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) June 18, 1997
The Money Store Inc. (as Representative) and TMS
Auto Holdings, Inc. (as Seller) under a Sale and
Servicing Agreement dated as of May 31, 1997 in
connection with the issuance by The Money Store
Auto Trust 1997-2 of Asset Backed Notes and Asset
Backed Certificates.
TMS Auto Holdings,Inc.
The Money Store Inc.
(Exact name of registrant as specified in its charter)
Delaware 22-3405381
New Jersey 333-14075 22-2293022
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) ID Number)
2840 Morris Avenue, Union, New Jersey 07083
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (908) 686-2000
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
Computational Materials (as defined below) of Smith Barney Inc. and Merrill
Lynch, Pierce, Fenner & Smith Incorporated in connection with the issuance by
The Money Store Auto Trust 1997-2 of Asset Backed Notes and Asset Backed
Certificates. The term "Computational Materials" shall have the meaning given in
the No-Action Letter of May 20, 1994 issued by the Securities and Exchange
Commission (the "SEC") to Kidder, Peabody Acceptance Corporation I, Kidder,
Peabody & Co. Incorporated and Kidder Structured Asset Corporation, as
supplemented in the No-Action Letter of February 17, 1995 issued by the SEC to
the Public Securities Association.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(c) Exhibits
Exhibit No.
99.1 Computational Materials of Smith Barney Inc.
99.2 Computational Materials of Merrill Lynch, Pierce, Fenner
& Smith Incorporated
<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 thereunto duly authorized.
THE MONEY STORE INC., Representative
TMS AUTO HOLDINGS, INC., Seller
By: /s/ Morton Dear
Name: Morton Dear
Title: Executive Vice President of The
Money Store Inc. and TMS Auto
Holdings, Inc.
Dated: June 18, 1997
<PAGE>
EXHIBIT INDEX
Exhibit Description of Exhibit
99.1 Computational Materials of Smith Barney Inc.
99.2 Computational Materials of Merrill Lynch, Pierce,
Fenner & Smith Incorporated
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY, AND THIS
INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES LAWS, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY SMITH BARNEY INC.
OR ANY AFFILIATE. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, LOSSES AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. SMITH BARNEY INC., AND ANY OF ITS AFFILIATES, MAKE NO
REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF
THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR UNDERLYING ASSETS, THE INFORMATION CONTAINED IN
THE OFFERING DOCUMENT).
<TABLE>
<CAPTION>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE OR
INITIAL CERTIFICATE BALANCE AT VARIOUS ABS PERCENTAGES
Class A-1 Notes Class A-2 Notes
Distribution 0.5% 1.0% 1.7% 2.5% 0.5% 1.0% 1.7% 2.5%
---- ----
Date
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Closing 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Date
07/20/97 ........ 97.99% 97.51% 96.83% 96.03% 100.00% 100.00% 100.00% 100.00%
08/20/97 ........ 95.62% 94.62% 93.20% 91.52% 100.00% 100.00% 100.00% 100.00%
09/20/97 ........ 92.83% 91.26% 89.01% 86.37% 100.00% 100.00% 100.00% 100.00%
10/20/97 ........ 89.62% 87.42% 84.27% 80.59% 100.00% 100.00% 100.00% 100.00%
11/20/97 ........ 86.40% 83.60% 79.59% 74.90% 100.00% 100.00% 100.00% 100.00%
12/20/97 ........ 83.20% 79.81% 74.97% 69.31% 100.00% 100.00% 100.00% 100.00%
01/20/98 ........ 79.99% 76.04% 70.41% 63.81% 100.00% 100.00% 100.00% 100.00%
02/20/98 ........ 77.23% 72.64% 66.08% 58.42% 100.00% 100.00% 100.00% 100.00%
03/20/98 ........ 74.84% 69.70% 62.37% 53.79% 100.00% 100.00% 100.00% 100.00%
04/20/98 ........ 72.44% 66.77% 58.69% 49.25% 100.00% 100.00% 100.00% 100.00%
