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Previous: PRICE T ROWE TAX EFFICIENT BALANCED FUND INC, 485APOS, 1999-04-29 |
Next: ORTHALLIANCE INC, DEF 14A, 1999-04-29 |
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, 1999
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 Number) Identification Number)
incorporation)
225 E. John Carpenter Freeway, Irving Texas 75062-2731
(Address of principal executive offices) (Zip Code)
------------------------------------------------------
Registrant's telephone number, including area code (972) 506-5045
Not Applicable (Former name or former address, if changed since last report.)
<PAGE>
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 March 31,
1999.
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>
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: April 15, 1999 By: /s/ SUZANNE CASTLEBERRY
---------------- -------------------------
Name: Suzanne Castleberry
Title: Vice President
<PAGE>
EXHIBIT INDEX
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 Mar-99
Collection Period 03/01/1999
Determination Date 04/12/1999
Deposit Date 04/14/1999
Distribution Date 04/15/1999
POOL BALANCE
Pool Balance on the close of the last day of t he Collection Period (Record Date) 106,498,347.63
Pool Factor 58.5860316%
Ending Pool Balance (per $1,000 certificate) 586
Liquidation Proceeds 221,912
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 3.399
Carry-Over Monthly Interest Payment -
Total Interest Payment 3.399
Principal Payments:
Monthly Principal Payment 18.422
Carry-Over Monthly Principal Payment -
Total Principal Payment 18.422
Servicing Fee:
Servicing Fee 0.378
Carry-Over Monthly Servicing Fee 0.380
Total Servicing Fee 0.758
</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 Mar-99
Collection Period 01-Mar-99
Determination Date 12-Apr-99
Deposit Date 14-Apr-99
Distribution Date 15-Apr-99
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 109,847,111.20
Principal Collections 3,048,316.56
Purchase Amounts Allocable to Principal -
Defaulted Receivables 300,447.01
Pool Balance on the close of the last day of the Collection Period 106,498,347.63
Original Pool Balance 181,781,125.63
Certificate Factor 58.58603%
Preference Amounts -
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,033,993.94
Purchase Amounts allocable to interest -
Liquidation Proceeds 221,912.21
Collections allocable to principal 3,048,316.56
Purchase Amounts allocable to principal -
Other Available Funds - Interest on Collection or Certificate Account -
Total Available Funds 4,304,222.71
INTEREST PAYMENT
Monthly Interest Payment 617,890.00
Carry-Over Monthly Interest -
Total 617,890.00
PRINCIPAL PAYMENT
Monthly Principal Payment 3,348,763.57
Carry-Over Monthly Principal -
Total 3,348,763.57
SERVICING FEE
Servicing Fee 68,654.44
Carry-Over Servicing Fee 69,111.97
Total 137,766.41
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds 4,304,222.71
Reserve Account Withdrawal Amount -
Surety Drawing Amount -
Total Deposit to the Certificate Account 4,304,222.71
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any Carry-Over Monthly Interest 617,890.00
Monthly Principal Payment and any Carry-Over Monthly Principal 3,348,763.57
Servicing Fee and any Carry-Over Servicing Fee 137,766.41
Distributions to the Surety Bond Provider 46,056.17
Distributions to the Reserve Account -
Distributions to the Seller 153,746.56
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 4,521,148.88
Earnings from investments on the Reserve Account 16,364.11
Reserve Account Withdrawal Amount -
Deposits to the Reserve Account -
Reserve Account Balance 4,537,512.99
Distributions of any excess amounts on deposit in the Reserve Account 277,579.08
Ending Reserve Account Balance 4,259,933.91
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 4,259,933.91
Amount needed to fully fund Reserve Account -
SURETY BOND
Outstanding Reimbursement Obligations at the end of the preceding Collection Period 34,831.99
Preference Amounts -
Surety Drawing Amount -
Surety Bond Fee 10,984.71
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period 239.47
Amounts due to Surety Bond Provider 46,056.17
Distributions to the Surety Bond Provider 46,056.17
Remaining Reimbursement Obligations Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 78,534.80
For the current Collection Period 0.87%
For the preceding Collection Period 2.79%
For the second preceding Collection Period 3.08%
Average Net Credit Loss Ratio 2.25%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 175
60 to 89 days past due 46
90 or more days past due 41
Total 262
Principal Balance
30 to 59 days past due 1,933,492.89
60 to 89 days past due 377,552.44
90 or more days past due 504,922.01
Total 2,815,967.34
Delinquency Ratio
For the current Collection Period 2.64%
For the preceding Collection Period 2.99%
For the second preceding Collection Period 3.46%
Average Delinquency Ratio 3.03%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession occurred in the Current Month 272,537.61
Number of Contracts where Repossession occurred in the Current Month 25
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.85%
Weighted Average Original Term (months) 122.00
Weighted Average Remaining Term (months) 94.09
Number of Outstanding Accounts - End of Period 10,155
CASH SETTLEMENT FOR THE TRUSTEE
Available Funds in the Collection Account 4,304,222.71
Servicing Fee 137,766.41
Interest allocable to the Seller's Certificate 0.43
Principal amount allocable to the Seller's Certificate 2.31
Wire Funds to the Surety Bond Provider 46,056.17
Net Deposit From Collection Account to the Certificate Account 4,120,397.39
Reserve Account deposit to Certificate Account -
Surety Bond deposit to Certificate Account -
Total Deposit to the Certificate Account 4,120,397.39
Wire Funds to the Certificateholders - Interest Amounts 617,889.57
Wire Funds to the Certificateholders - Principal Amounts 3,348,761.26
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 153,746.56
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ------------------------------------ Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
April 15, 1999
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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