VIA EDGAR TRANSMISSION

      21-May-99

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K

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

For the Fiscal Year Ended December  31, 1998

Commission File Number 33-69282

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  1997-1,  the  Floating  Rate Class B Asset Backed  Certificates,  Series
1997-1.
<TABLE>
<CAPTION>

<S>                                                                                                              <C>
Delaware                                                                                                         03-6059105
(State or other jurisdiction                                                                                     (IRS Employer
of Incorporation)                                                                                                Identification No.)

1600 Mountain View Drive, Colchester, Vermont                                                                                5446
(Address of principal executive offices)                                                                         (ZIP code)

Registrant's telephone number, including area code:                                                              (802) 655-2824


Securities registered pursuant to Section 12(b) of the Act:
                Title of each class                                                                              None
                Name of each exchange on which registered                                                        Not Applicable

Securities registered pursuant to Section 12(g) of the Act:                                                      None
</TABLE>


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 and (2)
has been subject to such filing requirements for the past 90 days.
                              Yes:  X                   No:

Page 1 of 11
Exhibit Index Appears on Page 6
Part I.
Item 1.         Nothing To Report.

Item 2.         Properties

For  information  regarding the property of the Trust and regarding the Floating
Rate Class A Asset Backed Certificates,  Series 1997-1 (the "Series 1997-1 Class
A Certificates") and the Floating Rate Class B Asset Backed Certificates, Series
1997-1  (the  "Series  1997-1  Class B  Certificates"),  see the 1998  AGGREGATE
DISTRIBUTION  DATE STATEMENT filed as Exhibit 99.1 to this Annual Report on Form
10-K.

Item 3.         Legal Proceedings

                Nothing To Report.

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

                Nothing To Report.

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

                The  outstanding  Class A Certificates  and Class B Certificates
                are held and delivered in book-entry form through the facilities
                of the Depository  Trust Company  ("DTC"),  a "clearing  agency"
                registered  pursuant  to the  provisions  of Section  17A of the
                Securities  Exchange Act of 1934,  as amended.  All  outstanding
                definitive  Class A Certificates  and Class B  Certificates  are
                held  by  CEDE  and  Co.,  the  nominee  of  DTC.  There  is  no
                established  trading market for the Class A Certificates  or the
                Class B Certificates.

Item 6.         Nothing to Report

Item 7.         Nothing to Report

Item 8.         Financial Statements and Supplementary Data

                Reference  is made to the  exhibits  filed as  Exhibit  99.2 and
                Exhibit 99.3 to this Annual Report on Form 10-K.

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

                Nothing to Report

Part III.
Item. 10.       Nothing to Report

Item. 11.       Nothing to Report

Item 12.         Security Ownership of certain Beneficial Owners and Management

                Bombardier Capital Inc. holds 100 % of the 1,000 outstanding
                shares and has sole voting power and sole investment power.


Item 13.        Certain Relationships and Related Transactions

                Nothing to Report

Part IV.
Item 14.       Exhibits, Financial Statements Schedules, and Reports on Form 8-K

                (a) Exhibits:

           99.1 1998 Series 1997-1 AGGREGATE DISTRIBUTION DATE STATEMENT
           99.2 1998 ANNUAL SERVICER'S CERTIFICATE
           99.3 1998 ANNUAL REPORT OF INDEPENDENT
                ACCOUNTANTS ON COMPLIANCE

                (b) Reports on Form 8-K:

                Currents reports on Form 8-K are filed with-in fifteen (15) days
                after  each  monthly  distribution  with  respect to the Class A
                Certificates and the Class B Certificates.  The reports include,
                as an exhibit,  the monthly  Distribution  Date  Statement  with
                respect   to  the   Class  A   Certificates   and  the  Class  B
                Certificates.

                Current Reports on Form 8-K were filed on:
                                  24-Feb-98                   27-Mar-98
                                  28-Apr-98                   29-May-98
                                  22-Jun-98                   20-Jul-98
                                  18-Aug-98                   18-Sep-98
                                  20-Oct-98                   18-Nov-98
                                  18-Dec-98                   26-Jan-99
 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.

                              BOMBARDIER CREDIT RECEIVABLES CORPORATION

                By:           /s/James Dolan
                Name:         James Dolan
                Title:        Assistant Treasurer
                Date:             25-May-99

                Pursuant to the  requirements of the Securities  Exchange Act of
                1934,  this report has been signed by the  following  persons on
                behalf of the  registrant and in the capacities and on the dates
                indicated.

