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) December 2, 1997
----------------
CONSUMER PORTFOLIO SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)
California
(State or Other Jurisdiction of Incorporation)
333-25301 33-0459135
(Commission File Number) (I.R.S. Employer Identification No.)
2 Ada, Irvine, California 92618
(Address of Principal Executive Offices) (Zip Code)
(714) 753-6800
(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events.
The Registrant is filing final forms of the exhibits listed in Item
7(c) below.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
- ------- --------------------
20.1 Computational Material
-2-
<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.
CONSUMER PORTFOLIO SERVICES, INC.,
as Originator of the Trust (Registrant)
Dated: December 3, 1997 By: /s/ Jeffrey P. Fritz
--------------------
Jeffrey P. Fritz
Senior Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Sequential
Exhibit No. Document Description Page No.
- ----------- ---------------------- ----------
20.1 Computational Material
-4-
Exhibit 20.4
Computational Material
PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
CPS AUTO RECEIVABLES TRUST 1997-5
DISCLAIMER
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The information included herein is produced and provided exclusively by
PaineWebber Incorporated ('PW') as underwriter for the CPS Auto Receivables
Trust 1997-5, and not by or as agent for CPS Receivables Corp. or any of its
affiliates (collectively, the 'Seller'). The Seller has not reviewed or
participated in the preparation hereof, and is not responsible for the accuracy
hereof and has not authorized the dissemination hereof. The analysis in this
report is accurate to the best of PW's knowledge and is based on information
provided by the Seller. PW makes no representations as to the accuracy of such
information provided by the Seller.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW'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, PW 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. PW (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PW may make a market in the securities referred to
herein. Neither the information nor the opinions expressed 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.
Finally, PW has not addressed the legal, accounting and tax implications of the
analysis with respect to you and PW strongly urges you to seek advice from your
counsel, accountant and tax advisor.
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
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PaineWebber
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
2
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CPS AUTO RECEIVABLES TRUST 1997-5
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PRICING INFORMATION
OFFERED SECURITIES (Calculated at 1.50% ABS)
<TABLE>
<CAPTION>
Prin. Ratings:
Size Avg. Window First Last Stated S&P/
Class ($000s) Price Life (Mths) Princ. Princ. Mat. Moody's
- ------------------ ------------- ------------ ------------ ------------ ------------ ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 Notes: [$55,750] [100.00] [0.88] [25] 12/97 12/99 05/03 AAA/Aaa
A-2 Notes: [$35,175] [100.00] [3.00] [29] 12/99 04/02 05/03 AAA/Aaa
</TABLE>
NOT OFFERED
Certificates:
[$4,781]
DESCRIPTION OF SECURITIES
Issuer: CPS Auto Receivables Trust 1997-5 (the
"Issuer").
Offered Notes: Class A-1 and Class A-2 Notes (the "Class A
Notes"). The Class A Notes will be publicly
offered pursuant to an effective shelf
registration. A prospectus and prospectus
supplement will be distributed after
pricing.
Subordinated Securities: One Class of Subordinated Certificates (the
"Certificates"). The Certificates will not
be offered hereby or pursuant to the
prospectus and prospectus supplement.
Seller: CPS Receivables Corp.
Servicer: Consumer Portfolio Services, Inc. ("CPS"),
headquartered in Irvine, California.
Owner Trustee: Bankers Trust (Delaware).
Indenture Trustee
and Backup Servicer: Norwest Bank Minnesota, National
Association.
Underwriters: Lead Manager -- PaineWebber Incorporated
Co-manager -- Black Diamond Securities, LLC.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
3
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
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DESCRIPTION OF SECURITIES (Continued)
Surety Provider: Financial Security Assurance Inc. ("FSA")
will fully insure the timely payment of
principal and interest on the Class A Notes.
Form of Offering: Book-Entry form, same-day funds through DTC,
Cedel, societe anonyme and Euroclear for all
of the Class A Notes.
The Receivables: Motor vehicle retail installment sales
contracts made to borrowers who would not be
expected to qualify for traditional
financing (sub-prime borrowers), secured by
new and used motor vehicles and light duty
trucks, vans, and mini-vans purchased by CPS
and its two affiliates, Samco Acceptance
Corp. ("Samco") and Linc Acceptance Corp.
