<PAGE>
===============================================================================
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) November 9, 1999
------------------
Prudential Securities Secured Financing Corporation
- -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware
- -------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
333-52021 13-3526694
- -------------------------- ------------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
One New York Plaza, New York, New York 10292
-------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(212) 778-1000
- -------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Not Applicable
- -------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
===============================================================================
<PAGE>
Item 5. Other Events.
In November 1999, the Registrant will cause the issuance and sale of
approximately $116,000,000 initial principal amount of various classes of Asset-
Backed Notes, Series 1999-1 (the "Notes") pursuant to an Indenture to be dated
as of November 1, 1999, among PeopleFirst.com Auto Receivables Owner Trust 1999-
1, as Issuer, and Norwest Bank Minnesota, National Association, as Indenture
Trustee. In connection with the sale of the Notes to the public, the Registrant
has been advised by Prudential Securities Incorporated and Barclays Capital
(together, the "Underwriters"), that the Underwriters have furnished to
prospective investors certain combined ABS and Collateral Term Sheets and
certain Computational Materials (the "Series Term Sheets and Computational
Materials") following the effective date of Registration Statement No. 333-52021
but prior to the availability of a final Prospectus relating to the Notes. The
Series Term Sheets and Computational Materials are being filed as an exhibit to
this report.
The Series Term Sheets and Computational Materials attached hereto
have been provided by the Underwriters. The information in the Series Term
Sheets and Computational Materials is preliminary and may be superseded by the
Prospectus Supplement relating to the Notes and by any other information
subsequently filed with the Securities and Exchange Commission.
-2-
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
List below the financial statements, pro forma financial information and
exhibits, if any, filed as part of this report.
(a) Financial Statements of Business Acquired
Not applicable
(b) Pro Forma Financial Information
Not applicable
(c) Exhibits.
99.1 Series Term Sheets and Computational Materials prepared by the
Underwriters in connection with the sale of the Notes of the
Registrant.
-3-
<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.
PRUDENTIAL SECURITIES SECURED FINANCING
CORPORATION
(Registrant)
/s/Joseph M. Donovan
Dated: November 12, 1999 By:--------------------------------------
Name: Joseph M. Donovan
Title: Vice President
-4-
<PAGE>
INDEX TO EXHIBITS
Exhibit
No. Document Description
- ------- --------------------
99.1 Series Term Sheets and Computational Materials prepared by the
Underwriters
in connection with the sale of the Notes of the Registrant.
-5-
<PAGE>
Preliminary Marketing and Computational Materials
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
$[56,000,000] [TBD]% Class A-1 Notes, Series 1999-1
$[42,000,000] [TBD]% Class A-2 Notes, Series 1999-1
$[18,197,000] [TBD]% Class A-3 Notes, Series 1999-1
The information contained herein (the "Computational Materials") is provided by
Prudential Securities Incorporated ("PSI") based on information regarding the
collateral pool provided by PeopleFirst Finance, LLC. No representation is made
by PSI as to the appropriateness, usefulness, accuracy or completeness of these
materials or the assumptions on which they are based. These Computational
Materials are preliminary and will be superseded by any subsequent computational
materials and the prospectus.
All information and assumptions contained herein reflect PSI's assumptions as of
this date and are subject to change. The actual characteristics and performance
of the collateral will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may
have a material impact on the information set forth in these materials.
This information may not be used or otherwise disseminated in connection with
the offer or sale of these or any other securities, except in connection with
the initial offer or sale of these securities to you to the extent set forth
below. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. Any such offer, or solicitation
of an offer, to buy or sell any security would be made pursuant to a prospectus
which will contain material information not contained in these materials. Such
prospectus will contain all material information in respect of any such security
offered thereby and any decision to invest in such securities should be made
solely in reliance upon such prospectus. Any capitalized terms used but not
defined herein are to be read in conjunction with such prospectus. 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.
