Via EDGAR Transmission
20-Jul-98
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
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):July 20, 1998"
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 July 15, 1998 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 July 15,1998 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
" June 30, 1998, (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: Blaine Filthault
Name: Blaine H. Filthaut
Title: Vice President
"Dated: July 20,1998"
<PAGE>
EXHIBIT INDEX
Exhibit No. Page # Description
99.1 5 Distribution Date Statement relating to interest
" distributions made on July 15, 1998 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
" June 30,1998 (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
" 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 June 30, 1998."
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
DISTRIBUTION DATE STATEMENT Series 1997-1
Distribution Date: 07/15/98
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): 61.41%
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:
" 1,275,786.57 "
"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 -
(b) Balance: 0
" Distributed per $1,000 original principal amount of Class A Certificates"
0.00
9. (a) Amount of Class B Carryover Amount being paid or distributed -
(b) Balance: 0
" Distributed per $1,000 original principal amount of Class B Certificates"
0.00
10. Pool Balance at end of related Collection Period " 659,277,902 "
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 9.84%
(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): " 3,301,573 "
(1) Distributed: " 3,301,573 "
(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 "
15. The Available Subordinated Amount (inclusive of incremental subordination)
On the immediately preceding Distribution Date: " 26,035,220 "
On this Distribution Date: " 27,058,056 "
16. The Incremental Subordinated Amount on the immediately preceding
Determination Date " 1,176,093 "
On this Distribution Date: " 2,198,929 "
17. The Reserve Fund Balance for this Distribution Date: " 2,135,625 "
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: " 4,952,556.16 "
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) " 1,275,786.57 "
Series 1996-1 Servicer Advances (to be remitted to BCI) " 487,913.26 "
Series 1996-1 Investor Defaults (to be remitted to BCI) " 268,923.34 "
Series 1997-2 Servicer Advances (to be remitted to BCI) " 479,019.73 "
Series 1997-2 Investor Defaults (to be remitted to BCI) " 298,691.62 "
Series 1997-2 Fees (to be remitted to ABN) " 12,500.00 "
Collection Account Investment Proceeds (to be remitted to BCI) 53,913.99
Series 1997-1 Reserve Fund Investment Proceeds (to be remitted to BCI)
" 9,510.33 "
Series 1996-1 Reserve Fund Investment Proceeds (to be remitted to BCI)
" 3,339.89 "
Series 1997-2 Reserve Fund Investment Proceeds (to be remitted to BCI)
" 2,226.57 "
Series 1997-1 Excess Fund Account Investment Proceeds (to be remitted to BCI)
Series 1996-1 Excess Fund Account Investment Proceeds (to be remitted to BCI)
Series 1997-2 Excess Fund Account Investment Proceeds (to be remitted to BCI)
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: -0.02%
24. Three-Month Payment Rate for the three (3) most recent Collection Periods:
26.09%
A Three-Month Payment Rate Trigger has occurred: NO
25. Receivables Rate : 11.84%
26. Inventory Aging as of the end of the Collection Period:
0-120 days 48.0%
120-180 days 18.1%
180-270 days 15.4%
Over 270 18.5%
27. Optional removal of Receivables aged greater than 450 days during
the related Collection Period -
28. Eligible Investments on deposit in the Excess Funding Account and
amounts on deposit
in the Excess Funding Accounts for all other Series as of 7/8/98 as a
percentage of the assets of the Trust: 3.63%
Has an asset composition Event Occurred: NO
29. Amount of 491 Day Aged Receivables made Ineligible during
Collection Period: " 696,619 "
Cumulative amount of 491 Day Aged Receivables made Ineligible from:
Aged Ineligibles: Optional Removals: Put Limit:
Closing Date to May 31, 1998:
"$75,380,805 $70,297,130 $80,908,552"
June 1, 1998 to September 30, 1998:
$2,998,643 $0 $65,960,195"
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 Test Level: Actual:
Bombardier: 50.00% 37.53%
Marine: 45.00% 30.95%
Recreational Vehicles: 15.00% 8.86%
CEA / Other: 10.00% 4.22%
Manufactured Housing: 35.00% 18.29%
Lawn & Garden: 10.00% 0.07%
Total: 100%
32. Overconcentration Amounts:
Designated Manufacturer Concentration: -
Industry Overconcentrations: -
Dealer Overconcentrations: " 3,199,101 "
Manufacturer Overconcentrations: -
Total Overconcentration Amounts: " 3,199,101 "
33. (a) BRMT I Defaulted Amount for Collection Period: " 2,039,036 "
(b) BRMT I Non-Principal Collections Collection Period: " 11,830,415 "
(c) BRMT I Principal Collections Collection Period: " 218,921,726 "
34. Total Defaulted Amount at end of Collection Period relating to non payment
of at least $150 of interest due more than 90 days: " 1,649,372 "
35. Amount of Receivable purchased by the trust at a discount during
Collection Period: " 4,990,592 "
36. Has an automatic Addition of Accounts Occurred: NO
37. Pool data on Receivables added as Automatic Account Additions N/A
Prepared by: Mr. John Quinn
Securitization Manager
Bombardier Credit Receivables Corporation
DISTRIBUTION DATE STATEMENT VARIABLE FUNDING CERTIFICATE
Distribution Date: 07/15/98
For the Collection Period: 06/01/98 through 06/30/98
Aggregate Non-Principal Collections " 11,830,415 "
Aggregate Principal Collections " 218,921,726 "
Variable Funding Percentage (unweighted) 1.85%
Distributions on the Variable Funding Certificate:
Non-Principal Collection Distributions: " 212,550 "
Principal Collection Distributions: " 4,033,522 "
Variable Funding Amount as of the last day of the Collection Period: 2
Variable Funding Default Amount " 25,838 "
Monthly Servicing Fee Due " 21,433 "
"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: Mr. John Quinn
Securitization Manager
Bombardier Capital Inc.
