<PAGE>
                                  FORM 10-K

                     SECURITIES AND EXCHANGE COMMISSION

                        WASHINGTON, D.C.  20549-1004

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the year ended December 31, 1997                             

                                     OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934


For the transition period from                       to                     


Commission file number   33-80413                                           



                  Fleetwood Credit 1997-B Grantor Trust
                     
-----------------------------------------------------------------
         (Exact name of registrant as specified in its charter)

             California                                          33-0444724
          ----------------                                    ---------------
          (State or Other                                      (IRS Employer
          jurisdiction of                                   Identification No.)
          incorporation)

     Fleetwood Credit Receivables Corp.
     22840 Savi Ranch Parkway
     P.O. Box 87024
     Yorba Linda, CA                                                92886-8724
     (Address of principal executive offices)                       (Zip Code)
                                     
---------------------------------------------------------------

Registrant's telephone number, including area code:             (714) 921-3400

Securities registered pursuant to Section 12 (b) of the Act:              None

Securities registered pursuant to Section 12 (g) of the Act:              None

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 shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.     Yes---X------   No-----------

Trust does not have any voting stock.

Trust has not been involved in bankruptcy proceedings during the preceding
five years.

Trust is not reporting as a corporate issuer.



                                 PART I

Item 1.  Business.

       Not Applicable.


Item 2.  Properties.

      The Fleetwood Credit 1997-B Grantor Trust (the "Trust") was formed
      and its asset backed certificates (the "Certificates") were issued   
      pursuant to a Pooling and Servicing Agreement, dated as of September 
      1, 1997 (the "Agreement"), between Fleetwood Credit Receivables      
      Corp., a California corporation, as Seller (the "Seller"), and       
      Fleetwood Credit Corp., a California corporation, as Servicer (the 
      "Servicer") and The Chase Manhattan Bank, as Trustee of the Trust 
      (the "Trustee").  The Certificates consist of one class of senior 
      certificates, (the "Class A Certificates") and one class of
      subordinated certificates, (the "Class B Certificates").  The Class A
      Certificates represent an undivided ownership interest of ninety-six 
      point five percent (96.5%) of the Trust and the Class B Certificates 
      represent an undivided ownership interest of three point five percent 
      (3.5%) the Trust. The Class B Certificates are subordinate to the     
      Class A Certificates in regard to the right to receive payments in 
      the event of delinquency or default on the Receivables (as defined 
      below).  Capitalized terms herein, unless otherwise defined herein, 
      shall have the meanings specified in the Agreement.

      The property of the Trust includes a pool of simple interest retail
      installment sale contracts (the "Receivables") between dealers (the
      "Dealers") in new and used recreational vehicles, manufactured 
      primarily by subsidiaries of Fleetwood Enterprises, Inc., and retail 
      purchasers (the "Obligors"), and all payments due thereunder on or 
      after September 1, 1997 (the "Cutoff Date") other than accrued 
      interest owing on Receivables prior to the Cutoff Date.  The 
      Receivables were originated by Dealers and subsequently assigned to 
      the Servicer, and are serviced by the Servicer and evidence the
      indirect financing made available by the Servicer to the Obligors.  
      The property of the Trust also includes:  (i) such amounts as from 
      time to time may be held in an interest bearing trust account 
      established and maintained by the Seller with the Trustee pursuant to 
      the Agreement (the Subordinated Reserve Fund), and the proceeds 
      thereof;  (ii) security interests in the financed vehicles and any 
      accessions thereto;  (iii) benefits under the subordination of the 
      Class B Certificates and the Servicer Letter of Credit; (iv) any 
      recourse rights of the Seller against Dealers; and (v) the right to
      proceeds of physical damage, credit life, and disability insurance 
      policies covering the financed vehicles or the Obligors.

      As of September 1, 1997, the Receivables included in the pool 
      consisted of 12,677 contracts with an aggregate value of 
      $350,000,000.00.

<PAGE>

       As of December 31, 1997, the end of the year of the Trust for which 
       this Form 10-K Annual Report is being filed, there were 13,680 
       contracts with an aggregate value of $325,320,921.24 outstanding.

       The change in the aggregate principal balance of the Receivables        
       between September 1, 1997, and December 31, 1997, was due to:  
       (i) scheduled principal payments, made by or on behalf of the        
       Obligors on the Receivables; and (ii) payment in full of 140          
       Receivables.  There were no repurchases of defaulted Receivables        
       pursuant to the Reserve Fund.  The net loss on Receivables for the      
       period from September 1, 1997, through December 31, 1997, was        
       $114,032.76.  The aggregate amount recovered from sales of
       repossessed vehicles during the period was $351,727.74.

       At December 31, 1997, there were thirty seven (37) accounts with an
       aggregate principal balance of $801,978.93 that were 30-59 days      
       delinquent, six (6) accounts with an aggregate principal balance of   
       $63,168.56 that were 60-89 days delinquent, and four (4) accounts with   
       an aggregate principal balance of $62,155.77 that was 90 or more days   
       delinquent.  The foregoing delinquent balances represent 0.25%,        
       0.02%, 0.02% respectively, of the outstanding pool balance as of      
       December 31, 1997 (0.29% in total).


Item 3.   Legal Proceedings.

       The Registrant knows of no material legal proceedings with respect
       to the Trust, involving the Trust, the Trustee or the Company, as
       Servicer of the Receivables, other than ordinary routine litigation
       incidental to the Trustee's or the Company's servicing duties under
       the Agreement.


Item 4.   Submission of Matters to a Vote of Security Holders.

