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): June 15, 1999
(May 31, 1999)
FRANKLIN RECEIVABLES LLC
(FRANKLIN AUTO TRUST 1998-1)
(FRANKLIN AUTO TRUST 1999-1)
(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 1
<PAGE>
Item 5. Other Events
The Monthly Servicing Report relating to the Franklin Auto Trust 1998-1 for
the Collection Period ended May 31, 1999 and the Franklin Auto Trust 1999-1 for
the Collection Period ended May 31, 1999 are attached hereto as Exhibit 19(a)
and 19(b) and are 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 May 31, 1999
Exhibit 19(b) - Franklin Auto Trust 1999-1 Monthly Servicing Report for the
Collection Period ending May 31, 1999
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: June 23, 1999 /s/ Jennifer J. Bolt
JENNIFER J. BOLT
President
Page 2
<PAGE>
Exhibits
Exhibit 19(a) - Franklin Auto Trust 1998-1 Monthly Servicing Report
for the Collection Period ending May 31, 1999.
Franklin Auto Trust 1998-1
Monthly Servicing Report
Collection Period: May 1999
Distribution Date: June 15, 1999
Number of Days in Distribution Period: 30
<TABLE>
<CAPTION>
Section I. Original Deal Parameters
A. Original Portfolio Principle Weighted Average
Number of Principal Coupon Original Term Remaining Term Seasoning
Contracts Balance (WAC) (Months) (Months) (Months)
-------------------------------------------------------------------------------------------
<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
</TABLE>
B. Bonds Issued
Original
Principal Legal Final
Balance Coupon Maturity CUSIP
--------------------------------------------------------
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
Page 3
<PAGE>
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous
Distribution Date
A. Portfolio Principle Weighted Average
Number of Principal Coupon Original Term Remaining Term Seasoning
Contracts Balance (WAC) (Months) (Months) (Months)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime Loans 5,946 55,352,955.79 9.72% 62.92 39.63 23.29
ii. Non-Prime Loans 4,221 30,884,853.72 14.16% 63.44 35.37 28.07
iii. Sub-Prime Loans 737 4,653,389.79 19.06% 58.81 35.64 23.17
iv. Total Loans 10,904 90,891,199.30 11.70% 62.89 37.98 24.91
</TABLE>
B. Bonds Outstanding
Principal Unpaid Interest
Balance Shortfall Amount
---------------------------------
i. Class A-1 Notes 68,497,199.30 0.00
ii. Class A-2 Notes 22,394,000.00 0.00
C. Spread Account
i. Spread Account Cash Balance 2,627,890.00
ii. Payment Provider Commitment 2,825,581.96
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 Deposti 0.00
v. Excess Servicing Fee Shortfall 0.00
Page 4
<PAGE>
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous
Distribution Date
E. Delinquencies in Period
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance
<S> <C> <C> <C> <C> <C> <C>
i. Prime 227,038.80 31,551.30 19,393.53 19,475.29 106,203.72 31,478.30
ii. Non-Prime 377,981.50 85,005.77 86,511.28 26,465.20 151,592.26 149,495.73
iii. Sub-Prime 46,298.89 40,814.79 17,523.95 28,681.22 92,249.87 43,614.40
iv. Total Portfolio 651,319.19 157,371.86 123,428.76 74,621.71 350,072.85 224,588.43
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts
i. Prime 25 3 3 2 7 2
ii. Non-Prime 71 13 9 3 15 19
iii. Sub-Prime 17 3 3 2 11 7
iv. Total Portfolio 113 19 15 7 33 28
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance as a
% of Previous Balance
i. Prime 0.41% 0.06% 0.04% 0.04% 0.19% 0.06%