PSI (or any of its affiliates) or their officers, directors, analysts or
employees may have positions in the 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 buy or a solicitation of an offer to sell or buy securities,
commodities or derivative instruments mentioned herein. No sale of any
securities, commodities or derivative instruments will be confined without the
purchaser having received the prospectus with such confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
PRICING INFORMATION
-------------------
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3
--------- --------- ---------
<S> <C> <C> <C>
Approximate
Face Amount: [$56,000,000] [$42,000,000] [$18,197,000]
Expected Ratings
(Moody's/S&P): [Aaa/AAA] [Aaa/AAA] [Aaa/AAA]
Coupon: [TBD] [TBD] [TBD]
Approximate
Price: [TBD] [TBD] [TBD]
Yield: [TBD] [TBD] [TBD]
Spread: [TBD] bps [TBD] bps [TBD] bps
Exp. Avg Life
to Call: 0.678 yrs 2.043 yrs 2.875 yrs
Exp. Avg Life
to Maturity: 0.678 yrs 2.043 yrs 3.387 yrs
Expected 1st
Principal Pmt Date: December 15, 1999 April 15, 2001 October 15, 2002
Exp. Maturity to Call: April 15, 2001 October 15, 2002 October 15, 2002
Exp. Maturity: April 15, 2001 October 15, 2002 June 15, 2004
Stated Maturity: [February 15, 2002] [August 15, 2003] [June 15, 2005]
Pricing Speed: 1.5% ABS 1.5% ABS 1.5% ABS
Pricing Date: November [ ], 1999 November [ ], 1999 November [ ], 1999
Expected
Settle Date: November [30], 1999 November [30], 1999 November [30], 1999
Cut-off Date
(Opening of Business): November 1, 1999 November 1, 1999 November 1, 1999
Dated Date: November [15], 1999 November [15], 1999 November [15], 1999
Pmt Delay: 0 days 0 days 0 days
Interest Pmt: 30/360 30/360 30/360
Pmt Terms: Monthly Monthly Monthly
1st Interest
Payment Date: December 15, 1999 December 15, 1999 December 15, 1999
Distribution: Public Public Public
Offering Offering Offering
Settlement: Book Entry Book Entry Book Entry
(DTC) (DTC) (DTC)
ERISA Eligibility: Yes Yes Yes
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCOPORATED ADVISOR
IMMEDIATELY.
2
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
<TABLE>
<CAPTION>
<S> <C>
Title of Securities: PeopleFirst.com Auto Receivables Owner Trust 1999-I, Asset-
Backed Notes, Series 1999-1, [Class A-1 Notes, Class A-2
Notes and Class A-3 Notes] (collectively, the "Notes").
Securities Offered: $[56,000,000], [TBD]% Class A-1 Notes;
$[42,000,000], [TBD]% Class A-2 Notes;
$[18,197,000], [TBD]% Class A-3 Notes.
Distribution and Form: The Notes are being publicly offered. The Notes will be
available in Book Entry Form through DTC, Euroclear or CEDEL.
Minimum Denomination: $1,000,000 and increments of $100,000.
Structure: The Notes will be sequential-pay and insured by FSA.
Collateral: The Transaction is collateralized by, among other things, a pool
of consumer automobile installment sales contracts (the "Auto
Loans"), including the principal and interest payments due or
to become due thereon after the Cut-off Date, and rights in
and to the Collection Account and any other bank accounts
opened by the Issuer (each, an "Account"). Initially,
approximately $[118,568,922.70] of collateral will support the
Notes (the "Initial Collateral Balance"). Approximately
$[78,830,610.41] of Auto Loans will be deposited at closing
and $[38,943,546.04] will be deposited in the Pre-Funding
Account.
Issuer: PeopleFirst.com Auto Receivables Owner Trust 1999-I,
a limited liability company, whose sole and managing member
is [TBD], a bankruptcy-remote, special purpose corporation
wholly-owned by PeopleFirst Finance, LLC.
Originator/Servicer: PeopleFirst Finance, LLC ("PeopleFirst")
Servicing Fee: 50 bps
Bond Insurer: Financial Security Assurance Inc. ("FSA" or the "Insurer")
Underwriters: Prudential Securities
Barclays Capital
Trustee: Norwest Bank Minnesota, National Association
Cut-Off Date: Opening of Business on [November 1, 1999]
Expected Pricing: November [ ], 1999
Expected Settlement: November [30], 1999
Determination Date: The 5th Business Day immediately preceding such Payment
Date.
Payment Date: The 15th day of each month (or if any such date is not a business
day, on the first business day thereafter), commencing on
December 15, 1999.
Expected Ratings: Moody's Standard & Poors
------- ----------------
Class A-1 Notes -- Aaa AAA
Class A-2 Notes -- Aaa AAA
Class A-3 Notes -- Aaa AAA
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
3
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
Flow of Funds: On each Payment Date, the Indenture Trustee will use
the Available Funds (plus any amounts withdrawn from
the Reserve Account [or the Yield Supplement Account]
or drawn on the Policy, as applicable) to make the
following payments from the Collection Account in the
following order of priority:
From the Distribution Amount:
(i) To the Servicer, any accrued and unpaid Base
Servicing Fee for the related calendar month and
any Supplemental Servicing Fee for such month to
the extent not retained by the Servicer;
(ii) To the Indenture Trustee, the Owner Trustee, the
Backup Servicer or the Indenture Collateral
Agent, all accrued and unpaid fees and expenses
due on a pro rata basis;
(iii) To the Noteholders' Distribution Account, the
Noteholders' Interest Distributable Amount;
(iv) To the Noteholders' Distribution Account, the
Noteholders' Principal Distributable Amount;
(v) To the Insurer, any amounts due and owing under
the Insurance Agreement;
From the remaining Available Funds:
(vi) To the Reserve Account, the amount necessary to
maintain the Reserve Account Required Amount;
(vii) To the Certificate Distribution Account, the
Certificateholders' Distributable Amount;
(viii) To the Depositor, the remaining balance, if any,
in the Collection Account.
