SECURITIES AND EXCHANGE COMMISSION
                                  450 Fifth Street, NW
                                 Washington, D.C.  20549

                                        FORM 10-K

(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, 1996

     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 No. 333-0391101

                         BANC ONE HOME EQUITY LOAN TRUST 1996-A
                 (Exact name of Registrant as specified in its Charter)

                   New York                             36-7151628              
(State or other jurisdiction of incorporation  (I.R.S. Employer Identification
       or Organization of Registrant)                 Number of Registrant)

                         c/o The First National Bank of Chicago
                                Corporate Trust Services
                                One First National Plaza
                                  Chicago, IL 60670                           
(Address of principal executive offices of Registrant)             (Zip Code)

Registrant's telephone number, including area code        (312) 407-1902        

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

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



<PAGE>
Indicate by check mark whether the Registrant (1) has filed all reports 
required to be filed bySection 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.

                             Yes    X             No       

Indicate by check mark if disclosure of delinquent files pursuant to item 
405 of Regulation S-K is not contained herein, and will not be contained, to 
the best of the 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 [  ]   Not applicable.

State the aggregate market value of the voting stock held by non-affiliates 
of the Registrant.  The aggregate market value shall be computed by 
reference to the price at which the stock was sold, or the average bid and 
asked prices of such stock, as of a specified date within 60 days prior to
the date of filing.  Not applicable.

                          Documents incorporated by reference.

                                          None





























                                    INTRODUCTORY NOTE



     Each Revolving Home Equity Loan Asset-Backed Certificate, Series 1996-A 
(collectively,the Certificates) will represent an undivided interest in 
the Banc One Home Equity Loan Trust 1996-A (the Trust) to be formed 
pursuant to a Pooling and Servicing Agreement among Bank One, Columbus, N.A. 
(Bank One), as Seller and Servicer, Lehman ABS Corporation, asDepositor, 
and The First National Bank of Chicago, as Trustee.  The property of the 
Trust will include a pool of adjustable rate home equity revolving credit 
line loans (sometimes referred to herein as home equity loans) made or to 
be made in the future (the Mortgage Loans) under certain home equity 
revolving credit line loan agreements.  The Mortgage Loans are secured by
first, second and third deeds of trust or mortgages on one- to four-family 
residential properties.

     The aggregate undivided interest in the Trust represented by the 
Certificates will, as of June 7, 1996 (the Cut-Off Date), represent 
approximately 98% of the outstanding principal balances of the Mortgage 
Loans.  The remaining undivided interest in the Trust not represented
by the Certificates (the Transferor Interest) will initially be equal to 
$4,738,194, which as of the Cut-Off Date is approximately 2% of the 
outstanding principal balances of the Mortgage Loans.  The Transferor 
Interest will be initially retained by Bank One.  Only the Certificates
are offered hereby.

     The Trust will file an Application for Exemptive Order with the 
Securities and Exchange Commission (the Commission), pursuant to Section 
12(h) of the Securities Exchange Act for an exemption from certain reporting 
requirements under Section 13 of the Exchange Act.















<PAGE>
                                         Part I

Item 1.     Business.

            Not Applicable.

Item 2.     Properties.

            Not Applicable.

Item 3.     Legal Proceedings.

 The Trustee is not aware of any material pending legal proceedings involving
either the Registrant, the Trustee, the Sellers or the Master Servicer with 
respect to the Certificates or the Registrant's property.

Item 4.     Submission of Matters to a Vote of Security Holders.

No vote or consent of the holders of the Certificates (the Certificateholders)
      was solicited for any purpose during the year ended December 31, 1996.

                                         Part II

Item 5.     Market for Registrant's Common Equity and Related Stockholder 
Matters.

 To the best knowledge of the Trustee, there is no established public trading
market for the Certificates.  As of December 31, 1996, Cede & Co., the nominee
    of The Depository Trust Company, was the only holder of record of the
      Certificates.  DTC holds the Certificates for the accounts of others.

Item 6.     Selected Financial Data.

            Not Applicable.

Item 7. Management's Discussion and Analysis of Financial Condition and
 Results of Operations.

            Not Applicable.

Item 8.     Financial Statements and Supplementary Data.

            Not Applicable.

Item 9.     Changes in and Disagreements with Accountants on Accounting and 
Financial Disclosure.

            None.                                                 4


                                        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.

