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- ---------------- U.S. SECURITIES AND EXCHANGE COMMISSION ----------------------------
|F O R M 3| Washington, D.C. 20549 | OMB APPROVAL |
- ---------------- |--------------------------|
INITIAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |OMB Number 3235-0104|
|Expires: September 30,1998|
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, |Estimated ave. burden |
Section 17(a) of the Public Utility Holding Company Act of 1935 or |hours per response.....0.5|
(Print or Type Respones) Section 30(f) of the Investment Company Act 1940 ----------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
|1.Name and Address of Reporting Person* |2.Date of Event |4.Issuer Name and Ticker or Trading Symbol |
| | Requiring Statement | |
| PACIFIC SOUTHWEST BANK (1) | (Month/Day/Year) | MONACO FINANCE, INC. (MONFA) |
|----------------------------------------| |-----------------------------------------------------------------|
| (Last) (First) (MI)| |5.Relationship of Reporting Person to |6.If Amendment, Date of |
| | 03/04/1998 | Issuer (Check all Applicable) | Original (Mon/Day/Year)|
| | | | |
| 800 NORTH SHORELINE BLVD. |-----------------------| Director X 10% Owner | / / |
| SOUTH TOWER SUITE 200 |3.IRS or Soc. Sec. No. |--- --- |-------------------------|
|----------------------------------------| of Reporting Person | |7.Individual or Joint/ |
| (Street) | (Voluntary) | Officer Other | Group Filing |
| | |---(give title below)---(Specify below)| (Check Applicable Line)|
| | | | Form filed by One |
| | | |--- Reporting Person |
| | | | X Form filed by More |
| CORPUS CHRISTI TX 78401 | | |--- than Reporting Person|
|----------------------------------------------------------------------------------------------------------------------------------|
| (City) (State) (Zip) | TABLE I - Non-Derivative Securities Beneficially Owned |
|----------------------------------------------------------------------------------------------------------------------------------|
|1.Title of Security (Instr. 4) |2.Amount of Securities |3.Ownership |4.Nature of Indirect Beneficial |
| | Beneficially Owned | Form: | Ownership (Instr. 5) |
| | (Instr. 4) | Direct (D) | |
| | | or Indirect | |
| | | (I)(Instr.5)| |
|------------------------------------------|-----------------------------|--------------|------------------------------------------|
|<S> |<C> |<C> |<C> |
|------------------------------------------|-----------------------------|--------------|------------------------------------------|
| Class A Common Stock | 811,152 | I |(2) |
| | | | |
|----------------------------------------------------------------------------------------------------------------------------------|
Reminder: Report on a separate line for each class securities owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 5(b)(v).
(Over)
Potential persons who are to respond to the collection of information conatined in this form are not required SEC 1473 (7-97)
to respond unless the form displays a currently valid OMB control number.
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FORM 3 (continued) TABLE II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible security)
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|1.Title of Derivative |2.Date Exercisable |3.Title and Amount of Underlying |4.Conversion |5.Ownership|6.Nature of |
| Security (Instr. 4) | and Expiration | Derivative Security (Instr. 4) | or | Form of | Indirect |
| | Date | | Exercise | Deriv- | Beneficial |
| | (Month/Day/Year) | | Price of | ative | Ownership |
| |----------------------|--------------------------------------| Derivative | Security:| (Instr. 5) |
| |Date |Expiration| |Amount or| Security | Direct | |
| |Exercisable|Date | Title |Number | | (D) or | |
| | | | |of Shares| | Indirect | |
| | | | | | | (I) | |
| | | | | | | (Instr.5)| |
|--------------------------|-----------|----------|----------------------------|---------|-------------|-----------|---------------|
|<S> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |
|--------------------------|-----------|----------|----------------------------|---------|-------------|-----------|---------------|
| 8% Cumulative Convertible| (3) | (3) | Class A Common Stock |1,216,728|(3) |(2) |(2) |
| Preferred Stock, Series | / / | / / | | | | | |
| 1998-1 | | | | | | | |
|----------------------------------------------------------------------------------------------------------------------------------|
Explanation of Responses:
(1) Designated Filer. See attached Supplement A for group beneficial owners.
(2) The shares are owned directly by First CF Corp., which is a wholly owned subsidiary of Pacific Southwest Bank, which is a
wholly owned subsidiary of Pacific Financial Group, Inc.
(3) See attached Supplement B.
* See attached Signature Page for remainder of group beneficial owners.
