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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)
May 15, 1998
NATIONSCREDIT GRANTOR TRUST 1996 - 1
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(Exact name of registrant as specified in charter)
Delaware 333-22327 75-2655744
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification Number)
incorporation)
225 E. John Carpenter Freeway, Irving Texas 75062-2731
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code (972) 506-5026
Not Applicable (Former name or former address, if changed since last
report.)
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Item 5. Other Events
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This Current Report on Form 8-K is being filed to file a copy of the
Certificateholders Statements relating to the Collection Period ending
April 30,1998.
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.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
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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
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(Registrant)
By: NationsCredit Commercial Corporation of America, as Servicer of
NationsCredit Grantor Trust 1996-1
Date: May 15, 1998 By: /s/ LAWRENCE ANGELILLI
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Name: Lawrence Angelilli
Title: Vice President
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EXHIBIT INDEX
Exhibit
Number Description
- ------- -----------
19.1 Certificateholders Statements
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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.
<CAPTION>
Month May-98
Collection Period 01-Apr-98
Determination Date 11-May-98
Deposit Date 14-May-98
Distribution Date 15-May-98
<S> <S> <C>
POOL BALANCE
Pool Balance on the close of the last day of
the Collection Period (Record Date) 116,546,293.53
Pool Factor 52.21746%
Ending Pool Balance (per $1,000 certificate) 522.17
Liquidation Proceeds 195,578.02
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 2.63
Carry-Over Monthly Interest Payment -
Total Interest Payment 2.63
Principal Payments:
Monthly Principal Payment 17.28
Carry-Over Monthly Principal Payment -
Total Principal Payment 17.28
Servicing Fee:
Servicing Fee 0.34
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.34
SURETY BOND
Surety Bond Amount for the current
Distribution Date 30,100,795.42
Surety Bond Amount as a % of the Pool
Balance 25.82733%
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.
Month May-98
Collection Period 1-Apr-98
Determination Date 11-May-98
Deposit Date 14-May-98
Distribution Date 15-May-98
POOL BALANCE
Pool Balance on the close of the last day of the
preceding Collection Period 120,403,181.68
Principal Collections 3,609,112.51
Purchase Amounts Allocable to Principal -
Defaulted Receivables 247,775.64
Pool Balance on the close of the last day of
the Collection Period 116,546,293.53
Original Pool Balance 223,194,105.12
Pool Factor 52.21746%
Preference Amounts -
Certificate Pass-Through Rate 5.85%
Servicing Fee Rate 0.75%
AVAILABLE INTEREST
Collections allocable to interest 1,074,381.26
Liquidation Proceeds 195,578.02
Purchase Amounts allocable to interest -
Total Interest 1,269,959.28
AVAILABLE PRINCIPAL
Collections allocable to principal 3,609,112.51
Purchase Amounts allocable to principal -
Total Principal 3,609,112.51
AVAILABLE FUNDS
Collections allocable to interest 1,074,381.26
Liquidation Proceeds 195,578.02
Purchase Amounts allocable to interest -
Collections allocable to principal 3,609,112.51
Purchase Amounts allocable to principal -
Total Available Funds 4,879,071.79
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds allocable to interest 1,269,959.28
Available Funds allocable to principal 3,609,112.51
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 4,879,071.79
INTEREST PAYMENT
Monthly Interest Payment 586,965.51
Carry-Over Monthly Interest -
Total 586,965.51
PRINCIPAL PAYMENT
Monthly Principal Payment 3,856,888.15
Carry-Over Monthly Principal -
Total 3,856,888.15
SERVICING FEE
Servicing Fee 75,251.99
Carry-Over Monthly Servicing Fee -
Total 75,251.99
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Interest distributions 586,965.51
Principal distribution 3,856,888.15
Preference Amounts
Servicing Fee distribution 75,251.99
Distributions to the Surety Bond Provider 12,040.32
Distributions to the Reserve Account -
Distributions to the Seller 347,925.82
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 6,020,159.08
Earnings from investments on the Reserve Account 26,223.53
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Reserve Account Balance 6,046,382.61
Distributions of any excess amounts on deposit
in the Reserve Account 219,067.93
Ending Reserve Account Balance 5,827,314.68
Reserve Account Balance as a % of the Pool Balance 5.00%
Specified Reserve Account Requirement 5,827,314.68
Amount needed to fully fund Reserve Account -
SURETY BOND
Required Surety Bond Amount (25% of the Pool
Balance) 30,100,795.42
Surety Bond amount on the previous Distribution
Date 30,939,202.61
Payments made with respect Surety Principal Draws -
Payments received with respect to unreimbursed
Surety Principal Draws -
Surety Bond Amount for the current Distribution
Date 30,100,795.42
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 12,040.32
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 12,040.32
Surety Bond Fee Paid 12,040.32
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 12,040.32
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 52,197.62
For the Current Collection Period 0.53%
For the preceding Collection Period 2.06%
For the second preceding Collection Period 1.81%
Average Net Credit Loss Ratio 1.47%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 188
60 to 89 days past due 45
90 or more days past due 120
Total 353
Principal Balance
30 to 59 days past due 1,769,417.24
60 to 89 days past due 424,039.17
90 or more days past due 1,387,570.72
Total 3,581,027.13
Delinquency Ratio
For the current Collection Period 3.07%
For the preceding Collection Period 3.48%
For the second preceding Collection Period 3.61%
Average Delinquency Ratio 3.39%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession
Occurred in the Current Month 267,516.53
Number of Contracts where Repossession Occurred
in the Current Month 21
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.56%
Weighted Average Original Term (months) 123.00
Weighted Average Remaining Term (months) 87.62
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Collection Account 4,879,071.79
Servicing Fee 75,251.99
Interest allocable to the Seller's Certificate 0.28
Principal amount allocable to the Seller's
Certificate 1.82
Wire Funds to the Surety Bond Provider 12,040.32
Net Deposit to the Certificate Account
- Excluding Amounts Due to Seller 4,791,777.39
Wire Funds to the Certificateholders - Interest 586,965.23
Wire Funds to the Certificateholders - Principal 3,856,886.33
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 347,925.82
Approved by: /s/ LAWRENCE ANGELIL
- ----------------- Lawrence Angelilli Vice President & Treasurer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
May 15, 1998
BY EDGAR
Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W.
Washington, D.C. 20549
Re: NationsCredit Grantor Trust 1996 - 1
Ladies and Gentlemen:
On behalf of NationsCredit Grantor Trust 1996 - 1 (the "Trust") filed herewith
via EDGAR is the Trust's Current Report on Form 8-K.
Should you have any questions with regard to the filing, please call the
undersigned at (972) 506-5026.
Very truly yours,
/s/ LAWRENCE ANGELILLI ----------------------------- Lawrence Angelilli Vice
President
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