 The Trustee is not aware of any Schedule 13D or 13G filed with the Securities
            and Exchange Commission in respect to the Certificates.

Item 13.    Certain Relationships and Related Transactions.

            Not Applicable.

                                         Part IV

Item 14.    Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

            (a)    The following documents are filed as part of the report

                   (1)    Financial Statements

                          Not Applicable.

                   (2)    Financial Statement Schedules

                          Not Applicable.

            (b)    Current Reports on Form 8-K containing the Monthly 
                   Servicing Reports for July 15, 1996 through December 16, 
                   1996 were filed by the Registrant during the year ended 
                   December 31, 1996.

            (c)    Exhibits.

                   28.1   Monthly Statements to Certificateholders for the 
                          period ended
                          December 31, 1996.







                   28.2   The Annual Statement as to Compliance and the 
                          Independent Public Accountant's Report with respect
                          to 1996 servicing activities pursuant to Sections 
                          3.09 and 3.10 of the Pooling and
                          Servicing Agreement.








































<PAGE>

                                        SIGNATURE




   Pursuant to the requirements of the Securities Exchange Act of 1934, The 
First National Bank of Chicago has duly caused this report to be signed for 
the registrant Trust Fund by a duly authorized signatory of the Trustee.



                                      BANC ONE HOME EQUITY LOAN TRUST 1996-1


                                      BY:  The First National Bank of Chicago

                       Not in its individual capacity but solely as Trustee
                                        on behalf of the Trust



                                        By:                                 
                                               Barbara G. Grosse
                                               Assistant Vice President



Date: June 5, 1997





















                                      EXHIBIT INDEX




            (28.1) Monthly Statements to Certificateholders for the
                   period ended December 31, 1996.

            (28.2) The Annual Statement as to Compliance and the
                   Independent Public Accountant's Report with
                   respect to 1996 servicing activitie pursuant
                   to Section 3.09 and 3.10 of the Pooling and
                   Servicing Agreement.


                                            




























Report of Independent Accountants



To Bank One, N.A.:


We have examined management's assertion about Bank One, N.A.'s (formerly, 
Bank One,Columbus, N.A.) compliance with the minimum servicing standards 
identified in the Mortgage Bankers Association of America's Uniform Single 
Attestation Program for Mortgage Bankers (USAP), for the Revolving Home 
Equity Loan Asset-Backed Certificates Series 1996-A, during the period from 
June 27, 1996 through December 31, 1996 included in the accompanying 
management assertion. Management is responsible for Bank One, N.A.'s 
compliance with those minimum servicing standards.  Our responsibility is to 
express an opinion on management's assertion about the entity's compliance 
based on our examination.

Our examination was made in accordance with standards established by the 
American Institute of Certified Public Accountants and, accordingly, 
included examining, on a test basis, evidence about Bank One, N.A.'s 
compliance with the minimum servicing standards and performing such
other procedures as we considered necessary in the circumstances. We believe 
that our examination provides a reasonable basis for our opinion.  Our 
examination does not provide a legal determination on Bank One, N. A. 's 
compliance with the minimum servicing standards.

In our opinion, management's assertion that Bank One, N.A., complied with 
the aforementioned minimum servicing standards for the period from June 27, 
1996 through December 31, 1996 is fairly stated, in all material respects.





Columbus, Ohio
May 30, 1997
<PAGE>
                               Assertion by Bank One, N.A.


During the period from June 27, 1996 through December 31, 1996, Bank One, 
N.A., (formerly, Bank One, Columbus, N.A.) has complied in all material 
respects with the minimum servicing standards set forth in the Mortgage 
Bankers Association of America's Uniform Single Attestation Program for 
Mortgage Bankers for the Revolving Home Equity Loan Asset-Backed Certificates
Series 1996-A. For this same period, Bank One, N.A. was covered by BANC ONE
CORPORATION's fidelity bond in the amount of $100,000,000 and is self insured 
for errors and omissions.


                   ________________________           ___________________
                   John Jaeger                        May 30, 1997
                   Assistant Vice President


                   ________________________           ___________________
                   Christine B. Caldwell              May 30, 1997
                   Vice President
<PAGE>
                                     BANK ONE, N.A.