ii. Non-Prime 1.22% 0.28% 0.28% 0.09% 0.49% 0.48%
iii. Sub-Prime 0.99% 0.88% 0.38% 0.62% 1.98% 0.94%
iv. Total Portfolio 0.72% 0.17% 0.14% 0.08% 0.39% 0.25%
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts as a
% of Previous Number
i. Prime 0.42% 0.05% 0.05% 0.03% 0.12% 0.03%
ii. Non-Prime 1.68% 0.31% 0.21% 0.07% 0.36% 0.45%
iii. Sub-Prime 2.31% 0.41% 0.41% 0.27% 1.49% 0.95%
iv. Total Portfolio 1.04% 0.17% 0.14% 0.06% 0.30% 0.26%
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
Section III. Collection Period Activity and
Current Status
A. Portfolio Principle Weighted Average
Number of Principal Coupon Original Term Remaining Term Seasoning
Contracts Balance (WAC) (Months) (Months) (Months)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime 5,725 52,779,207.64 9.73% 62.99 39.05 23.94
ii. Non-Prime 4,050 29,282,895.91 14.21% 63.48 34.96 28.52
iii. Sub-Prime 699 4,401,881.29 19.11% 58.82 35.30 23.52
iv. Total Portfolio 10,474 86,463,984.84 11.73% 62.95 37.47 25.47
</TABLE>
<TABLE>
<CAPTION>
B. Delinquencies in Period
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance
<S> <C> <C> <C> <C> <C> <C>
i. Prime 197,659.39 135,007.63 20,519.98 19,335.24 123,614.52 15,417.08
ii. Non-Prime 399,817.31 115,258.54 52,007.40 52,213.49 126,277.88 91,095.64
iii. Sub-Prime 39,431.18 18,188.63 25,477.30 16,038.27 62,279.58 55,319.71
iv. Total Portfolio 636,907.88 268,454.80 98,004.68 87,587.00 312,171.98 161,832.43
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts
i. Prime 32 9 2 2 8 3
ii. Non-Prime 82 17 7 6 16 16
iii. Sub-Prime 14 5 2 1 7 8
iv. Total Portfolio 128 31 11 9 31 27
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance as a
% of Current Balance
i. Prime 0.37% 0.26% 0.04% 0.04% 0.23% 0.03%
ii. Non-Prime 1.37% 0.39% 0.18% 0.18% 0.43% 0.31%
iii. Sub-Prime 0.90% 0.41% 0.58% 0.36% 1.41% 1.26%
iv. Total Portfolio 0.74% 0.31% 0.11% 0.10% 0.36% 0.19%
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts as a
% of Current Number
i. Prime 0.56% 0.16% 0.03% 0.03% 0.14% 0.05%
ii. Non-Prime 2.02% 0.42% 0.17% 0.15% 0.40% 0.40%
iii. Sub-Prime 2.00% 0.72% 0.29% 0.14% 1.00% 1.14%
iv. Total Portfolio 1.22% 0.30% 0.11% 0.09% 0.30% 0.26%
</TABLE>
Page 6
<PAGE>
Section III. Collection Period Activity and
Current Status
C. Collections
i. Simple Interest Contracts
a. Interest Collections 509,080.27
b. Principal Collections 2,373,577.68
ii. Rule of 78's Contracts
a. Interest Collections 333,135.40
b. Principal Collections 1,891,804.35
iii. Net Liquidation Proceeds 63,904.64
iv. Post Disposition Recoveries 16,891.95
v. Rebates of Capitalized Insurance Premiums 0.00
vi. Repurchase Amounts
a. Interest 0.00
b. Principal 0.00
D. Payaheads
i. Beginning Payahead Account Balance 448,393.20
ii. Deposit to Payahead Account
a. Principal & Interest Collections 83,309.84
iii. Withdrawal from Payahead Account
a. Principal & Interest Collections 144,879.79
iv. Net Change in Payahead Account
a. Principal & Interest Collections -61,569.95
v. Ending Payahead Account Balance 386,823.25
E. Total Available
i. Total Interest Collections 842,215.67
ii. Total Principal Collections 4,329,286.67
iii. Collected Funds 5,171,502.34
F. Month End Pool Balance
i. Beginning Pool Balance 90,891,199.30
ii. Principal Collections 4,329,286.67
iii. Realized and Cram-Down Losses 97,927.79
iv. Month End Pool Balance 86,463,984.84
Section IV. Distribution Calculations
A. Servicing Fee
i. Servicing Fee Rate
a. Prime Receivable @ 1.00% 46,127.46
