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Previous: BACK BAY FUNDS INC, 24F-2NT, 1999-01-28 |
Next: BINGHAM FINANCIAL SERVICES CORP, 10-K/A, 1999-01-28 |
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)
January 15, 1999
NATIONSCREDIT GRANTOR TRUST 1997 - 2
(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 December
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 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.
--------
(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 - 2 (Registrant)
By: NationsCredit Commercial Corporation of America,
as Servicer of NationsCredit Grantor Trust 1997 - 2
Date: January 28, 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 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.
<S> <C>
Month Dec-98
Collection Period 12/1/98
Determination Date 1/11/99
Deposit Date 1/14/99
Distribution Date 1/15/99
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the Collection Period (Record Date) 81,845,983.29
Marine Certificate Factor 67.7512111%
Marine Ending Certificate Balance (per $1,000 certificate) 677.51
Liquidation Proceeds 238,668.07
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 3.68817
Carry-Over Monthly Interest Payment -
Total Marine Interest Payment 3.68817
Marine Principal Payments:
Monthly Marine Principal Payment 19.46087
Carry-Over Monthly Marine Principal Payment -
Total Marine Principal Payment 19.46087
Marine Servicing Fee:
Marine Servicing Fee 0.00
Carry-Over Monthly Marine Servicing Fee 0.00
Total Marine Servicing Fee 0.00
</TABLE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Dec-98
Collection Period 12/1/98
Determination Date 1/11/99
Deposit Date 1/14/99
Distribution Date 1/15/99
RV POOL BALANCE
RV Pool Balance on the close of the last day of t he Collection Period (Record Date) 31,376,632.25
RV Certificate Factor 64.8457925%
RV Ending Certificate Balance (per $1,000 certificate) 648.46
Liquidation Proceeds 41,904.52
Purchase Amounts 0.00
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE) RV
Interest Payments:
Monthly RV Interest Payment 3.50
Carry-Over Monthly RV Interest Payment 0.00
Total RV Interest Payment 3.50
RV Principal Payments:
Monthly RV Principal Payment 23.39
Carry-Over Monthly RV Principal Payment 0.00
Total RV Principal Payment 23.39
RV Servicing Fee:
RV Servicing Fee 0.00
Carry-Over Monthly RV Servicing Fee 0.00
Total RV Servicing Fee 0.00
</TABLE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Dec-98
Collection Period 1-Dec-98
Determination Date 11-Jan-99
Deposit Date 14-Jan-99
Distribution Date 15-Jan-99
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the preceding Collection Period 84,196,915.34
Marine Principal Collections 1,653,050.84
Purchase Amounts with respect to Marine Receivables allocable to Principal 0.00
Defaulted Marine Receivables 697,881.21
Marine Pool Balance on the close of the last day of the Collection Period 81,845,983.29
Original Marine Pool Balance 120,803,719.92
Marine Pool Factor 67.7512111%
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 826,467.53
Purchase Amounts with respect to Marine Receivables allocable to interest 0.00
Liquidation Proceeds with respect to Marine Receivables 238,668.07
Marine Collections allocable to principal 1,653,050.84
Purchase Amounts with respect to Marine Receivables allocable to principal 0.00
Other Marine Available Funds 0.00
Total Marine Available Funds 2,718,186.44
MARINE INTEREST PAYMENT
Monthly Marine Interest Payment 445,542.01
Carry-Over Monthly Marine Interest 0.00
Total 445,542.01
MARINE PRINCIPAL PAYMENT
Monthly Marine Principal Payment 2,350,932.05
Carry-Over Monthly Marine Principal 0.00
Total 2,350,932.05
MARINE SERVICING FEE
Servicing Marine Fee 52,623.07
Carry-Over Monthly Marine Servicing Fee 0.00
Total 52,623.07
MARINE RESERVE ACCOUNT CROSS SUPPORT
Marine Reserve Account Cross Collateral Withdrawal Amounts from prior Distribution Dates 0.00
Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Distribution to reimburse Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Total Owed to Reimburse Marine Cross Collateral Withdrawal Account 0.00
DEPOSIT TO MARINE CERTIFICATE ACCOUNT
Marine Available Funds 2,718,186.44
Marine Reserve Account Withdrawal Deposit 78,287.62
RV Reserve Account Cross Collateral Withdrawal Amount 0.00
Surety Bond Drawing Deposit 0.00
Total Deposit to the Marine Certificate Account 2,796,474.06
DISTRIBUTIONS FROM THE MARINE CERTIFICATE ACCOUNT
Monthly Marine Interest Payment and any Carry-Over Monthly Marine Interest 445,542.01
Monthly Marine Principal Payment and any Carry-Over Monthly Marine Principal 2,350,932.05
Marine Servicing Fee and any Carry-Over Marine Servicing Fee 0.00
Distributions to the Surety Bond Provider 0.00
