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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 - 2
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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
------------
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 September 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 October 10, 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 - 2
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(Registrant)
By: NationsCredit Commercial Corporation of America, as Servicer of
NationsCredit Grantor Trust 1997 - 2
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 MARINE CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1997 - 2
Pursuant to the Pooling and Servicing Agreement, dated as of September 30,
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 Marine
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 4/1/98
Determination Date 5/11/98
Deposit Date 5/14/98
Distribution Date 5/15/98
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<S> <S> <C>
MARINE POOL BALANCE
Marine Pool Balance on the close of the last
day of the Collection Period (Record Date) 102,130,031.11
Marine Certificate Factor 84.5421243%
Marine Ending Certificate Balance (per $1,000
certificate) 845.42
Liquidation Proceeds 113,622.01
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.61405
Carry-Over Monthly Interest Payment -
Total Marine Interest Payment 4.61405
Marine Principal Payments:
Monthly Marine Principal Payment 26.52085
Carry-Over Monthly Marine Principal Payment -
Total Marine Principal Payment 26.52085
Marine Servicing Fee:
Marine Servicing Fee 0.54497
Carry-Over Monthly Marine Servicing Fee -
Total Marine Servicing Fee 0.54497
STATEMENT TO RV CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1997 - 2
Pursuant to the Pooling and Servicing Agreement, dated as of September 30,
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 RV 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 4/1/98
Determination Date 5/11/98
Deposit Date 5/14/98
Distribution Date 5/15/98
RV POOL BALANCE
RV Pool Balance on the close of the last day
of the Collection Period (Record Date) 40,288,853.94
RV Certificate Factor 83.2645978%
RV Ending Certificate Balance (per $1,000
certificate) 832.65
Liquidation Proceeds 62,875.00
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE) RV
Interest Payments:
Monthly RV Interest Payment 4.48696
Carry-Over Monthly RV Interest Payment -
Total RV Interest Payment 4.48696
RV Principal Payments:
Monthly RV Principal Payment 28.85090
Carry-Over Monthly RV Principal Payment -
Total RV Principal Payment 28.85090
RV Servicing Fee:
RV Servicing Fee 0.53844
Carry-Over Monthly RV Servicing Fee -
Total RV Servicing Fee 0.53844
MONTHLY MARINE SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1997 - 2
Pursuant to the Pooling and Servicing Agreement, dated as of September 30,
1997 among NationsCredit Securitization Corporation (as "Depositor"),
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 Marine
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
MARINE POOL BALANCE
Marine Pool Balance on the close of the
last day of the preceding Collection
Period 105,333,829.19
Marine Principal Collections 2,912,322.08
Purchase Amounts with respect to Marine
Receivables allocable to Principal -
Defaulted Marine Receivables 291,476.00
Marine Pool Balance on the close of the
last day of the Collection Period 102,130,031.11
Original Marine Pool Balance 120,803,719.92
Marine Pool Factor 84.5421243%
Preference Amounts with respect to Marine
Receivables -
Marine Pass-Through Rate 6.3500%
Marine Servicing Fee Rate 0.7500%
MARINE AVAILABLE FUNDS
Marine Collections allocable to interest 985,403.51
Purchase Amounts with respect to Marine
