|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: HARLEY DAVIDSON CUSTOMER FUNDING CORP, 8-K, 2000-11-14 |
Next: FIRST NORTHERN COMMUNITY BANCORP, 10-Q, 2000-11-14 |
<PAGE>
EXHIBIT 20
HARLEY-DAVIDSON MOTORCYCLE TRUST 2000-3
STRUCTURAL AND COLLATERAL MATERIALS
The information contained in the attached materials is referred to
as the "INFORMATION".
The attached Term Sheet has been prepared by Harley-Davidson Credit
Corp. ("HARLEY CREDIT") and relates to Harley-Davidson Motorcycle Trust 2000-3.
Neither Chase Securities Inc. ("CHASE SECURITIES") nor any of its affiliates
makes any representation as to the accuracy or completeness of the Information
herein. The Information contained herein is preliminary and will be superseded
by the applicable prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the
description of the collateral pool contained in the prospectus supplement
relating to the securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to reflect
changed circumstances.
Although a registration statement (including the prospectus)
relating to the securities discussed in this communication has been filed with
the Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication shall
not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Information on any matter discussed in this communication. Any
investment decision should be based only on the data in the prospectus and the
prospectus supplement ("OFFERING DOCUMENTS") and the then current version of the
Information. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current. A
final prospectus and prospectus supplement may be obtained by contacting the
Chase Securities Syndicate Desk at (212) 834-4533.
<PAGE>
Harley-Davidson Motorcycle Trust 2000-3
Harley-Davidson Credit Corp., Seller and Servicer
Harley-Davidson Customer Funding Corp., Trust Depositor
Subject to Revision
Term Sheet dated November 13, 2000
Trust.................................... Harley-Davidson Motorcycle Trust
2000-3 (the "TRUST").
Trust Depositor.......................... Harley-Davidson Customer Funding
Corp., a wholly owned,
limited-purpose subsidiary of
Harley-Davidson Credit Corp.
(the "TRUST DEPOSITOR")
Seller and Servicer or
Seller/Servicer........................ Harley-Davidson Credit Corp.
("HARLEY CREDIT" or the
"SELLER" or, in its capacity
as Servicer, the "SERVICER"),
a 100% owned subsidiary of
Harley-Davidson Financial
Services, Inc.
Owner Trustee............................ Wilmington Trust Company, a
Delaware banking corporation
(in such capacity, the "OWNER
TRUSTEE").
Indenture Trustee........................ Bank One, National Association, a
national banking association
(in such capacity, the
"INDENTURE TRUSTEE"). The
Indenture Trustee will also
act as Paying Agent under the
Indenture and the Trust
Agreement.
Closing Date............................. On or about November 22, 2000
Terms of the Notes....................... The principal terms of the notes
will be as described below:
<TABLE>
<CAPTION>
CLASS AGGREGATE PRINCIPAL AMOUNT INTEREST RATES
<S> <C> <C>
Class A-1 notes $131,700,000 _____%
Class A-2 notes $66,640,000 _____%
Class B notes $12,660,000 _____%
</TABLE>
The notes represent indebtedness
of the trust secured by the
assets of the trust.
Each class of notes will be
issued in minimum denominations
of $1,000 and will be available
in book-entry form only.
Payment Dates................ The trust will pay interest and
principal on the notes on the
15th day of each month or if
that day is not a business
day, the next business day.
The first payment date is
December 15, 2000.
Record Dates................. The day immediately preceding the
payment date.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 2 -
<PAGE>
Interest..................... INTEREST PERIODS:
Interest on the notes will accrue
in the following manner:
<TABLE>
<CAPTION>
DAY COUNT
FROM (INCLUDING) TO (EXCLUDING) CONVENTION
<S> <C> <C>
15th day of prior month 15th day of current month 30/360
</TABLE>
The first interest period will
begin on and include the
closing date and end on and
include December 14, 2000.
PAYMENT OF INTEREST:
On each payment date the trust
will pay interest on the notes
which will be made from
available collections and
other amounts.
Interest payments on the Class
A-1 notes and Class A-2 notes
will have the same priority.
Interest payments on the Class
B notes will be subordinated
to interest payments on the
Class A notes. The trust will
make interest payments on the
Class B notes after paying
interest on the Class A-1
notes and Class A-2 notes.
Principal................... On each payment date, the trust
will pay principal on the
notes which will be made from
available collections and
other amounts.
Principal payments on the Class
A notes will be senior in
priority to principal payments
on the Class B notes.
Principal payments on each
payment date will generally be
allocated 94.00%to the Class A
notes and 6.00%to the Class B
notes. However, any shortfall
in the amount of funds
available for principal
payments on any payment date
will reduce the principal
payment on the Class B notes
(up to the full amount of the
payment) before the principal
payment on the Class A notes
will be reduced. Principal
payments on the Class A notes
will be paid sequentially, so
that no principal will be paid
on the Class A-2 notes until
the Class A-1 notes have been
paid in full.