Available Funds: For any Determination Date, the following amounts
related to the preceding Collection Period will be
available for distribution:
(i) The Collected Funds for the related Collection
Period;
(ii) All Purchase Amounts deposited in the Collection
Account during the related Collection Period;
(iii) All income received from investments of funds in
the Collection Account, the Reserve Account [and
the Yield Supplement Account] during the related
Collection Period.
Interest Payment Amount: The Class A-1, Class A-2 and Class A-3 Notes will bear
interest at a fixed rate per annum, calculated on a
30/360 basis, and with respect to the first Payment
Date, shall accrue from and including the Cut-off Date
to but excluding, such Payment Date.
Principal Distributable
Amount: With respect to any Payment Date, will be an amount
equal to the sum of the following amounts:
(i) the principal portion of all Collected Funds
received during the immediately preceding
calendar month including the principal portion
of all prepayments;
(ii) the Principal Balance of all Receivables that
became Liquidated Receivables during the related
calendar month;
(iii) the principal portion of the Purchase Amounts
received with respect to all Receivables that
became Purchased Receivables during the related
calendar month;
(iv) the Principal Balance of the Receivables that
were required to be purchased by the Servicer
during the related calendar month but were not
purchased and,
(v) the aggregate amount of Cram Down Losses that
have occurred during the related calendar month.
Charged-off Auto Loan: With respect to any Collection Period, an Auto Loan (i)
that has been charged-off in accordance with the
Originator's credit and collection policies or (ii) 90%
or more of any scheduled payment on such Auto Loan is
123 days or more delinquent as of the end of such
Collection Period.
Cram Down Losses: If, during an insolvency proceeding, a court issued an
order which reduces the amount owed on an Auto Loan, a
Cram Down Loss is the amount equal to such reduction in
principal balance.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES ADVISOR IMMEDIATELY.
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
Credit Enhancement: Subordination, Reserve Account, Insurance Policy
Subordination: The Certificates are subordinated to the Notes.
Initially, the Certificates shall represent [2%] of
the Original Pool Balance.
Reserve Account: Funds may be withdrawn from the Reserve Account on or
before each Payment Date to pay any Deficiency Claim
Amount for such Payment Date, including amounts needed
to pay the Noteholders' Interest Distributable Amount
and the Noteholders' Principal Distributable Amount
for such Payment Date.
On the Closing Date, the Transferor will make an
initial deposit of cash into the Reserve Account in
the amount of $[2,371,378.45]. The Reserve Account
Required Amount balance will be the greater of (i) 3%
of the Pool Balance as of the end of the preceding
Collection Period and (ii) the Floor Amount; provided,
however, that if any portfolio performance test
specified in the Reserve Account Agreement is violated
and not cured, the percentage in clause (i) above will
equal 6%; and provided, further, that if an Insurance
Agreement Event of Default has occurred, the Reserve
Account Required Amount will be unlimited on such
Payment Date.
The "Floor Amount" is equal to the lesser of (i)
[2.0]% of the Original Pool Balance and (ii) the
greater of (a) the outstanding principal balance of
the Notes and (b) $100,000.
Yield Supplement
Account: Will be established by the Transferor for the benefit
of the Noteholders.
Yield Supplement
Amount: With respect to any Payment Date, is equal to the
product of one-twelth times the difference (if
positive) between (x) the product of (1) the Principal
Balance of the Receivables multiplied by (2) the
Weighted Average Rate and (y) the product of (1) the
Principal Balance of the Receivables multiplied by (2)
the APR on the Receivables.
Pre-Funding Account: On the Closing Date, a cash amount equal to
approximately $[38,943,546.04] will be deposited in an
account which will be established with the Indenture
Trustee.
Funding Period: The period from the Closing Date until the earliest of
(i) the date on which the amount on deposit in the
Pre-Funding Account is less than $100,000, (ii) the
occurrence of a Servicer Default under the Sale and
Servicing Agreement, or (iii) February 29, 2000.
