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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date or earliest Event
Reported): March 15, 1996
RELIABLE FINANCIAL SERVICES, INC., (as Seller) under the Deed of
Constitution of Trust and Pooling and Servicing Agreement, dated
February 28, 1996, providing for the issuance of the Reliable Auto
Receivables Grantor Trust 1996-1, 5.80% Asset Backed Certificates,
Class A and 0.72% Asset Backed Certificates, Class I.
RELIABLE FINANCIAL SERVICES, INC.
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(Exact name of registrant as specified in its charter)
Puerto Rico 33-80699 66-0436232
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1101 Munoz Rivera
Rio Piedras, Puerto Rico 00908
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (787) 759-2174
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Item 5. Other Events.
On February 28, 1996, Reliable Financial Services, Inc.(the "Company")
entered into a Deed of Constitution of Trust and Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), by and among the Company, as seller and
as servicer (the "Servicer") and Banco Popular de Puerto Rico, as trustee (the
"Trustee"), standby servicer and custodian, relating to the Reliable Auto
Receivables Grantor Trust 1996-1, 5.80% Asset Backed Certificates, Class A and
0.72% Asset Backed Certificates, Class I (collectively, the "Certificates").
Concurrently with each distribution to Certificateholders, the Trustee has
prepared and distributed to each Certificateholder a statement setting forth
certain information as provided in the Pooling and Servicing Agreement (the
"Distribution Date Statement"). The Distribution Date Statements for the
distributions occurring from March 1996 to August 1997 are annexed hereto as
Exhibit 99.1.
2
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Distribution Date Statements for the distributions to
holders of the 5.80% Asset Backed Certificates, Class
A and the 0.72% Asset Backed Certificates, Class I
for the period ranging from March 1996 to August
1997.
3
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RELIABLE FINANCIAL SERVICES, INC., as originator of
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1, issuer of
the 5.80% Asset Backed Certificates, Class A and
0.72% Asset Backed Certificates, Class I
By: Reliable Financial Services, Inc.,
as Servicer*
By: /s/ Jose Arbona Lago
---------------------------
Name: Jose Arbona Lago
Title: Executive Vice President
Dated: August 27, 1997
*This report is being filed by the Servicer on behalf of the Reliable Auto
Receivables Grantor Trust 1996-1 (the "Trust"). The Trust does not have officers
or directors.
4
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Exhibit Index
<TABLE>
<CAPTION>
Exhibit Page
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<S> <C>
99.1 Distribution Date Statements to holders of the 5.80% Asset Backed 6
Certificates, Class A and the 0.72% Asset Backed Certificates,
Class I, for the distribution dates ranging from March 15,
1996 to August 15, 1997.
</TABLE>
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EXHIBIT 99.1
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MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-MAR-96
COLLECTION PERIOD FEB-96
Under the Deed of Constitution of Trust and Poling and Servicing Agreement dated
February 28, 1996 (the "Agreement") by and between Reliable Financial Services,
Inc. as Seller and Servicer, and Banco Popular de Puerto Rico, as Trustee,
Standby Servicer Custodian, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount or original notional balance, as
applicable, of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
A. Information Regarding the Current Monthly Distribution
<S> <C>
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,105,120.54
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 241,666.67
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 30,000.00
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 808,983.98
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 21.61
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 4.83
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 558,704.18
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $37,768,174.31
b. The Certificate Balance as of the close of business on the Distribution Date set
forth above, after giving effect to payments allocated to principal in
</TABLE>
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paragraph A.1.(d) above $49,191,016.02
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $49,191,016.02
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.9838203
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.9838203
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 116,622.37
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 116.62
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 14,035.88
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 76,447.00
b. The change in the Payahead Balance from the prior
Distribution Date $ 6,272.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $12,231,825.69
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 122,929.85
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
effect to distributions made on such Distribution Date $ 750,000.00
</TABLE>
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b. The change in the Spread Account on the Distribution Date $ 0.00
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 12,297.75
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $ 673,446.58
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 85,658.38
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 24,469.89
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
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MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-APR-96
COLLECTION PERIOD MAR-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<CAPTION>
A. Information Regarding the Current Monthly Distribution
<S> <C>
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,279,399.36
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 237,756.58
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 29,514.61
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 889,861.51
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 23.15
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 4.76
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 565,466.05
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $36,959,190.33
b. The Certificate Balance as of the close of business on the Distribution Date set
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forth above, after giving effect to payments allocated to principal in
paragraph A.1.(d) above $48,301,154.51
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $48,301,154.51
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.9660231
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.9660231
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 117,118.33
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 117.12
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 80,596.00
b. The change in the Payahead Balance from the prior
Distribution Date $ 4,149.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $12,231,825.69
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 122,929.85
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
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effect to distributions made on such Distribution Date $ 750,000.00
b. The change in the Spread Account on the Distribution Date $ 0.00
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 12,075.29
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $ 923,965.80
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 343,424.73
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 122,266.66
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
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AMENDED
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-MAY-96
COLLECTION PERIOD APR-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<CAPTION>
A. Information Regarding the Current Monthly Distribution
<S> <C>
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,684,349.24
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 233,455.58
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 28,980.69
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,190,072.84
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 29.06
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 4.67
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 730,278.47
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $48,301,154.51
b. The Certificate Balance as of the close of business on the Distribution Date set
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forth above, after giving effect to payments allocated to principal in
paragraph A.1.(d) above $ 47,111,081.67