Final Scheduled
Payment Dates............... The final scheduled payment dates
of the notes are as follows:
<TABLE>
<CAPTION>
CLASS FINAL SCHEDULED PAYMENT DATE
<S> <C>
Class A-1 notes July 2005 Payment Date
Class A-2 notes September 2008 Payment Date
Class B notes September 2008 Payment Date
</TABLE>
If the notes have not already
been paid in full prior to
their respective final
scheduled payment dates, we
will be obligated to pay the
outstanding principal amount
of the notes in full on such
dates. Certain circumstances
could cause principal to be
paid earlier or later, or in
reduced amounts.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 3 -
<PAGE>
Optional Redemption......... The seller may cause the
depositor to redeem the notes
in full if the aggregate
outstanding principal balance
of the contracts owned by the
trust declines to less than
10% of the sum of:
- the aggregate outstanding
principal balance of the
contracts owned by the
trust as of the closing
date; and
- the initial amount on
deposit in the
pre-funding account.
The redemption price will be
equal to the unpaid principal
amount of the notes plus
accrued interest thereon.
Mandatory Special
Redemption.................. The notes will be prepaid in
part, without premium, on the
payment date on or immediately
following the last day of the
funding period in the event
that any amount remains on
deposit in the pre-funding
account. The aggregate
principal amount of notes to
be prepaid will be an amount
equal to the amount then on
deposit in the pre-funding
account allocated pro rata
among the notes; PROVIDED that
if the amount remaining on
deposit in the pre-funding
account is less than $150,000,
such amount will be allocated
solely to the Class A-1
noteholders.
The Contracts and Other
Assets of the Trust......... The property of the trust will be
a pool of fixed-rate, simple
interest conditional sales
contracts relating to
motorcycles manufactured by
Harley-Davidson, Inc. and
Buell Motorcycle Company, a
wholly-owned subsidiary of
Harley-Davidson, Inc. The
contracts were originated by
the seller indirectly through
Harley-Davidson motorcycle
dealers. Included in the
trust's assets are security
interests in the
Harley-Davidson and Buell
motorcycles securing the
contracts and proceeds, if
any, from certain insurance
policies with respect to such
motorcycles.
The Contracts............... Our main source of funds for
making payments on the notes
will be collections on the
contracts. The contracts sold
to the trust will be selected
from contracts in the
depositor's portfolio based on
the criteria specified in the
transfer and sale agreement.
The contracts arise and will
arise from loans to obligors
located in the 50 states of
the United States, the
District of Columbia and the
U.S. Territories.
On the closing date, pursuant to
the sale and servicing
agreement, the depositor will
sell, and the trust will
purchase, initial contracts
with the characteristics set
forth below as of the close of
business on November 8, 2000,
the initial cutoff date.
Following the closing date,
pursuant to the sale and
servicing agreement, the
depositor will be obligated,
subject only to the
availability thereof, to sell,
and the trust will be
obligated to purchase, subject
to the satisfaction of certain
conditions set forth therein,
subsequent contracts.
Following the transfer of
subsequent contracts to the
trust, the aggregate
characteristics of the entire
pool of contracts may vary
from those of the initial
contracts as to the
characteristics set forth
below.
The last scheduled payment on
the initial contract with the
latest maturity will occur in
November 2007.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 4 -
<PAGE>
No contract (including any
subsequent contract sold to
the trust after the closing
date) will have a scheduled
maturity later than February
2008. However, an obligor can
generally prepay its contract
at any time without penalty.
COMPOSITION OF THE INITIAL CONTRACTS
(AS OF THE INITIAL CUTOFF DATE)
<TABLE>
<S> <C>
Aggregate Principal Balance........................ $138,379,513.91
Number of Contracts................................ 12,575
Average Principal Balance.......................... $11,004.34
Weighted Average Annual Percentage Rate............ 13.99%
(Range)............................................ 8.50%to 23.00%
Weighted Average Original Term (in months)......... 72.88
(Range)............................................ 12 to 84
Weighted Average Calculated Remaining Term......... 67.60
(Range)............................................ 3 to 84
</TABLE>
GEOGRAPHIC CONCENTRATION
(AS OF THE INITIAL CUTOFF DATE)
<TABLE>
<CAPTION>
STATE PRINCIPAL BALANCE
----- CONCENTRATION
-------------
<S> <C>
California 12.72%
Florida 9.83%
Texas 9.08%
</TABLE>
No other state represented more
than 5%of the aggregate
principal balance of the
contracts as of the initial
cutoff date.
Reserve Fund............................ On the closing date, the
depositor will establish a
trust account in the name of
the indenture trustee which we
refer to as the "RESERVE
FUND." The reserve fund
provides you with limited
protection in the event
collections from obligors on
the contracts are insufficient
to make payment on the notes.
