Via EDGAR Transmission
6/17/99
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,
/s/James Dolan
James Dolan
Assistant Treasurer
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):May 28, 1999
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 Floating 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 Floating Rate Class B Asset
Backed Certificates, Series 1997-1 (collectively, the Certificates) of the
Bombardier Receivables Master Trust I ( the Trust) on June 17, 1999 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
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 May 15,1999 on the Floating Rate Class A Asset Backed
Certificates, Series 1997-1 and the Floating 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
May 31, 19999 (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.
<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
/s/ James Dolan
Name: James Dolan
Title: Assistant Treasurer
Dated: June 17, 1999
<PAGE>
EXHIBIT INDEX
Exhibit No. Page # Description
99.1 5 Distribution Date Statement relating to interest
distributions made on May 15, 1999 on the Floating
Class A Asset Backed Certificates, Series 1997-1 and the
Floating 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
April 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.
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
DISTRIBUTION DATE STATEMENT Series 1997-1
Distribution Date: 06/15/99
1 Amount of principal paid or distributed:
<TABLE>
<CAPTION>
<S> <C>
(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): 0.435894237
3 Principal Allocation Percentage for such Collection Period: N/A
4. Amount of interest paid or distributed:
(a) Class A Certificates: 1618361.111
per $1,000 original principal amount of Class A Certificates 4.045902778
(b) Class B Certificates: 114333.7587
per $1,000 original principal amount of Class B Certificates 4.215069444
5.(a) Series 1997-1 Investor Default Amount for such Distribution Date: 1116730.509
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 962585369.3 11. After
giving affect to distributions on this Distribution Date:
(a) Outstanding principal amount of Class A Certificates: 400000000
(b) Outstanding principal amount of Class B Certificates: 27125000
(c) Certificate Balance: 427125000
(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: 0.049025
(2) Net Receivables Rate 0.0804
(b) Class A Rate: 0.050225
(c) Class B Rate: 0.052325
13. (a) Amount of Monthly Servicing Fee for the preceding Collection Period 711875
(b) Series 1997-1 Excess Servicing Fee being distributed and remaining balance (if any): 777154.0269
(1) Distributed: 777154.0269
(2) Balance: 0
14. Invested Amount on this Distribution Date (after giving effect to all
distributions
which will occur on such Distribution Date): 427125000
15. The Available Subordinated Amount (inclusive of incremental subordination)
On the immediately preceding Distribution Date: 24859126.98
On this Distribution Date: 24859126.98
16. The Incremental Subordinated Amount on the immediately preceding Determination Date 0
On this Distribution Date: 0
17. The Reserve Fund Balance for this Distribution Date: 2135625
18. The Excess Funding Account Balance for this Distribution Date: 11297320
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: 6161695.291
Series 1997-1 Interest Payments on Class A Certificates 1618361.111
Series 1997-1 Interest Payments on Class B Certificates 114333.7587
Series 1997-1 Investor Defaults (to be remitted to BCI) 1116730.509
Series 1996-1 Servicer Advances (to be remitted to BCI) 1400482.237
Series 1996-1 Investor Defaults (to be remitted to BCI) 788795.8229
Series 1997-2 Servicer Advances (to be remitted to BCI) 657982.6955
Series 1997-2 Investor Defaults (to be remitted to BCI) 392179.2833
Series 1997-2 Fees (to be remitted to ABN) 26583.33333
Collection Account Investment Proceeds (to be remitted to BCI) 23059.37
Series 1997-1 Reserve Fund Investment Proceeds (to be remitted to BCI) 8527.67
Series 1996-1 Reserve Fund Investment Proceeds (to be remitted to BCI) 7022.57
Series 1997-2 Reserve Fund Investment Proceeds (to be remitted to BCI) 2994.71
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) 4642.22
Series 1997-2 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: 0.000677567
(Annualized three month average net losses) 0.008130808
24. Three-Month Payment Rate for the three (3) most recent Collection Periods: 0.207579126
A Three-Month Payment Rate Trigger has occurred: NO
25. Receivables Rate : 0.1004
26. Inventory Aging as of the end of the Collection Period:
0-120 days 0.4629
120-180 days 0.2051
180-270 days 0.1815
Over 270 0.1503
27. Optional removal of Receivables aged greater than 450 days during the related Collection Period 0
28. Eligible Investments on deposit in the Excess Funding Account and amounts on deposit
in the Excess Funding Accounts for all other Series at the end of the Interest Period as a percentage
of the assets of the Trust: 0.011367509
Has an asset composition Event Occurred: NO
29. Amount of 491 Day Aged Receivables made Ineligible during Collection Period: 7244449.92
</TABLE>
Cumulative amount of 491 Day Aged Receivables made Ineligible from:
<TABLE>
<CAPTION>
Aged Ineligibles: Optional Removals Put Limit:
<S> <C> <C> <C> <C> <C> <C>
February 1, 1999 to May 31, 1999: 31578571.53 0 42063587.95
</TABLE>
Has an Early Amortization Event Occurred: NO
30. Principal Amount of Receivables subject to a Participation
Interest at end of Collection Period: 15624597.35
31. Product Line Breakdown Actual: Test Level:
Bombardier: 0.5 0.261746018
Marine: 0.45 0.239657996
Recreational Vehicles: 0.15 0.110290755
CEA / Other: 0.1 0.039898299
Manufactured Housing: 0.35 0.348406932
Lawn & Garden: 0.1 0
Total: 1
<TABLE>
<CAPTION>
32. Overconcentration Amounts:
<S> <C>
Designated Manufacturer Concentration: 0
Industry Overconcentrations: 0
Dealer Overconcentrations: 0
Manufacturer Overconcentrations: 0
Total Overconcentration Amounts: 0
33. (a) BRMT I Defaulted Amount for Collection Period: 2536550.54
(b) BRMT I Non-Principal Collections Collection Period: 9880124.417
(c) BRMT I Principal Collections Collection Period: 200631132.1
(d) BRMT I Recovery Amount for Collection Period: 771092
34. Total Defaulted Amount at end of Collection Period relating to non payment
of at least $150 of interest due more than 90 days: 2307714.09
35. Amount of Receivable purchased by the trust at a discount during Collection Period: 17073021.89
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: 06/15/99
For the Collection Period: 05/01/99 through 05/31/99
Aggregate Non-Principal Collections 9,880,124
Aggregate Principal Collections 200,631,132
Variable Funding Percentage (unweighted) 0.47%
Distributions on the Variable Funding Certificate:
Non-Principal Collection Distributions: 74,590
Principal Collection Distributions: 1,048,865
Variable Funding Amount as of the last day of the Collection Period: 7,402,790
Variable Funding Default Amount 33,526
Monthly Servicing Fee Due 7,986
</TABLE>
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.
