-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KJ9+t80nS4aap5FG5N6/74w7AHYhPT5tgkhpfKTbn+RgikUj20rS368q4RQ0faCg 5e/QG2Yi9JY+WY8oyLN4kA== 0000007973-97-000040.txt : 19971031 0000007973-97-000040.hdr.sgml : 19971031 ACCESSION NUMBER: 0000007973-97-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19971015 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971030 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLEETWOOD CREDIT RECEIVABLES CORP CENTRAL INDEX KEY: 0000871663 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330444724 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-86238 FILM NUMBER: 97703326 BUSINESS ADDRESS: STREET 1: 22840 SAVI RANCH PKWY STREET 2: PO BOX 87024 CITY: YORBA LINDA STATE: CA ZIP: 92613 BUSINESS PHONE: 7149213403 MAIL ADDRESS: STREET 1: 22840 SAVI RANCH PKWY STREET 2: PO BOX 87024 CITY: YORBA LINDA STATE: CA ZIP: 92613 8-K 1 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): October 15, 1997 Fleetwood Credit 1997-B Grantor Trust (Exact name of registrant as specified in its charter) California 333-21135 33-0444724 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) Fleetwood Credit Receivables Corp. 22840 Savi Ranch Parkway P.O. Box 87024 Yorba Linda, California 92885-8724 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (714)921-3400 Item 5. Other Events. On October 15, the Principal and Interest collected during the preceding calendar month, net of certain adjustments as provided for in the Pooling and Servicing Agreement dated as of September 1, 1997 (the "Agreement"), between Fleetwood Credit Receivables Corp., as Seller and Fleetwood Credit Corp., as Servicer, and The Chase Manhattan Bank, as Trustee (the "Trustee"), were distributed to holders ("Certificateholders") of certificates representing undivided fractional interests in Fleetwood Credit 1997-B Grantor Trust. In accordance with the Agreement, the Servicer's Certificate, as defined in the Agreement, was furnished to the Trustee for the benefit of the Certificateholders and the Trustee's Statement was distributed by the Trustee to the Certificateholders. A copy of the Servicer's Certificate and the Trustee's Statement is being filed as Exhibit 20.1 and 20.2,respectively to this Current Report on Form 8-K. Item 7(c). Exhibits Exhibit No. Description 20.1 Servicer's Certificate for the month of September, 1997 20.2 Trustee's Statement for the month of September, 1997 SIGNATURES 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 hereunto duly authorized. Fleetwood Credit 1997-B GRANTOR TRUST By: FLEETWOOD CREDIT CORP., as Servicer Date: October 30, 1997 /s/ Marvin T. Runyon --------------------- Name: Marvin T. Runyon, III Title: Senior Vice President INDEX TO EXHIBITS Exhibit No. Description 20.1 Servicer's Certificate for the month of September, 1997 20.2 Trustee's Statement for the month of September, 1997 EX-20.1 2 Fleetwood Credit Receivables Corp. FLEETWOOD CREDIT 1997-B GRANTOR TRUST Servicer's Certificate For the Month of September, 1997
