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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): OCTOBER 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 NO.)
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) 506-5045
NOT APPLICABLE (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT.)
<PAGE>
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 SEPTEMBER 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
<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 1997 - 1
(REGISTRANT)
BY: NATIONSCREDIT COMMERCIAL CORPORATION OF AMERICA,
AS SERVICER OF NATIONSCREDIT GRANTOR TRUST 1997 - 1
DATE: OCTOBER 16, 1998 BY: /S/ SUZANNE CASTLEBERRY
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NAME: SUZANNE CASTLEBERRY
TITLE: VICE PRESIDENT
<PAGE>
EXHIBIT INDEX
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EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
19.1 CERTIFICATEHOLDERS STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Sep-98
Collection Period 9/1/98
Determination Date 10/13/98
Deposit Date 10/14/98
Distribution Date 10/15/98
POOL BALANCE
Pool Balance on the close of the last day of t he Collection Period (Record Date) 123,390,075.50
Pool Factor 67.8783758%
Ending Pool Balance (per $1,000 certificate) 679
Liquidation Proceeds 194,853
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 3.915
Carry-Over Monthly Interest Payment -
Total Interest Payment 3.915
Principal Payments:
Monthly Principal Payment 17.275
Carry-Over Monthly Principal Payment -
Total Principal Payment 17.275
Servicing Fee:
Servicing Fee 0.435
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.435
</TABLE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Sep-98
Collection Period 1-Sep-98
Determination Date 13-Oct-98
Deposit Date 14-Oct-98
Distribution Date 15-Oct-98
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 126,530,329.64
Principal Collections 2,707,514.03
Purchase Amounts Allocable to Principal -
Defaulted Receivables 432,740.11
Pool Balance on the close of the last day of the Collection Period 123,390,075.50
Original Pool Balance 181,781,125.63
Certificate Factor 67.87838%
Preference Amounts -
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,113,888.60
Purchase Amounts allocable to interest -
Liquidation Proceeds 194,852.74
Collections allocable to principal 2,707,514.03
Purchase Amounts allocable to principal -
Other Available Funds - Interest on Collection or Certificate Account -
Total Available Funds 4,016,255.37
INTEREST PAYMENT
Monthly Interest Payment 711,733.10
Carry-Over Monthly Interest -
Total 711,733.10
PRINCIPAL PAYMENT
Monthly Principal Payment 3,140,254.14
Carry-Over Monthly Principal -
Total 3,140,254.14
SERVICING FEE
Servicing Fee 79,081.46
Carry-Over Servicing Fee -
Total 79,081.46
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds 4,016,255.37
Reserve Account Withdrawal Amount -
Surety Drawing Amount -
Total Deposit to the Certificate Account 4,016,255.37
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any Carry-Over Monthly Interest 711,733.10
Monthly Principal Payment and any Carry-Over Monthly Principal 3,140,254.14
Servicing Fee and any Carry-Over Servicing Fee 79,081.46
Distributions to the Surety Bond Provider 12,653.03
Distributions to the Reserve Account -
Distributions to the Seller 72,533.64
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 5,061,213.19
Earnings from investments on the Reserve Account 22,005.61
Reserve Account Withdrawal Amount -
Deposits to the Reserve Account -
Reserve Account Balance 5,083,218.80
Distributions of any excess amounts on deposit in the Reserve Account 147,615.78
Ending Reserve Account Balance 4,935,603.02
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 4,935,603.02
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 12,653.03
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Amounts due to Surety Bond Provider 12,653.03
Distributions to the Surety Bond Provider 12,653.03
Remaining Reimbursement Obligations Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 237,887.37
For the current Collection Period 2.28%
For the preceding Collection Period 1.10%
For the second preceding Collection Period 0.65%
Average Net Credit Loss Ratio 1.34%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 209
60 to 89 days past due 44
90 or more days past due 55
Total 308
Principal Balance
30 to 59 days past due 2,270,899.85
60 to 89 days past due 442,051.03
90 or more days past due 614,791.35
Total 3,327,742.23
Delinquency Ratio
For the current Collection Period 2.70%
For the preceding Collection Period 2.75%
For the second preceding Collection Period 2.56%
Average Delinquency Ratio 2.67%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession occurred in the Current Month 289,446.78
Number of Contracts where Repossession occurred in the Current Month 26
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.88%
Weighted Average Original Term (months) 122.00
Weighted Average Remaining Term (months) 98.07
Number of Outstanding Accounts - End of Period 11,417
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Certificate Account 4,016,255.37
Servicing Fee 79,081.46
Interest allocable to the Seller's Certificate 0.49
Principal amount allocable to the Seller's Certificate 2.17
Wire Funds to the Surety Bond Provider 12,653.03
Net Deposit to the Certificate Account - Excluding Amounts Due to Seller 3,924,518.22
Wire Funds to the Certificateholders - Interest Amounts 711,732.61
Wire Funds to the Certificateholders - Principal Amounts 3,140,251.97
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 72,533.64
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ------------------------------------ Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
October 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 (704)-386-3863.
Very truly yours,
/s/ SUZANNE CASTLEBERRY ----------------------------- Suzanne Castleberry Vice President
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