                      Annual Officer's Certificate of the Servicer
                           Pursuant To Section 3.09(a) Of The
                             Pooling and Servicing Agreement


      The undersigned, a duly authorized representative of Bank One, N.A. 
(formerly, Bank One, Columbus, N.A.) , as servicer (the "Servicer"), 
pursuant to Section 3.09 of the Pooling and Servicing Agreement dated as of 
June 7, 1996 (the "Agreement") between Lehman ABS Corporation, as depositor
(the "Depositor"), the Servicer and The First National Bank of
Chicago, as trustee (the "Trustee"), does hereby certify as follows:

      (1)   All terms used herein that are defined in the Agreement shall 
have the meanings provided in the Agreement, unless otherwise defined herein.

      (2)   The undersigned is an officer of the Servicer who is duly 
authorized pursuant to the Agreement to execute and deliver this Certificate.

      (3)   A review of the activities of the Servicer during the period from
June 7, 1996 to December 31, 1996 (the "Servicing Period") and of its 
performance under the Agreement has been made under my supervision.

      (4)   Based on such review, the Servicer has, to the best of my 
knowledge, fulfilled all of its material obligations under the Agreement 
throughout the Servicing Period except as set forth in paragraph (5) below.

      (5)   The following is a brief description of each default in the 
fulfillment of the Servicer's obligations under the Agreement known to me to 
have been made by the Servicer during the Servicing Period, which sets forth 
in detail (i) the nature of each such default and (ii) the current status of 
each such default: "None".

      IN WITNESS WHEREOF, the Servicer has caused this Certificate to be 
executed by a duly authorized officer as of December 31, 1996.

                                                     Bank One, N.A. as Servicer
                                   By:______________________________
                                        Name: John Jaeger
                                        Title: Assistant Vice President

                                         By: ________________________
                                                Name:   Christine B. Caldwell
                                                    Title:  Vice President


                                                                        
Lehman ABS Corporation                           Date of Report:  7/1/97 
Banc One Home Equity Loan Trust 1996-A              Time of Report:  5:29 PM 
P & S Agreement Date:                                   "June 7, 1996"  
Original Settlement Date:                               "June 27, 1996"   
Series Number of Certificates:                          
Original Collateral Sale Balance                        "$236,909,705.69 "    
                                                                        
                                                                        
                Statement to Certificateholders (Page 1 of 2)           
                                                                        
           Distribution Date:                                      7/15/96 
                                                                        
                                        INVESTOR CERTIFICATES
DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)        

  
                                                                        
                A.                               INTEREST & PRINCIPAL
DISTRIBUTIONS TO INVESTORS                                              
                                                                        
                 Investor Certificate Interest Distributed  
2.840235 
                Investor Certificate Interest ShortfallDistributed    
                                                 0.000000 
                 Remaining Unpaid Investor Certificate Interest Shortfall  
                                          0.000000 
                                                                        
                 Managed Amortization Period ? (Yes=1;No=0)           
                                                        1
                 Investors Certificate Principal Distributed   
                              16.021174 
                         Principal Distribution Amount    12.4289      
                          Maximum Principal Payment       23.268097 
                          Alternative Principal Payment   12.428949 
                     Principal Collections less Additional Balances
                                                                12.428949 
                  Investor Loss Amount Distributed to Investors    
                                                           0.000000 
                      Accelerated Principal Distribution Amount        
                                                          3.592225 
                      Credit Enhancement Draw Amount         0.00 
                                                                        
                                Total Amount Distributed to
Certificateholders (P & I)                                    18.861409 
                                                                        
                B.                     INVESTOR CERTIFICATE PRINCIPAL
BALANCE                                                                 
                                                                        
                               Beginning Investor Certificate Balance    
"232,171,000.00"
                                  Ending Investor Certificate Balance    
"228,451,348.00 "
                       Beginning Invested Amount      "232,171,511.58"
                          Ending Invested Amount     "229,285,870.03"
               Investor Certificateholder Floating Allocation Percentage    
                                                          98.0000% 
                            Pool Factor  0.9839788       
                             Liquidation Loss Amount for Liquidated Loans 
                                                                  0.00 
                     Unreimbursed Liquidation Loss Amount        0.00 
                                                                        
                C.                        POOL INFORMATION           
                                                                        
                              Beginning Pool Balance    "236,909,705.69 "
                                 Ending Pool Balance    "234,024,064.14 "
                                       Servicing Fee  "128,326.09 "
                                                                        
                D.               INVESTOR CERTIFICATE RATE              
                                                                        
                               Investor Certificate Rate  5.680470% 
                                       LIBOR Rate    5.480470% 
                                      Maximum Rate     8.896438% 
                                                                        
