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 of earliest event reported): November 13, 1998
(September 30, 1998)
FRANKLIN RECEIVABLES LLC
(Exact name of registrant as specified in its charter)
.... DELAWARE ................. 333-56869....... 94-3301790
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
47 WEST 200 SOUTH, SUITE 500, SALT LAKE CITY, UTAH ........ 84101...
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code..(801) 238-6700
-------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
The Monthly Servicing Report relating to the Franklin Auto Trust 1998-1 for
the Collection Period ended September 30, 1998 is attached hereto as Exhibit
19(a) and is incorporated herein by this reference.
The Monthly Servicing Report relating to the Franklin Auto Trust 1998-1 for
the Collection Period ended October 31, 1998 is attached hereto as Exhibit 19(b)
and is incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c)Exhibits
Exhibit 19(a) Franklin Auto Trust 1998-1 Monthly Servicing Report for
the Collection Period ending September 30, 1998.
Exhibit 19(b) Franklin Auto Trust 1998-1 Monthly Servicing Report for
the Collection Period ending October 31, 1998.
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 thereunto duly authorized on the date indicated.
FRANKLIN RECEIVABLES LLC
(Registrant)
By: Franklin Capital Corp.
Date: November 13, 1998 /s/ Jennifer J. Bolt
JENNIFER J. BOLT
President
Exhibits
Exhibit 19(a) - Franklin Auto Trust 1998-1 Monthly Servicing Report for
the Collection Period ending September 30, 1998.
Franklin Auto Trust 1998-1
Monthly Servicing Report
Collection Period: September 1998
Distribution Date: October 15, 1998
Number of Days in Distribution Period: 30
<TABLE>
<CAPTION>
Section I. Original Deal Parameters
A. Original Portfolio
Number of Principal Coupon Original Remaining Seasoning
Contracts Balance (WAC) Term Term
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime 7,160 78,430,885.03 9.68% 62.45 45.10 17.36
ii. Non-Prime 5,194 45,967,290.63 13.83% 63.18 39.53 23.65
iii. Sub-Prime 924 6,996,314.98 18.77% 58.47 39.66 18.81
iv. Total Portfolio 13,278 131,394,490.64 11.62% 62.49 42.86 19.63
B. Bonds Issued
Original Legal
Principal Final
Balance Coupon Maturity CUSIP
------------------------------------------------------
ii. Class A-1 Notes 109,000,000.00 5.50% 1/15/02 35242RAA2
ii. Class A-2 Notes 22,394,000.00 5.65% 1/15/06 35242RAB0
</TABLE>
C. Spread Account
i. Initial Cash Deposit
1,313,945.00
ii. Spread Account Floor Amount
2,627,890.00
iii.Specified Spread Account Amount 6.00% of Outstanding Pool
Balance
iv. Maximum Spread Account Amount 12.00% of Outstanding Pool
Balance
v. Initial Payment Provider Commitment 6,569,725.00
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous Distribution Date
Collection Period: September 1998
Distribution Date: October 15, 1998
A. Portfolio
Principal Weighted Average
---------------------------------------------
Number of Principal Coupon Original Remaining Seasoning
Contracts Balance (WAC) Term Term
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime Loans 7,160 78,430,885.03 9.68% 62.45 45.10 17.36
ii. Non-Prime Loans 5,194 45,967,290.63 13.83% 63.18 39.53 23.65
iii.Sub-Prime Loans 924 6,996,314.98 18.77% 58.47 39.66 18.81
iv. Total Loans 13,278 131,394,490.64 11.62% 62.49 42.86 19.63
</TABLE>
B. Bonds Outstanding
Unpaid
Interest
Principal Shortfall
Balance Amount
---------------------------------
i. Class A-1 Notes 109,000,000.00 0.00
ii. Class A-2 Notes 22,394,000.00 0.00
C. Spread Account
i. Spread Account Cash Balance 1,313,945.00
ii. Payment Provider Commitment 6,569,725.00
D. Shortfall Amounts
i. Base Servicing Fee Shortfall 0.00
