Franklin Auto Trust 2000-1
Monthly Servicing Report
Collection Period: June, 2000
Distribution Date: July 17, 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 4,160 57,839,752.61 9.50% 63.84 56.89 6.95
ii. Non-Prime Loans 3,143 51,120,115.99 14.73% 65.38 58.85 6.53
iii. Sub-Prime Loans 324 3,768,018.25 19.94% 60.52 53.80 6.72
iv. Total Loans 7,897 112,727,886.85 12.22% 64.43 57.67 6.76
</TABLE>
B. Bonds Outstanding
Principal Unpaid Interest
Balance Shortfall Amount
---------------------------------
i. Class A-1 Notes 65,725,886.85 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 3,739,976.12
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. 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 77,402.49 29,581.47 0.00 0.00 27,840.79 637.22
ii. Non-Prime Loans 494,187.01 208,601.85 25,738.27 12,526.28 285,220.08 65,611.51
iii. Sub-Prime Loans 59,442.77 25,592.83 0.00 0.00 52,875.73 9,925.52
iv. Total Loans 631,032.27 263,776.15 25,738.27 12,526.28 365,936.60 76,174.25
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 2 0 0 2 1
ii. Non-Prime Loans 34 14 2 1 18 4
iii. Sub-Prime Loans 5 1 0 0 3 1
iv. Total Loans 44 17 2 1 23 6
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 0.13% 0.05% 0.00% 0.00% 0.05% 0.00%
ii. Non-Prime Loans 0.97% 0.41% 0.05% 0.02% 0.56% 0.13%
iii. Sub-Prime Loans 1.58% 0.68% 0.00% 0.00% 1.40% 0.26%
iv. Total Loans 0.56% 0.23% 0.02% 0.01% 0.32% 0.07%
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 0.12% 0.05% 0.00% 0.00% 0.05% 0.02%
ii. Non-Prime Loans 1.00% 0.41% 0.06% 0.03% 0.53% 0.12%
iii. Sub-Prime Loans 1.54% 0.31% 0.00% 0.00% 0.93% 0.31%
iv. Total Loans 0.56% 0.22% 0.03% 0.01% 0.29% 0.08%
</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 4,081 55,898,111.48 9.49% 63.90 55.96 7.94
ii. Non-Prime Loans 3,342 49,529,071.52 14.72% 65.46 57.96 7.50
iii. Sub-Prime Loans 317 3,653,043.69 19.94% 60.51 52.82 7.69
iv. Total Loans 7,740 109,080,226.69 12.21% 64.50 56.76 7.74
</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 Loans 84,500.77 28,949.99 0.00 0.00 13,507.17 60,091.36
ii. Non-Prime Loans 490,911.96 166,080.12 83,986.32 18,227.11 235,648.36 221,821.70
iii. Sub-Prime Loans 71,540.02 34,876.63 0.00 0.00 47,412.97 37,622.63
iv. Total Loans 646,952.75 229,906.74 83,986.32 18,227.11 296,568.50 319,535.69
30-59 60-89 90-119 120+ Repo Charge Offs
Days Days Days Days in Inventory in Period
---------------------------------------------------------------------------------------------
Number of Contracts
i. Prime Loans 6 2 0 0 1 4
ii. Non-Prime Loans 33 12 5 1 14 16
iii. Sub-Prime Loans 5 3 0 0 4 2
iv. Total Loans 44 17 5 1 19 22
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 0.15% 0.05% 0.00% 0.00% 0.02% 0.11%
ii. Non-Prime Loans 0.99% 0.34% 0.17% 0.04% 0.48% 0.45%
iii. Sub-Prime Loans 1.96% 0.95% 0.00% 0.00% 1.30% 1.03%
iv. Total Loans 0.59% 0.21% 0.08% 0.02% 0.27% 0.29%
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 0.15% 0.05% 0.00% 0.00% 0.02% 0.10%
ii. Non-Prime Loans 0.99% 0.36% 0.15% 0.03% 0.42% 0.48%
iii. Sub-Prime Loans 1.58% 0.95% 0.00% 0.00% 1.26% 0.63%
iv. Total Loans 0.57% 0.22% 0.06% 0.01% 0.25% 0.28%
</TABLE>
Page 6
<PAGE>
Section III. Collection Period Activity and
Current Status
C. Collections
i. Simple Interest Contracts
a. Interest Collections 1,134,664.50
b. Principal Collections 3,284,302.55
ii. Rule of 78's Contracts
a. Interest Collections 7,879.18
b. Principal Collections 43,821.92
iii. Net Liquidation Proceeds 178,133.50
iv. Post Disposition Recoveries 2,591.49
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 7,052.90
ii. Deposit to Payahead Account
a. Principal & Interest Collections 3,268.77
iii. Withdrawal from Payahead Account
a. Principal & Interest Collections 2,378.95
iv. Net Change in Payahead Account
a. Principal & Interest Collections 889.82
v. Ending Payahead Account Balance 7,942.72
E. Total Available
i. Total Interest Collections 1,142,543.68
ii. Total Principal Collections 3,506,257.97
iii. Collected Funds 4,648,801.65
iv. Reinvestment Income Collected in Spread Account 12,212.98
F. Month End Pool Balance
i. Beginning Pool Balance 112,727,886.85
ii. Principal Collections 3,506,257.97
iii. Realized and Cram-Down Losses 141,402.19
iv. Month End Pool Balance 109,080,226.69
Section IV. Distribution Calculations
A. Servicing Fee
i. Servicing Fee Rate
a. Prime Receivable @ 1.00% 48,199.79
b. Non-prime Receivables @ 1.50% 63,900.14
c. Sub-prime Receivables @ 2.00% 6,280.03
d. Total Servicing Fee 118,379.97
e. Total Receivables @ 1.25% 117,424.88
