Via EDGAR Transmission
17-Apr-97
Securities and Exchange Commission
Judiciary Plaza
"450 Fifth Street, N.W."
"Washington, D.C. 20549-1004"
RE: Bombardier Credit Receivables Corporation:
Bombardier Receivables Master Trust I
Ladies and Gentlemen:
"On behalf of Bombardier Credit Receivables
Corporation (The ""Registrant""), we"
"hereby file with the Commission a Current Report on Form 8-K (The ""Report"")"
"on behalf of the Bombardier Receivables Master Trust I, and deliver to you"
herewith the following documents:
"One copy of the Report, including the exhibit being filed therewith,"
together with an exhibit index:
Please acknowledge receipt and filing of this letter to Bombardier Credit
"Receivables Corporation, 1600 Mountain View Drive, Colchester, VT 05446."
"Very truly yours,"
Blaine Filthaut
Bombardier Credit Receivables Corp.
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, 1997"
BOMBARDIER CREDIT RECEIVABLES CORPORATION
(Depositor)
(Exact name of registrant as specified in its charter)
on behalf of
BOMBARDIER RECEIVABLES MASTER TRUST I
"(Issuer with respect to the Floating Rate Class A Asset Backed Certificates,"
"Series 1994-1 and the Fixed Rate Class B Asset Backed Certificates,"
Series 1994-1)
Delaware 33-69282 03-0340600
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
"1600 Mountain View Drive, Colchester, Vermont 05446 "
(Address of principal executive offices) (ZIP code)
"Registrant's telephone number, including area code: (802) 655-2824"
Page 1 of 9
Exhibit Index Appears on Page 4
<PAGE>
Item 5. Other Event
Information concerning interest distributions made on the Floating Rate
"Class A Asset Backed Certificates, Series 1994-1 and the Fixed Rate"
"Class B Asset Backed Certificates, Series 1994-1 (collectively, the"
Certificates) of the Bombardier Receivables Master Trust I ( the
"Trust) on April 15, 1997 is contained in the Distribution Date"
Statement provided to each holder of the Certificates. Such
Distribution Date Statement is attached hereto as Exhibit 99.1 and is
"incorporated herein by reference. In addition, information concerning"
the (I) aggregate amount of principal collections and non-principal
collections with respect to the Receivables held by the Trust (ii)
amounts payable on account of the Variable Funding Certificate and
(iii) amount of Receivables held by the Trust which has been determined
to be overdue is contained in the schedule attached hereto as Exhibit
99.2 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1. Distribution Date Statement relating to interest
" distributions made on April 15, 1997 on the Floating Rate"
" Class A Asset Backed Certificates, Series 1994-1 and the Fixed"
" Rate Class B Asset Backed Certificates, Series 1994-1."
99.2. Schedule detailing (i) the amount of principal
collections and non-principal collections allocable to the
Variable Funding Certificate for the Collection Period ending
" March 31, 1997, (ii) the total principal amount of Receivables"
included in the Trust as of the date of such Collection Period
which Bombardier Capital Inc. determined were overdue 31-60
" days, 61-90 days or 91 days or more, (iii) the aggregate"
amount of principal collections and non-principal collections
on the Receivables for such Collection Period and (iv) the
Monthly Servicing Fee payable on account of the Variable
Funding Certificate for such Collection Period.
<PAGE>
SIGNATURE
"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, thereunto duly authorized on the date indicated."
BOMBARDIER CREDIT RECEIVABLES CORPORATION
BY: _____________________________
Name: Blaine H. Filthaut
Title: Vice President
"Dated: April 17, 1997"
<PAGE>
EXHIBIT INDEX
Exhibit No. Page # Description
99.1 5 Distribution Date Statement relating to interest
" distributions made on April 15, 1997 on the Floating "
" Class A Asset Backed Certificates, Series 1994-1 and the "
" Fixed Rate Class B Asset Backed Certificates, Series 1994-1"
99.2 8 Schedule detailing (i) the amount of principal collections
and non-principal collections allocable to the Variable
Funding Certificate for the Collection Period ending
" March 31, 1997, (ii) the aggregate amount of principal "
Collections and non-principal collections on the receivables
for such Collection Period and (iii) the Monthly Servicing
Fee payable on account of the Variable Funding Certificate
for such Collection Period.
99.3 9 Schedule detailing (i) the total principal amount of
receivables included in the Trust as of
the end of such
Collection Period which Bombardier Capital
Inc. determined
" were overdue for 31-60 days, 61-90 days or
91 days or more,"
(ii) the age distribution of product receivables as a
percentage of total principal outstanding
as at March
" 31, 1997."
