SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) March 14, 1997
CONSUMER PORTFOLIO SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)
California
(State or Other Jurisdiction of Incorporation)
333-09343
(Commission File Number)
33-0459135
(I.R.S. Employer Identification No.)
2 Ada, Suite 100, Irvine, California 92718
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(Address of Principal Executive Offices) (Zip Code)
(714) 753-6800
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(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
20.4 Computational Material
23.2 Consent of Accountants
-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: March 14, 1997 By: /s/ Jeffrey P. Fritz
---------------------
Jeffrey P. Fritz
Senior Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Sequential
Exhibit No. Document Description Page No.
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20.4 Computational Material
23.2 Consent of Accountants
-4-
<PAGE>
Exhibit 20.4
Computational Material
<TABLE>
CPS 1997-1
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Assumptions Statistics
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<CAPTION>
Collateral Bonds Reserve Account Class A
- ---------- ----- --------------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
WAC 20.67% Dated Date 3/17/97 Initial deposit: 3.50% UST yield 6.10%
WAM 55 Closing Date 3/17/97 growing to X% of outstanding. 10.00% Spread to Interp. UST 0.55%
Orig Term 56 1st Pmt 4/15/97 Floor is the lesser of: Total Bond Equiv. Yield 6.65%
Servicing Fee 3.00% Delay Days 0 (i) Y% of Original Collateral 3.00% Percent Price 99.98331
Other Fees 0.35% Bal. and Average Life 1.8890
Reserve Reinvestment 2.50% Class A Coupon 6.55% (ii) the greater of Duration 1.7402
Prepmt Speed (ABS) 1.50% Class B Coupon 11.69% (a) Current Certificate Modified Duration 1.6842
Balance
(b) 100,000 100,000
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</TABLE>
<TABLE>
Collateral Flows Bond Flows
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<CAPTION>
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Class A
Net Ser- ------------------------------
Collateral Principal Net Interest Reinvest. vicing Other Reserve Excess Principal Principal Interest
Period Balance Payments Losses Payments Earnings Fee Fees Fund Cash Period Balance Pmt Pmt
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 100,000,000 3,500,000 0 95,000,000
1 97,388,557 2,611,443 0 1,444,792 7,292 250,000 27,708 4,422,650 0 1 92,519,129 2,480,871 483,972
2 94,792,321 2,596,236 0 1,407,062 9,214 243,471 26,985 5,286,489 0 2 90,052,705 2,466,424 505,000
3 92,211,849 2,580,472 0 1,369,552 11,014 236,981 26,265 6,129,345 0 3 87,601,256 2,451,449 491,538
4 89,647,712 2,564,137 0 1,332,269 12,769 230,530 25,550 6,951,312 0 4 85,165,326 2,435,930 478,157
5 87,100,497 2,547,215 0 1,295,223 14,482 224,119 24,840 7,752,489 0 5 82,745,472 2,419,854 464,861
6 84,570,806 2,529,691 0 1,258,421 16,151 217,751 24,134 8,457,081 75,903 6 80,342,266 2,403,207 451,652
7 82,059,256 2,511,550 0 1,221,872 17,619 211,427 23,433 8,205,926 1,010,918 7 77,956,294 2,385,972 438,535
8 79,566,482 2,492,774 0 1,185,585 17,096 205,148 22,737 7,956,648 986,477 8 75,588,158 2,368,136 425,511
9 77,093,133 2,473,349 0 1,149,570 16,576 198,916 22,047 7,709,313 962,140 9 73,238,477 2,349,681 412,585