Principal and Interest Collections Beginning Pool Balance (1)$ 350,000,000.00 Beginning Pool Factor [(1)/$ 350,000,000.00] (2) 1.0000000 Principal Collected (3)$ 6,093,940.37 Interest Collected (4)$ 2,511,311.80 Less: Accrued Interest Prior to Cut Off Date (5) 1,523,321.26 Less: Additional Purchased Accrued Interest (5a) 0.00 Plus: Purchased Accrued Interest - End of Collection Period (6) 1,476,568.95 Net decrease/(increase) in Purchased Accrued Interest [(5)+(5a)-(6)] (7)$ 46,752.31 Plus: "Non-Reimbursable Interest Payment" (8) 18,101.95 Total Interest Received [(4)-(5)-(5a)+(6)+(8)] (9)$ 2,482,661.44 Additional Deposits (i) Repurchase Amounts (10) 0.00 (ii) Liquidation Proceeds (11) 0.00 (iii) Yield Supplement Deposit Amount (12) 0.00 Total Additional Deposits [(10)+(11)+(12)] (13)$ 0.00 Total Available Funds [(3)+(9)+(13)] (14)$ 8,576,601.81 Defaulted Receivable Principal Balance [(A1)] (15)$ 0.00 Ending Pool Balance [(1)-(3)-(15)] (16)$343,906,059.63 Ending Pool Factor [(16)/$ 350,000,000.00] (17) 0.9825887
Fleetwood Credit Receivables Corp. FLEETWOOD CREDIT 1997-B GRANTOR TRUST Servicer's Certificate For the Month of September, 1997
Distributions: Class A Class B Total Class Percentage 96.5% 3.5% 100% Pool Factor (Ending Pool Balance) 0.9825887 0.9825887 0.9825887 Class Coupon 6.40% 6.65% September Beginning Pool Balance [(1)] $337,750,000.00 $12,250,000.00 $350,000,000.00 Spetember Ending Pool Balance [(16)] $331,869,347.54 $12,036,712.09 $343,906,059.63 Collected Principal [(3)] $5,880,652.46 $213,287.91 $6,093,940.37 Collected Interest [(9)] $2,395,768.29 $86,893.15 $2,482,661.44 Other Collected Interest [(9a)] $196,366.94 $7,400.32 $203,767.26 Additional Deposits [(10)+(11)] $0.00 $0.00 $0.00 Servicing Fee [(1.0%/12)x(1)] ($281,458.34) ($10,208.33) ($291,666.67) Total Available Funds $8,191,329.35 $297,373.05 $8,488,702.40 Payments to Certficateholders: Principal Distributable Amount [(1)-(16)] $5,880,652.46 $213,287.91 $6,093,940.37 Interest Distributable Amount [(1)x(coupon/12)] $1,801,333.33 $67,885.42 $1,869,218.75 Total Payments to Certificateholders $7,681,985.79 $281,173.33 $7,963,159.12 Reserve Fund payment $0.00 $0.00 $0.00 Amount due Class B but paid to Class A (subordination) $0.00 Class A Interest Carryover Shortfall $0.00 Class A Principal Carryover Shortfall $0.00 Class B Interest Carryover Shortfall $0.00 Class B Principal Carryover Shortfall $0.00 Amounts Remaining in the Certificate Account to be paid to the Seller $509,343.56 $16,199.72 $525,543.28 Memo: Principal Difference $0.00 $0.00 $0.00 Interest Difference $509,343.56 $16,199.72 $525,543.28 Total $509,343.56 $16,199.72 $525,543.28 /TABLE Fleetwood Credit Receivables Corp. FLEETWOOD CREDIT 1997-B GRANTOR TRUST Servicer's Certificate For the Month of September, 1997
Determination of the Servicer Letter of Credit Amount Number of Contracts - End of Month (45) N/A Original number of contracts (46) N/A Percent of Original Contracts remaining [((45)/(46))x100] (47) N/A Original Servicer Letter of Credit Amount (48) $ N/A Revised Servicer Letter of Credit Amount [Lessor of [(48)x(47) or the Beginning Pool Balance (1)] (49) $ N/A Prior Month Servicer Letter of Credit Amount [Previous Month (49)] (50) $ N/A Servicer Letter of Credit Fee (51) $ N/A Yield Supplement Amount Receivables with coupon rates below 7.65% Principal Outstanding (52) $ N/A Number of receivables (53) N/A Interest on the Receivables at their APR (54) $ N/A Interest due on the Receivables at the Pass-Through Rate (55) $ N/A Yield Supplement Amount [(54)-(55)] (56) $ N/A Defaulted Receivables Amount of principal and accrued interest due from Obligors on Defaulted Receivables Principal (A1) $ 0.00 Interest (A2) 0.00 Expense (A3) 0.00 Total (A) $ 0.00 Less: Liquidation Proceeds (B) $ 0.00 Realized Loss [(A1)+(A2)-(B)] (C) $ 0.00 Cumulative Losses (Including Expenses) (D) $ 0.00 Cumulative Loss Percentage [(D)/$350,000,000.00] 0.00% (Less than 1.5% ?)