Optional Redemption
(Full Redemption): The Notes may be redeemed by the Transferor, in whole
but not in part, at par plus accrued interest on any
Payment Date on which the outstanding Pool Balance is
less than or equal to 15% of the Original Pool
Balance.
Tax Status: The Notes will be characterized as debt for federal
income tax purposes. Please see the Prospectus for a
full description of the tax characterization of the
Notes.
ERISA Eligible: The acquisition of the Notes by an employee benefit
plan subject to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA") or the
provisions of Section 4975 of the Code (a "Plan"), is
permissible if the proposed acquisition would not
result in a prohibited transaction under ERISA or the
Code or if the transaction qualifies for a statutory
or administrative exemption. If the proposed
acquisition does not qualify for an exemption, such
acquisition could result in a prohibited transaction
under ERISA or Section 4975 of the Code. If, by virtue
of such acquisition, assets held by the Issuer and
pledged to the Trustee were deemed to be assets of the
Plan, the Issuer or other parties may be considered to
be a fiduciary with respect to any Plan. Therefore,
the acquisition and transfer of the Notes are subject
to certain restrictions.
The Indenture provides that each prospective initial
Noteholder acquiring the Notes, each prospective
transferee acquiring the Notes, and each prospective
owner (or transferee thereof) of a beneficial interest
in the Notes (each a "Prospective Owner") will be
deemed to have represented and warranted to the
Originator, the Servicer, the Issuer, the Trustee and
any successor Servicer that either (1) the Prospective
Owner is not a Plan and the Prospective Owner is not
directly or indirectly acquiring the Offered Notes on
behalf of, as investment manager of, as named
fiduciary of, as trustee of, or with assets of a Plan,
or (2) the proposed acquisition and holding will not
give rise to a transaction described in Section 406(a)
of ERISA or Section 4975(e)(l) of the Code for which a
statutory or administrative exemption is unavailable.
See "ERISA Considerations" in the Prospectus.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
BOND A1 AAA CLASS TO CALL/MATURITY
CURRENT BALANCE: $56,000,000.00
ORIGINAL BALANCE: $56,000,000.00
DATED DATE: 11/30/99
FIRST PAYMENT: 12/15/99
YIELD TABLE DATE: 11/30/99
<TABLE>
<CAPTION>
BOND A1 BE-YIELD TABLE
PREPAYMENT SPEED
1.50% 0.00% 1.00% 1.30% 1.70% 2.00%
PRICE ABS ABS ABS ABS ABS ABS
<S> <C> <C> <C> <C> <C> <C>
99-24 6.713 6.560 6.654 6.688 6.738 6.779
99-24+ 6.688 6.545 6.633 6.665 6.712 6.750
99-25 6.663 6.530 6.612 6.642 6.686 6.721
99-25+ 6.639 6.515 6.591 6.619 6.660 6.693
99-26 6.614 6.500 6.571 6.596 6.634 6.664
99-26+ 6.590 6.485 6.550 6.573 6.607 6.635
99-27 6.566 6.470 6.529 6.550 6.581 6.607
99-27+ 6.541 6.455 6.508 6.527 6.555 6.578
99-28 6.517 6.440 6.487 6.504 6.529 6.549
99-28+ 6.492 6.425 6.467 6.482 6.503 6.521
99-29 6.468 6.411 6.446 6.459 6.477 6.492
99-29+ 6.443 6.396 6.425 6.436 6.451 6.464
99-30 6.419 6.381 6.404 6.413 6.425 6.435
99-30+ 6.394 6.366 6.383 6.390 6.399 6.407
99-31 6.370 6.351 6.363 6.367 6.373 6.378
99-31+ 6.346 6.336 6.342 6.344 6.347 6.350
100-00 6.321 6.321 6.321 6.321 6.321 6.321
100-00+ 6.297 6.307 6.301 6.298 6.295 6.293
100-01 6.272 6.292 6.280 6.275 6.269 6.264
100-01+ 6.248 6.277 6.259 6.253 6.243 6.236
100-02 6.224 6.262 6.238 6.230 6.217 6.207
100-02+ 6.199 6.247 6.218 6.207 6.191 6.179
