MITSUBISHI MOTORS CREDIT OF AMERICA, INC.
Monthly Servicing Report -- MMCA Auto Owner Trust 1995-1
September 1, 1996 through September 30, 1996
ORIGINAL DEAL PARAMETERS
Original Pool Balance $579,315,248.36
Original Level Pmt Portfolio Balance $469,758,585.99
Notes
Approx Percent of Level Pmt Principal 95%
Percent of Aggregate Original Pool Bal 77.03%
Initial Balance $446,270,000.00
Note Interest Rate 5.70%
Noteholders' Final Scheduled Pmt Date 11/15/97
Certificates
Approximate Percent of Level Pmt Principal 5%
Percent of Aggregate Original Princ Amt 4.05%
Initial Balance $23,488,585.99
Cert Interest Rate 6.10%
Certholders' Final Scheduled Pmt Date 11/15/99
Initial Balance of Seller's Retained Certs $470,585.99
Final Payment Certs
Final Pmt Certs Percent (of Balloon Pmt Prin) 100.00%
Final Pmt Certs Percent (of Aggregate Prin Amt) 18.91%
Final Pmt Certs Initial Bal $109,556,662.37
Final Pmt Certs Rate 0
Servicing Fee Rate 1.00%
Original Wtd Avg Coupon (WAC) 11.63%
Wtd Avg Original Maturity (WAOM) 55.64
Wtd Avg Remaining Maturity (WAM) 46.86
Number of Contracts 41,542
Reserve Fund
Reserve Initial Deposit $704,637.88
Specified Reserve Balance $3,523,189.39
Loss & Delinquency Specified Reserve Bal $9,395,171.72
Loss Trigger Percent 3.5%
Delinquency Trigger Percent 2.5%
Yield Supplement Acct Initial Deposit $1,849,754.93
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INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
Total Pool Balance $409,047,267.98
Total Portfolio Pool Factor 0.7060875
Level Pmt Portfolio Balance $314,975,380.73
Level Pmt Portfolio Pool Factor 0.6705048
Notes
Balance $289,604,633.17
Pool Factor 0.6489449
Interest Carryover Shortfall 0
Principal Carryover Shortfall 0
Certificates
Balance $23,488,585.99
Pool Factor 1.0000000
Interest Carryover Shortfall 0
Principal Carryover Shortfall 0
Final Payment Certificates
Last Scheduled Pmt Pool Balance $94,071,887.25
Balance $106,100,749.60
Pool Factor 0.9684555
Reserve Fund Balance $9,395,171.72
Yield Supplement Account Balance $921,997.05
Payahead Account Balance $1,264,254.09
Cum Level Pmt Losses for Prior Periods
Including Recoveries $17,233,049.91
Excluding Recoveries $23,145,335.97
Cum Last Sched Pmt Losses for Prior Periods $6,001,370.51
Wtd Avg Remaining Coupon (WAC) 11.53%
Wtd Avg Remaining Term (WAM) 38.57
Number of Contracts 33,448
CURRENT MONTH INFORMATION
Precomputed Contracts Level Pmt Princ
Scheduled Principal Reduction 6,792,378.67
Prepayments in Full 3,433,489.87
Prepayments in Full; Repurchases 8,743.52
Ttl Coll. Precomputed Contracts 12,797,935.22
(exc. Principal on Last Sched Pmts)
Precomputed Contracts - Principal on Last Sched Pmts
Collected Principal 829,246.50
Repurchased Receivables Principal 0.00
Simple Interest Contracts (exc. Prin on Last Sched Pmts)
Collected Principal 1,490,274.87
Principal Reduction 1,323,633.12
Collected Interest 458,099.31
Repurchased Receivables Principal 30,977.37
Repurchased Receivables Interest 0.00
Simple Interest Contracts - Principal on Last Sched Pmts
Collected Principal 189,708.09
Principal Reduction 204,736.46
Repurchased Receivables Principal 15,755.57
Yield Supplement Information
Pmt Amt for Subvened Contracts 85,150.22
Specified Account Balance 832,327.37
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Current Period Pmt Adv for Precomputes 1,495,596.04
Net Change in Payahead Acct Bal (level pmts) (79,059.90)
Rule of 78s Payment 21,180.88
Wtd Avg Remaining Coupon (WAC) 11.52%
Wtd Avg Remaining Maturity (WAM) 37.68
Remaining Number of Receivables 32,533
Delinquent Contracts Contracts Amount
30-59 Days 2,239 6.69% $21,211,089.56 6.73%
60-89 Days 809 2.42% $7,747,648.38 2.46%
90 Days or more 553 1.65% $5,392,987.99 1.71%
Net Loss and Defaulted Receivables Information
Number of Vehicles Repossessed 228
Number of Loans Defaulted 413
Level Pmt Princ Bal of Defaulted
Receivables $4,235,825.15
Last Scheduled Pmt Princ Bal of
Defaulted Receivables 1,068,017.15
Level Pmt Liquidation Proceeds 1,506,203.89
Last Scheduled Pmt Liquidation Proceeds 105,663.60
Recoveries on Previously Defaulted
Receivables 766,351.40
Noteholders' Accelerated Principal Information
Deficiency Amount 1,882,161.57
Percentage 100%
Matured Final Payment Receivables Information
Principal Bal on Vehicles Returned 0.00
Number Maturing 0
Vehicles Returned to Servicer 0
Excess Wear, Tear & Mileage Proceeds Received 0.00
Cum Principal Balance Vehicles Returned
Cum Number Matured 0
Cum Vehicles Returned to Servicer 0
Cum Excess Wear, Tear & Excess Mileage Proceeds 0
Cumulative Return Rate 0.00%
Cumulative Recovery Rate on Returned Vehicles 0.00%
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INPUTS DERIVED FROM OTHER SOURCES
Investment Income
Reserve Fund 33,600.17
Collection Account 58,497.00
Payahead Account 4,658.64
Yield Supplement Account 3,397.46
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COLLECTIONS
Level Pmts Received (exc. Repurchases) $14,910,519.52
Last Scheduled Pmts Received 1,018,954.59
on Final Pmt Receivables (exc. Repurc.)