We cannot assure you, however,
that this protection will be
adequate to prevent shortfalls
in amounts available to make
payments on the notes.
The initial balance of the
reserve fund will be
$2,110,000.00 (1.00%of the
initial aggregate principal
balance of the contracts). The
amount required to be on
deposit in the reserve fund on
each payment date will equal
the greater of (a) 2.50% of
the principal balance of the
contracts in the trust as of
the first day of the
immediately preceding calendar
month (6.00%in the event a
trigger event occurs) or (b)
1.00% of the aggregate of the
initial note balances. In no
event shall the amount
required to be on deposit in
the reserve fund exceed the
aggregate outstanding
principal balance of the
notes.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 5 -
<PAGE>
If the amount on deposit in the
reserve fund on any payment
date is less than the required
amount, the trust will use the
funds available to it after
payment of the servicing fee
and the fee payable to the
indenture trustee,
reimbursement of servicer
advances and payment of
interest and principal on the
notes to make a deposit into
the reserve fund. Amounts on
deposit in the reserve fund on
any payment date in excess of
the required amount will be
paid to the depositor.
If on any payment date the funds
available to the trust to pay
principal and interest on the
notes are insufficient to make
payments on the notes, the
trust will use funds in the
reserve fund to cover any
shortfalls.
If on the final scheduled
payment date of any class of
notes, the principal balance
of that class has not been
paid in full, the trust will
use funds in the reserve fund
to pay those notes in full.
Pre-Funding Account..................... On the closing date, the trust
depositor will fund an account
called the pre-funding account
by depositing $72,620,486.09
which will secure our
obligations to purchase
subsequent contracts from the
seller and sell those
contracts to the trust. The
amount in the pre-funding
account will be reduced by the
amount used to purchase
subsequent contracts from the
seller. The trust depositor
expects that the pre-funded
amount will be reduced to less
than $150,000 by the payment
date occurring in February
2001. Any pre-funded amount
remaining at the end of this
funding period will be paid to
the noteholders as described
above in "TERMS OF THE
NOTES--MANDATORY SPECIAL
REDEMPTION."
Interest Reserve
Account................................. On the closing date, the trust
depositor will fund an account
called the interest reserve
account which will provide
additional funds to account
for the fact that the monthly
investment earnings on amounts
in the pre-funding account
(until such amounts have been
used to purchase subsequent
contracts) are expected to be
less than the weighted average
of the interest payments on
the notes, as well as the
amount necessary to pay
trustees' fees. In addition to
the initial deposit, all
investment earnings with
respect to the pre-funding
account will be deposited into
the interest reserve account.
The interest reserve account is
not designed to provide any
protection against losses on
the contracts in the trust.
After the funding period,
money remaining in the
interest reserve account will
be paid to the trust
depositor.
Ratings................................. On the closing date, the notes
must have received ratings
from Standard & Poor's Ratings
Services, a division of The
McGraw-Hill Companies, and/or
Moody's Investors Service,
Inc. as set forth below:
<TABLE>
<CAPTION>
Standard &
----------
Poor's Moody's
------ -------
<S> <C> <C>
Class A-1 AAA Aaa
Class A-2 AAA Aaa
Class B A- A3
</TABLE>
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 6 -
<PAGE>
A rating is not a recommendation
to buy, sell or hold
securities. There can be no
assurance that the ratings
will not be lowered or
withdrawn at any time by
either of the rating agencies.
Advances................................ The servicer is obligated to
advance each month an amount
equal to accrued and unpaid
interest on the contracts which
was 30 days or greater delinquent
with respect to the related due
period, but only to the extent
that the servicer believes that
the amount of such advance will
be recoverable from collections
on the contracts. The servicer
will be entitled to reimbursement
of its outstanding advances on
any payment date by means of a
first priority withdrawal of
certain funds then held in the
collection account.
Mandatory Repurchase by
the Depositor........................... Under the sale and servicing
agreement, we have agreed, in the
event of a breach of certain
representations and warranties
made by us which materially and
adversely affects the trust's
interest in any contract and
which has not been cured, to
repurchase such contract within
two business days prior to the
first determination date after
the servicer, the trustee, the
indenture trustee or we become
aware of such breach.