                E.                 DELINQUENCY & REO STATUS                
                                                                        
                                         Delinquent 30-59 days    
                                         No. of Accounts   126 
                                 Trust Balances  "5,285,213.28 "
                                        Delinquent 60-89 days    
                                         No. of Accounts   31 
                                 Trust Balances  "1,408,945.33 "
                                     Delinquent 90+ days     
                                          No. of Accounts   4 
                                         Trust Balances  "136,844.93 "
                                            Delinquent 9+ Months      
                                            No. of Accounts   0 
                                              Trust Balances  0 
                                                         REO       
                                              No. of Accounts   0 
                                              Trust Balances  0.00 
                                                                        
                                                                        
                Statement to Certificateholders (Page 2 of 2)           
                                                                        
                Distribution Date:                               7/15/96 
                                                                        
         "IN WITNESS WHEREOF, the undersigned
has caused this Certificate to be duly executed"                        
                      "this 13th day of July, 1996"   
                                                                        
                                                                        
                                        "       Bank One, NA"    
                                               as Servicer
                                                                        
                                                                    
_______________________________________                                 
                                                                        
                                                        John Jaeger 
                                             Assistant Vice President  
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                               Distribution List: 
                                                                        
 Barbara Grosse - First National Bank of Chicago                          
  Aadit Seshasayee - Lehman Brothers      
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
Lehman ABS Corporation                           Date of Report:  7/1/97 
Banc One Home Equity Loan Trust 1996-A              Time of Report:  5:40 PM   
P & S Agreement Date:                                   "June 7, 1996"  
Original Settlement Date:                               "June 27, 1996"   
Series Number of Certificates:                          
Original Collateral Sale Balance                        "$236,909,705.69 "    
                                                                        
                                                                        
                Statement to Certificateholders (Page 1 of 2)           
                                                                        
        Distribution Date:                                      8/15/96 
                                                                        
                                     INVESTOR CERTIFICATES
DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)        


                                                                        
                A.                    INTEREST & PRINCIPAL
DISTRIBUTIONS TO INVESTORS                                              
                                                                        
                             Investor Certificate Interest Distributed  
4.826392 
                               Investor Certificate Interest Shortfall
Distributed                                             0.000000 
                               Remaining Unpaid Investor Certificate
Interest Shortfall                                            0.000000 
                                                                        
                               Managed Amortization Period ? (Yes=1;
No=0)                                                                   1
                          Investors Certificate Principal Distributed   
15.115712 
                             Principal Distribution Amount    13.608089 
                             Maximum Principal Payment       29.972704 
                               Alternative Principal Payment   13.608089 
                             Principal Collections less Additional
Balances                                           13.608089 
                            Investor Loss Amount Distributed to
Investors                                          0.000000 
                               Accelerated Principal Distribution
Amount                                              1.507624 
                           Credit Enhancement Draw Amount         0.00 
                                                                        
                                          Total Amount Distributed to
Certificateholders (P & I)                                  19.942104 
                                                                        
   B.INVESTOR CERTIFICATE PRINCIPAL BALANCE                          
                                                                        
  Beginning Investor Certificate Balance    
"228,451,348.00 "
  Ending Investor Certificate Balance    
"224,941,917.96 "
 Beginning Invested Amount      "229,285,870.03"
 Ending Invested Amount     "226,126,466.49"
 Investor Certificateholder Floating Allocation Percentage 
                                                             97.9753% 
        Pool Factor  0.9688631 
          Liquidation Loss Amount for Liquidated Loans             0.00 
             Unreimbursed Liquidation Loss Amount        0.00 
                                                                        
                C.      POOL INFORMATION           
                                                                        
                  Beginning Pool Balance    "234,024,064.14 "
                      Ending Pool Balance    "230,864,660.60 "
                                    Servicing Fee  "126,763.03 "
                                                                        
                D.         INVESTOR CERTIFICATE RATE              
                                                                        
                                 Investor Certificate Rate  5.696100% 
                                      LIBOR Rate    5.496100% 
                                      Maximum Rate     8.479529% 
                                                                        
                E.              DELINQUENCY & REO STATUS                
                                                                        
                                    Delinquent 30-59 days    
                                    No. of Accounts   90 
                               Trust Balances  "4,079,096.72 "
                                  Delinquent 60-89 days    
                                   No. of Accounts   30 
                                Trust Balances  "1,280,457.43 "
                                    Delinquent 90+ days     
                                       No. of Accounts   6 
                                   Trust Balances  "381,610.66 "
                                  Delinquent 9+ Months      
                                       No. of Accounts   0 
                                       Trust Balances  0 
                                              REO       
                                       No. of Accounts   0 
                                     Trust Balances  0.00 
                                                                        