05/20/98 ........ 70.02% 63.85% 55.06% 44.78% 100.00% 100.00% 100.00% 100.00%
06/20/98 ........ 67.60% 60.95% 51.47% 40.39% 100.00% 100.00% 100.00% 100.00%
07/20/98 ........ 65.17% 58.06% 47.92% 36.07% 100.00% 100.00% 100.00% 100.00%
08/20/98 ........ 62.72% 55.17% 44.42% 31.84% 100.00% 100.00% 100.00% 100.00%
09/20/98 ........ 60.27% 52.31% 40.96% 27.69% 100.00% 100.00% 100.00% 100.00%
10/20/98 ........ 57.81% 49.45% 37.55% 23.63% 100.00% 100.00% 100.00% 100.00%
11/20/98 ........ 55.33% 46.61% 34.18% 19.66% 100.00% 100.00% 100.00% 100.00%
12/20/98 ........ 52.85% 43.79% 30.87% 15.77% 100.00% 100.00% 100.00% 100.00%
01/20/99 ........ 50.36% 40.97% 27.61% 11.98% 100.00% 100.00% 100.00% 100.00%
02/20/99 ........ 47.86% 38.18% 24.40% 8.29% 100.00% 100.00% 100.00% 100.00%
03/20/99 ........ 45.34% 35.40% 21.24% 4.69% 100.00% 100.00% 100.00% 100.00%
04/20/99 ........ 42.82% 32.64% 18.14% 1.20% 100.00% 100.00% 100.00% 100.00%
05/20/99 ........ 40.29% 29.90% 15.10% 0.00% 100.00% 100.00% 100.00% 94.20%
06/20/99 ........ 37.75% 27.17% 12.11% 0.00% 100.00% 100.00% 100.00% 85.50%
07/20/99 ........ 35.19% 24.47% 9.19% 0.00% 100.00% 100.00% 100.00% 77.10%
08/20/99 ........ 32.63% 21.78% 6.32% 0.00% 100.00% 100.00% 100.00% 68.99%
09/20/99 ........ 30.06% 19.11% 3.53% 0.00% 100.00% 100.00% 100.00% 61.18%
10/20/99 ........ 27.48% 16.47% 0.79% 0.00% 100.00% 100.00% 100.00% 53.68%
11/20/99 ........ 24.89% 13.85% 0.00% 0.00% 100.00% 100.00% 95.05% 46.49%
12/20/99 ........ 22.28% 11.25% 0.00% 0.00% 100.00% 100.00% 88.18% 39.63%
01/20/00 ........ 19.67% 8.67% 0.00% 0.00% 100.00% 100.00% 81.49% 33.11%
02/20/00 ........ 17.05% 6.12% 0.00% 0.00% 100.00% 100.00% 75.01% 26.93%
03/20/00 ........ 14.43% 3.59% 0.00% 0.00% 100.00% 100.00% 68.71% 21.09%
04/20/00 ........ 11.79% 1.09% 0.00% 0.00% 100.00% 100.00% 62.62% 15.62%
05/20/00 ........ 9.14% 0.00% 0.00% 0.00% 100.00% 96.35% 56.74% 10.51%
06/20/00 ........ 6.48% 0.00% 0.00% 0.00% 100.00% 89.88% 51.08% 5.78%
07/20/00 ........ 3.82% 0.00% 0.00% 0.00% 100.00% 83.49% 45.63% 1.44%
08/20/00 ........ 1.14% 0.00% 0.00% 0.00% 100.00% 77.18% 40.40% 0.00%
09/20/00 ........ 0.00% 0.00% 0.00% 0.00% 95.92% 70.94% 35.41% 0.00%
10/20/00 ........ 0.00% 0.00% 0.00% 0.00% 88.79% 64.80% 30.65% 0.00%
11/20/00 ........ 0.00% 0.00% 0.00% 0.00% 81.65% 58.74% 26.14% 0.00%
12/20/00 ........ 0.00% 0.00% 0.00% 0.00% 74.48% 52.77% 21.88% 0.00%
01/20/01 ........ 0.00% 0.00% 0.00% 0.00% 67.29% 46.89% 17.87% 0.00%
02/20/01 ........ 0.00% 0.00% 0.00% 0.00% 60.08% 41.10% 14.12% 0.00%
03/20/01 ........ 0.00% 0.00% 0.00% 0.00% 52.84% 35.42% 10.64% 0.00%
04/20/01 ........ 0.00% 0.00% 0.00% 0.00% 45.59% 29.83% 7.44% 0.00%
05/20/01 ........ 0.00% 0.00% 0.00% 0.00% 38.31% 24.35% 4.52% 0.00%
06/20/01 ........ 0.00% 0.00% 0.00% 0.00% 31.02% 18.98% 1.89% 0.00%
07/20/01 ........ 0.00% 0.00% 0.00% 0.00% 23.70% 13.71% 0.00% 0.00%
08/20/01 ........ 0.00% 0.00% 0.00% 0.00% 16.36% 8.57% 0.00% 0.00%
09/20/01 ........ 0.00% 0.00% 0.00% 0.00% 9.00% 3.53% 0.00% 0.00%
10/20/01 ........ 0.00% 0.00% 0.00% 0.00% 1.63% 0.00% 0.00% 0.00%
11/20/01 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
12/20/01 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
01/20/02 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
02/20/02 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
03/20/02 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Avg. 1.619 1.384 1.114 0.892 3.806 3.58 3.096 2.434
Life
(years)
- ----------------------
(1) The weighted average life of a Security is determined by (i)
multiplying the amount of each principal payment on a Security by the
number of years from the date of the issuance of the Security to the
related Distribution Date, (ii) adding the results and (iii) dividing
the sum by the related initial principal amount of the Security.