Fleetwood Credit Receivables Corp. FLEETWOOD CREDIT 1997-B GRANTOR TRUST Servicer's Certificate For the Month of September, 1997
Reconciliation of Reserve Fund Beginning Reserve Fund Balance (57) $ 2,625,000.00 Plus: Excess Amounts from Seller (57a) 525,543.28 Plus: Investment Earnings (57b) 12,646.67 Less: Reserve Fund Payments (58) 0.00 Subtotal Reserve Fund $ 3,163,189.95 Plus: Beginning Negative Carry Balance (58a) 248,558.70 Plus: Negative Carry Investment Earnings (58b) 1,197.50 Less: Payment from Negative Carry (58c) 35,645.03 Ending Negative Carry Balance (58d) 214,111.17 Reserve Fund Prior to Payments to Seller (59) $ 3,377,301.12 Required Reserve Fund Balance: (Lesser of 1 or 2) (1) Greater of: $3,500,000 or 1.75% of the Ending Pool Balance (Class A and Class B Certificate Balances), but not greater than the Ending Pool Balance (unless the Cumulative Loss Percentage exceeds 1.5%), or (2); (2) (18% - Subordination Fraction) x the Ending Pool Balance NA Required Amount (60) $ 6,018,356.04 Amount of Excess Reserve released [(59)-(60)] (61) $ 0.00 (No Release to be made during Pre-funding period) Ending Reserve Fund Balance to be invested(including (62) $ 3,377,301.12 Negative Carry Balance) Reserve Fund Balance as a Percent of the Ending Pool Balance (63) 0.98% Interest Income on Reserve Fund for September, 1997 from The Chase Manhattan Bank (64) $ 12,646.67 Interest Income on Negative Carry Balance for September, 1997 from The Chase Manhattan Bank (65) $ 1,197.50 /TABLE Fleetwood Credit Receivables Corp. FLEETWOOD CREDIT 1997-B GRANTOR TRUST Servicer's Certificate For the Month of September, 1997
Reconciliation of Net Payment to the Trustee Available Funds $8,780,369.07 Servicing Fees ($291,666.67) Total Available Funds $8,488,702.40 Total payments to Class A $7,681,985.79 Total payments to Class B $281,173.33 Reserve Fund: Excess from Seller [(57a)] $525,543.28 Reserve Fund Payments [(58)] $0.00 Gross payment to the Trustee $8,488,702.40 Amounts Held by Trustee: Less: Amount released from Reserve Fund in excess of $3,500,000 (Net of Reserve Fund payment) $0.00 Less: Balance of Prefunded Account payable to Certificateholders 0 Less: Amount paid from Negative Carry Balance [(58c)] $35,645.03 Less: Amount paid from Pre-Funded Amount Earnings [(72)] $168,122.23 Total Other Collected Interest (9a) $203,767.26 Total Amount Held by Trustee $203,767.26 Net payment to the Trustee $8,284,935.14 Reconciliation of Pre-Funding Account Beginning Pre-Funded Amount (70)$38,154,197.60 [Prior Month (74)] Less: Amount applied to the purchase of Subsequent Receivables (71) 0 Plus: Earnings on Pre-Funded Amount (72) $168,122.23 Less: Payment of Earnings (73) ($168,122.23) Ending Pre-Funding Amount (74)$38,154,197.60 Account Activity Number of Accounts - Beginning of Month 12,677 Less: Account Paid Off / Repurchased 170 Plus: Accounts in Collateral Addition 0 Number of Accounts - End of Month 12,507 Non-Accrual Accounts - End of Month Number of Non-Accrual Accounts 1 Aggregate Principal Balance Outstanding $70,834.05
Fleetwood Credit Receivables Corp. FLEETWOOD CREDIT 1997-B GRANTOR TRUST Servicer's Certificate For the Month of September, 1997
