<PAGE>
                    SECURITIES AND EXCHANGE COMMISSION
 
                       Washington, D.C. 20549
 
                           _______________
                              FORM 10-K

                            CURRENT REPORT

            Annual Report Pursuant to Section 13 or 15(d) of the
                     Securities Exchange Act of 1934

                For the fiscal year ended December 31, 1997

                                 333-22327
                             (Commission File)


                 NATIONSCREDIT GRANTOR TRUST 1996 - 1
                 ------------------------------------
          (Exact name of registrant as specified in charter)

Delaware                     				                    	     75-2655744 
--------                                                   ----------
(State or other jurisdiction   		                          (IRS Employer 
of incorporation or organization)						                    Identification No.)

        225 E. John Carpenter Freeway, Irving Texas   75062-2731
        --------------------------------------------------------
        (Address of principal executive offices)      (Zip Code)

    Registrant's telephone number, including area code  (972) 506-5026 

       Securities registered pursuant to section 12(g) of the Act:
              5.85% Marine Receivable-Backed Certificates
                          (Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the pas 90 days.
                        (x)  yes					(  ) no

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 
of Regulation S-K (229.405 of this chapter) is not contained herein, and will 
not be contained, to the best of registrant's knowledge, in definitive proxy or 
information statements incorporated by reference in Part III of this Form 10-K 
or any amendment to this Form 10-K.  (x)

<PAGE>

                                 PART I
                                 ------
Item 1. Business.
        ---------
       	The NationsCredit Grantor Trust 1996-1 (the "Trust") was formed 
pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing 
Agreement") dated as of January 31, 1996 among NationsCredit Securitization 
Corporation (the "Seller"), NationsCredit Commercial Corporation of America, 
as Servicer (the "Servicer") and Bankers Trust Company, as trustee (the 
"Trustee").  The Trust's only business is to act as a passive trust to permit 
investment in a pool of retail installment sales contracts.

Item 2.  Properties.
         -----------
        	The assets of the Trust include a pool of marine retail installment 
sales contracts (the "Receivables"), the security interests in the collateral 
securing the Receivables and  certain other property more specifically set 
forth in the Pooling and Servicing Agreement.

Item 3.  Legal Proceedings.
         ------------------
        	There are no pending legal proceedings with respect to the Trustee 
involving the Trust, Bankers Trust Company, as Trustee, or NationsCredit 
Distribution Finance, Inc., as Servicer.

Item 4.  Submission of Matters to a Vote of Security Holders.
         ----------------------------------------------------
         	None.

                                 PART II
                                 ------- 
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
        ----------------------------------------------------------------------
        (a)  Market Information.  There is no established public trading 
             market for the Certificates.
        (b)  Holders.  Since each of the Certificates was issued in book entry 
             form only, there is only one holder of record of the 
             Certificates.  See Item 12 below.
        (c)  Dividends. Not applicable.


Item 9.  Changes in and Disagreements With Accountants on Accounting and 
         ---------------------------------------------------------------
         Financial Disclosure.
         ---------------------
        	None.

                                 PART III
                                 --------     

Item 12.  Security Ownership of Certain Beneficial Owners and Management.
          ---------------------------------------------------------------
         	The Certificates are represented by one or more Certificates 
registered in the name of Cede & Co., the nominee of  The Depository Trust 
Company ("DTC"). An investor holding an interest in the Trust is not entitled 
to receive a Certificate representing such interest except in limited 
circumstances.  Accordingly, Cede & Co. is the sole holder of record of the 
Certificates, which it holds on behalf of brokers, dealers, banks and other 
participants in the DTC system.  Such participants may hold Certificates for 
their own accounts or for the accounts of their customers.  The address of 
Cede & Co. is 
                           		Cede & Co.
                           		c/o The Depository Trust Company
                         				Attention: Proxy Department
                         				Seven Hanover Square
                         				New York, New York  10004

<PAGE>
Item 13.  Certain Relationships and Related Transactions.
          -----------------------------------------------
         	None.

                                 PART IV
                                 ------- 
Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8K.
          ----------------------------------------------------------------
          (a)  
                1.  Not applicable.
                2.  Not applicable.
                3.  Exhibits:
                    99.4  Annual Statement as to Compliance
                    99.5  Report of Independent Accountants

           (b)  Reports on Form 8-K



     		NationsCredit Grantor Trust 1996-1 filed a Current Report on Form 8-K 
pursuant to Items 5 and 7 for the following monthly distribution dates during 
1997, including the Servicer"s Certificate for each due period provided to 
Bankers Trust Company, as Trustee.

                      Date of Reports on Form 8-K
                      ---------------------------
                             January, 1997
                            February, 1997
                               March, 1997
                               April, 1997
                                 May, 1997
                                June, 1997
                                July, 1997
                              August, 1997
                           September, 1997
                             October, 1997
                            November, 1997
                            December, 1997

   (c)  The exhibits filed as a part of this report are listed in the Index to 
        Exhibits on Page 5
              
   (d)  Not applicable.

<PAGE>


                              SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange 
Act of 1934, as ammended, the registrant has duly caused this report to be 
signed on its behalf by the undersigned, thereunto duly authorized.

                  NATIONSCREDIT GRANTOR TRUST 1996 - 1 
                              (Registrant)

                         By:  NationsCredit Commercial Corporation of America, 
                              as Servicer of 
                              NationsCredit Grantor Trust 1996 - 1

Date:  March 30, 1998    By:  /s/ LAWRENCE ANGELILLI 
                         Name:    Lawrence Angelilli
                         Title:   Vice President