                                                                        
                Statement to Certificateholders (Page 2 of 2)           
                                                                        
        Distribution Date:                                      8/15/96 
                                                                        
                     "IN WITNESS WHEREOF, the undersigned
has caused this Certificate to be duly executed"                        
             "this 9th day of August, 1996"    
                                                                        
                                                                        
                                              "       Bank One, NA"    
                                                 as Servicer
                                                                        
                                                                    
_______________________________________                                 
                                                                        
                                                          John Jaeger 
                                                     Assistant Vice President  
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
  Distribution List: 
                                                                       
Barbara Grosse - First National Bank of Chicago          
                                                       
 Aadit Seshasayee - Lehman Brothers      
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
Lehman ABS Corporation                             Date of Report:  7/1/97 
Banc One Home Equity Loan Trust 1996-A              Time of Report:  5:38 PM   
P & S Agreement Date:                                   "June 7, 1996"  
Original Settlement Date:                               "June 27, 1996"   
Series Number of Certificates:                          
Original Collateral Sale Balance                        "$236,909,705.69 "    
                                                                        
                                                                        
                Statement to Certificateholders (Page 1 of 2)           
                                                                        
       Distribution Date:                                      9/16/96 
                                                                        
                                                     INVESTOR CERTIFICATES
DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)        

  
                                                                        
                A.INTEREST & PRINCIPAL
DISTRIBUTIONS TO INVESTORS                                              
                                                                        
              Investor Certificate Interest Distributed  
4.841629 
              Investor Certificate Interest Shortfall Distributed   
                                                          0.000000 
                   Remaining Unpaid Investor Certificate Interest Shortfall 
                                                     0.000000 
                                                                        
                 Managed Amortization Period ? (Yes=1;No=0)       
                                                            1
                       Investors Certificate Principal Distributed   
13.798473 
                      Principal Distribution Amount    13.798473 
                        Maximum Principal Payment       29.395146 
                       Alternative Principal Payment   13.798473 
                       Principal Collections less Additional Balances 
                                                               13.798473 
                          Investor Loss Amount Distributed to Investors 
                                                              0.000000 
                                                               

 Accelerated Principal Distribution Amount                  
                                                0.000000 
                   Credit Enhancement Draw Amount         0.00 
                                                                        
             Total Amount Distributed to Certificateholders (P & I)    
                                          18.640102 
                                                                        
                B.     INVESTOR CERTIFICATE PRINCIPAL BALANCE           
                                                      
                                                                        
                  Beginning Investor Certificate Balance    
"224,941,917.96 "
                   Ending Investor Certificate Balance    
"221,738,312.59 "
                   Beginning Invested Amount      "226,126,466.49"
                    Ending Invested Amount     "222,922,861.12"
             Investor Certificateholder Floating Allocation Percentage  
                                                            97.9476% 
                              Pool Factor  0.9550646 
                     Liquidation Loss Amount for Liquidated Loans 
                                                                  0.00 
                     Unreimbursed Liquidation Loss Amount        0.00 
                                                                        
                C.         POOL INFORMATION           
                                                                        
                      Beginning Pool Balance    "230,864,660.60 "
                           Ending Pool Balance    "227,661,055.23 "
                                   Servicing Fee  "125,051.69 "
                                                                        
                D.                INVESTOR CERTIFICATE RATE              
                                                                        
                                 Investor Certificate Rate  5.621880% 
                                          LIBOR Rate    5.421880% 
                                         Maximum Rate     8.194290% 
                                                                        
                E.                    DELINQUENCY & REO STATUS                
                                                                        
                                           Delinquent 30-59 days    
                                            No. of Accounts   102 
                                     Trust Balances  "4,712,900.32 "
                                          Delinquent 60-89 days    
                                           No. of Accounts   20 
                                        Trust Balances  "907,847.87 "
                                             Delinquent 90+ days     
                                              No. of Accounts   11 
                                         Trust Balances  "500,727.81 "
                                          Delinquent 9+ Months      
                                               No. of Accounts   0 
                                                 Trust Balances  0 
                                                              REO       
                                                  No. of Accounts   0 
                                                Trust Balances  0.00 
                                                                        