ii. Surety Fee Shortfall 0.00
iii.Unreimbursed Surety Draws 0.00
iv. Unreimbursed Insurer Optional Deposit 0.00
v. Excess Servicing Fee Shortfall 0.00
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous
Distribution Date
E. Delinquencies in Period Principal Balance
Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime 6,280.77 0.00 0.00 0.00 0.00 0.00
ii. Non-Prime 36,879.92 0.00 0.00 0.00 0.00 0.00
iii.Sub-Prime 11,427.01 0.00 0.00 0.00 0.00 0.00
iv. Total Portfolio 54,587.70 0.00 0.00 0.00 0.00 0.00
Number of Contracts Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
-----------------------------------------------------------------------------------
i. Prime 1 0 0 0 0 0
ii. Non-Prime 4 0 0 0 0 0
iii.Sub-Prime 2 0 0 0 0 0
iv. Total Portfolio 7 0 0 0 0 0
Charge
Principal Balance as a % of Previous Balance 30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
------------------------------------------------------------------------------------
i. Prime 0.01% 0.00% 0.00% 0.00% 0.00% 0.00%
ii. Non-Prime 0.08% 0.00% 0.00% 0.00% 0.00% 0.00%
iii.Sub-Prime 0.16% 0.00% 0.00% 0.00% 0.00% 0.00%
iv. Total Portfolio 0.04% 0.00% 0.00% 0.00% 0.00% 0.00%
Charge
Number of Contracts as a % of Previous Balance 30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
------------------------------------------------------------------------------------
i. Prime 0.01% 0.00% 0.00% 0.00% 0.00% 0.00%
ii. Non-Prime 0.08% 0.00% 0.00% 0.00% 0.00% 0.00%
iii.Sub-Prime 0.22% 0.00% 0.00% 0.00% 0.00% 0.00%
iv. Total Portfolio 0.05% 0.00% 0.00% 0.00% 0.00% 0.00%
Section III. Collection Period Activity and
Current Status
A. Portfolio Weighted
Average
Number of Principal Principal Original Remaining Seasoning
Contracts Balance Coupon (WAC) Term Term
------------------------------------------------------------------------------------
i. Prime 7,056 75,586,623.62 9.68% 62.49 44.38 18.11
ii. Non-Prime 5,098 44,023,866.65 13.86% 63.21 38.96 24.25
iii.Sub-Prime 906 6,707,571.62 18.82% 58.53 39.12 19.41
iv. Total Portfolio 13,060 126,318,061.89 11.62% 62.53 42.21 20.32
B. Delinquencies in Period Charge
Principal Balance 30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
------------------------------------------------------------------------------------
i. Prime 104,087.92 0.00 0.00 0.00 10,641.81 0.00
ii. Non-Prime 459,400.84 0.00 0.00 0.00 42,844.24 0.00
iii.Sub-Prime 78,939.02 0.00 0.00 0.00 18,555.71 0.00
iv. Total Portfolio 642,427.78 0.00 0.00 0.00 72,041.76 0.00
Charge
Number of Contracts 30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
-----------------------------------------------------------------------------------
i. Prime 9 0 0 0 1 0
ii. Non-Prime 51 0 0 0 4 0
iii.Sub-Prime 12 0 0 0 2 0
iv. Total Portfolio 72 0 0 0 7 0
Charge
Principal Balance as a % of Current Balance 30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
------------------------------------------------------------------------------------
i. Prime 0.14% 0.00% 0.00% 0.00% 0.01% 0.00%
ii. Non-Prime 1.04% 0.00% 0.00% 0.00% 0.10% 0.00%
iii.Sub-Prime 1.18% 0.00% 0.00% 0.00% 0.28% 0.00%
iv. Total Portfolio 0.51% 0.00% 0.00% 0.00% 0.06% 0.00%
Charge
Number of Contracts as a % of Current Balance 30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
-----------------------------------------------------------------------------------
i. Prime 0.13% 0.00% 0.00% 0.00% 0.01% 0.00%
ii. Non-Prime 1.00% 0.00% 0.00% 0.00% 0.08% 0.00%
iii.Sub-Prime 1.32% 0.00% 0.00% 0.00% 0.22% 0.00%
iv. Total Portfolio 0.55% 0.00% 0.00% 0.00% 0.05% 0.00%
</TABLE>
Section III. Collection Period Activity and Current Status
C. Collections
i. Simple Interest Contracts
a. Interest Collections 712,167.12
