ITEM 1. BUSINESS
The Franklin Auto Trust 2005-1 (the “2005-1 Trust”) is a Delaware statutory trust formed pursuant to the trust agreement (the “2005-1 Agreement”) between Franklin Receivables LLC, as Seller, and Deutsche Bank Trust Company Delaware, as Owner Trustee. On December 8, 2005, Franklin Receivables LLC transferred approximately $350,000,000 of Prime, Non-Prime and Sub-Prime motor vehicle retail installment sale contracts (collectively, the “2005-1 Receivables”) to the 2005-1 Trust. The 2005-1 Trust pledged the 2005-1 Receivables to Wilmington Trust Company, as indenture collateral agent, who in turn issued asset backed notes (the “2005-1 Asset Backed Notes”).
ITEM 1A.
ITEM 1A. RISK FACTORS
N/A
ITEM 1B.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 2.
ITEM 2. PROPERTIES
See Item 1 Above.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
There are no material pending legal proceedings to which the Registrant is a party, or of which any of its property is the subject; nor are any such proceedings known to be contemplated by any governmental authorities.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter was submitted to a vote of security holders.
PART II
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
For the 2005-1 Trust, there were no holders of record of Class A-1 2005-1 Asset Backed Notes, 16 holders of record of Class A-2 2005-1 Asset Backed Notes, seven holders of record of Class A-3 2005-1 Asset Backed Notes, five holders of record of Class A-4 2005-1 Asset Backed Notes, three holders of record of Class B 2005-1 Asset Backed Notes, and four holders of record of Class C 2005-1 Asset Backed Notes, as of the end of the Registrant’s fiscal year. To Registrant’s knowledge, there is no active market for such securities.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA
N/A
ITEM 7.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
N/A
ITEM 7A.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
N/A
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
N/A
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There is nothing to report with regard to this item.
ITEM 9A.
ITEM 9A. CONTROLS AND PROCEDURES
N/A
ITEM 9B.
ITEM 9B. OTHER INFORMATION
N/A
PART III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
None.
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION
None.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following persons hold in excess of 5% of the aggregate outstanding 2005-1 Asset Backed Notes as of September 30, 2006:
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
N/A
PART IV
ITEM 14.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
N/A
ITEM 15.
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a)(1) See (a)(3) below.
(a)(2) N/A
(a)(3) Exhibits.
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 on the date indicated.
EXHIBIT INDEX
Exhibits for Franklin Auto Trust 2005-1