                Signature


By:             /s/George W. Calver
Name:           George W. Calver
Title:          President
                (Principal Executive Officer)
Date:                 5/26/99


By:             /s/Andrew Baranowsky
Name:           Andrew Baranowsky
Title:          Treasurer
                (Principal Financial and Accounting Officer)
Date:               25-May-99


By:             /s/Pierre Andre Roy
Name:           Pierre Andre Roy
Title:          Director
Date:               25-May-99


By:             /s/Frank Killackey
Name:           Frank Killackey
Title:          Director
Date:               25-May-99


By:             /s/Blaine Filthaut
Name:           Blaine Filthaut
Title:          Director
Date:               27-May-99


By:             /s/R. William Crowe
Name:           R. William Crowe
Title:          Director
Date:               25-May-99
 Exhibit Index

<TABLE>
<CAPTION>
                                                                                                                 Page number
                                                                                                                 in sequential
Exhibit No.                                                                                                      number System

<S>        <C>  <C>         <C>  <C>                                                                                            <C>
           99.1 1998 Series 1997-1 AGGREGATE DISTRIBUTION DATE STATEMENT                                                        6
           99.2 1998 ANNUAL SERVICER'S CERTIFICATE                                                                              9
           99.3 1998 ANNUAL REPORT OF INDEPENDENT                                                                              10
</TABLE>

                ACCOUNTANTS ON COMPLIANCE

Exhibit 99.1
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
ANNUAL DISTRIBUTION DATE STATEMENT  Series 1997-1
For the Calendar Year:                             1998
<TABLE>
<CAPTION>

1 Amount of principal paid or distributed:
<S>                                                                                                                             <C>
  (a) Class A Certificates:                                                                                                     0
  per $1,000 original principal amount of Class A Certificates                                                                  0
  (b) Class B Certificates:                                                                                                     0
  per $1,000 original principal amount of Class B Certificates                                                                  0
2 Floating Allocation Percentage for such Collection Period (unweighted average):                                             N/A
3 Principal Allocation Percentage for such Collection Period:                                                                 N/A
4. Amount of interest paid or distributed for 1998:
  (a) Class A Certificates:                                                                                         23,278,535.11
  per $1,000 original principal amount of Class A Certificates                                                               58.2
  (b) Class B Certificates:                                                                                          1,636,329.31
  per $1,000 original principal amount of Class B Certificates                                                              60.33
5.(a) Series 1997-1 Investor Default Amount for 1998:                                                               23,814,647.49
6. Required Subordination Draw Amount, if any,                                                                                  0
    for the preceding Collection Period (or for such Distribution Date):
7.  (a) Amount of Investor Charge-Off for the preceding Collection Period:                                                      0
     (b) Amount of Reimbursements of Investor Charge-Off for the preceding period:                                              0
8.  (a) Amount of Class A Carryover Amount being paid or distributed                                                            -
     (b)  Balance:                                                                                                              0
   Distributed per $1,000 original principal amount of Class A Certificates                                                     0
9.  (a) Amount of Class B Carryover Amount being paid or distributed                                                            -
     (b)  Balance:                                                                                                              0
   Distributed per $1,000 original principal amount of Class B Certificates                                                     0
10. Pool Balance as of 11/30/1998 :                                                                                   690,292,489
11.  After giving affect to distributions on this Distribution Date:
  (a) Outstanding principal amount of Class A Certificates:                                                           400,000,000
  (b) Outstanding principal amount of Class B Certificates:                                                            27,125,000
  (c) Certificate Balance:                                                                                            427,125,000
  (d) Pool Factor for Class A Certificates:                                                                                     1
  (e) Pool Factor for Class B Certificates:                                                                                     1
12. Applicable Interest Rate:
  (a) In general:
       (1)  LIBOR for the period from the previous Distribution Date to this Distribution Date:                               N/A
       (2)  Net Receivables Rate                                                                                              N/A
  (b) Class A Rate:                                                                                                           N/A
  (c) Class B Rate:                                                                                                           N/A
13.  (a) Amount of Monthly Servicing Fee for 1998 :                                                                     8,542,500
      (b) Series 1997-1 Excess Servicing Fee being distributed and remaining balance (if any):                         23,985,215
      (1) Distributed:                                                                                                 23,985,215
      (2) Balance:                                                                                                              0
14.  Invested  Amount on this  Distribution  Date  (after  giving  effect to all
distributions
       which will occur on such Distribution Date):                                                                   427,125,000
15.  The Available Subordinated Amount (inclusive of incremental subordination)
             On the immediately preceding Distribution Date:                                                                  N/A
             On this Distribution Date:                                                                                       N/A
16.  The Incremental Subordinated Amount on the immediately preceding Determination Date                                      N/A
             On this Distribution Date:                                                                                       N/A
17.  The Reserve Fund Balance as of 11/30/1998:                                                                         2,135,625
18.  The Excess Funding Account Balance for this Distribution Date:                                                             0
</TABLE>