b. Non-prime Receivables @ 1.50% 38,606.07
c. Sub-prime Receivables @ 2.00% 7,755.65
d. Total Servicing Fee 92,489.18
e. Total Receivables @ 1.25% 94,678.33
ii. Base Servicing Fee (less of id. and ie.) 92,489.18
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 51,984.21
viii.Supplemental Servicing Fee Shortfall 0.00
ix. Total Supplemental Servicing Fee 51,984.21
B. Surety Fee
i. Surety Fee Rate 0.15%
ii Base Surety Fee 11,361.40
iii. Previous Surety Fee Shortfall 0.00
iv. Total Surety Fee Due 11,361.40
Page 7
<PAGE>
<TABLE>
<CAPTION>
C. Bond Interest
Accrued
Bond Previous Interest on
Interest Number of Days Current Interest Interest Total Bond
Rate in Period Interest Shortfall Shortfall Interest Due
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Class A-1 Notes 5.50% 30 313,945.50 0.00 0.00 313,945.50
ii. Class A-2 Notes 5.65% 30 105,438.42 0.00 0.00 105,438.42
iii. Total 5.54% 30 419,383.91 0.00 0.00 419,383.91
</TABLE>
Section IV. Distribution Calculations
D. Bond Principal
i. Beginning Note Balance 90,891,199.30
ii. Current Pool Balance 86,463,984.84
iii. Principal Distributable Amount 4,427,214.46
E. Total Required Distributions 523,234.50
F. Total Available Funds 5,188,394.29
G. Required Distribution Shortfall 0.00
H. Cash Available in Spread Account 2,627,890.00
I. Reserve Account Draw 0.00
J. Payment Provider Commitment 2,825,581.96
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 5,188,394.29
Section V. Waterfall for Distributions
A. Total Available Funds 5,188,394.29
<TABLE>
<CAPTION>
Remaining
Amount Amount Amount
Due Paid Shortfall Available for
Distribution
----------------------------------------------------------------
<S> <C> <C> <C> <C>
B. Servicing Fee 92,489.18 92,489.18 0.00 5,095,905.11
C. Surety Fee 11,361.40 11,361.40 0.00 5,084,543.71
D. Note Interest 419,383.91 419,383.91 0.00 4,665,159.80
E. Principal Distributable Amount 4,427,214.46 4,427,214.46 0.00 237,945.34
F. Interest on Unreimbursed Surety Draws 0.00 0.00 0.00 237,945.34
G. Reimbursement of Previous Surety Draws
and Insurer Optional Deposits 0.00 0.00 0.00 237,945.34
H. Reserve Deposit 0.00 0.00 0.00 237,945.34
I. Payment of Excess Servicing Fee 0.00 0.00 0.00 237,945.34
J. Deposit to Certificate Distribution Account 237,945.34 237,945.34 0.00 0.00
</TABLE>
Page 8
<PAGE>
<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 68,497,199.30 4,427,214.46 64,069,984.84 313,945.50 313,945.50 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 90,891,199.30 4,427,214.46 86,463,984.84 419,383.91 419,383.91 0.00
</TABLE>
Section VII. Spread Account Reconciliation
A. Net Yield Calculations
i. Current Month 3.07%
ii. Previous Month 2.73%
iii. Second Previous Month 4.18%
iv. Three-Month Average 3.35%
v. Previous Three Month Average 3.72%
vi. Second Previous Three Month Average 4.37%
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 5,187,839.09
<TABLE>
<CAPTION>
G. Allocations, Deposits and Reductions of the Spread Cash on Payment
Account and the Payment Provider Commitment Deposit in Provider
Amount Due Amount Paid Spread Account Commitment
------------------------------------------------------------------
<S> <C> <C> <C> <C>
i. Beginning Balance 0.00 0.00 2,627,890.00 2,825,581.96
ii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (i-iv or vi) 0.00 0.00 2,627,890.00 2,825,581.96
iii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (v) 0.00 0.00 2,627,890.00 2,825,581.96