Servicing Fees.......................... The servicer will be entitled to
receive a monthly servicing fee
equal to 1/12th of 1% of the
principal balance of the
contracts as of the first day of
the prior calendar month. The
servicer will also be entitled to
receive any extension fees or
late payment penalty fees paid by
obligors. The servicing fees will
be paid to the servicer prior to
any payments to the noteholders.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 7 -
<PAGE>
Priority of Payments.................... PRIOR TO ACCELERATION OF THE
NOTES
On each payment date prior to the
acceleration of the notes, the
trust will apply collections on
the contracts received during the
prior calendar month, servicer
advances and funds transferred
from the reserve fund to make the
following payments in the
following order of priority:
- to the noteholders, the
amount of any mandatory special
redemption;
- reimbursement of servicer
advances;
- servicing fee;
- indenture trustee's fee;
- interest on the Class A
notes, PRO RATA;
- interest on the Class B
notes;
- principal on the Class A
notes and the Class B notes, in
the priority set forth in
"PRINCIPAL" above;
- to the reserve fund, the
amount, if any, needed to fund
the reserve fund to the required
amount;
- any remaining amounts to the
depositor as certificateholder
under the trust agreement.
AFTER ACCELERATION OF THE NOTES:
After an event of default due to
a breach of a material covenant
or agreement by the trust and
acceleration of the notes, all
distributions available to the
noteholders will be made in the
following priority:
- interest on the Class A
notes;
- interest on the Class B
notes;
- principal on the Class A
notes, PRO RATA, until paid in
full; and
- principal on the Class B
notes, until paid in full.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 8 -
<PAGE>
After an event of default due to
a payment default or certain
insolvency events and
acceleration of the notes, all
distributions available to the
noteholders will be made in the
following priority:
- interest on the Class A
notes;
- principal on the Class A
notes, PRO RATA, until paid in
full;
- interest on the Class B
notes; and
- principal on the Class B
notes, until paid in full.
Credit Enhancement...................... The credit enhancement for the
notes is as follows:
Class A notes: - subordination of the Class B notes
- reserve fund
Class B notes: - reserve fund
Material Federal Income
Tax Consequences........................ Winston & Strawn, as federal tax
counsel to the trust, has
delivered its opinion that the
notes will be characterized as
debt for federal income tax
purposes, and the trust will not
be characterized as an
association (or publicly traded
partnership) taxable as a
corporation. The purpose of
obtaining the opinion of tax
counsel is to provide investors
with greater assurance regarding
the character of the notes for
federal income tax purposes and
that the issuer of the notes will
not be subject to federal income
tax at the entity level. However,
an opinion of tax counsel is not
binding on the Internal Revenue
Service and there is no assurance
that the Internal Revenue Service
will not disagree with the
opinion of tax counsel. By
purchasing a note, you will agree
to treat your note as debt for
federal, state and local income
tax purposes. As a result,
payments received by you will
generally be treated as either
interest or principal and you
will not be considered an owner
of an equity interest in the
trust.
ERISA Considerations.................... The notes are generally eligible
for purchase by employee benefit
plans and individual retirement
accounts and similar
arrangements, and by persons
investing on behalf of or with
plan assets of such plans,
accounts and arrangements,
subject to certain considerations
and exceptions.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 9 -
<PAGE>
THE CONTRACTS
The contracts are (or will be, in the case of subsequent contracts)
fixed-rate simple interest conditional sales contracts relating to motorcycles
manufactured by Harley-Davidson, Inc. or Buell Motorcycle Company, a
wholly-owned subsidiary of Harley-Davidson, Inc. The contracts were originated
by the seller indirectly through Harley-Davidson motorcycle dealers and acquired
by the depositor in the ordinary course of the depositor's business. Each
contract has (or will have) a fixed annual percentage rate and provides for, if
timely made, payments of principal and interest which fully amortize the loan on
a simple interest basis over its term. The contracts have or will have the
following characteristics:
- the last scheduled payment of each initial contract is due no
later than November 2007, and with respect to the contracts as
a whole (including any subsequent contracts conveyed to the
trust after the closing date), the last scheduled payment will
be due no later than February 2008;
- the first scheduled payment date of contracts representing
approximately 99.97% of the aggregate principal balance of the
initial contracts as of the initial cutoff date is due no
later than December 2000;
- the first scheduled payment date of contracts representing
approximately 0.03% of the aggregate principal balance of the
initial contracts as of the initial cutoff date is due no
later than February 2001;
- approximately 64.62% of the principal balance of the initial
contracts as of the initial cutoff date is attributable to
loans to purchase motorcycles which were new and approximately
35.38% is attributable to loans to purchase motorcycles which
were used at the time the related contract was originated.
- all initial contracts have a contractual rate of interest of
at least 8.50% per annum and not more than 23.00% per annum
and the weighted average contractual rate of interest of the
initial contracts as of the initial cutoff date is
approximately 13.99% per annum (see Table 1 below).
- the initial contracts have remaining maturities as of the
initial cutoff date of at least 3 months but not more than 84
months and original maturities of at least 12 months but not
more than 84 months.
- the initial contracts have a weighted average term to
scheduled maturity, as of origination, of approximately 72.88
months, and a weighted average term to scheduled maturity as
of the initial cutoff date of approximately 67.60 months (see
Tables 2 and 3 below).
