<PAGE>
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): October 15, 1997
Fleetwood Credit 1997-B Grantor Trust
(Exact name of registrant as
specified in its charter)
California 333-21135 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
<PAGE>
Item 5. Other Events.
On October 15, 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, 1997
(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 1997-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. A copy of the Servicer's Certificate and the
Trustee's Statement is being filed as Exhibit 20.1 and 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 September, 1997
20.2 Trustee's Statement for the
month of September, 1997
<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 hereunto duly authorized.
Fleetwood Credit 1997-B GRANTOR TRUST
By: FLEETWOOD CREDIT CORP., as Servicer
Date: October 30, 1997 /s/ Marvin T. Runyon
---------------------
Name: Marvin T. Runyon, III
Title: Senior Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
20.1 Servicer's Certificate for the
month of September, 1997
20.2 Trustee's Statement for the
month of September, 1997
<PAGE>
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
<TABLE>
<CAPTION>
Principal and Interest Collections
<S> <C>
Beginning Pool Balance (1)$ 350,000,000.00
Beginning Pool Factor [(1)/$ 350,000,000.00] (2) 1.0000000
Principal Collected (3)$ 6,093,940.37
Interest Collected (4)$ 2,511,311.80
Less: Accrued Interest Prior to Cut Off Date (5) 1,523,321.26
Less: Additional Purchased Accrued Interest (5a) 0.00
Plus: Purchased Accrued Interest -
End of Collection Period (6) 1,476,568.95
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7)$ 46,752.31
Plus: "Non-Reimbursable Interest Payment" (8) 18,101.95
Total Interest Received
[(4)-(5)-(5a)+(6)+(8)] (9)$ 2,482,661.44
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 0.00
(iii) Yield Supplement Deposit Amount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13)$ 0.00
Total Available Funds [(3)+(9)+(13)] (14)$ 8,576,601.81
Defaulted Receivable Principal Balance [(A1)] (15)$ 0.00
Ending Pool Balance [(1)-(3)-(15)] (16)$343,906,059.63
Ending Pool Factor [(16)/$ 350,000,000.00] (17) 0.9825887
</TABLE>
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
<TABLE>
<CAPTION>
Distributions:
Class A Class B Total
<S> <S> <S> <S>
Class Percentage 96.5% 3.5% 100%
Pool Factor (Ending Pool Balance) 0.9825887 0.9825887 0.9825887
Class Coupon 6.40% 6.65%
September Beginning Pool Balance [(1)] $337,750,000.00 $12,250,000.00 $350,000,000.00
Spetember Ending Pool Balance [(16)] $331,869,347.54 $12,036,712.09 $343,906,059.63
Collected Principal [(3)] $5,880,652.46 $213,287.91 $6,093,940.37
Collected Interest [(9)] $2,395,768.29 $86,893.15 $2,482,661.44
Other Collected Interest [(9a)] $196,366.94 $7,400.32 $203,767.26
Additional Deposits [(10)+(11)] $0.00 $0.00 $0.00
Servicing Fee [(1.0%/12)x(1)] ($281,458.34) ($10,208.33) ($291,666.67)
Total Available Funds $8,191,329.35 $297,373.05 $8,488,702.40
Payments to Certficateholders:
Principal Distributable Amount [(1)-(16)] $5,880,652.46 $213,287.91 $6,093,940.37
Interest Distributable Amount [(1)x(coupon/12)] $1,801,333.33 $67,885.42 $1,869,218.75
Total Payments to Certificateholders $7,681,985.79 $281,173.33 $7,963,159.12
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 $509,343.56 $16,199.72 $525,543.28
Memo:
Principal Difference $0.00 $0.00 $0.00
Interest Difference $509,343.56 $16,199.72 $525,543.28
Total $509,343.56 $16,199.72 $525,543.28
/TABLE
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
<TABLE>
<CAPTION>
Determination of the Servicer Letter of Credit Amount
<S> <C> <C>
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 7.65%
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) $ 0.00
Interest (A2) 0.00
Expense (A3) 0.00
Total (A) $ 0.00
Less: Liquidation Proceeds (B) $ 0.00
Realized Loss [(A1)+(A2)-(B)] (C) $ 0.00
Cumulative Losses (Including Expenses) (D) $ 0.00
Cumulative Loss Percentage [(D)/$350,000,000.00] 0.00%
(Less than 1.5% ?)