("Linc"), from Dealers who regularly
originate and sell such contracts to CPS,
Samco and Linc.
Cut-off Date: November 24, 1997.
Closing Date: On or about December 11, 1997.
Interest Accrual Period: Interest will be calculated
on the basis of a 360 day year consisting of
twelve 30 day months. With respect to each
Payment Date, interest will accrue from and
including the previous Payment Date through
the day prior to the current Payment Date
(or from the Closing Date, in the case of
the first Payment Date).
Payment Date: The 15th day of each month (or, if any such
date is not a business day, the next
business day thereafter) commencing on
December 15, 1997.
Record Date: The 10th day of each calendar month.
Pricing Assumption: [1.5%] ABS.
Delay: 0 day delay.
Class A Percentage
of Principal: Initially 95%, until the Payment Date on
which the balance of the Class A Notes first
reaches 90% of the current Aggregate
Principal Balance of the Receivables (the
"Class A Target Amount"), and after such
time 91% until the balance of the Class A
Notes is reduced to zero.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
4
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
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DESCRIPTION OF SECURITIES (Continued)
Certificateholders
Percentage of Principal: 5.0%, until the balance of the Class A Notes
is reduced to zero, and thereafter, 100%
until the Certificates are paid in full.
Principal: On any monthly Payment Date, the Class A
Noteholders receive the Class A Percentage
of principal collections plus any required
accelerated payments (distributed
sequentially to the Class A-1 Notes and then
the Class A-2 Notes). The Certificateholders
will receive 5.0% of principal collections
(until the balance of the Class A-2 Notes is
reduced to zero).
Additionally, on any date when the current
principal balance of the Class A Notes
exceeds the Class A Target Amount, the Class
A Notes are entitled to all excess interest
collections (after paying fees and all
payments of interest and principal on the
Notes and Certificates).
Priority of Payments: Unless an Event of Default has occurred and
is continuing:
(1) To the Servicer, Collateral Agent and
Trustee, the Servicing Fee and other fees
and expenses;
(2) To the Class A Noteholders, Class A
Interest and Class A Interest Carryover;
(3) To the Certificateholders, Certificate
Interest and Certificate Interest Carryover,
and;
(4) To the Class A Noteholders, Class A
Principal and Class A Principal Carryover,
sequentially to the lowest-numbered
outstanding Class A Note until such class is
reduced to zero;
(5) To FSA, any amount due under the
Insurance Agreement;
(6) To the Certificateholders, Certificate
Principal and Certificate Principal
Carryover;
(7) If an accelerated payment is required to
reach the Class A Target Amount, any
remaining cash to the Class A Noteholders as
a payment of principal;
(8) To the Spread Account Collateral Agent
for deposit into the Spread Account.
Servicing/Other Fees: The receivables are subject to certain fees,
including a Servicing Fee equal to the sum
of (i) 2.00% per annum payable monthly and
based on the current Aggregate Principal
Balance of the Receivables and (ii) 0.08%
per annual payable monthly and based on the
current balance of the Class A Notes and the
Certificates. All other fees, including fees
payable to the Trustee and Standby Servicer
will be payable by the Servicer.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
5
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
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DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: The sum of funds on deposit in a reserve
account (the "Reserve Account") and the
amount by which the Aggregate Principal
Balance of the Receivables exceeds the
aggregate outstanding principal balance of
the Notes and Certificates ("O/C") must grow
to equal at least 9.0% of the current
Aggregate Principal Balance of the
Receivables. From that point forward, the
sum of the Reserve Account and O/C must
equal at least 9.0% of the current Aggregate
Principal Balance, subject to a floor of
3.0% of the initial Aggregate Principal
Balance, and further subject to a minimum
2.0% Reserve Account balance (based on the
initial Aggregate Principal Balance of the
Receivables).
Credit Enhancement is provided by the
following five mechanisms:
(1) Excess spread
(2) Over-collateralization
(3) Reserve Account
(4) [5%] subordination of principal
(5) 100% FSA Insurance Policy covering
timely payment of interest and principal.