b. Principal Collections 2,874,778.95
ii. Rule of 78's Contracts
a. Interest Collections 502,614.43
b. Principal Collections 2,221,365.56
iii. Less Pay Off Differential 7,463.44
iv Net Liquidation Proceeds 0.00
v. Post Disposition Recoveries 0.00
vi. Rebates of Capitalized Insurance Premiums 0.00
vii. Repurchase Amounts
a. Interest 0.00
b. Principal 0.00
D. Payaheads
i Beginning Payahead Account Balance 250,544.11
ii. Deposit to Payahead Account
a. Principal & Interest Collections 102,599.99
iii. Withdrawal from Payahead Account
a. Principal & Interest Collections 82,854.23
iv. Net Change in Payahead Account
a. Principal & Interest Collections 19,745.76
v. Ending Payahead Account Balance 270,289.87
E. Total Available
i. Total Interest Collections 1,214,781.55
ii. Total Principal Collections 5,076,398.75
iii. Collected Funds 6,291,180.30
F. Month End Pool Balance
i. Beginning Pool Balance 131,394,490.64
ii. Principal Collections 5,076,398.75
iii. Realized and Cram-Down Losses 0.00
iv. Month End Pool Balance 126,318,091.89
Section IV. Distribution Calculations
A. Servicing Fee
i. Servicing Fee Rate
a. Prime Receivable @ 1.00% 65,359.07
b. Non-prime Receivables @ 1.50% 57,459.11
c. Sub-prime Receivables @ 2.00% 11,660.53
d. Total Servicing Fee 134,478.71
e. Total Receivables @ 1.25% 136,869.26
ii. Base Servicing Fee (less of id. and ie.) 134,478.71
iii. Previous Servicing Fee Shortfall 0.00
iv. Excess Servicing Fee 0.00
v. Previous Excess Servicing Fee Shortfall 0.00
vi. Total Excess Servicing Fee 0.00
vii. Supplemental Servicing Fee 42,504.94
viii.Supplemental Servicing Fee Shortfall 0.00
ix. Total Supplemental Servicing Fee 42,504.94
B. Surety Fee
i. Surety Fee Rate 0.15
ii. Base Surety Fee 16,424.31
iii. Previous Surety Fee Shortfall 0.00
iv. Total Surety Fee Due 16,424.31
<TABLE>
<CAPTION>
C. Bond Interest
Bond Number of Days Current Previous Accrued Total Bond
Interest in Period Interest Interest Interest on Interest Due
Rate Shortfall Interest
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Class A-1 Notes 5.50 30 499,583.33 0.00 0.00 499,583.33
ii. Class A-2 Notes 5.65 30 105,438.42 0.00 0.00 105,438.42
iii. Total 5.58 30 605,021.75 0.00 0.00 605,021.75
</TABLE>
D. Bond Principal
i. Beginning Note Balance 131,394,000.00
ii. Current Pool Balance 126,318,061.89
iii. Principal Distributable Amount 5,075,938.11
E. Total Required Distributions 755,924.78
F. Total Available Funds 6,283,716.86
G. Required Distribution Shortfall 0.00
H. Cash Available in Spread Account 1,313,945.00
I. Reserve Account Draw 0.00
J. Payment Provider Commitment 6,569,725.00
K. Payment Provider Required Payment Amount 0.00
L. Surety Draw 0.00
M. Insurer Optional Deposit 0.00
N. Total Cash Available for Distributions 6,283,716.86
<TABLE>
<CAPTION>
Section V. Waterfall for Distributions
A. Total Available Funds 6,283,716.86
Remaining Amount
Amount Amount Available for
Due Paid Shortfall Distribution
------------------------------------------------------------------------
<S> <C> <C> <C>
B. Servicing Fee 134,478.71 134,478.71 0.00 6,149,238.15
C. Surety Fee 16,424.31 16,424.31 0.00 6,132,813.83
D. Note Interest 605,021.75 605,021.75 0.00 5,527,792.08
E. Principal Distributable Amount 5,075,938.11 5,075,938.11 0.00 451,853.97
F. Interest on Unreimbursed Surety Draws 0.00 0.00 0.00 451,853.97
G. Reimbursement of Previous Surety Draws
and Insurer Optional Deposits 0.00 0.00 0.00 451,853.97
H. Reserve Deposit 1,313,945.00 451,853.97 0.00 0.00
I. Excess Servicing Fee 0.00 0.00 0.00 0.00
J. Supplemental Servicing Fee 42,504.94 0.00 0.00 0.00
K. Deposit to Certificate Distribution
Account 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Section VI. Bond Reconciliation