iv. Deposit to Spread Account from Waterfall 0.00 0.00 2,627,890.00 2,825,581.96
v. Deposit to Spread Account from Supplemental Servicing Fee 0.00 0.00 2,627,890.00 2,825,581.96
vi. Deposit to Spread Account from Excess Servicing Fee 0.00 0.00 2,627,890.00 2,825,581.96
vii. Release from Spread Account when Net Yield Trigger
Event Has Not Occurred or Has Been Deemed Cured 0.00 0.00 2,627,890.00 2,825,581.96
viii.Release from Spread Account when Net Yield Trigger
Event Has Occurred and Has Not Been Deemed Cured 0.00 0.00 2,627,890.00 2,825,581.96
ix. Reduction of Payment Provider Commitment when Net Yield
Trigger Event Not Occurred or Deemed Cured 0.00 265,632.87 2,627,890.00 2,559,949.09
x. Withdrawal from Spread Account and/or Payment Provider
Commitment for Insurer Optional Deposit 0.00 0.00 2,627,890.00 2,559,949.09
xi. Reduction of Payment Provider Commitment when Net Yield
Trigger Event Has Occurred and Not Deemed Cured 0.00 0.00 2,627,890.00 2,559,949.09
</TABLE>
Page 9
<PAGE>
Section VIII. Surety Bond Reconciliation
A. Previously Unreimbursed Surety Bond Draws 0.00
B. Interest Rate on Outstanding Draws (PRIME + 1%) 8.75%
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
<TABLE>
<CAPTION>
Section IX. Historical Portfolio Performance
Previous Previous Current
Period Current Period Period Current Period
Cumulative Charge-Offs Cumulative Period Losses Prepayment
Charge Offs Losses Speed
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Prime 248,767.45 15,417.08 132,215.87 8,040.43 1.3528%
ii. Non-Prime 710,482.84 91,095.64 424,601.87 63,934.46 1.3357%
iii. Sub-Prime 214,554.26 55,319.71 136,146.52 9,060.95 1.5457%
iv. Total Portfolio 1,173,804.55 161,832.43 692,964.26 81,035.84 1.3635%
</TABLE>
/S/ Harold E. Miller, Jr. /S/ Tonya B. Roemer
- ------------------------------------ -------------------------------------
Harold E. Miller, Jr. Tonya B Roemer
Executive V.P., C.O.O. Securitization Specialist,
Assistant Treasurer
Franklin Auto Trust 1999-1
Monthly Servicing Report
Collection Period: May 1999
Distribution Date: June 15, 1999
Number of Days in Distribution Period: 30
<TABLE>
<CAPTION>
Section I. Original Deal Parameters
A. Original Portfolio Principle Weighted Average
Number of Principal Coupon Original Term Remaining Term Seasoning
Contracts Balance (WAC) (Months) (Months) (Months)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime Loans 3,021 44,026,783.74 9.53% 62.89 58.85 4.04
ii. Non-Prime Loans 3,906 58,089,314.57 14.87% 63.97 59.14 4.82
iii. Sub-Prime Loans 408 4,407,854.65 20.88% 56.79 51.97 4.83
iv. otal Loans 7,335 106,523,952.96 12.91% 63.22 58.73 4.50
</TABLE>
B. Bonds Issued
Original
Principal Legal Final
Balance Coupon Maturity CUSIP
--------------------------------------------------------
i. Class A-1 Notes 66,500,000.00 5.52% 12/15/02 35242RAC8
ii. Class A-2 Notes 40,023,000.00 6.05% 12/15/06 35242RAD6
C. Spread Account
i. Initial Cash Deposit 798,929.65
ii. Spread Account Floor Amount 1,597,859.29
iii. Specified Spread Account Amount 4.5% of Outstanding Pool Balance
iv. Maximum Spread Account Amount 10% of Outstanding Pool Balance
v. Initial Payment Provider Commitment 3,994,648.24
Page 11
<PAGE>
Section II. Deal Status as of Previous
Distribution Date
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous
Distribution Date
A. Portfolio Principle Weighted Average
Number of Principal Coupon Original Term Remaining Term Seasoning