Receivables allocable to interest -
Liquidation Proceeds with respect to
Marine Receivables 113,622.01
Marine Collections allocable to principal 2,912,322.08
Purchase Amounts with respect to Marine
Receivables allocable to principal -
Other Marine Available Funds -
Total Marine Available Funds 4,011,347.60
MARINE INTEREST PAYMENT
Monthly Marine Interest Payment 557,391.51
Carry-Over Monthly Marine Interest -
Total 557,391.51
MARINE PRINCIPAL PAYMENT
Monthly Marine Principal Payment 3,203,798.08
Carry-Over Monthly Marine Principal -
Total 3,203,798.08
MARINE SERVICING FEE
Servicing Marine Fee 65,833.64
Carry-Over Monthly Marine Servicing Fee -
Total 65,833.64
MARINE RESERVE ACCOUNT CROSS SUPPORT
Marine Reserve Account Cross Collateral
Withdrawal Amounts from prior
Distribution Dates -
Marine Reserve Account Cross Collateral
Withdrawal Amounts -
Distribution to reimburse Marine Reserve
Account Cross Collateral Withdrawal
Amounts -
Total Owed to Reimburse Marine Cross
Collateral Withdrawal Account -
DEPOSIT TO MARINE CERTIFICATE ACCOUNT
Marine Available Funds 4,011,347.60
Marine Reserve Account Withdrawal Deposit -
RV Reserve Account Cross Collateral
Withdrawal Amount -
Surety Bond Drawing Deposit -
Total Deposit to the Marine Certificate
Account 4,011,347.60
DISTRIBUTIONS FROM THE MARINE CERTIFICATE ACCOUNT
Monthly Marine Interest Payment and any
Carry-Over Monthly Marine Interest 557,391.51
Monthly Marine Principal Payment and any
Carry-Over Monthly Marine Principal 3,203,798.08
Marine Servicing Fee and any Carry-Over
Marine Servicing Fee 65,833.64
Distributions to the Surety Bond Provider 10,533.38
Shortfall in RV Certificate Account -
Distributions to meet shortfall in RV
Certificate Account -
Distribution to reimburse RV Reserve Account
Cross Collateral Withdrawal Amounts -
Distribution to the Marine Reserve Account 173,790.98
Distribution to the RV Reserve Account -
Distributions to the Depositor -
Carry-Over Monthly Marine Interest to the
next Distribution Date -
Carry-Over Monthly Marine Principal to the
next Distributions Date -
Carry-Over Monthly Marine Servicing Fee to
the next Distribution Date -
MARINE RESERVE ACCOUNT
Marine Reserve Account Balance as of the
end of the preceding Collection Period 2,646,028.98
Earnings from investments on the Marine
Reserve Account 11,724.74
Marine Reserve Account Withdrawals -
Marine Reserve Account Cross Collateral
Withdrawal Amounts -
Deposits to the Marine Reserve Account 173,790.98
Reimbursement of Marine Reserve Account
Cross Collateral Withdrawal Amounts -
Deposits to Marine Reserve Account from
RV Available Funds -
Marine Reserve Account Balance 2,831,544.70
Distributions of any excess amounts on
deposit in the Marine Reserve Account -
Ending Marine Reserve Account Balance 2,831,544.70
Marine Reserve Account Balance as a % of the
Marine Pool Balance 1.9858%
Specified Marine Reserve Account Requirement 3,063,900.93
Amount needed to fully fund Marine Reserve
Account 232,356.23
SURETY BOND
Outstanding Reimbursement Obligations at the
end of the preceding Collection Period -
Preference Amounts -
Surety Bond Drawing Amount -
Surety Bond Fee 10,533.38
Interest on Outstanding Reimbursement
Obligations at the end of the preceding
Collection Period -
Amount Owed to Surety Bond Provider 10,533.38
Distributions made to the Surety Bond Provider 10,533.38
Remaining Amounts Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 177,853.99
Average Net Credit Loss Ratio - Annualized 1.64%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 187
60 to 89 days past due 24
90 or more days past due 71
Total 282
Principal Balance
30 to 59 days past due 1,679,153.98
60 to 89 days past due 234,791.76
90 or more days past due 809,815.82
Total 2,723,761.56
Delinquency Ratio - 60+ Day Delinquent Accounts