- the average principal balance per initial contract as of the
initial cutoff date was approximately $11,004.34 and the
principal balances on the initial contracts as of the initial
cutoff date ranged from $557.05 to $32,174.00 (see Table 4
below).
- the contracts arise (or will arise) from loans to obligors
located in 50 states, the District of Columbia and the U.S.
Territories and with respect to the initial contracts,
constitute the following approximate amounts expressed as a
percentage of the aggregate principal balance of the initial
contracts as of the initial cutoff date: 12.72% in California,
9.83% in Florida and 9.08% in Texas (see Table 5 below). No
other state represented more than 5.00% by aggregate principal
balance of the initial contracts.
Subsequent contracts will not need to satisfy any criteria except
for the criteria described in the preceding paragraph. Therefore, following the
transfer of the subsequent contracts to the trust, the aggregate characteristics
of the entire pool of the contracts, including the composition of the contracts,
the distribution by weighted average annual percentage rate of the contracts,
the distribution by calculated remaining term of the contracts, the distribution
by original term to maturity of the contracts, the distribution by current
balance of the contracts, and the geographic distribution of the contracts,
described in the following tables, may vary from those of the initial contracts
as of the initial cutoff date.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 10 -
<PAGE>
TABLE 1
DISTRIBUTION BY APR OF THE INITIAL CONTRACTS
(AS OF THE INITIAL CUTOFF DATE)
<TABLE>
<CAPTION>
PERCENT OF
NUMBER OF NUMBER OF TOTAL OUTSTANDING PERCENT OF
RATE CONTRACTS CONTRACTS(1) PRINCIPAL BALANCE POOL BALANCE(1)
---- --------- ------------ ----------------- ---------------
<S> <C> <C> <C> <C>
8.500 to 9.000% 204 1.62% $1,160,111.39 0.84%
9.001 to 9.500% 35 0.28 266,503.04 0.19
9.501 to 10.000% 225 1.79 1,401,055.71 1.01
10.001 to 10.500% 135 1.07 911,943.39 0.66
10.501 to 11.000% 446 3.55 3,935,034.06 2.84
11.001 to 11.500% 237 1.88 2,398,019.88 1.73
11.501 to 12.000% 1,003 7.98 10,000,945.89 7.23
12.001 to 12.500% 937 7.45 11,953,913.90 8.64
12.501 to 13.000% 1,746 13.88 18,942,653.50 13.69
13.001 to 13.500% 910 7.24 11,056,615.67 7.99
13.501 to 14.000% 2,131 16.95 22,993,492.29 16.62
14.001 to 14.500% 1,004 7.98 11,439,056.48 8.27
14.501 to 15.000% 1,562 12.42 18,768,403.38 13.56
15.001 to 15.500% 376 2.99 4,822,591.84 3.49
15.501 to 16.000% 343 2.73 3,344,606.96 2.42
16.001 to 16.500% 235 1.87 3,175,667.60 2.29
16.501 to 17.000% 202 1.61 2,207,343.36 1.60
17.001 to 17.500% 25 0.20 351,586.68 0.25
17.501 to 18.000% 263 2.09 2,960,570.29 2.14
18.001 to 18.500% 60 0.48 824,314.25 0.60
18.501 to 19.000% 7 0.06 79,096.83 0.06
19.001 to 19.500% 4 0.03 33,536.06 0.02
19.501 to 20.000% 218 1.73 2,458,748.11 1.78
20.001 to 20.500% 20 0.16 240,645.20 0.17
20.501 to 21.000% 66 0.52 687,501.11 0.50
21.001 to 21.500% 1 0.01 10,759.32 0.01
21.501 to 22.000% 173 1.38 1,886,042.15 1.36
22.501 to 23.000% 7 0.06 68,755.57 0.05
- ---- --------- ----
TOTALS: 12,575 100.00% $138,379,513.91 100.00%
====== ======= =============== =======
</TABLE>
(1) Percentages may not add to 100.00% because of rounding.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 11 -
<PAGE>
TABLE 2
DISTRIBUTION BY CALCULATED REMAINING TERM
OF THE INITIAL CONTRACTS
(AS OF THE INITIAL CUTOFF DATE)
<TABLE>
<CAPTION>
CALCULATED
REMAINING NUMBER OF PERCENT OF NUMBER TOTAL OUTSTANDING PERCENT OF
TERM (MONTHS) CONTRACTS OF CONTRACTS (1) PRINCIPAL BALANCE POOL BALANCE (1)
------------- --------- ---------------- ----------------- ----------------
<S> <C> <C> <C> <C>
3 to 12 700 5.57% $1,669,508.05 1.21%
13 to 24 2,099 16.69 9,641,017.02 6.97
25 to 36 391 3.11 2,858,105.82 2.07
37 to 48 398 3.17 3,638,226.48 2.63
49 to 60 1,201 9.55 12,834,438.75 9.27
61 to 72 5,447 43.32 67,042,215.85 48.45
73 to 84 2,339 18.60 40,696,001.94 29.41
----- ----- ------------- -----
TOTALS: 12,575 100.00% $138,379,513.91 100.00%
====== ======= =============== =======
</TABLE>
(1) Percentages may not add to 100.00% because of rounding.