Beginning Principal Paid Ending Interest Due Interest Paid Interest
Balance Balance Shortfall
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A. Class A-1 Notes 109,000,000.00 5,075,938.11 103,924,061.89 499,583.33 499,583.33 0.00
B. Class A-2 Notes 22,394,000.00 0.00 22,394,000.00 105,438.42 105,438.42 0.00
C. Total 131,394,000.00 5,075,938.11 126,318,061.89 605,021.75 605,021.75 0.00
</TABLE>
Section VI. Spread Account Reconciliation
A. Net Yield Calculations
i. Current Month 4.36
ii. Previous Month 0.00
iii. Second Previous Month 0.00
iv. Three-Month Average 0.00
v. Previous Three Month Average 0.00
vi. Second Previous Three Month Average 0.00
B. Has Net Yield Trigger Event Occurred and Is It Continuing? No
C. Has Spread Account Deposit Event Occurred
(clauses (i) through (iv) or (iv))? No
D. Has Spread Account Deposit Event Occurred (clause (v))? No
E. Cash Required to be on Deposit in Spread Account 2,627,890.00
F. Combined Spread Account and Payment Provider
Commitment Required 7,883,670.00
<TABLE>
<CAPTION>
D. Allocations, Deposits and Reductions of the Spread Cash on Payment
Account and the Payment Provider Commitment Amount Deposit in Provider
Spread Account Commitment
----------------------------------------------------
<S> <C> <C>
i. Beginning Balance 0.00 1,313,945.00 6,569,725.00
ii. Deposit of Payment Provider Commitment into Spread Account upon Spread
Account Deposit Event (i-iv or vi) 0.00 1,313,945.00 6,569,725.00
iii. Deposit of Payment Provider Commitment into Spread Account upon
Spread Account Deposit Event (v) 0.00 1,313,945.00 6,569,725.00
iv. Deposit to Spread Account from Waterfall 451,853.97 1,765,798.97 6,117,871.03
v. Deposit to Spread Account from Supplemental Servicing Fee 42,504.94 1,808,303.91 6,075,366.09
vi. Deposit to Spread Account from Excess Servicing Fee 0.00 1,808,303.91 6,075,366.09
vii. Release from Spread Account when Net Yield Trigger Event Has Not
Occurred or Has Been Deemed Cured 0.00 1,808,303.91 6,075,366.09
viii. Release from Spread Account when Net Yield Trigger Event Has
Occurred and Has Not Been Deemed Cured 0.00 1,808,303.91 6,075,366.09
ix. Reduction of Payment Provider Commitment when Net Yield Trigger Event
Not Occurred or Deemed Cured 0.00 1,808,303.91 6,075,366.09
x. Withdrawal from Spread Account and/or Payment Provider Commitment for
Insurer Optional Deposit 0.00 1,808,303.91 6,075,366.09
xi. Reduction of Payment Provider Commitment when Net Yield Trigger Event
Has Occurred and Not Deemed Cured 0.00 1,808,303.91 6,075,366.09
</TABLE>
Section VII. Surety Bond Reconciliation
A. Previously Unreimbursed Surety Bond Draws 0.00
B. Interest Rate on Outstanding Draws (PRIME + 1%) 9.50
C. Current Interest Accrued on Previously Outstanding Draws 0.00
D. Interest Paid on Unreimbursed Surety Draws 0.00
E. New Surety Bond Draws 0.00
F. Reimbursement of Previous Surety Draws 0.00
G. Unreimbursed Surety Draws 0.00
H. Previous Unreimbursed Insurer Optional Deposits 0.00
I. New Insurer Optional Deposit 0.00
J. Reimbursement of Previous Insurer Optional Deposits 0.00
K. Unreimbursed Insurer Optional Deposits 0.00
Section VIII. Historical Portfolio
Performance
Previous Current
Period Period
Cumulative Current Period Prepayment
Charge-Offs Charge-Offs Speed
-----------------------------------------------
i. Prime 0.00 0.00 0.00
ii. Non-Prime 0.00 0.00 0.00
iii.Sub-Prime 0.00 0.00 0.00
iv. Total Portfolio 0.00 0.00 0.00
/s/ Harold E. Miller /s/ Ronald L. Burrows
- -------------------------- -----------------------
Harold E. Miller, Jr. Ronald L. Burrows
Executive V.P., C.O.O Vice President
Exhibit (b) Franklin Auto Trust 1998-1 Monthly Servicing Report for
the Collection Period ending October 31, 1998.