       No matter was submitted during the period covered by this report to
       a vote of the Certificateholders.


<PAGE>
                                 PART II

Item 5.   Market for Registrant's Common Equity and Related Stockholder
          Matters.

       (a) Merrill Lynch & Co. and Salomon Brothers have informed the
      
         Company that, while they have been prepared to quote prices       
         to institutional investors for the purchase and sale of      
         Certificates, to the best of their knowledge, there have been   
         only limited sporadic quotations for the purchase and sale of   
         Certificates.

         (b)  As of December 31, 1997, there was one (1) Certificateholder of
        record, Cede & Co. as nominee for the Depository Trust Company  
           ("DTC").

       (c)  Not Applicable.


Item 6.   Selected Financial Data.

       Not Applicable.


Item 7.   Management's Discussion and Analysis of Financial Condition and
       Results of Operation.

       Not Applicable.


Item 8.   Financial Statement and Supplementary Data.

       Not Applicable.


Item 9.   Changes In and Disagreements with Accountants on Accounting and
       Financial Disclosure.

       None.

<PAGE>
                                PART III

Item 10.  Directors and Executive Officers of the Registrant.

       Not Applicable.


Item 11.  Executive Compensation.

       Not Applicable.


Item 12.  Security Ownership of Certain Beneficial Owners and Management.

       (a)  To the best knowledge of the registrant, as of December 31,
            1997, there was one (1) Certificateholder of record for each
            class of certificates, Cede & Co. as nominee for DTC, whose
            participating members in aggregate owned of record in excess of
            five percent (5%) of the interest represented by the
            certificates, as set forth in the table below.  The Registrant
            has no knowledge of whether any of such participating member of
            DTC is a "Beneficial owner" ( as that term is defined in Rule
            13d-3 under the Securities Exchange Act of 1934), of the
            Certificates held of record.

<TABLE>
<CAPTION>
                                                
                       Name and Address of        Amount and Nature    Percent
Title of Class             Class A                       of              of
                       Certificateholder         Certificate Holdings  Class A
------------------------------------------------------------------------------
<S>                    <C>                       <C>                  <C>
Fleetwood Credit        Cede & Co.                337,750              96.500%
1997-B Grantor          P.O. Box 20               Certificates
Trust 6.40%             Bowling Green Station     representing
Asset Backed            New York, NY  10274       $337,750,000.00 <F1>
Certificates, 
Class A
                              
Fleetwood Credit        Cede & Co.                12,250                3.500%
1997-B Grantor          P.O. Box 20               Certificates
Trust 6.65%             Bowling Green Station     representing
Asset Backed            New York, NY  10274       $12,250,000.00 <F1>
Certificates,
Class B
                         
<FN>                          
                 
 <F1>  Each Certificate represented $1,000 on date of issuance and $929.49
       as of December 31, 1997.  As of December 31, 1997, the aggregate
       outstanding principal amount of Certificates was $325,320,921.24.
</FN>
</TABLE>
          (b)  Not Applicable.

          (c)  Not Applicable.

<PAGE>
Item 13.  Certain Relationships and Related Transactions.

          (a)  The Registrant knows of no transaction or series of similar
               transactions during the period from inception (September 1,
               1997) through December 31, 1997, or any currently proposed
               transaction or series of similar transactions to which the      
               Trustee or the Trust has been or will be a party, involving an  
               amount exceeding $60,000 and in which any Certificateholder or   
               any beneficial owner, in either case, who owns more than five    
               percent of the interest represented by the Certificates, or any 
               member of the immediate family of any Certificateholder of      
               beneficial owner, had or will have a direct or indirect         
               material interest.


          (b)  Not Applicable.


          (c)  Not Applicable.



                                 PART IV

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

       (a)  The attached report of Coopers & Lybrand L.L.P. regarding the
            servicing  activities of the Company, prepared pursuant to      
            ARTICLE XIII, Section 13.11. of the Standard Terms and       
            Conditions of the Agreement, is filed as Exhibit 99.


       (b)  In its request for a no-action letter (which letter was issued
            by the Commission on September 19, 1991), Fleetwood Credit      
            Receivables Corp. on behalf of the Registrant, proposed to      
            include herein as an exhibit the Annual Report required to be   
            issued following the end of each calendar year by the Trustee    
            regarding distributions made to Certificateholders in the prior 
            year.  The Registrant files herewith as Exhibit 19.2 the 
            Trustee's Report for December 1997 as part of the annual report
            for the calendar year 1997 pursuant to ARTICLE XIV, Section
            14.11 of the Standard Terms and Conditions of the Agreement
            is filed as part of this Report.
           
       
        (c) Servicer's Certificate for December 1997 is filed as
            Exhibit 19.1.













 <PAGE>
                              SIGNATURES



     Pursuant to the requirements of Section 13 or 15(d) 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.



                                   Fleetwood Credit 1997-B Grantor Trust

                                   By:  FLEETWOOD CREDIT CORP., as Servicer







Date: March 31, 1998                    By:  /s/ Marvin T. Runyon,III        
                                        Name:  Marvin T. Runyon, III
                                        Title: Senior Vice President
<PAGE>
                              INDEX TO EXHIBITS
 
 
 <TABLE>
 <CAPTION>
                                                                 
 SEQUENTIALLY
 EXHIBIT                                                            NUMBERED
 NUMBER                    EXHIBIT                                    PAGE
 -----------------------------------------------------------------------------
 <S>     <C>                                                      <C>
 19.1    Servicer's Certificate for December, 1997  
 19.2    Trustee's Report
 99      Report of Independent Public Accountants





</TABLE>