TABLE 3
DISTRIBUTION BY CALCULATED ORIGINAL
TERM TO MATURITY OF THE INITIAL CONTRACTS
(AS OF THE INITIAL CUTOFF DATE)
<TABLE>
<CAPTION>
ORIGINAL NUMBER OF PERCENT OF NUMBER TOTAL OUTSTANDING PERCENT OF
TERM (MONTHS) CONTRACTS OF CONTRACTS (1) PRINCIPAL BALANCE POOL BALANCE (1)
------------- --------- ---------------- ----------------- ----------------
<S> <C> <C> <C> <C>
12 to 24 105 0.83% $688,163.97 0.50%
25 to 36 239 1.90 1,957,621.07 1.41
37 to 48 397 3.16 3,628,950.83 2.62
49 to 60 1,904 15.14 14,466,873.38 10.45
61 to 72 7,588 60.34 76,902,750.84 55.57
73 to 84 2,342 18.62 40,735,153.82 29.44
----- ----- ------------- -----
TOTALS: 12,575 100.00% $138,379,513.91 100.00%
====== ======= =============== =======
</TABLE>
(1) Percentages may not add to 100.00% because of rounding.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 12 -
<PAGE>
TABLE 4
DISTRIBUTION BY CURRENT BALANCE OF THE INITIAL CONTRACTS
(AS OF THE INITIAL CUTOFF DATE)
<TABLE>
<CAPTION>
PERCENT OF
NUMBER OF NUMBER OF TOTAL OUTSTANDING PERCENT OF POOL
CURRENT BALANCE CONTRACTS CONTRACTS (1) PRINCIPAL BALANCE BALANCE (1)
--------------- --------- ------------- ----------------- -----------
<S> <C> <C> <C> <C>
$557.05 to 1,000.00 31 0.25% $26,613.36 0.02%
$1,000.01 to 2,000.00 402 3.20 633,949.83 0.46
$2,000.01 to 3,000.00 601 4.78 1,507,186.52 1.09
$3,000.01 to 4,000.00 670 5.33 2,353,413.05 1.70
$4,000.01 to 5,000.00 703 5.59 3,172,377.00 2.29
$5,000.01 to 6,000.00 738 5.87 4,075,649.50 2.95
$6,000.01 to 7,000.00 816 6.49 5,299,932.26 3.83
$7,000.01 to 8,000.00 742 5.90 5,569,909.40 4.03
$8,000.01 to 9,000.00 655 5.21 5,565,572.50 4.02
$9,000.01 to 10,000.00 716 5.69 6,834,514.00 4.94
$10,000.01 to 11,000.00 553 4.40 5,797,975.56 4.19
$11,000.01 to 12,000.00 482 3.83 5,531,185.10 4.00
$12,000.01 to 13,000.00 479 3.81 5,991,362.13 4.33
$13,000.01 to 14,000.00 547 4.35 7,395,488.94 5.34
$14,000.01 to 15,000.00 618 4.91 8,980,184.66 6.49
$15,000.01 to 16,000.00 691 5.50 10,724,123.93 7.75
$16,000.01 to 17,000.00 745 5.92 12,297,442.31 8.89
$17,000.01 to 18,000.00 665 5.29 11,642,489.27 8.41
$18,000.01 to 19,000.00 530 4.21 9,797,113.24 7.08
$19,000.01 to 20,000.00 414 3.29 8,071,052.35 5.83
$20,000.01 to 21,000.00 284 2.26 5,820,683.42 4.21
$21,000.01 to 22,000.00 191 1.52 4,099,902.18 2.96
$22,000.01 to 23,000.00 128 1.02 2,876,892.61 2.08
$23,000.01 to 24,000.00 77 0.61 1,809,500.94 1.31
$24,000.01 to 25,000.00 41 0.33 1,005,623.07 0.73
$25,000.01 to 26,000.00 26 0.21 663,664.82 0.48
$26,000.01 to 27,000.00 14 0.11 370,602.62 0.27
$27,000.01 to 28,000.00 4 0.03 109,172.53 0.08
$28,000.01 to 29,000.00 5 0.04 142,080.29 0.10
$29,000.01 to 30,000.00 3 0.02 87,462.72 0.06
$30,000.01 to 31,000.00 1 0.01 30,182.65 0.02
$31,000.01 to 32,000.00 1 0.01 31,977.58 0.02
$32,000.01 to 32,174.00 2 0.02 64,233.57 0.05
- ---- --------- ----
TOTALS: 12,575 100.00% $138,379,513.91 100.00%