10 74,639,877 2,453,256 0 1,113,835 16,061 192,733 21,361 7,463,988 937,911 10 70,907,883 2,330,593 399,760
11 72,207,397 2,432,480 0 1,078,391 15,550 186,600 20,681 7,220,740 913,794 11 68,597,028 2,310,856 387,039
12 69,796,397 2,411,001 0 1,043,246 15,043 180,518 20,007 6,979,640 889,793 12 66,306,577 2,290,451 374,425
13 67,407,594 2,388,803 0 1,008,413 14,541 174,491 19,339 6,740,759 865,914 13 64,037,214 2,269,362 361,923
14 65,041,728 2,365,866 0 973,899 14,043 168,519 18,678 6,504,173 842,160 14 61,789,642 2,247,572 349,536
15 62,699,556 2,342,172 0 939,717 13,550 162,604 18,022 6,269,956 818,536 15 59,564,579 2,225,063 337,268
16 60,381,855 2,317,702 0 905,878 13,062 156,749 17,373 6,038,185 795,047 16 57,362,762 2,201,817 325,123
17 58,089,419 2,292,435 0 872,392 12,580 150,955 16,731 5,808,942 771,699 17 55,184,948 2,177,813 313,105
18 55,823,067 2,266,353 0 839,271 12,102 145,224 16,096 5,582,307 748,496 18 53,031,914 2,153,035 301,218
19 53,583,634 2,239,433 0 806,527 11,630 139,558 15,468 5,358,363 725,444 19 50,904,452 2,127,461 289,466
20 51,371,979 2,211,655 0 774,172 11,163 133,959 14,847 5,137,198 702,547 20 48,803,380 2,101,072 277,853
21 49,188,981 2,182,998 0 742,218 10,702 128,430 14,234 4,918,898 679,813 21 46,729,532 2,073,848 266,385
22 47,035,542 2,153,439 0 710,678 10,248 122,972 13,629 4,703,554 657,245 22 44,683,765 2,045,767 255,065
23 44,912,586 2,122,956 0 679,566 9,799 117,589 13,033 4,491,259 634,851 23 42,666,956 2,016,808 243,899
24 42,821,060 2,091,526 0 648,893 9,357 112,281 12,445 4,282,106 612,636 24 40,680,007 1,986,949 232,890
25 40,761,935 2,059,124 0 618,675 8,921 107,053 11,865 4,076,194 590,606 25 38,723,839 1,956,168 222,045
26 38,736,207 2,025,728 0 588,925 8,492 101,905 11,294 3,873,621 568,768 26 36,799,397 1,924,442 211,368
27 36,744,895 1,991,312 0 559,657 8,070 96,841 10,733 3,674,489 547,128 27 34,907,650 1,891,747 200,863
28 34,789,043 1,955,852 0 530,887 7,655 91,862 10,181 3,478,904 525,692 28 33,049,591 1,858,059 190,538
29 32,869,723 1,919,320 0 502,629 7,248 86,973 9,639 3,286,972 504,468 29 31,226,237 1,823,354 180,396
30 30,988,031 1,881,692 0 474,899 6,848 82,174 9,108 3,098,803 483,463 30 29,438,629 1,787,607 170,443
31 29,145,091 1,842,940 0 447,712 6,456 77,470 8,586 3,000,000 377,192 31 27,687,837 1,750,793 160,686
32 27,342,056 1,803,036 0 421,086 6,250 72,863 8,076 3,000,000 262,010 32 25,974,953 1,712,884 151,129
33 25,580,104 1,761,952 0 395,036 6,250 68,355 7,576 3,000,000 246,188 33 24,301,098 1,673,855 141,780
34 23,860,443 1,719,660 0 369,579 6,250 63,950 7,088 3,000,000 230,726 34 22,667,421 1,633,677 132,643
35 22,184,313 1,676,130 0 344,734 6,250 59,651 6,611 3,000,000 215,635 35 21,075,098 1,592,324 123,726
36 20,552,981 1,631,332 0 320,517 6,250 55,461 6,147 3,000,000 200,927 36 19,525,332 1,549,765 115,035
37 18,967,746 1,585,235 0 296,948 6,250 51,382 5,695 3,000,000 186,611 37 18,019,359 1,505,973 106,576
38 17,429,938 1,537,808 0 274,044 6,250 47,419 5,256 3,000,000 172,700 38 16,558,441 1,460,918 98,356
39 15,940,920 1,489,019 0 251,826 6,250 43,575 4,830 3,000,000 159,205 39 15,143,874 1,414,568 90,381
40 14,502,086 1,438,834 0 230,313 6,250 39,852 4,417 3,000,000 146,138 40 13,776,982 1,366,892 82,660
