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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)
March 16, 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)
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
February 28, 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
------------------------------------
(Registrant)
By: NationsCredit Commercial Corporation of America, as Servicer of
NationsCredit Grantor Trust 1997 - 2
Date: March 16, 1998 By: \s\ LAWRENCE ANGELILLI
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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<TABLE>
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.
<CAPTION>
<S> <C>
Month Feb-98
Collection Period 2/1/98
Determination Date 3/11/98
Deposit Date 3/13/98
Distribution Date 3/16/98
MARINE POOL BALANCE
Marine Pool Balance on the close of the last
day of the Collection Period (Record Date) 108,017,815.13
Marine Certificate Factor 89.4159677%
Marine Ending Certificate Balance (per
$1,000 certificate) 894.16
Liquidation Proceeds 71,100.00
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION
DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.83826
Carry-Over Monthly Interest Payment -
Total Marine Interest Payment 4.83826
Marine Principal Payments:
Monthly Marine Principal Payment 20.15123
Carry-Over Monthly Marine Principal Payment -
Total Marine Principal Payment 20.15123
Marine Servicing Fee:
Marine Servicing Fee 0.57145
Carry-Over Monthly Marine Servicing Fee -
Total Marine Servicing Fee 0.57145
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.
<CAPTION>
<S> <C>
Month Feb-98
Collection Period 2/1/98
Determination Date 3/11/98
Deposit Date 3/13/98
Distribution Date 3/16/98
RV POOL BALANCE
RV Pool Balance on the close of the last day
of the Collection Period (Record Date) 42,906,412.80
RV Certificate Factor 88.6742822%
RV Ending Certificate Balance (per $1,000
certificate) 886.74
Liquidation Proceeds 47,376.01
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE
(PER $1,000 CERTIFICATE) RV
Interest Payments:
Monthly RV Interest Payment 4.75976
Carry-Over Monthly RV Interest Payment -
Total RV Interest Payment 4.75976
RV Principal Payments:
Monthly RV Principal Payment 27.13054
Carry-Over Monthly RV Principal Payment -
Total RV Principal Payment 27.13054
RV Servicing Fee:
RV Servicing Fee 0.57117
Carry-Over Monthly RV Servicing Fee -
Total RV Servicing Fee 0.57117
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.
<CAPTION>
<S> <C>
Month Feb-98
Collection Period 1-Feb-98
Determination Date 11-Mar-98
Deposit Date 13-Mar-98
Distribution Date 16-Mar-98
MARINE POOL BALANCE
Marine Pool Balance on the close of the last
day of the preceding Collection Period 110,452,143.91
Marine Principal Collections 2,232,808.09
Purchase Amounts with respect to Marine
Receivables allocable to Principal -
Defaulted Marine Receivables 201,520.69
Marine Pool Balance on the close of the last
day of the Collection Period 108,017,815.13
Original Marine Pool Balance 120,803,719.92
Marine Pool Factor 89.4159677%
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 1,009,610.93
Purchase Amounts with respect to Marine
Receivables allocable to interest -
Liquidation Proceeds with respect to Marine
Receivables 71,100.00
Marine Collections allocable to principal 2,232,808.09
Purchase Amounts with respect to Marine
Receivables allocable to principal -
Other Marine Available Funds -
Total Marine Available Funds 3,313,519.02
MARINE INTEREST PAYMENT
Monthly Marine Interest Payment 584,475.93
Carry-Over Monthly Marine Interest -
Total 584,475.93
MARINE PRINCIPAL PAYMENT
Monthly Marine Principal Payment 2,434,328.78
Carry-Over Monthly Marine Principal -
Total 2,434,328.78
