UNITED STATES
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):
November 17, 1997
NISSAN AUTO RECEIVABLES 1997-A GRANTOR TRUST
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(Exact name of registrant as specified in its charter)
Delaware 333-1664 33-0479655
(State or other Jurisdiction of (Commission Registration (I.R.S. Employer
incorporation) Number) Identification Number)
Nissan Auto Receivables 1997-A Grantor Trust
c/o Nissan Motor Acceptance Corporation
900 W. 190th Street
Torrance, California 90502
(310) 719-8000
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(Registrant's telephone number, including area code)
Exhibit Index is on Page 4
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ITEM 5. OTHER EVENTS.
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On November 17, 1997, 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 October 1, 1997 (the
"Agreement"), between Nissan Motor Acceptance Corporation, as Servicer, Nissan
Auto Receivables Corporation, as Seller, and The Fuji Bank and Trust Company, as
Trustee (the "Trustee"), were distributed to holders ("Certificateholders") of
certificates representing undivided fractional interests in Nissan Auto
Receivables 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, as such, was distributed
by the Trustee to the Certificateholders. A copy of the Servicer's Certificate
is being filed as Exhibit 99.1 to this Current Report on Form 8-K.
ITEM 7(C). EXHIBITS.
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EXHIBIT NO. DESCRIPTION
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99.1 Servicer's Certificate for the
month of October 1997
Page 2
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SIGNATURES
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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.
Nissan Auto Receivables 1997-A
Grantor Trust
By: Nissan Motor Acceptance
Corporation, as Servicer
Date: November 25, 1997 By: /s/Katsumi Ishii
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Name: Katsumi Ishii
Title: Vice President, Finance
Page 3
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EXHIBIT INDEX
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EXHIBIT NO. DESCRIPTION
- ---------- -----------
99.1 Servicer's Certificate
for the month of October 1997
Page 4
EXHIBIT 99.1
NISSAN MOTOR ACCEPTANCE CORPORATION
MONTHLY SERVICING REPORT--NISSAN AUTO RECEIVABLES 1997-A GRANTOR TRUST
OCTOBER 01, 1997 THROUGH OCTOBER 31, 1997
A. ORIGINAL DEAL PARAMETER INPUTS
(A) Original Total Portfolio 868,465,033.86
(B) Class A Certificate Ownership Interest of the Trust 87.00%
(C) Original Class A Certificate Balance 755,564,579.46
(D) Class A Certificate Rate 6.15%
(E) Original Class B Certificate Balance 112,900,454.40
(F) Class B Certificate Rate 6.15%
(G) Servicing Fee Rate 1.00%
(H) Original Weighted Average Coupon (WAC) 10.26
(I) Original Weighted Average Remaining Term (WAM) 40.81 months
(J) Number of Contracts 79,532
(K) Class A Subordination Spread Account ("SSA")
(L) Subordination Initial Deposit Percentage 1.00%
(M) Subordination Initial Deposit $8,684,650.34
(N) Specified SSA Balance Percent 1.50%
(O) Specified SSA Balance $13,026,975.51
(P) Floor Percent 2.50%
(Q) Floor Amount $21,711,625.85
(R) Floor Trigger Amount 113,334,686.85
(S) Yield Supplement Reserve Account Initial Deposit $1,898,666.90
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Outstanding 868,465,033.86
(B) Total Portfolio Pool Factor 1.0000000
(C) Class A Certificate Balance 755,564,579.46
(D) Class A Certificate Factor 1.0000000
(E) Class B Certificate Balance 112,900,454.40
(F) Class A Pool Factor 1.0000000
(G) Subordination Spread Account Balance $8,684,650.34
(H) Yield Supplement Reserve Account Balance $1,898,666.90