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $ 47,111,081.67
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.9422216
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.9422216
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 156,735.03
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 156.74
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 86,283.06
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 108,410.00
b. The change in the Payahead Balance from the prior
Distribution Date $ 27,814.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 12,231,825.69
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 12,231,825.69
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 122,929.85
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 122,915.85
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
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effect to distributions made on such Distribution Date $ 750,000.00
b. The change in the Spread Account on the Distribution Date $ 0.00
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 11,777.77
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $1,390,597.29
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 670,563.26
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 231,840.13
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
Page 3
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MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-JUN-96
COLLECTION PERIOD MAY-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<CAPTION>
<S> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,688,768.71
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 227,703.56
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 28,266.65
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,241,536.85
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 29.96
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 4.55
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 739,677.85
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $47,111,081.67
b. The Certificate Balance as of the close of business on the Distribution Date set
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forth above, after giving effect to payments allocated to principal in
paragraph A.1.(d) above $45,869,544.82
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $45,869,544.82
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.9173909
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.9173909
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 150,739.59
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 150.74
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 28,782.38
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 129,414.00
b. The change in the Payahead Balance from the prior
Distribution Date $ 21,004.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 4,202.11
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 122,929.85
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 122,915.85
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
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effect to distributions made on such Distribution Date $ 750,000.00
b. The change in the Spread Account on the Distribution Date $ 0.00
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 11,467.39
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $1,643,331.50
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 910,045.71
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 191,261.65
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
Page 3
<PAGE> 14
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-JUL-96
COLLECTION PERIOD JUN-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<S> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,545,542.09
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 221,702.80
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 27,521.73
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,194,049.12
e. The amount of the distribution set forth in paragraph A.1.(a) above,
per $1,000 interest $ 28.92
f. The amount of the distribution set forth in paragraph A.1.(b) above,
per $1,000 interest $ 4.43
g. The amount of the distribution set forth in paragraph A.1.(c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 705,275.11
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $45,869,544.82
b. The Certificate Balance as of the close of business on the Distribution Date set
forth above, after giving effect to payments allocated to principal in
</TABLE>
RELIABLE/JULY96-Page 1
<PAGE> 15
<TABLE>
<S> <C>
paragraph A.1.(d) above $44,675,495.70
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $44,675,495.70
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.8935099
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.8935099
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 146,677.35
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 146.68
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 218.53
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 118,954.00
b. The change in the Payahead Balance from the prior
Distribution Date $ (10,460.00)
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 4,202.11
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 122,929.85
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 122,915.85
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
effect to distributions made on such Distribution Date $ 750,000.00
</TABLE>
RELIABLE/JULY96-Page 2
<PAGE> 16
<TABLE>
<S> <C>
b. The change in the Spread Account on the Distribution Date $ 0.00
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 11,168.87
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $ 1,867,865.95
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 1,027,764.25
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 102,268.44
</TABLE>
Each purchaser that purchases a Certificate at any time during the
Funding Period or at any time the ratings of the Certificates are lower than the
minimum rating required under Prohibited Transactions Exemption 90-24, 55 Fed.
Reg 20548 (1990), shall be deemed to represent and warrant that either under (A)
such purchaser is not purchasing the Certificate with the assets of any
"employee benefit plan" as defined in Section 3(3) of the Employee Retirement
Income security Act of 1974, as amended ("ERISA"), or any "plan" as defined in
Section 4975 of the purchaser is eligible for a class prohibited transaction
exemption granted by the Department of Labor, and such exemption will apply to
the purchaser's purchase and holding of the Certificate. ::
RELIABLE/JULY96-Page 3
<PAGE> 17
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-AUG-96
COLLECTION PERIOD JUL-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<S> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,628,142.73
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 215,931.56
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 26,805.30
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,213,771.76
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 29.19
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 4.32
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 743,916.82
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $44,675,495.70
b. The Certificate Balance as of the close of business on the Distribution Date set
forth above, after giving effect to payments allocated to principal in
</TABLE>
RELIABLE/AUG96-Page 1
<PAGE> 18
<TABLE>
<S> <C>
paragraph A.1.(d) above $43,461,723.94
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $43,461,723.94
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.8692345
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.8692345
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 144,897.19
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 144.90
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 145,415.00
b. The change in the Payahead Balance from the prior
Distribution Date $ 26,461.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 4,202.11
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 122,929.85
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 122,915.85
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
effect to distributions made on such Distribution Date $ 750,000.00
</TABLE>
RELIABLE/AUG96-Page 2
<PAGE> 19
<TABLE>
<S> <C>
b. The change in the Spread Account on the Distribution Date $ 0.00
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 10,865.43
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $ 2,040,595.97
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 1,297,066.88
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 171,634.11
</TABLE>
Each purchaser that purchases a Certificate at any time during the
Funding Period or at any time the ratings of the Certificates are lower than the
minimum rating required under Prohibited Transactions Exemption 90-24, 55 Fed.