</TABLE>
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE OR
INITIAL CERTIFICATE BALANCE AT VARIOUS ABS PERCENTAGES
Certificates
----------------------------------------------
Distribution 0.5% 1.0% 1.7% 2.5%
Date
Closing 100.00% 100.00% 100.00% 100.00%
Date
07/20/97......... 100.00% 100.00% 100.00% 100.00%
08/20/97......... 100.00% 100.00% 100.00% 100.00%
09/20/97......... 100.00% 100.00% 100.00% 100.00%
10/20/97......... 100.00% 100.00% 100.00% 100.00%
11/20/97......... 100.00% 100.00% 100.00% 100.00%
12/20/97......... 100.00% 100.00% 100.00% 100.00%
01/20/98......... 100.00% 100.00% 100.00% 100.00%
02/20/98......... 100.00% 100.00% 100.00% 100.00%
03/20/98......... 100.00% 100.00% 100.00% 100.00%
04/20/98......... 100.00% 100.00% 100.00% 100.00%
05/20/98......... 100.00% 100.00% 100.00% 100.00%
06/20/98......... 100.00% 100.00% 100.00% 100.00%
07/20/98......... 100.00% 100.00% 100.00% 100.00%
08/20/98......... 100.00% 100.00% 100.00% 100.00%
09/20/98......... 100.00% 100.00% 100.00% 100.00%
10/20/98......... 100.00% 100.00% 100.00% 100.00%
11/20/98......... 100.00% 100.00% 100.00% 100.00%
12/20/98......... 100.00% 100.00% 100.00% 100.00%
01/20/99......... 100.00% 100.00% 100.00% 100.00%
02/20/99......... 100.00% 100.00% 100.00% 100.00%
03/20/99......... 100.00% 100.00% 100.00% 100.00%
04/20/99......... 100.00% 100.00% 100.00% 100.00%
05/20/99......... 100.00% 100.00% 100.00% 100.00%
06/20/99......... 100.00% 100.00% 100.00% 100.00%
07/20/99......... 100.00% 100.00% 100.00% 100.00%
08/20/99......... 100.00% 100.00% 100.00% 100.00%
09/20/99......... 100.00% 100.00% 100.00% 100.00%
10/20/99......... 100.00% 100.00% 100.00% 100.00%
11/20/99......... 100.00% 100.00% 100.00% 100.00%
12/20/99......... 100.00% 100.00% 100.00% 100.00%
01/20/00......... 100.00% 100.00% 100.00% 100.00%
02/20/00......... 100.00% 100.00% 100.00% 100.00%
03/20/00......... 100.00% 100.00% 100.00% 100.00%
04/20/00......... 100.00% 100.00% 100.00% 100.00%
05/20/00......... 100.00% 100.00% 100.00% 100.00%
06/20/00......... 100.00% 100.00% 100.00% 100.00%
07/20/00......... 100.00% 100.00% 100.00% 100.00%
08/20/00......... 100.00% 100.00% 100.00% 66.23%
09/20/00......... 100.00% 100.00% 100.00% 47.64%
10/20/00......... 100.00% 100.00% 100.00% 30.59%
11/20/00......... 100.00% 100.00% 100.00% 15.10%
12/20/00......... 100.00% 100.00% 100.00% 4.85%
01/20/01......... 100.00% 100.00% 100.00% 0.00%
02/20/01......... 100.00% 100.00% 100.00% 0.00%
03/20/01......... 100.00% 100.00% 100.00% 0.00%
04/20/01......... 100.00% 100.00% 100.00% 0.00%
05/20/01......... 100.00% 100.00% 100.00% 0.00%
06/20/01......... 100.00% 100.00% 100.00% 0.00%
07/20/01......... 100.00% 100.00% 94.05% 0.00%
08/20/01......... 100.00% 100.00% 66.78% 0.00%
09/20/01......... 100.00% 100.00% 43.70% 0.00%
10/20/01......... 100.00% 81.49% 24.92% 0.00%
11/20/01......... 91.94% 60.69% 16.93% 0.00%
12/20/01......... 61.90% 40.36% 10.20% 0.00%
01/20/02......... 31.79% 20.52% 4.75% 0.00%
02/20/02......... 10.61% 6.78% 1.43% 0.00%
03/20/02......... 0.00% 0.00% 0.00% 0.00%
Avg. 4.564 4.492 4.286 3.287
Life
(years)(1)
- ---------------------
(1) The weighted average life of a Security is determined by (i)
multiplying the amount of each principal payment on a Security by the
number of years from the date of the issuance of the Security to the
related Distribution Date, (ii) adding the results and (iii) dividing
the sum by the related initial principal amount of the Security.