Franklin Auto Trust 1998-1
Monthly Servicing Report
Collection Period: October 1998
Distribution Date: November 16, 1998
Number of Days in Distribution Period: 30
<TABLE>
<CAPTION>
Section I. Original Deal Parameters
A. Original Portfolio
Principal Weighted Average
---------------------------------------------------
Number of Principal Coupon (WAC) Original Remaining Seasoning
Contracts Balance Term Term (Months)
(Months) (Months)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Prime Loans 7,160 78,430,885.03 9.68% 62.45 45.10 17.36
ii. Non-Prime Loans 5,194 45,967,290.63 13.83% 63.18 39.53 23.65
iii. Sub-Prime Loans 924 6,996,314.98 18.77% 58.47 39.66 18.81
iv. Total Loans 13,278 131,394,490.64 11.62% 62.49 42.86 19.63
</TABLE>
B. Bonds Issued
Original Legal Final
Principal Coupon Maturity CUSIP
Balance
--------------------------------------------------
i. Class A-1 Notes 109,000,000.00 5.50% 1/15/02 35242RAA2
ii. Class A-2 Notes 22,394,000.00 5.65% 1/15/06 35242RAB0
C. Spread Account
i. Initial Cash Deposit 1,313,945.00
ii. Spread Account Floor Amount 2,627,890.00
iii. Specified Spread Account Amount 6% of Outstanding Pool Balance
iv. Maximum Spread Account Amount 12% of Outstanding Pool Balance
v. Initial Payment Provider Commitment 6,569,725.00
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous Distribution Date
A. Portfolio
Principal Weighted Average
---------------------------------------------------
Number of Principal Coupon Original Remaining Seasoning
Contracts Balance (WAC) Term Term (Months)
(Months) (Months)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Prime Loans 7,056 75,586,623.62 9.68% 62.49 44.38 18.11
ii. Non-Prime Loans 5,098 44,023,866.65 13.86% 63.21 38.96 24.25
iii. Sub-Prime Loans 906 6,707,571.62 18.82% 58.53 39.12 19.41
iv. Total Loans 13,060 126,318,061.89 11.62% 62.53 42.21 20.32
</TABLE>
B. Bonds Outstanding
Principal Unpaid Interest
Balance Shortfall Amount
---------------------------------------
i. Class A-1 Notes 103,924,061.89 0.00
ii. Class A-2 Notes 22,394,000.00 0.00
C. Spread Account
i. Spread Account Cash Balance 1,808,303.92
ii. Payment Provider Commitment 5,770,779.79
D. Shortfall Amounts
i. Base Servicing Fee Shortfall 0.00
ii. Surety Fee Shortfall 0.00
iii. Unreimbursed Surety Draws 0.00
iv. Unreimbursed Insurer Optional Deposit 0.00
v. Excess Servicing Fee Shortfall 0.00
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous Distribution Date
E. Delinquencies in Period
Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
--------------------------------------------------------------------------
Principal Balance
<S> <C> <C> <C> <C> <C>
i. Prime Loans 104,087.92 0.00 0.00 0.00 10,641.81 0.00
ii. Non-Prime Loans 459,400.84 0.00 0.00 0.00 42,844.24 0.00
iii. Sub-Prime Loans 78,939.02 0.00 0.00 0.00 18,555.71 0.00
iv. Total Loans 642,427.78 0.00 0.00 0.00 72,041.76 0.00
Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
--------------------------------------------------------------------------
i. Prime Loans 9 0 0 0 1 0
ii. Non-Prime Loans 51 0 0 0 4 0
iii. Sub-Prime Loans 12 0 0 0 2 0
iv. Total Loans 72 0 0 0 7 0
Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
--------------------------------------------------------------------------
Principal Balance as a % of End of Month Balance
i. Prime Loans 0.14% 0.00% 0.00% 0.00% 0.01% 0.00%
ii. Non-Prime Loans 1.04% 0.00% 0.00% 0.00% 0.10% 0.00%
