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: November 25, 1997
(Date of earliest event reported)
JOHN DEERE CAPITAL CORPORATION
(Exact name of registrant as specified in charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-6458
(Commission File Number)
36-2386361
(IRS Employer Identification No.)
Suite 600
First Interstate Bank Building
1 East First Street
Reno, Nevada 89501
(Address of principal executive offices and zip code)
(702)786-5527
(Registrant's telephone number, including area code)
_______________________________________
Page 1 of 4 pages.
The Exhibit Index appears at Page 4.
Item 5. Other Information Events.
John Deere Capital Corporation
The following is disclosed on behalf of the company's United
States credit subsidiary, John Deere Capital Corporation, in
connection with the disclosure requirements of programs providing
for the issuance of debt securities:
John Deere Capital Corporation's net income was $39.3 million in
the fourth quarter of 1997 and $135.8 million for the entire year
compared with $31.6 million and $134.1 million, respectively,
last year. Fourth quarter and annual results reflect higher
income from a larger average receivable and lease portfolio and
higher gains from the sales of retail notes, partially offset by
lower securitization and servicing fee income, narrower financing
spreads and higher expenditures associated with several growth
initiatives. The average balance of receivables and leases
financed was 19 percent higher for the year compared with a year
ago.
Receivable and lease acquisition volumes increased 15 percent
during the fourth quarter and 17 percent for the year compared
with last year. Volumes of John Deere notes acquired were 12
percent higher in the current year, primarily due to increased
retail sales of John Deere equipment. Volumes of retail notes,
wholesale receivables, leases and revolving charge accounts all
increased in 1997 compared with last year. Annual 1997 retail
note volumes totaled $3.362 billion, a 13 percent increase over
1996.
Net receivables and leases financed by John Deere Capital
Corporation were $6.217 billion at October 31, 1997 compared with
$5.536 billion one year ago. The increase resulted from
acquisitions exceeding collections, partially offset by retail
note sales. Net receivables and leases administered, which
include receivables previously securitized and sold, totaled
$7.531 billion at October 31, 1997 compared with $6.724 billion
at October 31, 1996.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits
(99) Press release and additional information
of Deere & Company.
Page 2
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 hereto duly authorized.
JOHN DEERE CAPITAL CORPORATION
By /s/ Frank S. Cottrell
---------------------------------
Frank S. Cottrell, Secretary
Dated: November 25, 1997
Page 3
Exhibit Index
Sequential
Number and Description of Exhibit Page Number
- - --------------------------------- ----------
(99) Press release and additional information of --
Deere & Company (Incorporated by reference
to Deere & Company Current Report on Form 8-K
dated November 25, 1997, file number 1-4121).
Page 4