Via EDGAR Transmission
17-Oct-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): October 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 1997-1 and the Fixed Rate
Class B Asset Backed Certificates," Series 1997-1)
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 1997-1 and the Fixed Rate" "Class B Asset Backed
Certificates, Series 1997-1 (collectively, the"
Certificates) of the Bombardier Receivables Master
Trust I ( the "Trust) on September 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 October 15, 1997 on the Floating Rate"
" Class A Asset Backed Certificates, Series 1997-1 and the Fixed"
" Rate Class B Asset Backed Certificates, Series 1997-1."
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
" August 31, 1996, (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: October 17, 1997"
<PAGE>
EXHIBIT INDEX
Exhibit No. Page # Description
99.1 5 Distribution Date Statement relating to interest
" distributions made on October 15, 1997 on the Floating "
" Class A Asset Backed Certificates, Series 1997-1 and the "
" Fixed Rate Class B Asset Backed Certificates, Series 1997-1"
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
" September 30, 1996, (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
October 31, 1997."
<PAGE>
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
DISTRIBUTION DATE STATEMENT Series 1997-1
Distribution Date: 10/15/97
1 Amount of principal paid or distributed:
(a) Class A Certificates: 0
" per $1,000 original principal amount of
Class A Certificates" 0
(b) Class B Certificates: 0
" per $1,000 original principal amount of
Class B Certificates" 0
2 Floating Allocation Percentage for such
Collection Period (unweighted average): 72.64%
3 Principal Allocation Percentage for such
Collection Period: N/A
4. Amount of interest paid or distributed:
(a) Class A Certificates: " 1,925,416.67 "
" per $1,000 original principal amount of
Class A Certificates" 4.81
(b) Class B Certificates: " 135,314.19 "
" per $1,000 original principal amount of
Class B Certificates" 4.99
5.(a) Series 1997-1 Investor Default Amount
for such Distribution Date: " 3,321,732.53 "
"6. Required Subordination Draw Amount, if any," 0
for the preceding Collection Period
(or for such Distribution Date):
7. (a) Amount of Investor Charge-Offs for the preceding
Collection Period: 0
(b) Amount of Reimbursements of Investor Charge-Offs
for the preceding period: 0
8. (a) Amount of Class A Carryover Amount being
paid or distributed 0
(b) Balance: 0
" Distributed per $1,000 original principal amount of
Class A Certificates" 0
9. (a) Amount of Class B Carryover Amount being
paid or distributed 0
(b) Balance: 0
" Distributed per $1,000 original principal amount of Class B
Certificates" 0
10. Pool Balance at end of related Collection Period " 608,992,409 "
11. After giving affect to distributions on this
Distribution Date:
(a) Outstanding principal amount of
Class A Certificates: " 400,000,000 "
(b) Outstanding principal amount of
Class B Certificates: " 27,125,000 "
(c) Certificate Balance: " 427,125,000 "
(d) Pool Factor for Class A Certificates: 1.00000000000
(e) Pool Factor for Class B Certificates: 1.00000000000
12. Applicable Interest Rate:
(a) In general:
(1) LIBOR for the period from the previous Distribution
Date to this Distribution Date: 5.6563%
(2) Net Receivables Rate 9.85%
(b) Class A Rate: 5.7763%
(c) Class B Rate: 5.9863%
13. (a) Amount of Monthly Servicing Fee for the preceding
Collection Period " 711,875 "
(b) Series 1997-1 Excess Servicing Fee being distributed
and remaining balance (if any): 0
(1) Distributed: 0
(2) Balance: 0
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: " 24,859,126.98 "
On this Distribution Date: " 24,859,126.98 "
16. The Incremental Subordinated Amount on the
immediately preceding Determination Date 0
On this Distribution Date: " 2,911,028.47 "
17. The Reserve Fund Balance for this Distribution
Date: " 2,135,625.00 "
18. The Excess Funding Account Balance for this
Distribution Date: 0