(I) Outstanding Interest Advance $0.00
(J) Cumulative Net Losses for All Prior Periods 0.00
(K) Weighted Average Coupon of Remaining Portfolio (WAC) 10.26%
(L) Weighted Average Remaining Term of Remaining
Portfolio (WAM) 40.81 months
(M) Number of Contracts 79,532
C. INPUTS FROM THE MAINFRAME
(A) Simple Interest Loans
(B) Principal Payments Received $31,890,062.54
(C) Interest Payments Received $7,327,609.58
(D) Repurchased Loan Principal $595,979.14
(E) Repurchased Loan Interest $6,050.11
(F) Yield Supplement Release to Collection Account $95,136.59
(G) Yield Supplement Release to Seller $13,599.93
(H) Reimbursement of Previous Interest Advance $0.00
(I) Current Interest Advance Amount $95,282.19
(J) Weighted Average Coupon of Remaining Portfolio (WAC) 10.27%
(K) Weighted Average Remaining Maturity of Remaining
Portfolio (WAM) 39.95 months
(L) Remaining Number of Contracts 78,250
(M) Delinquent Contracts Contracts Amount
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(i) 31-60 Days Delinquent 1,610 2.06% $17,649,188.27 2.11%
(ii) 61-90 Days Delinquent 0 0.00% $0.00 0.00%
(iii) 91 Days or More Delinquent 0 0.00% $0.00 0.00%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income--Paid to Seller $0.00
(B) Class A Subordination Spread Account
Investment Income--Paid to Seller $0.00
(C) Yield Supplement Reserve Account Investment
Income--Paid to Seller $0.00
(D) Aggregate Net Losses for Collection Period $0.00
(E) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $0.00
(ii) Net Liquidation Proceeds & Recoveries Received During
the Collection Period $0.00
(F) Number of Vehicles Repossessed During the Collection Period 0
<PAGE>
NISSAN MOTOR ACCEPTANCE CORPORATION
MONTHLY SERVICING REPORT--NISSAN AUTO RECEIVABLES 1997-A GRANTOR TRUST
OCTOBER 01, 1997 THROUGH OCTOBER 31, 1997
I. COLLECTIONS
(A) Principal Payments Received (C(A)i) $31,890,062.54
(B) Interest Payments Received (C(A)ii) $7,327,609.58
(C) Aggregate Net Liquidation Proceeds
Received (D(E)ii) $0.00
(D) Principal on Repurchased Contracts (C(A)iii) $595,979.14
(E) Interest on Repurchased Contracts (C(A)iv) $6,050.11
(F) Yield Supplement Amount Payments (C(B)) $95,136.59
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(G) Total Collections (A+B+C+D+E+F) $39,914,837.96
(H) Net Interest Advance Amount (C(E-D)) $95,282.19
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(I) Total Available Amount (G+H) $40,010,120.15
II. DISTRIBUTIONS
(A) Principal Payments Received (C(A)i) $31,890,062.54
(B) Principal on Repurchased Contracts (C(A)iii) $595,979.14
(C) Gross Principal Balance of Liquidated
Receivables (D(E)i) $0.00
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(D) Total Principal Reduction (A+B+C) $32,486,041.68
(E) Class A Distributable Amount
(i) Class A Monthly Interest Payment (A(D)*B(C)/12) $3,872,268.47
(ii) Monthly Principal to Class A (II(D)*A(B)) $28,262,856.26
(iii)Total Distributable Amount (i+ii) $32,135,124.73
(F) Class B Distributable Amount
(i) Class B Monthly Interest Payment ((A(F)*B(E))/12) $578,614.83
(ii) Monthly Principal to Class B (II(D)-(E)ii) $4,223,185.42
(iii)Excess Collections (I(I)-(II(E)iii+(F)i+ii+(G)i)) $2,349,474.31
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(iv) Total Distributable Amount (i+ii+iii) $7,151,274.56
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) $723,720.86 (ii) Class A Amount
(II(E)iii) $32,135,124.73 (iii) Deposit to Class A Subordination Spread
Account (If Positive (IV(G)-(A))) $4,342,325.17 (iv) Class B Amount
(IV(F)i) $2,808,949.39 (v) Yield Supplement Account Release to Seller
(V(C)) $13,599.93 (vi) Total Amount Distributed (i+ii+iii+iv+v)
$40,023,720.08
(H) Amount of Draw from Class A SSA (IV(B)) $0.00
(I) Sum of Draw from SSA and Total Available
