Back to GetFilings.com

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-K

Commission file number 333-38676

Registrant’s telephone number, including area code: (205) 320-7151

Securities Registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).

Documents Incorporated by Reference: None

Table of Contents

TABLE OF CONTENTS

i

Table of Contents

PART I

ITEM 1. BUSINESS

AmSouth Auto Receivables, LLC (the Registrant), is a Delaware limited liability company formed for the sole purpose of issuing asset-backed securities through trusts or limited liability companies. One trust has been originated by the Registrant: AmSouth Auto Trust 2000-1 (the Trust), formed pursuant to a Trust Agreement dated as of October 1, 2000, between the Registrant and The Chase Manhattan Bank, as owner trustee. The only business of the Trust is the collection and distribution of payments on the motor vehicle receivables in the manner described in the Registration Statement on Form S-3 (File No. 333-38676). Accordingly, there is no relevant information to report in response to Item 101 of Regulation S-K.

Due to the limited nature of the business of the Registrant it does not maintain an internet website.  However, the Registrant will make available free of charge copies of its filings with the Securities and Exchange Commission upon request to its Treasurer at 205-326-4049. 

ITEM 2. PROPERTIES

The Registrant and the Trust do not have any physical properties. Accordingly, this item is inapplicable.

ITEM 3. LEGAL PROCEEDINGS

There were no material legal proceedings involving the Registrant, the Trust, or any Notes involving the Trustee which were pending at December 31, 2002, or as of the date of this report.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No votes or consents of Noteholders were solicited during fiscal year 2002 for any purpose.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

There is no established public trading market for the Notes.

As of December 31, 2002, there were no holders of record for the Class A-1 Notes, no holders of record for the Class A-2 Notes, 21 holders of record for the Class A-3 Notes,  15 holders of record for the Class A-4 Notes, 2 holders of record for the Class B Notes and 1 holder of record for the Class C Notes of the Trust.

Since the Trust pays no dividends with respect to the Notes, the information required by Item 201 of Regulation S-K regarding dividends is inapplicable to the Trust. See Exhibit 99.1 for information with respect to distributions to Noteholders.

1

Table of Contents

ITEM 6. SELECTED FINANCIAL DATA.

No financial data is required of the Registrant, inasmuch as the Registration Statement on Form S-3 (File No. 333-38676) was filed for and on behalf of the Trust and, furthermore, because Registrant is not a guarantor of any of the payments due from the Trust to the Noteholders.

The regular monthly servicer report forms, which the Trustee is required to include with each monthly distribution of the Trust’s assets to Noteholders, sets forth for the prior calendar month, as well as cumulatively, all of the relevant financial information required by the Sale and Servicing Agreement to be reported to Noteholders.

The Trust’s Servicer Reports for the months ended January 31, 2002 through December 31, 2002 are incorporated herein by reference as Exhibit No. 99.1.

The foregoing presents all relevant financial information relating to the Trust. Because of the limited business activity of the Trust, the Selected Financial Data specified in Item 301 of Regulation S-K would not provide any meaningful additional information.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Because of the limited business activity of the Trust, the presentation of Management’s Discussion and Analysis of Financial Condition and Results of Operations, as otherwise required by Item 303 of Regulation S-K, would not be meaningful. All relevant information is contained in the Servicer Reports (filed under Current Reports on Form 8-K) as described above.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Because of the limited business activity of the Trust, the presentation of Quantitative and Qualitative Disclosure About Market Risk, as required by Item 305 of Regulation S-K, would not be meaningful. All relevant information is contained in the Servicer Reports (filed under Current Reports on Form 8-K) as described above.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

As discussed above, furnishing the financial information required by Item 8 of Form 10-K would not add any relevant information to that provided by the foregoing statements. Because the Notes are essentially pass-through securities, the Trust will have income only in the limited sense of collecting payments on the motor vehicle-related receivables. The only material items of expense for the Trust will be the amounts paid as servicing compensation and potentially certain payments relating to any credit enhancement facilities. The Servicer Reports (filed under Current Reports on Form 8-K) provide complete information on the amounts of the income and expenses of the Trust.

2

Table of Contents

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

Not applicable.

ITEM 11. EXECUTIVE COMPENSATION.

Not applicable.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

As of December 31, 2002, there were 29 registered Noteholders of the Trust, all of whom maintained their security positions with the Depository Trust Company. While some of these Noteholders’ security positions in the Trust may exceed 5% of the Outstanding Amount, such Notes do not constitute voting securities within the meaning of Item 403 of Regulation S-K.   The  Trust has never had any equity compensation plans.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

The Registrant received payments from the Trust in accordance with the terms of the Sale and Servicing Agreement.

ITEM 14.  CONTROLS AND PROCEDURES.

Not applicable.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)  (1) and (2):

Incorporated herein by reference as Exhibit 99.1 are the Servicer Reports to the Trust for the year ended December 31, 2002. Copies of the Independent Accountants’ report and the Officer’s Certificate of the Servicer are attached hereto as Exhibits No. 99.2 and Exhibit 99.3, respectively.

(a)  (3) EXHIBITS

3

Table of Contents

*  Filed as an exhibit to the Registrant’s Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission on July 28, 2000 (File No. 333-38676).

**  Filed as an exhibit to the Registrant’s Amendment No. 2 to the Registrant’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission on August 29, 2000 (File No. 333-38676).

***  Filed as Exhibit 99.2 to Current Reports on Form 8-K (File No. 333-38676) as follows:

4

Table of Contents

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.

Date: March 24,  2003

Re: AmSouth Auto Trust 2000-1

5

Table of Contents

CERTIFICATION

6