iii. Sub-Prime Loans 1.18% 0.00% 0.00% 0.00% 0.28% 0.00%
iv. Total Loans 0.51% 0.00% 0.00% 0.00% 0.06% 0.00%
Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
--------------------------------------------------------------------------
Number of Contracts as a % of Previous Number
i. Prime Loans 0.13% 0.00% 0.00% 0.00% 0.01% 0.00%
ii. Non-Prime Loans 1.00% 0.00% 0.00% 0.00% 0.08% 0.00%
iii. Sub-Prime Loans 1.32% 0.00% 0.00% 0.00% 0.22% 0.00%
iv. Total Loans 0.55% 0.00% 0.00% 0.00% 0.05% 0.00%
</TABLE>
<TABLE>
<CAPTION>
Section III. Collection Period Activity and Current Status
A. Portfolio
Principal Weighted Average
---------------------------------------------------
Number of Principal Coupon (WAC) Original Remaining Seasoning
Contracts Balance Term Term (Months)
(Months) (Months)
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Prime Loans 6,926 72,520,095.98 9.69% 62.55 43.63 18.91
ii. Non-Prime Loans 5,000 42,056,335.72 13.90% 63.22 38.34 24.88
iii. Sub-Prime Loans 892 6,428,412.30 18.85% 58.57 38.47 20.10
iv. Total Loans 12,818 121,004,844.00 11.64% 62.57 41.52 21.05
</TABLE>
<TABLE>
<CAPTION>
B. Delinquencies in Period
Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
--------------------------------------------------------------------------
Principal Balance
<S> <C> <C> <C> <C> <C>
i. Prime Loans 175,293.82 17,586.65 0.00 0.00 18,962.67 13,987.31
ii. Non-Prime Loans 598,406.38 91,256.92 8,129.68 0.00 80,003.40 0.00
iii. Sub-Prime Loans 97,539.12 41,501.49 0.00 0.00 25,906.80 0.00
iv. Total Loans 871,239.32 150,345.06 8,129.68 0.00 124,872.87 13,987.31
Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
--------------------------------------------------------------------------
Number of Contracts
i. Prime Loans 19 2 0 0 3 1
ii. Non-Prime Loans 73 10 1 0 9 0
iii. Sub-Prime Loans 17 6 0 0 4 0
iv. Total Loans 109 18 1 0 16 1
Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
--------------------------------------------------------------------------
Principal Balance as a % of Current Balance
i. Prime Loans 0.24% 0.02% 0.00% 0.00% 0.03% 0.02%
ii. Non-Prime Loans 1.42% 0.22% 0.02% 0.00% 0.19% 0.00%
iii. Sub-Prime Loans 1.52% 0.65% 0.00% 0.00% 0.40% 0.00%
iv. Total Loans 0.72% 0.12% 0.01% 0.00% 0.10% 0.01%
Charge
30-59 60-89 90-119 120+ Repo Offs in
Days Days Days Days Inventory Period
--------------------------------------------------------------------------
Number of Contracts as a % of Current Number
i. Prime Loans 0.27% 0.03% 0.00% 0.00% 0.04% 0.01%
ii. Non-Prime Loans 1.46% 0.20% 0.02% 0.00% 0.18% 0.00%
iii. Sub-Prime Loans 1.91% 0.67% 0.00% 0.00% 0.45% 0.00%
iv. Total Loans 0.85% 0.14% 0.01% 0.00% 0.12% 0.01%
</TABLE>
Section III. Collection Period Activity and Current Status
C. Collections
i. Simple Interest Contracts
a. Interest Collections 775,872.20
b. Principal Collections 2,995,204.47
ii. Rule of 78's Contracts
a. Interest Collections 464,530.70
b. Principal Collections 2,212,249.91
iii. Net Liquidation Proceeds 6,901.90
iv. Post Disposition Recoveries 0.00
v. Rebates of Capitalized Insurance Premiums 0.00
vi. Repurchase Amounts
a. Interest 1,230.66
b. Principal 91,776.21
D. Payaheads
i Beginning Payahead Account Balance 270,289.87
ii. Deposit to Payahead Account
a. Principal & Interest Collections 136,040.35
iii. Withdrawal from Payahead Account
a. Principal & Interest Collections 74,597.87
iv. Net Change in Payahead Account
