Franklin Auto Trust 2000-1
Monthly Servicing Report
Collection Period: November 2000
Distribution Date: Dec 15, 2000
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 4,349 63,679,578.31 9.50% 63.66 59.73 3.93
ii. Non-Prime Loans 3,571 55,247,782.00 14.74% 65.27 61.65 3.62
iii. Sub-Prime Loans 341 4,075,522.40 20.06% 60.28 56.38 3.90
iv. Total Loans 8,261 123,002,882.71 12.20% 64.27 60.48 3.79
</TABLE>
B. Bonds Issued
Original
Principal Legal Final
Balance Coupon Maturity CUSIP
--------------------------------------------------------
i. Class A-1 Notes 76,000,000.00 7.02% 8/15/03 35242RAE4
ii. Class A-2 Notes 47,002,000.00 7.25% 10/15/07 35242RAF1
C. Spread Account
i. Initial Cash Deposit 1,845,043.24
ii. Spread Account Floor Amount 2,460,057.65
iii. Specified Spread Account Amount 5.5% of Outstanding Pool Balance
iv. Maximum Spread Account Amount 10% of Outstanding Pool Balance
v. Initial Payment Provider Commitment 4,920,115.31
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 3,816 49,174,202.53 9.49% 64.18 52.20 11.97
ii. Non-Prime Loans 3,092 43,554,834.29 14.69% 65.64 54.23 11.41
iii. Sub-Prime Loans 284 3,145,949.22 19.85% 60.99 49.40 11.59
iv. Total Loans 7,192 95,874,986.04 12.19% 64.74 53.03 11.70
</TABLE>
B. Bonds Outstanding
Principal Unpaid Interest
Balance Shortfall Amount
---------------------------------
i. Class A-1 Notes 48,872,986.04 0.00
ii. Class A-2 Notes 47,002,000.00 0.00
C. Spread Account
i. Spread Account Cash Balance 2,460,057.65
ii. Payment Provider Commitment 2,813,066.58
C. Spread Account
i. Spread Account Cash Balance 0.00
ii. Surety Fee Shortfall 0.00
iii. Unreimbursed Surety Draws 0.00
iv. Unreimbursed Insurer Optional Deposit 0.00
v. Additional 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 Loans 72,318.03 10,147.05 18,561.43 26,137.33 21,563.83 56,194.63
ii. Non-Prime Loans 695,313.17 257,465.02 129,628.13 28,713.71 290,922.13 197,488.85
iii. Sub-Prime Loans 90,597.54 0.00 21,115.09 0.00 0.00 7,387.85
iv. Total Loans 858,228.74 267,612.07 169,304.65 54,851.04 312,485.96 261,071.33
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts
i. Prime Loans 5 1 2 1 2 4
ii. Non-Prime Loans 47 17 8 2 19 14
iii. Sub-Prime Loans 10 0 1 0 0 1
iv. Total Loans 62 18 11 3 21 19
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 0.15% 0.02% 0.04% 0.05% 0.04% 0.11%
ii. Non-Prime Loans 1.60% 0.59% 0.30% 0.07% 0.67% 0.45%
iii. Sub-Prime Loans 2.88% 0.00% 0.67% 0.00% 0.00% 0.23%
iv. Total Loans 0.90% 0.28% 0.18% 0.06% 0.33% 0.27%
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 0.13% 0.03% 0.05% 0.03% 0.05% 0.10%
ii. Non-Prime Loans 1.52% 0.55% 0.26% 0.06% 0.61% 0.45%
iii. Sub-Prime Loans 3.52% 0.00% 0.35% 0.00% 0.00% 0.35%
iv. Total Loans 0.86% 0.25% 0.15% 0.04% 0.29% 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 Loans 3,757 47,660,779.38 9.49% 64.25 51.33 12.93
ii. Non-Prime Loans 3,037 42,249,203.92 14.68% 65.71 53.39 12.31
iii. Sub-Prime Loans 279 3,032,703.79 19.87% 60.99 48.51 12.48
iv. Total Loans 7,073 92,942,687.09 12.19% 64.81 52.17 12.63
B. Delinquencies in Period
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Principal Balance
i. Prime Loans 147,891.20 36,801.61 0.00 33,281.98 81,446.13 36,969.76
ii. Non-Prime Loans 390,713.03 348,634.29 142,574.57 95,188.90 344,248.31 162,360.25
iii. Sub-Prime Loans 137,142.21 18,879.31 21,115.09 0.00 20,721.75 0.00
iv. Total Loans 675,746.44 404,315.21 163,689.66 128,470.88 446,416.19 199,330.01
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts
i. Prime Loans 9 2 0 2 5 3
ii. Non-Prime Loans 28 23 9 6 23 13
iii. Sub-Prime Loans 13 2 1 0 2 0
iv. Total Loans 50 27 10 8 30 16
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 0.31% 0.08% 0.00% 0.07% 0.17% 0.08%
ii. Non-Prime Loans 0.92% 0.83% 0.34% 0.23% 0.81% 0.38%
iii. Sub-Prime Loans 4.52% 0.62% 0.70% 0.00% 0.68% 0.00%
iv. Total Loans 0.73% 0.44% 0.18% 0.14% 0.48% 0.21%
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 0.24% 0.05% 0.00% 0.05% 0.13% 0.08%
ii. Non-Prime Loans 0.92% 0.76% 0.30% 0.20% 0.76% 0.43%
iii. Sub-Prime Loans 4.66% 0.72% 0.36% 0.00% 0.72% 0.00%
iv. Total Loans 0.71% 0.38% 0.14% 0.11% 0.42% 0.23%
</TABLE>
Page 6
<PAGE>
Section III. Collection Period Activity and
Current Status
C. Collections
i. Simple Interest Contracts
a. Interest Collections 936,790.02
b. Principal Collections 2,686,794.67
ii. Rule of 78's Contracts
a. Interest Collections 6,389.91
b. Principal Collections 11,822.34
iii. Net Liquidation Proceeds 91,660.42
iv. Post Disposition Recoveries 3,109.00
v. Rebates of Capitalized Insurance Premiums 0.00
vi. Repurchase Amounts
a. Interest 457.42
b. Principal 34,351.93
D. Payaheads
i. Beginning Payahead Account Balance 4,585.65
ii. Deposit to Payahead Account
a. Principal & Interest Collections 245.85
iii. Withdrawal from Payahead Account
a. Principal & Interest Collections 414.32
iv. Net Change in Payahead Account
a. Principal & Interest Collections -168.47
v. Ending Payahead Account Balance 4,417.18
E. Total Available
i. Total Interest Collections 943,637.35
ii. Total Principal Collections 2,824,629.36
iii. Collected Funds 3,768,266.71
iv. Reinvestment Income Collected in Spread Account 0.00
F. Month End Pool Balance
i. Beginning Pool Balance 95,874,986.04
ii. Principal Collections 2,824,629.36
iii. Realized and Cram-Down Losses 107,669.59
iv. Month End Pool Balance 92,942,687.09
Page 7
<PAGE>
Section IV. Distribution Calculations
A. Servicing Fee
i. Servicing Fee Rate
a. Prime Receivable @ 1.00% 40,978.50
b. Non-prime Receivables @ 1.50% 54,443.54
c. Sub-prime Receivables @ 2.00% 5,243.25
d. Total Servicing Fee 100,665.29
e. Total Receivables @ 1.25% 99,869.78
ii. Base Servicing Fee (less of id. and ie.) 99,869.78
iii. Previous Servicing Fee Shortfall 0.00
iv. Additional Servicing Fee 795.52
v. Previous Additional Servicing Fee Shortfall 0.00
vi. Total Additional Servicing Fee 795.52
vii. Supplemental Servicing Fee 37,037.16
viii.Total Supplemental Servicing Fee 37,037.16
B. Surety Fee
i. Surety Fee Rate 0.165%
ii. Base Surety Fee Due 13,182.81
iii. Previous Surety Fee Shortfall 0.00
iv. Total Surety Fee Due 13,182.81
<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 7.02% 30 285,906.97 0.00 0.00 285,906.97
ii. Class A-2 Notes 7.25% 30 283,970.42 0.00 0.00 283,970.42
iii. Total 7.13% 30 569,877.39 0.00 0.00 569,877.39
</TABLE>
D. Bond Principal
i. Beginning Note Balance 95,874,986.04
ii. Current Pool Balance 92,942,687.09
iii. Principal Distributable Amount 2,932,298.95
E. Total Required Distributions 3,615,228.93
F. Total Available Funds 3,771,375.71
G. Required Distribution Shortfall 0.00
H. Cash Available in Spread Account 2,460,057.65
I. Reserve Account Draw 0.00
J. Payment Provider Commitment 2,813,066.58
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 3,771,375.71
Page 8
<PAGE>
Section V. Waterfall for Distributions
A. Total Available Funds 3,771,375.71
<TABLE>
<CAPTION>
Remaining
Amount Amount Amount
Due Paid Shortfall Available for
Distribution