Contracts Balance (WAC) (Months) (Months) (Months)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime Loans 3,021 44,026,783.74 9.53% 62.89 58.85 4.04
ii. Non-Prime Loans 3,906 58,089,314.57 14.87% 63.97 59.14 4.82
iii. Sub-Prime Loans 408 4,407,854.65 20.88% 56.79 51.97 4.83
iv. Total Loans 7,335 106,523,952.96 12.91% 63.22 58.73 4.50
</TABLE>
B. Bonds Outstanding
Principal Unpaid Interest
Balance Shortfall Amount
---------------------------------
i. Class A-1 Notes 66,500,000.00 0.00
ii. Class A-2 Notes 40,023,000.00 0.00
C. Spread Account
i. Spread Account Cash Balance 798,929.65
ii. Payment Provider Commitment 3,994,648.24
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
Page 12
<PAGE>
<TABLE>
<CAPTION>
Section II. Deal Status as of Previous
Distribution Date
E. Delinquencies in Period
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance
<S> <C> <C> <C> <C> <C> <C>
i. Prime Loans 0.00 0.00 0.00 0.00 0.00 0.00
ii. Non-Prime Loans 0.00 0.00 0.00 0.00 0.00 0.00
iii. Sub-Prime Loans 0.00 0.00 0.00 0.00 0.00 0.00
iv. Total Loans 0.00 0.00 0.00 0.00 0.00 0.00
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts
i. Prime Loans 0 0 0 0 0 0
ii. Non-Prime Loans 0 0 0 0 0 0
iii. Sub-Prime Loans 0 0 0 0 0 0
iv. Total Loans 0 0 0 0 0 0
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance as a
% of Previous Balance
i. Prime Loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ii. Non-Prime Loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
iii. Sub-Prime Loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
iv. Total Loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts as a
% of Previous Number
i. Prime Loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ii. Non-Prime Loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
iii. Sub-Prime Loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
iv. Total Loans 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
</TABLE>
Page 13
<PAGE>
<TABLE>
<CAPTION>
Section III. Collection Period Activity and
Current Status
A. Portfolio Principle Weighted Average
Number of Principal Coupon Original Term Remaining Term Seasoning
Contracts Balance (WAC) (Months) (Months) (Months)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Prime Loans 2,977 42,675,808.19 9.55% 62.95 4.96 57.99
ii. Non-Prime Loans 3,857 56,777,459.11 14.86% 64.01 5.71 58.31
iii. Sub-Prime Loans 399 4,265,389.19 20.86% 56.79 5.64 51.16
iv. Total Loans 7,233 103,718,656.49 12.92% 63.28 5.40 57.88
</TABLE>
<TABLE>
<CAPTION>
B. Delinquencies in Period
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance
<S> <C> <C> <C> <C> <C> <C>
i. Prime Loan 19,931.62 0.00 0.00 0.00 0.00 0.00
ii. Non-Prime Loans 235,045.94 0.00 0.00 0.00 0.00 0.00
iii. Sub-Prime Loans 23,007.94, 0.00 0.00 0.00 0.00 0.00
iv. Total Loans 277,985.50 0.00 0.00 0.00 0.00 0.00
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts
i. Prime Loans 3 0 0 0 0 0
ii. Non-Prime Loans 18 0 0 0 0 0
iii. Sub-Prime Loans 2 0 0 0 0 0
iv. Total Loans 23 0 0 0 0 0
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance as a
% of Current Balance
i. Prime Loans 0.05% 0.00% 0.00% 0.00% 0.00% 0.00%
ii. Non-Prime Loans 0.41% 0.00% 0.00% 0.00% 0.00% 0.00%
iii. Sub-Prime Loans 0.54% 0.00% 0.00% 0.00% 0.00% 0.00%
iv. Total Loans 0.27% 0.00% 0.00% 0.00% 0.00% 0.00%
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts as a
% of Current Number
i. Prime Loans 0.10% 0.00% 0.00% 0.00% 0.00% 0.00%
