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): DECEMBER 15, 2000
NATIONSCREDIT GRANTOR TRUST 1996 - 1
------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 333-22327 75-2655744
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(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)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (972) 506-5045
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 NOVEMBER
30, 2000.
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 (REGISTRANT)
BY: NATIONSCREDIT COMMERCIAL CORPORATION OF AMERICA, AS SERVICER OF
NATIONSCREDIT GRANTOR TRUST 1996-1
DATE: DECEMBER 11, 2000 BY: /S/ KEVIN CHURCH
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NAME: KEVIN CHURCH
TITLE: VICE PRESIDENT
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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19.1 CERTIFICATEHOLDERS STATEMENTS
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<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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov-00
Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01-Nov-00
Determination Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-Dec-00
Deposit Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-Dec-00
Distribution Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-Dec-00
POOL BALANCE
Pool Balance on the close of the last day of the Collection Period (Record Date) 45,325,910.86
Pool Factor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.30784%
Ending Pool Balance (per $1,000 certificate) . . . . . . . . . . . . . . . . . . 203.08
Liquidation Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,258.26
Purchase Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.02
Carry-Over Monthly Interest Payment. . . . . . . . . . . . . . . . . . . . . . . -
Total Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.02
Principal Payments:
Monthly Principal Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.23
Carry-Over Monthly Principal Payment . . . . . . . . . . . . . . . . . . . . . . -
Total Principal Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.23
Servicing Fee:
Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.13
Carry-Over Monthly Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . -
Total Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.13
SURETY BOND
Surety Bond Amount for the current Distribution Date . . . . . . . . . . . . . . 11,623,024.99
Surety Bond Amount as a % of the Pool Balance. . . . . . . . . . . . . . . . . . 25.64322%
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<TABLE>
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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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov-00
Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01-Nov-00
Determination Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-Dec-00
Deposit Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-Dec-00
Distribution Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-Dec-00
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period . 46,492,099.96
Principal Collections. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065,265.60
Purchase Amounts Allocable to Principal. . . . . . . . . . . . . . . . . . . . -
Defaulted Receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,923.50
Pool Balance on the close of the last day of the Collection Period . . . . . . 45,325,910.86
Original Pool Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,194,105.12
Pool Factor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.30784%
Preference Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -
Certificate Pass-Through Rate. . . . . . . . . . . . . . . . . . . . . . . . . 5.85%
Servicing Fee Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%
AVAILABLE INTEREST
Collections allocable to interest. . . . . . . . . . . . . . . . . . . . . . . 390,923.81
Liquidation Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,258.26
Purchase Amounts allocable to interest . . . . . . . . . . . . . . . . . . . . -
Total Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416,182.07
AVAILABLE PRINCIPAL
Collections allocable to principal . . . . . . . . . . . . . . . . . . . . . . 1,065,265.60
Purchase Amounts allocable to principal. . . . . . . . . . . . . . . . . . . . -
Total Principal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065,265.60
AVAILABLE FUNDS
Collections allocable to interest. . . . . . . . . . . . . . . . . . . . . . . 390,923.81
Liquidation Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,258.26
Purchase Amounts allocable to interest . . . . . . . . . . . . . . . . . . . . -
Collections allocable to principal . . . . . . . . . . . . . . . . . . . . . . 1,065,265.60
Purchase Amounts allocable to principal. . . . . . . . . . . . . . . . . . . . -
Total Available Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,481,447.67
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds allocable to interest. . . . . . . . . . . . . . . . . . . . . 416,182.07
Available Funds allocable to principal . . . . . . . . . . . . . . . . . . . . 1,065,265.60
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 . . . . . . . . . . . . . . . . . . . 1,481,447.67
INTEREST PAYMENT
Monthly Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,648.99
Carry-Over Monthly Interest. . . . . . . . . . . . . . . . . . . . . . . . . . -
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,648.99
PRINCIPAL PAYMENT
Monthly Principal Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,166,189.10
Carry-Over Monthly Principal . . . . . . . . . . . . . . . . . . . . . . . . . -
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,166,189.10
SERVICING FEE
Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,057.56