100-03 6.175 6.232 6.197 6.184 6.165 6.150
100-03+ 6.151 6.217 6.176 6.161 6.139 6.122
100-04 6.126 6.203 6.156 6.138 6.114 6.093
100-04+ 6.102 6.188 6.135 6.116 6.088 6.065
100-05 6.078 6.173 6.114 6.093 6.062 6.036
100-05+ 6.053 6.158 6.094 6.070 6.036 6.008
100-06 6.029 6.143 6.073 6.047 6.010 5.980
100-06+ 6.005 6.129 6.052 6.024 5.984 5.951
100-07 5.980 6.114 6.032 6.002 5.958 5.923
100-07+ 5.956 6.099 6.011 5.979 5.932 5.895
First Payment 0.042 0.042 0.042 0.042 0.042 0.042
Average Life 0.678 1.132 0.801 0.724 0.635 0.577
Last Payment 1.375 2.208 1.625 1.458 1.292 1.208
Mod. Dur. @ 100-00 0.639 1.049 0.752 0.681 0.600 0.547
Accrued Interest 0.260 0.260 0.260 0.260 0.260 0.260
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER, IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER. PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
6
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
BOND A2 AAA CLASS TO CALL/MATURITY
CURRENT BALANCE: $42,000,000.00
ORIGINAL BALANCE: $42,000,000.00
DATED DATE: 11/30/99
FIRST PAYMENT: 12/15/99
YIELD TABLE DATE: 11/30/99
BOND A2 BE-YIELD TABLE
PREPAYMENT SPEED
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
1.50% 0.00% 1.00% 1.30% 1.70% 2.00%
PRICE ABS ABS ABS ABS ABS ABS
99-24 6.837 6.800 6.820 6.830 6.845 6.859
99-24+ 6.828 6.794 6.813 6.821 6.836 6.849
99-25 6.820 6.788 6.805 6.813 6.827 6.839
99-25+ 6.811 6.781 6.798 6.805 6.818 6.829
99-26 6.803 6.775 6.790 6.797 6.809 6.819
99-26+ 6.795 6.769 6.783 6.789 6.800 6.810
99-27 6.786 6.763 6.776 6.781 6.791 6.800
99-27+ 6.778 6.757 6.768 6.773 6.782 6.790
99-28 6.769 6.751 6.761 6.765 6.773 6.780
99-28+ 6.761 6.745 6.753 6.757 6.764 6.770
99-29 6.752 6.738 6.746 6.749 6.755 6.760
99-29+ 6.744 6.732 6.739 6.741 6.746 6.751
99-30 6.735 6.726 6.731 6.733 6.737 6.741
99-30+ 6.727 6.720 6.724 6.725 6.728 6.731
99-31 6.718 6.714 6.716 6.717 6.719 6.721
99-31+ 6.710 6.708 6.709 6.709 6.710 6.711
100-00 6.701 6.702 6.702 6.702 6.701 6.701
100-00+ 6.693 6.695 6.694 6.694 6.693 6.692
100-01 6.685 6.689 6.687 6.686 6.684 6.682
100-01+ 6.676 6.683 6.679 6.678 6.675 6.672
100-02 6.668 6.677 6.672 6.670 6.666 6.662
100-02+ 6.659 6.671 6.665 6.662 6.657 6.652
100-03 6.651 6.665 6.657 6.654 6.648 6.643
100-03+ 6.642 6.659 6.650 6.646 6.639 6.633
100-04 6.634 6.652 6.642 6.638 6.630 6.623
100-04+ 6.626 6.646 6.635 6.630 6.621 6.613
100-05 6.617 6.640 6.628 6.622 6.612 6.603
100-05+ 6.609 6.634 6.620 6.614 6.603 6.594
100-06 6.600 6.628 6.613 6.606 6.594 6.584
100-06+ 6.592 6.622 6.605 6.598 6.585 6.574
100-07 6.583 6.616 6.598 6.590 6.576 6.564
100-07+ 6.575 6.610 6.591 6.582 6.567 6.555
First Payment 1.375 2.208 1.625 1.458 1.292 1.208
Average Life 2.043 2.886 2.357 2.170 1.919 1.741
Last Payment 2.875 3.542 3.208 2.958 2.708 2.458
Mod.Dur. @ 100-00 1.845 2.539 2.107 1.951 1.740 1.588
Accrued Interest 0.275 0.275 0.275 0.275 0.275 0.275
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
BOND A3 AAA CLASS TO CALL
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOU PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
CURRENT BALANCE: $18,197,000.00
ORIGINAL BALANCE: $18,197,000.00
DATED DATE: 11/30/99
FIRST PAYMENT: 12/15/99
YIELD TABLE DATE: 11/30/99
BOND A3 BE-YIELD TABLE TO CALL
PREPAYMENT SPEED
<TABLE>
<CAPTION>
1.50% 0.00% 1.00% 1.30% 1.70% 2.00%
PRICE ABS ABS ABS ABS ABS ABS
<S> <C> <C> <C> <C> <C> <C>
99-24 7.047 7.029 7.038 7.042 7.053 7.062
99-24+ 7.041 7.024 7.032 7.037 7.046 7.055
