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): Sept 15, 2003
BOMBARDIER CREDIT RECEIVABLES CORPORATION
(Depositor)
(Exact name of registrant as specified in its charter)
on behalf of
BOMBARDIER RECEIVABLES MASTER TRUST I
(Issuer with respect to the Floating Rate Class A Asset Backed Certificates,
Series 2003-1)
Delaware 333-106848 03-0340600
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1600 Mountain View Drive, Colchester, Vermont 05446
(Address of principal executive offices) (ZIP code)
Registrant's telephone number, including area code: (802) 655-2824
Exhibit Index Appears on Page 3
Item 5. Other Event
Information concerning interest distributions made on the Floating Rate Class A
Asset Backed Certificates, Series 2003-1 of the Bombardier Receivables Master
Trust I (the Trust) on September 15, 2003 is contained
in the Distribution Date Statement provided to each holder of the Certificates.
Such Distribution Date Statement is attached hereto as Exhibit 99.1 and is
incorporated herein by reference. In addition, information concerning the (i)
aggregate amount of principal collections and non-principal collections with
respect to the Receivables held by the Trust, (ii) amounts payable on account of
the Variable Funding Certificate, and (iii) Monthly Servicing Fee payable on
account of the Variable Funding Certificate is contained in the schedule
attached hereto as Exhibit 99.2 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1. Distribution Date Statement relating to interest distributions
made on September 15, 2003 on the Floating Rate Class A Asset Backed
Certificates.
99.2. Schedule detailing (i) the amount of principal collections and
non-principal collections allocable to the Variable Funding Certificate
for the Collection Period ending August 31, 2003 (ii) the aggregate
amount of principal collections and non-principal collections on the
Receivables for such Collection Period, and (iii) the Monthly Servicing
Fee payable on account of the Variable Funding Certificate for such
Collection Period.
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, thereunto duly authorized on the date indicated.
BOMBARDIER CREDIT RECEIVABLES CORPORATION
/s/Mark Boucher
Name: Mark Boucher
Title: Treasurer
Dated: Sept 30,2003
EXHIBIT INDEX
Exhibit No. Page # Description
99.1 3 Distribution Date Statement relating to interest
distributions made on Sept 15, 2003 on the Floating
Class A Asset Backed Certificates, Series 2003-1.
99.2 6 Schedule detailing (i) the amount of principal collections
and non-principal collections allocable to the Variable
Funding Certificate for the Collection Period ending
August 31, 2003 (ii) the aggregate amount of principal
collections and non-principal collections on the receivables
for such Collection Period and (iii) the Monthly Servicing
Fee payable on account of the Variable Funding Certificate
for such Collection Period.
Exhibit 99.1
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
DISTRIBUTION DATE STATEMENT Series 2003-1
Distribution Date: 09/15/03
1 Amount of principal paid or distributed:
(a) Class A Certificates: 0.00
per $1,000 original principal amount of Class A Certificates 0.00
2 Floating Allocation Percentage for such Collection Period (unweighted average): 5.89%
3 Principal Allocation Percentage for such Collection Period: 0.00%
4. Amount of interest paid or distributed:
(a) Class A Certificates: 306,111.11
per $1,000 original principal amount of Class A Certificates 0.77
5.(a) Series 2003-1 Investor Default Amount for such Distribution Date: 7,399.13
6. Required Subordination Draw Amount, if any, 0.00
for the preceding Collection Period (or for such Distribution Date):
7. (a) Amount of Investor Charge-Offs for the preceding Collection Period: 0.00
(b) Amount of Reimbursements of Investor Charge-Offs for the preceding period: 0.00
8. Pool Balance at end of related Collection Period 1,104,997,323
9. After giving affect to distributions on this Distribution Date:
(a) Outstanding principal amount of Class A Certificates: 400,000,000
(b) Pool Factor for Class A Certificates: 1.00
10. Applicable Interest Rate:
(a) LIBOR for the period from the previous Distribution Date to this Distribution Date: 1.1100%
(b) Class A Rate: 1.4500%
11. (a) Amount of Monthly Servicing Fee for the preceding Collection Period -
(1) Distributed: 5,296.18
(2) Balance: 0.00
(b) Amount of Net Servicing Fee for the preceding Collection Period: 5,296.18
12. Invested Amount on this Distribution Date (after giving effect to all distributions
which will occur on such Distribution Date): 400,000,000
13. The Available Subordinated Amount (inclusive of incremental subordination)
On the immediately preceding Distribution Date: -
On this Distribution Date: 23,280,423
14. The Incremental Subordinated Amount on the immediately preceding Determination Date 0.00
On this Distribution Date: -
15. The MH incremental Subordinated amount on the immediately preceding Determintation Date: -
On this distribution date: 8,000,000
16. The Reserve Fund Balance for this Distribution Date: 2,000,000
17. The Excess Funding Account Balance for this Distribution Date: 0.00
18. Amount in the Excess Funding Account at the beginning of an Early Amortization Period to be
distributed as a payment of principal in respect to Class A Certificates 0