(1) Excess Spread: The weighted average coupon rate on the
Receivables is generally expected to be
higher than the sum of (a) the servicing fee
and all other fees, and (b) the weighted
average pass through rate on the Notes and
Certificates, thus generating excess
interest collections which will be
available, to the extent required, to fund
payments on the Notes and Certificates on
each Payment Date.
(2) Over-collateralization: Excess Spread (as described above) is
applied, to the extent available and
required, to make accelerated payments of
principal to the Class A Notes then entitled
to receive distributions of principal; such
application will cause the Aggregate
Principal Balance of the Notes to amortize
more rapidly than the Receivables, thus
increasing the O/C amount. In addition to
the acceleration of principal repayment
through the application of excess interest,
by fixing the Class A Percentage above the
actual ratio of the Class A Notes to the
Aggregate Principal Balance of the
Receivables, the application of principal is
expected to increase the O/C over the life
of the transaction.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
6
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
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DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement (Continued)
(3) Reserve Account: The Reserve Account will have an initial
deposit of [3.5%] of the initial Aggregate
Principal Balance of the Receivables. The
Reserve Account can increase at various
times for the protection of the Class A
Notes, and can step down over time to [2.0%]
of the initial Aggregate Principal Balance
of the Receivables.
(4) Subordination: The rights of the Certificateholders to
receive payments of interest on each Payment
Date will be subordinate to those of the
Class A Noteholders to receive interest, and
the rights of the Certificateholders to
receive payments of principal on each
Payment Date will be subordinate to those of
the Class A Noteholders to receive
principal.
(5) FSA Policy: FSA will issue an Insurance Policy that will
unconditionally and irrevocably guarantee to
the Class A Noteholders payment of interest
collected and principal collected on each
payment date.
Optional Termination: The Servicer may cause the Indenture Trustee
to terminate the Notes and Certificates on
any remittance date when the current
Aggregate Principal Balance is less than or
equal to 10% of the initial Aggregate
Principal Balance, by purchasing the
Receivables, or by selling the Receivables
to an unaffiliated party, and so long as a
minimum termination price is reached.
ERISA Considerations: The Class A Notes will be ERISA eligible.
However, investors should consult with their
counsel with respect to the consequences
under ERISA and the Internal Revenue Code of
the Plan's acquisition and ownership of such
Notes.
Tax Considerations: The trust will not be characterized as an
association taxable as a corporation or as a
publicly traded partnership. The Class A
Notes will be characterized as debt for
federal income tax purposes.
Prospectus: The Class A Notes are being offered pursuant
to a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus").
Complete information with respect to the
Class A Notes and the collateral is
contained in the Prospectus. The material
presented herein is qualified in its
entirety by the information appearing in the
Prospectus. To the extent that the foregoing
is inconsistent with the Prospectus, the
Prospectus shall govern in all respects.
Sales of the Class A Notes may not be
consummated unless the purchaser has
received the Prospectus.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
7
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
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DESCRIPTION OF SECURITIES (Continued)
Origination:
The Receivables were originated by CPS,
Samco and Linc under five programs:
(1) Standard Program;
(2) First Time Buyers, for first time
automobile buyers, with higher credit
standards than the Standard program;
(3) Alpha Program for buyers who exceed the
credit guidelines of the Standard Program;
(4) Delta Program, for buyers who fall
beneath the credit guidelines of the
Standard Program;
(5) Linc Program, for borrowers who are
customers of certain participating banks,
thrifts and credit unions, and are subject
to stricter underwriting standards than
borrowers in the Standard program.
Samco is an 80% owned subsidiary of CPS,
which originates Receivables in rural areas
of the South and Southwest. Linc is an 80%
owned subsidiary of CPS, which originates
Receivables through certain participating
banks, thrifts and credit unions.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
8
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
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DESCRIPTION OF AUTO RECEIVABLES POOL AS OF THE CUT-OFF DATE
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Number of Loans 7,556 Current Balance 95,706,306.82
Average Balance 12,666.27 Minimum Balance 1,315.65
Maximum Balance 28,793.51
W.A. Coupon 20.2775
W.A. Original Term 57 W.A. Seasoning 1
W.A. Stated Remaining Term 56
</TABLE>
The sums and percentages in the following tables may not equal the totals shown
due to rounding.
