|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: FIRSTPLUS INVESTMENT CORP, 8-K, 1997-10-31 |
Next: REPUBLIC BANCSHARES INC, S-2/A, 1997-10-31 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
October 15, 1997
NATIONSCREDIT GRANTOR TRUST 1996-1
(Exact name of registrant as specified in charter)
Delaware 333-22327 75-2655744
(State or other (Commission File (IRS Employer Identification
jurisdiction of Number) Number)
incorporation)
225 E. John Carpenter Freeway, Irving Texas 75062-2731
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 506-5026
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE> 2
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
Certificateholders Statements relating to the Collection Period ending
September 30, 1997.
Capitalized terms not defined herein have the meanings assigned in the
Pooling and Servicing Agreement (with Standard Terms and Conditions attached
thereto) dated as of January 31, 1996 among NationsCredit Securitization
Corporation, NationsCredit Commercial Corporation of America and Bankers Trust
Company, as Trustee, which was previously filed as an exhibit to the Current
Report on Form 8-K filed on behalf of the Trust by NationsCredit Commercial
Corporation of America on April 5, 1996.
<PAGE> 3
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
<PAGE> 4
SIGNATURES
Pursuant to the requirements 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.
NATIONSCREDIT GRANTOR TRUST 1996 - 1
(Registrant)
By: NationsCredit Commercial
Corporation of America, as Servicer
of NationsCredit Grantor Trust
1996-1
Date: October 30,1997 By: /s/ Lawrence Angelilli
Name: Lawrence Angelilli
Title: Vice President
<PAGE> 5
EXHIBIT INDEX
Exhibit Number Description
19.1 Certificateholders Statements
<PAGE> 1
EXHIBIT 19.1
STATEMENT TO CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as "Seller"),
NationsCredit Corporation of America (as "Servicer") and Bankers Trust Company
(as "Trustee" and "Collateral Agent"), the Servicer is required to prepare
certain information each month regarding distribution to Certificateholders and
the performance of the Trust. The information with respect to the applicable
Distribution Date is set forth below.
<TABLE>
<S> <C>
Month Oct-97
----------------
Collection Period 01-Sep-97
----------------
Determination Date 10-Oct-97
----------------
Deposit Date 14-Oct-97
----------------
Distribution Date 15-Oct-97
----------------
POOL BALANCE
Pool Balance on the close of the last day of the Collection Period (Record Date) 138,264,747.75
----------------
Pool Factor 61.9482077%
----------------
Ending Pool Balance (per $1,000 certificate) 619.48
----------------
Liquidation Proceeds 11,413.35
----------------
Purchase Amounts 41,004.84
----------------
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 3.10
----------------
Carry-Over Monthly Interest Payment -
----------------
Total Interest Payment 3.10
----------------
Principal Payments:
Monthly Principal Payment 15.56
----------------
Carry-Over Monthly Principal Payment -
----------------
Total Principal Payment 15.56
----------------
Servicing Fee:
Servicing Fee 0.40
----------------
Carry-Over Monthly Servicing Fee -
----------------
Total Servicing Fee 0.40
----------------
SURETY BOND
Surety Bond Amount for the current Distribution Date 35,434,208.69
----------------
Surety Bond Amount as a % of the Pool Balance 25.6278%
----------------
</TABLE>
<PAGE> 2
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as "Seller"), NationsCredit
Corporation of America (as "Servicer") and Bankers Trust Company (as "Trustee"
and "Collateral Agent"), the Servicer is required to prepare certain information
each month regarding distribution to Certificateholders and the performance of
the Trust. The information with respect to the applicable Distribution Date is
set forth below.