Carry-Over Monthly Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . -
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,057.56
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Interest distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,648.99
Principal distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,166,189.10
Preference Amounts
Servicing Fee distribution . . . . . . . . . . . . . . . . . . . . . . . . . . 29,057.56
Distributions to the Surety Bond Provider. . . . . . . . . . . . . . . . . . . 4,649.21
Distributions to the Reserve Account . . . . . . . . . . . . . . . . . . . . . -
Distributions to the Seller. . . . . . . . . . . . . . . . . . . . . . . . . . 54,902.81
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 . . . 5,579,852.63
Earnings from investments on the Reserve Account . . . . . . . . . . . . . . . 28,769.80
Reserve Account Interest Withdrawal. . . . . . . . . . . . . . . . . . . . . . -
Reserve Account Preference Withdrawal. . . . . . . . . . . . . . . . . . . . . -
Reserve Account Principal Withdrawal . . . . . . . . . . . . . . . . . . . . . -
Deposits to the Reserve Account. . . . . . . . . . . . . . . . . . . . . . . . -
Reserve Account Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,608,622.43
Distributions of any excess amounts on deposit in the Reserve Account. . . . . 28,769.80
Ending Reserve Account Balance . . . . . . . . . . . . . . . . . . . . . . . . 5,579,852.63
Reserve Account Balance as a % of the Pool Balance . . . . . . . . . . . . . . 12.31%
Specified Reserve Account Requirement. . . . . . . . . . . . . . . . . . . . . 5,579,852.63
Amount needed to fully fund Reserve Account. . . . . . . . . . . . . . . . . . -
SURETY BOND
Required Surety Bond Amount (25% of the Pool Balance). . . . . . . . . . . . . 11,623,024.99
Surety Bond amount on the previous Distribution Date . . . . . . . . . . . . . 11,959,680.18
Payments made with respect Surety Principal Draws. . . . . . . . . . . . . . . -
Payments received with respect to unreimbursed Surety Principal Draws. . . . . -
Surety Bond Amount for the current Distribution Date . . . . . . . . . . . . . 11,623,024.99
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,649.21
Total unreimbursed Surety Interest Draws . . . . . . . . . . . . . . . . . . . -
Total unreimbursed Surety Principal Draws. . . . . . . . . . . . . . . . . . . -
Total unreimbursed Surety Preference Draws . . . . . . . . . . . . . . . . . . -
Amount Owed to Surety Bond Provider. . . . . . . . . . . . . . . . . . . . . . 4,649.21
Surety Bond Fee Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,649.21
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. . . . . . . . . . . . . . . . . . . 4,649.21
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,665.24
For the Current Collection Period. . . . . . . . . . . . . . . . . . . . . . . 1.98%
For the preceding Collection Period. . . . . . . . . . . . . . . . . . . . . . 3.55%
For the second preceding Collection Period . . . . . . . . . . . . . . . . . . 1.81%
Average Net Credit Loss Ratio. . . . . . . . . . . . . . . . . . . . . . . . . 2.45%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
60 to 89 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
90 or more days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280
Principal Balance
30 to 59 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,842,657.46
60 to 89 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,801.51
90 or more days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,468.33
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,751,927.30
Delinquency Ratio
For the current Collection Period. . . . . . . . . . . . . . . . . . . . . . . 6.07%
For the preceding Collection Period. . . . . . . . . . . . . . . . . . . . . . 6.37%
For the second preceding Collection Period . . . . . . . . . . . . . . . . . . 6.53%
Average Delinquency Ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month. 36,472.17
Number of Contracts where Repossession Occurred in the Current Month . . . . . 3
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.43%
Weighted Average Original Term (months). . . . . . . . . . . . . . . . . . . . 123.00
Weighted Average Remaining Term (months) . . . . . . . . . . . . . . . . . . . 69.17
CASH SETTLEMENT FOR THE TRUSTEE
Available Funds due from the Collection Account to Certificate Account . . . . 1,481,447.67
Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,057.56
Interest allocable to the Seller's Certificate . . . . . . . . . . . . . . . . 0.11
Principal amount allocable to the Seller's Certificate . . . . . . . . . . . . 0.55
Wire Funds to the Surety Bond Provider. . . . . . . . . . . . . . . . . . . . . 4,649.21
Net Deposit From Collection Account to the Certificate Account. . . . . . . . . 1,447,740.24
Reserve Account deposit to Certificate Account. . . . . . . . . . . . . . . . . -
Surety Bond deposit to Certificate Account. . . . . . . . . . . . . . . . . . . -
Total Deposit to the Certificate Account . . . . . . . . . . . . . . . . . . . 1,447,740.24
Wire Funds to the Certificateholders - Interest. . . . . . . . . . . . . . . . 226,648.88
Wire Funds to the Certificateholders - Principal . . . . . . . . . . . . . . . 1,166,188.55
Deposit Funds into the Reserve Account . . . . . . . . . . . . . . . . . . . . -
Wire Funds to NationsCredit. . . . . . . . . . . . . . . . . . . . . . . . . . 54,902.81
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Approved by: /s/ KEVIN CHURCH ------------------------------------- Kevin Church Vice President
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
DECEMBER 11, 2000
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) 388-7108.
Very truly yours,
/s/ KEVIN CHURCH ----------------------------- Kevin Church Vice President
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