8-K 1 doc1.txt UNITED STATES 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): January 11, 2002 NATIONSCREDIT GRANTOR TRUST 1997-1 ---------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-22327 75-2655744 -------- --------- ------------------- (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification Number) incorporation) 1355 Windward Concourse Alpharetta, Georgia 30005 (Address of principal executive offices) ---------------------------------------- (Registrant's telephone number, including area code): (678) 339-9343 Item 5. Other Events ------------- This Current Report on Form 8-K is being filed to file a copy of the Certificateholders Statements relating to the Collection Period ending December 31, 2001. Capitalized terms not defined herein have the meanings assigned in the Pooling and Servicing Agreement (with Standard Terms and Conditions attached thereto) dated as of April 30, 1997 among NationsCredit Securitization Corporation, NationsCredit Commercial Corporation of America and Bankers Trust Company, as Trustee, which was previously filed as an exhibit to the Current Report on Form 8-K filed on behalf of the Trust by NationsCredit Commercial Corporation of America on June 4, 1997. Item 7. Financial Statement, Pro Forma Financial Statements and Exhibits ---------------------------------------------------------------- (c) Exhibits. Exhibit No. 19.1 Certificateholders Statements SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NATIONSCREDIT GRANTOR TRUST 1997-1 ---------------------------------- (Registrant) By: NationsCredit Commercial Corporation of America, as Servicer of NationsCredit Grantor Trust 1997-1 Dated: January 11, 2002 ------------------ By: /s/ Rhonda Nantz ------------------- Name: Rhonda Nantz Title: Vice President (Duly Authorized Officer) EXHIBIT INDEX --------------- Exhibit Number Description -------- ----------- 19.1 Certificateholders Statements

EXHIBIT 19.1 STATEMENT TO CERTIFICATEHOLDERS NATIONSCREDIT GRANTOR TRUST 1997 - 1 Pursuant to the Pooling and Servicing Agreement, dated as of May 22, 1997 among NationsCredit Securitization Corporation (as "Seller"), NationsCredit Corporation of America (as "Servicer") and Bankers Trust Company (as "Trustee" and "Collateral Agent"), the Servicer is required to prepare certain information each month regarding distribution to Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date is set forth below. Month. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~Nov~~Dec-01 Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01-~~Nov~~Dec-01 Determination Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-~~Dec~~Jan-0102 Deposit Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-~~Dec~~Jan-0102 Distribution Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1715-~~Dec~~Jan-0102 POOL BALANCE Pool Balance on the close of the last day of the Collection Period (Record Date) 4241,~~686~~409,~~902~~574.2254 Pool Factor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2322.~~4825822~~7799087% Ending Certificate Balance (per $1,000 certificate). . . . . . . . . . . . . . . ~~235~~228 Liquidation Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3067,~~143~~476 Purchase Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE) Interest Payments: Monthly Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.~~359~~321 Carry-Over Monthly Interest Payment. . . . . . . . . . . . . . . . . . . . . . . - -------------- TOTAL INTEREST PAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.~~359~~321 ============== Principal Payments: Monthly Marine Principal Payment . . . . . . . . . . . . . . . . . . . . . . . . 67.~~848~~027 Carry-Over Monthly Marine Principal Payment. . . . . . . . . . . . . . . . . . . - -------------- TOTAL PRINCIPAL PAYMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67.~~848~~027 ============== Servicing Fee: Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.063 Carry-Over Monthly Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . - -------------- TOTAL MARINE SERVICING FEE . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.063 ==============

MONTHLY SERVICERS CERTIFICATE NATIONSCREDIT GRANTOR TRUST 1997 - 1 Pursuant to the Pooling and Servicing Agreement, dated as of May 31, 1997 among NationsCredit Securitization Corporation (as "Seller"), NationsCredit Corporation of America (as "Servicer") and Bankers Trust Company (as "Trustee" and "Collateral Agent"), the Servicer is required to prepare certain information each month regarding distribution to Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date is set forth below. Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~Nov~~Dec-01 Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01-~~Nov~~Dec-01 Determination Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-~~Dec~~Jan-0102 Deposit Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-~~Dec~~Jan-0102 Distribution Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1715-~~Dec~~Jan-0102 POOL BALANCE Pool Balance on the close of the last day of the preceding Collection Period. . . . . . . . . . . 