                                                                        
                Statement to Certificateholders (Page 2 of 2)           
                                                                        
                Distribution Date:                             9/16/96 
                                                               
                                       "IN WITNESS WHEREOF, the undersigned
has caused this Certificate to be duly executed"                        
                                  "this 10th day of September, 1996"     
                                                                        
                                                                        
                                             "       Bank One, NA"    
                                                         as Servicer
                                                                        
                                                                    
_______________________________________                                 
                                                                        
                                                      John Jaeger 
                                                 Assistant Vice President  
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
  Distribution List: 
                                                                        
  Barbara Grosse - First National Bank of Chicago                        
                            
    Aadit Seshasayee - Lehman Brothers      
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
Lehman ABS Corporation                        Date of Report:  7/1/97 
 Banc One Home Equity Loan Trust 1996-A            Time of Report:  5:42 PM   
P & S Agreement Date:                                   "June 7, 1996"  
Original Settlement Date:                               "June 27, 1996"   
 Series Number of Certificates:                          
Original Collateral Sale Balance                        "$236,909,705.69 "    
                                                                        
                                                                        
                Statement to Certificateholders (Page 1 of 2)           
                                                                        
                Distribution Date:                                10/15/96 
                                                                        
                                           INVESTOR CERTIFICATES
DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)        

           
                                                                        
                A.            INTEREST & PRINCIPAL
DISTRIBUTIONS TO INVESTORS                                              
                                                                        
                       Investor Certificate Interest Distributed  
4.388347 
                             Investor Certificate Interest Shortfall
Distributed                                               0.000000 
                                 Remaining Unpaid Investor Certificate
Interest Shortfall                                                 0.000000 
                                                                        
                                Managed Amortization Period ? (Yes=1;
No=0)                                                                   1
                            Investors Certificate Principal Distributed   
14.112170 
                               Principal Distribution Amount    14.112170 
                               Maximum Principal Payment       28.816771 
                             Alternative Principal Payment   14.112170 
                                   Principal Collections less Additional
Balances                                                   14.112170 
                                        Investor Loss Amount Distributed to
Investors                                                     0.000000 
                                     Accelerated Principal Distribution
Amount                                                     0.000000 
                             Credit Enhancement Draw Amount         0.00 
                                                                        
                                            Total Amount Distributed to
Certificateholders (P & I)                                   18.500517 
                                                                        
                B.                        INVESTOR CERTIFICATE PRINCIPAL
BALANCE                                                                 
                                                                        
                              Beginning Investor Certificate Balance    
"221,738,312.59 "
                                    Ending Investor Certificate Balance    
"218,461,875.96 "
                              Beginning Invested Amount      "222,922,861.12"
                                 Ending Invested Amount     "219,646,424.49"
              Investor Certificateholder Floating Allocation Percentage  
                                                            97.9188% 
                               Pool Factor  0.9409525 
                     Liquidation Loss Amount for Liquidated Loans 
                                     0.00 
                      Unreimbursed Liquidation Loss Amount        0.00 
                                                                        
                C.                          POOL INFORMATION           
                                                                        
                                 Beginning Pool Balance    "227,661,055.23 "
                                   Ending Pool Balance    "224,384,618.60 "
                                       Servicing Fee  "123,316.40 "
                                                                        
                D.                   INVESTOR CERTIFICATE RATE              
                                                                        
                                  Investor Certificate Rate  5.703910% 
                                          LIBOR Rate    5.503910% 
                                        Maximum Rate     8.226049% 
                                                                        
                E.                    DELINQUENCY & REO STATUS                
                                                                        
                                          Delinquent 30-59 days    
                                           No. of Accounts   137 
                                      Trust Balances  "5,684,085.16 "
                                          Delinquent 60-89 days    
                                          No. of Accounts   15 
                                      Trust Balances  "665,427.67 "
                                             Delinquent 90+ days     
                                             No. of Accounts   10 
                                            Trust Balances  "322,193.59 "
                                               Delinquent 9+ Months      
                                               No. of Accounts   0 
                                                  Trust Balances  0 
                                                              REO       
                                                No. of Accounts   0 
                                                  Trust Balances  0.00 
                                                                        
                                                                        
                Statement to Certificateholders (Page 2 of 2)           
                                                                        