Net Liquidation Proceeds &
Recoveries Received 2,378,218.89
Principal & Interest on Repurchased Contracts 55,476.46
Exclusion of Rule of 78s Payments
(not avail for dist to investors) (21,180.88)
Total Available Amount 18,341,988.58
Reserve Fund Draw for Current Period Pmt Adv 1,495,596.04
Reserve Fund Draw for Total Required Pmt 0.00
Total Available Amt Inc. Reserve Fund Draws $19,837,584.62
DISTRIBUTIONS
Level Payment Portfolio
Principal (Excluding Repurchases) $11,549,501.66
Principal on Repurchased Contracts 39,720.89
Principal Balance of Defaulted Receivables 4,235,825.15
Total Principal Reduction $15,825,047.70
Total Required Payment
Accrued Note Interest $1,375,622.01
Noteholders' Regular Principal 15,825,047.70
Accrued Certificate Interest $119,400.31
Certificateholders' Regular Principal 0.00
Seller's Retained Certs Distribution 2,392.15
Servicing Fee 340,872.72
Total Required Payment $17,660,942.74
Total Required Payment Shortfall 0.00
Total Required Payment Distributed $17,660,942.74
Current Period Shortfalls
Noteholders' Interest Carryover 0.00
Noteholders' Principal Carryover 0.00
Certificateholders' Interest Carryover 0.00
Certificateholders' Principal Carryover 0.00
Reserve Fund
Current Period Funds Available 2,176,641.88
Reserve Fund Deposit 1,495,596.04
Current Funds Available after Deposit 681,045.84
Last Scheduled Payment Receivables
Principal (Excluding Repurchases) $1,033,982.96
Principal on Repurchased Contracts 15,755.57
Principal Bal of Defaulted Receivables 1,068,017.15
[Not Applicabel to Final Pmt Cert]
Total Principal Reduction $2,117,755.68
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Final Payment Certificate Principal 681,045.84
Remaining Available Funds ("Excess")
Funds Remaining after distribution of
Total Required Pmt, Reserve Fund Deposit
and Final Pmt Cert Principal 0.00
Noteholders' Accelerated Principal Percent 100%
Noteholders Accelerated Principal 0.00
Remaining Funds ("Excess" dist. to Seller) 0.00
Total Distributions $ 19,837,584.62
POOL BALANCES & PORTFOLIO INFORMATION
Balances and Principal Factors
Beginning End
of Period of Period
Total Pool Balance $409,047,267.98 $391,104,464.60
Total Pool Factor 0.7060875 0.6751151
Level Pmt Pool Balance $314,975,380.73 $299,150,333.03
Level Pmt Pool Factor 0.6705048 0.6368172
Note Balance 289,604,633.17 273,779,585.47
Note Pool Factor 0.6489449 0.6134842
Certificate Balance 23,488,585.99 23,488,585.99
Certificate Pool Factor 1.0000000 1.0000000
Last Sched Pmt Pool Bal 94,071,887.25 91,954,131.57
Final Pmt Certificate Bal 106,100,749.60 105,419,703.76
Portfolio Information
Wtd Avg Remaining Coupon (WAC) 11.53% 11.52%
Wtd Avg Remaining Maturity (WAM) 38.57 37.68
Remaining Number of Contracts 33,448 32,533
RESERVE FUND TRANSACTIONS
Beginning Reserve Fund Balance $9,395,171.72
Draw for Current Period Pmt Advances 1,495,596.04
Draw for Total Required Pmt 0.00
Reserve Fund Investment Income 33,600.17
Amount Available for Deposit 2,176,641.88
Reserve Fund Required Amount $9,395,171.72
Reserve Fund Deposit 1,495,596.04
Reserve Fund Balance 9,428,771.89
Reserve Fund Invest Inc. Released to Seller 33,600.17
Ending Reserve Fund Balance 9,395,171.72
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NET LOSS & DELINQUENCY ACCOUNT ACTIVITY
Including Excluding
Recoveries Recoveries *
Level Pmt Net Losses $1,791,095.47 $2,557,446.87
Cumulative Level Pmt Losses 19,024,145.38 25,702,782.84
Delinquent and Repossessed Contracts
Contracts Amount
30-59 Days 2,239 6.69% $21,211,089.56 6.73%
60-89 Days 809 2.42% $7,747,648.38 2.46%
90 Days or more 553 1.65% $5,392,987.99 1.71%
Vehicles Repossessed 228 0.68% $2,207,927.49
TESTS FOR INCREASE IN RESERVE FUND BALANCE
Annualized Ratio of Realized Losses to Pool
Balance for Each Collection Period
Including Excluding
Recoveries Recoveries *
Second Preceding Collection Period 3.59% 6.74%
Preceding Collection Period 6.68% 9.24%
Current Collection Period 6.82% 9.74%
Three Month Average 5.70% 8.58%
Ratio of Balance of Contracts Delinquent
60 Days or More to the Level Payment Pool
Balance as of Each Collection Period.