Delinquent Accounts Period of Delinquency Units Amount Percent of Pool 30 - 59 days 10 $267,883.59 0.08% 60 - 89 days 0 0.00 0.00% 90 days or more 0 0.00 0.00% Total 10 $267,883.59 0.08% Repossession Inventory 1 $ 70,834.05 0.023%
Delinquency Percentage Quarter JULY AUG SEPT Total 90 days or more (000) $ N/A $ N/A $ 0.0 $ 0.0 Repossession Inventory (000) $ N/A $ N/A $ 70.8 $ 23.6 Total $ N/A $ N/A $ 70.8 $ 23.6 Ending Pool Balance (mils) $ N/A $ N/A $343.9 $114.6 Delinquency Percentage (A)/(B) 0.02% Realized Loss Analysis Quarter JULY AUG SEPT Total Realized Losses/(Recoveries) (X) [(A1+(A2)-(B)] (000) $ N/A $ N/A $ 0.0 $ 0.0 Beginning Pool Balance (mils) (Y) $ N/A $ N/A $350.0 $116.7 Realized Loss Percentage (Less than 1.5%?) [((X)/(Y))*4] 0.00% Realized Losses Since Inception (less than $5,250,000 ?) $ 0.00 Change in Realized Losses $ 0.00 Proceeds from Insurance and Dealer Repurchases Proceeds received during the month from physical damage insurance $0.00 Proceeds received during the month from Dealer repurchase obligations relating to Defaulted Receivables $0.00
EX-20.2 3 CHASE [LOGO] 450 West 33rd Street New York, NY 10001 FLEETWOOD CREDIT RECEIVABLES CORP. FLEETWOOD CREDIT 1997-B GRANTOR TRUST $337,750,000 6.40% ASSET BACKED CERTIFICATES, CLASS A $ 12,250,000 6.65% ASSET BACKED CERTIFICATES, CLASS B On October 15, 1997, interest earned and principal paid on the underlying collateral for the month of September, 1997 were paid to you by The Chase Manhattan Bank, in its capacity as Trustee for the above referenced issue. The following information is being provided pursuant to section 14.11 of the Pooling and Servicing Agreement Dated as of September 1, 1997. The payment per $1,000 of original issuance of your holdings is allocated as follows:
CLASS A CLASS B 1) Principal Distributed 17.411258 17.411258 2) Interest Distributed 5.333333 5.541667 3) Fees Paid to Servicer 281,458.33 10,208.33 Per Certificate 0.0008333 0.0008333 4) a) Pool Balance after this payment 331,869,347.54 12,036,712.09 b) Pool Factor 0.9825887 0.9825887 5) Proceeds received during the period from physical damage insurance 0.00 6) Reserve Fund Ending Balance 3,377,301.12 % of Pool Balance 0.98% 7) Servicer Letter of Credit Amount N/A % of Pool Balance N/A 8) Proceeds received during the period from dealer repurchase obligations relating to defaulted receivables 0.00 9) a) Aggregate amount of Paid-Ahead Receivables N/A b) Aggregate amount of unreimbursed Advances with respect to Paid-Ahead Receivables N/A c) Change from Previous Month N/A 10) Aggregate unreimbursed Advances Prior Month 1,523,321.26 Change from Previous Month (46,752.31) This Month 1,476,568.95 11) Ending Certificate Balance 331,869,347.54 12,036,712.09 12) Class A Principal Carryover Shortfall 0.00 Change from preceding period 0.00 Class A Interest Carryover Shortfall 0.00 Change from preceding period 0.00 Class B Principal Carryover Shortfall 0.00 Change from preceding period 0.00 Class B Interest Carryover Shortfall 0.00 Change from preceding period 0.00 13) Realized Losses (since inception) 0.00 Change from preceding period 0.00 14) Amount due Class B but paid to Class A (subordination) 0.00 15) Remaining Pre-funded Amount on deposit in the 38,154,197.60 Pre-funding Account 16) Negative Carry Amount 35,645.03
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