Reg 20548 (1990), shall be deemed to represent and warrant that either under (A)
such purchaser is not purchasing the Certificate with the assets of any
"employee benefit plan" as defined in Section 3(3) of the Employee Retirement
Income security Act of 1974, as amended ("ERISA"), or any "plan" as defined in
Section 4975 of the purchaser is eligible for a class prohibited transaction
exemption granted by the Department of Labor, and such exemption will apply to
the purchaser's purchase and holding of the Certificate.
RELIABLE/AUG96-Page 3
<PAGE> 20
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-SEP-96
COLLECTION PERIOD AUG-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<S> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,846,624.04
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 210,065.00
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 26,077.03
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,610,482.01
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 37.01
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 4.20
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 740,824.68
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $43,461,723.94
b. The Certificate Balance as of the close of business on the Distribution Date set
</TABLE>
RELIABLE/SEPT96-Page 1
<PAGE> 21
<TABLE>
<S> <C>
forth above, after giving effect to payments allocated to principal in
paragraph A.1.(d) above $41,851,241.93
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $41,851,241.93
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.8370248
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.8370248
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 140,902.82
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 140.90
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 137,153.00
b. The change in the Payahead Balance from the prior
Distribution Date $ (8,262.00)
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 4,202.11
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 30.00
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
</TABLE>
RELIABLE/SEPT96-Page 2
<PAGE> 22
<TABLE>
<S> <C>
effect to distributions made on such Distribution Date $ 1,565,003.02
b. The change in the Spread Account on the Distribution Date $ (25,539.21)
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 10,462.81
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $ 1,506,476.48
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 1,605,844.01
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ (0.00)
</TABLE>
Each purchaser that purchases a Certificate at any time during the
Funding Period or at any time the ratings of the Certificates are lower than the
minimum rating required under Prohibited Transactions Exemption 90-24, 55 Fed.
Reg 20548 (1990), shall be deemed to represent and warrant that either under (A)
such purchaser is not purchasing the Certificate with the assets of any
"employee benefit plan" as defined in Section 3(3) of the Employee Retirement
Income security Act of 1974, as amended ("ERISA"), or any "plan" as defined in
Section 4975 of the purchaser is eligible for a class prohibited transaction
exemption granted by the Department of Labor, and such exemption will apply to
the purchaser's purchase and holding of the Certificate.
RELIABLE/SEPT96-Page 3
<PAGE> 23
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-OCT-96
COLLECTION PERIOD SEP-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<S> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,635,329.31
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 202,281.00
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 25,110.75
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,407,937.56
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 32.80
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 4.05
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 699,248.15
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $41,851,241.93
b. The Certificate Balance as of the close of business on the Distribution Date set
</TABLE>
RELIABLE/OCT96-Page 1
<PAGE> 24
<TABLE>
<S> <C>
forth above, after giving effect to payments allocated to principal in
paragraph A.1.(d) above $40,443,304.37
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $40,443,304.37
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.8088661
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.8088661
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 136,278.61
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 136.28
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 137,153.00
b. The change in the Payahead Balance from the prior
Distribution Date $ (13,732.00)
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 4,202.11
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 30.00
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
</TABLE>
RELIABLE/OCT96-Page 2
<PAGE> 25
<TABLE>
<S> <C>
effect to distributions made on such Distribution Date $ 1,686,600.22
b. The change in the Spread Account on the Distribution Date $ 118,398.55
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 10,110.83
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $ 2,465,773.18
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 1,449,944.53
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 118,398.55
</TABLE>
Each purchaser that purchases a Certificate at any time during the
Funding Period or at any time the ratings of the Certificates are lower than the
minimum rating required under Prohibited Transactions Exemption 90-24, 55 Fed.
Reg 20548 (1990), shall be deemed to represent and warrant that either under (A)
such purchaser is not purchasing the Certificate with the assets of any
"employee benefit plan" as defined in Section 3(3) of the Employee Retirement
Income security Act of 1974, as amended ("ERISA"), or any "plan" as defined in
Section 4975 of the purchaser is eligible for a class prohibited transaction
exemption granted by the Department of Labor, and such exemption will apply to
the purchaser's purchase and holding of the Certificate.