Amount (I(I)+IV(B)) $40,010,120.15
(J) Release from Yield Supplement Account to Seller (V(C)) $13,599.93
--------------
(K) Total Distributed Amount (I+J) $40,023,720.08
Class A Servicing Fee (II(G)i * A(B)) $629,637.15
III. POOL BALANCES AND PORTFOLIO INFORMATION
Beg. of Period End of Period
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(A) Balances and Principal Factors
(i) Total Pool Balance $868,465,033.86 $835,978,992.18
(ii) Total Pool Factor 1.0000000 0.9625937
(iii) Class A Certificate Balance $755,564,579.46 $727,301,723.20
(iv) Class A Certificate Factor 1.0000000 0.9625937
(v) Class B Certificate Balance $112,900,454.40 $108,677,268.98
(vi) Class A Pool Factor 1.0000000 0.8374565
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 10.26% 10.27%
(ii) Weighted Average Remaining
Maturity (WAM) 40.81 months 39.95 months
(iii) Remaining Number of Contracts 79,532 78,250
Outstanding Interest Advance $0.00 $95,282.19
2
<PAGE>
<TABLE>
<CAPTION>
NISSAN MOTOR ACCEPTANCE CORPORATION
MONTHLY SERVICING REPORT--NISSAN AUTO RECEIVABLES 1997-A GRANTOR TRUST
OCTOBER 01, 1997 THROUGH OCTOBER 31, 1997
IV. RECONCILIATION OF CLASS A SUBORDINATION SPREAD ACCOUNT ("SSA")
<S> <C>
(A) Beginning Class A SSA Balance (B(G)) $8,684,650.34
(B) Draw for Class A Distributable Amount and Servicing Fee $0.00
(If Positive ((II(E)iii+(G)i)-I(I)))
(C) Amount Available for Deposit to the Class A SSA $7,151,274.56
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(If Positive (I(I)-II(E)iii-(G)i))
(D) Class A SSA Balance Prior to Release (IV(A-B+C)) $15,835,924.90
(E) Class A Subordination Spread Account Required
Amount (Was Trigger Hit?) $13,026,975.51
(F) Breakdown of Release to Class B Certificateholder
(i) Class B Amount (Min(II(F)iv,IV(F)iii)) $2,808,949.39
(ii) Release from Class A SSA (iii-i) $0.00
--------------
(iii) Total Distribution to Class B Certificateholder
(If Positive (D-E)) $2,808,949.39
(G) Ending Class A Subordinate Spread Account Balance (D-(F)iii) $13,026,975.51
V. RECONCILIATION OF YIELD SUPPLEMENT RESERVE ACCOUNT
(A) Beginning Yield Supplement Reserve Account Balance (B(H)) $1,898,666.90
(B) Release to Collection Account (C(B)) $95,136.59
(C) Release to Seller (C(C)) $13,599.93
--------------
(D) Ending Yield Supplement Reserve Account Balance (A-B-C) $1,789,930.38
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period (VI(B)i-ii) $0.00
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(F)i) $0.00
(ii) Net Liquidation Proceeds Received During the Collection Period $0.00
(C) Cumulative Net Losses for all Periods (VI(A)+B(J)) $0.00
(D) Delinquent and Repossessed Contracts
</TABLE>
Contracts Amount
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(i) 31-60 Days Delinquent 1,610 2.06% $17,649,188.27 2.11%
(ii) 61-90 Days Delinquent 0 0.00% $0.00 0.00%
(iii) 91 Days or More Delinquent 0 0.00% $0.00 0.00%
(iv) Vehicles Repossessed During
the Collection Period (D(F)) 0 0.00% #N/A #N/A
VII. TREATMENTS FOR INCREASE IN CLASS A SUBORDINATION SPREAD ACCOUNT BALANCE (A)
Ratio of Net Losses to the Pool Balance as of Each Collection Period.
(i) Second Preceding Collection Period 0.00%
(ii) Preceding Collection Period 0.00%
(iii) Current Collection Period 0.00%
(iv) Three Month Average (Avg(i,ii,iii)) 0.00%
Number of Receivables as of Each Collection Period.
(B) Ratio of Number of Contract Delinquent 60 Days
or More to the Outstanding
(i) Second Preceding Collection Period 0.00%
(ii) Preceding Collection Period 0.00%
(iii)Current Collection Period 0.00%
(iv) Three Month Average (Avg(i,ii,iii)) 0.00%
(C) Loss and Delinquency Trigger Indicator Trigger Was Not Hit
(i) Number of Months Three Month Loss Average
is Below Trigger 0
(ii) Number of Months Three Month
Delinquency Average is Below Trigger 0
3
