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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): December 16, 1996
Fleetwood Credit 1996-B Grantor Trust
(Exact name of registrant as
specified in its charter)
California 333-10835 33-0444724
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Fleetwood Credit Receivables Corp.
22840 Savi Ranch Parkway
P.O. Box 87024
Yorba Linda, California 92885-8724
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714)921-3400
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Item 5. Other Events.
On December 16, 1996, the Principal and Interest collected during the
preceding calendar month, net of certain adjustments as provided for in the
Pooling and Servicing Agreement dated as of September 1, 1996 (the
"Agreement"), between Fleetwood Credit Receivables Corp., as Seller and
Fleetwood Credit Corp., as Servicer, and The Chase Manhattan Bank, as Trustee
(the "Trustee"), were distributed to holders ("Certificateholders") of
certificates representing undivided fractional interests in Fleetwood Credit
1996-B Grantor Trust. In accordance with the Agreement, the Servicer's
Certificate, as defined in the Agreement, was furnished to the Trustee for the
benefit of the Certificateholders and the Trustee's Statement was distributed
by the Trustee to the Certificateholders. Copies of the Servicer's
Certificate and the Trustee's Statement are being filed as Exhibit 20.1 and
Exhibit 20.2, respectively, to this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibit No. Description
20.1 Servicer's Certificate for the
month of November, 1996
20.2 Trustee's Statement for the
month of November, 1996
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 hereunto duly authorized.
Fleetwood Credit 1996-B GRANTOR TRUST
By: FLEETWOOD CREDIT CORP., as Servicer
Date: December 30, 1996 /s/ Marvin T. Runyon
Name: Marvin T. Runyon, III
Title: Senior Vice President
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INDEX TO EXHIBITS
Exhibit No. Description Page
20.1 Servicer's Certificate for the
month of November, 1996
20.2 Trustee's Statement for the
month of November, 1996
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Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1996-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1996
Principal and Interest Collections
Beginning Pool Balance (1) $197,833,004.05
Beginning Pool Factor [(1)/$ 205,480,433.58] (2) 0.9627827
Principal Collected (3) 3,036,249.27
Interest Collected (4) 1,521,942.34
Less: Accrued Interest Prior to Cut Off Date (5) 946,479.91
Less: Additional Purchased Accrued Interest (5a) 0.00
Plus: Purchased Accrued Interest-
End of Collection Period (6) 962,692.73
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7) (16,212.82)
Plus: "Non-Reimbursable Interest Payment" (8) 10,762.30
Total Interest Received
[(4)-(5)-(5a)+(6)=(8)] (9) 1,548,917.46
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 42,100.00
(iii) Yield Supplement Deposit Am ount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13) 42,100.00
Total Available Funds [(3)+(9)+(13)] (14) 4,627,266.73
Defaulted Receivable Principal Balance [(A1)] (15) 61,874.21
Ending Pool Balance [(1)-(3)-(15) (16) $194,734,880.57
Ending Pool Factor [(16)/$ 205,480,433.58] (17) 0.9477052
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Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1996-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1996
<TABLE>
<S> <C> <C> <C>
Distributions: Class A Class B Total
Class Percentage 96.5% 3.5% 100%
Pool Factor (Ending Pool Balance) 0.9477052 0.9477052 0.9477052
Class Coupon 6.90% 7.10%
November Beginning Pool Balance [(1)] $190,908,848.91 $6,924,155.14 $197,833,004.05
November Ending Pool Balance [(16)] $187,919,159.75 $6,815,720.82 $194,734,880.57
Collected Principal [(3)] $2,929,980.55 $106,268.72 $3,036,249.27
Collected Interest [(9)] $1,494,705.35 $54,212.11 $1,548,917.46
Other Collected Interest [(9a)] $0.00 $0.00 $0.00
Additional Deposits [(10)+(11)] $40,626.50 $1,473.50 $42,100.00
Servicing Fee [(1.0%/12)x(1)] ($159,090.71) ($5,770.13) ($164,860.84)
Total Available Funds $4,306,221.69 $156,184.20 $4,462,405.89
Payments to Certficateholders:
Principal Distributable Amount [(1)-(16)] $2,989,689.16 $108,434.32 $3,098,123.48
Interest Distributable Amount $1,097,725.88 $40,967.92 $1,138,693.80
[(1)x(coupon/12)]
Total Payments to Certificateholder $4,087,415.04 $149,402.24 $4,236,817.28
Reserve Fund payment $0.00 $0.00 $0.00
Amount due Class B but paid to
Class A (subordination) $0.00
Class A Interest Carryover Shortfall $0.00
Class A Principal Carryover Shortfall $0.00
Class B Interest Carryover Shortfall $0.00
Class B Principal Carryover Shortfall $0.00
Amounts Remaining in the Certificate
Account to be paid to the Seller $218,806.65 $6,781.96 $225,588.61
Memo:
Principal Difference ($19,082.11) ($692.10) ($19,774.21)
Interest Difference $237,888.76 $7,474.06 $245,362.82
Total $218,806.65 $6,781.96 $225,588.61
/TABLE
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Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1996-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1996
Determination of the Servicer Letter of Credit Amount
Number of Contracts - End of Month (45) N/A
Original number of contracts (46) N/A
Percent of Original Contracts remaining
[((45)/(46))x100] (47) N/A
Original Servicer Letter of Credit Amount (48) $ N/A
Revised Servicer Letter of Credit Amount
[Lessor of [(48)x(47) or the Beginning
Pool Balance (1)] (49) $ N/A
Prior Month Servicer Letter of Credit Amount
[Previous Month (49)] (50) $ N/A
Servicer Letter of Credit Fee (51) $ N/A
Yield Supplement Amount
Receivables with coupon rates below 7.90%
Principal Outstanding (52) $ N/A
Number of receivables (53) N/A
Interest on the Receivables at their APR (54) $ N/A
Interest due on the Receivables at the
Pass-Through Rate (55) $ N/A
Yield Supplement Amount [(54)-(55)] (56) $ N/A
Defaulted Receivables
Amount of principal and accrued interest due from
Obligors on Defaulted Receivables
Principal (A1) $61,874.21
Interest (A2) 1,998.62
Expense (A3) 200.00
Total (A) $64,072.83
Less: Liquidation Proceeds (B) $42,100.00
Realized Loss [(A1)+(A2)-(B)] (C) $21,772.83
Cumulative Losses (Including Expenses) (D) $21,972.83
Cumulative Loss Percentage [(D)/$205,480,433.58] 0.01%
(Less than 1.5% ?)
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Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1996-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1996
Beginning Reserve Fund Balance (57)$ 3,673,530.01
Plus: Excess Amounts from Seller (57a) 225,588.61
Plus: Investment Earnings (57b) 15,535.97
Less: Reserve Fund Payments (58) 0.00
Subtotal Reserve Fund $ 3,914,654.59
Plus: Beginning Negative Carry Balance (58a) 0.00
Plus: Negative Carry Investment Earnings (58b) 0.00
Less: Payment from Negative Carry (58c) 0.00
Ending Negative Carry Balance (58d) 0.00
Reserve Fund Prior to Payments to Seller (59)$ 3,914,654.59
Required Reserve Fund Balance:
(Lesser of 1 or 2)
(1) Greater of: $4,109,609 or 2.00% of the Ending Pool Balance
(Class A and Class B Certificate Balances), but not greater
than the Ending Pool Balance (unless the Cumulative Loss
Percentage exceeds 1.5%), or (2);
(2) (18% - Subordination Fraction) x the Ending Pool Balance NA
Required Amount (60)$ 4,109,609.00
Amount of Excess Reserve released [(59)-(60)] (61)$ 0.00
(No Release to be made during Pre-funding period)
Ending Reserve Fund Balance to be invested (62)$ 3,914,654.59
(including Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 2.01%
Interest Income on Reserve Fund for November, 1996
from The Chase Manhattan Bank (64)$ 15,535.97
Interest Income on Negative Carry Balance for (65)$ 0.00
November, 1996 from The Chase Manhattan Bank
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Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1996-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1996
Reconciliation of Net Payment to the Trustee
Available Funds $ 4,627,266.73
Servicing Fees $
(164,860.84)
Total Available Funds $ 4,462,405.89
Total payments to Class A $ 4,087,415.04
Total payments to Class B $ 149,402.24
Reserve Fund:
Excess from Seller [(57a)] $ 225,588.61
Reserve Fund Payments [(58)] $ 0.00
Gross payment to the Trustee $ 4,462,405.89
Amounts Held by Trustee:
Less: Amount released from Reserve Fund in excess of
$4,109,609 (Net of Reserve Fund payment) [(61)] $ 0.00
