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Previous: CPS AUTO RECEIVABLES TRUST 1998-4, 8-K, 1999-09-30 |
Next: EQCC HOME EQUITY LOAN TRUST 1999-1, 8-K, 1999-09-30 |
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) September 15, 1999
CONSUMER PORTFOLIO SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)
California
(State or Other Jurisdiction of Incorporation)
333-25301 33-0459135
(Commission File Number) (I.R.S. Employer Identification No.)
16355 Laguna Canyon Road, Irvine, California 92618
(Address of Principal Executive Offices) (Zip Code)
(949) 753-6800
(Registrant's Telephone Number, Including Area Code)
<PAGE>
Item 5. Other Events.
None
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
20.1 Monthly Servicing Report for the August 1999 collection period
for CPS Auto Receivables Trust 1998-3.
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.
CONSUMER PORTFOLIO SERVICES, INC.
(Registrant)
Dated: September 30, 1999 By: /s/ James L. Stock
Name: James L. Stock
Title: Vice President - Corporate Controller
<PAGE>
INDEX TO EXHIBITS
Exhibit Sequential
No. Document Description Page No.
20.1 Monthly Servicing Report for the August 1999 collection period
for CPS Auto Receivables Trust 1998-3.
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1998-3
5.6375% ASSET-BACKED NOTES, CLASS A-1
5.8550% ASSET-BACKED NOTES, CLASS A-2
5.9950% ASSET-BACKED NOTES, CLASS A-3
6.0800% ASSET-BACKED NOTES, CLASS A-4
Distribution Date 9/15/99
Collection Period 8/99
Under the Sale and Servicing Agreement dated as of July 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and 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 of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
<TABLE>
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<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $0.00
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $0.00
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $0.00
(d) The amount of the distribution set forth in
paragraph A.1. (a) above $0.00
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $0.00
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $0.00
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $5,756,299.41
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $225,606.77
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $5,530,692.64
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $62.57
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $2.45
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution
to Class A-3 Noteholders on the Distribution
Date set forth above $124,895.83
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $124,895.83
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $0.00
(p) The amount of the distribution set forth in
paragraph A.1. (m) above, per $1,000 $5.00
(q) The amount of the distribution set forth in
paragraph A.1. (n) above, per $1,000 $5.00
(r) The amount of the distribution set forth in
paragraph A.1. (o) above, per $1,000 $0.00
(s) The aggregate amount of the distribution
to Class A-4 Noteholders on the Distribution
Date set forth above $418,162.13
(t) The amount of the distribution set forth in
paragraph A.1. (s) above in respect of interest $418,162.13
(u) The amount of the distribution set forth in
in paragraph A.1. (s) above in respect of principal $0.00
(v) The amount of the distribution set forth in
paragraph A.1. (s) above, per $1,000 $5.07
(w) The amount of the distribution set forth in
paragraph A.1. (t) above, per $1,000 $5.07
(x) The amount of the distribution set forth in
paragraph A.1. (u) above, per $1,000 $0.00
B. Information Regarding the Performance of the Trust.
1 Pool and Notes Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $171,661,412.36
(b) The aggregate principal amount of the Securities as
of the close of business on the last day set forth above,
after giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(u) above $148,240,099.61
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.8635610
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $326,270.26
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,576.28
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $9.06
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A-3 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(d) The amount of the Class A-4 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (t) above $0.00
(e) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i),(o),(u) above $0.00
4 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
Specified Spread Account Balance $165,488,764.32
Spread Account Balance $22,260,222.73
(b) The change in the spread account on the Distribution
Date set forth above $916,508.78
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $206,886.56
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,470,112.86
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) 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
Number 402
Aggregate Gross Amount $4,733,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 349
Aggregate Gross Amount $4,202,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.99%
(b) Average Delinquency Ratio 4.95%
(c) Cumulative Default Ratio 6.82%
(d) Cumulative Net Loss Ratio 6.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO RECEIVABLES TRUST 1998-3
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 7,756,001.13
LOCK BOX NSF ITEMS: (104,909.64)
TOTAL COLLECTION PROCEEDS: 7,651,091.49
FOR DISTRIBUTION DATE: 9/15/99
FOR DETERMINATION DATE: 9/8/99
FOR COLLECTION PERIOD: 8/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 171,661,412.36
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 171,661,412.36
Principal portion of payments collected (non-prepayments) 2,215,154.24
Prepayments in full allocable to principal 1,832,011.00
Collections allocable to principal 4,047,165.24
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 655,369.94
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 4,702,535.18
Realized Losses 1,470,112.86
Cram Down Losses 0.00