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
B. Servicing Fee 99,869.78 99,869.78 0.00 3,671,505.93
C. Surety Fee 13,182.81 13,182.81 0.00 3,658,323.12
D. Note Interest 569,877.39 569,877.39 0.00 3,088,445.73
E. Principal Distributable Amount 2,932,298.95 2,932,298.95 0.00 156,146.78
F. Interest on Unreimbursed Surety Draws 0.00 0.00 0.00 156,146.78
G. Reimbursement of Previous Surety Draws 0.00 0.00 0.00 156,146.78
H. Reimbursement of Insurer Optional Deposits 0.00 0.00 0.00 156,146.78
I. Reserve Deposit 0.00 0.00 0.00 156,146.78
J. Payment of Additional Servicing Fee 795.52 795.52 0.00 155,351.26
K. Deposit to Certificate Distribution Acct. 155,351.26 155,351.26 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 48,872,986.04 2,932,298.95 45,940,687.09 285,906.97 285,906.97 0.00
B. Class A-2 Notes 47,002,000.00 0.00 47,002,000.00 283,970.42 283,970.42 0.00
C. Total 95,874,986.04 2,932,298.95 92,942,687.09 569,877.39 569,877.39 0.00
</TABLE>
Page 9
<PAGE>
Section VII. Spread Account Reconciliation
A. Net Yield Calculations
i. Current Month 2.12%
ii. Previous Month 1.59%
iii. Second Previous Month 2.34%
iv. Three-Month Average 2.02%
v. Previous Three Month Average 2.05%
vi. Second Previous Three Month Average 2.42%
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 2,460,057.65
ii. Spread Account Specified Amount 5,111,847.79
iii. Spread Account Maximum Amount 9,294,268.71
iv. Spread Account Required Amount 2,460,057.65
<TABLE>
<CAPTION>
F. Allocations, Deposits and Reductions of the Spread Deposit of Change in Cash on
Account and the Payment Provider Commitment Cash in Payment Deposit in Payment
Spread Provider Spread Provider
Account Commitment Account Commitment
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
i. Beginning Balance 2,460,057.65 2,813,066.58
ii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (i-iv or vi) 0.00 0.00 2,460,057.65 2,813,066.58
iii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (v) 0.00 0.00 2,460,057.65 2,813,066.58
iv. Deposit to Spread Account from Waterfall 0.00 0.00 2,460,057.65 2,813,066.58
v. Release from Spread Account when Net Yield Trigger
Event Has Not Occurred or Has Been Deemed Cured 0.00 0.00 2,460,057.65 2,813,066.58
vi. Release from Spread Account when Net Yield Trigger
Event Has Occurred and Has Not Been Deemed Cured 0.00 0.00 2,460,057.65 2,813,066.58
vii. Reduction of Payment Provider Commitment when Net
Yield Trigger Event Not Occurred or Deemed Cured 0.00 161,276.44 2,460,057.65 2,651,790.14
viii.Withdrawal from Spread Account for Insurer Optional Deposit 0.00 0.00 2,460,057.65 2,651,790.14
ix. Reduction of Payment Provider Commitment when Net
Yield Trigger Event Has Occurred and Not Deemed Cured 0.00 0.00 2,460,057.65 2,651,790.14
</TABLE>
Page 10
<PAGE>
Section VIII. Surety Bond Reconciliation
A. Previously Unreimbursed Surety Bond Draws 0.00
B. Interest Rate on Outstanding Draws (PRIME + 1%) 10.50%
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
<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 Loans 226,063.36 36,969.76 108,615.49 11,790.76 1.1589%
ii. Non-Prime Loans 1,022,560.56 162,360.25 487,382.93 92,769.83 1.2595%
iii. Sub-Prime Loans 113,586.24 0.00 54,469.13 0.00 1.5504%
iv. Total Loans 1,362,210.16 199,330.01 650,467.55 104,560.59 1.2201%
</TABLE>
/S/ Harold E. Miller, Jr. /S/ Tonya B. Roemer
------------------------------------ -----------------------------------
Harold E. Miller, Jr. Tonya B. Roemer
President, C.E.O. Vice President
Page 11