a. Principal & Interest Collections 61,442.48
v. Ending Payahead Account Balance 331,732.35
E. Total Available
i. Total Interest Collections 1,241,633.56
ii. Total Principal Collections 5,306,132.49
iii. Collected Funds 6,547,766.05
F. Month End Pool Balance
i. Beginning Pool Balance 126,318,061.89
ii. Principal Collections 5,306,132.49
iii. Realized and Cram-Down Losses 7,085.40
iv. Month End Pool Balance 121,004,844.00
Section IV. Distribution Calculations
A. Servicing Fee
i. Servicing Fee Rate
a. Prime Receivable @ 1% 62,988.85
b. Non-prime Receivables @ 1.5% 55,029.83
c. Sub-prime Receivables @ 2% 11,179.29
d. Total Servicing Fee 129,197.97
e. Total Receivables @ 1.25% 131,581.31
ii. Base Servicing Fee (Less of id and ie) 129,197.97
iii. Previous Servicing Fee Shortfall 0.00
iv. Excess Servicing Fee 0.00
v. Previous Excess Servicing Fee Shortfall 0.00
vi. Total Excess Servicing Fee 0.00
vii. Supplemental Servicing Fee 45,833.52
viii.Supplemental Servicing Fee Shortfall 0.00
ix. Total Supplemental Servicing Fee 45,833.52
B. Surety Fee
i. Surety Fee Rate 0.15%
ii. Base Surety Fee 15,789.76
iii. Previous Surety Fee Shortfall 0.00
iv. Total Surety Fee Due 15,789.76
<TABLE>
<CAPTION>
Bond Number of Current Previous Accrued Total Bond
Interest Rate Days In Interest Interest Interest Interest
Period Shortfall on Due
Interest
Shortfall
------------------------------------------------------------------------
C. Bond Interest
<S> <C> <C> <C> <C> <C>
i. Class-A-1 Notes 5.50% 30 476,318.62 0.00 0.00 476,318.62
ii. Class A-2 Notes 5.65% 30 105,438.42 0.00 0.00 105,438.42
iii Total 5.58% 30 581,757.03 0.00 0.00 581,757.03
</TABLE>
D. Bond Principal
i. Beginning Note Balance 126,318,061.89
ii. Current Pool Balance 121,004,844.00
iii. Principal Distributable Amount 5,313,217.89
E. Total Required Distributions 726,744.76
F. Total Available Funds 6,547,766.05
G. Required Distribution Shortfall 0.00
H. Cash Available in Spread Account 1,808,303.92
I. Reserve Account Draw 0.00
J. Payment Provider Commitment 5,770,779.79
K. Payment Provider Required Payment Amount 0.00
L. Surety Draw 0.00
M. Insurer Optional Deposit 0.00
N. Total Cash Available for Distributions 6,547,766.05
Section V. Waterfall for Distributions
A. Total Available Funds 6,547,766.05
Remaining Amount
Amount Amount Short- Available for
Due Paid fall Distribution
------------------------------------------------
B. Servicing Fee 129,197.97 129,197.97 0.00 6,418,568.08
C. Surety Fee 15,789.76 15,789.76 0.00 6,402,778.32
D. Note Interest 581,757.03 581,757.03 0.00 5,821,021.29
E. Principal Distributable
Amount 5,313,217.89 5,313,217.89 0.00 507,803.40
F. Interest on Unreimbursed
Surety Draws 0.00 0.00 0.00 507,803.40
G. Reimbursement of Previous
Surety Draws and Insurer
Optional Deposits 0.00 0.00 0.00 507,803.40
H. Reserve Deposit 819,586.08 507,803.40 0.00 0.00
I. Deposit to Certificate
Distribution Account 0.00 0.00 0.00 0.00
<TABLE>
<CAPTION>
Section VI. Bond
Reconciliation
Beginning Principal Ending Interest Interest Interest
Balance Paid Balance Due Paid Shortfall
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A. Class A-1 Notes 103,924,061.89 5,313,217.89 98,610,844.00 476,318.62 476,318.62 0.00
B. Class A-2 Notes 22,394,000.00 0.00 22,394,000.00 105,438.42 105,438.42 0.00
C. Total 126,318,061.89 5,313,217.89 121,004,844.05 581,757.03 581,757.03 0.00
</TABLE>
Section VI. Spread Account