THE MONEY STORE AUTO TRUST 1997-2
$225,000,000
SUBJECT TO REVISION
COMPUTATIONAL MATERIALS
<PAGE>
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and confidential and are intended for use by the
addressee only. These Computational Materials are furnished to you solely by
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and not by
the issuer of the securities or any of its affiliates. The issuer of these
securities has not prepared or taken part in the preparation of these materials.
Neither Merrill Lynch, the issuer of the securities 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
applicable Prospectus Supplement and by any other information subsequently filed
with the Securities and Exchange Commission. They may not be provided to any
third party other than the addressee's legal, tax, financial and/or accounting
advisors for the purposes of evaluating said material.
Numerous assumptions were used in preparing the Computational Materials
which may or may not be stated therein. As such, no assurance can be given as to
the accuracy, appropriateness or completeness of the Computational Materials in
any particular context; or as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any yields or weighted average lives shown in the Computational Materials
are based on prepayment assumptions and actual prepayment experience may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepayments on the underlying assets will occur at rates slower or
faster than the rates assumed in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume no
losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying assets
and the hypothetical assets used in preparing the Computational Materials. The
principal amount and designation of any security described in the Computational
Materials are subject to change prior to issuance.
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 any 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 Computational Materials on any matter discussed in this
communication. A final prospectus and prospectus supplement may be obtained by
contacting the Merrill Lynch Trading Desk at (212) 449-3659.
Please be advised that asset-backed securities may not be appropriate for
all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayments, yield curve and interest rate
risk. Investors should fully consider the risk of an investment in these
securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
<PAGE>
Size: $225,000,000
Issuer: The Money Store Auto Trust 1997-2
Seller: TMS Auto Holdings, Inc.
Servicer: The Money Store Auto Finance Inc.
Insurer: MBIA Insurance Corporation
Indenture Trustee: The Chase Manhattan Bank
Owner Trustee: Bankers Trust Delaware
Exp. Pricing: Week of June 16, 1997
Exp. Settlement: Week of June 23, 1997
Statistical
Cut-Off Date: May 31, 1997
Class A-1 NOTES A-2 NOTES
--------- ---------
Type Fixed Fixed
Amount $160,000,000 $60,500,000
Percent 71.1% 26.9%
Payment Window (mos.) 1-29 29-41
WAL (to call) 1.114 yrs. 3.009 yrs.
Mod. Duration 1.033 yrs. 2.650 yrs.
Accrued Interest Days 6 6
Legal Final 3/01 9/03
Ratings(S&P/Moody's) AAA/Aaa AAA/Aaa
Class CERTIFICATES
------------
Type Fixed
Amount $4,500,000
Percent 2.0%
Payment Window (mos.) 41-41
WAL (to call) 3.400 yrs.
Mod. Duration 2.953 yrs.
Accrued Interest Days 6
Legal Final 9/03
Ratings (S&P/Moody's) AAA/Aaa
Underwriters:
Class A Notes: Smith Barney Inc. (lead), Merrill Lynch & Co.
Certificates: Smith Barney Inc. (lead), Merrill Lynch & Co.