99-25 7.035 7.019 7.027 7.031 7.040 7.048
99-25+ 7.029 7.014 7.021 7.025 7.033 7.041
99-26 7.023 7.009 7.016 7.019 7.027 7.034
99-26+ 7.016 7.004 7.010 7.013 7.020 7.027
99-27 7.010 6.999 7.004 7.007 7.014 7.020
99-27+ 7.004 6.994 6.999 7.001 7.007 7.012
99-28 6.998 6.989 6.993 6.995 7.001 7.005
99-28+ 6.992 6.984 6.988 6.989 6.994 6.998
99-29 6.985 6.979 6.982 6.984 6.987 6.991
99-29+ 6.979 6.973 6.976 6.978 6.981 6.984
99-30 6.973 6.968 6.971 6.972 6.974 6.977
99-30+ 6.967 6.963 6.965 6.966 6.968 6.970
99-31 6.961 6.958 6.960 6.960 6.961 6.963
99-31+ 6.955 6.953 6.954 6.954 6.955 6.955
100-00 6.948 6.948 6.948 6.948 6.948 6.948
100-00+ 6.942 6.943 6.943 6.942 6.942 6.941
100-01 6.936 6.938 6.937 6.937 6.935 6.934
100-01+ 6.930 6.933 6.932 6.931 6.929 6.927
100-02 6.917 6.923 6.920 6.919 6.916 6.913
100-03 6.911 6.918 6.915 6.913 6.909 6.906
100-03+ 6.905 6.913 6.909 6.907 6.903 6.898
100-04 6.899 6.908 6.904 6.901 6.896 6.891
100-04+ 6.893 6.903 6.898 6.896 6.890 6.884
100-05 6.887 6.898 6.892 6.890 6.883 6.877
100-05+ 6.880 6.893 6.887 6.884 6.877 6.870
100-06 6.874 6.888 6.881 6.878 6.870 6.863
100-06+ 6.868 6.883 6.876 6.872 6.864 6.856
100-07 6.862 6.878 6.870 6.866 6.857 6.849
100-07+ 6.856 6.873 6.865 6.860 6.851 6.842
First Payment 2.875 3.542 3.208 2.958 2.708 2.458
Average Life 2.875 3.624 3.208 3.040 2.708 2.458
Last Payment 2.875 3.625 3.208 3.042 2.708 2.458
Mod.Dur. @100-00 2.523 3.103 2.784 2.653 2.390 2.187
Accrued Interest 0.285 0.285 0.285 0.285 0.285 0.285
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
8
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
BOND A3 AAA CLASS TO MATURITY
CURRENT BALANCE: $18,197,000.00
ORIGINAL BALANCE: $18,197,000.00
DATED DATE: 11/30/99
FIRST PAYMENT: 12/15/99
YIELD TABLE DATE: 11/30/99
BOND A3 BE-YIELD TABLE TO MATURITY
PREPAYMENT SPEED
<TABLE>
<CAPTION>
1.50% 0.00% 1.00% 1.30% 1.70% 2.00%
PRICE ABS ABS ABS ABS ABS ABS
<S> <C> <C> <C> <C> <C> <C>
99-24 7.034 7.024 7.028 7.031 7.038 7.046
99-24+ 7.029 7.019 7.023 7.026 7.032 7.040
99-25 7.023 7.014 7.018 7.021 7.027 7.034
99-25+ 7.018 7.010 7.013 7.016 7.021 7.028
99-26 7.013 7.005 7.008 7.010 7.015 7.022
99-26+ 7.007 7.000 7.003 7.005 7.010 7.016
99-27 7.002 6.995 6.998 7.000 7.004 7.009
99-27+ 6.996 6.991 6.993 6.995 6.999 7.003
99-28 6.991 6.986 6.988 6.990 6.993 6.997
99-28+ 6.986 6.981 6.983 6.985 6.987 6.991
99-29 6.980 6.977 6.978 6.979 6.982 6.985
99-29+ 6.975 6.972 6.973 6.974 6.976 6.979
99-30 6.970 6.967 6.968 6.969 6.971 6.973
99-30+ 6.964 6.962 6.963 6.964 6.965 6.967
99-31 6.959 6.958 6.958 6.959 6.960 6.961
99-31+ 6.954 6.953 6.953 6.954 6.954 6.954
100-00 6.948 6.948 6.948 6.948 6.948 6.948
100-00+ 6.943 6.944 6.943 6.943 6.943 6.942
100-01 6.938 6.939 6.938 6.938 6.937 6.936
100-01+ 6.932 6.934 6.933 6.933 6.932 6.930
100-02 6.927 6.930 6.928 6.928 6.926 6.924
100-02+ 6.922 6.925 6.923 6.923 6.920 6.918
100-03 6.916 6.920 6.919 6.917 6.915 6.912
100-03+ 6.911 6.915 6.914 6.912 6.909 6.906
100-04 6.906 6.911 6.909 6.907 6.904 6.900
100-04+ 6.900 6.906 6.904 6.902 6.898 6.893
100-05 6.895 6.901 6.899 6.897 6.893 6.887
100-05+ 6.890 6.897 6.894 6.892 6.887 6.881
100-06 6.884 6.892 6.889 6.886 6.881 6.875
100-06+ 6.879 6.887 6.884 6.881 6.876 6.869
100-07 6.874 6.883 6.879 6.876 6.870 6.863
100-07+ 6.868 6.878 6.874 6.871 6.865 6.857
First Payment 2.875 3.542 3.208 2.958 2.708 2.458
Average Life 3.387 3.906 3.661 3.516 3.224 2.917
Last Payment 4.542 4.542 4.542 4.542 4.542 4.125