Ending Principal Balance 165,488,764.32
PREFUNDING
Original Amount in Prefunding Account N/A
Subsequent Loans Sold to the Trust N/A
Balance of Prefunding Account N/A
INTEREST
Collections allocable to interest 2,817,533.56
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 131,022.75
---------------
Total Interest 2,948,556.31
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 0.00
Beginning of Period Class A-2 Principal Balance 46,238,792.25
Beginning of Period Class A-3 Principal Balance 25,000,000.00
Beginning of Period Class A-4 Principal Balance 82,532,000.00
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 21,343,713.96
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 40,167.91
Scheduled Payments due in Collection Period 5,467,541.78
Scheduled Payments collected in Collection Period 5,032,687.80
Aggregate Amount of Realized Losses for preceding Distribution Date 1,470,112.86
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 929.62
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 1,821.09
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 402 4,733,000.00
60 - 89 days delinquent 184 2,150,000.00
90 - 119 days delinquent 98 1,222,000.00
120+ days delinquent 67 830,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close 8,935,000.00
of business on the last day of the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables 1,694,613.62
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.17%
Delinquency Ratio for third preceding Determination Date 4.68%
Cumulative Defaults for preceding Determination Date 14,692,332.26
Cumulative Net Losses for preceding Determination Date 13,068,833.04
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 6,864,698.80
Liquidation Proceeds 655,369.94
Recoveries 131,022.75
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 0.00
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account N/A
Investment earnings from Collection Account 22,955.43
---------------
TOTAL DISTRIBUTION AMOUNT 7,674,046.92
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,215,154.24
Prepayments in full allocable to principal 1,832,011.00
Principal Balance of Liquidated Receivables 2,125,482.80
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 6,172,648.04
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 165,488,764.32
---------------
148,939,887.89
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 98.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 89.6%
On Payment Date when Class A-2 Notes will be reduced to 0 30.1%
---------------
89.6%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 6,172,648.04
Times Class A Noteholders' Percentage 89.6%
---------------
5,530,692.64
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 5,530,692.64
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 0.00
Multiplied by the Note Rate 5.6375%
Multiplied by actual/360, or for the first Distribution Date, by 18/360 0.0833333
---------------
Class A Interest Distributable Amount 0.00
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,238,792.25
Multiplied by the Note Rate 5.8550%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
---------------
Class A Interest Distributable Amount 225,606.77
Class A-3 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 25,000,000.00
Multiplied by the Note Rate 5.9950%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
---------------
Class A Interest Distributable Amount 124,895.83
Class A-4 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 82,532,000.00
Multiplied by the Note Rate 6.0800%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
---------------
Class A Interest Distributable Amount 418,162.13
Excess Interest Amount
Total Distribution Amount 7,674,046.92
minus
Class A Principal and Interest Distributable Amount 6,299,357.37
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 2,963.57
Standby Servicer distributions 3,576.28
Servicer distributions 326,270.26
Insurance and Reimbursement Obligations 206,886.56
---------------
834,992.88
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class A-1 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-2 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-3 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-4 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-3 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-4 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 3,576.28
Servicing Fee (2.0%) 286,102.35
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 40,167.91
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Indenture Trustee Fee 1,072.88
Indenture Trustee's out-of-pocket expenses 929.62
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior Collection Periods 0.00
Owner Trustee Fee 0.00
Owner Trustee's out-of-pocket expenses 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00
(iv) Collateral Agent Fee 961.07
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v)(A) Class A-1 Interest Distributable Amount - Current Month 0.00
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 0.00
(B) Class A-2 Interest Distributable Amount - Current Month 225,606.77
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 225,606.77
(vi)(A)Class A-3 Note Interest - Unadjusted 124,895.83
Class A-3 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-3 Interest Shortfall 0.00
Adjusted Class A-3 Interest Distributable Amount 124,895.83
(B)Class A-4 Note Interest - Unadjusted 418,162.13
Class A-4 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-4 Interest Shortfall 0.00
Adjusted Class A-4 Interest Distributable Amount 418,162.13
(vii) Class A Principal Distributable Amount - Current Month 5,530,692.64
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Total Adjusted Distributable Amount 5,530,692.64
Class A Principal Distribution Amount to Class A-1 0.00
Class A Principal Distribution Amount to Class A-2 5,530,692.64
Class A Principal Distribution Amount to Class A-3 0.00
Class A Principal Distribution Amount to Class A-4 0.00
(viii) Note Insurer Premium 81,532.05