Pricing Speed: 1.7% ABS
<PAGE>
<TABLE>
<CAPTION>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE OR
INITIAL CERTIFICATE BALANCE AT VARIOUS ABS PERCENTAGES
Class A-1 Notes Class A-2 Notes
Distribution 0.5% 1.0% 1.7% 2.5% 0.5% 1.0% 1.7% 2.5%
---- ----
Date
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Closing 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Date
07/20/97 ........ 97.99% 97.51% 96.83% 96.03% 100.00% 100.00% 100.00% 100.00%
08/20/97 ........ 95.62% 94.62% 93.20% 91.52% 100.00% 100.00% 100.00% 100.00%
09/20/97 ........ 92.83% 91.26% 89.01% 86.37% 100.00% 100.00% 100.00% 100.00%
10/20/97 ........ 89.62% 87.42% 84.27% 80.59% 100.00% 100.00% 100.00% 100.00%
11/20/97 ........ 86.40% 83.60% 79.59% 74.90% 100.00% 100.00% 100.00% 100.00%
12/20/97 ........ 83.20% 79.81% 74.97% 69.31% 100.00% 100.00% 100.00% 100.00%
01/20/98 ........ 79.99% 76.04% 70.41% 63.81% 100.00% 100.00% 100.00% 100.00%
02/20/98 ........ 77.23% 72.64% 66.08% 58.42% 100.00% 100.00% 100.00% 100.00%
03/20/98 ........ 74.84% 69.70% 62.37% 53.79% 100.00% 100.00% 100.00% 100.00%
04/20/98 ........ 72.44% 66.77% 58.69% 49.25% 100.00% 100.00% 100.00% 100.00%
05/20/98 ........ 70.02% 63.85% 55.06% 44.78% 100.00% 100.00% 100.00% 100.00%
06/20/98 ........ 67.60% 60.95% 51.47% 40.39% 100.00% 100.00% 100.00% 100.00%
07/20/98 ........ 65.17% 58.06% 47.92% 36.07% 100.00% 100.00% 100.00% 100.00%
08/20/98 ........ 62.72% 55.17% 44.42% 31.84% 100.00% 100.00% 100.00% 100.00%
09/20/98 ........ 60.27% 52.31% 40.96% 27.69% 100.00% 100.00% 100.00% 100.00%
10/20/98 ........ 57.81% 49.45% 37.55% 23.63% 100.00% 100.00% 100.00% 100.00%
11/20/98 ........ 55.33% 46.61% 34.18% 19.66% 100.00% 100.00% 100.00% 100.00%
12/20/98 ........ 52.85% 43.79% 30.87% 15.77% 100.00% 100.00% 100.00% 100.00%
01/20/99 ........ 50.36% 40.97% 27.61% 11.98% 100.00% 100.00% 100.00% 100.00%
02/20/99 ........ 47.86% 38.18% 24.40% 8.29% 100.00% 100.00% 100.00% 100.00%
03/20/99 ........ 45.34% 35.40% 21.24% 4.69% 100.00% 100.00% 100.00% 100.00%
04/20/99 ........ 42.82% 32.64% 18.14% 1.20% 100.00% 100.00% 100.00% 100.00%
05/20/99 ........ 40.29% 29.90% 15.10% 0.00% 100.00% 100.00% 100.00% 94.20%
06/20/99 ........ 37.75% 27.17% 12.11% 0.00% 100.00% 100.00% 100.00% 85.50%
07/20/99 ........ 35.19% 24.47% 9.19% 0.00% 100.00% 100.00% 100.00% 77.10%
08/20/99 ........ 32.63% 21.78% 6.32% 0.00% 100.00% 100.00% 100.00% 68.99%
09/20/99 ........ 30.06% 19.11% 3.53% 0.00% 100.00% 100.00% 100.00% 61.18%
10/20/99 ........ 27.48% 16.47% 0.79% 0.00% 100.00% 100.00% 100.00% 53.68%
11/20/99 ........ 24.89% 13.85% 0.00% 0.00% 100.00% 100.00% 95.05% 46.49%
12/20/99 ........ 22.28% 11.25% 0.00% 0.00% 100.00% 100.00% 88.18% 39.63%
01/20/00 ........ 19.67% 8.67% 0.00% 0.00% 100.00% 100.00% 81.49% 33.11%
02/20/00 ........ 17.05% 6.12% 0.00% 0.00% 100.00% 100.00% 75.01% 26.93%
