Exhibit 99.1
Nissan Motor Acceptance Corporation
Monthly Servicing Report -- Nissan Auto Receivables 1997-A Grantor Trust
March 1, 1998 through March 31, 1998
A. ORIGINAL DEAL PARAMETER INPUTS
(A) Original Total Portfolio $ 868,465,033.86
(B) Class A Certificate Ownership Interest of the Trust 87.00%
(C) Original Class A Certificate Balance $ 755,564,579.46
(D) Class A Certificate Rate 6.15%
(E) Original Class B Certificate Balance $ 112,900,454.40
(F) Class B Certificate Rate 6.15%
(G) Servicing Fee Rate 1.00%
(H) Original Weighted Average Coupon (WAC) 10.26%
(I) Original Weighted Average Remaining Term (WAM) 40.81 months
(J) Number of Contracts 79,532
(K) Class A Subordination Spread Account ("SSA")
(i) Subordination Initial Deposit Percentage 1.00%
(ii) Subordination Initial Deposit $ 8,684,650.34
(iii) Specified SSA Balance Percent 1.50%
(iv) Specified SSA Balance $ 13,026,975.51
(v) Floor Percent 2.50%
(vi) Floor Amount $ 21,711,625.85
(vii) Floor Trigger Amount $ 113,334,686.85
(L) Yield Supplement Reserve Account Initial Deposit $ 1,898,666.90
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Outstanding $ 708,886,710.46
(B) Total Portfolio Pool Factor 0.8162524
(C) Class A Certificate Balance $ 616,731,438.10
(D) Class A Certificate Factor 0.8162524
(E) Class B Certificate Balance $ 92,155,272.36
(F) Class A Pool Factor 0.7101396
(G) Subordination Spread Account Balance $ 17,267,901.48
(H) Yield Supplement Reserve Account Balance $ 1,395,423.47
(I) Outstanding Interest Advance $ 659,307.53
(J) Cumulative Net Losses for All Prior Periods 5,724,030.86
(K) Weighted Average Coupon of Remaining Portfolio (WAC) 10.25%
(L) Weighted Average Remaining Term of Remaining Portfolio 36.65 months
(M) Number of Contracts 72,276
C. INPUTS FROM THE MAINFRAME
(A) Simple Interest Loans
(i) Principal Payments Received $ 33,961,522.20
(ii) Interest Payments Received $ 6,412,063.11
(iii) Repurchased Loan Principal $ 0.00
(iv) Repurchased Loan Interest $ 0.00
(B) Yield Supplement Release to Collection Account $ 79,757.73
(C) Yield Supplement Release to Seller $ 28,095.69
(D) Reimbursement of Previous Interest Advance $ 659,307.53
(E) Current Interest Advance Amount $ 209,361.06
(F) Weighted Average Coupon of Remaining Portfolio (WAC) 10.25%
(G) Weighted Average Remaining Maturity of Remaining Portfolio 35.69 months
(H) Remaining Number of Contracts 70,352
(I) Delinquent Contracts Contracts Amount
(i) 31-60 Days Delinquent 1,788 2.54% $18,182,698.85 2.71%
(ii) 61-90 Days Delinquent 216 0.31% $2,334,799.56 0.35%
(iii) 91 Days or More Delinquent 41 0.06% 458,814.78 0.07%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income --
Paid to Seller $ 126,070.41
(B) Class A Subordination Spread Account Investment Income --
Paid to Seller $ 44,856.65
(C) Yield Supplement Reserve Account Investment Income --
Paid to Seller $ 5,112.16
(D) Aggregate Net Losses for Collection Period $ 1,714,066.60
(E) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $ 3,121,260.70
(ii) Net Liquidation Proceeds & Recoveries Received
During the Collection Period $ 1,407,194.10
(F) Number of Vehicles Repossessed During the Collection 307
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Nissan Motor Acceptance Corporation
Monthly Servicing Report -- Nissan Auto Receivables 1997-A Grantor Trust
March 1, 1998 through March 31, 1998
I. COLLECTIONS
(A) Principal Payments Received (C(A)i) $ 33,961,522.20
(B) Interest Payments Received (C(A)ii) $ 6,412,063.11
(C) Aggregate Net Liquidation Proceeds Received (D(E)ii) $ 1,407,194.10
(D) Principal on Repurchased Contracts (C(A)iii) $ 0.00
(E) Interest on Repurchased Contracts (C(A)iv) $ 0.00
(F) Yield Supplement Amount Payments (C(B)) $ 79,757.73
(G) Total Collections (A+B+C+D+E+F) $ 41,860,537.14
(H) Net Interest Advance Amount (C(E-D)) $ (449,946.47)
(I) Total Available Amount (G+H) $ 41,410,590.67
II. DISTRIBUTIONS
(A) Principal Payments Received (C(A)i) $ 33,961,522.20
(B) Principal on Repurchased Contracts (C(A)iii) $ 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(E)i) $ 3,121,260.70
(D) Total Principal Reduction (A+B+C) $ 37,082.782.90
(E) Class A Distributable Amount
(i) Class A Monthly Interest Payment (A(D)*B(C)/12) $ 3,160,748.62
(ii) Monthly Principal to Class A (II(D)*A(B)) $ 32,262,021.12
(iii) Total Distributable Amount (i+ii) $ 35,422,769.74
(F) Class B Distributable Amount