====== ======= =============== =======
</TABLE>
(1) Percentages may not add to 100.00% because of rounding.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 13 -
<PAGE>
TABLE 5
GEOGRAPHIC DISTRIBUTION OF THE INITIAL CONTRACTS
(AS OF THE INITIAL CUTOFF DATE)
<TABLE>
<CAPTION>
PERCENT OF
NUMBER OF NUMBER OF TOTAL OUTSTANDING PERCENT OF
STATE CONTRACTS CONTRACTS (1) PRINCIPAL BALANCE POOL BALANCE (1)
----- --------- ------------- ----------------- ----------------
<S> <C> <C> <C> <C>
ALABAMA 193 1.53% $ 2,286,249.98 1.65%
ALASKA 25 0.20 256,809.34 0.19
ARIZONA 385 3.06 4,883,535.02 3.53
ARKANSAS 77 0.61 849,977.08 0.61
CALIFORNIA 1,552 12.34 17,598,646.76 12.72
COLORADO 244 1.94 2,923,884.35 2.11
CONNECTICUT 233 1.85 2,253,194.14 1.63
DELAWARE 65 0.52 797,770.48 0.58
DISTRICT OF COLUMBIA 9 0.07 73,391.74 0.05
FLORIDA 1,084 8.62 13,604,736.02 9.83
GEORGIA 440 3.50 5,482,099.18 3.96
HAWAII 81 0.64 783,158.52 0.57
IDAHO 54 0.43 516,326.60 0.37
ILLINOIS 354 2.82 3,636,506.65 2.63
INDIANA 251 2.00 2,663,823.99 1.93
IOWA 102 0.81 1,043,782.37 0.75
KANSAS 81 0.64 853,335.58 0.62
KENTUCKY 119 0.95 1,222,838.12 0.88
LOUISIANA 109 0.87 1,097,572.93 0.79
MAINE 42 0.33 363,276.79 0.26
MARYLAND 347 2.76 3,519,200.28 2.54
MASSACHUSETTS 211 1.68 2,025,543.95 1.46
MICHIGAN 213 1.69 2,662,963.68 1.92
MINNESOTA 110 0.87 1,123,009.93 0.81
MISSISSIPPI 42 0.33 550,273.91 0.40
MISSOURI 162 1.29 1,896,078.37 1.37
MONTANA 22 0.17 198,362.01 0.14
NEBRASKA 31 0.25 305,202.15 0.22
NEVADA 163 1.30 1,732,214.84 1.25
NEW HAMPSHIRE 79 0.63 622,765.21 0.45
NEW JERSEY 539 4.29 5,478,267.78 3.96
NEW MEXICO 166 1.32 1,895,012.73 1.37
NEW YORK 390 3.10 3,949,420.82 2.85
NORTH CAROLINA 476 3.79 5,436,803.85 3.93
NORTH DAKOTA 6 0.05 56,552.86 0.04
OHIO 587 4.67 5,645,340.63 4.08
OKLAHOMA 128 1.02 1,348,494.74 0.97
OREGON 164 1.30 1,564,855.71 1.13
PENNSYLVANIA 706 5.61 6,912,707.70 5.00
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 14 -
<PAGE>
TABLE 5
GEOGRAPHIC DISTRIBUTION OF THE INITIAL CONTRACTS
(CONTINUED)
<CAPTION>
PERCENT OF
NUMBER OF NUMBER OF TOTAL OUTSTANDING PERCENT OF
STATE CONTRACTS CONTRACTS (1) PRINCIPAL BALANCE POOL BALANCE (1)
----- --------- ------------- ----------------- ----------------
<S> <C> <C> <C> <C>
RHODE ISLAND 11 0.09% $ 133,219.04 0.10%
SOUTH CAROLINA 197 1.57 2,137,197.71 1.54
SOUTH DAKOTA 35 0.28 333,593.42 0.24
TENNESSEE 248 1.97 2,892,955.01 2.09
TEXAS 1,066 8.48 12,570,982.43 9.08
UTAH 40 0.32 451,175.22 0.33
VERMONT 22 0.17 175,013.34 0.13
VIRGINIA 306 2.43 3,424,594.27 2.47
WASHINGTON 351 2.79 3,800,134.97 2.75
WEST VIRGINIA 66 0.52 695,452.36 0.50
WISCONSIN 144 1.15 1,183,165.17 0.86
WYOMING 26 0.21 269,288.52 0.19
OTHER(2) 21 0.17 198,755.66 0.14
-- ---- ---------- ----
TOTALS: 12,575 100.00% $138,379,513.91 100.00%
====== ======= =============== =======
</TABLE>
(1) Percentages may not add to 100.00% because of rounding.