03/20/00 ........ 14.43% 3.59% 0.00% 0.00% 100.00% 100.00% 68.71% 21.09%
04/20/00 ........ 11.79% 1.09% 0.00% 0.00% 100.00% 100.00% 62.62% 15.62%
05/20/00 ........ 9.14% 0.00% 0.00% 0.00% 100.00% 96.35% 56.74% 10.51%
06/20/00 ........ 6.48% 0.00% 0.00% 0.00% 100.00% 89.88% 51.08% 5.78%
07/20/00 ........ 3.82% 0.00% 0.00% 0.00% 100.00% 83.49% 45.63% 1.44%
08/20/00 ........ 1.14% 0.00% 0.00% 0.00% 100.00% 77.18% 40.40% 0.00%
09/20/00 ........ 0.00% 0.00% 0.00% 0.00% 95.92% 70.94% 35.41% 0.00%
10/20/00 ........ 0.00% 0.00% 0.00% 0.00% 88.79% 64.80% 30.65% 0.00%
11/20/00 ........ 0.00% 0.00% 0.00% 0.00% 81.65% 58.74% 26.14% 0.00%
12/20/00 ........ 0.00% 0.00% 0.00% 0.00% 74.48% 52.77% 21.88% 0.00%
01/20/01 ........ 0.00% 0.00% 0.00% 0.00% 67.29% 46.89% 17.87% 0.00%
02/20/01 ........ 0.00% 0.00% 0.00% 0.00% 60.08% 41.10% 14.12% 0.00%
03/20/01 ........ 0.00% 0.00% 0.00% 0.00% 52.84% 35.42% 10.64% 0.00%
04/20/01 ........ 0.00% 0.00% 0.00% 0.00% 45.59% 29.83% 7.44% 0.00%
05/20/01 ........ 0.00% 0.00% 0.00% 0.00% 38.31% 24.35% 4.52% 0.00%
06/20/01 ........ 0.00% 0.00% 0.00% 0.00% 31.02% 18.98% 1.89% 0.00%
07/20/01 ........ 0.00% 0.00% 0.00% 0.00% 23.70% 13.71% 0.00% 0.00%
08/20/01 ........ 0.00% 0.00% 0.00% 0.00% 16.36% 8.57% 0.00% 0.00%
09/20/01 ........ 0.00% 0.00% 0.00% 0.00% 9.00% 3.53% 0.00% 0.00%
10/20/01 ........ 0.00% 0.00% 0.00% 0.00% 1.63% 0.00% 0.00% 0.00%
11/20/01 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
12/20/01 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
01/20/02 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
02/20/02 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
03/20/02 ........ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Avg. 1.619 1.384 1.114 0.892 3.806 3.58 3.096 2.434
Life
(years)
- ----------------------
(1) The weighted average life of a Security is determined by (i)
multiplying the amount of each principal payment on a Security by the
number of years from the date of the issuance of the Security to the
related Distribution Date, (ii) adding the results and (iii) dividing
the sum by the related initial principal amount of the Security.
</TABLE>
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE OR
INITIAL CERTIFICATE BALANCE AT VARIOUS ABS PERCENTAGES
Certificates
----------------------------------------------
Distribution 0.5% 1.0% 1.7% 2.5%
Date
Closing 100.00% 100.00% 100.00% 100.00%
Date
07/20/97......... 100.00% 100.00% 100.00% 100.00%
08/20/97......... 100.00% 100.00% 100.00% 100.00%
09/20/97......... 100.00% 100.00% 100.00% 100.00%
10/20/97......... 100.00% 100.00% 100.00% 100.00%
11/20/97......... 100.00% 100.00% 100.00% 100.00%
12/20/97......... 100.00% 100.00% 100.00% 100.00%
01/20/98......... 100.00% 100.00% 100.00% 100.00%
02/20/98......... 100.00% 100.00% 100.00% 100.00%
