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, 2001

                                    333-22327
                              (Commission File No.)


                      NATIONSCREDIT GRANTOR TRUST 1997 - 1
                      ------------------------------------
               (Exact name of registrant as specified in charter)

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

1355  Windward Concourse, Alpharetta Georgia                 30005
--------------------------------------------------------------------------------
(Address  of  principal  executive  offices)                 (Zip  Code)

Registrant's  telephone  number,  including  area  code      (678)  339-9343

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)



                                     Page 1

<PAGE>
                                     PART I
Item  1.    Business.
            ---------

            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"), Banc  of  America
            Specialty  Finance, Inc. (formerly known as 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 Banc of
            America  Specialty  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 2

<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:
                            99.1     Annual  Statement  as  to  Compliance
                            99.2     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 2001, including the  Servicer's Certificate
           for each due period provided to Bankers Trust  Company,  as  Trustee.

                           Date of Reports on Form 8-K
                           ---------------------------
                                January 16, 2001
                                February 15, 2001
                                 March 15, 2001
                                 April 16, 2001
                                  May 15, 2001
                                  June 15, 2001
                                  July 16, 2001
                                 August 15, 2001
                               September 17, 2001
                                October 15, 2001
                                November 15, 2001
                                December 17, 2001

           (c)  The  exhibits  filed  as  a  part  of this report  are listed in
                the Index to Exhibits  on  Page  5

           (d)  Not  applicable.


                                     Page 3

<PAGE>

                                   SIGNATURES

           Pursuant to the requirements of Section 13 or 15(d) of the Securities
           Exchange Act of 1934, as amended, 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:  Banc  of  America Specialty Finance, Inc. formerly NationsCredit
           Commercial Corporation  of  America,  as  Servicer  of  NationsCredit
           Grantor Trust 1997 - 1



                                          By  /s/     CHRISTOPHER  SPOENEMAN
                                              ------------------------------
                                          Name:       Christopher  Spoeneman
                                          Title:      Senior  Vice  President


                                          Date:       March  27,  2002
                                                      ----------------


                                     Page 4

<PAGE>

                                  EXHIBIT INDEX


     Exhibit  Number                    Description  of  Exhibit
     ---------------                    ------------------------

          99.1                     Annual  Statement  as  to  Compliance
          99.2                     Report  of  Independent  Accountants



                                     Page 5

<PAGE>

                                                                    Exhibit 99.1


                     BANC OF AMERICA SPECIALTY FINANCE, INC.
                           ANNUAL OFFICER CERTIFICATE

                       NationsCredit Grantor Trust 1997-1
                       ----------------------------------



The  undersigned certifies that he is a Senior Vice President of Banc of America
Specialty  Finance,  Inc  formerly  NationsCredit  Distribution Finance, Inc., a
Georgia  corporation (the "Servicer"), and that as such he is duly authorized to
execute  and  deliver  this  certificate  on  behalf of the Servicer pursuant to
Section  13.10 of the Pooling and Servicing Agreement dated as of April 30, 1997
among  NationsCredit  Securitization  Corporation,  NationsCredit  Commercial
Corporation  and  Bankers  Trust Company (the 'Agreement') and further certifies
that  ( i ) a review of the activities of the Servicer during the period January
1,  2001  up to and including December 31, 2001 and of its performance under the
Agreement  has  been  made  and  (ii)  based  on  such  review, the Servicer has
fulfilled all of its obligations under the Agreement throughout the past year up
to  and  including  December  31,  2001.

IN  WITNESS  WHEREOF,  I  have  affixed  hereto  my  signature  this
the  27th  day  of  March,  2002.
     ----


                                   Banc  of  America  Specialty  Finance,  Inc.


                                   By:  :    /s/     CHRISTOPHER  SPOENEMAN
                                             ------------------------------
                                                     Christopher  Spoeneman
                                                     Senior  Vice  President



                                   Page 1 of 1

<PAGE>

Exhibit  99.2




                        REPORT OF INDEPENDENT ACCOUNTANTS


To  the  Board  of  Directors  and  Shareholders  of
Bank  of  America  Corporation


 We  have  examined  management's  assertion about Bank of America Corporation's
(the  "Company") compliance with the servicing requirements outlined in sections
12.3,  13.8,  14.1,  14.2,  14.3,  14.6  and  14.7  of the Pooling and Servicing
Agreement  dated  April 30, 1997 (the "Agreement") for the NationsCredit Grantor
Trust  1997-1  securitization  as  of  and  for the year ended December 31, 2001
included  in  the accompanying management assertion (see Exhibit I).  Management
is  responsible  for  the  Company's  compliance  with  those requirements.  Our
responsibility  is  to  express  an  opinion on management's assertion about the
Company's  compliance  based  on  our  examination.

Our examination was made in accordance with attestation standards established by
the  American  Institute  of  Certified  Public  Accountants  and,  accordingly,
included  examining,  on  a  test basis, evidence about the Company's compliance
with  those  requirements  and performing such other procedures as we considered
necessary  in  the  circumstances.  We  believe  that our examination provides a
reasonable  basis  for  our  opinion.  Our  examination does not provide a legal
determination  on  the  Company's  compliance  with  specified  requirements.

In  our  opinion,  management's  assertion  that  the  Company complied with the
aforementioned  requirements  as  of and for the year ended December 31, 2001 is
fairly  stated,  in  all  material  respects.




/s/  PRICEWATERHOUSE  COOPERS  LLP
----------------------------------


March  1,  2002



                                  Page 1 of  2

<PAGE>

                                    EXHIBIT I


                  MANAGEMENT'S ASSERTION CONCERNING COMPLIANCE
                       WITH CERTAIN SERVICING REQUIREMENTS




March  1,  2002


As  of and for the year ended December 31, 2001, Bank of America Corporation has
complied  in  all  material respects with the servicing requirements outlined in
sections  12.3,  13.8,  14.1,  14.2,  14.3,  14.6,  and  14.7 of the Pooling and
Servicing  Agreement  for  the NationsCredit Grantor Trust 1997-1 securitization
dated  as  of  April  30,  1997,  between  Bank of America Corporation, formerly
NationsCredit  Commercial  Corporation  of  America,  as Servicer, NationsCredit
Securitization  Corporation, as Depositor, and Bankers Trust Company, as Trustee
and  Collateral  Agent.




/s/  STEPHEN  F.  SMITH
---------------------------------
Stephen  F.  Smith
Senior  Vice  President
Bank  of  America  Corporation



/s/  CHRISTOPHER  SPOENEMAN
---------------------------------
Christopher  Spoeneman
Senior  Vice  President
Bank  of  America  Corporation



/s/  RHONDA  W.  NANTZ
---------------------------------
Rhonda  W.  Nantz
Vice  President
Bank  of  America  Corporation



                                  Page 2 of  2