Back to GetFilings.com
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------------------
FORM 10-K
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
- --- SECURITIES EXCHANGE ACT OF 1934.
For the Fiscal Year Ended: December 31, 2003
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
- --- OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from _____ to _____
Commission file number 333-109768
Chase Manhattan Auto Owner Trust 2003-C (Issuer)
Chase Manhattan Bank USA, National Association (depositor)
(Exact name of registrant as specified in its charter)
USA 22-2382028
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification Number)
White Clay Center, Building 200, Newark, DE 19711
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 575-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Name of Each Exchange of Which Registered
NONE N/A
Securities registered pursuant to Section 12(g) of the Act:
NONE
(Title of Class)
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 last 90 days: YES X NO
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K or any amendment to this Form 10-K. X
State the aggregate market value of the voting and non-voting common
equity held by non-affiliates of the registrants. The aggregate market value
shall be computed by reference to the price at which the common equity was sold,
or the average bid and asked prices of such common equity, as of a specified
date within 60 days prior to the date of filing.
The registrant has no voting or non-voting common equity outstanding as of
the date of this report. The registrant is a trust that has issued
certificates of beneficial interest in the trust assets.
DOCUMENTS INCORPORATED BY REFERENCE.
List hereunder the following documents if incorporated by reference and
the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document
is incorporated: (1) any annual report to security holders; (2) any proxy or
information statement; and (3) any prospectus filed pursuant to Rule 424(b) or
(c) under the Securities Act of 1933. The listed documents should be clearly
described for identification purposes.
None.
Introductory Note
Chase Manhattan Auto Owner Trust 2003-C (the "Trust") was formed
pursuant to a Trust Agreement (the "Agreement") between Chase Manhattan Bank
USA, National Association (the "Bank"), as depositor, and an unrelated trustee
(the "Trustee"). The Trust files reports pursuant to Section 13 and 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), in the manner
described in "no-action" letters submitted to the Office of the Chief Counsel on
behalf of the originators of comparable trusts. Accordingly, responses to
certain Items have been omitted from or modified in this Annual Report on Form
10-K.
Part I
Item 1. Business
Omitted.
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, 2003, was $972,291,302.90.
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, 2003, was $16,579,962.61.
The aggregate balance of receivables that were 60 or more days past
due, as of December 31, 2003, was $539,796.77, or 0.0555% of the receivables by
principal balance.
The aggregate amount of principal charge-offs, net of recoveries, for
the year ended December 31, 2003, was $74,873.21, or 0.0911% of the average
aggregate outstanding principal balance of the receivables for that year.
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. 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. 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 four outstanding classes of notes (the
"Notes"). To the knowledge of the registrant, the Certificates and the Notes are
traded in the over-the-counter market to a limited extent.
As of December 31, 2003, all of the Certificates and the Notes 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 and the Notes held of record by CEDE & Co., and that DTC knows
only the identity of the participants to whose accounts such Certificates and
Notes are credited, who may or may not be the beneficial owners of the
Certificates and the Notes.
The records provided to the Trust by DTC indicate that as of December
31, 2003, the number of holders of record for each outstanding class of
securities issued by the Trust were as follows:
Class No. of Holders
----- --------------
A-1 6
A-2 11
A-3 30
A-4 30
B 16
Item 6. Selected Financial Data
Omitted.
Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Omitted.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
Item 8. Financial Statements and Supplementary Data
Omitted.
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
Omitted.
Item 11. Executive Compensation
Omitted.