03/20/98......... 100.00% 100.00% 100.00% 100.00%
04/20/98......... 100.00% 100.00% 100.00% 100.00%
05/20/98......... 100.00% 100.00% 100.00% 100.00%
06/20/98......... 100.00% 100.00% 100.00% 100.00%
07/20/98......... 100.00% 100.00% 100.00% 100.00%
08/20/98......... 100.00% 100.00% 100.00% 100.00%
09/20/98......... 100.00% 100.00% 100.00% 100.00%
10/20/98......... 100.00% 100.00% 100.00% 100.00%
11/20/98......... 100.00% 100.00% 100.00% 100.00%
12/20/98......... 100.00% 100.00% 100.00% 100.00%
01/20/99......... 100.00% 100.00% 100.00% 100.00%
02/20/99......... 100.00% 100.00% 100.00% 100.00%
03/20/99......... 100.00% 100.00% 100.00% 100.00%
04/20/99......... 100.00% 100.00% 100.00% 100.00%
05/20/99......... 100.00% 100.00% 100.00% 100.00%
06/20/99......... 100.00% 100.00% 100.00% 100.00%
07/20/99......... 100.00% 100.00% 100.00% 100.00%
08/20/99......... 100.00% 100.00% 100.00% 100.00%
09/20/99......... 100.00% 100.00% 100.00% 100.00%
10/20/99......... 100.00% 100.00% 100.00% 100.00%
11/20/99......... 100.00% 100.00% 100.00% 100.00%
12/20/99......... 100.00% 100.00% 100.00% 100.00%
01/20/00......... 100.00% 100.00% 100.00% 100.00%
02/20/00......... 100.00% 100.00% 100.00% 100.00%
03/20/00......... 100.00% 100.00% 100.00% 100.00%
04/20/00......... 100.00% 100.00% 100.00% 100.00%
05/20/00......... 100.00% 100.00% 100.00% 100.00%
06/20/00......... 100.00% 100.00% 100.00% 100.00%
07/20/00......... 100.00% 100.00% 100.00% 100.00%
08/20/00......... 100.00% 100.00% 100.00% 66.23%
09/20/00......... 100.00% 100.00% 100.00% 47.64%
10/20/00......... 100.00% 100.00% 100.00% 30.59%
11/20/00......... 100.00% 100.00% 100.00% 15.10%
12/20/00......... 100.00% 100.00% 100.00% 4.85%
01/20/01......... 100.00% 100.00% 100.00% 0.00%
02/20/01......... 100.00% 100.00% 100.00% 0.00%
03/20/01......... 100.00% 100.00% 100.00% 0.00%
04/20/01......... 100.00% 100.00% 100.00% 0.00%
05/20/01......... 100.00% 100.00% 100.00% 0.00%
06/20/01......... 100.00% 100.00% 100.00% 0.00%
07/20/01......... 100.00% 100.00% 94.05% 0.00%
08/20/01......... 100.00% 100.00% 66.78% 0.00%
09/20/01......... 100.00% 100.00% 43.70% 0.00%
10/20/01......... 100.00% 81.49% 24.92% 0.00%
11/20/01......... 91.94% 60.69% 16.93% 0.00%
12/20/01......... 61.90% 40.36% 10.20% 0.00%
01/20/02......... 31.79% 20.52% 4.75% 0.00%
02/20/02......... 10.61% 6.78% 1.43% 0.00%
03/20/02......... 0.00% 0.00% 0.00% 0.00%
Avg. 4.564 4.492 4.286 3.287
Life
(years)(1)
- ---------------------
(1) The weighted average life of a Security is determined by (i)
multiplying the amount of each principal payment on a Security by the
number of years from the date of the issuance of the Security to the
related Distribution Date, (ii) adding the results and (iii) dividing
the sum by the related initial principal amount of the Security.