                Distribution Date:                             10/15/96 
                                                                        
                           "IN WITNESS WHEREOF, the undersigned
has caused this Certificate to be duly executed"                        
                                            "this 8th day of October, 1996"    
                                                                        
                                                                        
                                                  "       Bank One, NA"    
                                                              as Servicer
                                                            
                                                                    
_______________________________________                                 
                                                                        
                                                           John Jaeger 
                                                     Assistant Vice President  
                                                                
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                            Distribution List: 
                                                                        
    Barbara Grosse - First National Bank of Chicago       
   Aadit Seshasayee - Lehman Brothers      
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
Lehman ABS Corporation                        Date of Report:  7/1/97
Banc One Home Equity Loan Trust 1996-A           Time of Report:  5:44 PM   
P & S Agreement Date:                                   "June 7, 1996"  
Original Settlement Date:                               "June 27, 1996"   
Series Number of Certificates:                          
Original Collateral Sale Balance                        "$236,909,705.69 "    
                                                                        
                                                                        
                Statement to Certificateholders (Page 1 of 2)           
                                                                        
                Distribution Date:                               11/15/96 
                                                                        
                                 INVESTOR CERTIFICATES
DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)        

                                                                        
                A.            INTEREST & PRINCIPAL
DISTRIBUTIONS TO INVESTORS                                              
                                                                        
                                    Investor Certificate Interest Distributed  
4.523553 
                             Investor Certificate Interest Shortfall
Distributed                                                0.000000 
                              Remaining Unpaid Investor Certificate
Interest Shortfall                                           0.000000 
                                                                        
                                   Managed Amortization Period ? (Yes=1;
No=0)                                                                   1
                         Investors Certificate Principal Distributed   
12.924085 
                         Principal Distribution Amount    12.924085 
                           Maximum Principal Payment       25.981364 
                           Alternative Principal Payment   12.924085 
                    Principal Collections less Additional Balances
                                                  12.924085 
                       Investor Loss Amount Distributed to Investors 
                                                              0.000000 
                     Accelerated Principal Distribution Amount
                                                                  0.000000 
                          Credit Enhancement Draw Amount         0.00 
                                                                        
                                   Total Amount Distributed to
Certificateholders (P & I)                                 17.447639 
                                                                        
                B.                        INVESTOR CERTIFICATE PRINCIPAL
BALANCE                                                                 
                                                                        
                               Beginning Investor Certificate Balance    
"218,461,875.96 "
                                   Ending Investor Certificate Balance    
"215,461,278.17 "
                               Beginning Invested Amount      "219,646,424.49"
                              Ending Invested Amount     "216,645,826.70"
                   Investor Certificateholder Floating Allocation Percentage
                                                              97.8884% 
                               Pool Factor  0.9280284 
                         Liquidation Loss Amount for Liquidated Loans  
                                                                 0.00 
                       Unreimbursed Liquidation Loss Amount        0.00 
                                                                        
                C.                 POOL INFORMATION           
                                                                        
                            Beginning Pool Balance    "224,384,618.60 "
                                Ending Pool Balance    "221,384,020.81 "
                                 Servicing Fee  "121,541.67 "
                                                                        
                D.           INVESTOR CERTIFICATE RATE              
                                                                        
                             Investor Certificate Rate  5.582810% 
                                          LIBOR Rate    5.382810% 
                                       Maximum Rate     8.179200% 
                                                                        
                E.            DELINQUENCY & REO STATUS                
                                                                        
                                Delinquent 30-59 days    
                                       No. of Accounts   110 
                                      Trust Balances  "4,493,812.87 "
                                       Delinquent 60-89 days    
                                      No. of Accounts   25 
                                  Trust Balances  "959,190.07 "
                                    Delinquent 90+ days     
                                       No. of Accounts   15 
                                        Trust Balances  "508,815.14 "
                                         Delinquent 9+ Months      
                                           No. of Accounts   0 
                                           Trust Balances  0 
                                                              REO       
                                            No. of Accounts   0 
                                           Trust Balances  0.00 
                                                                        
                                                                        
                Statement to Certificateholders (Page 2 of 2)           
                                                                        
                Distribution Date:                           11/15/96 
                                                                        
                                "IN WITNESS WHEREOF, the undersigned
has caused this Certificate to be duly executed"                        
                               "this 8th day of November, 1996"      
                                                                        
                                                                        
                                              "       Bank One, NA"    
                                                    as Servicer
                                                                        