<PAGE>
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
DISTRIBUTION DATE STATEMENT Series 1994-1 4/15/97
Distribution Date:
1. Amount of principal paid or distributed:
(a) Class A Certificates: $0.00
$0.00 "per $1,000 original"
principal amount of Class A
Certificates
(b) Class B Certificates: "$23,500,000.00 "
"$1,000.00 " "per $1,000 original"
principal amount of Class B
Certificates
"2, Floating Allocation Percentage for such
Collection Period (Non-Principal Collection):" 9.80%
"2a, Floating Allocation Percentage for such
Collection Period (Principal Collection):" 45.43%
"3, Principal Allocation Percentage for such Collection Period:" 45.43%
4. Amount of interest paid or distributed:
(a) Class A Certificates: 0
$0.00 "per $1,000 original"
principal amount of Class A
Certificates
(b) Class B Certificates: "101,833.33"
4.333333333 "per $1,000 original"
principal amount of Class B
Certificates
5. Investor Default Amount for such Distribution Date: "$67,946.03 "
"6. Required Subordination Draw Amount, if any,"
for the preceding Collection Period
(or for such Distribution Date): $0.00
7. Amount of:
(a) Investor Charge-Offs for the preceding Collection Period: $0.00
(b) Reimbursements of Investor Charge-Offs for the $0.00
preceding Collection Period:
8. Amount of Class A Carryover Amount being paid or distributed
(if any) and amount remaining (if any):
(a) Distributed: $0.00
$0.00 "per $1,000 original"
principal amount of Class A
Certificates
(b) Balance: $0.00
$0.00 "per $1,000 original"
principal amount of Class A
Certificates
9. Amount of Class B Carryover Amount being paid or distributed
(if any) and amount remaining (if any):
(a) Distributed: $0.00
$0.00 "per $1,000 original"
principal amount of Class B
Certificates
(b) Balance: $0.00
$0.00 "per $1,000 original"
principal amount of Class B
Certificates
10. Pool Balance at end of related Collection Period "837,099,109.00"
11. After giving affect to distributions on this Distribution Date:
(a) Outstanding principal amount of Class A Certificates: $0.00
(b) Outstanding principal amount of Class B Certificates: $0.00
(c) Certificate Balance: $0.00
(d) Pool Factor for Class A Certificates: 0
(e) Pool Factor for Class B Certificates: 0
12. Applicable Interest Rate:
(a) In general:
(1) LIBOR for the period from the previous
Distribution Date to this Distribution Date: 5.44%
(2) Net Receivables Rate 9.54%
(b) Class A Rate: N/A
(c) Class B Rate: 5.20%
13. (a) Amount of Monthly Servicing Fee for the preceding
Collection Period
"143,750.00"
$1.67 "per $1,000 original"
principal amount of Certificates
(b) Excess Servicing Fee being distributed and
remaining balance (if any):
(1) Distributed: "$670,022.94 "
$8.79 "per $1,000 original"
principal amount of Certificates
(2) Balance: $0.00
$0.00 "per $1,000 original"
principal amount of Certificates
14. Invested Amount on this Distribution Date
(after giving effect to all distributions
which will occur on such Distribution Date): $0.00
15. The Available Subordinated Amount
On the immediately preceding
Distribution Date: "32,758,521.83"
On this Distribution Date: $0.00
16. The Incremental Subordinated Amount on the
immediately preceding Determination Date $0.00
17. The Reserve Fund Balance for this Distribution Date: $0.00
All amounts held in the Series 1994-1 Reserve
Fund are to be remitted to Bombardier Capital
Inc. on this Distribution Date
18. The Excess Funding Account Balance
for this Distribution Date: $0.00
19. Amount in the Excess Funding Account at the
beginning of an Early Amortization
Period or Initial Amortization Period to
be distributed as a payment
of principal in respect to:
(a) Class A Certificates:
(b) Class B Certificates (only if Class A
Certificates have been paid in full):
20. The Collection Account balance with respect
to this Distribution Date: "26,932,772.73"
21. An Early Amortization Event has occurred: No
22. The Servicer has elected not to extend the
Initial Principal Payment Date: No
23. The ratio (expressed as a percentage)
of (x) the average for each month
of the net losses on the Receivables in the
Pool during any 3 consecutive
calendar months to (y) the average of the month-end Pool Balances for
such three-month period is: 0.08%
24. Three-Month Payment Rate for the three (3)
