Via EDGAR Transmission
9/29/99
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
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):September 29, 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
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 September 15, 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 September 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
August 31, 1999, (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.
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: Treasurer
Dated: September 29, 1999
EXHIBIT INDEX
Exhibit No. Page # Description
99.1 5 Distribution Date Statement relating to interest
distributions made on September 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
August 31,1999 (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: 9/15/99
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
DISTRIBUTION DATE STATEMENT Series 1997-1
Distribution Date: 09/15/99
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
<TABLE>
<CAPTION>
<S>
<C>
2Floating Allocation Percentage for such Collection Period (unweighted average): 58.23%
</TABLE>
3 Principal Allocation Percentage for such Collection Period: N/A
4. Amount of interest paid or distributed:
(a) Class A Certificates:
1,796,250.00
per $1,000 original principal amount of Class A Certificates 4.49
(b) Class B Certificates:
126,555.08
per $1,000 original principal amount of Class B Certificates 4.67 5.(a) Series
1997-1 Investor Default Amount for such Distribution Date:
964,490.48
6. Required Subordination Draw Amount, if any, 0
for the preceding Collection Period (or for such Distribution Date):
<TABLE>
<CAPTION>
<S> <C>
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
750,303,836
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
</TABLE>
12. Applicable Interest Rate:
(a) In general:
(1) LIBOR for the period from the previous Distribution Date to this
Distribution Date: 5.2688%
<TABLE>
<CAPTION>
<S> <C> <C>
(2) Net Receivables Rate 8.16%
(b) Class A Rate: 5.3888%
(c) Class B Rate: 5.5988%
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):
1,389,884
(1) Distributed:
1,389,884
(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:
24,859,127
On this Distribution Date:
24,859,127
16. The Incremental Subordinated Amount on the immediately preceding
Determination Date
-
On this Distribution Date:
-
17. The Reserve Fund Balance for this Distribution Date:
2,135,625
18. The Excess Funding Account Balance for this Distribution Date:
-
</TABLE>
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:
<TABLE>
<CAPTION>
<S> <C>
4,526,143.76
Series 1997-1 Interest Payments on Class A Certificates
1,796,250.00
Series 1997-1 Interest Payments on Class B Certificates
126,555.08
Series 1997-1 Investor Defaults (to be remitted to BCI)
964,490.48
Series 1996-1 Servicer Advances (to be remitted to BCI)
746,534.93
Series 1996-1 Investor Defaults (to be remitted to BCI)
362,439.56
Series 1997-2 Servicer Advances (to be remitted to BCI)
293,111.71
Series 1997-2 Investor Defaults (to be remitted to BCI)
158,066.92
Series 1997-2 Fees (to be remitted to ABN)
21,166.67
Collection Account Investment Proceeds (to be remitted to BCI)
22,628.68
Series 1997-1 Reserve Fund Investment Proceeds (to be remitted to BCI)
9,070.97
Series 1996-1 Reserve Fund Investment Proceeds (to be remitted to BCI)
5,374.47
Series 1997-2 Reserve Fund Investment Proceeds (to be remitted to BCI)
3,185.51
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)
17,268.78
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 Jun-99
</TABLE>
23. The ratio (expressed as a percentage) of (x) the average for each month of
the net losses on the Receivables Jul-99
in the Pool during any 3 consecutive calendar months to (y) the average
of the month-end Pool Balances for Aug-99
such three-month period is: -0.03% Averages
(Annualized three month average net losses) -0.30%
<TABLE>
<CAPTION>
<S> <C> <C>
24. Three-Month Payment Rate for the three (3) most recent Collection Periods: 27.87%
A Three-Month Payment Rate Trigger has occurred: NO
</TABLE>
25. Receivables Rate : 10.16%
26. Inventory Aging as of the end of the Collection Period:
0-120 45.0%
days
120-180 14.4%
days
180-270 17.7%
days
Over 270 23.0%
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 at the end of the
Interest Period as a percentage of the assets of the Trust: 0.00%
Has an asset composition Event Occurred: NO
29. Amount of 491 Day Aged Receivables made Ineligible during Collection Period:
5,674,489
Cumulative amount of 491 Day Aged Receivables made Ineligible from:
Aged Optional Put Limit:
Ineligibles: Removals:
June 1, 1999 to September 30, 1999: $22,364,453 $0 $53,217,154
Has an Early Amortization Event Occurred: NO
30. Principal Amount of Receivables subject to a Participation Interest at end
of Collection Period:
36,669,379.46
31. Product Line Breakdown Test Actual:
Level:
Bombardier: 50.00% 22.79%
Marine: 45.00% 24.80%
Recreational Vehicles: 15.00% 13.23%
CEA / Other: 10.00% 4.17%
Manufactured Housing: 35.00% 35.00%
Lawn & Garden: 10.00% 0.00%
-----
Total: 100%
32. Overconcentration Amounts:
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:
<TABLE>
<CAPTION>
<S> <C>
1,649,020
(b) BRMT I Non-Principal Collections Collection Period:
8,454,981
(c) BRMT I Principal Collections Collection Period:
166,129,892
(d) BRMT I Recovery Amount for Collection Period:
914,055
34. Total Defaulted Amount at end of Collection Period relating to non payment
of at least $150 of interest due more than 90 days:
1,548,494
35. Amount of Receivable purchased by the trust at a discount during
Collection Period: JFPMU565
12,089,396
36. Has an automatic Addition of Accounts Occurred: NO
37. Pool data on Receivables added as Automatic Account Additions N/A
</TABLE>
Prepared by: Mr. John Quinn
Securitization Manager
Bombardier Credit Receivables Corporation
DISTRIBUTION DATE STATEMENT VARIABLE FUNDING CERTIFICATE
Distribution Date: 09/15/99
For the Collection Period: 08/01/99 through 08/31/99
Aggregate Non-Principal Collections
8,454,981
Aggregate Principal Collections
166,129,892
Variable Funding Percentage (unweighted) 0.72%
Distributions on the Variable Funding Certificate:
Non-Principal Collection Distributions:
68,866
Principal Collection Distributions:
1,096,991
Variable Funding Amount as of the last day of the Collection Period:
33,795,334
Variable Funding Default Amount
28,609
Monthly Servicing Fee Due
10,567
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.