Second Preceding Collection Period 3.88%
Preceding Collection Period 4.14%
Current Collection Period 4.17%
Three Month Average 4.06%
* Recoveries excluded from annualized ratio of realized
losses calculation based on Sale & Servicing Agreement.
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RECONCILIATION OF COLLECTION, NOTEHOLDERS'
AND CERTIFICATE DISTRIBUTION ACCOUNTS
Transfers Into Collection Account
Transfer of Daily Collections $18,143,482.88
Reserve Fund Draw for Pmt Advances 1,495,596.04
Reserve Fund Draw for Total Required Pmt 0.00
Deposit from Payahead Account 79,059.90
Collection Account Investment Income 58,497.00
Total Transfers Into Collection Account $19,776,635.82
Transfers from Collection Account
To Servicer 276,903.38
To Note Payment Account 17,200,669.71
To Cert Distribution Account 119,400.31
Deposit to Payahead Account 0.00
Reserve Fund Deposit 1,495,596.04
To Final Payment Certholder 739,542.84
To Seller 0.00
Total Repurchases (netted; Servicer dist) (55,476.46)
Total Transfers from Collection Account $19,776,635.82
RECONCILIATION OF RESERVE FUND
Beginning Balance 9,395,171.72
Transfers Into Reserve Fund
Reserve Fund Deposit 1,495,596.04
Reserve Fund Investment Income 33,600.17
Total Transfers Into Reserve Fund 1,529,196.21
Total Transfers In and Beginning Balance $10,924,367.93
Distributions From Reserve Fund
To Collection Acct for Advances 1,495,596.04
To Collection Acct for Total Required Pmt 0.00
Reserve Fund Invest Inc. to Seller 33,600.17
Total Transfers From Reserve Fund 1,529,196.21
Ending Balance 9,395,171.72
Total Distributions and Ending Balance $10,924,367.93
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RECONCILIATION OF PAYAHEAD ACCOUNT
Beginning Balance 1,264,254.09
Transfers Into Payahead Account
Distribution from Cert Acct 0.00
Investment Income 4,658.64
Total Transfers In 4,658.64
Total Transfers In and Beginning Balance $1,268,912.73
Distributions From Payahead Account
Net Payahead Transfer to Collection Acct 79,059.90
Transfer Investment Income to Servicer 4,658.64
Total Transfers From Payahead Account 83,718.54
Payahead Account Ending Balance 1,185,194.19
Total Distributions and Ending Balance $1,268,912.73
RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT
Beginning Balance $921,997.05
Investment Income 3,397.46
Total Invest Inc. & Beginning Balance $925,394.51
Distributions From Yield Supplement Account
Yield Supplement Amount 0.00
Investment Income to Servicer 3,397.46
Reduction to Servicer 89,669.68
Total Transfers From Yield Supplement Acct 93,067.14
Ending (Specified) Balance 832,327.37
Total Distributions and Ending Balance $ 925,394.51
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DISTRIBUTION SUMMARY
Distributions From Collection Account
To Note Payment Account $ 17,200,669.71
To Cert Distribution Acct 119,400.31
To Servicer / MMCA 221,426.92
To Payahead Account 0.00
To Reserve Fund 1,495,596.04
To Final Payment Certholder 739,542.84
To Seller / MARI 0.00
Total Distributions From Collection Acct $19,776,635.82
Distributions From Reserve Fund
To Collection Account $ 1,495,596.04
To MARI 33,600.17
Total Distributions From Reserve Fund $ 1,529,196.21
Distributions From Payahead Account
To Collection Account 79,059.90
Investment Income to Servicer 4,658.64
Total Distributions From Payahead Account $ 83,718.54
Distributions From Yield Supplement Account
To Collection Account 0.00
Investment Income to Servicer 3,397.46
Transfer Balance Reduction to Servicer 89,669.68
Total Dist from Yield Supplement Account $ 93,067.14
Total Distributions From All Accounts to:
Note Payment Account $ 17,200,669.71
Certificate Distribution Acct 119,400.31
Servicer / MMCA 319,152.70
Seller / MARI 33,600.17
Collection Account 1,574,655.94
Final Pmt Cert Holder 739,542.84
Reserve Fund 1,495,596.04
Payahead Account 0.00
Total Distributions From All Accts $ 21,482,617.71
