- --------------------------------------------------------------------------------
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) March 25, 1996
PSSFC Auto Receivables Trust 1996-A
(Exact name of registrant as specified in its charter)
New York 33-84918 13-3526694
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Prudential Securities
Secured Financing
Corporation
Attention: Norman Chaleff 10292
One New York Plaza, 18th (Zip Code)
Floor
New York, New York
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (212) 778-4114
No Change
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
In connection with the offering of Receivables Backed Certificates, Class
A, of which Prudential Securities Secured Financing Corporation is the issuer as
described in a Prospectus Supplement dated as of March 25, 1996, to the
Prospectus dated December 2, 1994, certain computational materials, including a
static pool analysis, were furnished to certain prospective investors (the
"Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Computational Materials (as defined in Item 5
above).
<PAGE>
EXHIBIT INDEX
========================================================================
Exhibit No. Description Page No.
- ------------------------------------------------------------------------
99.1 Computational Materials (as defined
in Item 5 hereof).
========================================================================
<PAGE>
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.
PSSFC EQUIPMENT LEASE TRUST 1995-1,
By: Prudential Securities Secured
Financing Corporation, as Depositor
By:/s/ Norman Chaleff
-----------------------------------
Name: Norman Chaleff
Title: Vice President
Dated: March 28, 1996
EXHIBIT 99.1
EMERGENT AUTO RECEIVABLES TRUST 1996-A
EMERGENT GROUP, INC
EMERGENT AUTO RECEIVABLES TRUST 1996-A
6.55% $14,496,000 Auto Receivables Backed Certificates
Class A
The information herein has been provided solely by PSI based on information with
respect to the automobile loans provided by the Emergent Group, Inc. and its
affiliates ("Emergent"). Neither Emergent nor any of its affiliates makes any
representation as to the accuracy or completeness of the information herein. The
information herein is preliminary and will be superseded by the prospectus
supplement and by any other information subsequently filed with the Securities
and Exchange Commission ("SEC"). All assumptions and information in this report
reflect PSI's judgment as of this date and are subject to change. All analyses
are based on certain assumptions noted herein and different assumptions could
yield substantially different results. You are cautioned that there is no
universally accepted method for analyzing financial instruments. You should
review the assumptions; there may be differences between these assumptions and
your actual business practices. Further, PSI does not guarantee any results and
there is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility. PSI
(or any of its affiliates) or their officers, directors, analysts or employees
may have positions in securities, commodities or derivative instruments thereon
referred to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consummated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
<PAGE>
EMERGENT AUTO RECEIVABLES TRUST 1996-A
OVERVIEW
This transaction is the first non-prime auto loan securitization for Emergent.
The structure is credit enhanced by a 100% FSA financial guaranty insurance
policy on the Class A Certificates by subordinated Class B and Class C
Certificates to be retained by the issuer, and by a spread account. The Class A
Certificates will be rated AAA/Aaa by S&P and Moody's as a condition to issuance
based on the aforementioned enhancements. The average life to maturity of the
Class A Certificates is 1.35 years. Emergent is primarily involved in the
financial services business, principally nonconforming residential mortgage
lending, small business lending and non-prime automobile lending.
For additional information concerning pricing and relative value, please call
Greg Richter or Rob Karr on the Asset-Backed trading desk at (212) 778-2741.
Additional structural and collateral information can be provided by calling Glen
Stein, (212) 778-2012, Evan Mitnick, (212) 778-7469, Karim Bhayani, (212)
778-4540, or Sean Arnold, (212) 778-4921 of the Asset-Backed Finance Group.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT AUTO RECEIVABLES TRUST 1996-A
Transaction Summary
Title of Securities: Emergent Auto Receivables Trust 1996-A, Auto
Receivables Backed Certificates, Class A (the
"Class A Certificates").
Securities Offered: $14,496,000 (approximate) of publicly-offered Class
A Certificates.
Average Life to Call: 1.3 years.
Average Life to Maturity: 1.4 years.
Class A Pass-
Through Rate: 6.55% per annum, calculated on the basis of a
30/360 day count.
Price: 100-00
Spread: 75 b.p.
Pricing Speed: 1.3 ABS
Yield: 6.360%
Expected Maturity to Call: November 20, 1998
Expected Maturity: June 20, 2000
Stated Maturity: February 20, 2003
Pricing Date: March 22, 1996.
Closing Date: March 27, 1996.
Dated Date: March 1, 1996.
Record Date: The last business day of the month preceding any
distribution date, except for the first
distribution date for which the Record Date is the
Closing Date.
Payment Frequency: Monthly, on the 20th day or first business day
thereafter, beginning April 22, 1996.
Payment Delay: 19 days.
Depositor: Prudential Securities Secured Financing
Corporation, a Delaware corporation.
Seller: Emergent Auto Holdings Corp., a Delaware
corporation.