(i) Class B Monthly Interest Payment ((A(F)*B(E))/12) $ 472,295.77
(ii) Monthly Principal to Class B (II(D)-(E)ii) $ 4,820,761.78
(iii) Excess Collections (I(I)-(II(E)iii+(F)i+ii+(G)i)) $ 104,024.45
(iv) Total Distributable Amount (i+ii+iii) $ 5,397,082.00
(G) Required Distributions
(i) Servicing Fee (A(G)*B(A)) $ 590,738.93
(ii) Class A Amount (II(E)iii) $ 35,422,769.74
(iii) Deposit to Class A Subordination Spread Account
(If Positive (IV(G)-(A))) $ 5,397,082.00
(iv) Class B Amount (IV(F)i) $ 0.00
(v) Yield Supplement Account Release to Seller (V(C)) $ 28,095.69
(vi) Total Amount Distributed (i+ii+iii+iv+v) $ 41,438.686.36
(H) Amount of Draw from Class A SSA (IV(B)) $ 0.00
(I) Sum of Draw from SSA and Total Available Amount
(I(I)+IV(B)) $ 41,410,590.67
(J) Release from Yield Supplement Account to Seller (V(C)) $ 28,095.69
(K) Total Distributed Amount (I+J) $ 41,438,686.36
Class A Servicing Fee (II(G)i * A(B)) $ 513,942.87
III. POOL BALANCES AND PORTFOLIO INFORMATION
Beg. of Period End of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $708,886,710.46 $ 671,803,927.56
(ii) Total Pool Factor 0.8162524 0.7735532
(iii) Class A Certificate Balance $616,731,438.10 $ 584,469,416.98
(iv) Class A Certificate Factor 0.8162524 0.7735532
(v) Class B Certificate Balance $ 92,155,272.36 $ 87,334,510.58
(vi) Class A Pool Factor 0.7101396 0.6729913
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 10.25% 10.25%
(ii) Weighted Average Remaining Maturity (WAM) 36.65 months 35.69 months
(iii) Remaining Number of Contracts 72,276 70,352
(C) Outstanding Interest Advance $ 659,307.53 $ 209,361.06
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Nissan Motor Acceptance Corporation
Monthly Servicing Report -- Nissan Auto Receivables 1997-A Grantor Trust
March 1, 1998 through March 31, 1998
IV. RECONCILIATION OF CLASS A SUBORDINATION SPREAD ACCOUNT ("SSA")
(A) Beginning Class A SSA Balance (B(G)) $ 17,267,901.48
(B) Draw for Class A Distributable Amount and Servicing Fee 0.00
(If Positive ((II(E)iii+(G)i)-I(I)))
(C) Amount Available for Deposit to the Class A SSA $ 5,397,082.00
(If Positive (I(I)-II(E)iii-(G)i))
(D) Class A SSA Balance Prior to Release (IV(A-B+C)) $ 22,664,983.48
(E) Class A Subordination Spread Account Required Amount $ 67,180,392.76
(Was Triger Hit?)
(F) Breakdown of Release to Class B Certificateholder
(i) Class B Amount (Min(II(F)iv,IV(F)iii)) $ 0.00
(ii) Release from Class A SSA (iii-i) $ 0.00
(iii) Total Distribution to Class B Certificateholder $ 0.00
(If Positive (D-E))
(G) Ending Class A Subordinate Spread Account Balance $ 22,664,983.48
(D-(F)iii)
V. RECONCILIATION OF YIELD SUPPLEMENT RESERVE ACCOUNT
(A) Beginning Yield Supplement Reserve Account Balance (B(H)) $ 1,395,423.47
(B) Release to Collection Account (C(B)) $ 79,757.73
(C) Release to Seller (C(C)) $ 28,095.69
(D) Ending Yield Supplement Reserve Account Balance (A-B-C) $ 1,287,570.05
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period (VI(B)i-ii) $ 1,714,066.60
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(F)i) $ 3,121,260.70
(ii) Net Liquidation Proceeds Received During the Collection $ 1,407,194.10
Period (D(F)ii)
(C) Cumulative Net Losses for all Periods (VI(A)+B(J)) $ 7,438,097.46
(D) Delinquent and Repossessed Contracts
Contracts Amount
(i) 31-60 Days Delinquent 1,788 2.54% $18,182,698.85 2.71%
(ii) 61-90 Days Delinquent 216 0.31% $ 2,334,799.56 0.35%
(iii) 91 Days or More Delinquent 41 0.06% $ 458,814.78 0.07%
(iv) Vehicles Repossessed During 307 0.42% #N/A #N/A
the Collection Period (D(F))
VII. TESTS FOR INCREASE IN CLASS A SUBORDINATION SPREAD ACCOUNT BALANCE
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period.
(i) Second Preceding Collection Period 2.68%
(ii) Preceding Collection Period 3.63%
(iii) Current Collection Period 2.90%
(iv) Three Month Average (Avg(i,ii,iii)) 3.07%
(B) Ratio of Number of Contracts Delinquent
60 Days or More to the Outstanding Number
of Receivables as of Each Collection Period
(i) Second Preceeding Collection Period 0.64%
(ii) Preceeding Collection Period 0.55%
(iii) Current Collection Period 0.36%
(iv) Three Month Average (Avg(i,ii,iii)) 0.51%
(C) Loss and Delinquency Trigger Indicator Trigger Was Hit
(i) Number of Months Three Month
Loss Average is Below Trigger 0
(ii) Number of Months Three Month Delinquency
Average is Below Trigger 0
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