**Intentional misstatements or omissions of facts constitute Federal /s/ Gerald Hartman*, Chief Executive Officer 03/31/1998
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). -------------------------------------------- ----------
**Signature of Reporting Person Date
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number. PAGE: 2
SEC 1473 (7-97)
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SUPPLEMENT A TO FORM 3
Form 3 Statement, March 1998
Name of Reporting Person Name of Issuer
- --------------------------- ----------------
Pacific Southwest Bank Monaco Finance, Inc.; MONFA
Pacific Southwest Bank
800 North Shoreline Blvd.
Suite 200 South Tower
Corpus Christi, Texas 78401
Tax ID No.: 74-2520389
Pacific Financial Group, Inc.
c/o The Corporation Trust Company
Corporation Trust Center
1209 Orange Street
Wilmington, Delaware 19801
Tax ID No.: 51-0350769
First CF Corp.
4144 North Central Expressway, Suite 106
Dallas, Texas 75204
Tax ID No.: 75-2672933
<PAGE>
SUPPLEMENT B TO FORM 3
Form 3 Statement, March 1998
Name of Reporting Person Name of Issuer
- ------------------------ --------------
Pacific Southwest Bank Monaco Finance, Inc.; MONFA
Pacific USA Holdings Corp. ("Pacific"), Pacific Electric Wire & Cable Co.,
Ltd. ("Pacific Electric"), Consumer Finance Holdings, Inc. ("Consumer"),
Pacific Financial Group, Inc. ("Pacific Financial"), Pacific Southwest Bank
("PSB"), and First CF Corp. ("First CF") are referred to below in this
supplement B to Form 3 Pacific, Consumer, Pacific Financial, PSB, and First CF
are directly or indirectly wholly owned by Pacific Electric.
Pursuant to the terms of an Amended and Restated Asset Purchase Agreement,
dated January 8, 1998, by and among Monaco, Pacific, PSB, NAFCO Holding Company
LLC, a Delaware limited liability company and wholly owned subsidiary of Pacific
("NAFCO"), and Advantage Funding Group, Inc., a Delaware corporation and
partially owned subsidiary of Pacific (the "Purchase Agreement"), Pacific sold
to Monaco sub-prime automobile loans having an unpaid principal balance of
$81,115,232.89, consisting of the following loans: (1) Loans with a
$59,211,732.89 principal balance owned by NAFCO and (2) Loans with a
$21,903,500.00 principal balance owned by Advantage. In exchange for the loans,
Monaco paid $77,870,623.60, of which $73,003,709.60 was paid in cash. Monaco
paid the remaining $4,866,914 by issuing to Pacific 2,433,457 shares of Monaco's
8% Cumulative Convertible Preferred Stock, Series 1998-1 valued at $2.00 per
share. Each share of Preferred Stock is convertible at any time into one-half
share of Class A Common Stock, or an aggregate of up to 1,216,728 shares of
Class A Common Stock. Such shares of Preferred Stock will be held by PSB's
wholly owned subsidiary, First CF.
Also, pursuant to the terms of the Purchase Agreement, PSB entered in to a
Loan Loss Reimbursement Agreement whereby PSB agreed to reimburse Monaco for up
to 15% of certain losses incurred by Monaco in connection with the loans
acquired from NAFCO and Advantage. In consideration therefor, Monaco paid PSB
an amount equal to 2% of the principal amount of the acquired loans in the form
of 811,152 shares of Class A Common Stock, valued at $2.00 per share. Such
shares of Class A Common Stock will be held by PSB's wholly owned subsidiary,
First CF.
Also, pursuant to the terms of the Purchase Agreement, Monaco may be
obligated to make additional payments to NAFCO based on the performance of
certain other assets acquired from NAFCO and the results of operations, if any,
with loan originators previously associated with NAFCO. If there are any
pre-tax earnings associated with these assets and/or operations for calendar
years 1998 and 1999, Monaco is obligated to pay NAFCO amounts equal to two and
one-half (2-1/2) times such pre-tax earnings in the form of shares of Monaco's
Class A Common Stock valued at the average daily closing price of such stock on
the Nasdaq Stock Market for the last ten days of such calendar year. The number
of shares of Class A Common Stock which Monaco may be required to issue to NAFCO
pursuant to these agreements cannot be determined at present.
<PAGE>
FORM 3 ADDITIONAL SIGNATURES
Form 3 Statement, March 1998
Name of Reporting Person Name of Issuer
- ------------------------ ----------------
Pacific Southwest Bank Monaco Finance, Inc.; MONFA
Dated: March 31, 1997
PACIFIC FINANCIAL GROUP, INC.
By: /s/ Sun Tao-Tsun
--------------------
Sun Tao-Tsun
Chief Executive Officer
FIRST CF CORP.
By: /s/ Bobby Hashaway
------------------------
Bobby Hashaway
Chief Executive Officer