consecutive Collection Periods
included in the period from Novemeber 1997 to January 1997
Three month Payment Rate:
January: 13.39%
February 16.48%
March 19.64%
Three month Average Payment Rate: 16.51%
A Three-Month Payment Rate Trigger has occurred: No
25. Portfolio Yield : 11.54%
26. Inventory Aging as of the end of the Collection Period:
0-120 days 56.60%
120-180 days 16.12%
180-270 days 14.08%
Over 270 13.18%
27. Optional removal of Receivables aged greater than 450 days 0
28. Eligible Investments on deposit in the Excess
Funding Account and amounts on deposit
in the Excess Funding Accounts for all other Series
on the Distribution Date as a percentage
of the assets of the Trust: 0.00%
Has an asset composition Event Occurred: No
29. Cumulative amount of 491 Day Aged Receivables
made Ineligible during Collection Period: "$13,907,022.78 "
Cumulative amount of 491 Day Aged Receivables made
Ineligible from Closing Date to
" current Collection Period (pre June 1, 1998)
or during current Origination Period "
" (post May 31, 1998):"
Put Limit: "$80,908,551.64 "
Has an Early Amortization Event Occurred: No
30. Principal Amount of Receivables subject to a Participation Interest
at end of Collection Period: $0.00
31. Product Line Breakdown
Bombardier: 45.05%
Marine: 31.68%
Recreational Vehicles: 4.84%
CEA: 4.62%
Manufactured Housing: 11.61%
Other: 2.20%
Total: 100.00%
32. Overconcentration Amounts:
Designated Manufacturer Concentration:
Concentration: $0.00
Industry Overconcentrations: $0.00
Dealer Overconcentrations: "$21,491,131.45 "
Manufacturer Overconcentrations: $0.00
Total Overconcentration Amounts: "$21,491,131.45 "
33. Total Investor Default Amount allocable to
1994-1 for Collection Period: "$67,946.03 "
34. Total Investor Default Amount at end of Collection
Period relating to non payment
of at least $150 of interest due more than 90 days:
35. Amount of Receivable purchased by the trust at a
discount during Collection Period: $0.00
36. Has an automatic Addition of Accounts Occurred: No
37. Pool data on Receivables added as Automatic Account Additions None
Prepared by: James Dolan
Director of Treasury
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
DISTRIBUTION DATE STATEMENT Series 1997-1
Distribution Date: 4/15/97
1. Amount of principal paid or distributed:
(a) Class A Certificates: $0.00
$0.00 "per $1,000 original"
principal amount of Class A
Certificates
(b) Class B Certificates: $0.00
$0.00 "per $1,000 original"
principal amount of Class B
Certificates
"2, Floating Allocation Percentage for such
Collection Period (Non-Principal Collection):" 48.51%
"2a, Floating Allocation Percentage for such
Collection Period (Principal Collection):" 12.88%
"3, Principal Allocation Percentage for such Collection Period:" N/A
4. Amount of interest paid or distributed:
(a) Class A Certificates: "1,796,388.89"
$4.49 "per $1,000 original"
principal amount of Class A
Certificates
(b) Class B Certificates: "126,023.88"
$4.65 "per $1,000 original"
principal amount of Class A
Certificates
5. Investor Default Amount for such Distribution Date: "$89,314.56 "
"6. Required Subordination Draw Amount, if any,"
for the preceding Collection Period
(or for such Distribution Date): $0.00
7. Amount of:
(a) Investor Charge-Offs for the preceding Collection Period: $0.00
(b) Reimbursements of Investor Charge-Offs for the $0.00
preceding Collection Period:
8. Amount of Class A Carryover Amount being paid or distributed
(if any) and amount remaining (if any):
(a) Distributed: $0.00
$0.00 "per $1,000 original"
principal amount of Class A
Certificates
(b) Balance: $0.00
$0.00 "per $1,000 original"
principal amount of Class A
Certificates
9. Amount of Class B Carryover Amount being paid or distributed
(if any) and amount remaining (if any):
(a) Distributed: $0.00
$0.00 "per $1,000 original"
principal amount of Class B
Certificates
(b) Balance: $0.00
$0.00 "per $1,000 original"
principal amount of Class B
Certificates
10. Pool Balance at end of related Collection Period "837,099,109.00"
11. After giving affect to distributions on this Distribution Date:
(a) Outstanding principal amount of
Class A Certificates: "$400,000,000.00 "
(b) Outstanding principal amount of
Class B Certificates: "$27,125,000.00 "