</TABLE>
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
<TABLE>
<CAPTION>
Reconciliation of Reserve Fund
<S> <C> <C>
Beginning Reserve Fund Balance (57) $ 2,625,000.00
Plus: Excess Amounts from Seller (57a) 525,543.28
Plus: Investment Earnings (57b) 12,646.67
Less: Reserve Fund Payments (58) 0.00
Subtotal Reserve Fund $ 3,163,189.95
Plus: Beginning Negative Carry Balance (58a) 248,558.70
Plus: Negative Carry Investment Earnings (58b) 1,197.50
Less: Payment from Negative Carry (58c) 35,645.03
Ending Negative Carry Balance (58d) 214,111.17
Reserve Fund Prior to Payments to Seller (59) $ 3,377,301.12
Required Reserve Fund Balance:
(Lesser of 1 or 2)
(1) Greater of: $3,500,000 or 1.75% 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) $ 6,018,356.04
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(including (62) $ 3,377,301.12
Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 0.98%
Interest Income on Reserve Fund for September, 1997
from The Chase Manhattan Bank (64) $ 12,646.67
Interest Income on Negative Carry Balance for September, 1997
from The Chase Manhattan Bank (65) $ 1,197.50
/TABLE
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
<TABLE>
<CAPTION>
Reconciliation of Net Payment to the Trustee
<S> <C>
Available Funds $8,780,369.07
Servicing Fees ($291,666.67)
Total Available Funds $8,488,702.40
Total payments to Class A $7,681,985.79
Total payments to Class B $281,173.33
Reserve Fund:
Excess from Seller [(57a)] $525,543.28
Reserve Fund Payments [(58)] $0.00
Gross payment to the Trustee $8,488,702.40
Amounts Held by Trustee:
Less: Amount released from Reserve Fund
in excess of $3,500,000 (Net of Reserve Fund payment) $0.00
Less: Balance of Prefunded Account payable
to Certificateholders 0
Less: Amount paid from Negative Carry
Balance [(58c)] $35,645.03
Less: Amount paid from Pre-Funded
Amount Earnings [(72)] $168,122.23
Total Other Collected Interest (9a) $203,767.26
Total Amount Held by Trustee $203,767.26
Net payment to the Trustee $8,284,935.14
Reconciliation of Pre-Funding Account
Beginning Pre-Funded Amount (70)$38,154,197.60
[Prior Month (74)]
Less: Amount applied to the purchase of
Subsequent Receivables (71) 0
Plus: Earnings on Pre-Funded Amount (72) $168,122.23
Less: Payment of Earnings (73) ($168,122.23)
Ending Pre-Funding Amount (74)$38,154,197.60
Account Activity
Number of Accounts - Beginning of Month 12,677
Less: Account Paid Off / Repurchased 170
Plus: Accounts in Collateral Addition 0
Number of Accounts - End of Month 12,507
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 1
Aggregate Principal Balance Outstanding $70,834.05
</TABLE>
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
<TABLE>
<CAPTION>
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
<S> <C> <C> <C>
30 - 59 days 10 $267,883.59 0.08%
60 - 89 days 0 0.00 0.00%
90 days or more 0 0.00 0.00%
Total 10 $267,883.59 0.08%
Repossession Inventory 1 $ 70,834.05 0.023%
</TABLE>
<TABLE>
<CAPTION>
Delinquency Percentage
Quarter
JULY AUG SEPT Total
<S> <C> <C> <C> <C>
90 days or more (000) $ N/A $ N/A $ 0.0 $ 0.0
Repossession Inventory (000) $ N/A $ N/A $ 70.8 $ 23.6
Total $ N/A $ N/A $ 70.8 $ 23.6
Ending Pool Balance (mils) $ N/A $ N/A $343.9 $114.6
Delinquency Percentage (A)/(B) 0.02%
Realized Loss Analysis
Quarter
JULY AUG SEPT Total
Realized Losses/(Recoveries) (X)
[(A1+(A2)-(B)] (000) $ N/A $ N/A $ 0.0 $ 0.0
Beginning Pool Balance (mils) (Y) $ N/A $ N/A $350.0 $116.7
Realized Loss Percentage
(Less than 1.5%?) [((X)/(Y))*4] 0.00%
Realized Losses Since Inception (less than $5,250,000 ?) $ 0.00
Change in Realized Losses $ 0.00
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
</TABLE>
<PAGE>
<PAGE>
CHASE [LOGO]
450 West 33rd Street
New York, NY 10001
FLEETWOOD CREDIT RECEIVABLES CORP.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
$337,750,000 6.40% ASSET BACKED CERTIFICATES, CLASS A
$ 12,250,000 6.65% ASSET BACKED CERTIFICATES, CLASS B
On October 15, 1997, interest earned and principal paid on the underlying
collateral for the month of September, 1997 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 14.11 of the Pooling and Servicing Agreement Dated as of
September 1, 1997. The payment per $1,000 of original issuance of your
holdings is allocated as follows:
<TABLE>
<CAPTION>
CLASS A CLASS B
<S> <C> <C>
1) Principal Distributed 17.411258 17.411258
2) Interest Distributed 5.333333 5.541667
3) Fees Paid to Servicer 281,458.33 10,208.33
Per Certificate 0.0008333 0.0008333
4) a) Pool Balance after this payment 331,869,347.54 12,036,712.09
b) Pool Factor 0.9825887 0.9825887
5) Proceeds received during the period
from physical damage insurance 0.00
6) Reserve Fund Ending Balance 3,377,301.12
% of Pool Balance 0.98%
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 1,523,321.26
Change from Previous Month (46,752.31)
This Month 1,476,568.95
11) Ending Certificate Balance 331,869,347.54 12,036,712.09
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 (since inception) 0.00
Change from preceding period 0.00
14) Amount due Class B but paid to Class A (subordination) 0.00
15) Remaining Pre-funded Amount on deposit in the 38,154,197.60
Pre-funding Account
16) Negative Carry Amount 35,645.03
</TABLE>