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------
<S> <C> <C> <C> <C>
State Alabama 332 3,922,452.81 4.10
California 1,356 18,412,967.92 19.24
Florida 510 6,545,217.07 6.84
Georgia 189 2,377,808.82 2.48
Hawaii 247 3,281,002.27 3.43
Illinois 427 5,127,233.39 5.36
Indiana 136 1,466,127.20 1.53
Iowa 87 1,023,483.70 1.07
Louisiana 357 4,709,446.44 4.92
Maryland 239 3,038,966.59 3.18
Michigan 378 4,697,003.82 4.91
Minnesota 89 1,100,538.68 1.15
Mississippi 110 1,460,660.36 1.53
Nevada 171 2,133,861.39 2.23
New Jersey 151 1,886,620.91 1.97
New York 376 4,510,465.66 4.71
North Carolina 361 4,694,120.90 4.90
Ohio 150 1,718,981.09 1.80
Pennsylvania 421 5,147,976.53 5.38
South Carolina 148 1,841,813.47 1.92
Tennessee 338 4,174,863.26 4.36
Texas 454 5,945,757.48 6.21
Virginia 80 959,616.32 1.00
All others 449 5,529,320.74 5.78
------ -------------- -------
Total 7,556 95,706,306.82 100.00
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
9
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
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DESCRIPTION OF AUTO RECEIVABLES POOL AS OF THE CUT-OFF DATE
(Continued)
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------
<S> <C> <C> <C> <C>
Current Rate Below 17.00% 6 84,981.62 0.09
17.00% to 17.99% 202 2,996,654.57 3.13
18.00% to 18.99% 1,675 22,708,162.05 23.73
19.00% to 19.99% 1,018 14,091,357.58 14.72
20.00% to 20.99% 1,352 18,290,631.58 19.11
21.00% to 21.99% 1,694 20,333,194.73 21.25
22.00% to 22.99% 239 2,783,523.78 2.91
23.00% to 23.99% 611 6,676,246.45 6.98
24.00% to 24.99% 705 7,251,470.41 7.58
25.00% to 25.99% 48 449,390.90 0.47
26.00% and over 6 40,693.15 0.04
-------- ----------------- ----
Total 7,556 95,706,306.82 100.00
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- --------------------------- ------------------ ----------------------- ----------------------
<S> <C> <C> <C> <C>
Remain Term Fewer than 21 Months 1 4,526.00 0.00
21 - 25 Months 50 256,932.99 0.27
26 - 30 Months 70 507,528.00 0.53
31 - 35 Months 186 1,508,499.63 1.58
36 - 40 Months 184 1,517,227.53 1.59
41 - 45 Months 243 2,351,835.42 2.46
46 - 50 Months 1,002 10,427,991.52 10.90
51 - 55 Months 947 11,380,613.67 11.89
56 - 60 Months 4,873 67,751,152.06 70.79
----- ------------- -----
Total 7,556 95,706,306.82 100.00
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- --------------------------- ------------------ ----------------------- ----------------------
<S> <C> <C> <C> <C>
Origination Date Prior to January 1997 13 138,413.56 0.14
January 1997 8 79,459.13 0.08
February 1997 20 236,608.77 0.25
March 1997 26 301,039.42 0.31
April 1997 24 303,917.44 0.32
May 1997 18 218,033.56 0.23
June 1997 26 348,790.98 0.36
July 1997 96 1,250,361.60 1.31
August 1997 154 1,910,215.58 2.00
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
10
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
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DESCRIPTION OF AUTO RECEIVABLES POOL AS OF THE CUT-OFF DATE
(Continued)
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- --------------------------- ------------------ ----------------------- ----------------------
<S> <C> <C> <C> <C>
September 1997 956 12,310,793.20 12.86
October 1997 4,624 58,494,788.49 61.12
November 1997 1,591 20,113,885.09 21.02
----- ------------- -----
Total 7,556 95,706,306.82 100.00
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- --------------------------- ------------------ ----------------------- ----------------------
<S> <C> <C> <C> <C>
Original Term Fewer than 21 Months 1 4,526.00 0.00
21 - 25 Months 50 256,932.99 0.27
26 - 30 Months 69 501,848.64 0.52
36 - 40 Months 341 2,754,784.09 2.88
41 - 45 Months 203 1,906,950.45 1.99