Mod.Dur. @ 100-00 2.918 3.312 3.128 3.017 2.793 2.553
Accrued Interest 0.285 0.285 0.285 0.285 0.285 0.285
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
9
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
________________________________________________________________________________
- PEOPLEFIRST 99-1
- Cut Off Date of Tape is 10/31/99
- $78,830,610.41
- Auto Loan Summary Report
- -------------------------------------------------------------------------------
Number of Auto Loans: 4,742
Aggregate Unpaid Principal Balance: $78,830,610.41
Aggregate Original Principal Balance: $90,369,879.85
Weighted Average Gross Coupon: 7.204%
Gross Coupon Range: 6.740% - 8.300%
- -------------------------------------------------------------------------------
Average Unpaid Principal Balance: $16,623.92
Average Original Principal Balance: $19,057.33
Maximum Unpaid Principal Balance: $71,580.54
Minimum Unpaid Principal Balance: $3,432.25
Maximum Original Principal Balance: $75,000.00
Minimum Original Principal Balance: $6,000.00
Weighted Avg. Rem. Term: 48.721
Computed Rem Term Range: 9.000 - 59.000
Weighted Average Age (Original Term - Rem Term): 7.015
Age Range: 1.000 - 15.000
Weighted Average Original Term: 55.735
Original Term Range: 12.000 - 60.000
Weighted Average Borrower FICO: 761.396
Borrower FICO Range: 656.000 - 851.000
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
10
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Auto Principal Principal
State Loans Balance Balance
<S> <C> <C> <C>
AL 62 $ 1,047,169.98 1.33
AR 44 $ 697,698.22 .89
AZ 112 $ 1,937,189.12 2.46
CA 1,162 $20,952,623.08 26.58
CO 115 $ 1,786,969.88 2.27
CT 108 $ 1,707,748.20 2.17
DC 4 $ 63,435.75 .08
FL 244 $ 3,890,410.21 4.94
GA 159 $ 2,600,689.69 3.30
IA 37 $ 527,307.50 .67
ID 24 $ 395,251.22 .50
IN 56 $ 747,845.64 .95
KS 71 $ 1,222,337.61 1.55
KY 41 $ 684,125.41 .87
MA 162 $ 2,580,367.84 3.27
MD 15 $ 226,614.77 .29
ME 17 $ 239,673.49 .30
MI 132 $ 2,027,209.86 2.57
MN 98 $ 1,596,835.24 2.03
MO 104 $ 1,562,807.80 1.98
MT 19 $ 373,464.01 .47
NC 91 $ 1,404,315.60 1.78
NE 35 $ 505,890.93 .64
NJ 209 $ 3,844,226.55 4.88
NM 38 $ 511,849.10 .65
NY 376 $ 5,981,809.32 7.59
OH 189 $ 2,810,467.49 3.57
OK 25 $ 397,967.86 .50
OR 95 $ 1,551,467.55 1.97
RI 2 $ 19,262.67 .02
SC 26 $ 396,194.24 .50
TN 9 $ 144,323.54 .18
TX 416 $ 7,497,134.77 9.51
UT 16 $ 221,459.77 .28
VA 153 $ 2,292,424.56 2.91
WA 167 $ 2,868,705.15 3.64
WI 84 $ 1,129,678.48 1.43
WV 25 $ 385,658.31 .49
- -------------------------------------------------------------------------
Total.............. 4,742 $78,830,610.41 100.00%
- -------------------------------------------------------------------------
</TABLE>
COLLATERAL TYPE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Auto Principal Principal
Collateral Type Loans Balance Balance
<S> <C> <C> <C>
New 2,520 $48,512,530.69 61.54
Used 1,015 $13,819,324.82 17.53
Other 1,207 $16,498,754.90 20.93
- ----------------------------------------------------------------------------
Total................ 4,742 $78,830,610.41 100.00%
- ----------------------------------------------------------------------------
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
CURRENT AUTO LOAN AMOUNT
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Current Auto Principal Principal
Auto Loan Amt. Loans Balance Balance
<S> <C> <C> <C> <C>
0.01 - 5,000.00 34 $ 147,691.42 .19
5,000.01 - 10,000.00 855 $ 6,850,581.70 8.69
10,000.01 - 15,000.00 1,372 $17,280,069.52 21.92
