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):
April 15, 1998
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 Juris- (Commission (I.R.S. Employer
diction of incorporation) Registration 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
----------------------------------------------------
(Registrant's telephone number, including area code)
Exhibit Index is on Page 4
Page 1
<PAGE>
Item 5. Other Events.
On April 15, 1998, 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.
Exhibit No. Description
99.1 Servicer's Certificate for the
month of March 1998
Page 2
<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.
Nissan Auto Receivables 1997-A Grantor Trust
By: Nissan Motor Acceptance Corporation,
as Servicer
Date: April 16, 1998 By: /s/Yasuro Osawa
Name: Yasuro Osawa
Title: Vice President, Finance
Page 3
<PAGE>
EXHIBIT INDEX
Sequentially
Numbered
Exhibit No. Description Page
- ------------ ------------- ------------
99.1 Servicer's Certificate 5
for the month of March 1998
Page 4
<PAGE>
Exhibit 99.1
Nissan Motor Acceptance Corporation
Monthly Servicing Report -- Nissan Auto Receivables 1997-A Grantor Trust
March 1, 1998 through March 31, 1998
<TABLE>
<CAPTION>
A. ORIGINAL DEAL PARAMETER INPUTS
<S> <C> <C>
(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")
(i) Subordination Initial Deposit Percentage 1.00%
(ii) Subordination Initial Deposit $ 8,684,650.34
(iii) Specified SSA Balance Percent 1.50%
(iv) Specified SSA Balance $ 13,026,975.51
(v) Floor Percent 2.50%
(vi) Floor Amount $ 21,711,625.85
(vii) Floor Trigger Amount $ 113,334,686.85
(L) Yield Supplement Reserve Account Initial Deposit $ 1,898,666.90
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Outstanding $ 708,886,710.46
(B) Total Portfolio Pool Factor 0.8162524
(C) Class A Certificate Balance $ 616,731,438.10
(D) Class A Certificate Factor 0.8162524
(E) Class B Certificate Balance $ 92,155,272.36
(F) Class A Pool Factor 0.7101396
(G) Subordination Spread Account Balance $ 17,267,901.48
(H) Yield Supplement Reserve Account Balance $ 1,395,423.47
(I) Outstanding Interest Advance $ 659,307.53
(J) Cumulative Net Losses for All Prior Periods 5,724,030.86
(K) Weighted Average Coupon of Remaining Portfolio (WAC) 10.25%
(L) Weighted Average Remaining Term of Remaining Portfolio 36.65 months
(M) Number of Contracts 72,276
C. INPUTS FROM THE MAINFRAME
(A) Simple Interest Loans
(i) Principal Payments Received $ 33,961,522.20
(ii) Interest Payments Received $ 6,412,063.11
(iii) Repurchased Loan Principal $ 0.00
(iv) Repurchased Loan Interest $ 0.00
(B) Yield Supplement Release to Collection Account $ 79,757.73
(C) Yield Supplement Release to Seller $ 28,095.69
(D) Reimbursement of Previous Interest Advance $ 659,307.53
(E) Current Interest Advance Amount $ 209,361.06
(F) Weighted Average Coupon of Remaining Portfolio (WAC) 10.25%
(G) Weighted Average Remaining Maturity of Remaining Portfolio 35.69 months
(H) Remaining Number of Contracts 70,352
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
(I) Delinquent Contracts Contracts Amount
(i) 31-60 Days Delinquent 1,788 2.54% $18,182,698.85 2.71%
(ii) 61-90 Days Delinquent 216 0.31% $2,334,799.56 0.35%
(iii) 91 Days or More Delinquent 41 0.06% 458,814.78 0.07%
</TABLE>
<TABLE>
<S> <C> <C>
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income --
Paid to Seller $ 126,070.41
(B) Class A Subordination Spread Account Investment Income --
Paid to Seller $ 44,856.65
(C) Yield Supplement Reserve Account Investment Income --
Paid to Seller $ 5,112.16
(D) Aggregate Net Losses for Collection Period $ 1,714,066.60
(E) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $ 3,121,260.70
(ii) Net Liquidation Proceeds & Recoveries Received
During the Collection Period $ 1,407,194.10
(F) Number of Vehicles Repossessed During the Collection 307
Page 5
<PAGE>
Nissan Motor Acceptance Corporation
Monthly Servicing Report -- Nissan Auto Receivables 1997-A Grantor Trust
March 1, 1998 through March 31, 1998
I. COLLECTIONS
(A) Principal Payments Received (C(A)i) $ 33,961,522.20
(B) Interest Payments Received (C(A)ii) $ 6,412,063.11
(C) Aggregate Net Liquidation Proceeds Received (D(E)ii) $ 1,407,194.10
(D) Principal on Repurchased Contracts (C(A)iii) $ 0.00
(E) Interest on Repurchased Contracts (C(A)iv) $ 0.00
(F) Yield Supplement Amount Payments (C(B)) $ 79,757.73
(G) Total Collections (A+B+C+D+E+F) $ 41,860,537.14
(H) Net Interest Advance Amount (C(E-D)) $ (449,946.47)
(I) Total Available Amount (G+H) $ 41,410,590.67
II. DISTRIBUTIONS
(A) Principal Payments Received (C(A)i) $ 33,961,522.20
(B) Principal on Repurchased Contracts (C(A)iii) $ 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(E)i) $ 3,121,260.70
