Page 4
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: May 13, 1997
(Date of earliest event reported)
JOHN DEERE CAPITAL CORPORATION
(Exact name of registrant as specified in charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-6458
(Commission File Number)
36-2386361
(IRS Employer Identification No.)
Suite 600
First Interstate Bank Building
1 East First Street
Reno, Nevada 89501
(Address of principal executive offices and zip code)
(702)786-5527
(Registrant's telephone number, including area code)
_______________________________________
Page 1 of 4 pages.
The Exhibit Index appears at Page 4.
Item 5. Other Information Events.
John Deere Capital Corporation
The following is disclosed on behalf of the company's credit
subsidiary, John Deere Capital Corporation, in connection with
the disclosure requirements of programs providing for the
issuance of debt securities:
John Deere Capital Corporation's net income was $29.0 million
in the second quarter and $58.7 million for the first six months
of 1997 compared with $37.9 million and $70.2 million for the
same periods last year, primarily reflecting a gain from the sale
of retail notes during the second quarter of last year.
Additionally, earnings decreased this year due to lower financing
spreads and higher expenditures associated with several growth
initiatives, which were partially offset by higher income from a
16 percent increase in the average balance of receivables and
leases financed during the first six months.
Financing receivable and lease acquisition volumes increased
17 percent for the quarter and 23 percent for the first six
months of 1997 compared to a year ago primarily due to the
increased sales of John Deere equipment. Acquisitions of retail
notes, revolving charge accounts, leases and wholesale
receivables all increased compared with last year.
Net receivables and leases financed by John Deere Capital
Corporation were $6.146 billion at April 30, 1997 compared with
$4.806 billion one year ago. The increase resulted from
financing receivable and lease acquisitions exceeding collections
during the last 12 months, partially offset by retail note sales
during the same period. Net receivables and leases administered,
which include receivables previously securitized and sold,
totaled $6.866 billion at April 30, 1997 compared with $6.045
billion at April 30, 1996.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits
(99) Press release and additional information of
Deere & Company.
Signature
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 hereto duly authorized.
JOHN DEERE CAPITAL CORPORATION
By /s/ Frank S. Cottrell
Frank S. Cottrell, Secretary
Dated: May 13, 1997
EXHIBIT INDEX
Sequential
Number and Description of Exhibit Page Number
(99) Press release and additional information of --
Deere & Company (Incorporated by reference
to Deere & Company Current Report on Form 8-K
dated May 13, 1997, file number 1-4121).
