SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
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): November 15, 1996
SCFC Recreational Vehicle Loan Trust 1991-1
(Exact name of registrant as specified in its charter)
Illinois 33-41755-01 Not Applicable
(State of (Commission (IRS Employer
organization) File Number) Identification No.)
c/o SCFC Receivables Financing Corporation
12 Read's Way
New Castle, Delaware 19720
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302)323-7101
Not Applicable
(Former address, if changed since last report)
Page 1 of 9
Index to Exhibits is on page 4
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Item 5. Other Events
On November 15, 1996 the Registrant made available the Monthly
Certificateholders' Statement for the September, 1996 Collection Period with
respect to SCFC Recreational Vehicle Loan Trust 1991-1, which is attached as
Exhibit 21 hereto.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
21 Monthly Certificateholders' Statement, for SCFC Recreational
Vehicle Loan Trust 1991-1 related to the Collection Period
ending October 31, 1996.
2
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Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the under signed, thereunto duly authorized.
SCFC Recreational Vehicle Loan Trust 1991-1
(Registrant)
By: SCFC RECEIVABLES FINANCING
CORPORATION
as originator of the Trust
By: /s/ Birendra Kumar
Birendra Kumar
Vice President and Treasurer
Date: November 15, 1996
3
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EXHIBIT INDEX
Exhibit No. Description
21 Monthly Certificateholders' Statement for SCFC Recreational
Vehicle Loan Trust 1991-1, related to the Collection Period
ending October 31, 1996
4
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Exhibit 21
SCFC RECREATIONAL VEHICLE LOAN TRUST 1991-1
7.25% Recreational Vehicle Loan Pass-Through Certificates
==========================================================
Distribution Date November 15, 1996
Collection Period October 1996
Under the Pooling and Servicing Agreement dated as of September 1,
1991 by and among NOVUS Credit Services, Inc. (formerly known as Sears
Consumer Financial Corporation), SCFC Receivables Financing Corporation and
First Bank National Association (successor in interest to Continental Bank,
National Association ) as Trustee, the Trustee is required to prepare certain
information each month regarding current distributions to Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below. Certain of the information
is presented on the basis of an original principal amount of $1,000 per Class
A Certificate and certain other information is presented based upon the
aggregate amounts for the Trust as a whole.
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A. Information Regarding the Current Monthly Distribution.
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1. Class A Certificates.
---------------------
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Dis-
tribution Date set forth above. $1,701,305.62
(b) The amount of the distribution set forth in
paragraph (a) above in respect of interest. $337,931.34
(c) The amount of the distribution set forth in
paragraph (a) above in respect of principal. $1,363,374.28
(d) The amount of the distribution set forth in
paragraph (a) above, per $1,000 interest. $6.306142
(e) The amount of the distribution set forth in
paragraph (b) above, per $1,000 interest. $1.252593
(f) The amount of the distribution set forth in
paragraph (c) above, per $1,000 interest. $5.053549
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2. Class B Certificates.
---------------------
(a) The aggregate amount of the distribution
to Class B Certificateholders on the Dis-
tribution Date set forth above. $231,996.22
(b) The amount of the distribution set forth in
paragraph (a) above in respect of interest. $46,081.55
(c) The amount of the distribution set forth in
paragraph (a) above in respect of principal. $185,914.68
B. Information Regarding the Performance of the Trust.
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1. Pool Balance and Certificate Balances.
--------------------------------------
(a) The aggregate Principal Balance of the
Receivables at the end of the Collection
Period. $62,011,463.86
(b) The aggregate outstanding principal amount
of the Class A Certificates as of the end of
the Collection Period set forth above, after
giving effect to payments allocated to prin-
cipal in paragraph A.1.(c) above. $54,570,088.20
(c) The aggregate outstanding principal amount
of the Class B Certificates as of the end of
the Collection Period set forth above, after
giving effect to payments allocated to prin-
cipal in paragraph A.2.(c) above. $7,441,375.66
(d) The Pool Factor at the end of the Collection
Period set forth above. 0.2022721
2. Servicing Fee.
--------------
(a) The aggregate amount of the Servicing Fee
paid to the Servicer with respect to the Col-
lection Period set forth above. $52,967.29
(b) The portion of the payment set forth in para-
graph (a) above attributable to the Class A
Certificates. $46,611.22
(c) The amount of the payment set forth in para-
graph (b) above, per $1,000 interest. $0.172771
(d) The amount of the payment set forth in para-
graph (a) above attributable to the Class B
Certificates. $6,356.08
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3. Payment Shortfalls.
-------------------
(a) The amount of the Class A Carryover Short-
fall after giving effect to the payments set
forth in paragraph A.1.(a) above. $0.00
(b) The change in the amount of the Class A Carry-
over Shortfall set forth in paragraph (a) above
from such amount as of the end of the prior
Collection Period. $0.00
(c) The amount of the Class A Carryover Short-
fall set forth in paragraph (a) above allocated
to interest. $0.00
(d) The amount of the Class A Carryover Short-
fall set forth in paragraph (a) above allocated
to principal. $0.00
(e) The amount of the Servicer Shortfall after
giving effect to the payment set forth in
paragraph B.2.(a) set forth above. $0.00
(f) The change in the amount of the Servicer Short-
fall set forth in paragraph (e) above from such
amount as of the end of the prior Collection
Period. $0.00
(g) The amount of the Class B Shortfall after
giving effect to the payments set forth in
paragraph A.2.(a) above. $0.00
(h) The change in the amount of the Class B Short-
fall set forth in paragraph (g) above from such
amount as of the end of the prior Collection
Period. $0.00
(i) The amount of the Class B Shortfall set forth
in paragraph (g) above allocated to interest. $0.00
(j) The amount of the Class B Shortfall set forth
in paragraph (g) above allocated to principal. $0.00
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4. Reserve Funds.
-------------
(a) The balance of the Seller Reserve Fund on the
Distribution Date set forth above after
giving effect to the deposits and withdrawals
made therefrom on such Distribution Date. $1,500,000.00
(b) The change in the balance of the Seller Reserve
Fund set forth in paragraph (a) above from such
balance as of the end of the prior Collection
Period. $0.00
(c) The balance of the Subordination Reserve Fund
on the Distribution Date set forth above
after giving effect to the deposits and with-
drawals made therefrom on such Distribution
Date. $4,938,063.00
(d) The change in the balance of the Subordination
Reserve Fund set forth in paragraph (c) above
from such balance as of the end of the prior
Collection Period. $0.00
5. Payahead Account.
----------------
(a) The aggregate Payahead Balance at the end of
the Collection Period set forth above. $294,594.01
(b) The change in the Payahead Balance from the
prior Collection Period. $12,528.19
6. Delinquencies and Charge-Offs.
-----------------------------
(a) The aggregate principal amount of all
Receivables which were delinquent 30 days to
60 days as of the last day of the Collection
Period set forth above $1,894,589.16
(b) The aggregate principal amount of all
Receivables which were delinquent 60 days or
more as of the last day of such Collection
Period $991,073.92
(c) The aggregate principal amount of all
Receivables which became Defaulted Receiv-
ables during such Collection Period $89,439.43
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(d) The number of Receivables which became
Defaulted Receivables during such Collection
Period 7
(e) The number of Receivables in the pool at the
end of such Collection Period after
giving effect to any repurchases by the
Seller or purchases by the Servicer 3,473
(f) The number of Receivables in the pool at the
end of such Collection Period as to which
the related vehicles have been repossessed
but not yet sold 16
(g) The aggregate amount of Liquidation Proceeds
collected during such Collection Period $88,153.29
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