RELIABLE/OCT96-Page 3
<PAGE> 26
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-NOV-96
COLLECTION PERIOD OCT-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<S> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,955,006.43
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 195,475.97
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 24,265.98
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,735,264.48
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 39.21
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 3.91
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 742,305.24
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $40,443,304.37
b. The Certificate Balance as of the close of business on the Distribution Date set
</TABLE>
RELIABLE/NOV96-Page 1
<PAGE> 27
<TABLE>
<S> <C>
forth above, after giving effect to payments allocated to principal in
paragraph A.1.(d) above $38,708,039.89
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $38,708,039.89
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.7741608
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.7741608
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 136,188.91
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 136.19
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 322.33
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 136,376.28
b. The change in the Payahead Balance from the prior
Distribution Date $ 12,413.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 4,202.11
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 30.00
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
</TABLE>
RELIABLE/NOV96-Page 2
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<TABLE>
<S> <C>
effect to distributions made on such Distribution Date $ 1,800,678.03
b. The change in the Spread Account on the Distribution Date $ 114,286.81
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 9,677.01
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $ 2,202,187.85
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 1,313,966.32
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 114,286.81
</TABLE>
Each purchaser that purchases a Certificate at any time during the
Funding Period or at any time the ratings of the Certificates are lower than the
minimum rating required under Prohibited Transactions Exemption 90-24, 55 Fed.
Reg 20548 (1990), shall be deemed to represent and warrant that either under (A)
such purchaser is not purchasing the Certificate with the assets of any
"employee benefit plan" as defined in Section 3(3) of the Employee Retirement
Income security Act of 1974, as amended ("ERISA"), or any "plan" as defined in
Section 4975 of the purchaser is eligible for a class prohibited transaction
exemption granted by the Department of Labor, and such exemption will apply to
the purchaser's purchase and holding of the Certificate.
RELIABLE/NOV96-Page 3
<PAGE> 29
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-DEC-96
COLLECTION PERIOD NOV-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<S> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,509,832.88
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 187,088.86
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 23,224.82
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,299,519.20
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 30.33
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 3.74
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 690,228.77
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $38,708,039.89
b. The Certificate Balance as of the close of business on the Distribution Date set
</TABLE>
RELIABLE/DEC96-Page 1
<PAGE> 30
<TABLE>
<S> <C>
forth above, after giving effect to payments allocated to principal in
paragraph A.1.(d) above $37,408,520.69
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $37,408,520.69
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.7481704
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.7481704
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 126,422.76
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 126.42
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 121,578.00
b. The change in the Payahead Balance from the prior
Distribution Date $ (14,256.00)
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 4,202.11
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 30.00
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
</TABLE>
RELIABLE/DEC96-Page 2
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<TABLE>
<S> <C>
effect to distributions made on such Distribution Date $ 1,938,612.48
b. The change in the Spread Account on the Distribution Date $ 137,725.45
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 9,352.13
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $ 2,164,675.11
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 1,694,303.40
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 137,725.45
</TABLE>
Each purchaser that purchases a Certificate at any time during the
Funding Period or at any time the ratings of the Certificates are lower than the
minimum rating required under Prohibited Transactions Exemption 90-24, 55 Fed.
Reg 20548 (1990), shall be deemed to represent and warrant that either under (A)
such purchaser is not purchasing the Certificate with the assets of any
"employee benefit plan" as defined in Section 3(3) of the Employee Retirement
Income security Act of 1974, as amended ("ERISA"), or any "plan" as defined in
Section 4975 of the purchaser is eligible for a class prohibited transaction
exemption granted by the Department of Labor, and such exemption will apply to
the purchaser's purchase and holding of the Certificate.