Originators and
Sub-Servicers: The Loan Pro$, Inc., and Premier Financial
Services, Inc., both South Carolina corporations
(subsidiary companies of Emergent Financial
Corporation).
Servicer: Emergent Group Inc, a South Carolina corporation.
Structure: Grantor Trust Pass-Through.
Trustee and
Backup Servicer: Bankers Trust Company, a New York banking
corporation.
Trust Assets: The Trust assets include certain non-prime
installment sales contracts (the Receivables)
secured by used automobiles, light duty trucks,
vans and mini-vans, certain moneys due thereunder
on or after the Cut-Off Date, security interests in
the Financed Vehicles or other property securing
the Receivables, and any proceeds from claims on
certain insurance policies.
The Receivables: 100% of the Receivables comprising the property of
the Trust consist of non-prime automobile
installment sales contracts that were purchased by
the Seller from the Originators and then sold to
the Depositor. More than 98% of the Receivables
were originated in the state of South Carolina. The
Receivables include vehicles from model years 1963
to 1995. More than 81% of the pool is comprised of
model years 1989-1995 (see Auto Model Year Table).
The Receivables have an aggregate principal balance
of $16,107,339.72 as of the Cut-Off Date. 89.25% of
the Original Pool Balance are direct loans and
10.75% are indirect loans. The Receivables have a
weighted average APR of approximately 27.61%, a
weighted average original maturity of 39 months and
a weighted average remaining maturity of 33 months.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT AUTO RECEIVABLES TRUST 1996-A
The Receivables constitute substantially all of the
automobile sale contracts as of the Cut-Off Date
included in the Originators' portfolios meeting the
following selection criteria: (i) was originated in
the United States, (ii) has a contractual APR that
equals or exceeds 17%, (iii) provides for level
monthly payments which provide interest at the APR
and fully amortize the amount financed over an
original term no greater than 72 months, (iv) is
not more than 30 days past due as of the Cut-Off
Date, (v) is attributable to the purchase of a used
automobile, light duty truck, van or mini-van and
(vi) has a remaining term of not more than 70
months.
Cut-Off Date: February 29, 1996.
Flow of Funds: On each Distribution Date, the Trustee shall
deliver the following amounts in the following
order of priority:
1. Servicing Fee, Supplemental Servicing Fee, and
certain other amounts;
2. Certain other accrued and unpaid fees;
3. Class A Interest and Interest Carryover
Shortfall, if any;
4. Class A Principal and Principal Carryover
Shortfall, if any;
5. Certificate Insurer amounts owing and not
paid;
6. Any remaining Available Funds will first be
deposited in the spread account; any further
excess amounts will be distributable to the
Subordinated Certificateholders.
Credit Enhancement: The following enhancements have been structured
into the transaction:
1. Payment of current interest and scheduled
principal on the Class A Certificates is
unconditionally and irrevocably guaranteed
pursuant to the financial guaranty insurance
policy issued by FSA.
2. A Spread Account will contain an initial
deposit of 8% of initial pool principal
balance and is scheduled to build to 10% of
current-balance with a floor equal to 3% of
the initial pool principal balance.
3. Distributions of interest and principal to the
Class B and Class C Certificates will be
subordinated in priority of payment to
interest and principal due on the Class A
Certificates. The Class B Initial Principal
Balance is 10% of the total Certificate
balance.
Ratings: AAA/Aaa by Standard & Poor's and Moody's,
respectively, based on a financial guaranty
insurance policy by FSA.
ERISA: The Class A Certificates are ERISA eligible.
Servicing Fee: 3.00% per annum of the aggregate Pool Balance
outstanding.
Optional Termination: The Trust Receivables will be subject
to optional purchase by the Servicer as of the last
day of any month in which the Outstanding Pool
Balance is 10% or less of the Original Pool
Balance.
Denominations: Minimum denominations of $1,000,000 and integral
multiples of $1,000 in excess thereof.
Prospectus: The Class A Certificates are being offered pursuant
to a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus"). Complete
information with respect to the Class A
Certificates and the Collateral is contained in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus
shall govern in all respects. Sales of the
Certificates may not be consummated unless the
purchaser has received the Prospectus.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT AUTO RECEIVABLES TRUST 1996-A
Delinquency Experience of the Emergent Auto Loan Program
Year Ended December 31,
<TABLE>
<CAPTION>
1995(1) 1994 1993
Dollar % of Dollar % of Dollar % of
Amount Total Portfolio Amount Total Portfolio Amount Total Portfolio
------ --------------- ------ --------------- ------ ---------------
<S> <C> <C> <C> <C> <C> <C>
Total Originators'
Portfolio
at Year End $17,673,176 100% $ 8,482,924 100% $ 6,011,554 100%
Delinquencies:
30-59 Days 1,658,811 9.4 194,356 2.3 168,375 2.8
60+ Days 603,196 3.4 121,202 1.4 403,493 6.7
Total
Delinquencies 2,262,007 12.8 315,558 3.7 571,868 9.5
</TABLE>
(1) Beginning in September 1995, delinquencies were calculated on the following
month's opening date, rather than the current month's opening date. While
this is a more conservative presentation compared to industry standard,
Emergent believes that this method more accurately reflects the actual past
due status at month end. The statistics for 1994 and 1993 have not been
restated following this method.