ii. Base Servicing Fee (less of id. and ie.) 117,424.88
iii. Previous Servicing Fee Shortfall 0.00
iv. Additional Servicing Fee 955.09
v. Previous Additional Servicing Fee Shortfall 0.00
vi. Total Additional Servicing Fee 955.09
vii. Supplemental Servicing Fee 23,298.85
viii.Total Supplemental Servicing Fee 23,298.85
B. Surety Fee
i. Surety Fee Rate 0.165%
ii. Base Surety Fee Due 15,500.08
iii. Previous Surety Fee Shortfall 0.00
iv. Total Surety Fee Due 15,500.08
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 7.02% 30 384,496.44 0.00 0.00 384,496.44
ii. Class A-2 Notes 7.25% 30 283,970.42 0.00 0.00 283,970.42
iii. Total 7.12% 30 668,466.85 0.00 0.00 668,466.85
</TABLE>
Section IV. Distribution Calculations
D. Bond Principal
i. Beginning Note Balance 112,727,886.85
ii. Current Pool Balance 109,080,226.69
iii. Principal Distributable Amount 3,647,660.16
E. Total Required Distributions 4,449,051.98
F. Total Available Funds 4,651,393.14
G. Required Distribution Shortfall 0.00
H. Cash Available in Spread Account 2,472,270.63
I. Reserve Account Draw 0.00
J. Payment Provider Commitment 3,739,976.12
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 4,651,393.14
Section V. Waterfall for Distributions
A. Total Available Funds 4,651,393.14
<TABLE>
<CAPTION>
Remaining
Amount Amount Amount
Due Paid Shortfall Available for
Distribution
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
B. Servicing Fee 117,424.88 117,424.88 0.00 4,533,968.26
C. Surety Fee 15,500.08 15,500.08 0.00 4,518,468.17
D. Note Interest 668,466.85 668,466.85 0.00 3,850,001.32
E. Principal Distributable Amount 3,647,660.16 3,647,660.16 0.00 202,341.16
F. Interest on Unreimbursed Surety Draws 0.00 0.00 0.00 202,341.16
G. Reimbursement of Previous Surety Draws 0.00 0.00 0.00 202,341.16
H. Reimbursement of Insurer Optional Deposits 0.00 0.00 0.00 202,341.16
I. Reserve Deposit 0.00 0.00 0.00 202,341.16
J. Payment of Additional Servicing Fee 955.09 955.09 0.00 201,386.07
K. Deposit to Certificate Distribution Acct. 201,386.07 201,386.07 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 65,725,886.85 3,647,660.16 62,078,226.69 384,496.44 384,496.44 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 112,727,886.85 3,647,660.16 109,080,226.69 668,466.85 668,466.85 0.00
</TABLE>
Section VII. Spread Account Reconciliation
A. Net Yield Calculations
i. Current Month 2.32%
ii. Previous Month 3.57%
iii. Second Previous Month 3.25%
iv. Three-Month Average 3.06%
v. Previous Three Month Average 3.94%
vi. Second Previous Three Month Average N/A
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 5,999,412.47
iii. Spread Account Maximum Amount 10,908,022.67
iv. Spread Account Required Amount 2,460,057.65
<TABLE>
<CAPTION>
F. Allocations, Deposits and Reductions of the Spread Change in
Account and the Payment Provider Commitment Payment Cash on
Deposit of Cash Provider Deposit in Payment Provider
in Spread Account Commitment Spread Account Commitment
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
i. Beginning Balance 2,472,270.63 3,739,976.12
ii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (i-iv or vi) 0.00 0.00 2,472,270.63 3,739,976.12
iii. Deposit of Payment Provider Commitment into Spread
Account upon Spread Account Deposit Event (v) 0.00 0.00 2,472,270.63 3,739,976.12
iv. Deposit to Spread Account from Waterfall 0.00 0.00 2,472,270.63 3,739,976.12
v. Release from Spread Account when Net Yield Trigger
Event Has Not Occurred or Has Been Deemed Cured -12,212.98 0.00 2,460,057.65 3,739,976.12
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 3,739,976.12
vii. Reduction of Payment Provider Commitment when Net
Yield Trigger Event Not Occurred or Deemed Cured 0.00 200,621.31 2,460,057.65 3,539,354.81
viii.Withdrawal from Spread Account for Insurer Optional Deposit 0.00 0.00 2,460,057.65 3,539,354.81
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 3,539,354.81
</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%) 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 637.22 60,091.36 637.22 29,924.36 1.6285%
ii. Non-Prime Loans 65,611.51 221,821.70 24,380.51 95,510.71 1.6264%
iii. Sub-Prime Loans 9,925.52 37,622.63 5,543.52 13,375.63 1.5784%
iv. Total Loans 76,174.25 319,535.69 30,561.25 138,810.70 1.6274%
</TABLE>
/S/ Harold E. Miller, Jr. /S/ Tonya B. Roemer
------------------------------------ -----------------------------------
Harold E. Miller, Jr. Tonya B. Roemer
President, C.E.O. Securitization Specialist,
Assistant Treasurer
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