<TABLE>
<S> <C>
Month Oct-97
----------------
Collection Period 1-Sep-97
----------------
Determination Date 10-Oct-97
----------------
Deposit Date 14-Oct-97
----------------
Distribution Date 15-Oct-97
----------------
POOL BALANCE
----------------
Pool Balance on the close of the last day of the preceding Collection Period 141,736,834.75
----------------
Principal Collections 3,155,644.93
----------------
Principal Collections Adjustment - Over Payment Since Inception
----------------
Purchase Amounts Allocable to Principal 41,004.84
----------------
Defaulted Receivables 275,437.23
----------------
Defaulted Receivables Adjustment Since Inception
----------------
Pool Balance on the close of the last day of the Collection Period 138,264,747.75
----------------
Original Pool Balance 223,194,105.12
----------------
Pool Factor 61.9482077%
----------------
Preference Amounts --
----------------
Certificate Pass-Through Rate 5.8500%
----------------
Servicing Fee Rate 0.7500%
----------------
AVAILABLE INTEREST
----------------
Collections allocable to interest 1,243,158.19
----------------
Liquidation Proceeds 11,413.35
----------------
Purchase Amounts allocable to interest --
----------------
Reserve Account Interest Withdrawal --
----------------
Surety Interest Drawing --
----------------
Reserve Account Preference Withdrawal --
----------------
Surety Preference Withdrawal --
----------------
Total Interest 1,254,571.54
----------------
AVAILABLE PRINCIPAL
----------------
Collections allocable to principal 3,155,644.93
----------------
Purchase Amounts allocable to principal 41,004.84
----------------
Reserve Account Principal Withdrawal --
----------------
Surety Principal Drawing --
----------------
Total Principal 3,196,649.77
----------------
AVAILABLE FUNDS
----------------
Collections allocable to interest 1,243,158.19
----------------
Liquidation Proceeds 11,413.35
----------------
Purchase Amounts allocable to interest --
----------------
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
Collections allocable to principal 3,155,644.93
------------
Purchase Amounts allocable to principal 41,004.84
------------
Total Available Funds 4,451,221.31
------------
DEPOSIT TO CERTIFICATE ACCOUNT
------------
Available Funds allocable to interest 1,254,571.54
------------
Available Funds allocable to principal 3,196,649.77
------------
Reserve Account Interest Withdrawal --
------------
Surety Interest Drawing --
------------
Reserve Account Preference Withdrawal --
------------
Surety Preference Withdrawal --
------------
Reserve Account Principal Withdrawal --
------------
Surety Principal Drawing --
------------
Total Deposit to the Certificate Account 4,451,221.31
------------
INTEREST PAYMENT
------------
Monthly Interest Payment 690,967.07
------------
Carry-Over Monthly Interest --
------------
Total 690,967.07
------------
PRINCIPAL PAYMENT
------------
Monthly Principal Payment 3,472,087.00
------------
Carry-Over Monthly Principal --
------------
Total 3,472,087.00
------------
SERVICING FEE
------------
Servicing Fee 88,585.52
------------
Carry-Over Monthly Servicing Fee --
------------
Total 88,585.52
------------
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
------------
Interest distributions 690,967.07
------------
Principal distribution 3,472,087.00
------------
Preference Amounts --
------------
Servicing Fee distribution 88,585.52
------------
Distributions to the Surety Bond Provider 14,173.68
------------
Distributions to the Reserve Account --
------------
Distributions to the Seller 185,408.04
------------
Carry-Over Monthly Interest to the next Distribution Date --
------------
Carry-Over Monthly Principal to the next Distributions Date --
------------
Carry-Over Monthly Servicing Fee to the next Distribution Date --
------------
RESERVE ACCOUNT
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
------------
Reserve Account Balance as of the end of the preceding Collection Period 7,290,216.93
------------
Earnings from investments on the Reserve Account 27,883.26
------------
Reserve Account Interest Withdrawal --
------------
Reserve Account Preference Withdrawal --
------------
Reserve Account Principal Withdrawal --
------------
Deposits to the Reserve Account --
------------
Adjment
------------