ii. Non-Prime Loans 0.47% 0.00% 0.00% 0.00% 0.00% 0.00%
iii. Sub-Prime Loans 0.50% 0.00% 0.00% 0.00% 0.00% 0.00%
iv. Total Loans 0.32% 0.00% 0.00% 0.00% 0.00% 0.00%
</TABLE>
Page 14
<PAGE>
Section III. Collection Period Activity and
Current Status
C. Collections
i. Simple Interest Contracts
a. Interest Collections 1,018,459.54
b. Principal Collections 2,415,933.82
i. Rule of 78's Contracts
a. Interest Collections 84,912.81
b. Principal Collections 176,656.93
iii. Net Liquidation Proceeds 0.00
iv. Post Disposition Recoveries 0.00
v. Rebates of Capitalized Insurance Premiums 0.00
vi. Repurchase Amounts
a. Interest 2,779.51
b. Principal 212,705.72
D. Payaheads
i. Beginning Payahead Account Balance 23,793.08
ii. Deposit to Payahead Account
a. Principal & Interest Collections 3,254.12
iii. Withdrawal from Payahead Account
a. Principal & Interest Collections 12,171.20
iv. Net Change in Payahead Account
a. Principal & Interest Collections -8,917.08
v. Ending Payahead Account Balance 14,876.00
E. Total Available
i. Total Interest Collections 1,106,151.86
ii. Total Principal Collections 2,805,296.47
iii. Collected Funds 3,911,448.33
F. Month End Pool Balance
i. Beginning Pool Balance 106,523,952.96
ii. Principal Collections 2,805,296.47
iii. Realized and Cram-Down Losses 0.00
iv. Month End Pool Balance 103,718,656.49
Section IV. Distribution Calculations
A. Servicing Fee
i. Servicing Fee Rate
a. Prime Receivable @ 1.00% 36,688.99
b. Non-prime Receivables @ 1.50% 72,611.64
c. Sub-prime Receivables @ 2.00% 7,346.42
d. Total Servicing Fee 116,647.05
e. Total Receivables @ 1.25% 110,962.45
ii. Base Servicing Fee (less of id. and ie.) 110,962.45
iii. Previous Servicing Fee Shortfall 0.00
iv. Additional Servicing Fee 5,684.60
v. Previous Additional Servicing Fee Shortfall 0.00
vi. Total Additional Servicing Fee 5,684.60
vii. Supplemental Servicing Fee 12,029.56
viii.Total Supplemental Servicing Fee 12,029.56
B. Surety Fee
i. Surety Fee Rate 0.13%
ii. Base Surety Fee Due 11,540.09
iii. Previous Surety Fee Shortfall 0.00
iv. Total Surety Fee Due 11,540.09
Page 15
<PAGE>
<TABLE>
<CAPTION>
C. Bond Interest
Accrued
Bond Previous Interest on
Interest Number of Days Current Interest Interest Total Bond
Rate in Period Interest Shortfall Shortfall Interest Due
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i. Class A-1 Notes 5.52% 30 305,900.00 0.00 0.00 305,900.00
ii. Class A-2 Notes 6.05% 30 201,782.63 0.00 0.00 201,782.63
iii. Total 5.72% 30 507,682.63 0.00 0.00 507,682.63
</TABLE>
Section IV. Distribution Calculations
D. Bond Principal
i. Beginning Note Balance 106,523,000.00
ii. Current Pool Balance 103,718,565.49
iii. Principal Distributable Amount 2,804,343.51
E. Total Required Distributions 3,434,528.68
F. Total Available Funds 3,911,448.33
G. Required Distribution Shortfall 0.00
H. Cash Available in Spread Account 798,929.65
I. Reserve Account Draw 0.00
J. Payment Provider Commitment 3,994,648.24
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 3,911,448.33
Section V. Waterfall for Distributions
A. Total Available Funds 3,911,448.33
Page 16
<PAGE>
<TABLE>
<CAPTION>
Remaining
Amount Amount Amount
Due Paid Shortfall Available for
Distribution
----------------------------------------------------------------
<S> <C> <C> <C> <C>
B. Servicing Fee 110,962.45 110,962.45 0.00 3,800,485.88
C. Surety Fee 11,540.09 11,540.09 0.00 3,788,945.78
D. Note Interest 507,682.63 507,682.63 0.00 3,281,263.16