RELIABLE/DEC96-Page 3
<PAGE> 32
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-JAN-97
COLLECTION PERIOD DEC-96
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<CAPTION>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,621,254.08
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 180,807.85
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 22,445.11
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,418,001.12
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 32.58
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 3.62
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 772,774.96
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $37,408,520.69
b. The Certificate Balance as of the close of business on the Distribution Date set
</TABLE>
Page 1
<PAGE> 33
<TABLE>
<S> <C>
forth above, after giving effect to payments allocated to principal in
paragraph A.1.(d) above $35,990,519.57
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $35,990,519.57
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.7198104
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.7198104
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 126,679.76
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 126.68
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 149,095.00
b. The change in the Payahead Balance from the prior
Distribution Date $ 27,517.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ (4,202.11)
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ (30.00)
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
</TABLE>
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<PAGE> 34
<TABLE>
<S> <C>
effect to distributions made on such Distribution Date $2,102,256.40
b. The change in the Spread Account on the Distribution Date $ 183,643.92
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 8,997.63
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $2,120,717.87
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $1,161,659.95
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 163,643.92
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
Page 3
<PAGE> 35
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-FEB-97
COLLECTION PERIOD JAN-97
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $1,599,505.79
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 173,954.18
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 21,594.31
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $1,403,957.30
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 32.16
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 3.48
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 741,252.22
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $35,990,519.57
b. The Certificate Balance as of the close of business on the Distribution Date set
forth above, after giving effect to payments allocated to principal in
</TABLE>
<PAGE> 36
<TABLE>
<S> <C>
paragraph A.1.(d) above $34,586,562.27
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $34,586,562.27
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.6917312
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.6917312
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 122,508.04
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 122.51
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 247.62
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 170,208.00
b. The change in the Payahead Balance from the prior
Distribution Date $ 21,113.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
effect to distributions made on such Distribution Date $ 1,210,529.68
</TABLE>
<PAGE> 37
<TABLE>
<S> <C>
b. The change in the Spread Account on the Distribution Date $ (250,827.86)
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 8,646.64
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $1,568,532.91
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $1,063,707.75
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 176,366.88
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
<PAGE> 38
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-MAR-97
COLLECTION PERIOD FEB-97
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,477,373.65
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 167,168.38
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 20,751.94
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,289,453.33
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 29.73
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 3.34
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 679,637.42
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $34,586,562.27
b. The Certificate Balance as of the close of business on the Distribution Date set
forth above, after giving effect to payments allocated to principal in
paragraph A.1.(d) above $33,297,108.94
</TABLE>
Page 1
<PAGE> 39
<TABLE>
<S> <C>
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $33,297,108.94
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.6659422
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.6659422
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 118,279.79
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 118.28
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 80.05
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 174,309.00
b. The change in the Payahead Balance from the prior
Distribution Date $ 4,101.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
effect to distributions made on such Distribution Date $ 1,165,398.81
</TABLE>
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<TABLE>
<S> <C>
b. The change in the Spread Account on the Distribution Date $ (97,935.27)
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 8,324.28
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $1,707,094.97
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 975,024.15
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 48,096.76
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
Page 3
<PAGE> 41
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-APR-97
COLLECTION PERIOD MAR-97
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<CAPTION>
<S> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A Certificateholders and Class I
Certificateholders on the Distribution Date set forth above $ 1,556,511.54
b. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
interest on the Class A Certtificate $ 160,936.03
c. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
the Class I Certificates $ 19,978.27
d. The amount of the distribution set forth in paragraph A.1.(a) above in respect of
principal of Class A Certficates $ 1,375,597.25
e. The amount of the distribution set forth in paragraph A.1. (a) above,
per $1,000 interest $ 31.33
f. The amount of the distribution set forth in paragraph A.1. (b) above,
per $1,000 interest $ 3.22
g. The amount of the distribution set forth in paragraph A.1. (c) above,
per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 741,142.71
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the close of business
on the last day of the preceding Collection Period $33,297,108.94
b. The Certificate Balance as of the close of business on the Distribution Date set
forth above, after giving effect to payments allocated to principal in
</TABLE>
Page 1
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<TABLE>
<S> <C>
paragraph A.1.(d) above $ 31,921,511.69
c. The Notional Balance as of the close of business on the Distribution Date set
forth above, after giving effect to the reduction in the Cerificate Balance due to
payment allocated to principal in paragraph A.1.(d) above $ 31,921,511.69
d. The Pool Factor with respect to the Class A Certificates as of the close of
business on the Distribution Date set forth above 0.6384302
e. The Pool Factor with respect to the Class I Certificates as of the close of
business on the Distribution Date set forth above 0.6384302
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with respect to
the Collection Period set forth above $ 115,009.28
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 115.01
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to the payments
set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to the
payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date
set forth above $ 159,077.00
b. The change in the Payahead Balance from the prior
Distribution Date ($15,232.00)
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of business on
the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Pre-Funding Account from the prior
Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the close of
business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Capitalized Interest Account from
the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution Date and
the Spread Account balance on the Distribution Date set forth above, after giving
effect to distributions made on such Distribution Date $ 1,117,252.91
</TABLE>
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<TABLE>
<S> <C>
b. The change in the Spread Account on the Distribution Date ($173,629.35)
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 7,980.38
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
delinquent between 31 and 59 days $1,372,247.74
b. The number of Receivables and the aggragate gross amount scheduled to be
paid, including unearned finance and other charges, for which Obligors are
deliquent between 60 days or more $ 944,674.02
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the Distribution
Date set forth above $ 120,235.39
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
Page 3
<PAGE> 44
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-MAY-97
COLLECTION PERIOD APR-97
Under the Deed of Constitution of Trust and Poling and Servicing
Agreement dated February 28, 1996 (the "Agreement") by and between Reliable
Financial Services, Inc. as Seller and Servicer, and Banco Popular de Puerto
Rico, as Trustee, Standby Servicer Custodian, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information which is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below. Certain
of the information is presented on the basis of an original principal amount or
original notional balance, as applicable, of $1,000 per Certificate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.