19.  Amount in the Excess Funding Account at the beginning of an Early
     Amortization Period or Initial
    Amortization Period to be distributed as a payment of principal in respect
to:
<TABLE>
<CAPTION>

<S>                                                                                                              <C>
  (a) Class A Certificates:                                                                                      N/A
  (b) Class B Certificates (only if Class A Certificates have been paid in full):                                N/A
20. The minimum Collection Account balance with respect to this Distribution Date:                               N/A
  Series 1997-1 Interest Payments on Class A Certificates                                                        N/A
  Series 1997-1 Interest Payments on Class B Certificates                                                        N/A
  Series 1997-1 Investor Defaults (to be remitted to BCI)                                                        N/A
  Series 1996-1 Servicer Advances (to be remitted to BCI)                                                        N/A
  Series 1996-1 Investor Defaults (to be remitted to BCI)                                                        N/A
  Series 1997-2 Servicer Advances (to be remitted to BCI)                                                        N/A
  Series 1997-2 Investor Defaults (to be remitted to BCI)                                                        N/A
  Series 1997-2 Fees (to be remitted to ABN)                                                                     N/A
  Collection Account Investment Proceeds (to be remitted to BCI)                                                 N/A
  Series 1997-1 Reserve Fund Investment Proceeds (to be remitted to BCI)                                         N/A
  Series 1996-1 Reserve Fund Investment Proceeds (to be remitted to BCI)                                         N/A
  Series 1997-2 Reserve Fund Investment Proceeds (to be remitted to BCI)                                         N/A
  Series 1997-1 Excess Fund Account Investment Proceeds (to be remitted to BCI)                                  N/A
  Series 1996-1 Excess Fund Account Investment Proceeds (to be remitted to BCI)                                  N/A
  Series 1997-2 Excess Fund Account Investment Proceeds (to be remitted to BCI)                                  N/A
21. An Early  Amortization  Event has occurred:  NO 22. The Servicer has elected
not to extend the Initial  Principal  Payment Date: N/A 23. 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:                                                                                N/A
      (Annualized three month average net losses)                                                                N/A
24. Three-Month  Payment Rate for the three (3) most recent Collection  Periods:
N/A A Three-Month  Payment Rate Trigger has occurred:  NO 25. Receivables Rate :
N/A 26. Inventory Aging as of the end of the Collection Period:
                           0-120 days                                                                            N/A
                          120-180 days                                                                           N/A
                          180-270 days                                                                           N/A
                          Over 270                                                                               N/A
27. Optional removal of Receivables aged greater than 450 days during the related Collection Period               -
28. Eligible Investments on deposit in the Excess Funding Account and amounts on deposit
in the Excess Funding Accounts for all other Series as of 11/30/98 as a percentage
of the assets of the Trust:  0.00%
     Has an asset composition Event Occurred:                                                                    NO
29. Amount of 491 Day Aged Receivables made Ineligible during Collection Period:                                 N/A
</TABLE>

      Cumulative amount of 491 Day Aged Receivables made Ineligible from:
<TABLE>
<CAPTION>

                                                 Aged IneligiOptional Removals:        Put Limit:
<S>               <C>                <C> <C>                                               <C>
          October 1, 1998 to January 31, 199         N/A                                   $0 N/A
</TABLE>
<TABLE>
<CAPTION>

      Has an Early Amortization Event Occurred:  NO
<S>                                                                           <C>   <C>                          <C>
30. Principal Amount of Receivables subject to a Participation Interest as of 11/30/98:                          6,727,839.85
</TABLE>

31. Product Line Breakdown                       Test Level:             Actual:
         Bombardier:                              50.00%                     N/A
         Marine:                                  45.00%                     N/A
         Recreational Vehicles:                   15.00%                     N/A
         CEA / Other:                             10.00%                     N/A
         Manufactured Housing:                    35.00%                     N/A
         Lawn & Garden:                           10.00%                     N/A
                 Total:                                                N/A
32. Overconcentration Amounts:
      Designated Manufacturer Concentration:                           N/A
      Industry Overconcentrations:                                     N/A
      Dealer Overconcentrations:                                       N/A
      Manufacturer Overconcentrations:                                 N/A
                 Total Overconcentration Amounts:                      N/A
<TABLE>
<CAPTION>

<S>                              <C>                                                                                <C>
33. (a) BRMT I Defaulted Amount for 1998 :                                                                             38,756,751
     (b) BRMT I Non-Principal Collections for 1998 :                                                                  131,652,318
     (c) BRMT I Principal Collections for 1998 :                                                                    1,779,337,253
     (d) BRMT I Recovery Amount for 1998 :                                                                             35,981,427
34. Total Defaulted Amount for 1998 relating to non payment
of at least $150 of interest due more than 90 days:                                                                    33,172,724
35. Amount of Receivable purchased by the trust at a discount during for 1998:                                         64,505,857
</TABLE>

36. Has an automatic Addition of Accounts Occurred:   NO
37. Pool data on Receivables added as Automatic Account Additions N/A
Prepared by:   Mr. John Quinn
Securitization Manager
Exhibit 99.2
                ANNUAL SERVICER'S CERTIFICATE


                BOMBARDIER CAPITAL INC.