41 13,114,866 1,387,220 0 209,525 6,250 36,255 4,018 3,000,000 133,512 41 12,459,123 1,317,859 75,199
42 11,780,723 1,334,143 0 189,482 6,250 32,787 3,634 3,000,000 121,338 42 11,191,687 1,267,436 68,006
43 10,501,155 1,279,568 0 170,207 6,250 29,452 3,264 3,000,000 109,631 43 9,976,097 1,215,590 61,088
44 9,277,696 1,223,459 0 151,720 6,250 26,253 2,910 3,000,000 98,402 44 8,813,811 1,162,286 54,453
45 8,111,918 1,165,779 0 134,043 6,250 23,194 2,571 3,000,000 87,666 45 7,706,322 1,107,490 48,109
46 7,005,427 1,106,490 0 117,200 6,250 20,280 2,248 3,000,000 77,435 46 6,655,156 1,051,166 42,064
47 5,959,872 1,045,555 0 101,214 6,250 17,514 1,941 3,000,000 67,726 47 5,661,879 993,277 36,326
48 4,976,938 982,934 0 86,108 6,250 14,900 1,651 3,000,000 58,550 48 4,728,091 933,788 30,904
49 4,058,350 918,588 0 71,906 6,250 12,442 1,379 3,000,000 49,925 49 3,855,432 872,659 25,807
50 3,205,875 852,475 0 58,635 6,250 10,146 1,125 3,000,000 41,864 50 3,045,581 809,851 21,044
51 2,421,321 784,554 0 46,318 6,250 8,015 888 2,421,321 613,062 51 2,300,255 745,326 16,624
52 1,706,540 714,781 0 34,983 5,044 6,053 671 1,706,540 741,074 52 1,621,213 679,042 12,556
53 1,063,425 643,114 0 24,656 3,555 4,266 473 1,063,425 661,645 53 1,010,254 610,959 8,849
54 493,917 569,508 0 15,364 2,215 2,659 295 493,917 581,056 54 469,221 541,033 5,514
55 0 493,917 0 7,136 1,029 1,235 137 0 499,280 55 0 469,221 2,561
56 0 0 0 0 0 0 0 0 0 56 0 0 0
57 0 0 0 0 0 0 0 0 0 57 0 0 0
</TABLE>
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This report is being furnished to you at your request and with the understanding
that it is not part of the Prospectus and should not be relied on as the basis,
either in whole or in part, for any investment decision. You should refer to the
Prospectus for purposes of any investment decision. This report is not to be
construed as a representation or as an offer or the solicitation of an offer by
us to sell or buy any security. From time to time, this Firm and/or its
directors, officers, employees, or members of their immediate families may have
a long or short position in the securities mentioned in this report. Moreover,
the securities mentioned in this report may be sold to or purchased from
customers or otherwise by this Firm or its directors, officers, employees, or
members of their immediate families, as principal.
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Exhibit 23.2
Consent of Accountants
COOPERS Coopers & Lybrand L.L.P.
& LYBRAND a professional services firm
CONSENT OF INDEPENDENT ACCOUNTANTS
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We consent to the incorporation by reference in the Prospectus Supplement dated
March 12, 1997 (to Prospectus dated March 12, 1997) of CPS Receivables Corp.,
relating to CPS Auto Grantor Trust 1997-1 of our report dated January 17, 1996
on our audits of the consolidated financial statements of Financial Security
Assurance Inc. and Subsidiaries as of December 31, 1995 and 1994, and for each
of the three years in the period ended December 31, 1995. We also consent to the
reference to our Firm under the caption "Experts."
/s/ Coopers & Lybrand L.L.P.
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COOPERS & LYBRAND L.L.P.
New York, New York
March 13, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