46 - 50 Months 1,050 10,912,950.18 11.40
51 - 55 Months 884 10,531,998.96 11.00
56 - 60 Months 4,958 68,836,315.51 71.92
----- ------------- -----
Total 7,556 95,706,306.82 100.00
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- --------------------------- ------------------ ----------------------- ----------------------
<S> <C> <C> <C> <C>
Model Year Prior to 1990 58 360,406.61 0.38
1990 125 930,981.35 0.97
1991 222 1,927,073.59 2.01
1992 376 3,800,262.25 3.97
1993 780 8,263,381.21 8.63
1994 1,348 15,944,203.09 16.66
1995 1,955 25,676,806.78 26.83
1996 1,469 19,715,079.63 20.60
1997 1,063 16,266,357.93 17.00
1998 160 2,821,754.38 2.95
------ -------------- ------
Total 7,556 95,706,306.82 100.00
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
11
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
- --------------------------------------------------------------------------------
DESCRIPTION OF AUTO RECEIVABLES POOL AS OF THE CUT-OFF DATE
(Continued)
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- --------------------------- ------------------ ----------------------- ----------------------
<S> <C> <C> <C> <C>
Original Balance 0 - 4,999 61 254,215.30 0.27
5,000 - 9,999 1,623 13,464,854.59 14.07
10,000 - 14,999 4,172 51,548,181.26 53.97
15,000 - 19,000 1,382 23,304,120.16 24.35
20,000 - 24,999 243 6,395,039.66 6.68
25,000 and over 25 639,895.85 0.67
------- --------------- --------
Total 7,556 95,706,306.82 100.00
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- --------------------------- ------------------ ----------------------- ----------------------
<S> <C> <C> <C> <C>
Source CPS 6,696 85,295,257.19 89.12
LINC 513 6,512,173.55 6.80
SAMCO 347 3,898,876.08 4.07
------ ------------ ----
Total 7,556 95,706,306.82 100.00
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- --------------------------- ------------------ ----------------------- ----------------------
<S> <C> <C> <C> <C>
Program ALPHA 3,418 45,828,913.02 47.88
DELTA 597 6,987,855.53 7.30
FIRST TIME BUYER 1,276 14,268,746.52 14.91
LINC 513 6,512,173.55 6.80
STANDARD 1,752 22,108,618.20 23.10
----- ------------- -----
Total 7,556 95,706,306.82 100.00
</TABLE>
<TABLE>
<CAPTION>
Aggregate Field Description Count Balance Pool%
- ----------------------- --------------------------- ------------------ ----------------------- ----------------------
<S> <C> <C> <C> <C>
New/Used New 700 11,282,751.61 11.79
Used 6,856 84,423,555.21 88.21
----- ------------- -----
Total 7,556 95,706,306.82 100.00
</TABLE>
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RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
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12
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-5
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENT ASSUMPTIONS
<TABLE>
<CAPTION>
ABS%
CLASS A-1 1.00% 1.25% 1.50% 1.75% 2.00% 2.25%
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life 1.063 0.964 0.877 0.802 0.736 0.678
Duration 0.987 0.899 0.821 0.753 0.693 0.640
Yield (at 100-00) 6.12 6.12 6.12 6.12 6.12 6.12
First Payment 12/97 12/97 12/97 12/97 12/97 12/97
Last Payment 05/00 02/00 12/99 10/99 08/99 07/99
Payment Window (months) 30 27 25 23 21 20
</TABLE>
<TABLE>
<CAPTION>
ABS%
CLASS A-2 1.00% 1.25% 1.50% 1.75% 2.00% 2.25%
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life 3.392 3.206 3.000 2.780 2.560 2.352
Duration 2.961 2.813 2.648 2.470 2.290 2.119
Yield (at 100-00) 6.35 6.35 6.35 6.35 6.35 6.35
First Payment 05/00 02/00 12/99 10/99 08/99 07/99
Last Payment 06/02 06/02 04/02 01/02 09/01 05/01
Payment Window (months) 26 29 29 28 26 23
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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