Loss Experience of the Emergent Auto Loan Program
Year Ended December 31,
<TABLE>
<CAPTION>
1995(1) 1994 1993
Dollar % of Dollar % of Dollar % of
Amount Total Portfolio Amount Total Portfolio Amount Total Portfolio
------ --------------- ------ --------------- ------ ---------------
<S> <C> <C> <C> <C> <C> <C>
Total Originators'
Portfolio at
Year End(1) $17,673,176 100% $ 8,482,924 100% $ 6,011,554 100%
Net Charge-Offs 480,773 2.72 183,228 2.16 260,454 4.33
</TABLE>
(1) Total Originations = total amount of the vehicles financed by the
Originators plus the total cost to the Originators of Receivables purchased
from dealers.
Deferments: The Originators as Sub-Servicers do allow for loan
deferments in extraordinary circumstances where the
borrower has a positive loan payment history. These
cases are reviewed on an individual basis and must
be approved by the branch manager. The
Sub-Servicers will only permit two deferments over
a twelve-month period, and deferments are allowed
only for the interest that is due on the account or
one-half of a payment, whichever is greater. Each
deferment will extend the term of the loan by one
month. The Originators rewrite contracts under
extraordinary circumstances.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT AUTO RECEIVABLES TRUST 1996-A
Financial Strategies 03/18/96 07:05:39 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Digest Information Incorporated
Deal ID/CUSIP EGI6A Not Priced Yet (Hidden) Deal Date 03/19/96
Series 1996-A Delivery Date 03/27/96
Underwriter PSI Dated Date 03/01/96
Issuer EMERGENT GROUP INC. Credit Support 100% FSA WRAP
Collateral (Real) Deal Type CAR REMIC
N/GWAC (Orig) / (24.613/27.613) Pricing Speed ABS 1.30
WAM (Orig) (2.867) Rating AAA/Aaa
Size 16,107,340 Coupon Range
Trustee Modeled R
View Summary On Page 1 of 4
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
- ------ ------- ----- ------- ---- ---- ------- ------- -----------
A 6.550 2/03 14,496 1.35 75 100-00 6.360 CUR
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Financial Strategies 03/22/96 11:03:09 am Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP EGI6A Coupon 6.550
Class A CUR Accr 0.47306 1st Pmt 04/20/96
Collateral (Real) Factor on / /
N/GWAC (Orig) / (24.613/27.613)
WAM (Orig) (2.867) Mat N/A Settle 03/27/96
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
ABS 1.30 ABS 1.20 ABS 1.00 ABS 0.80 ABS 1.40 ABS 1.60 ABS 1.80
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 6.600 6.601 6.602 6.603 6.599 6.598 6.596
99-23 6.588 6.588 6.590 6.592 6.587 6.585 6.582
99-23+ 6.575 6.576 6.578 6.580 6.574 6.571 6.568
99-24 6.562 6.563 6.566 6.568 6.561 6.558 6.555
99-24+ 6.549 6.551 6.554 6.557 6.548 6.544 6.541
99-25 6.537 6.539 6.542 6.545 6.535 6.531 6.527
99-25+ 6.524 6.526 6.530 6.533 6.522 6.518 6.513
99-26 6.512 6.514 6.518 6.522 6.509 6.504 6.499
99-26+ 6.499 6.501 6.506 6.510 6.496 6.491 6.485
99-27 6.486 6.489 6.494 6.498 6.483 6.478 6.471
99-27+ 6.474 6.476 6.482 6.487 6.471 6.464 6.457
99-28 6.461 6.464 6.470 6.475 6.458 6.451 6.443
99-28+ 6.448 6.452 6.458 6.463 6.445 6.438 6.429
99-29 6.436 6.439 6.446 6.452 6.432 6.424 6.416
99-29+ 6.423 6.427 6.434 6.440 6.419 6.411 6.402
99-30 6.410 6.414 6.422 6.428 6.406 6.398 6.388
99-30+ 6.398 6.402 6.410 6.417 6.393 6.384 6.374
99-31 6.385 6.390 6.398 6.405 6.381 6.371 6.360
99-31+ 6.373 6.377 6.386 6.394 6.368 6.358 6.346
100-00 6.360 6.365 6.374 6.382 6.355 6.344 6.332
100-00+ 6.347 6.352 6.362 6.370 6.342 6.331 6.319
100-01 6.335 6.340 6.350 6.359 6.329 6.318 6.305
100-01+ 6.322 6.328 6.338 6.347 6.316 6.304 6.291
100-02 6.310 6.315 6.326 6.335 6.304 6.291 6.277
100-02+ 6.297 6.303 6.314 6.324 6.291 6.278 6.263
100-03 6.284 6.290 6.302 6.312 6.278 6.264 6.249
100-03+ 6.272 6.278 6.290 6.301 6.265 6.251 6.236
100-04 6.259 6.266 6.278 6.289 6.252 6.238 6.222
100-04+ 6.247 6.253 6.266 6.277 6.240 6.225 6.208
100-05 6.234 6.241 6.254 6.266 6.227 6.211 6.194
100-05+ 6.221 6.229 6.242 6.254 6.214 6.198 6.180
100-06 6.209 6.216 6.230 6.243 6.201 6.185 6.167