Note Insurer Premium Supplement 123,533.42
Other Reimbursement Obligations to Note Insurer 1,821.09
(ix) Transition Expenses to successor Servicer 0.00
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders 0.00
Amount to Class A-1 Noteholders 0.00
Amount to Class A-2 Noteholders 0.00
Amount to Class A-3 Noteholders 0.00
Amount to Class A-4 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 834,992.88
Spread Account withdrawal for deficiencies 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 0.00
Class A-1 Principal Distributions 0.00
Class A-1 End of Period Principal Amount (prior to turbo) 0.00
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 0.00
Class A-2 Beginning of Period Principal Amount 46,238,792.25
Class A-2 Principal Distributions 5,530,692.64
Class A-2 End of Period Principal Amount (prior to turbo) 40,708,099.61
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 40,708,099.61
Class A-3 Beginning of Period Principal Amount 25,000,000.00
Class A-3 Principal Distributable Amount 0.00
Class A-3 End of Period Principal Amount (prior to turbo) 25,000,000.00
Additional Principal Distribution 0.00
Class A-3 End of Period Principal Amount 25,000,000.00
Class A-4 Beginning of Period Principal Amount 82,532,000.00
Class A-4 Principal Distributable Amount 0.00
Class A-4 End of Period Principal Amount (prior to turbo) 82,532,000.00
Additional Principal Distribution 0.00
Class A-4 End of Period Principal Amount 82,532,000.00
CLASS A-1 DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 7,674,046.92
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 332,810.11
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 7,341,236.81
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 7,341,236.81
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 225,606.77
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 7,115,630.04
CLASS A-3 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 7,115,630.04
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 124,895.83
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 6,990,734.21
CLASS A-4 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 6,990,734.21
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 418,162.13
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 6,572,572.08
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 6,572,572.08
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 5,530,692.64
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,041,879.44
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 1,041,879.44
(vi) Note Insurer Premium 81,532.05
(v) Note Insurer Premium Supplement 123,533.42
Other Reimbursement Obligations to Note Insurer 1,821.09
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 834,992.88
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,935,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 8,935,000.00
Aggregate Gross Principal Balance as of the close of 178,943,140.60
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.99%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.99%
Delinquency Ratio for second preceding Determination Date 5.17%
Delinquency Ratio for third preceding Determination Date 4.68%
----------------
Average Delinquency Ratio 4.95%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 14,692,332.26
Current Period Defaulted Receivables 1,694,613.62
---------------
Total 16,386,945.88
Cumulative Defaulted Receivables 16,386,945.88
Original Pool Balance 240,339,160.19
Cumulative Default Ratio 6.82%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of 120+ Delinquent Losses:
Principal Balance of Delinquent Accts > 120 days 830,000.00
Principal Balance of Delinquent Accts > 90 < 120 days 1,222,000.00
Estimated Loss % 50%
---------------
Estimated Loss $'s 1,441,000.00
Calculation of Net Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,125,482.80
Cram Down Losses 0.00
Net Liquidation Proceeds (786,392.69)
---------------
Net Losses 2,780,090.11
Cumulative Previous Net Losses 13,068,833.04
Less: Previous Month's Delinquency Loss Estimate (1,425,000.00
---------------
Cumulative Net Losses 14,423,923.15
Original Pool Balance 240,339,160.19
Cumulative Net Loss Ratio 6.00%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.60
Weighted Average Remaining Term 43.94
Weighted Average Annual Percentage Rate 20.41%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 165,488,764.32
minus the Securities Balance 148,240,099.61
---------------
17,248,664.71
divided by the Aggregate Principal Balance 10.42%
Floor OC Percent
Aggregate Principal Balance 165,488,764.32
minus the Securities Balance 148,240,099.61
---------------
17,248,664.71
divided by the initial Aggregate Principal Balance 240,339,160.19
---------------
7.18%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 148,240,099.61
(ii) the sum of
(A) 2.5% of the sum of 2.50%
(I) initial Aggregate Principal Balance 240,339,160.19
(II) balance of all Subsequent Receivables 0.00
---------------
6,008,479.00
(B) the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 240,339,160.19
---------------
0.00
Floor Amount 6,008,479.00
Requisite Amount
the greater of
(1) the Floor Amount 6,008,479.00
(2) the product of:
if no Trigger Event, 11% 11.00%
if a Trigger Event, 20% 19.50%
if a Portfolio Performance Event of Default, 30% 35.00%
if an Insurance Agreement Event of Default, unlimited 100.00%
100.00%
times the Aggregate Principal Balance 165,488,764.32
---------------
165,488,764.32
Requisite Amount 165,488,764.32
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Required Spread Account Amount 165,488,764.32
Beginning of Period Spread Account Balance 21,343,713.96
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 834,992.88
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 143,310,057.49
Earnings on Spread Account Balance 81,515.90
Amount of Spread Account deposit (withdrawal) 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 22,260,222.73
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
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