(2) Includes U.S. Territories and military bases.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 15 -
<PAGE>
DELINQUENCY, LOAN LOSS AND REPOSSESSION INFORMATION
The following tables set forth the delinquency experience and loan
loss and repossession experience of the seller's portfolio of conditional sales
contracts for motorcycles. These figures include data in respect of contracts
which the seller has previously sold with respect to prior securitizations and
for which the seller acts as servicer.
DELINQUENCY EXPERIENCE(1)/
(DOLLARS IN THOUSANDS)
AT DECEMBER 31,
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
Number Number Number Number Number
of of of of of
Contracts Amount Contracts Amount Contracts Amount Contracts Amount Contracts Amount
--------- ------ --------- ------ --------- ------ --------- ------ --------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio.................. 91,556 $914,545.5 67,137 $651,248.7 45,258 $434,890.7 32,574 $303,682.4 20,590 $184,054.0
Period of Delinquency(2)/
30-59 Days....... 2,868 $28,307.9 1,970 $17,768.1 1,264 $11,454.6 904 $8,002.9 477 $4,043.3
60-89 Days....... 983 9,424.3 745 6,153.9 559 5,112.1 374 3,170.7 157 1,298.7
90 Days or more.. 371 3,569.9 304 2,591.0 269 2,196.5 213 1,880.6 140 1,120.2
--- ------- --- ------- --- ------- ------ ----------- --- ---------
Total Delinquencies........ 4,222 $41,302.1 3,019 $26,513.0 2,092 $18,763.2 1,491 $13,054.2 774 $6,462,2
===== ========= ===== ========= ===== ========= ===== ========= === ========
Total Delinquencies
as a Percent of Total
Portfolio.................. 4.61% 4.52% 4.50% 4.07% 4.62% 4.31% 4.58% 4.30% 3.76% 3.51%
</TABLE>
<TABLE>
<CAPTION>
At September 30,
---------------------------------------------------------
2000 1999
---- ----
Number Number
of of
Contracts Amount Contracts Amount
--------- ------ --------- ------
<S> <C> <C> <C> <C>
Portfolio ................ 113,363 $1,141,824.2 86,998 $871,024.6
Period of Delinquency(2)/
----
30-59 Days .......... 3,285 $32,053.9 2,190 $21,222.3
60-89 Days .......... 905 8,695.3 678 6,423.3
90 Days or more ..... 331 3,301.6 248 2,254.2
--- ------- --- -------
Total Delinquencies ...... 4,521 $44,050.8 3,116 $29,899.8
===== ========= ===== =========
Total Delinquencies as a
Percent of Total Portfolio 3.99% 3.86% 3.58% 3.43%
</TABLE>
------------------
(1) Excludes contracts already in repossession,
which contracts the servicer does not
consider outstanding.
(2) The period of delinquency is based on the
number of days payment are contractually
past due (assuming 30-day months).
Consequently, a contract due on the first
day of a month is not 30 days delinquent
until the first day of the next month.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 16 -
<PAGE>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
Year Ended
December 31,
-------------------------------------------------------------------------------
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Principal Balance of All Contracts
Serviced(1)/ ................ $918,481.6 $653,836.0 $436,771.0 $304,730.9 $184,548.7
Contract Liquidations(2)/ ........ 1.59% 1.54% 1.42% 0.74% 0.76%
Net Losses:
Dollars(3)/ ................. $5,875.0 $5,245.3 $3,781.1 $1,639.5 $866.4
Percentage(4)/ .............. 0.64% 0.80% 0.87% 0.54% 0.47%
</TABLE>
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-----------------------------------
2000 1999
---- ----
<S> <C> <C> <C>
Principal Balance of All Contracts
Serviced(1)/ .............. $1,145,533.91 $873,860.6
Contract Liquidations(2)/ ........ 1.75% 1.50%
Net Losses:
Dollars(3)/ ................. $5,940.5 $3,894.7
Percentage(4)/ .............. 0.69% 0.59%
</TABLE>
------------------
(1) As of period end. Includes contracts already in
repossession.
(2) As a percentage of the total number of contracts being
serviced as of period end, calculated on an annualized
basis.
(3) The calculation of net loss includes actual charge-offs,
deficiency balances remaining after liquidation of
repossessed vehicles and expenses of repossession and
liquidation, net of recoveries.
(4) As a percentage of the principal amount of contracts
being serviced as of period end, calculated on an
annualized basis.
THE DATA PRESENTED IN THE FOREGOING TABLES ARE FOR ILLUSTRATIVE PURPOSES ONLY
AND THERE IS NO ASSURANCE THAT THE DELINQUENCY, LOAN LOSS OR REPOSSESSION
EXPERIENCE OF THE CONTRACTS WILL BE SIMILAR TO THAT SET FORTH ABOVe.
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 17 -
<PAGE>
#782852
This page must be accompanied by the disclaimer on the cover page of these
materials. If you did not receive such a disclaimer, please contact your Chase
Securities Sales Representative immediately.
- 18 -
|
|