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): March 15, 2002 --------------- NATIONSCREDIT GRANTOR TRUST 1996-1 ---------------------------------- (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 February 28, 2002. 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 January 31, 1996 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 April 5, 1996. 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 1996-1 ---------------------------------- (Registrant) By: NationsCredit Commercial Corporation of America, as Servicer of NationsCredit Grantor Trust 1996-1 Dated: March 15, 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 1996 - 1 Pursuant to the Pooling and Servicing Agreement, dated as of January 31, 1996 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~Jan~~Feb-02 Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01-~~Jan~~Feb-02 Determination Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-~~Feb~~Mar-02 Deposit Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-~~Feb~~Mar-02 Distribution Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-~~Feb~~Mar-02 POOL BALANCE Pool Balance on the close of the last day of the Collection Period (Record Date) 2827,~~159~~086,~~011~~675.3010 Pool Factor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.~~61638~~13593% Ending Certificate Balance (per $1,000 certificate). . . . . . . . . . . . . . . ~~126~~121.1636 Liquidation Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2234,~~625~~855.8831 Purchase Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -23,949.23 AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE) Interest Payments: Monthly Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.~~636~~615 Carry-Over Monthly Interest Payment. . . . . . . . . . . . . . . . . . . . . . . - -------------- TOTAL INTEREST PAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.~~636~~615 ============== Principal Payments: Monthly Marine Principal Payment . . . . . . . . . . . . . . . . . . . . . . . . 4.~~302~~805 Carry-Over Monthly Marine Principal Payment. . . . . . . . . . . . . . . . . . . - -------------- TOTAL PRINCIPAL PAYMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.~~302~~805 ============== Servicing Fee: Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.~~082~~079 Carry-Over Monthly Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . - -------------- TOTAL SERVICING FEE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.~~082~~079 ============== SURETY BOND Surety Bond Amount for the current Distribution Date . . . . . . . . . . . . . . 7,~~279~~039,~~805~~752.7782 Surety Bond Amount as a % of the Pool Balance. . . . . . . . . . . . . . . . . . 25.~~85249~~98973%

MONTHLY SERVICERS CERTIFICATE NATIONSCREDIT GRANTOR TRUST 1996 - 1 Pursuant to the Pooling and Servicing Agreement, dated as of January 31, 1996 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~Jan~~Feb-02 Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01-~~Jan~~Feb-02 Determination Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-~~Feb~~Mar-02 Deposit Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-~~Feb~~Mar-02 Distribution Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-~~Feb~~Mar-02 POOL BALANCE Pool Balance on the close of the last day of the preceding Collection Period . 2928,~~119~~159,~~223~~011.0730 Principal Collections. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~858~~982,~~180~~171.1537 Purchase Amounts Allocable to Principal. . . . . . . . . . . . . . . . . . . . -23,949.23 Defaulted Receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~102~~66,~~031~~215.6260 Pool Balance on the close of the last day of the Collection Period . . . . . . 2827,~~159~~086,~~011~~675.3010 Original Pool Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,194,105.12 Pool Factor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.~~61638~~13593% Preference Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Certificate Pass-Through Rate. . . . . . . . . . . . . . . . . . . . . . . . . 5.85% Servicing Fee Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% AVAILABLE INTEREST Collections allocable to interest. . . . . . . . . . . . . . . . . . . . . . . ~~272~~236,~~279~~107.6245 Liquidation Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2234,~~625~~855.8831 Purchase Amounts allocable to interest . . . . . . . . . . . . . . . . . . . . -131.72 --------------- TOTAL INTEREST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~294~~271,~~905~~094.5048 =============== AVAILABLE PRINCIPAL Collections allocable to principal . . . . . . . . . . . . . . . . . . . . . . ~~858~~982,~~180~~171.1537 Purchase Amounts allocable to principal. . . . . . . . . . . . . . . . . . . . -23,949.23 --------------- TOTAL PRINCIPAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~858~~1,~~180~~006,120.1560 =============== AVAILABLE FUNDS Collections allocable to interest. . . . . . . . . . . . . . . . . . . . . . . ~~272~~236,~~279~~107.6245 Liquidation Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2234,~~625~~855.8831 Purchase Amounts