<TABLE>
<S> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A
Certificateholders and Class I Certificateholders on the
Distribution Date set forth above $ 1,371,703.79
b. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of interest on the Class A Certtificate $ 154,287.31
c. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of the Class I Certificates $ 19,152.91
d. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of principal of Class A Certficates $ 1,198,263.58
e. The amount of the distribution set forth in paragraph A.1. (a)
above, per $1,000 interest $ 27.65
f. The amount of the distribution set forth in paragraph A.1. (b)
above, per $1,000 interest $ 3.09
g. The amount of the distribution set forth in paragraph A.1. (c)
above, per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 716,873.36
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the
close of business on the last day of the preceding Collection
Period $31,921,511.69
b. The Certificate Balance as of the close of business on the
Distribution Date set forth above, after giving effect to
payments allocated to principal in
</TABLE>
RELIABLE/MAY97-Page 1
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<TABLE>
<S> <C> <C> <C>
paragraph A.1.(d) above $30,723,248.11
c. The Notional Balance as of the close of business on the
Distribution Date set forth above, after giving effect to the
reduction in the Cerificate Balance due to payment allocated to
principal in paragraph A.1.(d) above $30,723,248.11
d. The Pool Factor with respect to the Class A Certificates as of
the close of business on the Distribution Date set forth above 0.6144650
e. The Pool Factor with respect to the Class I Certificates as of
the close of business on the Distribution Date set forth above 0.6144650
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer with
respect to the Collection Period set forth above $ 110,419.10
b. The amount of the payment set forth in paragraph B.2.(a) above per
$1,000 interest $ 110.42
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the prior
Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that became
Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving effect to
the payments set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving effect to
the payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date set forth
above $ 144,851.00
b. The change in the Payahead Balance from the prior Distribution Date
$ (14,226.00)
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close of
business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Pre-Funding Account from
the prior Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of the
close of business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Capitalized Interest
Account from the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such Distribution
Date and the Spread Account balance on the Distribution Date set forth
above, after giving effect to distributions made on such Distribution
Date $ 1,075,313.68
</TABLE>
RELIABLE/MAY97-Page 2
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<TABLE>
<S> <C> <C>
b. The change in the Spread Account on the Distribution Date $ (149,229.47)
8. POLICY
a. The amount paid to the Certificateholders under the Policy for such
Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 7,680.81
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount scheduled to
be paid, including unearned finance and other charges, for which
Obligors are delinquent between 31 and 59 days $ 1,302,382.44
b. The number of Receivables and the aggragate gross amount scheduled to
be paid, including unearned finance and other charges, for which
Obligors are deliquent between 60 days or more $ 807,059.53
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or the
Distribution Date set forth above $ 102,296.00
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
RELIABLE/MAY97-Page 3
<PAGE> 47
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-JUN-97
COLLECTION PERIOD MAY-97
Under the Deed of Constitution of Trust and Poling and Servicing Agreement
dated February 28, 1996 (the "Agreement") by and between Reliable Financial
Services, Inc. as Seller and Servicer, and Banco Popular de Puerto Rico, as
Trustee, Standby Servicer Custodian, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount or original notional balance, as
applicable, of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<S> <C> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A
Certificateholders and Class I Certificateholders on the
Distribution Date set forth above $ 1,410,358.13
b. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of interest on the Class A Certtificate $ 148,495.70
c. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of the Class I Certificates $ 18,433.95
d. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of principal of Class A Certficates $ 1,243,428.48
e. The amount of the distribution set forth in paragraph A.1. (a)
above, per $1,000 interest $ 28.44
f. The amount of the distribution set forth in paragraph A.1. (b)
above, per $1,000 interest $ 2.97
g. The amount of the distribution set forth in paragraph A.1. (c)
above, per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 703,814.49
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the
close of business on the last day of the preceding Collection
Period $30,723,248.11
b. The Certificate Balance as of the close of business on the
Distribution Date set forth above, after giving effect to
payments allocated to principal in
</TABLE>
RELIABLE/JUNE97-Page 1
<PAGE> 48
<TABLE>
<S> <C> <C> <C>
paragraph A.1.(d) above $29,479,819.63
c. The Notional Balance as of the close of business on the
Distribution Date set forth above, after giving effect to the