<PAGE>
<TABLE>
<CAPTION>
POOL BAL LOANS AVG BAL MIN BAL MAX BAL
<S> <C> <C> <C> <C> <C>
$149,115,760.81 15,123 $9,860.20 $1,207.75 30,500.00
</TABLE>
WTD AVERAGES
WAC 19.47%
WAM 52.57months
WAORT 54.24months
REMAINING BALANCE LOANS AMOUNT
$0.00 - $2,499.99 106 228,621.67
$2,500.00 - $4,999.99 1,393 5,542,844.65
$5,000.00 - $7,499.99 2,868 18,233,592.03
$7,500.00 - $9,999.99 3,852 33,717,664.36
$10,000.00 - $12,499.99 3,344 37,395,888.70
$12,500.00 - $14,999.99 2,111 28,755,237.85
$15,000.00 - $17,499.99 928 14,892,528.11
$17,500.00 - $19,999.99 354 6,599,446.97
$20,000.00 - $22,499.99 106 2,230,968.47
$22,500.00 - $24,999.99 39 921,277.27
$25,000.00 - $27,499.99 13 337,732.53
$27,500.00 - $29,999.99 8 229,458.20
$30,000.00 - $32,499.99 1 30,500.00
Total: 15,123 149,115,760.81
ANNUAL INTEREST RATE LOANS AMOUNT
11.000% - 11.999% 2 27,533.61
12.000% - 12.999% 1 7,715.83
13.000% - 13.999% 2 21,051.11
14.000% - 14.999% 73 1,098,414.41
15.000% - 15.999% 250 3,554,239.04
16.000% - 16.999% 788 10,883,639.72
17.000% - 17.999% 1,784 22,153,974.53
18.000% - 18.999% 2,667 30,662,929.97
19.000% - 19.999% 1,686 17,726,034.11
20.000% - 20.999% 2,807 25,827,753.14
21.000% - 21.999% 2,773 20,843,107.80
22.000% - 22.999% 799 6,316,096.63
23.000% - 23.999% 491 3,645,936.32
24.000% - 24.999% 524 3,320,011.42
25.000% - 25.999% 310 1,975,609.85
26.000% - 26.999% 65 453,287.19
27.000% - 27.999% 36 266,823.29
28.000% - 28.999% 31 186,206.46
29.000% - 29.999% 34 145,396.38
Total: 15,123 149,115,760.81
<PAGE>
REMAINING TERM LOANS AMOUNT
Less Than 7 Months
7 Months to 12 Months 4 9,847.86
13 Months to 18 Months 145 437,266.44
19 Months to 24 Months 533 2,038,584.12
25 Months to 30 Months 483 2,405,881.65
31 Months to 36 Months 1,971 12,264,575.87
37 Months to 42 Months 1,216 9,391,132.09
43 Months to 48 Months 2,884 25,725,150.27
49 Months to 54 Months 2,077 21,657,897.07
55 Months to 60 Months 4,670 58,167,668.40
61 Months to 66 Months 906 12,960,986.23
67 Months to 72 Months 210 3,620,701.42
73 Months to 78 Months 24 436,069.39
Total: 15,123 149,115,760.81
LOAN TYPE LOANS AMOUNT
NEW 1,056 14,908,400.15
USED 14,067 134,207,360.66
Total: 15,123 149,115,760.81
<PAGE>
PRECOMPUTED OR SIMPLE LOANS AMOUNT
Precomputed 6,561 62,050,452.16
Simple 8,562 87,065,308.65
Total: 15,123 149,115,760.81
STATE LOANS AMOUNT
CA 3,622 30,842,763.38
IL 1,295 14,550,454.53
FL 1,073 10,714,297.09
TX 863 9,640,201.23
GA 625 7,656,998.77
NC 574 6,267,724.65
NJ 579 5,678,672.64
PA 434 4,505,752.23
NV 451 3,992,376.24
OR 527 3,959,335.64
MO 378 3,730,187.22
CO 410 3,691,298.34
AL 357 3,667,067.38
MD 278 3,388,209.06
IN 324 3,016,596.08
OH 293 2,881,437.47
WA 279 2,647,247.29
KY 276 2,605,910.51
MI 222 2,550,787.10
VA 218 2,449,822.13
TN 206 2,294,488.67
SC 209 2,222,725.99
AZ 207 2,178,745.56
OK 189 1,964,706.48
MS 153 1,848,924.29
UT 170 1,665,214.08
KS 146 1,643,286.71
CT 143 1,564,663.58
NM 143 1,318,849.92
IA 96 916,560.08
MA 94 695,261.95
NH 72 551,866.38
WI 51 462,005.89
RI 43 340,216.42
MT 37 329,742.84
ME 20 148,121.04
ND 18 142,230.90
VT 17 137,701.54
ID 15 137,693.23
SD 12 72,318.81
WY 2 27,729.10
DE 2 15,568.37
<PAGE>
FOR ADDITIONAL INFORMATION PLEASE CALL:
ASSET BACKED FINANCE TRADING
Rob DiOrio (212) 449-1646 Craig Weakley (212) 449-3659
Mike Murphy (212) 449-0843 Terrence Mack (212) 449-3659
Ken Mulford (212) 449-0752 Brian Kane (212) 449-3659
Scott Henderson (212) 449-3780
RESEARCH
Dan Castro (212) 449-1663
Ralph DiSerio (212) 449-1629
Ryan Asato (212) 449-9622