100-06+ 6.196 6.204 6.218 6.231 6.188 6.171 6.153
100-07 6.184 6.192 6.206 6.220 6.176 6.158 6.139
100-07+ 6.171 6.179 6.194 6.208 6.163 6.145 6.125
100-08 6.159 6.167 6.182 6.196 6.150 6.132 6.111
100-08+ 6.146 6.155 6.170 6.185 6.137 6.118 6.098
100-09 6.134 6.142 6.158 6.173 6.125 6.105 6.084
100-09+ 6.121 6.130 6.146 6.162 6.112 6.092 6.070
Avg. Life 1.351 1.376 1.424 1.472 1.326 1.275 1.224
Mod. Dur. 1.233 1.255 1.297 1.338 1.212 1.168 1.123
Mac. Dur. 1.273 1.295 1.338 1.381 1.250 1.205 1.159
1st Pmt. 0.064 0.064 0.064 0.064 0.064 0.064 0.064
Last Pmt. 4.231 4.231 4.231 4.231 4.231 4.231 4.231
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- Emergent Group Inc
- Cut Off Date of Tape is 2/29/96
- AUTO LOANS
- $16,107,339.72
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 3,154
Aggregate Unpaid Principal Balance: $16,107,339.72
Aggregate Original Principal Balance: $18,924,283.95
Weighted Average Net Coupon: 24.615%
Net Coupon Range: 14.820% - 42.990%
Weighted Average Gross Coupon: 27.615%
Gross Coupon Range: 17.820% - 45.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $5,106.96
Average Original Principal Balance: $6,000.09
Maximum Unpaid Principal Balance: $18,523.29
Minimum Unpaid Principal Balance: $5.45
Maximum Original Principal Balance: $18,656.08
Minimum Original Principal Balance: $483.58
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 32.880
Stated Rem Term Range: 2.000 - 70.000
Weighted Avg. Amortized Rem. Term: 33.850
Amortized Rem Term Range: 0.000 - 105.151
Weighted Average Age (First Pay thru Last Pay): 6.393
Age Range: 0.000 - 48.000
Weighted Average Original Term: 39.265
Original Term Range: 4.000 - 72.000
Weighted Average Original LTV: 104.693
Original LTV Range: 8.955% - 759.892%
- --------------------------------------------------------------------------------
GROSS COUPON
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WA WA Max. Orig Total
Gross # % Rem WA Orig Loan Current
Coupon Loan Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
17.00% Less than Gross Coupon Less than or = 18.00% 175 7.00 17.960 34.36 5.14 103.53 $18,656 $1,127,793.24
18.00% Less than Gross Coupon Less than or = 19.00% 20 .73 18.928 33.10 5.34 94.93 $12,026 $118,377.02
19.00% Less than Gross Coupon Less than or = 20.00% 40 1.37 19.880 31.37 7.71 118.17 $14,308 $220,572.44
20.00% Less than Gross Coupon Less than or = 21.00% 44 1.41 20.891 30.83 6.09 99.46 $9,905 $227,739.82
21.00% Less than Gross Coupon Less than or = 22.00% 25 .87 21.821 31.49 5.14 91.14 $11,929 $140,544.89
22.00% Less than Gross Coupon Less than or = 23.00% 9 .24 22.781 22.67 8.80 101.85 $9,605 $38,304.48
23.00% Less than Gross Coupon Less than or = 24.00% 195 5.89 23.924 28.70 7.42 102.23 $13,565 $948,251.75
24.00% Less than Gross Coupon Less than or = 25.00% 64 2.82 24.848 41.76 7.22 106.58 $18,149 $454,280.64
25.00% Less than Gross Coupon Less than or = 26.00% 80 3.12 25.898 39.21 5.63 103.62 $13,501 $502,795.47
26.00% Less than Gross Coupon Less than or = 27.00% 158 6.94 26.968 38.31 7.70 108.07 $16,195 $1,117,517.34
27.00% Less than Gross Coupon Less than or = 28.00% 333 9.03 27.922 29.11 7.02 102.37 $18,303 $1,454,463.87
28.00% Less than Gross Coupon Less than or = 29.00% 807 29.44 28.985 35.07 6.18 106.37 $16,584 $4,741,331.09
29.00% Less than Gross Coupon Less than or = 30.00% 777 24.84 29.916 32.20 6.56 104.12 $12,420 $4,001,473.16
30.00% Less than Gross Coupon Less than or = 31.00% 46 1.27 30.932 28.74 5.18 114.60 $9,181 $203,834.05
31.00% Less than Gross Coupon Less than or = 32.00% 65 1.41 31.900 23.32 4.07 114.40 $11,897 $226,512.84
32.00% Less than Gross Coupon Less than or = 33.00% 36 .65 32.896 23.50 8.89 94.20 $8,505 $104,827.68
33.00% Less than Gross Coupon Less than or = 34.00% 23 .44 33.874 20.60 2.24 100.28 $6,326 $71,117.03
34.00% Less than Gross Coupon Less than or = 35.00% 17 .21 34.798 16.09 5.27 91.13 $5,205 $34,630.53
35.00% Less than Gross Coupon Less than or = 36.00% 190 1.90 35.907 16.47 4.43 98.60 $6,194 $306,621.72