19. The amounts drawn on the Policy for this Distribution Date 0
20. Collection Account balance with respect to this Distribution Date: 1,468,112.27
Series 2003-1 Interest Payments on Class A Certificates 306,111.11
Series 2003-1 Investor Defaults (to be remitted to BCI) 7,399.13
Series 1996-1 Servicer Advances (to be remitted to BCI) 116,116.06
Series 1996-1 Investor Defaults (to be remitted to BCI) 42,333.19
Series 1997-2 Servicer Advances (to be remitted to BCI) 75,730.28
Series 1997-2 Investor Defaults (to be remitted to BCI) 24,070.55
Series 1997-2 Fees (to be remitted to ABN) 34,392.36
Series 2000-1 Interest Payments on Class A Certificates 412,892.44
Series 2000-1 Interest Payments on Class B Certificates 34,776.83
Series 2000-1 Investor Defaults (to be remitted to BCI) 157,030.30
Series 2001-1 Interest Payments on Class A Certificates -
Series 2001-1 Investor Defaults (to be remitted to BCI) 159,778.04
Collection Account Investment Proceeds (to be remitted to BCI) 1,260.63
Series 2003-1 Reserve Fund Investment Proceeds (to be remitted to BCI) 237.18
Series 1996-1 Reserve Fund Investment Proceeds (to be remitted to BCI) 748.22
Series 1997-2 Reserve Fund Investment Proceeds (to be remitted to BCI) 552.96
Series 2000-1 Reserve Fund Investment Proceeds (to be remitted to BCI) 1,729.66
Series 2001-1 Reserve Fund Investment Proceeds (to be remitted to BCI) -
Series 2003-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) 0.00
Series 1996-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) 368.70
Series 1997-2 Excess Fund Account Investment Proceeds (to be remitted to BCI) 15,917.97
Series 2000-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) 0.00
Series 2001-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) 0.00
21. An Early Amortization Event has occurred: NO
22. The ratio (expressed as a percentage) of (x) the average for each month of the net losses
on the Receivables in the Pool during any 3 consecutive calendar months to (y) the
average of the month-end Pool Balances for such three-month period is: 0.02%
(Annualized three month average net losses) 0.27%
23. Three-Month Payment Rate for the three (3) most recent Collection Periods: 22.28%
A Three-Month Payment Rate Trigger has occurred: NO
24. Receivables Rate : 8.99%
25. Inventory Aging of the Eligible Pool Balance as of the end of the Collection Period:
0-120 days 40.78%
121-179 days 10.48%
180-269 days 14.59%
270-359 days 14.22%
360-479 days 8.52%
480 + 11.41%
26. Optional removal of Receivables aged greater than 450 days during the related Collection Period 0.00
27. Amount on deposit in the Excess Funding account and amounts
on deposit in the Excess Funding Accounts for all of ther Series at the
end of the Interest Period as a percentage of assets of the Trust 0.00%
28. Amount of 491 Day Aged Receivables during Collection Period: 12,717,447
Cumulative amount of 491 Day Aged Receivables made Ineligible from:
Aged Ineligibles: Optional Removals: Put Limit:
June 1, 2003 through September 30, 2003: $44,622,462 $0 $66,099,626
Has an Early Amortization Event Occurred: NO
29. Principal Amount of Receivables subject to a Participation Interest at end of Collection Period: 8,737,558.75
30. Product Line Breakdown Test Level: Actual:
Bombardier: 40.00% 30.54%
Marine: 45.00% 21.27%
Recreational Vehicles: 20.00% 16.40%
Other: 10.00% 2.19%
Manufactured Housing: 30.00% 29.61%
Lawn & Garden: 10.00% 0.00%
Total: 100.00%
31. Overconcentration Amounts:
Designated Manufacturer Concentration: 0.00
Industry Overconcentrations: 0.00
Obligor Overconcentrations: 0.00
Manufacturer Overconcentrations: 0.00
Total Overconcentration Amounts: 0.00
Manufactured Housing Percentage: 29.61%
Manufactured Housing Payment Rate: 17.78%
32. MH Overconcentration Percentage: 30.00%
33. (a) BRMT I Defaulted Amount for Collection Period: 434,008
(b) BRMT I Non-Principal Collections Collection Period: 9,358,330
(c) BRMT I Principal Collections Collection Period: 221,951,540
(d) BRMT I Recovery Amount for Collection Period: 217,155
34. Amount of Receivable purchased by the trust at a discount during Collection Period: 12,667,664
35. Has an automatic Addition of Accounts Occurred: NO
36. Pool data on Receivables added as Automatic Account Additions N/A
Prepared by: Sarah Kirker
Bombardier Capital Inc.
Bombardier Credit Receivables Corporation
Exhibit 99.2
DISTRIBUTION DATE STATEMENT VARIABLE FUNDING CERTIFICATE
Distribution Date: 09/15/03
For the Collection Period: 08/01/03 through 08/31/03
Aggregate Non-Principal Collections 9,358,330
Aggregate Principal Collections 221,951,540
Variable Funding Percentage (unweighted) 0.24%
Distributions on the Variable Funding Certificate:
Non-Principal Collection Distributions: 12,822
Principal Collection Distributions: 367,972
Variable Funding Amount as of the last day of the Collection Period: 16,511,476
Variable Funding Default Amount 286
Monthly Servicing Fee Due 5,205
Note: As per Article IV, Section 4.01, of the Series 1994-1 Supplement to the Pooling and
Servicing Agreement, deposits into the Collection Account are net of the sum of (i) the
Variable Funding Percentage of such Collections and (ii) the Excess Retained Percentage
of such Collections, resulting in no payment by the Trustee.
Prepared by: Sarah Kirker
Bombardier Capital Inc.