15,000.01 - 20,000.00 1,210 $20,926,082.67 26.55
20,000.01 - 25,000.00 690 $15,412,623.42 19.55
25,000.01 - 30,000.00 328 $ 8,960,101.01 11.37
30,000.01 - 35,000.00 145 $ 4,664,763.61 5.92
35,000.01 - 40,000.00 50 $ 1,861,182.75 2.36
40,000.01 - 45,000.00 34 $ 1,439,570.90 1.83
45,000.01 - 50,000.00 12 $ 574,034.26 .73
50,000.01 and greater 12 $ 713,909.15 .91
- --------------------------------------------------------------------------------
Total.............. 4,742 $78,830,610.41 100.00%
================================================================================
</TABLE>
INTEREST RATE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Annual Percentage Auto Principal Principal
Rate Range Loans Balance Balance
<S> <C> <C> <C> <C>
6.501 - 6.750 235 $ 4,130,632.31 5.24
6.751 - 7.000 2,007 $39,595,625.83 50.23
7.001 - 7.250 365 $ 5,980,458.07 7.59
7.251 - 7.500 1,044 $14,441,241.88 18.32
7.501 - 7.750 853 $11,662,267.66 14.79
7.751 - 8.000 144 $ 1,864,568.54 2.37
8.001 - 8.250 88 $ 1,067,382.29 1.35
8.251 - 8.500 6 $ 88,433.83 .11
- --------------------------------------------------------------------------------
Total.............. 4,742 $78,830,610.41 100.00%
================================================================================
</TABLE>
REMAINING TERM
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Auto Principal Principal
Remaining Term Loans Balance Balance
<S> <C> <C> <C> <C>
7 - 12 12 $ 72,461.61 .09
13 - 18 20 $ 181,402.04 .23
19 - 24 101 $ 889,872.36 1.13
25 - 30 223 $ 2,427,133.12 3.08
31 - 36 382 $ 4,645,253.14 5.89
37 - 42 479 $ 6,813,547.35 8.64
43 - 48 951 $14,845,937.17 18.83
49 - 54 1,373 $25,417,522.91 32.24
55 - 60 1,201 $23,537,480.71 29.86
- --------------------------------------------------------------------------------
Total.............. 4,742 $78,830,610.41 100.00%
================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
12
<PAGE>
Preliminary Background Information for
PeopleFirst.com Auto Receivables Owner Trust
Asset-Backed Notes, Series 1999-1
REMAINING TERM
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Auto Principal Principal
Original Term Loans Balance Balance
<S> <C> <C> <C> <C>
7 - 12 1 $ 11,375.09 .01
13 - 18 2 $ 11,401.16 .01
19 - 24 44 $ 400,491.60 .51
25 - 30 14 $ 118,395.34 .15
31 - 36 462 $ 5,167,334.62 6.55
37 - 42 56 $ 562,573.06 .71
43 - 48 1,047 $14,875,891.68 18.87
49 - 54 34 $ 455,391.98 .58
55 - 60 3,082 $57,227,755.88 72.60
- --------------------------------------------------------------------------------
Total.............. 4,742 $78,830,610.41 100.00%
================================================================================
</TABLE>
LOAN PURPOSE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Auto Principal Principal
Loan Purpose Loans Balance Balance
<S> <C> <C> <C>
LBO 444 $ 5,948,919.54 7.55
New 2,520 $48,512,530.69 61.54
ReFi 763 $10,549,835.36 13.38
Used 1,015 $13,819,324.82 17.53
- --------------------------------------------------------------------------------
Total.............. 4,742 $78,830,610.41 100.00%
================================================================================
</TABLE>
Further Banking: Jonathan C. Clark (212-778-2960), John J. Kim (212-
778-1833),
Information: Caroline Owen (212-778-8038)
Trading: Greg Richter or Rob Karr (212-778-2741)
FSG: Lina Hsu (212-778-1451), Martha Slater (212-778-8261),
Wendy Liu (212-778-4876)
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED ADVISOR
IMMEDIATELY.
13
