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<PAGE> 1
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)
February 17, 1998
NATIONSCREDIT GRANTOR TRUST 1997 - 1
(Exact name of registrant as specified in charter)
Delaware 333-22327 75-2655744
(State or other (Commission File (IRS Employer
jurisdiction of incorporation) Number) Identification Number)
225 E. John Carpenter Freeway, Irving Texas 75062-2731
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 506-5026
Not Applicable (Former name or former address, if changed since last report.)
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
Certificateholders Statements relating to the Collection Period ending January
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.
(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
<PAGE> 2
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: February 25, 1998 By: /s/ LAWRENCE ANGELILLI
Name: Lawrence Angelilli
Title: Vice President
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION
- -------------- -----------
<S> <C>
19.1 Certificateholders Statements
</TABLE>
<PAGE> 1
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.
<TABLE>
<CAPTION>
Month Jan-98
<S> <C>
Collection Period 1/1/98
Determination Date 2/11/98
Deposit Date 2/13/98
Distribution Date 2/17/98
POOL BALANCE
Pool Balance on the close of the last day of the Collection Period (Record Date) 151,572,836.01
Pool Factor 83.3820538%
Ending Pool Balance (per $1,000 certificate) 834
Liquidation Proceeds 124,660
Purchase Amounts --
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.787
Carry-Over Monthly Interest Payment --
Total Interest Payment 4.787
Principal Payments:
Monthly Principal Payment 17.245
Carry-Over Monthly Principal Payment --
Total Principal Payment 17.245
Servicing Fee:
Servicing Fee 0.532
Carry-Over Monthly Servicing Fee --
Total Servicing Fee 0.532
</TABLE>
<PAGE> 2
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.
<TABLE>
<CAPTION>
Month Jan-98
<S> <C>
Collection Period 1-Jan-98
Determination Date 11-Feb-98
Deposit Date 13-Feb-98
Distribution Date 17-Feb-98
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 154,707,662.90
Principal Collections 2,853,444.01
Purchase Amounts Allocable to Principal --
Defaulted Receivables 281,382.88
Pool Balance on the close of the last day of the Collection Period 151,572,836.01
Original Pool Balance 181,781,125.63
Certificate Factor 83.38205%
Preference Amounts --
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,496,416.24
Purchase Amounts allocable to interest --
Liquidation Proceeds 124,659.88
Collections allocable to principal 2,853,444.01
Purchase Amounts allocable to principal --
Other Available Funds - Interest on Collection or Certificate Account 0.01
Total Available Funds 4,474,520.14
INTEREST PAYMENT
Monthly Interest Payment 870,230.60
Carry-Over Monthly Interest --
Total 870,230.60
PRINCIPAL PAYMENT
Monthly Principal Payment 3,134,826.89
Carry-Over Monthly Principal --
Total 3,134,826.89
SERVICING FEE
Servicing Fee 96,692.29
Carry-Over Servicing Fee --
Total 96,692.29
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds 4,474,520.14
Reserve Account Withdrawal Amount --
Surety Drawing Amount --
Total Deposit to the Certificate Account 4,474,520.14
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any Carry-Over Monthly Interest 870,230.60
Monthly Principal Payment and any Carry-Over Monthly Principal 3,134,826.89
Servicing Fee and any Carry-Over Servicing Fee 96,692.29
Distributions to the Surety Bond Provider 15,470.77
Distributions to the Reserve Account --
Distributions to the Seller 357,299.59
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 6,188,306.52
Earnings from investments on the Reserve Account 29,268.25
Reserve Account Withdrawal Amount --
Deposits to the Reserve Account --
Reserve Account Balance 6,217,574.77
Distributions of any excess amounts on deposit in the Reserve Account 154,661.33
Ending Reserve Account Balance 6,062,913.44
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 6,062,913.44
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 15,470.77
Interest on Outstanding Reimbursement Obligations at the end of the preceding
Collection Period --
Amounts due to Surety Bond Provider 15,470.77
Distributions to the Surety Bond Provider 15,470.77
Remaining Reimbursement Obligations Owed to the Surety Bond Provider --
NET CREDIT LOSS RATIO
Net Credit Losses 156,723.00
For the current Collection Period 1.23%
For the preceding Collection Period 0.72%
For the second preceding Collection Period 1.92%
Average Net Credit Loss Ratio 1.29%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 193
60 to 89 days past due 70
90 or more days past due 109
Total 372
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
Principal Balance
30 to 59 days past due 2,059,177.72
60 to 89 days past due 679,321.13
90 or more days past due 1,283,884.48
Total 4,022,383.33
Delinquency Ratio
For the current Collection Period 2.65%
For the preceding Collection Period 2.83%
For the second preceding Collection Period 2.49%
Average Delinquency Ratio 2.66%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession occurred in the Current Month 336,748.23
Number of Contracts where Repossession occurred in the Current Month 27
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.91%
Weighted Average Original Term (months) 122.00
Weighted Average Remaining Term (months) 103.02
Number of Outstanding Accounts - End of Period 13,720
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Certificate Account 4,474,520.14
Servicing Fee 96,692.29
Interest allocable to the Seller's Certificate 0.60
Principal amount allocable to the Seller's Certificate 2.17
Wire Funds to the Surety Bond Provider 15,470.77
Net Deposit to the Certificate Account - Excluding Amounts Due to Seller 4,362,354.32
Wire Funds to the Certificateholders - Interest Amounts 870,230.00
Wire Funds to the Certificateholders - Principal Amounts 3,134,824.72
Deposit Funds into the Reserve Account --
Wire Funds to NationsCredit 357,299.59
</TABLE>
Approved by: /s/ LAWRENCE ANGELILLI
------------------------------------
Authorized Signer
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