19. Amount in the Excess Funding Account at the beginning
of an Early Amortization Period or Intitial Amortization
Period to be distributed as a payment of principal in
respect to:
(a) Class A Certificates: N/A
(b) Class B Certificates (only if Class A Certificates
have been paid in full): N/A
20. The minimum Collection Account balance with respect to
this Distribution Date: " 6,382,826.83 "
Series 1997-1 Interest Payments on
Class A Certificates " 1,925,416.67 "
Series 1997-1 Interest Payments on
Class B Certificates " 135,314.19 "
Series 1997-1 Investor Defaults
(to be remitted to BCI) " 3,321,732.53 "
Series 1996-1 Servicer Advances
(to be remitted to BCI) " 332,805.09 "
Series 1996-1 Investor Defaults
(to be remitted to BCI) " 638,730.29 "
Collection Account Investment Proceeds
(to be remitted to BCI) " 14,712.54 "
Series 1997-1 Reserve Fund Investment Proceeds
(to be remitted to BCI) " 9,238.89 "
Series 1996-1 Reserve Fund Investment Proceeds
(to be remitted to BCI) " 4,876.64 "
Series 1997-1 Excess Fund Account Investment Proceeds
(to be remitted to BCI) 0
Series 1996-1 Excess Fund Account Investment Proceeds
(to be remitted to BCI) 0
21. An Early Amortization Event has occurred: NO
22. The Servicer has elected not to extend the Initial
Principal Payment Date: N/A
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: 0.24%
24. Three-Month Payment Rate for the three (3) most recent
Collection Periods: 22.81%
A Three-Month Payment Rate Trigger has occurred: NO
25. Receivables Rate : 11.85%
26. Inventory Aging as of the end of the
Collection Period:
0-120 days 46.2%
120-180 days 17.1%
180-270 days 16.3%
Over 270 20.3%
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: 0.0%
Has an asset composition Event Occurred: NO
29. Amount of 491 Day Aged Receivables made Ineligible
during Collection Period: " 2,784,888 "
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):" "$39,259,990.91"
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
31. Product Line Breakdown
Bombardier: 50.3%
Marine: 29.6%
Recreational Vehicles: 6.2%
CEA: 2.5%
Manufactured Housing: 11.0%
Other: 0.3%
Total: 100%
32. Overconcentration Amounts:
Designated Manufacturer Concentration: " 2,114,976 "
Industry Overconcentrations: 0
Dealer Overconcentrations: " 1,807,273 "
Manufacturer Overconcentrations: 0
Total Overconcentration Amounts: " 3,922,249 "
33. (a) BRMT I Defaulted Amount for Collection Period: " 4,681,261 "
(b) BRMT I Non-Principal Collections Collection Period: " 8,542,308 "
(c) BRMT I Principal Collections Collection Period: " 109,334,023 "
34. Total Defaulted Amount at end of Collection Period relating
to non payment of at least $150 of interest due more than
90 days: " 4,294,946 "
35. Amount of Receivable purchased by the trust at a
discount during Collection Period: " 3,351,850 "
36. Has an automatic Addition of Accounts Occurred: NO
37. Pool data on Receivables added as Automatic Account Additions N/A
Prepared by: James Dolan
Director of Securitization
DISTRIBUTION DATE STATEMENT VARIABLE
FUNDING CERTIFICATE
Distribution Date: 10/15/97
For the Collection Period: 09/01/97 through 09/30/97
Aggregate Non-Principal Collections " 8,542,308 "
Aggregate Principal Collections " 109,334,023 "
Variable Funding Percentage (unweighted) 8.86%
Distributions on the Variable Funding
Certificate:
Non-Principal Collection Distributions: " 753,929 "
Principal Collection Distributions: " 9,866,528 "
Variable Funding Amount as of the last day of the
Collection Period: 45,578,929 "
Variable Funding Default Amount " 335,432 "
Monthly Servicing Fee Due " 87,970 "
"Note: As per Article IV, Section 4.01, of the
Series 1994-1 Supplement to the Pooling and
Servicing Agreement, deposits into the Collection
Account are net of the sum of (i) the Variable
Funding Percentage of such Collections and"(ii)
the Excess Retained Percentage of such Collections,
resulting in no payment by the Trustee."
Prepared by: James Dolan
Director of Securitization
Bombardier Capital Inc.