36.00% Less than Gross Coupon Less than or = 37.00% 3 .02 36.817 12.67 .51 45.38 $1,405 $3,557.81
37.00% Less than Gross Coupon Less than or = 38.00% 4 .02 37.864 9.79 8.80 63.47 $2,115 $3,646.87
38.00% Less than Gross Coupon Less than or = 39.00% 1 .02 39.000 17.00 1.00 106.74 $2,668 $2,565.53
39.00% Less than Gross Coupon Less than or = 40.00% 4 .05 39.916 16.30 1.56 84.32 $2,998 $7,616.33
41.00% Less than Gross Coupon Less than or = 42.00% 33 .27 41.986 12.96 4.81 79.90 $5,039 $43,933.82
42.00% Less than Gross Coupon Less than or = 43.00% 1 .01 42.900 15.00 .00 69.52 $2,294 $2,294.00
43.00% Less than Gross Coupon Less than or = 44.00% 1 .00 43.990 3.00 9.00 181.63 $1,453 $420.73
45.00% Less than Gross Coupon Less than or = 46.00% 3 .01 45.990 8.89 7.60 34.80 $1,565 $2,315.57
- ------------------------------------------------------------------------------------------------------------------------------------
Total........................... 3,154 100.00% 27.615 32.88 6.39 104.69 $18,656 $16,107,339.72
====================================================================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL MATURITY
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WA WA Max. Orig Total
Original # % Rem WA Orig Loan Current
Maturity Loan Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0 Less than Original Maturity Less than or = 12 120 .73 33.957 8.88 2.81 80.52 $3,566 $117,312.57
12 Less than Original Maturity Less than or = 24 839 13.06 29.358 17.56 4.73 101.31 $9,999 $2,103,029.10
24 Less than Original Maturity Less than or = 36 1,037 31.42 27.112 26.75 6.41 104.02 $13,226 $5,061,583.10
36 Less than Original Maturity Less than or = 48 895 39.72 27.474 37.37 6.90 107.13 $18,303 $6,398,235.41
48 Less than Original Maturity Less than or = 60 255 14.54 27.227 47.96 6.59 103.35 $18,656 $2,341,418.46
60 Less than Original Maturity Less than or = 72 8 .53 27.004 56.70 7.99 115.30 $16,195 $85,761.08
- ------------------------------------------------------------------------------------------------------------------------------------
Total..... 3,154 100.00% 27.615 32.88 6.39 104.69 $18,656 $16,107,339.72
====================================================================================================================================
</TABLE>
REMAINING TERM
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WA WA Max. Orig Total
# % Rem WA Orig Loan Current %
Remaining Term Loan Pool WAC Term Age LTV Amount Balance Loan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 Less thanRem Term Less than or = 5 114 .63 29.757 4.10 21.72 103.32 $11,565 $101,517.68 3.61
5 Less thanRem Term Less than or = 11 309 3.11 29.534 8.96 15.68 97.66 $11,203 $500,436.16 9.80
11 Less thanRem Term Less than or = 17 447 7.12 28.847 14.51 11.47 101.11 $13,501 $1,146,338.16 14.17
17 Less thanRem Term Less than or = 23 500 11.83 28.092 20.39 8.83 102.24 $12,189 $1,905,697.83 15.85
23 Less thanRem Term Less than or = 29 451 14.20 27.453 26.37 6.66 104.38 $13,493 $2,287,183.46 14.30
29 Less thanRem Term Less than or = 35 481 19.13 27.098 32.39 5.93 102.29 $12,805 $3,081,361.77 15.25
35 Less thanRem Term Less than or = 41 395 18.73 27.523 38.34 5.25 106.16 $18,303 $3,017,336.70 12.52
41 Less thanRem Term Less than or = 47 264 13.60 27.732 44.13 3.76 108.89 $14,660 $2,190,788.69 8.37
47 Less thanRem Term Less than or = 53 145 8.67 26.664 49.94 3.31 109.20 $18,656 $1,395,768.17 4.60
53 Less thanRem Term Less than or = 59 45 2.77 27.134 55.51 1.57 103.94 $15,968 $446,733.12 1.43
59 Less thanRem Term Less than or = 65 2 .11 29.445 60.00 .00 101.30 $9,978 $17,983.03 .06
65 Less thanRem Term Less than or = 72 1 .10 27.000 70.00 2.00 170.47 $16,195 $16,194.95 .03
- ---------------------------------------------------------------------------------------------------------------------------------
Total..... 3,154 100.00% 27.615 32.88 6.39 104.69 $18,656 $16,107,339.72 100.00%