4342,~~931~~686,~~662~~902.9422 Principal Collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~050~~098,~~317~~984.9384 Purchase Amounts Allocable to Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Defaulted Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~194~~178,~~442~~342.7984 Pool Balance on the close of the last day of the Collection Period. . . . . . . . . . . . . . . . 4241,~~686~~409,~~902~~574.2254 Original Pool Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,781,125.63 Pool Factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2322.~~48258~~77991% Preference Amounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Certificate Pass-Through Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.75% Servicing Fee Rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% AVAILABLE FUNDS Collections allocable to interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~378~~362,~~029~~522.8413 Purchase Amounts allocable to interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Liquidation Proceeds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3067,~~142~~476.5010 Collections allocable to principal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~050~~098,~~317~~984.9384 Purchase Amounts allocable to principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Other Available Funds - Interest on Collection or Certificate Account . . . . . . . . . . . . . . - --------------- TOTAL AVAILABLE FUNDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~458~~528,~~490~~983.2707 =============== INTEREST PAYMENT Monthly Interest Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~247~~240,~~115~~113.6082 Carry-Over Monthly Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - --------------- TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~247~~240,~~115~~113.6082 =============== PRINCIPAL PAYMENT Monthly Principal Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~244~~277,~~760~~327.7268 Carry-Over Monthly Principal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - --------------- TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~244~~277,~~760~~327.7268 =============== SERVICING FEE Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2726,~~457~~679.2931 Carry-Over Monthly Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -27,457.29 --------------- TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2754,~~457~~136.2960 =============== DEPOSIT TO THE CERTIFICATE ACCOUNT Available Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~458~~528,~~490~~983.2707 Reserve Account Withdrawal Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~33,386.05~~- Surety Drawing Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - --------------- TOTAL DEPOSIT TO THE CERTIFICATE ACCOUNT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~491~~528,~~876~~983.3207 =============== DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT Monthly Interest Payment and any Carry-Over Monthly Interest. . . . . . . . . . . . . . . . . . . ~~247~~240,~~115~~113.6082 Monthly Principal Payment and any Carry-Over Monthly Principal. . . . . . . . . . . . . . . . . . 1,~~244~~277,~~760~~327.7268 Servicing Fee and any Carry-Over Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . -11,541.57 Distributions to the Surety Bond Provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Distributions to the Reserve Account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.00 Distributions to the Seller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Carry-Over Monthly Interest to the next Distribution Date . . . . . . . . . . . . . . . . . . . . - Carry-Over Monthly Principal to the next Distributions Date . . . . . . . . . . . . . . . . . . . - Carry-Over Servicing Fee to the next Distribution Date. . . . . . . . . . . . . . . . . . . . . . 2742,~~457~~595.2903 RESERVE ACCOUNT Reserve Account Balance as of the end of the preceding Collection Period. . . . . . . . . . . . . 3,~~635~~608,~~622~~432.5188 Earnings from investments on the Reserve Account. . . . . . . . . . . . . . . . . . . . . . . . . 6,~~196~~029.4258 Reserve Account Withdrawal Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~33,386.05~~- Deposits to the Reserve Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.00 --------------- Reserve Account Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,~~608~~614,~~432~~462.8846 =============== Distributions of any excess amounts on deposit in the Reserve Account . . . . . . . . . . . . . . - --------------- Ending Reserve Account Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,~~608~~614,~~432~~462.8846 =============== Reserve Account Balance as a % of the Pool Balance. . . . . . . . . . . . . . . . . . . . . . . . 8.4573% Specified Reserve Account Requirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,635,622.51 Amount needed to fully fund Reserve Account . . . . . . . . . . . . . . . . . . . . . . . . . . . 