MARINE SERVICING FEE
Servicing Marine Fee 69,032.59
Carry-Over Monthly Marine Servicing Fee -
Total 69,032.59
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 3,313,519.02
Marine Reserve Account Withdrawal Deposit -
RV Reserve Account Cross Collateral Withdrawal
Amount -
Surety Bond Drawing Deposit -
Total Deposit to the Marine Certificate Account 3,313,519.02
DISTRIBUTIONS FROM THE MARINE CERTIFICATE ACCOUNT
Monthly Marine Interest Payment and any
Carry-Over Monthly Marine Interest 584,475.93
Monthly Marine Principal Payment and any
Carry-Over Monthly Marine Principal 2,434,328.78
Marine Servicing Fee and any Carry-Over
Marine Servicing Fee 69,032.59
Distributions to the Surety Bond Provider 11,045.21
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 214,636.51
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 2,193,391.54
Earnings from investments on the Marine
Reserve Account 4,105.02
Marine Reserve Account Withdrawals -
Marine Reserve Account Cross Collateral
Withdrawal Amounts -
Deposits to the Marine Reserve Account 214,636.51
Reimbursement of Marine Reserve Account
Cross Collateral Withdrawal Amounts -
Deposits to Marine Reserve Account from RV
Available Funds -
Marine Reserve Account Balance 2,412,133.07
Distributions of any excess amounts on
deposit in the Marine Reserve Account -
Ending Marine Reserve Account Balance 2,412,133.07
Marine Reserve Account Balance as a % of the
Marine Pool Balance 1.9858%
Specified Marine Reserve Account Requirement 3,240,534.45
Amount needed to fully fund Marine Reserve
Account 828,401.39
SURETY BOND
Outstanding Reimbursement Obligations at the
end of the preceding Collection Period -
Preference Amounts -
Surety Bond Drawing Amount -
Surety Bond Fee 11,045.21
Interest on Outstanding Reimbursement
Obligations at the end of the preceding
Collection Period -
Amount Owed to Surety Bond Provider 11,045.21
Distributions made to the Surety Bond Provider 11,045.21
Remaining Amounts Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 130,420.69
Average Net Credit Loss Ratio - Annualized 0.88%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 205
60 to 89 days past due 49
90 or more days past due 86
Total 340
Principal Balance
30 to 59 days past due 1,911,442.18
60 to 89 days past due 437,327.03
90 or more days past due 1,017,973.59
Total 3,366,742.80
Delinquency Ratio - 60+ Day Delinquent Accounts
For the current Collection Period 1.3473%
For the preceding Collection Period 1.3888%
For the second preceding Collection Period 1.2661%
For the third preceding Collection Period 0.6990%
Average 3 month 60 Day + Delinquency Ratio 1.3341%
Average 4 month 60 Day + Delinquency Ratio 1.1753%
REPOSSESSION ANALYSIS
Current Balance of Contracts where
Repossession Occurred in the Current Month 152,609.10
Number of Contracts where Repossession
Occurred in the Current Month 11.00
WEIGHTED AVERAGE COMPUTATIONS-MARINE CONTRACTS
Weighted Average Coupon 11.5233%
Weighted Average Original Term (months) 128.71
Weighted Average Remaining Term (months) 97
Number of Outstanding Accounts-End of Period 10,187
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Marine Collection Account 3,313,519.02
Marine Servicing Fee 69,032.59
Marine Interest allocable to the Seller's
Certificate 3.48
Marine Principal amount allocable to the
Seller's Certificate 14.51
Wire Funds to the Surety Bond Provider 11,045.21
Net Deposit to the Marine Certificate
Account - Excluding Amounts Due to Seller 3,233,423.23
Wire Funds to the Marine Certificateholders
- Interest Amounts 584,472.45
Wire Funds to the Marine Certificateholders
- Interest Amounts 2,434,314.27
Deposit Funds into the Marine Reserve Account 214,636.51
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.