For the current Collection Period 1.0228%
For the preceding Collection Period 1.2867%
For the second preceding Collection Period 1.3473%
For the third preceding Collection Period 1.3888%
Average 3 month 60 Day + Delinquency Ratio 1.2189%
Average 4 month 60 Day + Delinquency Ratio 1.2614%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession
Occurred in the Current Month 154,797.11
Number of Contracts where Repossession Occurred
in the Current Month 16.00
WEIGHTED AVERAGE COMPUTATIONS-MARINE CONTRACTS
Weighted Average Coupon 11.5062%
Weighted Average Original Term (months) 128.71
Weighted Average Remaining Term (months) 96
Number of Outstanding Accounts-End of Period 9,689
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Marine Collection Account 4,011,347.60
Marine Servicing Fee 65,833.64
Marine Interest allocable to the Seller's
Certificate 3.32
Marine Principal amount allocable to the Seller's
Certificate 19.09
Wire Funds to the Surety Bond Provider 10,533.38
Net Deposit to the Marine Certificate Account
- Excluding Amounts Due to Seller 3,934,958.16
Wire Funds to the Marine Certificateholders
- Interest Amounts 557,388.19
Wire Funds to the Marine Certificateholders
- Interest Amounts 3,203,778.99
Deposit Funds into the Marine Reserve Account 173,790.98
Deposit Funds into the RV Reserve Account -
Wire Funds to NationsCredit -
Approved by: /s/ LAWRENCE ANGELILLI --------------------- Authorized Signer
MONTHLY RV SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1997 - 2
Pursuant to the Pooling and Servicing Agreement, dated as of September 30,
1997 among NationsCredit Securitization Corporation (as "Depositor"),
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 RV 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
RV POOL BALANCE
RV Pool Balance on the close of the last day
of the preceding Collection Period 41,684,849.04
RV Principal Collections 1,269,181.25
Purchase Amounts with respect to RV
Receivables allocable to Principal -
Defaulted RV Receivables 126,813.85
RV Pool Balance on the close of the last day
of the Collection Period 40,288,853.94
Original RV Pool Balance 48,386,535.24
RV Pool Factor 83.2645978%
Preference Amounts with respect to RV
Receivables -
RV Pass-Through Rate 6.2500%
RV Servicing Fee Rate 0.7500%
RV AVAILABLE FUNDS
RV Collections allocable to interest 407,166.06
Purchase Amounts with respect to RV
Receivables allocable to interest -
Liquidation Proceeds with respect to RV
Receivables 62,875.00
RV Collections allocable to principal 1,269,181.25
Purchase Amounts with respect to RV
Receivables allocable to principal -
Other RV Available Funds -
Total RV Available Funds 1,739,222.31
RV INTEREST PAYMENT
Monthly RV Interest Payment 217,108.59
Carry-Over Monthly RV Interest -
Total 217,108.59
RV PRINCIPAL PAYMENT
Monthly RV Principal Payment 1,395,995.10
Carry-Over Monthly RV Principal -
Total 1,395,995.10
RV SERVICING FEE
RV Servicing Fee 26,053.03
Carry-Over Monthly RV Servicing Fee -
Total 26,053.03
RV RESERVE ACCOUNT CROSS SUPPORT
RV Reserve Account Cross Collateral
Withdrawal Amounts from prior
Distribution Dates -
RV Reserve Account Cross Collateral
Withdrawal Amounts -
Distribution to reimburse RV Reserve
Account Cross Collateral Withdrawal
Amounts -
Total Owed to Reimburse RV Cross Collateral
Withdrawal Account -
DEPOSIT TO RV CERTIFICATE ACCOUNT
RV Available Funds 1,739,222.31
RV Reserve Account Withdrawal Deposit -
Marine Reserve Account Cross Collateral
Withdrawal Amount -
Surety Bond Drawing Deposit -
Total Deposit to the RV Certificate Account 1,739,222.31
DISTRIBUTIONS FROM THE RV CERTIFICATE ACCOUNT
Monthly RV Interest Payment and any
Carry-Over Monthly RV Interest 217,108.59
Monthly RV Principal Payment and any
Carry-Over Monthly RV Principal 1,395,995.10
