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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)
April 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
March 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
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(Registrant)
By: NationsCredit Commercial Corporation of America, as Servicer of
NationsCredit Grantor Trust 1997 - 1
Date: April 23, 1998 By: /s/ LAWRENCE ANGELILLI
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Name: Lawrence Angelilli
Title: Vice President
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EXHIBIT INDEX
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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.
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<S> <C>
Month Mar-98
Collection Period 3/1/98
Determination Date 4/10/98
Deposit Date 4/14/98
Distribution Date 4/15/98
POOL BALANCE
Pool Balance on the close of the last day of
the Collection Period (Record Date) 144,739,354.55
Pool Factor 79.6228729%
Ending Pool Balance (per $1,000 certificate 796
Liquidation Proceeds 134,435
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.582
Carry-Over Monthly Interest Payment -
Total Interest Payment 4.582
Principal Payments:
Monthly Principal Payment 18.434
Carry-Over Monthly Principal Payment -
Total Principal Payment 18.434
Servicing Fee:
Servicing Fee 0.509
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.509
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.
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<S> <C>
Month Mar-98
Collection Period 1-Mar-98
Determination Date 10-Apr-98
Deposit Date 14-Apr-98
Distribution Date 15-Apr-98
POOL BALANCE
Pool Balance on the close of the last day of
the preceding Collection Period 148,090,253.96
Principal Collections 3,151,641.23
Purchase Amounts Allocable to Principal -
Defaulted Receivables 199,258.18
Pool Balance on the close of the last day of
the Collection Period 144,739,354.55
Original Pool Balance 181,781,125.63
Certificate Factor 79.62287%
Preference Amounts -
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,498,590.61
Purchase Amounts allocable to interest -
Liquidation Proceeds 134,435.18
Collections allocable to principal 3,151,641.23
Purchase Amounts allocable to principal -
Other Available Funds - Interest on Collection
or Certificate Account -
Total Available Funds 4,784,667.02
INTEREST PAYMENT
Monthly Interest Payment 833,007.68
Carry-Over Monthly Interest -
Total 833,007.68
PRINCIPAL PAYMENT
Monthly Principal Payment 3,350,899.41
Carry-Over Monthly Principal -
Total 3,350,899.41
SERVICING FEE
Servicing Fee 92,556.41
Carry-Over Servicing Fee -
Total 92,556.41
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds 4,784,667.02
Reserve Account Withdrawal Amount -
Surety Drawing Amount -
Total Deposit to the Certificate Account 4,784,667.02
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any
Carry-Over Monthly Interest 833,007.68
Monthly Principal Payment and any
Carry-Over Monthly Principal 3,350,899.41
Servicing Fee and any Carry-Over
Servicing Fee 92,556.41
Distributions to the Surety Bond Provider 14,809.03
Distributions to the Reserve Account -
Distributions to the Seller 493,394.50
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 5,923,610.16
Earnings from investments on the Reserve
Account 23,980.92
Reserve Account Withdrawal Amount -
Deposits to the Reserve Account -
Reserve Account Balance 5,947,591.08
Distributions of any excess amounts on deposit
in the Reserve Account 158,016.90
Ending Reserve Account Balance 5,789,574.18
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 5,789,574.18
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 14,809.03
Interest on Outstanding Reimbursement Obligations
at the end of the preceding Collection Period -
Amounts due to Surety Bond Provider 14,809.03
Distributions to the Surety Bond Provider 14,809.03
Remaining Reimbursement Obligations Owed to the
Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 64,823.00
For the current Collection Period 0.53%
For the preceding Collection Period 1.10%
For the second preceding Collection Period 1.23%
Average Net Credit Loss Ratio 0.95%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 168
60 to 89 days past due 48
90 or more days past due 96
Total 312
Principal Balance
30 to 59 days past due 1,751,054.48
60 to 89 days past due 503,744.31
90 or more days past due 1,035,101.73
Total 3,289,900.52
Delinquency Ratio
For the current Collection Period 2.27%
For the preceding Collection Period 2.63%
For the second preceding Collection Period 2.65%
Average Delinquency Ratio 2.52%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession
occurred in the Current Month 219,518.70
Number of Contracts where Repossession occurred
in the Current Month 20
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.91%
Weighted Average Original Term (months) 122.00
Weighted Average Remaining Term (months) 101.75
Number of Outstanding Accounts - End of Period 13,136
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Certificate Account 4,784,667.02
Servicing Fee 92,556.41
Interest allocable to the Seller's Certificate 0.58
Principal amount allocable to the Seller's Certificate 2.32
Wire Funds to the Surety Bond Provider 14,809.03
Net Deposit to the Certificate Account -
Excluding Amounts Due to Seller 4,677,298.69
Wire Funds to the Certificateholders -
Interest Amounts 833,007.10
Wire Funds to the Certificateholders -
Principal Amounts 3,350,897.09
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 493,394.50
Approved by: /s/ LAWRENCE ANGELILLI ------------------------ Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
April 23, 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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