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                  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 
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                            (Commission File) 
 
 
                     NATIONSCREDIT GRANTOR TRUST 1997 - 1 
                     ------------------------------------
              (Exact name of registrant as specified in charter) 
 
Delaware                     				                    	     75-2655744
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(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: 
                6.75% 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) 
 
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                                   PART I 
                                   ------ 
Item 1. Business. 
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       	The NationsCredit Grantor Trust 1997-1 (the "Trust") was formed 
        pursuant to a Pooling and Servicing Agreement (the "Pooling and 
        Servicing Agreement") dated as of April 30, 1997 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. 
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        (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. 
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	        None. 
 
                                 PART III 
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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 
 
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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 1997-1 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 
                     ---------------------------
                              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. 
 
 
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                               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 1997 - 1
                            (Registrant) 
 
                         By:  NationsCredit Commercial Corporation of America,
                              as Servicer of 
                              NationsCredit Grantor Trust 1997 - 1 
 
Date:  March 30, 1998    By:  /s/ LAWRENCE ANGELILLI  
                             -----------------------
                         Name:    Lawrence Angelilli 
                         Title:   Vice President