2721,~~189~~160.6305 SURETY BOND Outstanding Reimbursement Obligations at the end of the preceeding Collection Period. . . . . . . 04,393.0017 Preference Amounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Surety Drawing Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Surety Bond Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,~~393~~268.1769 Interest on Outstanding Reimbursement Obligations at the end of the preceeding Collection Period. 019.0022 Amounts due to Surety Bond Provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,~~393~~681.1708 Distributions to the Surety Bond Provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Remaining Reimbursement Obligations Owed to the Surety Bond Provider. . . . . . . . . . . . . . . 48,~~393~~681.1708 NET CREDIT LOSS RATIO Net Credit Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~164~~110,~~300~~866.2974 For the Current Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.5516% For the preceding Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.3055% For the second preceding Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6130% Average Net Credit Loss Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1534% DELINQUENCY ANALYSIS Number of Loans 30 to 59 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~164~~160 60 to 89 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6359 90 or more days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4344 --------------- TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~270~~263 =============== Principal Balance 30 to 59 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~612~~671,~~545~~143.5576 60 to 89 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~642~~627,~~515~~426.8604 90 or more days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~453~~436,~~018~~733.8598 --------------- TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,~~708~~735,~~080~~303.2678 =============== Delinquency Ratio For the current Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3461% For the preceding Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6434% For the second preceding Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1564% Average Delinquency Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3853% REPOSSESSION ANALYSIS Current Balance of Contracts where Repossession Occurred in the Current Month . . . . . . . . . . ~~126~~173,~~387~~663.0306 Number of Contracts where Repossession Occurred in the Current Month. . . . . . . . . . . . . . . 915 WEIGHTED AVERAGE COMPUTATIONS Weighted Average Coupon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.71% Weighted Average Original Term (months) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122.00 Weighted Average Remaining Term (months). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7473.4983 Number of OutStanding Accounts - End pf Period. . . . . . . . . . . . . . . . . . . . . . . . . . 5,~~263~~199 CASH SETTLEMENT FOR THE TRUSTEE Available Funds due from the Collection Account to Certificate Account . . . . . . . . . . . . . . 1,~~458~~528,~~490~~983.2707 Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -11,541.57 Interest allocable to the Seller's Certificate . . . . . . . . . . . . . . . . . . . . . . . . . . 0.17 Principal amount allocable to the Seller's Certificate . . . . . . . . . . . . . . . . . . . . . . 0.8688 Wire Funds to the Surety Bond Provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Net Deposit From Collection Account to the Certificate Account . . . . . . . . . . . . . . . . . . 1,~~458~~517,~~489~~440.2445 Reserve Account deposit to Certificate Account . . . . . . . . . . . . . . . . . . . . . . . . . . ~~33,386.05~~- Surety Bond deposit to Certificate Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total Deposit to the Certificate Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~491~~517,~~875~~440.2945 Wire Funds to the Certificateholders - Interest Amounts. . . . . . . . . . . . . . . . . . . . . . ~~247~~240,~~115~~113.4365 Wire Funds to the Certificateholders - Principal Amounts . . . . . . . . . . . . . . . . . . . . . 1,~~244~~277,~~759~~326.8680 Deposit Funds into the Reserve Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.00 Wire Funds to NationsCredit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -(0.00) Approved by: /s/ RHONDA NANTZ ------------------ Rhonda Nantz Vice President [NATIONSCREDIT GRANTOR TRUST LETTERHEAD] ---------------------------------------- ~~NOVEMBER~~JANUARY 911, ~~2001~~2002 BY EDGAR Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549 Re: NationsCredit Grantor Trust 1997 - 1 Ladies and Gentlemen: On behalf of NationsCredit Grantor Trust 1997 - 1 (the "Trust") filed herewith via EDGAR is the Trust's Current Report on Form 8-K. Should you have any questions with regard to the filing, please call the undersigned at (704) 387-3780. Very truly yours, /s/ RHONDA NANTZ ------------------ Rhonda Nantz Vice President

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