E. Principal Distributable Amount 2,804,343.51 2,804,343.51 0.00 476,919.65
F. Interest on Unreimbursed Surety Draws 0.00 0.00 0.00 476,919.65
G. Reimbursement of Previous Surety Draws 0.00 0.00 0.00 476,919.65
H. Reimbursement of Insurer Optional Deposits 0.00 0.00 0.00 476,919.65
I. Reserve Deposit 798,929.65 479,919.65 322,010.00 0.00
J. Payment of Additional Servicing Fee 5,684.60 0.00 5,684.60 0.00
K. Deposit to Certificate Distribution Acct. 0.00 0.00 0.00 0.00
</TABLE>
<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 66,500,000.00 2,804,343.51 63,695,656.49 305,900.00 305,900.00 0.00
B. Class A-2 Notes 40,023,000.00 0.00 40,023,000.00 201,782.63 201,782.63 0.00
C. Total 106,523,000.00 2,804,343.51 103,718,656.49 507,682.63 507,682.63 0.00
</TABLE>
Section VII. Spread Account Reconciliation
A. Net Yield Calculations
i. Current Month 5.49%
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. Required Spread Account Parameters:
i. Spread Account Floor Amount 1,597,859.29
ii. Spread Account Specified Amount 4,667,339.54
iii. Spread Account Maximum Amount 10,371,865.65
iv. Spread Account Required Amount 1,597,859329
Page 17
<PAGE>
<TABLE>
<CAPTION>
D. Allocations, Deposits and Reductions of the Spread Deposit of Change in Cash on Payment
Account and the Payment Provider Commitment Cash in Payment Provider Deposit in Provider
Spread Account Commitment Spread Account Commitment
------------------------------------------------------------------
<S> <C> <C> <C> <C>
i. Beginning Balance 0.00 0.00 798,929.65 3,994,648.24
ii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (i-iv or vi) 0.00 0.00 798,929.65 3,994,648.24
iii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (v) 0.00 0.00 798,929.65 3,994,648.24
iv. Deposit to Spread Account from Waterfall 476,919.65 0.00 1,275,849.30 3,994,648.24
v. Release from Spread Account when Net Yield Trigger
Event Has Not Occurred or Has Been Deemed Cured 0.00 0.00 1,275,849.30 3,994,648.24
vi. Release from Spread Account when Net Yield Trigger
Event Has Occurred and Has Not Been Deemed Cured 0.00 0.00 1,275,849.30 3,994,648.24
vii. Reduction of Payment Provider Commitment when Net
Yield Trigger Event Not Occurred or Deemed Cured 0.00 603,158.00 1,275,849.30 3,391,490.24
viii.Withdrawal from Spread Account for Insurer
Optional Deposit 0.00 0.00 1,275,849.30 3,391,490.24
ix. Reduction of Payment Provider Commitment when Net
Yield Trigger Event Has Occurred and Not Deemed Cured 0.00 0.00 1,275,849.30 3,391,490.24
</TABLE>
Section VIII. Surety Bond Reconciliation
A. Previously Unreimbursed Surety Bond Draws 0.00
B. Interest Rate on Outstanding Draws (PRIME + 1%) 8.75%
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
<TABLE>
<CAPTION>
Page 18
<PAGE>
Section IX. Historical Portfolio Performance
Previous Previous Current
Period Current Period Period Current Period
Cumulative Charge-Offs Cumulative Period Losses Prepayment
Charge Offs Losses Speed
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i. Prime Loans 0.00 0.00 0.00 0.00 1.6123%
ii. Non-Prime Loans 0.00 0.00 0.00 0.00 1.0482%
iii. Sub-Prime Loans 0.00 0.00 0.00 0.00 1.8436%
iv. Total Loans 0.00 0.00 0.00 0.00 1.3198%
</TABLE>
/S/ Harold E. Miller, Jr. /S/ Tonya B. Roemer
- ------------------------------------ -------------------------------------
Harold E. Miller, Jr. Tonya B Roemer
Executive V.P., C.O.O. Securitization Specialist,
Assistant Treasurer
