<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): September 15, 1997
Fleetwood Credit 1997-A 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 September 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 March 1, 1997 (the "Agreement"),
between Fleetwood Credit Receivables Corp., as Seller and Fleetwood Credit
Corp., as Servicer, and The First National Bank of Chicago, as Trustee
(the "Trustee"), were distributed to holders ("Certificateholders") of
certificates representing undivided fractional interests in Fleetwood
Credit 1997-A 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 August, 1997
20.2 Trustee's Statement for the
month of August, 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-A GRANTOR TRUST
By: FLEETWOOD CREDIT CORP., as Servicer
Date: September 30, 1997 /s/ Marvin T. Runyon
---------------------
Name: Marvin T. Runyon, III
Title: Senior Vice President
INDEX TO EXHIBITS
Exhibit No. Description
20.1 Servicer's Certificate for the
month of August, 1997
20.2 Trustee's Statement for the
month of August, 1997
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<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of August, 1997
<TABLE>
<CAPTION>
<S> <C>
Principal and Interest Collections
Beginning Pool Balance (1) $ 163,019,576.78
Beginning Pool Factor [(1)/$ 183,011,151.56] (2) 0.8907631
Principal Collected (3) $ 3,099,512.75
Interest Collected (4) $ 1,275,205.35
Less: Accrued Interest Prior to Cut Off Date (5) 819,427.25
Less: Additional Purchased Accrued Interest (5a) 0.00
Plus: Purchased Accrued Interest -
End of Collection Period (6) 842,499.56
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7) $ (23,072.31)
Plus: "Non-Reimbursable Interest Payment" (8) 10,113.24
Total Interest Received
[(4)-(5)-(5a)+(6)+(8)] (9) $ 1,308,390.90
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 39,500.00
(iii) Yield Supplement Deposit Amount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13) $ 39,500.00
Total Available Funds [(3)+(9)+(13)] (14) $ 4,447,403.65
Defaulted Receivable Principal Balance [(A1)] (15) $ 68,109.19
Ending Pool Balance [(1)-(3)-(15)] (16) $ 159,851,954.84
Ending Pool Factor [(16)/$ 183,011,151.56] (17) 0.8734547
</TABLE> <PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of August, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Distributions:
Class A Class B Total
Class Percentage 96.5% 3.5% 100%
Pool Factor (Ending Pool Balance) 0.8734547 0.8734547 0.8734547
Class Coupon 6.64% 6.83%
July Beginning Pool Balance [(1)] $157,313,891.59 $5,705,685.19 $163,019,576.78
July Ending Pool Balance [(16)] $154,257,136.42 $5,594,818.42 $159,851,954.84
Collected Principal [(3)] $2,991,029.80 $108,482.95 $3,099,512.75
Collected Interest [(9)] $1,262,597.22 $45,793.68 $1,308,390.90
Other Collected Interest [(9a)] $0.00 $0.00 $0.00
Additional Deposits [(10)+(11)] $38,117.50 $1,382.50 $39,500.00
Servicing Fee [(1.0%/12)x(1)] ($131,094.91) ($4,754.74) ($135,849.65)
Total Available Funds $4,160,649.61 $150,904.39 $4,311,554.00
Payments to Certficateholders:
Principal Distributable Amount [(1)-(16)] $3,056,755.17 $110,866.77 $3,167,621.94
Interest Distributable Amount [(1)x(coupon/12 $870,470.20 $32,474.86 $902,945.06
Total Payments to Certificateholders $3,927,225.37 $143,341.63 $4,070,567.00
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 $233,424.24 $7,562.76 $240,987.00
Memo:
Principal Difference ($27,607.87) ($1,001.32) ($28,609.19)
Interest Difference $261,032.11 $8,564.08 $269,596.19
Total $233,424.24 $7,562.76 $240,987.00
/TABLE
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of August, 1997
<TABLE>
<S> <C>
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 7.65%
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) $ 68,109.19
Interest (A2) 1,149.51
Expense (A3) 1,006.00
Total (A) $ 70,264.70
Less: Liquidation Proceeds (B) $ 39,500.00
Realized Loss [(A1)+(A2)-(B)] (C) $ 29,758.70
Cumulative Losses (Including Expenses) (D) $ 79,260.55
Cumulative Loss Percentage [(D)/$183,011,151.56] 0.04%
(Less than 1.5% ?)