reduction in the Cerificate Balance due to payment allocated to
principal in paragraph A.1.(d) above $29,479,819.63
d. The Pool Factor with respect to the Class A Certificates as of
the close of business on the Distribution Date set forth above 0.5895964
e. The Pool Factor with respect to the Class I Certificates as of
the close of business on the Distribution Date set forth above 0.5895964
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer
with respect to the Collection Period set forth above $ 106,526.34
b. The amount of the payment set forth in paragraph B.2.(a) above
per $1,000 interest $ 106.53
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the
prior Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving
effect to the payments set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date set forth
above $ 163,775.00
b. The change in the Payahead Balance from the prior Distribution
Date $ 18,924.00
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close
of business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Pre-Funding Account
from the prior Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of
the close of business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Capitalized Interest
Account from the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date $ 1,031,793.69
</TABLE>
RELIABLE/JUNE97-Page 2
<PAGE> 49
<TABLE>
<S> <C> <C> <C>
b. The change in the Spread Account on the Distribution Date $(134,197.07)
8. POLICY
a. The amount paid to the Certificateholders under the Policy for
such Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 7,369.95
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59 days $1,551,097.70
b. The number of Receivables and the aggragate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are deliquent between 60 days or more $ 787,412.45
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or
the Distribution Date set forth above $ 85,815.79
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
RELIABLE/JUNE97-Page 3
<PAGE> 50
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-JUL-97
COLLECTION PERIOD JUN-97
Under the Deed of Constitution of Trust and Poling and Servicing Agreement
dated February 28, 1996 (the "Agreement") by and between Reliable Financial
Services, Inc. as Seller and Servicer, and Banco Popular de Puerto Rico, as
Trustee, Standby Servicer Custodian, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount or original notional balance, as
applicable, of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A
Certificateholders and Class I Certificateholders on the
Distribution Date set forth above $ 1,293,389.14
b. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of interest on the Class A Certtificate $ 142,485.79
c. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of the Class I Certificates $ 17,687.89
d. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of principal of Class A Certficates $ 1,133,215.45
e. The amount of the distribution set forth in paragraph A.1. (a)
above, per $1,000 interest $ 26.11
f. The amount of the distribution set forth in paragraph A.1. (b)
above, per $1,000 interest $ 2.85
g. The amount of the distribution set forth in paragraph A.1. (c)
above, per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 700,786.47
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the
close of business on the last day of the preceding Collection
Period $29,479,819.63
b. The Certificate Balance as of the close of business on the
Distribution Date set forth above, after giving effect to
payments allocated to principal in
</TABLE>
RELIABLE/JULY97-Page 1
<PAGE> 51
<TABLE>
<S> <C> <C>
paragraph A.1.(d) above $28,346,604.18
c. The Notional Balance as of the close of business on the
Distribution Date set forth above, after giving effect to the
reduction in the Cerificate Balance due to payment allocated to
principal in paragraph A.1.(d) above $28,346,604.18
d. The Pool Factor with respect to the Class A Certificates as of
the close of business on the Distribution Date set forth above 0.5669321
e. The Pool Factor with respect to the Class I Certificates as of
the close of business on the Distribution Date set forth above 0.5669321
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer
with respect to the Collection Period set forth above $ 102,344.37
b. The amount of the payment set forth in paragraph B.2.(a) above
per $1,000 interest $ 102.34
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the
prior Distribution Date $0.00
e. The number and aggregate Purchase Amount of Receivables
that became Purchased Receivables during the related
Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving
effect to the payments set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date set forth
above $ 156,142.00
b. The change in the Payahead Balance from the prior Distribution
Date $ (7,633.00)
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close
of business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Pre-Funding Account
from the prior Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of
the close of business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Capitalized Interest
Account from the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date $ 992,131.15
</TABLE>
RELIABLE/JULY97-Page 2
<PAGE> 52
<TABLE>
<S> <C> <C> <C>
b. The change in the Spread Account on the Distribution Date $ (140,602.71)
8. POLICY
a. The amount paid to the Certificateholders under the Policy for
such Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 7,086.65
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59 days $1,253,958.26
b. The number of Receivables and the aggragate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are deliquent between 60 days or more $ 817,678.37
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or