=================================================================================================================================
</TABLE>
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WA Total
# % Rem WA Current
Age of Loan Loan Pool Term Age Balance
<S> <C> <C> <C> <C> <C>
0 Less than Age Less than or = 12 2,641 88.74 34.55 4.64 $14,293,641.74
12 Less than Age Less than or = 24 410 9.26 21.02 18.19 $1,492,274.08
24 Less than Age Less than or = 36 94 1.89 14.24 29.25 $304,145.41
36 Less than Age Less than or = 48 9 .11 6.37 38.67 $17,278.49
- ------------------------------------------------------------------------------------------------------------------------------------
Total............ 3,154 100.00% 32.88 6.39 $16,107,339.72
====================================================================================================================================
</TABLE>
ORIGINATION YEAR
- --------------------------------------------------------------------------------
WA Total
Year of # % Rem WA Current
Origination Loan Pool Term Age Balance
1992 6 .07 7.19 39.66 $10,812.79
1993 85 1.66 13.64 30.13 $266,961.42
1994 400 8.97 20.56 18.73 $1,444,599.81
1995 2,083 67.21 33.30 6.15 $10,825,774.75
1996 580 22.10 38.11 .23 $3,559,190.95
- --------------------------------------------------------------------------------
Total..... 3,154 100.00% 32.88 6.39 $16,107,339.72
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT APPRAISAL BASED ON NADA VALUES
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Current
Appraisal # Loans % Pool WAC WAM WALTV
<S> <C> <C> <C> <C> <C>
Appraisal Less than or = 2,500 320 3.23 30.32 17.08 164.47
2,500 Less than Appraisal Less than or = 5,000 963 18.82 28.72 22.44 112.31
5,000 Less than Appraisal Less than or = 7,500 999 34.93 27.87 32.48 105.45
7,500 Less than Appraisal Less than or = 10,000 635 29.41 27.35 38.07 99.31
10,000 Less than Appraisal Less than or = 15,000 216 12.11 25.56 40.65 90.92
15,000 Less than Appraisal Less than or = 20,000 18 1.23 23.60 41.31 82.57
20,000 Less than Appraisal Less than or = 25,000 3 .26 24.37 50.30 65.76
- ------------------------------------------------------------------------------------------------
Total............. 3,154 100.00%
================================================================================================
</TABLE>
LOAN EXTENSIONS 18-Mar-1996
- --------------------------------------------------------------------------------
Total
Number of # % Current
Loan Extensions Loan Pool Balance
0 2,938 93.38 $15,040,745.87
1 163 5.19 $836,745.20
2 53 1.43 $229,848.65
- --------------------------------------------------------------------------------
Total..... 3,154 100.00% $16,107,339.72
================================================================================
ORIGINAL MORTGAGE AMOUNT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WA WA Max. Orig Total
Original # % Rem WA Orig Loan Current
Mortgage Amt. Loan Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0 Less than Balance Less than or = 3,000 498 4.57 31.250 14.26 4.50 94.16 $3,000 $735,858.67
3,000 Less than Balance Less than or = 6,000 1,071 23.82 28.285 23.25 6.13 102.16 $6,000 $3,836,615.70
6,000 Less than Balance Less than or = 9,000 1,134 45.27 27.676 34.40 6.78 105.94 $9,000 $7,291,844.70
9,000 Less than Balance Less than or = 12,000 404 22.55 26.714 41.60 6.53 106.71 $11,975 $3,632,658.81
12,000 Less than Balance Less than or = 15,000 37 2.78 23.748 44.31 5.16 108.78 $14,660 $447,813.86
15,000 Less than Balance Less than or = 18,000 7 .67 23.256 50.82 4.96 100.82 $17,572 $108,296.86
18,000 Less than Balance Less than or = 21,000 3 .34 23.550 48.33 1.65 98.59 $18,656 $54,251.12
- ------------------------------------------------------------------------------------------------------------------------------------
Total.................... 3,154 100.00% 27.615 32.88 6.39 104.69 $18,656 $16,107,339.72
====================================================================================================================================