Item 12. Security Ownership of Certain Beneficial Owners and Management
The records of DTC indicate that as of December 31, 2003, there were
the following holders of record with more than 5% of each class of the
Certificates and Notes:
- ------------------------------------------------------------------------------------------------------------------
Class Name & Address of Participant Original Certificate % Class
Principal Balance
- ------------------------------------------------------------------------------------------------------------------
A1 State Street Bank and Trust Company $ 75,000,000 35.38%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------
The Bank of New York $ 74,000,000 34.91%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------
Wachovia Bank N.A. - Phila. Main $ 50,150,000 23.66%
530 Walnut Street, 1st Floor
Philadelphia, PA 19101
- ------------------------------------------------------------------------------------------------------------------
JPMorgan Chase Bank $ 12,500,000 5.90%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------
A2 The Bank of New York $ 104,500,000 36.54%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------
Citibank, N.A. $ 55,000,000 19.23%
3800 Citibank Center B3-15
Tampa, FL 33610
- ------------------------------------------------------------------------------------------------------------------
SSB - Bank Portfolio $ 35,000,000 12.24%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------
State Street Bank and Trust Company $ 34,000,000 11.89%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------
Investors Bank & Trust Company $ 22,500,000 7.87%
200 Clarendon St., 9th Floor
Corporate Actions Unit/TOP57
Boston, MA 02116
- ------------------------------------------------------------------------------------------------------------------
The Northern Trust Company $ 20,000,000 6.99%
801 S. Canal C-IN
Chicago, IL 60607
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
A3 The Bank of New York $ 58,740,000 25.10%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------
JPMorgan Chase Bank $ 40,240,000 17.20%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------
Mellon Trust of New England, NA $ 35,655,000 15.24%
525 William Penn Place, Suite 3148
Pittsburgh, PA 15259
- ------------------------------------------------------------------------------------------------------------------
Wachovia Bank N.A. - Phila. Main $ 22,555,000 9.64%
530 Walnut Street, 1st Floor
Philadelphia, PA 19101
- ------------------------------------------------------------------------------------------------------------------
State Street Bank and Trust Company $ 21,720,000 9.28%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------
SSB - Bank Portfolio $ 18,000,000 7.69%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------
Citibank, N.A. $ 12,150,000 5.19%
3800 Citibank Center B3-15
Tampa, FL 33610
- ------------------------------------------------------------------------------------------------------------------
A4 JPMorgan Chase Bank $ 75,775,000 31.18%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------
State Street Bank and Trust Company $ 38,945,000 16.03%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------
Mellon Trust of New England, NA $ 28,085,000 11.56%
525 William Penn Place, Suite 3148
Pittsburgh, PA 15259
- ------------------------------------------------------------------------------------------------------------------
Brown Brothers Harriman & Co. $ 17,325,000 7.13%
63 Wall Street, 8th Fl.
New York, NY 10005
- ------------------------------------------------------------------------------------------------------------------
The Bank of New York $ 15,220,000 6.26%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------
The Northern Trust Company $ 13,550,000 5.58%
801 S. Canal C-IN
Chicago, IL 60607
- ------------------------------------------------------------------------------------------------------------------
B JPMorgan Chase Bank $ 8,700,000 34.80%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------
SSB - Bank Portfolio $ 6,000,000 24.00%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
The Northern Trust Company $ 2,730,000 10.92%
801 S. Canal C-IN
Chicago, IL 60607
- ------------------------------------------------------------------------------------------------------------------
Deutsche Bank Trust Company Americas $ 2,000,000 8.00%
648 Grassmere Park Road
Nashville, TN 37211
- ------------------------------------------------------------------------------------------------------------------
The Bank of New York $ 1,983,000 7.93%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------
State Street Bank and Trust Company $ 1,440,000 5.76%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------
Item 13. Certain Relationships and Related Transactions
None.
Part IV
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
-------------- -----------
99.1 Annual Management Report on
Internal Controls.
99.2 Annual Servicer's Certificate
pursuant to Section 4.10 of the
Sale and Servicing Agreement.
99.3 Annual Independent Accountants
Reports pursuant to Section 4.11
of the Sale and Servicing
Agreement.
99.4 Annual Issuer's Certificate of
Compliance with the Indenture.
99.5 Certification pursuant to Section
302 of the Sarbanes-Oxley Act of
2002.
(b) Reports on Form 8-K.
The following reports were filed on Form 8-K during
the last quarter of 2003:
Date Filed Items Reported Date of Report
---------- -------------- --------------
12/10/2003 5, 7 10/28/2003
12/10/2003 5, 7 12/09/2003
12/19/2003 5, 7 12/09/2003
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 30, 2004
Chase Manhattan Auto Owner Trust 2003-C
By: Chase Manhattan Bank USA, National Association,
as Depositor
By: /s/ Keith W. Schuck
-----------------------------------
Name: Keith W. Schuck
Title: Chief Financial Officer
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 proxy soliciting
material has been sent to Certificateholders during the period covered by this
Annual Report on Form 10-K and the registrant does not intend to furnish such
materials to Certificateholders subsequent to the filing of this report.
INDEX TO EXHIBITS
Exhibit Number: Description:
- --------------- ------------
99.1 Annual Management Report on Internal Controls.
99.2 Annual Servicer's Certificate pursuant to Section 4.10
of the Sale and Servicing Agreement.
99.3 Annual Independent Accountants Reports pursuant to
Section 4.11 of the Sale and Servicing Agreement.
99.4 Annual Issuer's Certificate of Compliance with the
Indenture.
99.5 Certification pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.