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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): June 15, 1998
NATIONSCREDIT GRANTOR TRUST 1997 - 1
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(Exact name of registrant as specified in charter)
Delaware 333-22327 75-2655744
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(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 May 31, 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 April 30, 1997 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 June 4, 1997.
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 1997 - 1
(Registrant)
By: NationsCredit Commercial Corporation of America, as Servicer of
NationsCredit Grantor Trust 1997 - 1
Date: June 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
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19.1 Certificateholders Statements
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EXHIBIT 19.1
STATEMENT TO CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1997 - 1
Pursuant to the Pooling and Servicing Agreement, dated as of May 22, 1997
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 5/1/98
Determination Date 6/10/98
Deposit Date 6/12/98
Distribution Date 6/15/98
<S> <S> <C>
POOL BALANCE
Pool Balance on the close of the last day of the
Collection Period (Record Date) 137,022,941.32
Pool Factor 75.3779804%
Ending Pool Balance (per $1,000 certificate) 754
Liquidation Proceeds 184,671
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.349
Carry-Over Monthly Interest Payment -
Total Interest Payment 4.349
Principal Payments:
Monthly Principal Payment 19.445
Carry-Over Monthly Principal Payment -
Total Principal Payment 19.445
Servicing Fee:
Servicing Fee 0.483
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.483
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1997 - 1
Pursuant to the Pooling and Servicing Agreement, dated as of May 31, 1997
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-May-98
Determination Date 10-Jun-98
Deposit Date 12-Jun-98
Distribution Date 15-Jun-98
POOL BALANCE
Pool Balance on the close of the last day of the
preceding Collection Period 140,557,720.64
Principal Collections 3,246,104.50
Purchase Amounts Allocable to Principal -
Defaulted Receivables 288,674.82
Pool Balance on the close of the last day of the
Collection Period 137,022,941.32
Original Pool Balance 181,781,125.63
Certificate Factor 75.37798%
Preference Amounts -
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,243,061.86
Purchase Amounts allocable to interest -
Liquidation Proceeds 184,671.36
Collections allocable to principal 3,246,104.50
Purchase Amounts allocable to principal -
Other Available Funds - Interest on Collection
or Certificate Account -
Total Available Funds 4,673,837.72
INTEREST PAYMENT
Monthly Interest Payment 790,637.18
Carry-Over Monthly Interest -
Total 790,637.18
PRINCIPAL PAYMENT
Monthly Principal Payment 3,534,779.32
Carry-Over Monthly Principal -
Total 3,534,779.32
SERVICING FEE
Servicing Fee 87,848.58
Carry-Over Servicing Fee -
Total 87,848.58
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds 4,673,837.72
Reserve Account Withdrawal Amount -
Surety Drawing Amount -
Total Deposit to the Certificate Account 4,673,837.72
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any Carry-Over
Monthly Interest 790,637.18
Monthly Principal Payment and any Carry-Over
Monthly Principal 3,534,779.32
Servicing Fee and any Carry-Over Servicing Fee 87,848.58
Distributions to the Surety Bond Provider 14,055.77
Distributions to the Reserve Account -
Distributions to the Seller 246,516.87
Carry-Over Monthly Interest to the next
Distribution Date -
Carry-Over Monthly Principal to the next
Distributions Date -
Carry-Over Servicing Fee to the next
Distribution Date -
RESERVE ACCOUNT
Reserve Account Balance as of the end of the
preceding Collection Period 5,622,308.83
Earnings from investments on the Reserve Account 25,315.64
Reserve Account Withdrawal Amount -
Deposits to the Reserve Account -
Reserve Account Balance 5,647,624.47
Distributions of any excess amounts on deposit in
the Reserve Account 166,706.82
Ending Reserve Account Balance 5,480,917.65
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 5,480,917.65
Amount needed to fully fund Reserve Account -
SURETY BOND
Outstanding Reimbursement Obligations at the
end of the preceding Collection Period -
Preference Amounts -
Surety Drawing Amount -
Surety Bond Fee 14,055.77
Interest on Outstanding Reimbursement Obligations
at the end of the preceding Collection Period -
Amounts due to Surety Bond Provider 14,055.77
Distributions to the Surety Bond Provider 14,055.77
Remaining Reimbursement Obligations Owed to the
Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 104,003.46
For the current Collection Period 0.90%
For the preceding Collection Period 1.36%
For the second preceding Collection Period 0.53%
Average Net Credit Loss Ratio 0.93%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 213
60 to 89 days past due 51
90 or more days past due 87
Total 351
Principal Balance
30 to 59 days past due 2,280,539.78
60 to 89 days past due 453,849.69
90 or more days past due 870,475.03
Total 3,604,864.50
Delinquency Ratio
For the current Collection Period 2.63%
For the preceding Collection Period 2.25%
For the second preceding Collection Period 2.27%
Average Delinquency Ratio 2.38%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession
occurred in the Current Month 114,270.15
Number of Contracts where Repossession occurred
in the Current Month 10
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.90%
Weighted Average Original Term (months) 122.00
Weighted Average Remaining Term (months) 100.54
Number of Outstanding Accounts - End of Period 12,506
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Certificate Account 4,673,837.72
Servicing Fee 87,848.58
Interest allocable to the Seller's Certificate 0.55
Principal amount allocable to the Seller's Certificate 2.44
Wire Funds to the Surety Bond Provider 14,055.77
Net Deposit to the Certificate Account -
Excluding Amounts Due to Seller 4,571,930.38
Wire Funds to the Certificateholders -
Interest Amounts 790,636.63
Wire Funds to the Certificateholders -
Principal Amounts 3,534,776.88
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 246,516.87
Approved by: /s/ LAWRENCE ANGELILLI ------------------------Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
June 15, 1998
BY EDGAR
Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W.
Washington, D.C. 20549
Re: NationsCredit Grantor Trust 1997 - 1
Ladies and Gentlemen:
On behalf of NationsCredit Grantor Trust 1997 - 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 & Treasurer
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