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Previous: SMITH BARNEY PRINCIPAL PLUS FUTURES FUND LP II, 10-K, 1999-03-30 |
Next: CAPITAL PREFERRED YIELD FUND IV LP, 10-K, 1999-03-30 |
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): March 15, 1999
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
jurisdiction of Number) Identification 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) 506-5045
Not Applicable (Former name or former address, if changed since last report.)
<PAGE>
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 February
28, 1999.
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.
-------------------------------------------------------------------
(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
<PAGE>
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: March 29, 1999 By: /s/ SUZANNE CASTLEBERRY
---------------- -------------------------
Name: Suzanne Castleberry
Title: Vice President
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
--------------- -----------
19.1 Certificateholders Statements
<PAGE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Mar-99
Collection Period 01-Feb-99
Determination Date 10-Mar-99
Deposit Date 12-Mar-99
Distribution Date 15-Mar-99
POOL BALANCE
Pool Balance on the close of the last day of the Collection Period (Record Date) 87,257,879.19
Pool Factor 39.09506%
Ending Pool Balance (per $1,000 certificate) 390.95
Liquidation Proceeds 167,905.12
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 1.96
Carry-Over Monthly Interest Payment -
Total Interest Payment 1.96
Principal Payments:
Monthly Principal Payment 10.65
Carry-Over Monthly Principal Payment -
Total Principal Payment 10.65
Servicing Fee:
Servicing Fee 0.25
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.25
SURETY BOND
Surety Bond Amount for the current Distribution Date 22,408,616.80
Surety Bond Amount as a % of the Pool Balance 25.68091%
</TABLE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Mar-99
Collection Period 01-Feb-99
Determination Date 10-Mar-99
Deposit Date 12-Mar-99
Distribution Date 15-Mar-99
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 89,634,467.20
Principal Collections 2,041,183.07
Purchase Amounts Allocable to Principal -
Defaulted Receivables 335,404.94
Pool Balance on the close of the last day of the Collection Period 87,257,879.19
Original Pool Balance 223,194,105.12
Pool Factor 39.09506%
Preference Amounts -
Certificate Pass-Through Rate 5.85%
Servicing Fee Rate 0.75%
AVAILABLE INTEREST
Collections allocable to interest 700,653.71
Liquidation Proceeds 167,905.12
Purchase Amounts allocable to interest -
Total Interest 868,558.83
AVAILABLE PRINCIPAL
Collections allocable to principal 2,041,183.07
Purchase Amounts allocable to principal -
Total Principal 2,041,183.07
AVAILABLE FUNDS
Collections allocable to interest 700,653.71
Liquidation Proceeds 167,905.12
Purchase Amounts allocable to interest -
Collections allocable to principal 2,041,183.07
Purchase Amounts allocable to principal -
Total Available Funds 2,909,741.90
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds allocable to interest 868,558.83
Available Funds allocable to principal 2,041,183.07
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 2,909,741.90
INTEREST PAYMENT
Monthly Interest Payment 436,968.03
Carry-Over Monthly Interest -
Total 436,968.03
PRINCIPAL PAYMENT
Monthly Principal Payment 2,376,588.01
Carry-Over Monthly Principal -
Total 2,376,588.01
SERVICING FEE
Servicing Fee 56,021.54
Carry-Over Monthly Servicing Fee -
Total 56,021.54
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Interest distributions 436,968.03
Principal distribution 2,376,588.01
Preference Amounts
Servicing Fee distribution 56,021.54
Distributions to the Surety Bond Provider 8,963.45
Distributions to the Reserve Account 31,200.87
Distributions to the Seller -
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 5,406,447.01
Earnings from investments on the Reserve Account 16,849.10
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account 31,200.87
Reserve Account Balance 5,454,496.98
Distributions of any excess amounts on deposit in the Reserve Account -
Ending Reserve Account Balance 5,454,496.98
Reserve Account Balance as a % of the Pool Balance 6.25%
Specified Reserve Account Requirement 5,579,852.63
Amount needed to fully fund Reserve Account 125,355.65
SURETY BOND
Required Surety Bond Amount (25% of the Pool Balance) 22,408,616.80
Surety Bond amount on the previous Distribution Date 22,925,059.24
Payments made with respect Surety Principal Draws -
Payments received with respect to unreimbursed Surety Principal Draws -
Surety Bond Amount for the current Distribution Date 22,408,616.80
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Outstanding Remaining Amounts Owed to the Surety Bond Provider -
Interest on Remaining Amounts Owed to the Surety Bond Provider -
Surety Bond Fee 8,963.45
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 8,963.45
Surety Bond Fee Paid 8,963.45
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 8,963.45
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 167,499.82
For the Current Collection Period 2.27%
For the preceding Collection Period 2.89%
For the second preceding Collection Period 7.94%
Average Net Credit Loss Ratio 4.37%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 238
60 to 89 days past due 45
90 or more days past due 45
Total 328
Principal Balance
30 to 59 days past due 2,477,160.34
60 to 89 days past due 389,173.38
90 or more days past due 484,716.35
Total 3,351,050.07
Delinquency Ratio
For the current Collection Period 3.84%
For the preceding Collection Period 4.11%
For the second preceding Collection Period 3.87%
Average Delinquency Ratio 3.94%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 122,849.34
Number of Contracts where Repossession Occurred in the Current Month 13
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.52%
Weighted Average Original Term (months) 123.00
Weighted Average Remaining Term (months) 81.23
CASH SETTLEMENT FOR THE TRUSTEE
Available Funds due from the Collection Account to Certificate Account 2,909,741.90
Servicing Fee 56,021.54
Interest allocable to the Seller's Certificate 0.21
Principal amount allocable to the Seller's Certificate 1.12
Wire Funds to the Surety Bond Provider 8,963.45
Net Deposit From Collection Account to the Certificate Account 2,844,755.59
Reserve Account deposit to Certificate Account -
Surety Bond deposit to Certificate Account -
Total Deposit to the Certificate Account 2,844,755.59
Wire Funds to the Certificateholders - Interest 436,967.82
Wire Funds to the Certificateholders - Principal 2,376,586.89
Deposit Funds into the Reserve Account 31,200.87
Wire Funds to NationsCredit -
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ----------------------- Suzanne Castleberry Vice President
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
March 15, 1999
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 (704) 386-3863.
Very truly yours,
/s/ SUZANNE CASTLEBERRY ----------------------------- Suzanne Castleberry Vice President
</TABLE>
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