Shortfall in RV Certificate Account 0.00
Distributions to meet shortfall in RV Certificate Account 0.00
Distribution to reimburse RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Distribution to the Marine Reserve Account 0.00
Distribution to the RV Reserve Account 0.00
Distributions to the Depositor 0.00
Carry-Over Monthly Marine Interest to the next Distribution Date 0.00
Carry-Over Monthly Marine Principal to the next Distributions Date 0.00
Carry-Over Monthly Marine Servicing Fee to the next Distribution Date 52,623.07
MARINE RESERVE ACCOUNT
Marine Reserve Account Balance as of the end of the preceding Collection Period 2,525,907.46
Earnings from investments on the Marine Reserve Account 10,439.12
Marine Reserve Account Withdrawals 78,287.62
Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Deposits to the Marine Reserve Account 0.00
Reimbursement of Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Deposits to Marine Reserve Account from RV Available Funds 0.00
Marine Reserve Account Balance 2,458,058.96
Distributions of any excess amounts on deposit in the Marine Reserve Account 2,679.46
Ending Marine Reserve Account Balance 2,455,379.50
Marine Reserve Account Balance as a % of the Marine Pool Balance 3.0000%
Specified Marine Reserve Account Requirement 2,455,379.50
Amount needed to fully fund Marine Reserve Account 0.00
SURETY BOND
Outstanding Reimbursement Obligations at the end of the preceding Collection Period 0.00
Preference Amounts 0.00
Surety Bond Drawing Amount 0.00
Surety Bond Fee 8,419.69
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period 0.00
Amount Owed to Surety Bond Provider 8,419.69
Distributions made to the Surety Bond Provider 0.00
Remaining Amounts Owed to the Surety Bond Provider 8,419.69
NET CREDIT LOSS RATIO
Net Credit Losses 459,213.14
Average Net Credit Loss Ratio - Annualized 2.80%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 206.00
60 to 89 days past due 55.00
90 or more days past due 40.00
Total 301.00
Principal Balance
30 to 59 days past due 1,709,185.37
60 to 89 days past due 456,280.75
90 or more days past due 343,541.37
Total 2,509,007.49
Delinquency Ratio - 60+ Day Delinquent Accounts
For the current Collection Period 0.9772%
For the preceding Collection Period 1.4324%
For the second preceding Collection Period 1.0757%
For the third preceding Collection Period 1.0275%
Average 3 month 60 Day + Delinquency Ratio 1.1618%
Average 4 month 60 Day + Delinquency Ratio 1.1282%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 176,230.08
Number of Contracts where Repossession Occurred in the Current Month 20.00
WEIGHTED AVERAGE COMPUTATIONS-MARINE CONTRACTS
Weighted Average Coupon 11.4254%
Weighted Average Original Term (months) 128.71
Weighted Average Remaining Term (months) 92.86
Number of Outstanding Accounts-End of Period 8,079.00
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Marine Collection Account 2,796,474.06
Marine Servicing Fee 0.00
Wire Funds to the Surety Bond Provider 0.00
Net Deposit to the Marine Certificate Account - Excluding Amounts Due to Seller 2,796,474.06
Wire Funds to the Marine Certificateholders - Interest Amounts 445,542.01
Wire Funds to the Marine Certificateholders - Interest Amounts 2,350,932.05
Deposit Funds into the Marine Reserve Account 0.00
Deposit Funds into the RV Reserve Account 0.00
Wire Funds to NationsCredit 0.00
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ----------------------------------- Authorized Signer
</TABLE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Dec-98
Collection Period 1-Dec-98
Determination Date 11-Jan-99
Deposit Date 14-Jan-99
Distribution Date 15-Jan-99
RV POOL BALANCE
RV Pool Balance on the close of the last day of the preceding Collection Period 32,508,189.85
RV Principal Collections 913,922.32
Purchase Amounts with respect to RV Receivables allocable to Principal 0.00
Defaulted RV Receivables 217,635.28
RV Pool Balance on the close of the last day of the Collection Period 31,376,632.25
Original RV Pool Balance 48,386,535.24
RV Pool Factor 64.8457925%
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 326,016.75
Purchase Amounts with respect to RV Receivables allocable to interest 0.00
Liquidation Proceeds with respect to RV Receivables 41,904.52
RV Collections allocable to principal 913,922.32
Purchase Amounts with respect to RV Receivables allocable to principal 0.00
Other RV Available Funds 0.00
Total RV Available Funds 1,281,843.59
RV INTEREST PAYMENT
Monthly RV Interest Payment 169,313.49
Carry-Over Monthly RV Interest 0.00
Total 169,313.49
RV PRINCIPAL PAYMENT
Monthly RV Principal Payment 1,131,557.60
Carry-Over Monthly RV Principal 0.00
Total 1,131,557.60
RV SERVICING FEE
RV Servicing Fee 20,317.62
