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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 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
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 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: May 15, 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.
<CAPTION>
Month Apr-98
Collection Period 4/1/98
Determination Date 5/11/98
Deposit Date 5/14/98
Distribution Date 5/15/98
<S> <S> <C>
POOL BALANCE
Pool Balance on the close of the last day of
the Collection Period (Record Date) 140,557,720.64
Pool Factor 77.3225054%
Ending Pool Balance (per $1,000 certificate) 773
Liquidation Proceeds 212,444
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.479
Carry-Over Monthly Interest Payment -
Total Interest Payment 4.479
Principal Payments:
Monthly Principal Payment 23.004
Carry-Over Monthly Principal Payment -
Total Principal Payment 23.004
Servicing Fee:
Servicing Fee 0.498
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.498
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 Apr-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 144,739,354.55
Principal Collections 3,807,497.79
Purchase Amounts Allocable to Principal -
Defaulted Receivables 374,136.12
Pool Balance on the close of the last day of the
Collection Period 140,557,720.64
Original Pool Balance 181,781,125.63
Certificate Factor 77.32251%
Preference Amounts -
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,304,915.43
Purchase Amounts allocable to interest -
Liquidation Proceeds 212,444.10
Collections allocable to principal 3,807,497.79
Purchase Amounts allocable to principal -
Other Available Funds - Interest on Collection
or Certificate Account -
Total Available Funds 5,324,857.32
INTEREST PAYMENT
Monthly Interest Payment 814,158.87
Carry-Over Monthly Interest -
Total 814,158.87
PRINCIPAL PAYMENT
Monthly Principal Payment 4,181,633.91
Carry-Over Monthly Principal -
Total 4,181,633.91
SERVICING FEE
Servicing Fee 90,462.10
Carry-Over Servicing Fee -
Total 90,462.10
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds 5,324,857.32
Reserve Account Withdrawal Amount -
Surety Drawing Amount -
Total Deposit to the Certificate Account 5,324,857.32
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any Carry-Over
Monthly Interest 814,158.87
Monthly Principal Payment and any Carry-Over
Monthly Principal 4,181,633.91
Servicing Fee and any Carry-Over Servicing Fee 90,462.10
Distributions to the Surety Bond Provider 14,473.94
Distributions to the Reserve Account -
Distributions to the Seller 224,128.51
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 5,789,574.18
Earnings from investments on the Reserve Account 25,162.23
Reserve Account Withdrawal Amount -
Deposits to the Reserve Account -
Reserve Account Balance 5,814,736.41
Distributions of any excess amounts on deposit
in the Reserve Account 192,427.58
Ending Reserve Account Balance 5,622,308.83
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 5,622,308.83
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 14,473.94
Interest on Outstanding Reimbursement Obligations
at the end of the preceding Collection Period -
Amounts due to Surety Bond Provider 14,473.94
Distributions to the Surety Bond Provider 14,473.94
Remaining Reimbursement Obligations Owed to
the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 161,692.02
For the current Collection Period 1.36%
For the preceding Collection Period 0.53%
For the second preceding Collection Period 1.10%
Average Net Credit Loss Ratio 1.00%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 191
60 to 89 days past due 36
90 or more days past due 104
Total 331
Principal Balance
30 to 59 days past due 1,821,016.39
60 to 89 days past due 316,696.43
90 or more days past due 1,018,363.83
Total 3,156,076.65
Delinquency Ratio
For the current Collection Period 2.25%
For the preceding Collection Period 2.27%
For the second preceding Collection Period 2.63%
Average Delinquency Ratio 2.38%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession
occurred in the Current Month 268,413.12
Number of Contracts where Repossession occurred
in the Current Month 22
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.90%
Weighted Average Original Term (months) 122.00
Weighted Average Remaining Term (months) 101.10
Number of Outstanding Accounts - End of Period 12,796
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Certificate Account 5,324,857.32
Servicing Fee 90,462.10
Interest allocable to the Seller's Certificate 0.56
Principal amount allocable to the Seller's
Certificate 2.89
Wire Funds to the Surety Bond Provider 14,473.94
Net Deposit to the Certificate Account - Excluding
Amounts Due to Seller 5,219,917.84
Wire Funds to the Certificateholders - Interest
Amounts 814,158.31
Wire Funds to the Certificateholders - Principal
Amounts 4,181,631.02
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 224,128.51
Approved by: /s/ LAWRENCE ANGELILLI -------------------------Authorized Signer
[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 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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