Reconciliation
A. Net Yield Calculations
i. Current Month 5.11%
ii. Previous Month 4.36%
iii. Second Previous Month 0.00%
iv. Three-Month Average 4.73%
v. Previous Three Month
Average 0.00%
vi. Second Previous Three
Month Average 0.00%
B. Has Net Yield Trigger
Event Occurred and Is It
Continuing? NO
C. Has Spread Account Deposit
Event Occurred (clauses (i)
through (iv) or (iv))? NO
D. Has Spread Account Deposit
Event Occurred (clause (v))? NO
E. Cash Required to be on
Deposit in Spread Account 2,627,890.00
F. Combined Spread Account
and Payment Provider
Commitment Required 7,260,290.64
<TABLE>
<CAPTION>
D. Allocations, Deposits and Reductions of the Spread
Amount and the Payment Provider Commitment
Cash or Payment
Amount Deposit in Provider
Due Amount Spread Account Commitment
---------------------------------------------------------
<S> <C> <C> <C> <C>
i. Beginning Balance 0.00 0.00 1,808,303.92 5,770,779.79
ii. Deposit of Payment Provider Commitment into
Spread Account upon Spread Account
Deposit Event (i-iv or vi) 0.00 0.00 1,808,303.92 5,770,779.79
iii. Deposit of Payment Provider Commitment into
Spread Account upon
Spread Account Deposit Event (v) 0.00 0.00 1,808,303.92 5,770,779.79
iv. Deposit to Spread Account from Waterfall 0.00 507,803.40 2,316,107.32 5,770,779.79
v. Deposit To Spread Account From Supplemental
Servicing Fee 0.00 45,833.52 2,361,940.84 5,770,779.79
vi. Deposit To Spread Account From Excess
Servicing Fee 0.00 0.00 2,361,940.84 5,770,779.79
vii. Release from Spread Account when Net Yield
Trigger Event Has Not
Occurred or Has Been Deemed Cured 0.00 0.00 2,361,940.84 5,770,779.79
viii.Release from Spread Account when Net Yield
Trigger Event Has
Occurred and Has Not Been Deemed Cured 0.00 0.00 2,361,940.84 5,770,779.79
ix. Reduction of Payment Provider Commitment when
Net Yield Trigger
Event Not Occurred or Deemed Cured 0.00 872,429.99 2,361,940.84 4,898,349.80
x. Withdrawal from Spread Account and/or Payment
Provider Commitment
for Insurer Optional Deposit 0.00 0.00 2,361,940.84 4,898,349.80
xi. Supplemental Servicing Fee 88,338.46 0.00 2,361,940.84 4,898,349.80
xii.Excess Servicing Fee 0.00 0.00 2,361,940.84 4,898,349.80
ix. Reduction of Payment Provider Commitment when
Net Yield Trigger
Event Has Occurred and Not Deemed Cured 0.00 0.00 2,361,940.84 4,898,349.80
</TABLE>
Section VII. Surety Bond Reconciliation
A. Previously Unreimbursed Surety Draws 0.00
B. Interest Rate on Outstanding (PRIME + 1%) 9.00%
C. Current Interest Accrued on Outstanding Draws 0.00
D. Interest Paid on Unreimbursed Draws 0.00
E. New Surety Bond Draws 0.00
F. Reimbursement of Previous Surety Draws 0.00
G. Unreimbursed Surety Draws 0.00
H. Previous Unreimbursed Insurer Optional Deposits 0.00
I. New Insurer Optional Deposit 0.00
J. Reimbursement of Previous Insurer
Optional Deposits 0.00
K. Unreimbursed Insurer Optional Deposits 0.00
Section VIII. Historical Portfolio Performance
Previous Current Current
Period Period Period
Cumulative Charge-Offs Prepayment
Charge Offs Speed
------------------------------------------------
i. Prime Loans 0.00 13,987.31 1.5812%
ii. Non-Prime Loans 0.00 0.00 1.5459%
iii. Sub-Prime Loans 0.00 0.00 1.6065%
iv. Total Loans 0.00 13,987.31 1.5949%
/s/ Harold E. Miller /s/ Ronald L. Burrows
- -------------------------- -----------------------
Harold E. Miller, Jr. Ronald L. Burrows
Executive V.P., C.O.O Vice President