(c) Certificate Balance: "$427,125,000.00 "
(d) Pool Factor for Class A Certificates: 1
(e) Pool Factor for Class B Certificates: 1
12. Applicable Interest Rate:
(a) In general:
(1) LIBOR for the period from the previous
Distribution Date to this Distribution Date: 5.44%
(2) Net Receivables Rate 9.54%
(b) Class A Rate: 5.56%
(c) Class B Rate: 5.77%
13. (a) Amount of Monthly Servicing Fee for the
preceding Collection Period
"$711,875.00 "
$1.67 "per $1,000 original"
principal amount of Certificates
(b) Excess Servicing Fee being distributed
and remaining balance (if any):
(1) Distributed: "$1,395,349.62 "
$3.27 "per $1,000 original"
principal amount of Certificates
(2) Balance: $0.00
$0.00 "per $1,000 original"
principal amount of Certificates
14. Invested Amount on this Distribution Date
(after giving effect to all distributions
which will occur on such Distribution Date): "$427,125,000.00 "
15. The Available Subordinated Amount
On the immediately preceding
Distribution Date: "35,348,299.41"
On this Distribution Date: "36,088,175.48"
16. The Incremental Subordinated Amount on the
immediately preceding Determination Date
"$11,235,175.48 "
17. The Reserve Fund Balance for this
Distribution Date: "$2,135,625.00 "
18. The Excess Funding Account Balance
for this Distribution Date: $0.00
19. Amount in the Excess Funding Account at
the beginning of an Early Amortization
Period or Initial Amortization Period
to be distributed as a payment
of principal in respect to:
(a) Class A Certificates:
(b) Class B Certificates (only if Class A
Certificates have been paid in full):
20. The Collection Account balance with
respect to this Distribution Date: "$26,932,772.73 "
21. An Early Amortization Event has occurred: No
22. The Servicer has elected not to extend
the Initial Principal Payment Date: No
23. The ratio (expressed as a percentage) of
(x) the average for each month
of the net losses on the Receivables in the
Pool during any 3 consecutive
calendar months to (y) the average
of the month-end Pool Balances for
such three-month period is: 0.08%
24. Three-Month Payment Rate for the three
(3) consecutive Collection Periods
included in the period from Novemeber 1997 to January 1997
Three month Payment Rate:
November: 13.39%
December: 16.48%
January: 19.64%
Three month Average Payment Rate: 16.51%
A Three-Month Payment Rate Trigger has occurred: No
25. Portfolio Yield : 11.54%
26. Inventory Aging as of the end of the Collection Period:
0-120 days 56.60%
120-180 days 16.12%
180-270 days 14.08%
Over 270 13.18%
27. Optional removal of Receivables aged greater than 450 days 0
28. Eligible Investments on deposit in the Excess
Funding Account and amounts on deposit
in the Excess Funding Accounts for all other
Series on the Distribution Date as a percentage
of the assets of the Trust: 0.00%
Has an asset composition Event Occurred: No
29. Cumulative amount of 491 Day Aged
Receivables made Ineligible during Collection Period: "$13,907,022.78 "
Cumulative amount of 491 Day Aged
Receivables made Ineligible from Closing Date to
" current Collection Period (pre June 1, 1998)
or during current Origination Period "
" (post May 31, 1998):"
Put Limit: "$80,908,551.64 "
Has an Early Amortization Event Occurred: No
30. Principal Amount of Receivables subject to a Participation Interest
at end of Collection Period: $0.00
31. Product Line Breakdown
Bombardier: 45.05%
Marine: 31.68%
Recreational Vehicles: 4.84%
CEA: 4.62%
Manufactured Housing: 11.61%
Other: 2.20%
Total: 100.00%
32. Overconcentration Amounts:
Designated Manufacturer Concentration:
Concentration: $0.00
Industry Overconcentrations: $0.00
Dealer Overconcentrations: "$21,491,131.45 "
Manufacturer Overconcentrations: $0.00
Total Overconcentration Amounts: "$21,491,131.45 "
33. Total Investor Default Amount allocable to
1997-1 for Collection Period: "$89,314.56 "
34. Total Investor Default Amount at end of
Collection Period relating to non payment
of at least $150 of interest due more than 90 days:
35. Amount of Receivable purchased by the
trust at a discount during Collection Period: $0.00
36. Has an automatic Addition of Accounts Occurred: No
37. Pool data on Receivables added as Automatic Account Additions None
Prepared by: James Dolan
Director of Treasury