</TABLE>
CURRENT MORTGAGE AMOUNT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WA WA Max. Orig Total
Current # % Rem WA Orig Loan Current
Mortgage Amt. Loan Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0 Less than Balance Less than or = 3,000 873 9.52 29.606 13.85 9.45 98.67 $11,105 $1,533,451.65
3,000 Less than Balance Less than or = 6,000 1,084 30.28 27.953 25.00 8.07 103.21 $11,565 $4,876,837.75
6,000 Less than Balance Less than or = 9,000 907 41.49 27.569 37.47 5.53 105.65 $13,501 $6,683,625.55
9,000 Less than Balance Less than or = 12,000 260 16.08 26.668 44.52 4.25 108.18 $13,802 $2,589,367.01
12,000 Less than Balance Less than or = 15,000 22 1.80 22.689 47.76 2.88 109.42 $16,030 $289,247.46
15,000 Less than Balance Less than or = 18,000 6 .61 24.075 52.68 3.34 106.03 $18,149 $98,097.71
18,000 Less than Balance Less than or = 21,000 2 .23 22.905 47.05 1.00 92.18 $18,656 $36,712.59
- ------------------------------------------------------------------------------------------------------------------------------------
Total..... 3,1541 00.00% 27.615 32.88 6.39 104.69 $18,656 $16,107,339.72
====================================================================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
DIRECT/INDIRECT 18-Mar-1996
- -------------------------------------------------------------------------------------------------------------------
WA WA Max. Orig Total
# % Rem WA Orig Loan Current
Loan Source Loan Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 = DIRECT 2,890 89.25 27.605 32.36 6.82 103.99 $18,656 $14,375,898.10
2 = INDIRECT 264 10.75 27.694 37.20 2.83 110.55 $18,149 $1,731,441.62
- -------------------------------------------------------------------------------------------------------------------
Total..... 3,154 100.00% 27.615 32.88 6.39 104.69 $18,656 $16,107,339.72
===================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
TYPE OF AMORTIZATION 18-Mar-1996
- -------------------------------------------------------------------------------------------------------------------
WA WA Max. Orig Total
# % Rem WA Orig Loan Current
Loan Amortization Type Loan Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 = SIMPLE INTEREST 3,124 99.33 27.646 32.96 6.28 104.72 $18,656 $15,999,605.21
2 = RULE OF 78 30 .67 22.983 21.59 22.52 101.34 $14,308 $107,734.51
- -------------------------------------------------------------------------------------------------------------------
Total..... 3,154 100.00% 27.615 32.88 6.39 104.69 $18,656 $16,107,339.72
===================================================================================================================
</TABLE>
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------
WA Total Avg.
# % Rem WA Current Curr
State Loans Pool Term Age Balance Bal
AL 2 .05 21.58 14.11 $8,264 $4,132
CA 1 .04 19.00 35.00 $5,794 $5,794
FL 3 .07 25.34 12.45 $11,168 $3,723
GA 22 .52 25.51 6.97 $83,615 $3,801
IL 1 .00 3.00 21.00 $797 $797
IN 2 .06 24.17 14.37 $10,133 $5,067
LA 2 .08 24.72 14.85 $12,289 $6,144
MD 1 .03 6.00 36.00 $4,273 $4,273
MS 1 .01 13.00 17.00 $2,346 $2,346
NC 27 .78 29.73 9.31 $125,689 $4,655
NJ 1 .01 16.00 11.00 $2,154 $2,154
NY 2 .06 24.10 10.89 $10,178 $5,089
PA 2 .05 34.85 5.18 $8,237 $4,119
SC 3,081 98.01 32.99 6.31 $15,787,194 $5,124
TN 4 .12 26.01 14.51 $19,712 $4,928
VA 2 .10 38.62 9.38 $15,498 $7,749
- --------------------------------------------------------------------------------
Total.. 3,154 100.00% 32.88 6.39 $16,107,340 $5,107
================================================================================
Rescheduled Loans
- --------------------------------------------------------------------------------
Max. Loan
RESCHEDULED LOANS # Loans % Pool WAC WAM WALTV Amount
N 3,094 98.16 27.59 33.01 104.62 $18,656
Y 60 1.84 29.19 25.91 108.72 $12,376
- --------------------------------------------------------------------------------
Total..... 3,154 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL LTV RANGE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WA WA Max. Orig Total