                                                                    
_______________________________________                                 
                                                                        
                                                          John Jaeger 
                                               Assistant Vice President  
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                    Distribution List: 
                                                                        
         Barbara Grosse - First National Bank of Chicago        
             Aadit Seshasayee - Lehman Brothers      
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
Lehman ABS Corporation                             Date of Report:  7/1/97 
Banc One Home Equity Loan Trust 1996-A          Time of Report:  5:47 PM   
P & S Agreement Date:                                   "June 7, 1996"  
Original Settlement Date:                               "June 27, 1996"   
Series Number of Certificates:                          
 Original Collateral Sale Balance                        "$236,909,705.69 "    
                                                                        
                                                                        
                Statement to Certificateholders (Page 1 of 2)           
                                                                        
                Distribution Date:                           12/16/96 
                                                                        
                                            INVESTOR CERTIFICATES
DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)        
                                                                        
                A.         INTEREST & PRINCIPAL
DISTRIBUTIONS TO INVESTORS                                              
                                                                        
                           Investor Certificate Interest Distributed  
4.455181 
                           Investor Certificate Interest Shortfall
Distributed                                     0.000000 
                                 Remaining Unpaid Investor Certificate
Interest Shortfall                                     0.000000 
                                                                        
                                Managed Amortization Period ? (Yes=1;No=0) 
                                                                  1
                           Investors Certificate Principal Distributed   
14.099177 
                            Principal Distribution Amount    14.099177 
                           Maximum Principal Payment       26.926959 
                            Alternative Principal Payment   14.099177 
                       Principal Collections less Additional Balances  
                                                              14.099177 
                          Investor Loss Amount Distributed to Investors
                                                               0.000000 
                                  Accelerated Principal Distribution Amount
                                                                  0.000000 
                          Credit Enhancement Draw Amount         0.00 
                                                                        
                                     Total Amount Distributed to
Certificateholders (P & I)                                   18.554358 
                                                                        
                B.                  INVESTOR CERTIFICATE PRINCIPAL
BALANCE                                                                 
                                                                        
                                 Beginning Investor Certificate Balance    
"215,461,278.17 "
                                    Ending Investor Certificate Balance    
"212,187,858.07 "
                             Beginning Invested Amount      "216,645,826.70"
                                 Ending Invested Amount     "213,372,406.60"
              Investor Certificateholder Floating Allocation Percentage
                                                              97.8597% 
                                           Pool Factor  0.9139292 
                             Liquidation Loss Amount for Liquidated Loans 
                                                                  0.00 
                    Unreimbursed Liquidation Loss Amount        0.00 
                                                                        
                C.                        POOL INFORMATION           
                                                                        
                               Beginning Pool Balance    "221,384,020.81 "
                                   Ending Pool Balance    "218,110,600.71 "
                                         Servicing Fee  "119,916.34 "
                                                                        
                D.                    INVESTOR CERTIFICATE RATE              
                                                                        
                                    Investor Certificate Rate  5.575000% 
                                              LIBOR Rate    5.375000% 
                                          Maximum Rate     8.221512% 
                                                                        
                E.                DELINQUENCY & REO STATUS                
                                                                        
                                           Delinquent 30-59 days    
                                           No. of Accounts   119 
                                     Trust Balances  "5,093,371.20 "
                                         Delinquent 60-89 days    
                                          No. of Accounts   26 
                                    Trust Balances  "1,154,569.87 "
                                           Delinquent 90+ days     
                                            No. of Accounts   19 
                                         Trust Balances  "654,565.31 "
                                             Delinquent 9+ Months      
                                                    No. of Accounts   0 
                                                     Trust Balances  0 
                                                              REO       
                                                    No. of Accounts   0 
                                                   Trust Balances  0.00 
                                                                        
                                                                        
                Statement to Certificateholders (Page 2 of 2)           
                                                                        
                Distribution Date:                              12/16/96 
                                                                        
                             "IN WITNESS WHEREOF, the undersigned
has caused this Certificate to be duly executed"                        
                                 "this 10th day of December, 1996"      
                                                                        
                                                                        
                                                  "       Bank One, NA"    
                                                         as Servicer
                                                                        
                                                                    
_______________________________________                                 
                                                                        
                                                        John Jaeger 
                                                    Assistant Vice President  
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                                        
                                                 Distribution List: 
                                                                        
Barbara Grosse - First National Bank of Chicago 
                                                                
 Aadit Seshasayee - Lehman Brothers