/TABLE
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of August, 1997
<TABLE>
<S> <C>
Reconciliation of Reserve Fund
Beginning Reserve Fund Balance (57) $ 4,075,489.42
Plus: Excess Amounts from Seller (57a) 240,987.00
Plus: Investment Earnings (57b) 17,954.09
Less: Reserve Fund Payments (58) 0.00
Subtotal Reserve Fund $ 4,334,430.51
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) $ 4,334,430.51
Required Reserve Fund Balance:
(Lesser of 1 or 2)
(1) Greater of: $3,660,223 or 2.50% 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) $ 3,996,298.87
Amount of Excess Reserve released [(59)-(60)] (61) $ 338,131.64
(No Release to be made during Pre-funding period)
Ending Reserve Fund Balance to be invested(including (62) $ 3,996,298.87
Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 2.50%
Interest Income on Reserve Fund for August, 1997
from First Chicago (64) $ 17,954.09
Interest Income on Negative Carry Balance for August, 1997 (65) $ 0.00
from First Chicago
<?TABLE>
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of August, 1997
</TABLE>
<TABLE>
<S> <C>
Reconciliation of Net Payment to the Trustee
Available Funds $4,447,403.65
Servicing Fees ($135,849.65)
Total Available Funds $4,311,554.00
Total payments to Class A $3,927,225.37
Total payments to Class B $143,341.63
Reserve Fund:
Excess from Seller [(57a)] $240,987.00
Reserve Fund Payments [(58)] $0.00
Gross payment to the Trustee $4,311,554.00
Amounts Held by Trustee:
Less: Amount released from Reserve Fund
in excess of $3,660,223 (Net of Reserve Fund payment) [(61)] $338,131.64
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 $338,131.64
Net payment to the Trustee $3,973,422.36
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 5,235
Less: Account Paid Off / Repurchased 82
Plus: Accounts in Collateral Addition 0
Number of Accounts - End of Month 5,153
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 7
Aggregate Principal Balance Outstanding $315,885.79
/TABLE
<PAGE>
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of August, 1997
<TABLE>
<CAPTION>
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
<S> <C> <C> <C>
30 - 59 days 8 $ 375,909.89 0.24%
60 - 89 days 1 41,592.52 0.03%
90 days or more 0 0.00 0.00%
Total 9 $ 417,502.41 0.26%(A)
Repossession Inventory 7 $ 315,885.79 0.198%(B)
</TABLE>
<TABLE>
<CAPTION>
Delinquency Percentage
<S> <C> <C> <C> <C>
Quarter
JUL AUG SEPT Total(Avg)
90 days or more (000) $ 0.0 $ 0.0 $ N/A $ N/A
Repossession Inventory (000) $ 304.0 $ 315.9 $ N/A $ N/A
Total $ 304.0 $ 315.9 $ N/A $ N/A(A)
Ending Pool Balance (mils) $ 163.0 $ 159.9 $ N/A $ N/A(B)
Delinquency Percentage (A)/(B) N/A
Realized Loss Analysis
Quarter
JUL AUG SEPT Total
Realized Losses/(Recoveries) (X)
[(A1+(A2)-(B)] (000) $ 25.1 $ 29.8 $ N/A $ N/A(Sum)
Beginning Pool Balance (mils) (Y) $ 166.7 $ 163.0 $ N/A $ N/A(Avg)
Realized Loss Percentage
(Less than 1.5%?) [((X)/(Y))*4] N/A
Realized Losses Since Inception (less than $2,745,168 ?) $77,773.12
Change in Realized Losses $29,758.70
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>
FLEETWOOD CREDIT CORP
FCC 1997-A GRANTOR TRUST
$176,605,761.26 6.64% ASSET BACKED CERTIFICATES Class A
$6,405,390.30 6.83% ASSET BACKED CERTIFICATES Class B
September 15, 1997
On September 15, 1997, interest earned and principal paid on the underlying
collateralfor the month of July, 1997 were paid to you by First Chicago, in its
capacity as Trustee for the above referenced issue. The following information
is being provided pursuant to section 14.10 of the Standard Terms and
Conditions of Agreement Dated March 1, 1997. This payment per $1,000 or
original issuance of your holdings is allocated as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
CLASS A CLASS B
1) Principal Distributable 17.308355 17.308355
2) Interest Distributable 4.928889 5.069927
3) Fees Paid to Servicer 131,094.91 4,754.74
Per certificate 0.742303 0.742303
4) a) Pool Balance after this payment 154,257,136.42 5,594,818.42
b) Pool Factor 0.8734547 0.8734547
5) Proceeds received during the period from 0.00
physical damage insurance.
6) a) Reserve Fund Balance 3,996,298.87
b) % of Pool Balance 2.50%
7) Servicer Letter of Credit Amount (L.C. Terminated 2/95) N/A
% of Pool Balance N/A
8) Proceeds received during the period from
dealer repurchase obligations related to 0.00
defaulted receivables
9) a) Aggregate ammount 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 819,427.25
Change from Previous Month 23,072.31
This Month 842,499.56
11) Certificate Balance 154,257,136.42 5,594,818.42
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 77,773.12
Change from preceding period 29,758.70
14) Amount due Class B but paid to Class A (subordination) 0.00
</TABLE>