RV Servicing Fee and any Carry-Over
RV Servicing Fee 26,053.03
Distributions to the Surety Bond Provider 4,168.48
Shortfall in Marine Certificate Account -
Distribution to meet shortfall in Marine
Certificate Account -
Distribution to reimburse Marine Reserve
Account Cross Collateral Withdrawal
Amounts -
Distributions to the RV Reserve Account 95,897.11
Distribution to the Marine Reserve Account -
Distributions to the Depositor -
Carry-Over Monthly RV Interest to the
next Distribution Date -
Carry-Over Monthly RV Principal to the
next Distributions Date -
Carry-Over Monthly RV Servicing Fee to the
next Distribution Date -
RV RESERVE ACCOUNT
RV Reserve Account Balance as of the end
of the preceding Collection Period 2,075,599.93
Earnings from investments on the RV
Reserve Account 8,877.17
RV Reserve Account Withdrawals -
RV Reserve Account Cross Collateral
Withdrawal Amounts -
Deposits to the RV Reserve Account 95,897.11
Reimbursement of RV Reserve Account Cross
Collateral Withdrawal Amounts -
Deposits to RV Reserve Account from Marine
Available Funds -
RV Reserve Account Balance 2,180,374.21
Distributions of any excess amounts on
deposit in the RV Reserve Account -
Ending RV Reserve Account Balance 2,180,374.21
RV Reserve Account Balance as a % of the
RV Pool Balance 4.1454%
Specified RV Reserve Account Requirement 2,215,886.97
Amount needed to fully fund RV Reserve Account 35,512.76
SURETY BOND
Outstanding Reimbursement Obligations at the
end of the preceding Collection Period -
Preference Amounts -
Surety Bond Drawing Amount -
Surety Bond Fee 4,168.48
Interest on Outstanding Reimbursement Obligations
at the end of the preceding Collection Period -
Amount Owed to Surety Bond Provider 4,168.48
Distributions made to the Surety Bond Provider 4,168.48
Remaining Amounts Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 63,938.85
Average Net Credit Loss Ratio 1.14%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 46
60 to 89 days past due 13
90 or more days past due 18
Total 77
Principal Balance
30 to 59 days past due 539,629.24
60 to 89 days past due 155,396.57
90 or more days past due 219,908.50
Total 914,934.31
60 Day + Delinquency Ratio
For the current Collection Period 0.9315%
For the preceding Collection Period 0.9636%
For the second preceding Collection Period 1.0937%
For the third preceding Collection Period 0.4348%
Average 3 month 60 Day + Delinquency Ratio 0.9963%
Average 4 month 60 Day + Delinquency Ratio 0.8559%
REPOSSESSION ANALYSIS
Current Balance of Contracts where
Repossession Occurred in the Current Month 38,847.95
Number of Contracts where Repossession
Occurred in the Current Month 3.00
WEIGHTED AVERAGE COMPUTATIONS-RV CONTRACTS
Weighted Average Coupon 11.4963%
Weighted Average Original Term (months) 140.99
Weighted Average Remaining Term (months) 93
Number of Outstanding Accounts-End of Period 3,306
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the RV Collection Account 1,739,222.31
RV Servicing Fee 26,053.03
RV Interest allocable to the Seller's
Certificate 0.00
RV Principal amount allocable to the
Seller's Certificate 0.01
Wire Funds to the Surety Bond Provider 4,168.48
Net Deposit to the RV Certificate Account
- Excluding Amounts Due to Seller 1,709,000.79
Wire Funds to the RV Certificateholders
- Interest Amounts 217,108.59
Wire Funds to the RV Certificateholders
- Principal Amounts 1,395,995.09
Deposit Funds into the RV Reserve Account 95,897.11
Deposit Funds into the Marine Reserve Account -
Wire Funds to NationsCredit -
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 - 2
Ladies and Gentlemen:
On behalf of NationsCredit Grantor Trust 1997 - 2 (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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