(D) Total Principal Reduction (A+B+C) $ 37,082.782.90
(E) Class A Distributable Amount
(i) Class A Monthly Interest Payment (A(D)*B(C)/12) $ 3,160,748.62
(ii) Monthly Principal to Class A (II(D)*A(B)) $ 32,262,021.12
(iii) Total Distributable Amount (i+ii) $ 35,422,769.74
(F) Class B Distributable Amount
(i) Class B Monthly Interest Payment ((A(F)*B(E))/12) $ 472,295.77
(ii) Monthly Principal to Class B (II(D)-(E)ii) $ 4,820,761.78
(iii) Excess Collections (I(I)-(II(E)iii+(F)i+ii+(G)i)) $ 104,024.45
(iv) Total Distributable Amount (i+ii+iii) $ 5,397,082.00
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) $ 590,738.93
(ii) Class A Amount (II(E)iii) $ 35,422,769.74
(iii) Deposit to Class A Subordination Spread Account
(If Positive (IV(G)-(A))) $ 5,397,082.00
(iv) Class B Amount (IV(F)i) $ 0.00
(v) Yield Supplement Account Release to Seller (V(C)) $ 28,095.69
(vi) Total Amount Distributed (i+ii+iii+iv+v) $ 41,438.686.36
(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)) $ 41,410,590.67
(J) Release from Yield Supplement Account to Seller (V(C)) $ 28,095.69
(K) Total Distributed Amount (I+J) $ 41,438,686.36
Class A Servicing Fee (II(G)i * A(B)) $ 513,942.87
</TABLE>
<TABLE>
<CAPTION>
III. POOL BALANCES AND PORTFOLIO INFORMATION
<S> <C> <C> <C>
Beg. of Period End of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $708,886,710.46 $ 671,803,927.56
(ii) Total Pool Factor 0.8162524 0.7735532
(iii) Class A Certificate Balance $616,731,438.10 $ 584,469,416.98
(iv) Class A Certificate Factor 0.8162524 0.7735532
(v) Class B Certificate Balance $ 92,155,272.36 $ 87,334,510.58
(vi) Class A Pool Factor 0.7101396 0.6729913
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 10.25% 10.25%
(ii) Weighted Average Remaining Maturity (WAM) 36.65 months 35.69 months
(iii) Remaining Number of Contracts 72,276 70,352
(C) Outstanding Interest Advance $ 659,307.53 $ 209,361.06
</TABLE>
Page 6
<PAGE>
Nissan Motor Acceptance Corporation
Monthly Servicing Report -- Nissan Auto Receivables 1997-A Grantor Trust
March 1, 1998 through March 31, 1998
<TABLE>
<CAPTION>
IV. RECONCILIATION OF CLASS A SUBORDINATION SPREAD ACCOUNT ("SSA")
<S> <C>
(A) Beginning Class A SSA Balance (B(G)) $ 17,267,901.48
(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 $ 5,397,082.00
(If Positive (I(I)-II(E)iii-(G)i))
(D) Class A SSA Balance Prior to Release (IV(A-B+C)) $ 22,664,983.48
(E) Class A Subordination Spread Account Required Amount $ 67,180,392.76
(Was Triger Hit?)
(F) Breakdown of Release to Class B Certificateholder
(i) Class B Amount (Min(II(F)iv,IV(F)iii)) $ 0.00
(ii) Release from Class A SSA (iii-i) $ 0.00
(iii) Total Distribution to Class B Certificateholder $ 0.00
(If Positive (D-E))
(G) Ending Class A Subordinate Spread Account Balance $ 22,664,983.48
(D-(F)iii)
V. RECONCILIATION OF YIELD SUPPLEMENT RESERVE ACCOUNT
(A) Beginning Yield Supplement Reserve Account Balance (B(H)) $ 1,395,423.47
(B) Release to Collection Account (C(B)) $ 79,757.73
(C) Release to Seller (C(C)) $ 28,095.69
(D) Ending Yield Supplement Reserve Account Balance (A-B-C) $ 1,287,570.05
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period (VI(B)i-ii) $ 1,714,066.60
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(F)i) $ 3,121,260.70
(ii) Net Liquidation Proceeds Received During the Collection $ 1,407,194.10
Period (D(F)ii)
(C) Cumulative Net Losses for all Periods (VI(A)+B(J)) $ 7,438,097.46
(D) Delinquent and Repossessed Contracts
</TABLE>
<TABLE>
<CAPTION>
Contracts Amount
<S> <C> <C> <C> <C> <C>
(i) 31-60 Days Delinquent 1,788 2.54% $18,182,698.85 2.71%
(ii) 61-90 Days Delinquent 216 0.31% $ 2,334,799.56 0.35%
(iii) 91 Days or More Delinquent 41 0.06% $ 458,814.78 0.07%
(iv) Vehicles Repossessed During 307 0.42% #N/A #N/A
the Collection Period (D(F))
</TABLE>
<TABLE>
<CAPTION>
VII. TESTS FOR INCREASE IN CLASS A SUBORDINATION SPREAD ACCOUNT BALANCE
<S> <C> <C>
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period.
(i) Second Preceding Collection Period 2.68%
(ii) Preceding Collection Period 3.63%
(iii) Current Collection Period 2.90%
(iv) Three Month Average (Avg(i,ii,iii)) 3.07%
(B) Ratio of Number of Contracts Delinquent
60 Days or More to the Outstanding Number
of Receivables as of Each Collection Period
(i) Second Preceeding Collection Period 0.64%
(ii) Preceeding Collection Period 0.55%
(iii) Current Collection Period 0.36%
(iv) Three Month Average (Avg(i,ii,iii)) 0.51%
(C) Loss and Delinquency Trigger Indicator Trigger Was 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
</TABLE>
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