Less: Balance of Prefunded Account payable
to Certificateholders N/A
Less: Amount paid from Negative Carry
Balance [(58c)] N/A
Less: Amount paid from Pre-Funded
Amount Earnings [(72)] N/A
Total Other Collected Interest (9a) N/A
Total Amount Held by Trustee $ 0.00
Net payment to the Trustee $ 4,462,405.89
Reconciliation of Pre-Funding Account
Beginning Pre-Funded Amount (70) N/A
[Prior Month (74)]
Less: Amount applied to the purchase of
Subsequent Receivables (71) N/A
Plus: Earnings on Pre-Funded Amount (72) N/A
Less: Payment of Earnings (73) N/A
Ending Pre-Funding Amount (74) N/A
Account Activity
Number of Accounts - Beginning of Month 8,366
Less: Account Paid Off / Repurchased 83
Plus: Accounts in Collateral Addition 0
Number of Accounts - End of Month 8,283
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 5
Aggregate Principal Balance Outstanding $ 65,899.25
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1996-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1996
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
30 - 59 days 4 $ 70,871.09 0.036%
60 - 89 days 1 3,322.82 0.002%
90 days or more 0 42,273.26 0.022%
Total 6 $ 116,467.17 0.060% (A)
Repossession Inventory 5 $ 65,899.25 0.03% (B)
Delinquency Percentage
Quarter
NOV DEC JAN Total (Avg)
90 days or more (000) $ 42.3 $ N/A $ N/A $ N/A
Repossession Inventory (000) $ 65.9 $ N/A $ N/A $ N/A
Total $108.2 $ N/A $ N/A $ N/A (A)
Ending Pool Balance (mils) $194.7 $ N/A $ N/A $ N/A (B)
Delinquency Percentage (A)/(B) N/A
Realized Loss Analysis
Quarter
NOV DEC JAN Total
Realized Losses/(Recoveries) (X)
[(A1+(A2)-(B)] (000) $ 21.8 $ N/A $ N/A $ N/A (Sum)
Beginning Pool Balance (mils) $197.8 $ N/A $ N/A $ N/A (Avg)
Realized Loss Percentage
(Less than 1.5%?) [((X)/(Y))*4] N/A
Realized Losses Since Inception (less than $3,082,207 ?) $ 21,772.83
Change in Realized Losses $ 21,772.83
Proceeds from Insurance and Dealer Repurchases
Proceeds received during the month from
physical damage insurance $ 0.00
Proceeds received during the month from Dealer
repurchase obligations relating to Defaulted
Receivables $ 0.00
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CHASE [LOGO]
450 West 33rd Street
New York, NY 10001
FLEETWOOD CREDIT RECEIVABLES CORP.
FLEETWOOD CREDIT 1996-B GRANTOR TRUST
$198,288,618.40 6.90% ASSET BACKED CERTIFICATES, CLASS A
$ 7,191,815.18 7.10% ASSET BACKED CERTIFICATES, CLASS B
On December 16, 1996, interest earned and principal paid on the underlying
collateral for the month of November, 1996 were paid to you by The Chase
Manhattan Bank, in its capacity as Trustee for the above referenced issue.
The following information is being provided pursuant to section 14.10 of the
Pooling and Servicing Agreement Dated as of September 1, 1996. The payment
per $1,000 of original issuance of your holdings is allocated as follows:
CLASS A CLASS B
1) Principal Distributed 15.077462 15.077462
2) Interest Distributed 5.536000 5.696464
3) Fees Paid to Servicer 159,090.71 5,770.13
Per Certificate 0.0008023 0.0008023
4) a) Pool Balance after this payment 187,919,159.74 6,815,720.83
b) Pool Factor 0.9477052 0.9477052
5) Proceeds received during the period
from physical damage insurance 0.00
6) Reserve Fund Ending Balance 3,914,654.59
% of Pool Balance 2.01%
7) Servicer Letter of Credit Amount N/A
% of Pool Balance N/A
8) Proceeds received during the period from
dealer repurchase obligations relating to
defaulted receivables 0.00
9) a) Aggregate amount of Paid-Ahead Receivables N/A
b) Aggregate amount of unreimbursed Advances
with respect to Paid-Ahead Receivables N/A
c) Change from Previous Month N/A
10) Aggregate unreimbursed Advances
Prior Month 946,479.91
Change from Previous Month 16,212.82
This Month 962,692.73
11) Ending Certificate Balance 187,919,159.74 6,815,720.83
12) Class A Principal Carryover Shortfall 0.00
Change from preceding period 0.00
Class A Interest Carryover Shortfall 0.00
Change from preceding period 0.00
Class B Principal Carryover Shortfall 0.00
Change from preceding period 0.00
Class B Interest Carryover Shortfall 0.00
Change from preceding period 0.00
13) Realized Losses 21,772.83
Change from preceding period 21,772.83
14) Amount due Class B but paid to Class A (subordination) 0.00