allocable to interest . . . . . . . . . . . . . . . . . . . . -131.72 Collections allocable to principal . . . . . . . . . . . . . . . . . . . . . . ~~858~~982,~~180~~171.1537 Purchase Amounts allocable to principal. . . . . . . . . . . . . . . . . . . . -23,949.23 --------------- TOTAL AVAILABLE FUNDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~153~~277,~~085~~215.6508 =============== DEPOSIT TO THE CERTIFICATE ACCOUNT Available Funds allocable to interest. . . . . . . . . . . . . . . . . . . . . ~~294~~271,~~905~~094.5048 Available Funds allocable to principal . . . . . . . . . . . . . . . . . . . . ~~858~~1,~~180~~006,120.1560 Reserve Account Interest Withdrawal. . . . . . . . . . . . . . . . . . . . . . - Surety Interest Drawing. . . . . . . . . . . . . . . . . . . . . . . . . . . . - Reserve Account Preference Withdrawal. . . . . . . . . . . . . . . . . . . . . - Surety Preference Withdrawal . . . . . . . . . . . . . . . . . . . . . . . . . - Reserve Account Principal Withdrawal . . . . . . . . . . . . . . . . . . . . . - Surety Principal Drawing . . . . . . . . . . . . . . . . . . . . . . . . . . . - --------------- TOTAL DEPOSIT TO THE CERTIFICATE ACCOUNT . . . . . . . . . . . . . . . . . . . 1,~~153~~277,~~085~~215.6508 =============== INTEREST PAYMENT Monthly Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~141~~137,~~956~~275.2118 Carry-Over Monthly Interest. . . . . . . . . . . . . . . . . . . . . . . . . . - --------------- TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~141~~137,~~956~~275.2118 =============== PRINCIPAL PAYMENT Monthly Principal Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . ~~960~~1,~~211~~072,336.7720 Carry-Over Monthly Principal . . . . . . . . . . . . . . . . . . . . . . . . . - --------------- TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~960~~1,~~211~~072,336.7720 =============== SERVICING FEE Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1817,~~199~~599.5138 Carry-Over Monthly Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . - --------------- TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1817,~~199~~599.5138 =============== DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT Interest distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~141~~137,~~956~~275.2118 Principal distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~960~~1,~~211~~072,336.7720 Preference Amounts Servicing Fee distribution . . . . . . . . . . . . . . . . . . . . . . . . . . 1817,~~199~~599.5138 Distributions to the Surety Bond Provider. . . . . . . . . . . . . . . . . . . 2,~~911~~815.9290 Distributions to the Reserve Account . . . . . . . . . . . . . . . . . . . . . - Distributions to the Seller. . . . . . . . . . . . . . . . . . . . . . . . . . 2947,~~806~~188.2442 Carry-Over Monthly Interest to the next Distribution Date. . . . . . . . . . . - Carry-Over Monthly Principal to the next Distributions Date. . . . . . . . . . - Carry-Over Monthly Servicing Fee to the next Distribution Date . . . . . . . . - RESERVE ACCOUNT Reserve Account Balance as of the end of the preceding Collection Period . . . 5,579,852.63 Earnings from investments on the Reserve Account . . . . . . . . . . . . . . . 87,~~813~~363.9008 Reserve Account Interest Withdrawal. . . . . . . . . . . . . . . . . . . . . . - Reserve Account Preference Withdrawal. . . . . . . . . . . . . . . . . . . . . - Reserve Account Principal Withdrawal . . . . . . . . . . . . . . . . . . . . . - Deposits to the Reserve Account. . . . . . . . . . . . . . . . . . . . . . . . - --------------- Reserve Account Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,~~588~~587,~~666~~215.5371 =============== Distributions of any excess amounts on deposit in the Reserve Account. . . . . 87,~~813~~363.9008 --------------- Ending Reserve Account Balance . . . . . . . . . . . . . . . . . . . . . . . . 5,579,852.63 =============== Reserve Account Balance as a % of the Pool Balance . . . . . . . . . . . . . . 1920.8260% Specified Reserve Account Requirement. . . . . . . . . . . . . . . . . . . . . 5,579,852.63 Amount needed to fully fund Reserve Account. . . . . . . . . . . . . . . . . . - SURETY BOND Required Surety Bond Amount (25% of the Pool Balance). . . . . . . . . . . . . 7,~~279~~039,~~805~~752.7782 Surety Bond amount on the previous Distribution Date . . . . . . . . . . . . . 7,~~516~~279,~~474~~805.3377 Payments made with respect Surety Principal Draws. . . . . . . . . . . . . . . - Payments received with respect to unreimbursed Surety Principal Draws. . . . . - Surety Bond Amount for the current Distribution Date . . . . . . . . . . . . . 7,~~279~~039,~~805~~752.7782 Total Surety Interest Draws. . . . . . . . . . . . . . . . . . . . . . . . . . - Total Surety Principal Draws . . . . . . . . . . . . . . . . . . . . . . . . . - Total Surety Preference Draws. . . . . . . . . . . . . . . . . . . . . . . . . - Total Draws. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Outstanding Remaining Amounts Owed to the Surety Bond Provider . . . . . . . . - Interest on Remaining Amounts Owed to the Surety Bond Provider . . . . . . . . - Surety Bond Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,~~911~~815.9290 Total unreimbursed Surety Interest Draws . . . . . . . . . . . . . . . . . . . - Total unreimbursed Surety Principal Draws. . . . . . . . . . . . . . . . . . . - Total unreimbursed Surety Preference Draws . . . . . . . . . . . . . . . . . . - Amount Owed to Surety Bond Provider. . . . . . . . . . . . . . . . . . . . . . 2,~~911~~815.9290 Surety Bond Fee Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,~~911~~815.9290 Total payments for Surety Interest Draws . . . . . . . . . . . . . . . . . . . - Total payments for Surety Principal Draws . . . . . . . . . . . . . . . . . . - Total payments for Surety Preference Draws. . . . . . . . . . . . . . . . . . - Payments made to the Surety Bond Provider. . . . . . . . . . . . . . . . . . . 2,~~911~~815.9290 Surety Bond Fee Outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . - Remaining unreimbursed Surety Interest Draws . . . . . . . . . . . . . . . . . - Remaining unreimbursed Surety Principal Draws. . . . . . . . . . . . . . . . . - Remaining unreimbursed Surety Preference Draws . . . . . . . . . . . . . . . . - Remaining Amounts Owed to the Surety Bond Provider . . . . . . . . . . . . . . - NET CREDIT LOSS RATIO Net Credit Losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7931,~~405~~360.7429 For the Current Collection Period. . . . . . . . . . . . . . . . . . . . . . . 31.3336% For the preceding Collection Period. . . . . . . . . . . . . . . . . . . . . . 13.8833% For the second preceding Collection Period . . . . . . . . . . . . . . . . . . 31.6688% Average Net Credit Loss Ratio. . . . . . . . . . . . . . . . . . . . . . . . . 2.9519% DELINQUENCY ANALYSIS Number of Loans 30 to 59 days past due. . . . . . . . . . . . . . . . . . . . . . . . . . ~~119~~84 60 to 89 days past due. . . . . . . . . . . . . . . . . . . . . . . . . . 4033 90 or more days past due. . . . . . . . . . . . . . . . . . . . . . . . . 3123 --------------- TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~~190~~140 =============== Principal Balance 30 to 59 days past due. . . . . . . . . . . . . . . . . . . . . . . . . . 1894,~~106,292~~061.5069 60 to 89 days past due. . . . . . . . . . . . . . . . . . . . . . . . . . ~~442~~267,~~795~~195.1665 90 or more days past due. . . . . . . . . . . . . . . . . . . . . . . . . ~~277~~252,~~266~~721.7412 --------------- TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,~~826~~413,~~354~~978.4046 =============== Delinquency Ratio For the current Collection Period. . . . . . . . . . . . . . . . . . . . . . . 65.4922% For the preceding Collection Period. . . . . . . . . . . . . . . . . . . . . . 76.5349% For the second preceding Collection Period . . . . . . . . . . . . . . . . . . 67.5153% Average Delinquency Ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8441% REPOSSESSION ANALYSIS Current Balance of Contracts where Repossession Occurred in the Current Month. 3133,~~188~~391.1332 Number of Contracts where Repossession Occurred in the Current Month . . . . . 3 WEIGHTED AVERAGE COMPUTATIONS Weighted Average Coupon. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.39% Weighted Average Original Term (months). . . . . . . . . . . . . . . . . . . . 123.00 Weighted Average Remaining Term (months) . . . . . . . . . . . . . . . . . . . 6059.7299 CASH SETTLEMENT FOR THE TRUSTEE Available Funds due from the Collection Account to Certificate Account. . . . . 1,~~153~~277,~~085~~215.6508 Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1817,~~199~~599.5138 Interest allocable to the Seller's Certificate. . . . . . . . . . . . . . . . . 0.0706 Principal amount allocable to the Seller's Certificate. . . . . . . . . . . . . 0.4551 Wire Funds to the Surety Bond Provider. . . . . . . . . . . . . . . . . . . . . 2,~~911~~815.9290 Net Deposit From Collection Account to the Certificate Account. . . . . . . . . 1,~~131~~256,~~973~~799.7023 Reserve Account deposit to Certificate Account. . . . . . . . . . . . . . . . . - Surety Bond deposit to Certificate Account. . . . . . . . . . . . . . . . . . . - Total Deposit to the Certificate Account. . . . . . . . . . . . . . . . . . . . 1,~~131~~256,~~973~~799.7023 Wire Funds to the Certificateholders - Interest . . . . . . . . . . . . . . . . ~~141~~137,~~956~~275.1412 Wire Funds to the Certificateholders - Principal. . . . . . . . . . . . . . . . ~~960~~1,~~211~~072,335.3269 Deposit Funds into the Reserve Account. . . . . . . . . . . . . . . . . . . . . - Wire Funds to NationsCredit . . . . . . . . . . . . . . . . . . . . . . . . . . 2947,~~806~~188.2442 Approved by: /s/ RHONDA NANTZ ------------------ Rhonda Nantz Vice President [NATIONSCREDIT GRANTOR TRUST LETTERHEAD] ---------------------------------------- ~~FEBRUARY~~MARCH 1115, 2002 BY EDGAR Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549 Re: NationsCredit Grantor Trust 1996 - 1 Ladies and Gentlemen: On behalf of NationsCredit Grantor Trust 1996 - 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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