Reserve Account Balance 7,318,100.19
------------
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
Distributions of any excess amounts on deposit in the Reserve Account 404,862.80
---------------
Ending Reserve Account Balance 6,913,237.39
---------------
Reserve Account Balance as a % of the Pool Balance 5.0000%
---------------
Specified Reserve Account Requirement 6,913,237.39
---------------
Amount needed to fully fund Reserve Account --
---------------
SURETY BOND
---------------
Required Surety Bond Amount (25% of the Pool Balance) 35,434,208.69
---------------
Surety Bond amount on the previous Distribution Date 36,451,084.63
---------------
Payments made with respect Surety Principal Draws --
---------------
Payments received with respect to unreimbursed Surety Principal Draws --
---------------
Surety Bond Amount for the current Distribution Date 34,434,208.69
---------------
Total Surety Interest Draws --
---------------
Total Surety Principal Draws --
---------------
Total Surety Preference Draws --
---------------
Total Draws --
---------------
Surety Bond Fee 14,173.68
---------------
Total unreimbursed Surety Interest Draws --
---------------
Total unreimbursed Surety Principal Draws --
---------------
Total unreimbursed Surety Preference Draws --
---------------
Amount Owed to Surety Bond Provider 14,173,68
---------------
Surety Bond Fee Paid 14,173.68
---------------
Total payments for Surety Interest Draws --
---------------
Total payments for Surety Principal Draws --
---------------
Total payments for Surety Preference Draws --
---------------
Payments made to the Surety Bond Provider 14,173.68
---------------
Surety Bond Fee Outstanding --
---------------
Remaining unreimbursed Surety Interest Draws --
---------------
Remaining unreimbursed Surety Principal Draws --
---------------
Remaining unreimbursed Surety Preference Draws --
---------------
Remaining Amounts Owed to the Surety Bond Provider --
---------------
NET CREDIT LOSS RATIO
---------------
Net Credit Losses 264,023.88
---------------
Adjustement for Defaulted Receivables Since Inception
---------------
For the Current Collection Period 0.1886%
---------------
For the preceding Collection Period 0.1196%
---------------
For the second preceding Collection Period 0.6140%
---------------
Average Net Credit Loss Ratio 0.3074%
---------------
DELINQUENCY ANALYSIS
Number of Loans
---------------
30 to 59 days past due 273
---------------
60 to 89 days past due 68
---------------
90 or more days past due 109
---------------
Total 450
---------------
</TABLE>
<PAGE> 5
<TABLE>
<S> <C>
Principal Balance
--------------
30 to 59 days past due 2,970,276.51
--------------
60 to 89 days past due 770,748.09
--------------
90 or more days past due 1,094,221.44
--------------
Total 4,835,246.04
--------------
Delinquency Ratio
--------------
For the current Collection Period 3.4971%
--------------
For the preceding Collection Period 3.2313%
--------------
For the second preceding Collection Period 3.0285%
--------------
Average Delinquency Ratio 3.2523%
--------------
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 307,870.67
Number of Contracts where Repossession Occurred in the Current Month 21
WEIGHTED AVERAGE COMPUTATIONS
--------------
Weighted Average Coupon 10.5908%
--------------
Weighted Average Original Term (months) 123.00
--------------
Weighted Average Remaining Term (months) 91.97
--------------
CASH SETTLEMENT FOR THE TRUSTEE
--------------
Total Deposit to the Collection Account 4,451,221.31
--------------
Servicing Fee 88,585.52
--------------
Interest allocable to the Seller's Certificate 0.33
--------------
Principal amount allocable to the Seller's Certificate 1.64
--------------
Wire Funds to the Surety Bond Provider 14,173.68
--------------
Net Deposit to the Certificate Account - Excluding Amounts Due to Seller 4,348,460.14
--------------
Wire Funds to the Certificateholders - Interest 690,966.74
--------------
Wire Funds to the Certificateholders - Principal 3,472,085.36
--------------
Deposit Funds into the Reserve Account --
--------------
Wire Funds to NationsCredit 185,408.04
--------------
</TABLE>
Approved by: /s/ LAWRENCE ANGELILLI
----------------------------------------------------------
Lawrence Angelilli
Vice President & Treasurer
|
|