<CAPTION>
<S> <C>
Month Feb-98
Collection Period 1-Feb-98
Determination Date 11-Mar-98
Deposit Date 13-Mar-98
Distribution Date 16-Mar-98
RV POOL BALANCE
RV Pool Balance on the close of the last
day of the preceding Collection Period 44,219,165.72
RV Principal Collections 1,230,945.86
Purchase Amounts with respect to RV Receivables
allocable to Principal -
Defaulted RV Receivables 81,807.06
RV Pool Balance on the close of the
last day of the Collection Period 42,906,412.80
Original RV Pool Balance 48,386,535.24
RV Pool Factor 88.6742822%
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 403,508.10
Purchase Amounts with respect to RV
Receivables allocable to interest -
Liquidation Proceeds with respect to RV
Receivables 47,376.01
RV Collections allocable to principal 1,230,945.86
Purchase Amounts with respect to RV Receivables
allocable to principal -
Other RV Available Funds -
Total RV Available Funds 1,681,829.97
RV INTEREST PAYMENT
Monthly RV Interest Payment 230,308.15
Carry-Over Monthly RV Interest -
Total 230,308.15
RV PRINCIPAL PAYMENT
Monthly RV Principal Payment 1,312,752.92
Carry-Over Monthly RV Principal -
Total 1,312,752.92
RV SERVICING FEE
RV Servicing Fee 27,636.98
Carry-Over Monthly RV Servicing Fee -
Total 27,636.98
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 1,681,829.97
RV Reserve Account Withdrawal Deposit -
Marine Reserve Account Cross Collateral
Withdrawal Amount -
Surety Bond Drawing Deposit -
Total Deposit to the RV Certificate Account 1,681,829.97
DISTRIBUTIONS FROM THE RV CERTIFICATE ACCOUNT
Monthly RV Interest Payment and any Carry-Over
Monthly RV Interest 230,308.15
Monthly RV Principal Payment and any Carry-Over
Monthly RV Principal 1,312,752.92
RV Servicing Fee and any Carry-Over RV Servicing
Fee 27,636.98
Distributions to the Surety Bond Provider 4,421.92
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 106,710.00
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 1,833,081.42
Earnings from investments on the RV Reserve
Account 9,399.24
RV Reserve Account Withdrawals -
RV Reserve Account Cross Collateral
Withdrawal Amounts -
Deposits to the RV Reserve Account 106,710.00
Reimbursement of RV Reserve Account Cross
Collateral Withdrawal Amounts -
Deposits to RV Reserve Account from
Marine Available Funds -
RV Reserve Account Balance 1,949,190.66
Distributions of any excess amounts on
deposit in the RV Reserve Account -
Ending RV Reserve Account Balance 1,949,190.66
RV Reserve Account Balance as a % of the RV
Pool Balance 4.1454%
Specified RV Reserve Account Requirement 2,359,852.70
Amount needed to fully fund RV Reserve Account 410,662.04
SURETY BOND
Outstanding Reimbursement Obligations at the
end of the preceding Collection Period -
Preference Amounts -
Surety Bond Drawing Amount -
Surety Bond Fee 4,421.92
Interest on Outstanding Reimbursement
Obligations at the end of the preceding
Collection Period -
Amount Owed to Surety Bond Provider 4,421.92
Distributions made to the Surety Bond
Provider 4,421.92
Remaining Amounts Owed to the Surety
Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 34,431.05
Average Net Credit Loss Ratio 1.09%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 52
60 to 89 days past due 12
90 or more days past due 21
Total 85
Principal Balance
30 to 59 days past due 574,098.64
60 to 89 days past due 201,375.50
90 or more days past due 267,880.57
Total 1,043,354.71
60 Day + Delinquency Ratio
For the current Collection Period 0.4348%
For the preceding Collection Period 0.4348%
For the second preceding Collection Period 0.6725%
For the third preceding Collection Period 0.4946%
Average 3 month 60 Day + Delinquency Ratio 0.5340%
Average 4 month 60 Day + Delinquency Ratio 0.5279%
REPOSSESSION ANALYSIS
Current Balance of Contracts where
Repossession Occurred in the Current Month 25,325.44
Number of Contracts where Repossession Occurred
in the Current Month 3.00
WEIGHTED AVERAGE COMPUTATIONS-RV CONTRACTS
Weighted Average Coupon 11.5136%
Weighted Average Original Term (months) 140.99
Weighted Average Remaining Term (months) 94
Number of Outstanding Accounts-End of Period 3,495
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the RV Collection Account 1,681,829.97
RV Servicing Fee 27,636.98
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 4,421.92
Net Deposit to the RV Certificate Account
- Excluding Amounts Due to Seller 1,649,771.07
Wire Funds to the RV Certificateholders
- Interest Amounts 230,308.15
Wire Funds to the RV Certificateholders
- Principal Amounts 1,312,752.91
Deposit Funds into the RV Reserve Account 106,710.00
Deposit Funds into the Marine Reserve Account -
Wire Funds to NationsCredit -
Approved by: \s\LAWRENCE ANGELILLI ------------------------- Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
March 16, 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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