the Distribution Date set forth above $ 96,630.05
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
RELIABLE/JULY97-Page 3
<PAGE> 53
MONTHLY CERTIFICATEHOLDER STATEMENT
RELIABLE AUTO RECEIVABLES GRANTOR TRUST 1996-1
DISTRIBUTION DATE 15-AUG-97
COLLECTION PERIOD JUL-97
Under the Deed of Constitution of Trust and Poling and Servicing Agreement
dated February 28, 1996 (the "Agreement") by and between Reliable Financial
Services, Inc. as Seller and Servicer, and Banco Popular de Puerto Rico, as
Trustee, Standby Servicer Custodian, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount or original notional balance, as
applicable, of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution
1. CLASS A CERTIFICATES AND CLASS I CERTIFICATES
a. The aggregate amount of the distribution to Class A
Certificateholders and Class I Certificateholders on the
Distribution Date set forth above $ 1,281,295.19
b. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of interest on the Class A Certificate $ 137,008.59
c. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of the Class I Certificates $ 17,007.96
d. The amount of the distribution set forth in paragraph A.1.(a)
above in respect of principal of Class A Certficates $ 1,127,278.64
e. The amount of the distribution set forth in paragraph A.1. (a)
above, per $1,000 interest $ 25.89
f. The amount of the distribution set forth in paragraph A.1. (b)
above, per $1,000 interest $ 2.74
g. The amount of the distribution set forth in paragraph A.1. (c)
above, per $1,000 interest $ 0.60
h. Schedule Payments due in such Collection Period $ 0.00
i. Schedule Payments collected in such Collection Period $ 678,694.17
B. Information Regarding the Performance of the Trust
1. POOL BALANCE, CERTIFICATE BALANCES AND NOTIONAL BALANCES
a. The aggregate Principal Balance of the Receivables as of the
close of business on the last day of the preceding Collection
Period $28,346,604.18
b. The Certificate Balance as of the close of business on the
Distribution Date set forth above, after giving effect to
payments allocated to principal in paragraph A.1.(d) above $27,219,325.54
</TABLE>
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<PAGE> 54
<TABLE>
<S> <C> <C>
c. The Notional Balance as of the close of business on the
Distribution Date set forth above, after giving effect to the
reduction in the Cerificate Balance due to payment allocated to
principal in paragraph A.1.(d) above $27,219,325.54
d. The Pool Factor with respect to the Class A Certificates as of
the close of business on the Distribution Date set forth above 0.5443865
e. The Pool Factor with respect to the Class I Certificates as of
the close of business on the Distribution Date set forth above 0.5443865
2. SERVICING FEE AND PURCHASED RECEIVABLES
a. The aggregate amount of the Servicing Fee paid to the Servicer
with respect to the Collection Period set forth above $ 99,833.62
b. The amount of the payment set forth in paragraph B.2.(a) above
per 7.00 $ 99.83
c. The amount of any unpaid Servicing Fee $ 0.00
d. The change in the amount of any unpaid Servicing Fee from the
prior Distribution Date $ 0.00
e. The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection Period $ 0.00
3. PAYMENT SHORTFALLS
a. The amount of the Interest Carryover Shortfall after giving
effect to the payments set forth in paragraph A.1.(b) above $ 0.00
b. The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in paragraph A.1.(c) above $ 0.00
4. PAYAHEAD ACCOUNT
a. The aggregate Payahead Balance on the Distribution Date set forth
above $ 152,643.00
b. The change in the Payahead Balance from the prior Distribution
Date $ (3,499.00)
5. PRE-FUNDING ACCOUNT
a. The amount on deposit in the Pre-Funding Account as of the close
of business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Pre-Funding Account
from the prior Distribution Date $ 0.00
6. CAPITALIZED INTEREST ACCOUNT
a. The amount on deposit in the Capitalized Interest Account as of
the close of business on the Distribution Date set forth above $ 0.00
b. The change in the amount on deposit in the Capitalized Interest
Account from the prior Distribution Date $ 0.00
7. SPREAD ACCOUNT
a. The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date $ 952,676.39
b. The change in the Spread Account on the Distribution Date $ (79,369.96)
</TABLE>
RELIABLE/AUG97-Page 2
<PAGE> 55
<TABLE>
<S> <C> <C> <C>
8. POLICY
a. The amount paid to the Certificateholders under the Policy for
such Distribution Date $ 0.00
b. The amount distributable to the Certificate Insurer on such
Distribution Date $ 6,804.83
9. LOSSES AND DELIQUENCIES
a. The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59 days $1,708,630.55
b. The number of Receivables and the aggragate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are deliquent between 60 days or more $ 697,991.63
10. DISTRIBUTION TO CLASS R CERTIFICATEHOLDER
a. The amount of the distribution to Class R Certificateholder or
the Distribution Date set forth above $ 35,420.04
</TABLE>
Each purchaser that purchases a Certificate at any time during the Funding
Period or at any time the ratings of the Certificates are lower than the minimum
rating required under Prohibited Transactions Exemption 90-24, 55 Fed. Reg 20548
(1990), shall be deemed to represent and warrant that either under (A) such
purchaser is not purchasing the Certificate with the assets of any "employee
benefit plan" as defined in Section 3(3) of the Employee Retirement Income
security Act of 1974, as amended ("ERISA"), or any "plan" as defined in Section
4975 of the purchaser is eligible for a class prohibited transaction exemption
granted by the Department of Labor, and such exemption will apply to the
purchaser's purchase and holding of the Certificate.
RELIABLE/AUG97-Page 3
