in that filing was the report of
Deloitte & Touche, AutoBond's auditors, which report included a "going
concern" qualification in light of the cessation of funding by Dynex, among
other factors.
The Company's overall delinquency statistics continue to improve
significantly. Delinquencies as a percent of total outstanding portfolio
balance for all trusts for the years ended December 31, 1997 and December 31,
1998, and through March 31, 1999, are:
Bucket 12/97 12/98 3/99
60-89 Days Past Due: 5.8% 3.7% 1.9%
90+ Days Past Due: 4.5% 2.5% 1.7%
Total 60+ Days Past Due: 10.3% 6.2% 3.6%
Additionally, and significant in light of the on-going Dynex litigation,
loans originated under the ALL Program continue to perform as expected and
better than historical AutoBond production. Delinquencies for these loans
through March 31, 1999 are as follows:
Mos. 1997 1998
After 0-29 30-59 60-89 90+ 0-29 30-59 60-89 90 +
Orig. DAYS DAYS DAYS DAYS DAYS DAYS DAYS DAYS
0 99.80% 0.14% 0.04% 0.01% 99.87% 0.12% 0.02% 0.00%
1 96.89% 3.05% 0.06% 0.01% 98.09% 1.91% 0.00% 0.00%
2 91.73% 7.01% 1.21% 0.05% 95.37% 4.35% 0.28% 0.00%
3 83.79% 12.17% 3.59% 0.45% 92.53% 6.44% 1.02% 0.01%
4 78.85% 14.96% 4.72% 1.48% 90.02% 7.94% 2.04% 0.01%
5 76.95% 15.11% 5.83% 2.11% 88.46% 8.91% 2.62% 0.02%
Mos.
After ALL PROGRAM
Orig. 0-29 DAYS 30 - 59 DAYS 60 - 89 DAYS 90 + DAYS
0 99.90% 0.10% 0.00% 0.00%
1 98.52% 1.48% 0.00% 0.00%
2 96.96% 2.89% 0.15% 0.00%
3 94.68% 4.68% 0.64% 0.00%
4 93.95% 5.20% 0.83% 0.03%
5 92.48% 5.88% 1.64% 0.00%
Note: Outstanding delinquency balances exclude loans where the underlying
vehicle has been repossessed or placed for repossession, is subject
to lien sale, where the loan is in dispute, where the obligor is in
bankruptcy, where a dealer buyback is expected, or where a skip
claim or a primary insurance claim has been filed.
AutoBond is a specialty consumer finance company currently engaged in
servicing 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 has 6,531,311
common and 1,125,000 preferred shares outstanding.
NOTE: This is not an offer to buy or sell securities or assets of any
kind.
Contact: Adrian Katz of AutoBond Acceptance Corporation, 512-435-7000.