--------------------------------------------------------


                BOMBARDIER RECEIVABLES MASTER TRUST I
                (the "Trust")
--------------------------------------------------------


The undersigned,  duly  authorized  representatives  of Bombardier  Capital Inc.
 ("BCI"), as Servicer,  pursuant to the Pooling and Servicing Agreement dated as
 of January 1, 1994 (as amended and supplemented, the "Agreement"), by and among
 Bombardier Credit Receivables Corporation
("BCRC"), as Depositor, BCI, as Servicer, and Bankers Trust Company, as Trustee,
do hereby certify, on behalf of BCI, that:

              1 BCI is, as of the date hereof, the Servicer under the Agreement.

              2 The undersigned  are Servicing  Officers and are duly authorized
                pursuant  to  the   Agreement   to  execute  and  deliver   this
                Certificate to the Trustee and any Enhancement Providers.

              3 A review of the  activities of the Servicer  during the calendar
                year ended December 31, 1998, and of its  performance  under the
                Agreement, was conducted under our supervision.

              4 Based  on such  review,  the  Servicer  has,  to the best of our
                knowledge,  performed  in  all  material  respects  all  of  its
                obligations  under  the  Agreement  throughout  such year and no
                material  default in the  performance  of such  obligations  has
                occurred  or is  continuing  except as set forth in  paragraph 5
                below.

              5 The following is a description  of each material  default in the
                performance of the Servicer's  obligations  under the provisions
                of the  Agreement  known to us to have been made by the Servicer
                during the year ended  December  31,  1998,  which sets forth in
                detail the (a) nature of each such default, (b) the action taken
                by the Servicer, if any, to remedy each
            such default, and (c) the current status of each such default: none.

Capitalized  terms  used  but not  defined  herein  are used as  defined  in the
Agreement.

 IN WITNESS WHEREOF,  each of the undersigned has duly executed this Certificate
this 15th day of April 1998.




BOMBARDIER CAPITAL INC.


By: /s/ Andrew Baranowsky
       Andrew Baranowsky
       Treasurer



By:/s/ Jean C. O'Neill
      Jean C. O'Neill
      Secretary



Independent Accountants' Report

Board of Directors
Bombardier Capital Inc.
as Servicer
1600 Mountain View Drive
Colchester, VT 05446

and

Bankers Trust Company,
and Trustee
Four Albany Street
New York, New York 10006

Attention: Corporate Trust & Agency Group,
Structured Finance Team

                              Bombardier Receivables Master Trust I


We have examined management's assertion,  included in the accompanying Report of
Management on Compliance,  about  Bombardier  Capital Inc., (The  "Servicer") of
compliance    with   the   terms   and    conditions   of   Sections    3.01(d),
3.02,3.04,3.05,3.09,  4.02,4.03,4.04,  10.01(a),  10.01(b)  and  10.01(e) of the
Pooling  and  Servicing  Agreement  dated as of  January  1,  1994 (as  amended,
modified,  supplemented or interpreted from time to time, the "Agreement") among
Bombardier Credit Receivables Corporation, as the Depositor,  Bombardier Capital
Inc., as the Servicer,  and Bankers Trust Company,  as Trustee as of January 31,
1999 and for the  period  from  February  1,  1998  through  January  31,  1999.
Management is responsible for the Servicer's compliance with those requirements.
Our responsibility is to express an opinion on management's  assertion about the
Servicer's compliance based on our examination.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining,  on a test basis, evidence about the Servicer'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
Servicer's compliance with specified requirements.

In our opinion,  management's assertion that the Servicer was in compliance,  in
all  material  respects,  with the terms and  conditions  of the sections of the
Agreement (as amended, modified, supplemented, or interpreted from time to time)
as of January 31, 1999 and for the period  February 1, 1998 through  January 31,
1999, is fairly stated, in all material respects.

This report is intended  solely for your  information and should not be referred
to or  distributed  for any purpose to anyone who is not  authorized  to receive
such   information  as  specified  in  the  Agreement  (as  amended,   modified,
supplemented, or interpreted from time to time).

Ernst & Young LLP

      29-Apr-99