LTV # % Rem WA Orig Loan Current
RANGE Loan Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.000 Less than LTV Less than or = 50.000 102 1.13 30.633 20.19 4.28 35.42 $10,005 $182,404.96
50.000 Less than LTV Less than or = 55.000 24 .38 30.011 23.65 4.03 52.93 $8,766 $61,330.47
55.000 Less than LTV Less than or = 60.000 31 .54 26.288 24.31 5.25 58.45 $10,000 $87,259.08
60.000 Less than LTV Less than or = 65.000 43 .90 28.042 26.66 5.28 62.20 $9,990 $145,678.55
65.000 Less than LTV Less than or = 70.000 66 1.64 27.971 30.70 4.81 68.11 $15,968 $264,437.40
70.000 Less than LTV Less than or = 75.000 62 1.54 27.628 26.48 8.45 72.36 $13,501 $248,185.74
75.000 Less than LTV Less than or = 80.000 126 3.60 26.784 30.66 5.42 77.81 $17,410 $579,151.70
80.000 Less than LTV Less than or = 85.000 132 4.05 26.545 28.96 7.84 82.72 $16,030 $652,257.55
85.000 Less than LTV Less than or = 90.000 224 6.34 27.185 30.63 6.49 87.81 $13,000 $1,021,845.23
90.000 Less than LTV Less than or = 95.000 327 10.53 27.201 31.36 7.70 92.64 $18,656 $1,696,639.73
95.000 Less than LTV Less than or = 100.000 510 16.49 26.510 33.02 6.52 98.02 $15,005 $2,655,406.50
100.000 Less than LTV Less than or = 120.000 1,054 38.78 28.201 35.34 6.31 108.26 $18,149 $6,245,918.98
120.000 Less than LTV Less than or = 150.000 322 10.39 28.371 33.22 5.74 128.86 $14,568 $1,674,117.47
150.000 Less than LTV Less than or = 200.000 84 2.36 26.949 31.12 5.77 168.15 $16,195 $379,729.51
200.000 Less than LTV Less than or = 250.000 21 .65 27.940 30.12 4.29 228.33 $10,275 $104,374.33
250.000 Less than LTV Less than or = 350.000 13 .25 26.808 27.39 5.32 290.45 $9,298 $40,789.63
350.000 Less than LTV Less than or = 500.000 9 .37 25.134 39.29 2.36 396.06 $11,078 $60,200.93
500.000 Less than LTV Less than or = 1100.00 4 .05 25.651 17.00 7.54 661.70 $3,380 $7,611.96
- ------------------------------------------------------------------------------------------------------------------------------------
Total............ 3,154 100.00% 27.615 32.88 6.39 104.69 $18,656 $16,107,339.72
====================================================================================================================================
</TABLE>
AUTO MODEL YEAR
- --------------------------------------------------------------------------------
Percent of Principal WA WA Percent
Model Year # Loans Loan Count Balance WAC REM TERM OT of Total
1963 1 .03 $1,611.21 27.720 13.00 18.00 .01
1966 2 .06 $6,700.07 20.532 27.93 32.20 .04
1967 2 .06 $2,966.85 25.714 10.00 21.31 .02
1972 4 .13 $5,715.63 26.033 11.06 19.69 .04
1973 3 .10 $3,030.69 32.567 10.99 19.56 .02
1974 1 .03 $327.23 29.610 2.00 12.00 .00
1975 3 .10 $9,071.53 24.045 20.98 29.53 .06
1976 1 .03 $1,589.87 27.990 14.00 19.00 .01
1977 8 .25 $12,018.18 30.829 14.16 18.04 .07
1978 5 .16 $17,274.13 22.996 26.16 33.02 .11
1979 7 .22 $18,752.24 20.068 22.41 32.55 .12
1980 7 .22 $22,713.82 22.875 22.44 28.76 .14
1981 3 .10 $10,564.58 22.514 25.05 26.46 .07
1982 14 .44 $35,162.67 25.790 21.18 26.14 .22
1983 31 .98 $78,747.44 28.494 20.58 25.31 .49
1984 51 1.62 $125,890.96 26.418 21.45 26.66 .78
1985 100 3.17 $230,563.21 27.128 18.40 24.78 1.43
1986 163 5.17 $411,803.04 27.650 20.19 26.92 2.56
1987 246 7.80 $731,929.05 28.122 20.01 26.04 4.54
1988 341 10.81 $1,219,837.40 27.558 22.79 29.29 7.57
1989 464 14.71 $1,944,716.22 28.024 25.67 32.80 12.07
1990 454 14.39 $2,375,793.25 27.836 29.00 35.92 14.75
1991 454 14.39 $2,759,587.16 27.910 33.11 39.78 17.13
1992 373 11.83 $2,554,343.09 27.622 37.18 44.46 15.86
1993 245 7.77 $1,954,638.52 27.447 43.73 48.76 12.14
1994 135 4.28 $1,204,644.50 27.094 47.84 52.86 7.48
1995 36 1.14 $367,347.18 25.331 51.54 54.53 2.28
- --------------------------------------------------------------------------------
Total..... 3,154 100.00 $16,107,339.72 27.615 32.88 39.27 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS TERMSHEETS, AND WILL BE
SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