Carry-Over Monthly RV Servicing Fee 0.00
Total 20,317.62
RV RESERVE ACCOUNT CROSS SUPPORT
RV Reserve Account Cross Collateral Withdrawal Amounts from prior Distribution Dates 0.00
RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Distribution to reimburse RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Total Owed to Reimburse RV Cross Collateral Withdrawal Account 0.00
DEPOSIT TO RV CERTIFICATE ACCOUNT
RV Available Funds 1,281,843.59
RV Reserve Account Withdrawal Deposit 19,027.50
Marine Reserve Account Cross Collateral Withdrawal Amount 0.00
Surety Bond Drawing Deposit 0.00
Total Deposit to the RV Certificate Account 1,300,871.09
DISTRIBUTIONS FROM THE RV CERTIFICATE ACCOUNT
Monthly RV Interest Payment and any Carry-Over Monthly RV Interest 169,313.49
Monthly RV Principal Payment and any Carry-Over Monthly RV Principal 1,131,557.60
RV Servicing Fee and any Carry-Over RV Servicing Fee 0.00
Distributions to the Surety Bond Provider 0.00
Shortfall in Marine Certificate Account 0.00
Distribution to meet shortfall in Marine Certificate Account 0.00
Distribution to reimburse Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Distributions to the RV Reserve Account 0.00
Distribution to the Marine Reserve Account 0.00
Distributions to the Depositor 0.00
Carry-Over Monthly RV Interest to the next Distribution Date 0.00
Carry-Over Monthly RV Principal to the next Distributions Date 0.00
Carry-Over Monthly RV Servicing Fee to the next Distribution Date 20,317.62
RV RESERVE ACCOUNT
RV Reserve Account Balance as of the end of the preceding Collection Period 1,787,950.44
Earnings from investments on the RV Reserve Account 7,421.54
RV Reserve Account Withdrawals 19,027.50
RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Deposits to the RV Reserve Account 0.00
Reimbursement of RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Deposits to RV Reserve Account from Marine Available Funds 0.00
RV Reserve Account Balance 1,776,344.48
Distributions of any excess amounts on deposit in the RV Reserve Account 50,629.71
Ending RV Reserve Account Balance 1,725,714.77
RV Reserve Account Balance as a % of the RV Pool Balance 5.5000%
Specified RV Reserve Account Requirement 1,725,714.77
Amount needed to fully fund RV Reserve Account 0.00
SURETY BOND
Outstanding Reimbursement Obligations at the end of the preceding Collection Period 3,933.91
Preference Amounts 0.00
Surety Bond Drawing Amount 0.00
Surety Bond Fee 3,250.82
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period 27.87
Amount Owed to Surety Bond Provider 7,212.59
Distributions made to the Surety Bond Provider 0.00
Remaining Amounts Owed to the Surety Bond Provider 7,212.59
NET CREDIT LOSS RATIO
Net Credit Losses 175,730.76
Average Net Credit Loss Ratio 4.89%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 66.00
60 to 89 days past due 11.00
90 or more days past due 14.00
Total 91.00
Principal Balance
30 to 59 days past due 757,267.40
60 to 89 days past due 117,118.85
90 or more days past due 142,412.54
Total 1,016,798.79
60 Day + Delinquency Ratio
For the current Collection Period 0.8271%
For the preceding Collection Period 1.7970%
For the second preceding Collection Period 1.3813%
For the third preceding Collection Period 1.6437%
Average 3 month 60 Day + Delinquency Ratio 1.3351%
Average 4 month 60 Day + Delinquency Ratio 1.4123%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 5,587.86
Number of Contracts where Repossession Occurred in the Current Month 2.00
WEIGHTED AVERAGE COMPUTATIONS-RV CONTRACTS
Weighted Average Coupon 11.4179%
Weighted Average Original Term (months) 140.99
Weighted Average Remaining Term (months) 88.05
Number of Outstanding Accounts-End of Period 2,677.00
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the RV Collection Account 1,300,871.09
RV Servicing Fee 0.00
RV Interest allocable to the Seller's Certificate
RV Principal amount allocable to the Seller's Certificate
Wire Funds to the Surety Bond Provider 0.00
Net Deposit to the RV Certificate Account - Excluding Amounts Due to Seller 1,300,871.09
Wire Funds to the RV Certificateholders - Interest Amounts 169,313.49
Wire Funds to the RV Certificateholders - Principal Amounts 1,131,557.60
Deposit Funds into the RV Reserve Account 0.00
Deposit Funds into the Marine Reserve Account 0.00
Wire Funds to NationsCredit 0.00
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ------------------------------------ Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
January 15, 1999
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 (704) 386-3863.
Very truly yours,
/s/ SUZANNE CASTLEBERRY ----------------------------- Suzanne Castleberry Vice President
</TABLE>
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